N-Q 1 g07089nvq.txt FORM 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: 09/30/2010 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------- ------------- COMMON STOCKS--98.3% CONSUMER DISCRETIONARY--19.0% AUTO COMPONENTS--0.5% BorgWarner, Inc.(1) 57,190 $ 3,009,338 ------------- DIVERSIFIED CONSUMER SERVICES--0.8% Sotheby's 121,360 4,468,475 ------------- HOTELS, RESTAURANTS & LEISURE--4.5% Cheesecake Factory, Inc. (The)(1) 174,630 4,622,456 Chipotle Mexican Grill, Inc., Cl. A(1) 46,080 7,925,760 Panera Bread Co., Cl. A(1) 88,140 7,810,085 Starwood Hotels & Resorts Worldwide, Inc. 107,310 5,639,141 ------------- 25,997,442 ------------- HOUSEHOLD DURABLES--0.8% Tupperware Brands Corp. 105,300 4,818,528 ------------- INTERNET & CATALOG RETAIL--1.3% Priceline.com, Inc.(1) 21,640 7,538,078 ------------- LEISURE EQUIPMENT & PRODUCTS--1.0% Hasbro, Inc. 128,660 5,726,657 ------------- MEDIA--3.2% Discovery Communications, Inc.(1) 196,430 8,554,527 Scripps Networks Interactive, Cl. A 100,680 4,790,354 Valassis Communications, Inc.(1) 146,330 4,959,124 ------------- 18,304,005 ------------- MULTILINE RETAIL--2.6% Dollar Tree, Inc.(1) 181,305 8,840,432 Nordstrom, Inc. 161,040 5,990,688 ------------- 14,831,120 ------------- SPECIALTY RETAIL--3.3% O'Reilly Automotive, Inc.(1) 112,260 5,972,232 Tiffany & Co. 94,820 4,455,592 Tractor Supply Co. 146,910 5,826,451 Urban Outfitters, Inc.(1) 89,230 2,805,391 ------------- 19,059,666 ------------- TEXTILES, APPAREL & LUXURY GOODS--1.0% Phillips/Van Heusen Corp. 97,770 5,881,843 ------------- CONSUMER STAPLES--4.6% BEVERAGES--0.9% Hansen Natural Corp.(1) 113,910 5,310,484 ------------- FOOD & STAPLES RETAILING--1.0% Whole Foods Market, Inc.(1) 151,450 5,620,310 ------------- FOOD PRODUCTS--1.0% J.M. Smucker Co. (The) 46,360 2,806,171 TreeHouse Foods, Inc.(1) 65,610 3,024,621 ------------- 5,830,792 ------------- PERSONAL PRODUCTS--1.7% Estee Lauder Cos., Inc. (The), Cl. A 88,680 5,607,236
1 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------- ------------- PERSONAL PRODUCTS CONTINUED Nu Skin Asia Pacific, Inc., Cl. A 137,690 $ 3,965,472 ------------- 9,572,708 ------------- ENERGY--5.1% ENERGY EQUIPMENT & SERVICES--2.3% Complete Production Services, Inc.(1) 217,280 4,443,376 Core Laboratories NV 53,200 4,683,728 Superior Energy Services, Inc.(1) 161,930 4,321,912 ------------- 13,449,016 ------------- OIL, GAS & CONSUMABLE FUELS--2.8% Concho Resources, Inc.(1) 171,840 11,370,653 Whiting Petroleum Corp.(1) 46,550 4,445,991 ------------- 15,816,644 ------------- FINANCIALS--6.5% CAPITAL MARKETS--1.1% Affiliated Managers Group, Inc.(1) 37,040 2,889,490 Stifel Financial Corp.(1) 79,070 3,660,150 ------------- 6,549,640 ------------- COMMERCIAL BANKS--1.7% East West Bancorp, Inc. 257,580 4,193,402 Signature Bank(1) 146,810 5,702,100 ------------- 9,895,502 ------------- DIVERSIFIED FINANCIAL SERVICES--0.7% MSCI, Inc., Cl. A(1) 126,450 4,199,405 ------------- INSURANCE--0.5% Assured Guaranty Ltd. 165,560 2,832,732 ------------- REAL ESTATE INVESTMENT TRUSTS--1.1% Digital Realty Trust, Inc. 100,710 6,213,807 ------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--1.4% Jones Lang LaSalle, Inc. 92,000 7,936,840 ------------- HEALTH CARE--15.6% BIOTECHNOLOGY--3.3% Alexion Pharmaceuticals, Inc.(1) 165,700 10,664,452 Human Genome Sciences, Inc.(1) 141,180 4,205,752 United Therapeutics Corp.(1) 71,170 3,986,232 ------------- 18,856,436 ------------- HEALTH CARE EQUIPMENT & SUPPLIES--2.9% Edwards Lifesciences Corp.(1) 93,840 6,291,972 ResMed, Inc.(1) 192,840 6,327,080 Thoratec Corp.(1) 114,690 4,241,236 ------------- 16,860,288 ------------- HEALTH CARE PROVIDERS & SERVICES--5.5% AmerisourceBergen Corp. 92,370 2,832,064 Catalyst Health Solutions, Inc.(1) 105,260 3,706,205 Emergency Medical Services LP, Cl. A(1) 113,530 6,045,473 Health Management Associates, Inc., Cl. A(1) 611,280 4,682,405
2 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------- ------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED HMS Holdings Corp.(1) 143,740 $ 8,472,036 Schein (Henry), Inc.(1) 104,390 6,115,166 ------------- 31,853,349 ------------- HEALTH CARE TECHNOLOGY--1.7% Cerner Corp.(1) 52,110 4,376,719 SXC Health Solutions Corp.(1) 158,100 5,765,907 ------------- 10,142,626 ------------- LIFE SCIENCES TOOLS & SERVICES--0.8% Waters Corp.(1) 65,330 4,624,057 ------------- PHARMACEUTICALS--1.4% Perrigo Co. 82,200 5,278,884 Valeant Pharmaceuticals International, Inc. 109,300 2,737,965 ------------- 8,016,849 ------------- INDUSTRIALS--14.2% AEROSPACE & DEFENSE--2.8% BE Aerospace, Inc.(1) 192,730 5,841,646 DigitalGlobe, Inc.(1) 138,590 4,213,136 TransDigm Group, Inc. 94,690 5,875,515 ------------- 15,930,297 ------------- COMMERCIAL SERVICES & SUPPLIES--1.2% Stericycle, Inc.(1) 67,440 4,685,731 Waste Connections, Inc.(1) 56,010 2,221,357 ------------- 6,907,088 ------------- ELECTRICAL EQUIPMENT--4.0% AMETEK, Inc. 122,630 5,858,035 Regal-Beloit Corp. 71,400 4,190,466 Rockwell Automation, Inc. 119,950 7,404,514 Roper Industries, Inc. 82,480 5,376,046 ------------- 22,829,061 ------------- MACHINERY--2.7% Bucyrus International, Inc. 60,290 4,181,112 Gardner Denver, Inc. 100,661 5,403,482 Parker-Hannifin Corp. 88,440 6,196,106 ------------- 15,780,700 ------------- PROFESSIONAL SERVICES--0.5% Verisk Analytics, Inc., Cl. A(1) 101,280 2,836,853 ------------- ROAD & RAIL--1.9% Hunt (J.B.) Transport Services, Inc. 128,090 4,444,723 Kansas City Southern, Inc.(1) 175,870 6,579,297 ------------- 11,024,020 ------------- TRADING COMPANIES & DISTRIBUTORS--1.1% MSC Industrial Direct Co., Inc., Cl. A 119,530 6,459,401 ------------- INFORMATION TECHNOLOGY--24.2% COMMUNICATIONS EQUIPMENT--3.4% F5 Networks, Inc.(1) 120,790 12,539,210
3 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------- ------------- COMMUNICATIONS EQUIPMENT CONTINUED Riverbed Technology, Inc.(1) 159,700 $ 7,279,126 ------------- 19,818,336 ------------- COMPUTERS & PERIPHERALS--1.6% NetApp, Inc.(1) 185,650 9,243,514 ------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.5% Dolby Laboratories, Inc., Cl. A(1) 47,280 2,685,977 ------------- INTERNET SOFTWARE & SERVICES--4.4% Akamai Technologies, Inc.(1) 121,660 6,104,899 Equinix, Inc.(1) 67,463 6,904,838 GSI Commerce, Inc.(1) 211,610 5,226,767 Mercadolibre, Inc.(1) 38,620 2,787,592 SINA Corp.(1) 81,740 4,134,409 ------------- 25,158,505 ------------- IT SERVICES--1.7% Cognizant Technology Solutions Corp.(1) 155,310 10,012,836 ------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.5% ARM Holdings plc, Sponsored ADR 314,820 5,906,023 Broadcom Corp., Cl. A 151,450 5,359,816 Cavium Networks, Inc.(1) 155,850 4,482,246 Netlogic Microsystems, Inc.(1) 168,000 4,633,440 Skyworks Solutions, Inc.(1) 275,860 5,704,785 ------------- 26,086,310 ------------- SOFTWARE--8.1% Citrix Systems, Inc.(1) 115,400 7,874,896 Concur Technologies, Inc.(1) 132,060 6,529,046 Informatica Corp.(1) 178,990 6,875,006 Red Hat, Inc.(1) 210,360 8,624,760 Rovi Corp.(1) 117,470 5,921,663 Salesforce.com, Inc.(1) 63,940 7,148,492 TIBCO Software, Inc.(1) 232,570 4,125,792 ------------- 47,099,655 ------------- MATERIALS--5.5% CHEMICALS--3.3% Albemarle Corp. 164,950 7,721,310 Lubrizol Corp. (The) 66,220 7,017,333 Solutia, Inc.(1) 286,350 4,587,327 ------------- 19,325,970 ------------- CONTAINERS & PACKAGING--0.8% Rock-Tenn Co., Cl. A 97,250 4,844,023 ------------- METALS & MINING--1.4% Silver Wheaton Corp.(1) 190,650 5,080,823 Steel Dynamics, Inc. 197,720 2,789,829 ------------- 7,870,652 -------------
4 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------- ------------- TELECOMMUNICATION SERVICES--3.6% WIRELESS TELECOMMUNICATION SERVICES--3.6% Crown Castle International Corp.(1) 130,230 $ 5,749,655 NII Holdings, Inc.(1) 172,610 7,094,271 SBA Communications Corp.(1) 200,370 8,074,904 ------------- 20,918,830 ------------- Total Common Stocks (Cost $440,198,991) 568,048,665 ------------- INVESTMENT COMPANY--1.5% Oppenheimer Institutional Money Market Fund, Cl. E, 0.24% (2,3) (Cost $8,580,434) 8,580,434 8,580,434 --------- ------------- TOTAL INVESTMENTS, AT VALUE (COST $448,779,425) 99.8% 576,629,099 --------- ------------- Other Assets Net of Liabilities 0.2 1,068,833 --------- ------------- Net Assets 100.0% $ 577,697,932 ========= =============
Footnotes to Statement of Investments (1.) Non-income producing security. (2.) Rate shown is the 7-day yield as of September 30, 2010. (3.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2010 ----------------- ----------- ------------ ------------------ Oppenheimer Institutional Money Market Fund, Cl. E 10,877,341 196,921,165 199,218,072 8,580,434
VALUE INCOME ---------- ------- Oppenheimer Institutional Money Market Fund, Cl. E $8,580,434 $25,701
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 September 30, 2010 based on valuation input level: 5 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
LEVEL 2-- LEVEL 1-- OTHER LEVEL 3-- UNADJUSTED SIGNIFICANT SIGNIFICANT QUOTED OBSERVABLE UNOBSERVABLE PRICES INPUTS INPUTS VALUE ------------ ----------- ------------ ------------ ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Consumer Discretionary $109,635,152 $-- $-- $109,635,152 Consumer Staples 26,334,294 -- -- 26,334,294 Energy 29,265,660 -- -- 29,265,660 Financials 37,627,926 -- -- 37,627,926 Health Care 90,353,605 -- -- 90,353,605 Industrials 81,767,420 -- -- 81,767,420 Information Technology 140,105,133 -- -- 140,105,133 Materials 32,040,645 -- -- 32,040,645 Telecommunication Services 20,918,830 -- -- 20,918,830 Investment Company 8,580,434 -- -- 8,580,434 ------------ --- --- ------------ Total Assets $576,629,099 $-- $-- $576,629,099 ============ === === ============
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. 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. 6 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. 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. 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. 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 September 30, 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 $453,115,955 ============ Gross unrealized appreciation $126,309,382 Gross unrealized depreciation (2,796,238) ------------ Net unrealized appreciation $123,513,144 ============
7 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------------- --------------- COMMON STOCKS--56.5% CONSUMER DISCRETIONARY--2.0% MEDIA--2.0% Jupiter Telecommunications Co. Ltd. 4,393 $ 4,736,104 --------------- CONSUMER STAPLES--6.5% FOOD & STAPLES RETAILING--1.9% CVS Caremark Corp. 44,100 1,387,827 Kroger Co. (The) 89,600 1,940,736 Walgreen Co. 31,000 1,038,500 --------------- 4,367,063 --------------- FOOD PRODUCTS--2.0% Nestle SA 87,780 4,676,419 --------------- TOBACCO--2.6% Altria Group, Inc. 83,010 1,993,900 Lorillard, Inc. 50,660 4,068,505 --------------- 6,062,405 --------------- ENERGY--7.3% ENERGY EQUIPMENT & SERVICES--1.2% Halliburton Co. 49,300 1,630,351 Schlumberger Ltd. 20,400 1,256,844 --------------- 2,887,195 --------------- OIL, GAS & CONSUMABLE FUELS--6.1% Chevron Corp. 86,600 7,018,930 CONSOL Energy, Inc. 31,300 1,156,848 Exxon Mobil Corp. 96,370 5,954,702 --------------- 14,130,480 --------------- FINANCIALS--7.9% CAPITAL MARKETS--0.9% Lazard Ltd., Cl. A 29,900 1,048,892 Morgan Stanley 46,300 1,142,684 --------------- 2,191,576 --------------- DIVERSIFIED FINANCIAL SERVICES--2.2% JPMorgan Chase & Co. 132,900 5,059,503 --------------- INSURANCE--4.8% Assurant, Inc. 51,500 2,096,050 Everest Re Group Ltd. 68,430 5,917,142 MetLife, Inc. 82,200 3,160,590 --------------- 11,173,782 --------------- HEALTH CARE--7.0% BIOTECHNOLOGY--4.0% Amgen, Inc.(1) 46,400 2,557,104 Genzyme Corp. (General Division)(1) 39,680 2,808,947 Gilead Sciences, Inc.(1) 77,790 2,770,102 Vanda Pharmaceuticals, Inc.(1) 199,000 1,329,320 --------------- 9,465,473 --------------- HEALTH CARE PROVIDERS & SERVICES--1.2% Aetna, Inc. 87,140 2,754,495 ---------------
1 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------------- --------------- PHARMACEUTICALS--1.8% Merck & Co., Inc. 113,127 $ 4,164,205 --------------- INDUSTRIALS--3.2% AEROSPACE & DEFENSE--0.0% AerCap Holdings NV(1) 9,000 106,470 --------------- ELECTRICAL EQUIPMENT--0.6% General Cable Corp.(1) 50,500 1,369,560 --------------- INDUSTRIAL CONGLOMERATES--0.6% Tyco International Ltd. 41,300 1,516,949 --------------- MACHINERY--1.5% Navistar International Corp.(1) 77,940 3,401,302 --------------- TRADING COMPANIES & DISTRIBUTORS--0.5% Aircastle Ltd. 133,700 1,133,776 --------------- INFORMATION TECHNOLOGY--17.7% COMMUNICATIONS EQUIPMENT--3.6% Orbcomm, Inc.(1) 375 851 QUALCOMM, Inc. 113,360 5,114,803 Research in Motion Ltd.(1) 65,680 3,197,959 --------------- 8,313,613 COMPUTERS & PERIPHERALS--0.8% Dell, Inc.(1) 147,000 1,905,120 --------------- INTERNET SOFTWARE & SERVICES--4.3% eBay, Inc.(1) 150,600 3,674,640 Google, Inc., Cl. A(1) 12,010 6,314,738 --------------- 9,989,378 --------------- IT SERVICES--0.7% MasterCard, Inc., Cl. A 7,300 1,635,200 --------------- SOFTWARE--8.3% Microsoft Corp. 73,290 1,794,872 Oracle Corp. 128,700 3,455,595 Take-Two Interactive Software, Inc.(1) 1,048,576 10,632,561 THQ, Inc.(1) 853,300 3,430,266 --------------- 19,313,294 --------------- MATERIALS--4.3% CHEMICALS--4.3% Celanese Corp., Series A 46,000 1,476,600 Mosaic Co. (The) 104,290 6,128,080 Potash Corp. of Saskatchewan, Inc. 16,200 2,333,448 --------------- 9,938,128 --------------- METALS & MINING--0.0% Kaiser Aluminum Corp. 115 4,921 --------------- TELECOMMUNICATION SERVICES--0.0% DIVERSIFIED TELECOMMUNICATION SERVICES--0.0% XO Holdings, Inc.(1) 85 51 --------------- UTILITIES--0.6% ELECTRIC UTILITIES--0.6% Edison International, Inc. 40,500 1,392,795 --------------- Total Common Stocks (Cost $132,254,782) 131,689,257 ---------------
2 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------------- --------------- PREFERRED STOCKS--2.3% Mylan, Inc., 6.50% Cv., Non-Vtg. (Cost $3,047,107) 4,800 $ 5,361,600
Principal Amount --------------- ASSET-BACKED SECURITIES--4.1% Ally Auto Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A2, 0.89%, 9/17/12 $ 235,000 235,682 Ally Master Owner Trust 2010-1, Asset-Backed Certificates, Series 2010-1, Cl. A, 2.007%, 1/15/13(2,3) 240,000 245,027 Ally Master Owner Trust 2010-3, Asset-Backed Certificates, Series 2010-3, Cl. A, 2.88%, 4/15/13(2) 200,000 206,484 AmeriCredit Prime Automobile Receivables Trust 2010-1, Automobile Receivable Nts., Series 2010-1, Cl. A2, 0.97%, 1/15/13 96,007 96,068 AmeriCredit Prime Automobile Receivables Trust 2010-2, Automobile Receivable Nts., Series 2010-2, Cl. A2, 1.22%, 10/8/13 100,000 100,354 Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.216%, 5/25/34(3) 306,713 277,261 Bank of America Auto Trust 2010-2, Automobile Receivables, Series 2010-2, Cl. A2, 0.91%, 10/15/12 150,000 150,447 Bank of America Credit Card Trust, Credit Card Asset-Backed Certificates, Series 2006-A16, Cl. A16, 4.72%, 5/15/13 265,000 267,371 Bayview Financial Mortgage Pass-Through Trust 2006-A, Mtg. Pass-Through Certificates, Series 2006-A, Cl. 2A4, 0.556%, 2/28/41(3) 291,811 239,119 Capital One Multi-asset Execution Trust, Credit Card Asset-Backed Certificates, Series 2008-A5, Cl. A5, 4.85%, 2/18/14 260,000 266,084 Centre Point Funding LLC, Asset-Backed Nts., Series 2010-1A, Cl. 1, 5.43%, 7/20/15(2) 73,164 77,474 Chrysler Financial Lease Trust, Asset-Backed Nts., Series 2010-A, Cl. A2, 1.78%, 6/15/11(2) 260,000 260,765 CIT Equipment Collateral, Asset-Backed Certificates, Series 2009-VT1, Cl. A2, 2.20%, 10/15/10(2) 50,878 50,905 Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 180,000 190,032 CNH Equipment Trust, Asset-Backed Certificates: 162,689 163,888 Series 2009-B, Cl. A3, 2.97%, 3/15/13 Series 2010-A, Cl. A2, 0.81%, 3/25/15 305,000 305,457 Countrywide Home Loans, Asset-Backed Certificates: 15,004 13,107 Series 2002-4, Cl. A1, 0.996%, 2/25/33(3) Series 2005-16, Cl. 2AF2, 5.382%, 5/1/36(3) 290,191 234,681 Series 2005-17, Cl. 1AF2, 5.363%, 5/1/36(3) 161,404 130,562 CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.376%, 6/25/47(3) 480,000 420,591 DaimlerChrysler Auto Trust 2007-A, Automobile Receivable Nts., Series 2007-A, Cl. A4, 5.28%, 3/8/13 280,000 289,049 Discover Card Master Trust, Credit Card Receivables, Series 2008-A3, Cl. A3, 5.10%, 10/15/13 235,000 240,941 DT Auto Owner Trust, Automobile Receivable Nts., Series 2009-1, Cl. A1, 2.98%, 10/15/15(2) 161,860 162,686
3 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value --------------- --------------- Ford Credit Auto Lease Trust, Automobile Receivable $ 198,277 $ 198,677 Nts., Series 2010-A, Cl. A, 1.04%, 3/15/13(2) Ford Credit Auto Owner Trust, Automobile Receivable Nts.: 9,158 9,164 Series 2009-B, Cl. A2, 2.10%, 11/15/11 Series 2009-E, Cl. A2, 0.80%, 3/15/12 428,255 428,558 Series 2010-A, Cl. A4, 2.15%, 6/15/15 350,000 360,755 Ford Credit Floorplan Master Owner Trust 2009-2, Asset-Backed Nts., Series 2009-2, Cl. A, 1.807%, 9/15/12(3) 245,000 249,234 Ford Credit Floorplan Master Owner Trust 2010-1, Asset-Backed Nts., Series 2010-1, Cl. A, 1.907%, 12/15/14(2,3) 250,000 255,307 GE Capital Credit Card Master Note Trust, Asset-Backed Nts., Series 2009-2, Cl. A, 3.69%, 7/15/15 105,000 110,157 Harley-Davidson Motorcycle Trust 2009-2, Motorcycle Contract-Backed Nts., Series 2009-2, Cl. A2, 2%, 7/15/12 233,618 234,059 Hertz Vehicle Financing LLC, Automobile Receivable Nts., Series 2010-1A, Class A1, 2.60%, 2/15/14(2) 240,000 244,498 Honda Auto Receivables 2009-3 Owner Trust, Automobile Asset-Backed Nts., Series 2009-3, Cl. A2, 1.50%, 8/15/11 103,192 103,301 HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.517%, 1/20/35(3) 243,483 233,705 HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.367%, 3/20/36(3) 90,821 90,372 MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 1.607%, 3/15/16(3) 255,000 251,778 Merrill Auto Trust Securitization 2007-1, Asset-Backed Nts., Series 2007-1, Cl. A4, 0.317%, 12/15/13(3) 194,349 193,692 Morgan Stanley Resecuritization Trust, Automobile Receivable Nts., Series 2010-F, Cl. A, 0.522%, 6/17/11(2,3) 485,000 481,092 Morgan Stanley Structured Trust I 2001-1, Asset-Backed Certificates, Series 2004-1, Cl. A1, 0.336%, 6/25/37(3) 250,845 231,553 Navistar Financial Dealer Note Master Owner Trust, Asset-Backed Nts., Series 2010-1, Cl. A, 1.906%, 1/26/15(2,3) 405,000 406,218 Nissan Master Owner Trust, Automobile Receivable Nts., Series 2010-AA, Cl. A, 1.407%, 1/15/13(2,3) 240,000 243,740 RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.356%, 9/25/36(3) 156,161 154,985 Santander Drive Auto Receivables Trust 2010-2, Automobile Receivable Nts., Series 2010-2, Cl. A2, 0.95%, 8/15/13 225,000 225,082 World Financial Network Credit Card Master Note Trust, 245,000 253,630 Credit Card Receivables, Series 2009-A, Cl. A, 4.60%, 9/15/15 --------------- Total Asset-Backed Securities (Cost $9,736,574) 9,583,592 --------------- MORTGAGE-BACKED OBLIGATIONS--23.8% GOVERNMENT AGENCY--18.9% FHLMC/FNMA/FHLB/SPONSORED--16.2% Federal Home Loan Mortgage Corp.: 5.50%, 9/1/39 1,360,912 1,444,583
4 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value --------------- --------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED 7%, 10/1/37 $ 1,125,317 $ 1,253,992 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. 251,665 378,760 Investment Conduit Multiclass Pass-Through Certificates: Series 2006-11, Cl. PS, 23.627%, 3/25/36(3) Series 2426, Cl. BG, 6%, 3/15/17 459,335 500,092 Series 2427, Cl. ZM, 6.50%, 3/15/32 487,624 551,115 Series 2626, Cl. TB, 5%, 6/1/33 756,292 829,451 Series 2638, Cl. KG, 4%, 11/1/27 799,904 810,598 Series 2648, Cl. JE, 3%, 2/1/30 348,055 350,486 Series 2663, Cl. BA, 4%, 8/1/16 499,022 508,947 Series 2676, Cl. KB, 5%, 2/1/20 159,474 161,859 Series 2686, Cl. CD, 4.50%, 2/1/17 300,925 307,336 Series 2907, Cl. GC, 5%, 6/1/27 115,829 118,756 Series 2911, Cl. CU, 5%, 2/1/28 330,702 338,340 Series 2929, Cl. PC, 5%, 1/1/28 117,878 120,211 Series 2952, Cl. GJ, 4.50%, 12/1/28 70,394 71,282 Series 3019, Cl. MD, 4.75%, 1/1/31 333,800 343,735 Series 3025, Cl. SJ, 23.806%, 8/15/35(3) 76,902 114,121 Series 3094, Cl. HS, 23.44%, 6/15/34(3) 150,329 210,189 Series 3157, Cl. MC, 5.50%, 2/1/26 70,422 70,435 Series 3242, Cl. QA, 5.50%, 3/1/30 170,730 175,367 Series 3279, Cl. PH, 6%, 2/1/27 35,990 35,992 Series 3291, Cl. NA, 5.50%, 10/1/27 79,461 80,370 Series 3306, Cl. PA, 5.50%, 10/1/27 151,929 154,013 Series R001, Cl. AE, 4.375%, 4/1/15 90,248 91,944 Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 183, Cl. IO, 12.106%, 4/1/27(4) 194,923 46,191 Series 192, Cl. IO, 9.347%, 2/1/28(4) 57,272 9,839 Series 2130, Cl. SC, 50.396%, 3/15/29(4) 150,192 28,161 Series 224, Cl. IO, 0%, 3/1/33(4,5) 285,635 49,276 Series 243, Cl. 6, 2.394%, 12/15/32(4) 191,584 39,800 Series 2527, Cl. SG, 26.977%, 2/15/32(4) 73,477 3,477 Series 2531, Cl. ST, 41.705%, 2/15/30(4) 981,310 53,145 Series 2796, Cl. SD, 65.357%, 7/15/26(4) 222,205 41,463 Series 2802, Cl. AS, 99.999%, 4/15/33(4) 224,560 18,803 Series 2920, Cl. S, 67.198%, 1/15/35(4) 1,175,647 177,082 Series 3000, Cl. SE, 99.999%, 7/15/25(4) 1,084,972 155,703 Series 3110, Cl. SL, 99.999%, 2/15/26(4) 169,757 22,743 Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.418%, 6/1/26(6) 54,081 48,665 Federal National Mortgage Assn.: 4.50%, 10/1/25-10/1/40(7) 2,002,000 2,100,491 5%, 10/1/25-10/1/40(7) 3,068,000 3,236,501 5.50%, 9/25/20 12,723 13,752 5.50%, 10/1/25-10/1/40(7) 4,518,000 4,807,465 6%, 12/1/34-3/1/37 2,302,550 2,509,478 6%, 10/1/25(7) 3,229,000 3,484,169 6%, 11/1/34(8) 1,128,394 1,231,974
5 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value --------------- --------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED 6.50%, 10/1/40(7) $ 1,780,000 $ 1,941,035 7%, 11/1/17(8) 219,997 233,586 7.50%, 1/1/33 218,555 249,372 8.50%, 7/1/32 6,060 6,851 Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Trust 1998-61, Cl. PL, 6%, 11/25/28 175,792 194,006 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,000,000 1,095,122 Trust 2004-81, Cl. KC, 4.50%, 4/1/17 401,830 410,575 Trust 2004-9, Cl. AB, 4%, 7/1/17 304,126 312,740 Trust 2005-104, Cl. MC, 5.50%, 12/25/25 700,000 801,075 Trust 2005-12, Cl. JC, 5%, 6/1/28 313,019 322,113 Trust 2005-22, Cl. EC, 5%, 10/1/28 118,545 122,051 Trust 2005-30, Cl. CU, 5%, 4/1/29 124,881 129,010 Trust 2005-69, Cl. LE, 5.50%, 11/1/33 490,492 518,156 Trust 2006-46, Cl. SW, 23.26%, 6/25/36(3) 188,909 280,010 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 230,064 233,755 Trust 2009-37, Cl. HA, 4%, 4/1/19 688,791 734,147 Trust 2009-70, Cl. PA, 5%, 8/1/35 735,797 788,484 Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-65, Cl. S, 42.301%, 11/25/31(4) 495,802 103,309 Trust 2001-81, Cl. S, 34.657%, 1/25/32(4) 114,197 21,510 Trust 2002-47, Cl. NS, 32.325%, 4/25/32(4) 253,011 51,312 Trust 2002-51, Cl. S, 32.613%, 8/25/32(4) 232,324 46,709 Trust 2002-52, Cl. SD, 38.357%, 9/25/32(4) 276,706 52,329 Trust 2002-77, Cl. SH, 44.117%, 12/18/32(4) 161,080 34,193 Trust 2002-84, Cl. SA, 43.18%, 12/25/32(4) 441,381 67,315 Trust 2002-9, Cl. MS, 32.468%, 3/25/32(4) 169,671 34,963 Trust 2003-33, Cl. SP, 51.296%, 5/25/33(4) 502,661 67,573 Trust 2003-4, Cl. S, 40.018%, 2/25/33(4) 287,885 39,816 Trust 2003-46, Cl. IH, 0%, 6/1/33(4,5) 1,650,624 211,818 Trust 2003-89, Cl. XS, 45.146%, 11/25/32(4) 199,050 13,040 Trust 2004-54, Cl. DS, 48.419%, 11/25/30(4) 232,836 36,817 Trust 2005-14, Cl. SE, 37.417%, 3/25/35(4) 175,825 25,290 Trust 2005-40, Cl. SA, 61.723%, 5/25/35(4) 646,187 98,099 Trust 2005-71, Cl. SA, 67.345%, 8/25/25(4) 717,900 115,427 Trust 2005-87, Cl. SG, 32.413%, 10/25/35(4) 38,103 5,289 Trust 2005-93, Cl. SI, 11.194%, 10/25/35(4) 122,660 15,262 Trust 2006-60, Cl. DI, 36.061%, 4/25/35(4) 113,157 13,725 Trust 2007-88, Cl. XI, 15.642%, 6/25/37(4) 722,640 94,820 Trust 2008-67, Cl. KS, 27.358%, 8/25/34(4) 331,229 23,249 Trust 222, Cl. 2, 18.125%, 6/1/23(4) 422,587 79,554 Trust 233, Cl. 2, 29.47%, 8/1/23(4) 385,460 91,199 Trust 252, Cl. 2, 28.369%, 11/1/23(4) 343,471 73,718 Trust 319, Cl. 2, 2.977%, 2/1/32(4) 113,338 21,110 Trust 331, Cl. 9, 1.863%, 2/1/33(4) 323,796 59,843 Trust 334, Cl. 17, 9.214%, 2/1/33(4) 188,745 37,253
6 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value --------------- --------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Trust 339, Cl. 12, 0%, 7/1/33(4,5) $ 323,194 $ 59,089 Trust 339, Cl. 7, 0%, 7/1/33(4,5) 1,174,884 193,146 Trust 343, Cl. 13, 0%, 9/1/33(4,5) 298,229 56,813 Trust 345, Cl. 9, 0%, 1/1/34(4,5) 505,141 82,697 Trust 351, Cl. 10, 0%, 4/1/34(4,5) 47,232 7,559 Trust 351, Cl. 8, 0%, 4/1/34(4,5) 147,379 24,162 Trust 356, Cl. 10, 0%, 6/1/35(4,5) 119,546 19,027 Trust 356, Cl. 12, 0%, 2/1/35(4,5) 63,386 10,488 Trust 362, Cl. 13, 1.546%, 8/1/35(4) 443,958 70,720 Trust 364, Cl. 16, 0%, 9/1/35(4,5) 332,149 47,499 Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 5.117%, 9/25/23(6) 153,894 137,791 --------------- 37,715,773 --------------- GNMA/GUARANTEED--2.7% Government National Mortgage Assn.: 4.50%, 10/1/40(7) 5,730,000 6,029,037 8%, 4/15/23 67,864 79,239 Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, 84.092%, 1/16/27(4) 263,947 50,542 Series 2002-15, Cl. SM, 72.024%, 2/16/32(4) 301,111 61,220 Series 2002-76, Cl. SY, 76.958%, 12/16/26(4) 678,073 140,120 Series 2004-11, Cl. SM, 62.672%, 1/17/30(4) 224,901 50,846 --------------- 6,411,004 --------------- NON-AGENCY--4.9% COMMERCIAL--3.2% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2006-1, Cl. AM, 5.421%, 9/1/45 530,000 528,873 Series 2007-1, Cl. A4, 5.451%, 1/1/17 355,000 372,902 Series 2007-1, Cl. AMFX, 5.482%, 1/1/49 455,000 421,872 Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.294%, 12/1/49(3) 550,000 519,779 Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A4, 5.322%, 12/1/49 290,000 301,118 Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 296,985 207,241 First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 277,037 264,342 First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 508,839 400,019 GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2001-LIBA, Cl. B, 6.733%, 2/10/16(2) 290,000 296,239
7 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value --------------- --------------- COMMERCIAL CONTINUED JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 $ 95,000 $ 97,202 Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49(9) 140,000 139,342 Series 2007-LDP10, Cl. A3S, 5.317%, 4/1/13 355,000 369,755 Series 2007-LDPX, Cl. A3, 5.42%, 1/15/49 40,000 41,695 Series 2007-LD11, Cl. A2, 5.991%, 6/15/49(3) 270,000 282,209 JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP7, Commercial Mtg. Pass-Through Certificates, Series 2006-LDP7, 6.062%, 4/1/45(3) 515,000 513,175 JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 7/1/37 394,154 342,788 LB-UBS Commercial Mortgage Trust 2007-C1, Commercial Mtg. Pass-Through Certificates, Series 2007-C1, Cl. A2, 5.318%, 1/15/12 210,000 216,849 Mastr Adjustable Rate Mortgages Trust 2004-13, Mtg. Pass-Through Certificates, Series 2004-13, Cl. 2 A2, 2.961%, 4/1/34(3) 245,556 247,534 Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 554,919 551,927 Merrill Lynch Mortgage Investors Trust 2005-A5, Mtg. Pass-Through Certificates, Series 2005-A5, Cl. A9, 2.752%, 6/1/35(3) 318,433 284,690 ML-CFC Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AM, 5.465%, 7/12/46 475,000 460,846 Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. A3, 5.678%, 7/1/17 260,000 270,571 WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A4, 4.771%, 12/1/35(3) 182,054 153,715 Wells Fargo Mortgage-Backed Securities 2007-AR8 Trust, Mtg. Pass-Through Certificates, Series 2007-AR8, Cl. A1, 6.182%, 11/1/37(3) 273,318 220,139 --------------- 7,504,822 --------------- MANUFACTURED HOUSING--0.1% Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 4.577%, 3/25/36(3) 262,146 224,021 --------------- MULTIFAMILY--0.4% GE Capital Commercial Mortgage Corp., Commercial Mtg. Pass-Through Certificates, Series 2001-3, Cl. A2, 6.07%, 6/1/38 330,000 343,349 Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 4.917%, 3/25/36(3) 624,955 562,874 --------------- 906,223 ---------------
8 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value --------------- --------------- OTHER--0.2% Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A4, 5.444%, 3/1/39 $ 320,000 $ 337,913 --------------- RESIDENTIAL--1.0% Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2004-E, Cl. 2A6, 2.874%, 6/1/34(3) 161,280 148,434 CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36 312,104 285,219 Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. A4, 6.294%, 12/1/49(3) 300,000 322,576 Countrywide Alternative Loan Trust 2005-29CB, Mtg. Pass-Through Certificates, Series 2005-29CB, Cl. A4, 5%, 7/1/35 836,805 650,513 GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36 302,878 288,992 JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36 128,239 114,835 RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 169,350 170,998 RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 29,383 19,445 WaMu Mortgage Pass-Through Certificates 2007-HY7 Trust, Mtg. Pass-Through Certificates, Series 2007-HY7, Cl. 2A1, 5.665%, 7/1/37(3) 324,501 221,729 Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 2.874%, 9/1/34(3) 106,737 104,148 --------------- 2,326,889 --------------- Total Mortgage-Backed Obligations (Cost $53,589,208) 55,426,645 --------------- U.S. GOVERNMENT OBLIGATIONS--0.5% Federal Home Loan Mortgage Corp. Nts.: 2.875%, 2/9/15 325,000 346,492 5%, 2/16/17 115,000 135,288 5.25%, 4/18/16 195,000 230,857 Federal National Mortgage Assn. Nts.: 1.625%, 10/26/15 225,000 225,293 2.375%, 7/28/15 70,000 72,846 4.875%, 12/15/16 90,000 105,214 5%, 3/15/16 120,000 140,237 --------------- Total U.S. Government Obligations (Cost $1,195,165) 1,256,227 --------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES--14.2% CONSUMER DISCRETIONARY--2.2% AUTOMOBILES--0.1% DaimlerChrysler North America Holding Corp./Daimler Finance North America LLC, 6.50% Sr. Unsec. Unsub. Nts., 11/15/13 235,000 269,011 --------------- DIVERSIFIED CONSUMER SERVICES--0.1% Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15 230,000 240,350 ---------------
9 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value --------------- --------------- HOTELS, RESTAURANTS & LEISURE--0.3% Hyatt Hotels Corp., 5.75% Sr. Unsec. Unsub. Nts., 8/15/15(2) $ 340,000 $ 367,200 Marriott International, Inc., 6.20% Sr. Unsec. Unsub. Nts., 6/15/16 255,000 287,202 --------------- 654,402 --------------- HOUSEHOLD DURABLES--0.2% Fortune Brands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/14 360,000 408,926 Whirlpool Corp., 8% Sr. Unsec. Nts., 5/1/12 180,000 196,209 --------------- 605,135 --------------- LEISURE EQUIPMENT & PRODUCTS--0.2% Mattel, Inc.: 5.625% Sr. Unsec. Nts., 3/15/13 215,000 232,756 6.125% Sr. Unsec. Nts., 6/15/11 230,000 237,528 --------------- 470,284 --------------- MEDIA--0.9% CBS Corp., 8.875% Sr. Unsec. Nts., 5/15/19 222,000 289,852 Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22 138,000 194,989 DirecTV Holdings LLC/DirecTV Financing Co., Inc., 7.625% Sr. Unsec. Unsub. Nts., 5/15/16 405,000 452,095 DISH DBS Corp., 7.875% Sr. Unsec. Nts., 9/1/19 185,000 200,031 Grupo Televisa SA, 6.625% Sr. Unsec. Bonds, 1/15/40 180,000 205,637 Lamar Media Corp., 9.75% Sr. Unsec. Nts., 4/1/14 218,000 250,700 Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33 122,000 158,534 Viacom, Inc., 7.875% Sr. Unsec. Debs., 7/30/30 130,000 156,907 Virgin Media Secured Finance plc, 6.50% Sr. Sec. Nts., 1/15/18 225,000 238,500 --------------- 2,147,245 --------------- MULTILINE RETAIL--0.1% J.C. Penney Co., Inc., (Holding Co.), 7.40% Nts., 4/1/37 235,000 238,231 --------------- SPECIALTY RETAIL--0.3% Limited Brands, Inc., 7% Sr. Unsec. Unsub. Nts., 5/1/20 242,000 262,570 Staples, Inc., 7.75% Sr. Unsec. Unsub. Nts., 4/1/11 350,000 361,430 --------------- 624,000 --------------- CONSUMER STAPLES--0.6% BEVERAGES--0.3% Anheuser-Busch InBev Worldwide, Inc., 7.75% Sr. Unsec. Unsub. Nts., 1/15/19(2) 340,000 441,761 Constellation Brands, Inc., 8.375% Sr. Nts., 12/15/14 220,000 243,925 --------------- 685,686 --------------- FOOD & STAPLES RETAILING--0.1% Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 103,000 145,970 --------------- FOOD PRODUCTS--0.1% Bunge Ltd. Finance Corp.: 5.35% Sr. Unsec. Unsub. Nts., 4/15/14 29,000 30,994 8.50% Sr. Unsec. Nts., 6/15/19 155,000 187,643 --------------- 218,637 --------------- TOBACCO--0.1% Altria Group, Inc., 9.70% Sr. Unsec. Nts., 11/10/18 175,000 237,237
10 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value --------------- --------------- TOBACCO CONTINUED Lorillard Tobacco Co., 8.125% Sr. Unsec. Nts., 5/1/40 $ 142,000 $ 152,922 --------------- 390,159 --------------- ENERGY--1.3% ENERGY EQUIPMENT & SERVICES--0.2% Rowan Cos., Inc., 5% Sr. Unsec. Nts., 9/1/17 240,000 248,321 Weatherford International Ltd., 6.50% Sr. Unsec. Bonds, 8/1/36 150,000 152,151 --------------- 400,472 --------------- OIL, GAS & CONSUMABLE FUELS--1.1% El Paso Corp., 8.25% Sr. Unsec. Nts., 2/15/16 250,000 279,375 Energy Transfer Partners LP, 7.50% Sr. Unsec. Unsub. Bonds, 7/1/38 160,000 189,400 Enterprise Products Operating LLP, 7.50% Sr. Unsec. Unsub. Nts., 2/1/11 195,000 199,050 Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 440,000 480,333 Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37 100,000 109,302 Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/14(2) 140,000 154,198 Rockies Express Pipeline LLC, 5.625% Sr. Unsec. Unsub. Nts., 4/15/20(2) 163,000 164,191 Southwestern Energy Co., 7.50% Sr. Nts., 2/1/18 225,000 255,375 Williams Cos., Inc. (The), Credit Linked Certificates Trust V, 6.375% Sr. Unsec. Nts., 10/1/10(2) 175,000 175,000 Williams Partners LP/Williams Partners Finance Corp., 7.25% Sr. Unsec. Nts., 2/1/17 208,000 248,056 Woodside Finance Ltd., 4.50% Nts., 11/10/14(2) 335,000 359,917 --------------- 2,614,197 --------------- FINANCIALS--5.4% CAPITAL MARKETS--1.0% Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/19(2) 335,000 356,174 Discover Bank, 7% Sub. Nts., 4/15/20 227,000 247,378 Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 255,000 246,547 Goldman Sachs Group, Inc. (The), 5.375% Sr. Unsec. Unsub. Nts., 3/15/20 255,000 269,272 Macquarie Group Ltd., 4.875% Sr. Unsec. Nts., 8/10/17(2) 378,000 384,025 Morgan Stanley: 5.50% Sr. Unsec. Unsub. Nts., 7/24/20(2) 90,000 92,895 5.55% Sr. Unsec. Unsub. Nts., Series F, 4/27/17 570,000 604,972 UBS AG Stamford, CT, 2.25% Sr. Unsec. Nts., 8/12/13 234,000 236,549 --------------- 2,437,812 --------------- COMMERCIAL BANKS--1.3% ANZ National International Ltd., 2.375% Sr. Unsec. Nts., 12/21/12(2) 225,000 228,291 Barclays Bank plc, 6.278% Perpetual Bonds(10) 510,000 448,800 BNP Paribas SA, 5.186% Sub. Perpetual Nts.(2,10) 245,000 232,138 Comerica Capital Trust II, 6.576% Bonds, 2/20/37(3) 287,000 287,359
11 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value --------------- --------------- COMMERCIAL BANKS CONTINUED HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35(3) $ 600,000 $ 566,250 Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/20(2) 230,000 232,604 Royal Bank of Scotland (The) plc, 5.625% Sr. Unsec. Unsub. Nts., 8/24/20 225,000 236,316 Sanwa Bank Ltd. (The), 7.40% Sub. Nts., 6/15/11 219,000 227,763 Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K(10) 476,000 503,370 --------------- 2,962,891 --------------- CONSUMER FINANCE--0.3% American Express Bank FSB, 5.55% Sr. Unsec. Nts., 10/17/12 195,000 210,165 Capital One Capital IV, 6.745% Sub. Bonds, 2/17/37(3) 370,000 371,850 --------------- 582,015 --------------- DIVERSIFIED FINANCIAL SERVICES--1.0% Citigroup, Inc.: 5.375% Sr. Unsec. Nts., 8/9/20 580,000 601,232 6.01% Sr. Unsec. Nts., 1/15/15 232,000 255,371 ING Groep NV, 5.775% Jr. Unsec. Sub. Perpetual Bonds(10) 255,000 230,138 JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1(10) 660,000 709,679 Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38 488,000 567,765 --------------- 2,364,185 --------------- INSURANCE--1.4% American International Group, Inc., 5.85% Sr. Unsec. Nts., Series G, 1/16/18 195,000 202,800 Burlington Northern Santa Fe LLC, 5.75% Sr. Unsec. Bonds, 5/1/40 175,000 193,845 Genworth Financial, Inc., 8.625% Sr. Unsec. Unsub. Nts., 12/15/16 400,000 451,746 Gulf South Pipeline Co. LP, 5.75% Sr. Unsec. Nts., 8/15/12(2) 212,000 226,155 Hartford Financial Services Group, Inc. (The), 5.25% Sr. Unsec. Nts., 10/15/11 242,000 251,068 Irish Life & Permanent Group Holdings plc, 3.60% Sr. Unsec. Unsub. Nts., 1/14/13(2) 320,000 302,510 Lincoln National Corp., 6.05% Jr. Unsec. Sub. Bonds, 4/20/67 450,000 397,125 MetLife, Inc., 5.375% Sr. Unsec. Unsub. Nts., 12/15/12 65,000 69,924 Principal Life Global Funding I, 4.40% Sr. Sec. Nts., 10/1/10(2) 232,000 232,000 Prudential Financial, Inc., 3.625% Sr. Unsec. Unsub. Nts., 9/17/12 219,000 227,657 Swiss Re Capital I LP, 6.854% Perpetual Bonds(2,10) 442,000 413,907 ZFS Finance USA Trust IV, 5.875% Sub. Bonds, 5/9/32(2) 270,000 254,302 --------------- 3,223,039 --------------- REAL ESTATE INVESTMENT TRUSTS--0.4% AvalonBay Communities, Inc., 6.625% Sr. Unsec. Unsub. Nts., 9/15/11 100,000 104,719 Brandywine Operating Partnership LP, 5.75% Sr. Unsec. Unsub. Nts., 4/1/12 123,000 127,586 Liberty Property LP, 7.25% Sr. Unsec. Unsub. Nts., 3/15/11 240,000 245,524 Mack-Cali Realty LP, 5.25% Sr. Unsec. Unsub. Nts., 1/15/12 93,000 96,310 Simon Property Group LP, 5% Sr. Unsec. Unsub. Nts., 3/1/12 225,000 233,418
12 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value --------------- --------------- REAL ESTATE INVESTMENT TRUSTS CONTINUED WCI Finance LLC/WEA Finance LLC, 5.40% Sr. Unsec. Unsub. Nts., 10/1/12(2) $ 105,000 $ 112,048 --------------- 919,605 --------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.0% Regency Centers LP, 4.80% Sr. Unsec. Unsub. Nts., 4/15/21(7) 60,000 59,916 --------------- HEALTH CARE--0.6% BIOTECHNOLOGY--0.1% Genzyme Corp., 5% Sr. Nts., 6/15/20(2) 225,000 250,672 --------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.1% Hospira, Inc., 5.60% Sr. Unsec. Unsub. Nts., 9/15/40 185,000 192,283 --------------- HEALTH CARE PROVIDERS & SERVICES--0.2% HCA, Inc., 8.50% Sr. Sec. Nts., 4/15/19 225,000 252,000 WellPoint, Inc., 5% Sr. Unsec. Unsub. Nts., 1/15/11 220,000 222,580 --------------- 474,580 --------------- LIFE SCIENCES TOOLS & SERVICES--0.2% Life Technologies Corp., 6% Sr. Nts., 3/1/20 385,000 436,931 --------------- INDUSTRIALS--1.2% AEROSPACE & DEFENSE--0.3% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 228,000 238,830 Meccanica Holdings USA, Inc., 7.375% Sr. Unsec. Unsub. Nts., 7/15/39(2) 337,000 381,616 --------------- 620,446 --------------- CHEMICALS--0.1% Airgas, Inc., 3.25% Sr. Nts., 10/1/15 198,000 198,491 --------------- COMMERCIAL SERVICES & SUPPLIES--0.4% Browning-Ferris Industries, Inc., 7.40% Sr. Unsec. Debs., 9/15/35 78,000 96,929 Corrections Corp. of America, 7.75% Sr. Nts., 6/1/17 235,000 253,800 R.R. Donnelley & Sons Co., 5.625% Sr. Unsec. Nts., 1/15/12 230,000 235,630 Republic Services, Inc., 6.75% Sr. Unsec. Unsub. Nts., 8/15/11 195,000 204,165 --------------- 790,524 --------------- ELECTRICAL EQUIPMENT--0.1% Roper Industries, Inc., 6.25% Sr. Nts., 9/1/19 220,000 255,072 --------------- INDUSTRIAL CONGLOMERATES--0.2% General Electric Capital Corp.: 4.25% Sr. Unsec. Nts., Series A, 6/15/12 215,000 225,326 5.875% Unsec. Unsub. Nts., 1/14/38 85,000 86,622 Tyco International Ltd./Tyco International Finance SA, 6.875% Sr. Unsec. Unsub. Nts., 1/15/21 192,000 239,159 --------------- 551,107 --------------- MACHINERY--0.1% SPX Corp., 7.625% Sr. Unsec. Nts., 12/15/14 265,000 290,175 --------------- INFORMATION TECHNOLOGY--0.4% COMMUNICATIONS EQUIPMENT--0.1% Motorola, Inc., 8% Sr. Unsec. Nts., 11/1/11 220,000 233,702 --------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.2% Agilent Technologies, Inc., 5% Sr. Unsec. Unsub. Nts., 7/15/20 407,000 432,700 --------------- SOFTWARE--0.1% Oracle Corp., 5.375% Sr. Bonds, 7/15/40(2) 235,000 253,731 ---------------
13 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value --------------- --------------- MATERIALS--0.8% CHEMICALS--0.2% Ashland, Inc., 9.125% Sr. Unsec. Nts., 6/1/17 $ 210,000 $ 241,500 CF Industries, Inc., 6.875% Sr. Unsec. Unsub. Nts., 5/1/18 228,000 245,955 --------------- 487,455 --------------- CONTAINERS & PACKAGING--0.2% Ball Corp., 7.125% Sr. Unsec. Nts., 9/1/16 250,000 271,250 Sealed Air Corp., 7.875% Sr. Nts., 6/15/17 213,000 231,097 --------------- 502,347 --------------- METALS & MINING--0.4% Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17 330,000 368,829 Teck Resources Ltd., 10.75% Sr. Sec. Nts., 5/15/19 153,000 192,960 Vale Inco Ltd., 5.70% Sr. Unsec. Unsub. Nts., 10/15/15 40,000 43,317 Xstrata Canada Corp.: 75,000 81,577 5.375% Sr. Unsec. Unsub. Nts., 6/1/15 6% Sr. Unsec. Unsub. Nts., 10/15/15 132,000 147,188 Xstrata Finance Canada Ltd., 5.80% Sr. Unsec. Unsub. Bonds, 11/15/16(2) 35,000 38,734 --------------- 872,605 --------------- TELECOMMUNICATION SERVICES--1.0% DIVERSIFIED TELECOMMUNICATION SERVICES--0.9% AT&T, Inc., 6.30% Sr. Unsec. Bonds, 1/15/38 213,000 241,341 British Telecommunications plc, 9.875% Bonds, 12/15/30 138,000 192,604 Embarq Corp., 6.738% Sr. Unsec. Nts., 6/1/13 225,000 246,544 Frontier Communications Corp., 8.25% Sr. Unsec. Nts., 4/15/17 225,000 247,219 Qwest Corp., 7.625% Sr. Unsec. Unsub. Nts., 6/15/15 210,000 240,450 Telecom Italia Capital SA, 4.875% Sr. Unsec. Unsub. Nts., 10/1/10 345,000 345,000 Telus Corp., 8% Nts., 6/1/11 101,000 105,774 Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38 140,000 162,437 Windstream Corp., 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 280,000 297,500 --------------- 2,078,869 --------------- WIRELESS TELECOMMUNICATION SERVICES--0.1% American Tower Corp., 7% Sr. Unsec. Nts., 10/15/17 162,000 189,338 --------------- UTILITIES--0.7% ELECTRIC UTILITIES--0.4% Allegheny Energy Supply Co. LLC, 8.25% Bonds, 4/15/12(2) 202,000 218,214 FirstEnergy Solutions Corp., 6.80% Sr. Unsec. Nts., 8/15/39 138,000 139,472 Great Plains Energy, Inc., 2.75% Sr. Unsec. Unsub. Nts., 8/15/13 155,000 155,805 Oncor Electric Delivery Co., 5.25% Sr. Sec. Bonds, 9/30/40(2) 185,000 189,094 Texas-New Mexico Power Co., 9.50% Sec. Nts., 4/1/19(2) 235,000 309,453 --------------- 1,012,038 --------------- MULTI-UTILITIES--0.3% CMS Energy Corp., 6.25% Sr. Unsec. Nts., 2/1/20 228,000 241,137 NiSource Finance Corp., 10.75% Sr. Unsec. Nts., 3/15/16 288,000 380,989 --------------- 622,126 --------------- Total Non-Convertible Corporate Bonds and Notes (Cost $30,829,919) 32,998,434 ---------------
14 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------------- --------------- INVESTMENT COMPANY--7.5% Oppenheimer Institutional Money Market Fund, Cl. E, 0.24% (11, 12) (Cost $17,358,200) 17,358,200 $ 17,358,200 TOTAL INVESTMENTS, AT VALUE (COST $248,010,955) 108.9% 253,673,955 --------------- Liabilities in Excess of Other Assets (8.9) (20,753,528) --------- --------------- Net Assets 100.0% $ 232,920,427 ========= ===============
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 $9,499,942 or 4.08% of the Fund's net assets as of September 30, 2010. (3.) Represents the current interest rate for a variable or increasing rate security. (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 $3,054,153 or 1.31% of the Fund's net assets as of September 30, 2010. (5.) 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. (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 $186,456 or 0.08% of the Fund's net assets as of September 30, 2010. (7.) When-issued security or delayed delivery to be delivered and settled after September 30, 2010. See accompanying Notes. (8.) 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 $298,089. See accompanying Notes. (9.) Restricted security. The aggregate value of restricted securities as of September 30, 2010 was $139,342, which represents 0.06% of the Fund's net assets. See accompanying Notes. Information concerning restricted securities is as follows:
ACQUISITION UNREALIZED SECURITY DATE COST VALUE APPRECIATION -------- ----------- -------- -------- ------------ JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49 7/14/10 $138,250 $139,342 $1,092
(10.)This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. (11.)Rate shown is the 7-day yield as of September 30, 2010. (12.)Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2010 ----------------- ---------- ----------- ------------------ OFI Liquid Assets Fund, LLC -- 474,837 474,837 -- Oppenheimer Institutional Money Market Fund, Cl. E 30,151,515 56,678,677 69,471,992 17,358,200
Value Income ----------- ------- OFI Liquid Assets Fund, LLC $ -- $ 8(a) Oppenheimer Institutional Money Market Fund, Cl. E 17,358,200 37,106 ----------- ------- $17,358,200 $37,114 =========== =======
(a.) Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties. 15 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 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 September 30, 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: Common Stocks Consumer Discretionary $ 4,736,104 $ -- $-- $ 4,736,104 Consumer Staples 15,105,887 -- -- 15,105,887 Energy 17,017,675 -- -- 17,017,675 Financials 18,424,861 -- -- 18,424,861 Health Care 16,384,173 -- -- 16,384,173 Industrials 7,528,057 -- -- 7,528,057 Information Technology 41,156,605 -- -- 41,156,605 Materials 9,943,049 -- -- 9,943,049 Telecommunication Services 51 -- -- 51 Utilities 1,392,795 -- -- 1,392,795 Preferred Stocks 5,361,600 -- -- 5,361,600 Asset-Backed Securities -- 9,583,592 -- 9,583,592 Mortgage-Backed Obligations -- 55,426,645 -- 55,426,645 U.S. Government Obligations -- 1,256,227 -- 1,256,227 Non-Convertible Corporate Bonds and Notes -- 32,998,434 -- 32,998,434 Investment Company 17,358,200 -- -- 17,358,200 ------------- ----------- --- ------------ Total Investments, at Value 154,409,057 99,264,898 -- 253,673,955 OTHER FINANCIAL INSTRUMENTS: Appreciated swaps, at value -- 15,178 -- 15,178 Futures margins 6,130 -- -- 6,130 ------------- ----------- --- ------------ Total Assets $ 154,415,187 $99,280,076 $-- $253,695,263 ------------- ----------- --- ------------ LIABILITIES TABLE OTHER FINANCIAL INSTRUMENTS: Depreciated swaps, at value $ -- $ (22,701) $-- $ (22,701) Futures margins (6,322) -- -- (6,322)
16 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) ------------- ----------- --- ------------ Total Liabilities $ (6,322) $ (22,701) $-- $ (29,023) ------------- ----------- --- ------------
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 SEPTEMBER 30, 2010 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) -------------------- -------- --------- ---------- ----------- -------------- U.S. Treasury Long Bonds, 20 yr. Buy 80 12/21/10 $10,697,500 $50,640 U.S. Treasury Nts., 2 yr. Sell 16 12/31/10 3,511,750 (4,364) U.S. Treasury Nts., 5 yr. Sell 7 12/31/10 846,070 (3,630) U.S. Treasury Nts., 10 yr. Buy 52 12/21/10 6,554,438 36,205 ------- $78,851 =======
CREDIT DEFAULT SWAP CONTRACTS AS OF SEPTEMBER 30, 2010 ARE AS FOLLOWS:
PAY/ BUY/SELL NOTIONAL RECEIVE UNREALIZED REFERENCE ENTITY/ CREDIT AMOUNT FIXED TERMINATION APPRECIATION SWAP COUNTERPARTY PROTECTION (000'S) RATE DATE VALUE (DEPRECIATION) ----------------- ---------- -------- ------- -------------------- -------- -------------- VALE INCO LTD.: Morgan Stanley Capital Services, Inc. Buy $ 545 0.70% 3/20/17 $ 6,402 $ 6,402 Morgan Stanley Capital Services, Inc. Buy 550 0.63 3/20/17 8,776 8,776 ------ -------- -------- Total 1,095 15,178 15,178 ------ -------- -------- VALE OVERSEAS: Morgan Stanley Capital Services, Inc. Sell 545 1.17 3/20/17 (10,184) (10,184) Morgan Stanley Capital Services, Inc. Sell 550 1.10 3/20/17 (12,517) (12,517) ------ -------- -------- Total 1,095 (22,701) (22,701) -------- -------- Grand Total Buys 15,178 15,178 Grand Total Sells (22,701) (22,701) -------- -------- Total Credit Default Swaps $ (7,523) $ (7,523) ======== ========
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 TYPE OF REFERENCE ASSET ON WHICH THE FUND SOLD PROTECTION REFERENCE ASSET PROTECTION (UNDISCOUNTED) AMOUNT RECOVERABLE* RATING 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. 17 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 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 SEPTEMBER 30, 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 $ 15,178 Credit Default Sell Protection 1,095 (22,701) -------- Total Swaps $ (7,523) ========
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 18 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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 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 September 30, 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 $21,729,921 Sold securities 75,152
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. 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 September 30, 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. 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 a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. 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. 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. 20 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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 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 September 30, 2010, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $15,178, which represents gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end. CREDIT RELATED CONTINGENT FEATURES. The Fund's agreements with derivative counterparties have 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 swaptions, and forward currency exchange contracts for each individual counterparty. As of September 30, 2010, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $7,523 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 September 30, 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 21 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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. 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 22 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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 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. RESTRICTED SECURITIES As of September 30, 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 Trustees 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. 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 September 30, 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 $ 249,173,226 Federal tax cost of other investments 12,815,267 ------------- Total federal tax cost $ 261,988,493 ============= Gross unrealized appreciation $ 24,781,949 Gross unrealized depreciation (20,209,892) ------------- Net unrealized appreciation $ 4,572,057 =============
23 | Oppenheimer Balanced Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value ---------- -------------- COMMON STOCKS--98.4% CONSUMER DISCRETIONARY--11.3% HOTELS, RESTAURANTS & LEISURE--1.7% McDonald's Corp. 309,290 $ 23,045,198 -------------- INTERNET & CATALOG RETAIL--1.4% Amazon.com, Inc.(1) 119,934 18,836,834 -------------- MEDIA--1.9% McGraw-Hill Cos., Inc. (The) 306,780 10,142,147 Walt Disney Co. (The) 504,370 16,699,691 -------------- 26,841,838 MULTILINE RETAIL--0.8% Target Corp. 205,210 10,966,422 -------------- SPECIALTY RETAIL--2.1% Bed Bath & Beyond, Inc.(1) 324,620 14,091,754 TJX Cos., Inc. (The) 341,300 15,232,219 -------------- 29,323,973 TEXTILES, APPAREL & LUXURY GOODS--3.4% Coach, Inc. 360,680 15,494,813 Nike, Inc., Cl. B 220,810 17,695,713 Polo Ralph Lauren Corp., Cl. A 147,730 13,275,018 -------------- 46,465,544 CONSUMER STAPLES--10.4% BEVERAGES--2.5% PepsiCo, Inc. 527,600 35,053,744 -------------- FOOD & STAPLES RETAILING--1.6% Wal-Mart Stores, Inc. 419,240 22,437,725 -------------- FOOD PRODUCTS--4.9% DANONE SA 294,530 17,616,631 General Mills, Inc. 460,443 16,824,587 Nestle SA 365,026 19,446,508 Unilever NV CVA 454,534 13,585,705 -------------- 67,473,431 -------------- HOUSEHOLD PRODUCTS--1.4% Colgate-Palmolive Co. 244,480 18,790,733 -------------- ENERGY--7.0% ENERGY EQUIPMENT & SERVICES--2.5% Halliburton Co. 496,500 16,419,255 Schlumberger Ltd. 296,590 18,272,910 -------------- 34,692,165 OIL, GAS & CONSUMABLE FUELS--4.5% ConocoPhillips 351,960 20,213,063 EOG Resources, Inc. 162,350 15,093,680 Occidental Petroleum Corp. 349,240 27,345,492 -------------- 62,652,235 -------------- FINANCIALS--7.0% CAPITAL MARKETS--1.3% Credit Suisse Group AG 417,716 17,853,836 -------------- COMMERCIAL BANKS--2.1% U.S. Bancorp 686,230 14,836,293 --------------
1 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value ---------- -------------- COMMERCIAL BANKS CONTINUED Wells Fargo & Co. 566,930 $ 14,246,951 -------------- 29,083,244 -------------- DIVERSIFIED FINANCIAL SERVICES--3.6% BM&F BOVESPA SA 1,943,460 16,264,417 CME Group, Inc. 36,830 9,592,374 IntercontinentalExchange, Inc.(1) 89,800 9,403,856 JPMorgan Chase & Co. 366,590 13,956,081 -------------- 49,216,728 -------------- HEALTH CARE--14.9% BIOTECHNOLOGY--2.6% Amgen, Inc.(1) 319,890 17,629,138 Celgene Corp.(1) 315,980 18,203,608 -------------- 35,832,746 -------------- HEALTH CARE EQUIPMENT & SUPPLIES--2.5% Baxter International, Inc. 334,870 15,976,648 Covidien plc 128,590 5,168,032 Stryker Corp. 270,180 13,522,509 -------------- 34,667,189 -------------- HEALTH CARE PROVIDERS & SERVICES--2.2% Express Scripts, Inc.(1) 300,490 14,633,863 Medco Health Solutions, Inc.(1) 290,380 15,117,183 -------------- 29,751,046 -------------- LIFE SCIENCES TOOLS & SERVICES--2.1% Mettler-Toledo International, Inc.(1) 70,810 8,811,596 Thermo Fisher Scientific, Inc.(1) 433,790 20,769,865 -------------- 29,581,461 -------------- PHARMACEUTICALS--5.5% Allergan, Inc. 356,360 23,708,631 Bristol-Myers Squibb Co. 678,770 18,401,455 Novo Nordisk AS, Cl. B 207,110 20,552,640 Roche Holding AG 101,859 13,910,831 -------------- 76,573,557 -------------- INDUSTRIALS--12.4% AEROSPACE & DEFENSE--2.4% Goodrich Corp. 251,082 18,512,276 United Technologies Corp. 210,020 14,959,725 -------------- 33,472,001 -------------- AIR FREIGHT & LOGISTICS--1.1% United Parcel Service, Inc., Cl. B 217,830 14,527,083 -------------- ELECTRICAL EQUIPMENT--2.9% ABB Ltd. 749,880 15,804,218 Emerson Electric Co. 453,080 23,859,193 -------------- 39,663,411 -------------- MACHINERY--4.9% Caterpillar, Inc. 178,370 14,034,152 Danaher Corp. 379,070 15,394,033 --------------
2 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value ---------- -------------- MACHINERY CONTINUED Joy Global, Inc. 261,247 $ 18,370,889 Parker-Hannifin Corp. 292,880 20,519,173 -------------- 68,318,247 -------------- ROAD & RAIL--1.1% Union Pacific Corp. 193,680 15,843,024 -------------- INFORMATION TECHNOLOGY--30.5% COMMUNICATIONS EQUIPMENT--7.0% Cisco Systems, Inc.(1) 1,254,540 27,474,426 Juniper Networks, Inc.(1) 665,100 20,185,785 QUALCOMM, Inc. 1,080,620 48,757,574 -------------- 96,417,785 -------------- COMPUTERS & PERIPHERALS--6.4% Apple, Inc.(1) 237,420 67,367,925 Hewlett-Packard Co. 495,860 20,860,830 -------------- 88,228,755 -------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--1.3% Corning, Inc. 978,850 17,893,378 -------------- INTERNET SOFTWARE & SERVICES--5.8% Akamai Technologies, Inc.(1) 328,220 16,470,080 eBay, Inc.(1) 706,880 17,247,872 Google, Inc., Cl. A(1) 90,020 47,331,616 -------------- 81,049,568 -------------- IT SERVICES--3.8% Cognizant Technology Solutions Corp.(1) 268,430 17,305,682 International Business Machines Corp. 109,980 14,752,717 Visa, Inc., Cl. A 281,417 20,898,026 -------------- 52,956,425 -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.6% Broadcom Corp., Cl. A 610,730 21,613,735 -------------- SOFTWARE--4.6% Adobe Systems, Inc.(1) 523,490 13,689,264 Oracle Corp. 1,252,820 33,638,217 Vmware, Inc., Cl. A(1) 194,880 16,553,107 -------------- 63,880,588 -------------- MATERIALS--3.7% CHEMICALS--2.6% Ecolab, Inc. 299,620 15,202,719 Praxair, Inc. 232,452 20,981,118 -------------- 36,183,837 -------------- METALS & MINING--1.1% Barrick Gold Corp. 332,830 15,406,697 -------------- TELECOMMUNICATION SERVICES--1.2% WIRELESS TELECOMMUNICATION SERVICES--1.2% NII Holdings, Inc.(1) 394,650 16,220,115 -------------- Total Common Stocks (Cost $1,074,344,933) 1,360,814,298 --------------
3 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value ---------- -------------- INVESTMENT COMPANY--1.5% Oppenheimer Institutional Money Market Fund, Cl. E, 0.24% (2,3) (Cost $21,195,155) 21,195,155 $ 21,195,155 TOTAL INVESTMENTS, AT VALUE (COST $1,095,540,088) 99.9% 1,382,009,453 OTHER ASSETS NET OF LIABILITIES 0.1 1,829,003 ---------- -------------- NET ASSETS 100.0% $1,383,838,456 ========== ==============
Footnotes to Statement of Investments (1.) Non-income producing security. (2.) Rate shown is the 7-day yield as of September 30, 2010. (3.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2010 ----------------- ----------- ----------- ------------------ Oppenheimer Institutional Money Market Fund, Cl. E 7,898,767 245,959,027 232,662,639 21,195,155
VALUE INCOME ----------- ------- Oppenheimer Institutional Money Market Fund, Cl. E $21,195,155 $30,164
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 September 30, 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 $ 155,479,809 $-- $-- $ 155,479,809 Consumer Staples 143,755,633 -- -- 143,755,633 Energy 97,344,400 -- -- 97,344,400 Financials 96,153,808 -- -- 96,153,808 Health Care 206,405,999 -- -- 206,405,999 Industrials 171,823,766 -- -- 171,823,766 Information Technology 422,040,234 -- -- 422,040,234 Materials 51,590,534 -- -- 51,590,534 Telecommunication Services 16,220,115 -- -- 16,220,115 Investment Company 21,195,155 -- -- 21,195,155 -------------- --- --- -------------- Total Assets $1,382,009,453 $-- $-- $1,382,009,453 -------------- --- --- --------------
4 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS September 30, 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. 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 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) ----------- ------------ Total Assets $45,949,509 $(45,949,509) ----------- ------------
* 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. 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. 5 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS September 30, 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. 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 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. 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. 6 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS September 30, 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. As of September 30, 2010, the Fund held no outstanding forward contracts. 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 September 30, 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 $1,119,301,813 ============== Gross unrealized appreciation $ 275,088,320 Gross unrealized depreciation (12,380,680) -------------- Net unrealized appreciation $ 262,707,640 ==============
7 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ ASSET-BACKED SECURITIES--9.3% Ally Auto Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A2, 0.89%, 9/17/12 $ 485,000 $ 486,408 Ally Master Owner Trust 2010-1, Asset-Backed Certificates, Series 2010-1, Cl. A, 2.007%, 1/15/13(1,2) 480,000 490,054 Ally Master Owner Trust 2010-3, Asset-Backed Certificates, Series 2010-3, Cl. A, 2.88%, 4/15/13(1) 660,000 681,398 AmeriCredit Automobile Receivables Trust 2010-3, Automobile Receivable Nts., Series 2010-3, Cl. A2, 0.77%, 5/8/12 550,000 550,295 AmeriCredit Prime Automobile Receivables Trust 2010-1, Automobile Receivable Nts., Series 2010-1, Cl. A2, 0.97%, 1/15/13 192,014 192,137 AmeriCredit Prime Automobile Receivables Trust 2010-2, Automobile Receivable Nts., Series 2010-2, Cl. A2, 1.22%, 10/8/13 195,000 195,690 Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.216%, 5/25/34(2) 589,832 533,193 Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.356%, 9/25/36(2) 21,110 8,288 Bank of America Auto Trust 2010-2, Automobile Receivables, Series 2010-2, Cl. A2, 0.91%, 10/15/12 530,000 531,581 Bank of America Credit Card Trust, Credit Card Asset-Backed Certificates, Series 2006-A16, Cl. A16, 4.72%, 5/15/13 730,000 736,532 Bayview Financial Mortgage Pass-Through Trust 2006-A, Mtg. Pass-Through Certificates, Series 2006-A, Cl. 2A4, 0.556%, 2/28/41(2) 569,388 466,573 Capital One Multi-asset Execution Trust, Credit Card Asset-Backed Certificates, Series 2008-A5, Cl. A5, 4.85%, 2/18/14 550,000 562,871 Centre Point Funding LLC, Asset-Backed Nts., Series 2010-1A, Cl. 1, 5.43%, 7/20/15(1) 141,755 150,106 Chrysler Financial Lease Trust, Asset-Backed Nts., Series 2010-A, Cl. A2, 1.78%, 6/15/11(1) 515,000 516,515 CIT Equipment Collateral, Asset-Backed Certificates, Series 2009-VT1, Cl. A2, 2.20%, 10/15/10(1) 46,291 46,315 Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 310,000 327,278 CNH Equipment Trust, Asset-Backed Certificates: Series 2009-B, Cl. A3, 2.97%, 3/15/13 314,882 317,202 Series 2010-A, Cl. A2, 0.81%, 3/25/15 585,000 585,877 Countrywide Home Loans, Asset-Backed Certificates: Series 2002-4, Cl. A1, 0.996%, 2/25/33(2) 28,475 24,875 Series 2005-16, Cl. 2AF2, 5.382%, 5/1/36(2) 564,260 456,323 Series 2005-17, Cl. 1AF2, 5.363%, 5/1/36(2) 309,359 250,244 CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.376%, 6/25/47(2) 40,000 35,049 DaimlerChrysler Auto Trust 2007-A, Automobile Receivable Nts., Series 2007-A, Cl. A4, 5.28%, 3/8/13 560,000 578,099 Discover Card Master Trust, Credit Card Receivables, Series 2008-A3, Cl. A3, 5.10%, 10/15/13 465,000 476,756
1 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ DT Auto Owner Trust, Automobile Receivable Nts., Series $ 323,720 $ 325,372 2009-1, Cl. A1, 2.98%, 10/15/15(1) First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 0.346%, 7/25/36(2) 15,430 14,987 First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.366%, 7/7/36(2) 7,237 6,792 Ford Credit Auto Lease Trust, Automobile Receivable Nts., Series 2010-A, Cl. A, 1.04%, 3/15/13(1) 396,553 397,355 Ford Credit Auto Owner Trust, Automobile Receivable Nts.: Series 2009-B, Cl. A2, 2.10%, 11/15/11 41,591 41,621 Series 2009-E, Cl. A2, 0.80%, 3/15/12 831,070 831,656 Series 2010-A, Cl. A4, 2.15%, 6/15/15 670,000 690,589 Ford Credit Floorplan Master Owner Trust 2009-2, Asset-Backed Nts., Series 2009-2, Cl. A, 1.807%, 9/15/12(2) 470,000 478,122 Ford Credit Floorplan Master Owner Trust 2010-1, Asset-Backed Nts., Series 2010-1, Cl. A, 1.907%, 12/15/14(1,2) 490,000 500,402 Harley-Davidson Motorcycle Trust 2009-2, Motorcycle Contract-Backed Nts., Series 2009-2, Cl. A2, 2%, 7/15/12 431,184 431,999 Hertz Vehicle Financing LLC, Automobile Receivable Nts., Series 2010-1A, Class A1, 2.60%, 2/15/14(1) 495,000 504,278 Honda Auto Receivables 2009-3 Owner Trust, Automobile Asset-Backed Nts., Series 2009-3, Cl. A2, 1.50%, 8/15/11 191,642 191,844 HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.517%, 1/20/35(2) 483,959 464,525 HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.367%, 3/20/36(2) 12,614 12,552 Litigation Settlement Monetized Fee Trust, Asset-Backed Certificates, Series 2001-1A, Cl. A1, 8.33%, 4/25/31(3) 184 184 Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.356%, 8/25/36(2) 67,871 25,164 Merrill Auto Trust Securitization 2007-1, Asset-Backed Nts., Series 2007-1, Cl. A4, 0.317%, 12/15/13(2) 375,059 373,791 Morgan Stanley Resecuritization Trust, Automobile Receivable Nts., Series 2010-F, Cl. A, 0.522%, 6/17/11(1,2) 340,000 337,260 Morgan Stanley Structured Trust I 2001-1, Asset-Backed Certificates, Series 2004-1, Cl. A1, 0.336%, 6/25/37(2) 493,329 455,388 Navistar Financial Dealer Note Master Owner Trust, Asset-Backed Nts., Series 2010-1, Cl. A, 1.906%, 1/26/15(1,2) 790,000 792,376 NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 1/25/29(3,4) 3,370,016 143,226 Nissan Master Owner Trust, Automobile Receivable Nts., Series 2010-AA, Cl. A, 1.407%, 1/15/13(1,2) 485,000 492,557 RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.356%, 9/25/36(2) 11,712 11,624
2 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ Santander Drive Auto Receivables Trust 2010-2, Automobile Receivable Nts., Series 2010-2, Cl. A2, 0.95%, 8/15/13 $ 485,000 $ 485,177 Toyota Auto Receivable Owner Trust 2010-B, Automobile Receivable Nts., Series 2010-B, Cl. A2, 0.74%, 7/16/12 575,000 576,151 World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2009-A, Cl. A, 4.60%, 9/15/15 465,000 481,379 ------------ Total Asset-Backed Securities (Cost $21,578,696) 18,266,030 ------------ MORTGAGE-BACKED OBLIGATIONS--62.3% GOVERNMENT AGENCY--50.5% FHLMC/FNMA/FHLB/SPONSORED--43.5% Federal Home Loan Mortgage Corp.: 5%, 8/15/33-12/15/34 2,820,944 2,989,486 5.50%, 9/1/39 1,719,047 1,824,737 6%, 5/15/18-10/15/29 3,727,138 4,072,623 6.50%, 4/15/18-4/1/34 785,704 866,149 7%, 8/15/16-10/1/37 467,912 519,157 7%, 10/1/31(5) 487,907 554,030 8%, 4/1/16 258,772 281,571 9%, 8/1/22-5/1/25 84,248 93,909 10.50%, 11/14/20 3,077 3,557 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 151, Cl. F, 9%, 5/15/21 19,740 24,077 Series 1674, Cl. Z, 6.75%, 2/15/24 64,116 74,357 Series 2006-11, Cl. PS, 23.627%, 3/25/36(2) 483,882 728,252 Series 2034, Cl. Z, 6.50%, 2/15/28 7,864 8,890 Series 2042, Cl. N, 6.50%, 3/15/28 22,093 24,976 Series 2043, Cl. ZP, 6.50%, 4/15/28 772,662 807,757 Series 2046, Cl. G, 6.50%, 4/15/28 63,119 67,379 Series 2053, Cl. Z, 6.50%, 4/15/28 8,960 10,130 Series 2066, Cl. Z, 6.50%, 6/15/28 1,207,031 1,364,538 Series 2195, Cl. LH, 6.50%, 10/15/29 740,186 836,789 Series 2220, Cl. PD, 8%, 3/15/30 3,166 3,768 Series 2326, Cl. ZP, 6.50%, 6/15/31 221,503 250,419 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,075,840 1,197,638 Series 2470, Cl. LF, 1.257%, 2/15/32(2) 9,897 10,071 Series 2500, Cl. FD, 0.757%, 3/15/32(2) 188,102 189,105 Series 2526, Cl. FE, 0.657%, 6/15/29(2) 291,403 292,346 Series 2538, Cl. F, 0.857%, 12/15/32(2) 1,421,094 1,431,148 Series 2551, Cl. FD, 0.657%, 1/15/33(2) 199,560 200,225 Series 2638, Cl. KG, 4%, 11/1/27 1,519,818 1,540,135 Series 2648, Cl. JE, 3%, 2/1/30 675,040 679,756 Series 2663, Cl. BA, 4%, 8/1/16 464,368 473,603 Series 2686, Cl. CD, 4.50%, 2/1/17 448,462 458,017 Series 2750, Cl. XG, 5%, 2/1/34 130,000 142,212 Series 2890, Cl. PE, 5%, 11/1/34 130,000 142,351 Series 2907, Cl. GC, 5%, 6/1/27 271,284 278,140 Series 2911, Cl. CU, 5%, 2/1/28 648,806 663,792 Series 2929, Cl. PC, 5%, 1/1/28 270,427 275,779 Series 2936, Cl. PE, 5%, 2/1/35 69,000 75,647 Series 2939, Cl. PE, 5%, 2/15/35 247,000 270,677 Series 2952, Cl. GJ, 4.50%, 12/1/28 160,549 162,574
3 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ FHLMC/FNMA/FHLB/SPONSORED CONTINUED Series 3019, Cl. MD, 4.75%, 1/1/31 $ 506,660 $ 521,741 Series 3025, Cl. SJ, 23.806%, 8/15/35(2) 97,410 144,554 Series 3094, Cl. HS, 23.44%, 6/15/34(2) 277,531 388,041 Series 3157, Cl. MC, 5.50%, 2/1/26 140,844 140,869 Series 3242, Cl. QA, 5.50%, 3/1/30 353,654 363,261 Series 3279, Cl. PH, 6%, 2/1/27 54,919 54,921 Series 3291, Cl. NA, 5.50%, 10/1/27 160,650 162,487 Series 3306, Cl. PA, 5.50%, 10/1/27 537,911 545,288 Series R001, Cl. AE, 4.375%, 4/1/15 279,530 284,783 Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 205, Cl. IO, 7.645%, 9/1/29(6) 24,332 5,279 Series 206, Cl. IO, 0%, 12/1/29(6,7) 306,216 81,629 Series 2074, Cl. S, 56.595%, 7/17/28(6) 5,286 1,054 Series 2079, Cl. S, 68.431%, 7/17/28(6) 8,959 1,955 Series 2130, Cl. SC, 50.589%, 3/15/29(6) 351,879 65,977 Series 224, Cl. IO, 0%, 3/1/33(6,7) 558,851 96,410 Series 243, Cl. 6, 2.394%, 12/15/32(6) 374,256 77,750 Series 2526, Cl. SE, 39.714%, 6/15/29(6) 13,160 2,457 Series 2527, Cl. SG, 31.407%, 2/15/32(6) 854,680 40,443 Series 2531, Cl. ST, 37.932%, 2/15/30(6) 296,429 16,054 Series 2796, Cl. SD, 65.303%, 7/15/26(6) 578,943 108,031 Series 2802, Cl. AS, 99.999%, 4/15/33(6) 440,724 36,903 Series 2819, Cl. S, 51.741%, 6/15/34(6) 113,948 21,934 Series 2920, Cl. S, 67.248%, 1/15/35(6) 2,098,619 316,105 Series 3000, Cl. SE, 99.999%, 7/15/25(6) 2,242,909 321,878 Series 3004, Cl. SB, 99.999%, 7/15/35(6) 125,407 18,946 Series 3110, Cl. SL, 99.999%, 2/15/26(6) 339,514 45,485 Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.408%, 6/1/26(8) 135,202 121,663 Federal National Mortgage Assn.: 4.50%, 10/1/25-10/1/40(9) 3,650,000 3,830,062 5%, 2/25/22-7/25/22 24,761 26,277 5%, 10/1/25-10/1/40(9) 3,559,000 3,760,694 5.285%, 10/1/36 255,204 266,680 5.50%, 10/1/25-10/1/40(9) 10,780,000 11,466,881 6%, 11/1/34-6/1/35 4,107,765 4,501,841 6%, 10/1/25(9) 5,850,000 6,312,290 6.50%, 3/25/11-1/1/34 1,347,070 1,463,284 6.50%, 8/25/17(5) 237,954 258,511 6.50%, 10/1/40(9) 2,816,000 3,070,761 7%, 11/1/17-7/25/35 764,998 828,008 7.50%, 1/1/33 13,966 15,936 8.50%, 7/1/32 22,222 25,122 Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Trust 1989-17, Cl. E, 10.40%, 4/25/19 18,587 22,770 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 746,396 834,869
4 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ FHLMC/FNMA/FHLB/SPONSORED CONTINUED Trust 1998-58, Cl. PC, 6.50%, 10/25/28 $ 630,019 $ 700,959 Trust 1998-61, Cl. PL, 6%, 11/25/28 330,903 365,188 Trust 1999-54, Cl. LH, 6.50%, 11/25/29 489,231 541,637 Trust 2001-44, Cl. QC, 6%, 9/25/16 31,758 34,550 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 37,268 42,092 Trust 2001-74, Cl. QE, 6%, 12/25/31 954,661 1,052,961 Trust 2002-12, Cl. PG, 6%, 3/25/17 16,151 17,644 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 3,964,000 4,549,735 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,975,000 2,162,865 Trust 2004-81, Cl. KC, 4.50%, 4/1/17 307,039 313,722 Trust 2004-9, Cl. AB, 4%, 7/1/17 810,322 833,274 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 1,160,000 1,323,705 Trust 2005-117, Cl. LA, 5.50%, 12/25/27 9,051 9,052 Trust 2005-12, Cl. JC, 5%, 6/1/28 616,153 634,055 Trust 2005-22, Cl. EC, 5%, 10/1/28 240,577 247,691 Trust 2005-30, Cl. CU, 5%, 4/1/29 220,185 227,466 Trust 2006-110, Cl. PW, 5.50%, 5/25/28 62,061 63,409 Trust 2006-46, Cl. SW, 23.26%, 6/25/36(2) 368,162 545,705 Trust 2006-50, Cl. KS, 23.26%, 6/25/36(2) 646,052 904,068 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 487,710 495,532 Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 44.92%, 11/18/31(6) 38,502 7,980 Trust 2001-63, Cl. SD, 36.457%, 12/18/31(6) 11,852 2,451 Trust 2001-65, Cl. S, 42.383%, 11/25/31(6) 966,013 201,286 Trust 2001-68, Cl. SC, 28.932%, 11/25/31(6) 8,243 1,773 Trust 2001-81, Cl. S, 34.931%, 1/25/32(6) 258,383 48,669 Trust 2002-28, Cl. SA, 36.888%, 4/25/32(6) 6,618 1,156 Trust 2002-38, Cl. SO, 54.254%, 4/25/32(6) 15,539 2,647 Trust 2002-39, Cl. SD, 41.109%, 3/18/32(6) 10,275 1,935 Trust 2002-47, Cl. NS, 32.377%, 4/25/32(6) 658,575 133,562 Trust 2002-48, Cl. S, 33.81%, 7/25/32(6) 11,023 1,834 Trust 2002-51, Cl. S, 32.667%, 8/25/32(6) 604,574 121,552 Trust 2002-52, Cl. SD, 38.005%, 9/25/32(6) 723,181 136,765 Trust 2002-52, Cl. SL, 34.813%, 9/25/32(6) 6,841 1,375 Trust 2002-53, Cl. SK, 38.848%, 4/25/32(6) 35,801 7,282 Trust 2002-56, Cl. SN, 36.327%, 7/25/32(6) 15,029 2,500 Trust 2002-60, Cl. SM, 42.181%, 8/25/32(6) 130,468 18,721 Trust 2002-7, Cl. SK, 42.288%, 1/25/32(6) 60,909 9,079 Trust 2002-77, Cl. BS, 36.533%, 12/18/32(6) 80,361 12,064 Trust 2002-77, Cl. IS, 48.021%, 12/18/32(6) 26,474 5,360 Trust 2002-77, Cl. JS, 32.997%, 12/18/32(6) 131,444 19,598 Trust 2002-77, Cl. SA, 34.497%, 12/18/32(6) 124,762 18,207 Trust 2002-77, Cl. SH, 44.161%, 12/18/32(6) 336,231 71,373 Trust 2002-84, Cl. SA, 43.299%, 12/25/32(6) 861,800 131,434 Trust 2002-9, Cl. MS, 32.809%, 3/25/32(6) 12,606 2,598 Trust 2002-90, Cl. SN, 43.976%, 8/25/32(6) 67,119 9,639 Trust 2002-90, Cl. SY, 46.756%, 9/25/32(6) 43,132 6,479
5 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ FHLMC/FNMA/FHLB/SPONSORED CONTINUED Trust 2003-26, Cl. DI, 4.842%, 4/25/33(6) $ 23,899 $ 4,676 Trust 2003-33, Cl. SP, 51.419%, 5/25/33(6) 923,679 124,170 Trust 2003-4, Cl. S, 40.119%, 2/25/33(6) 606,252 83,847 Trust 2003-89, Cl. XS, 44.717%, 11/25/32(6) 584,045 38,262 Trust 2004-54, Cl. DS, 48.466%, 11/25/30(6) 517,708 81,862 Trust 2005-14, Cl. SE, 37.443%, 3/25/35(6) 419,376 60,320 Trust 2005-40, Cl. SA, 61.821%, 5/25/35(6) 1,164,798 176,829 Trust 2005-40, Cl. SB, 77.177%, 5/25/35(6) 55,680 9,781 Trust 2005-71, Cl. SA, 67.508%, 8/25/25(6) 1,481,694 238,232 Trust 2005-87, Cl. SG, 93.688%, 10/25/35(6) 3,222,388 447,338 Trust 2005-93, Cl. SI, 11.194%, 10/25/35(6) 1,087,588 135,319 Trust 2006-60, Cl. DI, 36.114%, 4/25/35(6) 303,100 36,764 Trust 2008-67, Cl. KS, 27.358%, 8/25/34(6) 3,087,726 216,728 Trust 221, Cl. 2, 28.10%, 5/1/23(6) 9,039 1,895 Trust 222, Cl. 2, 18.904%, 6/1/23(6) 1,067,155 200,896 Trust 252, Cl. 2, 28.444%, 11/1/23(6) 898,559 192,854 Trust 294, Cl. 2, 8.751%, 2/1/28(6) 98,394 20,769 Trust 301, Cl. 2, 0%, 4/1/29(6,7) 11,942 1,975 Trust 303, Cl. IO, 1.216%, 11/1/29(6) 153,097 36,403 Trust 320, Cl. 2, 6.798%, 4/1/32(6) 699,982 155,270 Trust 321, Cl. 2, 0%, 4/1/32(6,7) 2,273,097 424,287 Trust 324, Cl. 2, 0%, 7/1/32(6,7) 24,028 4,296 Trust 331, Cl. 5, 0%, 2/1/33(6,7) 32,777 6,236 Trust 331, Cl. 9, 1.938%, 2/1/33(6) 571,055 105,541 Trust 334, Cl. 12, 0%, 2/1/33(6,7) 58,158 9,586 Trust 334, Cl. 17, 9.327%, 2/1/33(6) 398,453 78,644 Trust 339, Cl. 12, 0%, 7/1/33(6,7) 775,107 141,712 Trust 339, Cl. 7, 0%, 7/1/33(6,7) 1,976,800 324,978 Trust 343, Cl. 13, 0%, 9/1/33(6,7) 711,564 135,553 Trust 343, Cl. 18, 0%, 5/1/34(6,7) 206,263 31,753 Trust 345, Cl. 9, 0%, 1/1/34(6,7) 960,436 157,234 Trust 351, Cl. 10, 0%, 4/1/34(6,7) 286,017 45,774 Trust 351, Cl. 8, 0%, 4/1/34(6,7) 448,658 73,555 Trust 356, Cl. 10, 0%, 6/1/35(6,7) 377,424 60,070 Trust 356, Cl. 12, 0%, 2/1/35(6,7) 190,157 31,463 Trust 362, Cl. 13, 1.546%, 8/1/35(6) 656,199 104,529 Trust 364, Cl. 15, 0%, 9/1/35(6,7) 41,154 7,524 Trust 364, Cl. 16, 0%, 9/1/35(6,7) 797,545 114,054 Trust 365, Cl. 16, 0%, 3/1/36(6,7) 1,202,939 191,364 Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 5.08%, 9/25/23(8) 325,622 291,551 ------------ 85,206,174 ------------ GNMA/GUARANTEED--7.0% Government National Mortgage Assn.: 4.50%, 10/1/40(9) 12,380,000 13,026,087
6 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ GNMA/GUARANTEED CONTINUED 7%, 12/29/23-3/15/26 $ 31,843 $ 36,244 8.50%, 8/1/17-12/15/17 123,588 137,324 Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/16/29 87,497 103,918 Series 2000-7, Cl. Z, 8%, 1/16/30 37,866 44,969 Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 56.62%, 7/16/28(6) 18,500 4,102 Series 2001-21, Cl. SB, 84.389%, 1/16/27(6) 681,133 130,427 Series 2002-15, Cl. SM, 72.024%, 2/16/32(6) 698,069 141,927 Series 2004-11, Cl. SM, 62.685%, 1/17/30(6) 513,561 116,106 ------------ 13,741,104 ------------ NON-AGENCY--11.8% COMMERCIAL--9.0% Asset Securitization Corp., Commercial Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 0.252%, 4/14/29(6) 8,049,279 274,814 Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2006-1, Cl. AM, 5.421%, 9/1/45 1,280,000 1,277,278 Series 2007-1, Cl. A4, 5.451%, 1/1/17 710,000 745,804 Series 2007-1, Cl. AMFX, 5.482%, 1/1/49 900,000 834,472 Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 0%, 6/22/24(1,6,7) 5,832,901 270,321 CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35 78,883 69,721 Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.294%, 12/1/49(2) 895,000 845,822 Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 380,000 396,495 First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 572,544 546,308 First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 226,390 177,975 First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.083%, 11/1/37(2) 481,587 398,710 GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2004-C3, Cl. A2, 4.433%, 7/10/39 7,978 8,069 GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2001-LIBA, Cl. B, 6.733%, 2/10/16(1) 605,000 618,016 Impac CMB Trust Series 2005-4, Collateralized Asset-Backed Bonds, Series 2005-4, Cl. 1A1A, 0.796%, 5/25/35(2) 636,140 476,107
7 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ COMMERCIAL CONTINUED JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 $ 1,640,000 $ 1,677,998 Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49(3) 2,310,000 2,299,143 JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP7, Commercial Mtg. Pass-Through Certificates, Series 2006-LDP7, 6.062%, 4/1/45(2) 1,175,000 1,170,836 JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 7/1/37 766,410 666,532 LB-UBS Commercial Mortgage Trust 2007-C1, Commercial Mtg. Pass-Through Certificates, Series 2007-C1, Cl. A2, 5.318%, 1/15/12 465,000 480,165 Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 0%, 2/18/30(6,7) 3,689,903 91,648 Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/1/24(1) 170,891 136,689 Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 1,067,918 1,062,160 Merrill Lynch Mortgage Investors Trust 2005-A5, Mtg. Pass-Through Certificates, Series 2005-A5, Cl. A9, 2.752%, 6/1/35(2) 604,562 540,497 ML-CFC Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AM, 5.465%, 7/12/46 1,000,000 970,201 Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, 0%, 5/18/32(6,7) 50,499,046 204,905 Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. A3, 5.678%, 7/1/17 520,000 541,143 WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A4, 4.771%, 12/1/35(2) 426,527 360,131 Wells Fargo Mortgage-Backed Securities 2007-AR8 Trust, Mtg. Pass-Through Certificates, Series 2007-AR8, Cl. A1, 6.182%, 11/1/37(2) 582,859 469,452 ------------ 17,611,412 ------------ MANUFACTURED HOUSING--1.1% Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 4.577%, 3/25/36(2) 2,648,206 2,263,067 MULTIFAMILY--0.7% GE Capital Commercial Mortgage Corp., Commercial Mtg. Pass-Through Certificates, Series 2001-3, Cl. A2, 6.07%, 6/1/38 640,000 665,889 Merrill Lynch Mortgage Investors Trust 2005-A2, Mtg. Pass-Through Certificates, Series 2005-A2, Cl. A2, 2.799%, 2/1/35(2) 109,889 104,826 Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl 3A1, 4.917%, 3/25/36(2) 609,712 549,146 ------------ 1,319,861 ------------
8 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ OTHER--0.0% Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. B, 44.287%, 10/23/17(6) $ 931 $ 124 Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series1987-3, Cl. A, 4.296%, 10/23/17(8) 1,377 1,357 ------------ 1,481 ------------ RESIDENTIAL--1.0% CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35 40,000 32,571 JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36 560,452 501,872 Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 6.067%, 10/25/36(2) 57,204 53,910 RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 337,600 340,885 RALI Series 2006-QS13 Trust: Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36 66,348 40,527 Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 2,325 1,539 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37 28,549 17,492 Structured Adjustable Rate Mortgage Loan Trust, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 3 A1, 2.463%, 5/1/34(2) 264,899 253,349 WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 4A1, 5.241%, 2/1/37(2) 68,619 51,739 WaMu Mortgage Pass-Through Certificates 2007-HY7 Trust, Mtg. Pass-Through Certificates, Series 2007-HY7, Cl. 2A1, 5.665%, 7/1/37(2) 618,893 422,885 Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 2.874%, 9/1/34(2) 288,478 281,480 ------------ 1,998,249 ------------ Total Mortgage-Backed Obligations (Cost $117,840,560) 122,141,348 ------------ U.S. GOVERNMENT OBLIGATIONS--1.7% Federal Home Loan Mortgage Corp. Nts.: 2.875%, 2/9/15 855,000 911,541 5%, 2/16/17 295,000 347,043 5.25%, 4/18/16 515,000 609,698 Federal National Mortgage Assn. Nts.: 1.625%, 10/26/15 565,000 565,735 2.375%, 7/28/15 185,000 192,522 4.875%, 12/15/16 240,000 280,571
9 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ 5%, 3/15/16 $ 320,000 $ 373,965 ------------ Total U.S. Government Obligations (Cost $3,123,131) 3,281,075 ------------ CORPORATE BONDS AND NOTES--34.7% CONSUMER DISCRETIONARY--5.5% AUTOMOBILES--0.3% DaimlerChrysler North America Holding Corp./Daimler Finance North America LLC, 6.50% Sr. Unsec. Unsub. Nts., 11/15/13 455,000 520,851 DIVERSIFIED CONSUMER SERVICES--0.2% Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15 475,000 496,375 HOTELS, RESTAURANTS & LEISURE--0.7% Hyatt Hotels Corp., 5.75% Sr. Unsec. Unsub. Nts., 8/15/15(1) 725,000 782,999 Marriott International, Inc., 6.20% Sr. Unsec. Unsub. Nts., 6/15/16 526,000 592,424 ------------ 1,375,423 ------------ HOUSEHOLD DURABLES--0.7% Fortune Brands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/14 770,000 874,647 Whirlpool Corp., 8% Sr. Unsec. Nts., 5/1/12 380,000 414,219 ------------ 1,288,866 ------------ LEISURE EQUIPMENT & PRODUCTS--0.5% Mattel, Inc.: 5.625% Sr. Unsec. Nts., 3/15/13 395,000 427,621 6.125% Sr. Unsec. Nts., 6/15/11 455,000 469,892 ------------ 897,513 ------------ MEDIA--2.3% CBS Corp., 8.875% Sr. Unsec. Nts., 5/15/19 425,000 554,896 Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22 292,000 412,585 DirecTV Holdings LLC/DirecTV Financing Co., Inc., 7.625% Sr. Unsec. Unsub. Nts., 5/15/16 850,000 948,842 DISH DBS Corp., 7.875% Sr. Unsec. Nts., 9/1/19 395,000 427,094 Grupo Televisa SA, 6.625% Sr. Unsec. Bonds, 1/15/40 385,000 439,834 Lamar Media Corp., 9.75% Sr. Unsec. Nts., 4/1/14 430,000 494,500 Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33 257,000 333,961 Viacom, Inc., 7.875% Sr. Unsec. Debs., 7/30/30 270,000 325,884 Virgin Media Secured Finance plc, 6.50% Sr. Sec. Nts., 1/15/18 475,000 503,500 ------------ 4,441,096 ------------ MULTILINE RETAIL--0.2% J.C. Penney Co., Inc., (Holding Co.), 7.40% Nts., 4/1/37 480,000 486,600 SPECIALTY RETAIL--0.6% Limited Brands, Inc., 7% Sr. Unsec. Unsub. Nts., 5/1/20 464,000 503,440 Staples, Inc., 7.75% Sr. Unsec. Unsub. Nts., 4/1/11 680,000 702,206 ------------ 1,205,646 ------------ CONSUMER STAPLES--1.5% BEVERAGES--0.7% Anheuser-Busch InBev Worldwide, Inc., 7.75% Sr. Unsec. Unsub. Nts., 1/15/19(1) 700,000 909,509 Constellation Brands, Inc., 8.375% Sr. Nts., 12/15/14 445,000 493,394 ------------ 1,402,903 ------------
10 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ FOOD & STAPLES RETAILING--0.2% Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 $ 214,000 $ 303,277 FOOD PRODUCTS--0.2% Bunge Ltd. Finance Corp.: 5.35% Sr. Unsec. Unsub. Nts., 4/15/14 210,000 224,439 8.50% Sr. Unsec. Nts., 6/15/19 195,000 236,067 ------------ 460,506 ------------ TOBACCO--0.4% Altria Group, Inc., 9.70% Sr. Unsec. Nts., 11/10/18 370,000 501,587 Lorillard Tobacco Co., 8.125% Sr. Unsec. Nts., 5/1/40 270,000 290,767 ------------ 792,354 ------------ ENERGY--3.2% ENERGY EQUIPMENT & SERVICES--0.4% Rowan Cos., Inc., 5% Sr. Unsec. Nts., 9/1/17 500,000 517,335 Weatherford International Ltd., 6.50% Sr. Unsec. Bonds, 8/1/36 308,000 312,417 ------------ 829,752 ------------ OIL, GAS & CONSUMABLE FUELS--2.8% El Paso Corp., 8.25% Sr. Unsec. Nts., 2/15/16 490,000 547,575 Energy Transfer Partners LP, 7.50% Sr. Unsec. Unsub. Bonds, 7/1/38 345,000 408,394 Enterprise Products Operating LLP, 7.50% Sr. Unsec. Unsub. Nts., 2/1/11 515,000 525,695 Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 840,000 917,000 Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37 215,000 235,000 Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/14(1) 270,000 297,382 Rockies Express Pipeline LLC, 5.625% Sr. Unsec. Unsub. Nts., 4/15/20(1) 326,000 328,382 Southwestern Energy Co., 7.50% Sr. Nts., 2/1/18 465,000 527,775 Williams Cos., Inc. (The), Credit Linked Certificates Trust V, 6.375% Sr. Unsec. Nts., 10/1/10(1) 345,000 345,000 Williams Partners LP/Williams Partners Finance Corp., 7.25% Sr. Unsec. Nts., 2/1/17 433,000 516,386 Woodside Finance Ltd., 4.50% Nts., 11/10/14(1) 695,000 746,693 ------------ 5,395,282 ------------ FINANCIALS--13.2% CAPITAL MARKETS--2.6% Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/19(1) 700,000 744,245 Discover Bank, 7% Sub. Nts., 4/15/20 470,000 512,192 Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 515,000 497,929 Goldman Sachs Group, Inc. (The), 5.375% Sr. Unsec. Unsub. Nts., 3/15/20 475,000 501,585 Macquarie Group Ltd., 4.875% Sr. Unsec. Nts., 8/10/17(1) 778,000 790,400 Morgan Stanley: 5.50% Sr. Unsec. Unsub. Nts., 7/24/20(1) 178,000 183,726 5.55% Sr. Unsec. Unsub. Nts., Series F, 4/27/17 1,205,000 1,278,933
11 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ CAPITAL MARKETS CONTINUED UBS AG Stamford, CT, 2.25% Sr. Unsec. Nts., 8/12/13 $ 482,000 $ 487,251 ------------ 4,996,261 ------------ COMMERCIAL BANKS--3.2% ANZ National International Ltd., 2.375% Sr. Unsec. Nts., 12/21/12(1) 475,000 481,948 Barclays Bank plc, 6.278% Perpetual Bonds(10) 1,050,000 924,000 BNP Paribas SA, 5.186% Sub. Perpetual Nts.(1,10) 515,000 487,963 Comerica Capital Trust II, 6.576% Bonds, 2/20/37(2) 551,000 551,689 HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35(2) 1,270,000 1,198,563 Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/20(1) 493,000 498,582 Royal Bank of Scotland (The) plc, 5.625% Sr. Unsec. Unsub. Nts., 8/24/20 485,000 509,393 Sanwa Bank Ltd. (The), 7.40% Sub. Nts., 6/15/11 465,000 483,606 Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K(10) 1,010,000 1,068,075 ------------ 6,203,819 ------------ CONSUMER FINANCE--0.6% American Express Bank FSB, 5.55% Sr. Unsec. Nts., 10/17/12 415,000 447,273 Capital One Capital IV, 6.745% Sub. Bonds, 2/17/37(2) 780,000 783,900 ------------ 1,231,173 ------------ DIVERSIFIED FINANCIAL SERVICES--2.5% Citigroup, Inc.: 5.375% Sr. Unsec. Nts., 8/9/20 1,208,000 1,252,221 6.01% Sr. Unsec. Nts., 1/15/15 480,000 528,353 ING Groep NV, 5.775% Jr. Unsec. Sub. Perpetual Bonds(10) 535,000 482,838 JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1(10) 1,430,000 1,537,638 Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38 1,005,000 1,169,270 ------------ 4,970,320 ------------ INSURANCE--3.3% American International Group, Inc., 5.85% Sr. Unsec. Nts., Series G, 1/16/18 415,000 431,600 Burlington Northern Santa Fe LLC, 5.75% Sr. Unsec. Bonds, 5/1/40 363,000 402,090 Genworth Financial, Inc., 8.625% Sr. Unsec. Unsub. Nts., 12/15/16 775,000 875,259 Gulf South Pipeline Co. LP, 5.75% Sr. Unsec. Nts., 8/15/12(1) 455,000 485,380 Hartford Financial Services Group, Inc. (The), 5.25% Sr. Unsec. Nts., 10/15/11 465,000 482,424 Irish Life & Permanent Group Holdings plc, 3.60% Sr. Unsec. Unsub. Nts., 1/14/13(1) 620,000 586,113 Lincoln National Corp., 6.05% Jr. Unsec. Sub. Bonds, 4/20/67 936,000 826,020 MetLife, Inc., 5.375% Sr. Unsec. Unsub. Nts., 12/15/12 135,000 145,226 Principal Life Global Funding I, 4.40% Sr. Sec. Nts., 10/1/10(1) 455,000 455,000 Prudential Financial, Inc., 3.625% Sr. Unsec. Unsub. Nts., 9/17/12 465,000 483,382 Swiss Re Capital I LP, 6.854% Perpetual Bonds(1,10) 926,000 867,145 ZFS Finance USA Trust IV, 5.875% Sub. Bonds, 5/9/32(1) 532,000 501,068 ------------ 6,540,707 ------------
12 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ REAL ESTATE INVESTMENT TRUSTS--1.0% AvalonBay Communities, Inc., 6.625% Sr. Unsec. Unsub. Nts., 9/15/11 $ 202,000 $ 211,533 Brandywine Operating Partnership LP, 5.75% Sr. Unsec. Unsub. Nts., 4/1/12 237,000 245,837 Liberty Property LP, 7.25% Sr. Unsec. Unsub. Nts., 3/15/11 465,000 475,702 Mack-Cali Realty LP, 5.25% Sr. Unsec. Unsub. Nts., 1/15/12 180,000 186,406 Regency Centers LP, 4.80% Sr. Unsec. Unsub. Nts., 4/15/21(9) 120,000 119,832 Simon Property Group LP, 5% Sr. Unsec. Unsub. Nts., 3/1/12 470,000 487,584 WCI Finance LLC/WEA Finance LLC, 5.40% Sr. Unsec. Unsub. Nts., 10/1/12(1) 220,000 234,767 ------------ 1,961,661 ------------ HEALTH CARE--1.4% BIOTECHNOLOGY--0.3% Genzyme Corp., 5% Sr. Nts., 6/15/20(1) 465,000 518,056 HEALTH CARE EQUIPMENT & SUPPLIES--0.2% Hospira, Inc., 5.60% Sr. Unsec. Unsub. Nts., 9/15/40 395,000 410,551 HEALTH CARE PROVIDERS & SERVICES--0.5% HCA, Inc., 8.50% Sr. Sec. Nts., 4/15/19 445,000 498,400 WellPoint, Inc., 5% Sr. Unsec. Unsub. Nts., 1/15/11 435,000 440,101 ------------ 938,501 ------------ LIFE SCIENCES TOOLS & SERVICES--0.4% Life Technologies Corp., 6% Sr. Nts., 3/1/20 795,000 902,234 INDUSTRIALS--2.5% AEROSPACE & DEFENSE--0.6% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 475,000 497,563 Meccanica Holdings USA, Inc., 7.375% Sr. Unsec. Unsub. Nts., 7/15/39(1) 690,000 781,350 ------------ 1,278,913 ------------ COMMERCIAL SERVICES & SUPPLIES--0.7% Browning-Ferris Industries, Inc., 7.40% Sr. Unsec. Debs., 9/15/35 165,000 205,043 Corrections Corp. of America, 7.75% Sr. Nts., 6/1/17 465,000 502,200 R.R. Donnelley & Sons Co., 5.625% Sr. Unsec. Nts., 1/15/12 455,000 466,137 Republic Services, Inc., 6.75% Sr. Unsec. Unsub. Nts., 8/15/11 295,000 308,866 ------------ 1,482,246 ------------ ELECTRICAL EQUIPMENT--0.3% Roper Industries, Inc., 6.25% Sr. Nts., 9/1/19 460,000 533,332 INDUSTRIAL CONGLOMERATES--0.6% General Electric Capital Corp.: 4.25% Sr. Unsec. Nts., Series A, 6/15/12 460,000 482,093 5.875% Unsec. Unsub. Nts., 1/14/38 185,000 188,531 Tyco International Ltd./Tyco International Finance SA, 6.875% Sr. Unsec. Unsub. Nts., 1/15/21 395,000 492,021 ------------ 1,162,645 ------------ MACHINERY--0.3% SPX Corp., 7.625% Sr. Unsec. Nts., 12/15/14 510,000 558,450 INFORMATION TECHNOLOGY--1.0% COMMUNICATIONS EQUIPMENT--0.2% Motorola, Inc., 8% Sr. Unsec. Nts., 11/1/11 450,000 478,027
13 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--0.5% Agilent Technologies, Inc., 5% Sr. Unsec. Unsub. Nts., 7/15/20 $ 839,000 $ 891,978 SOFTWARE--0.3% Oracle Corp., 5.375% Sr. Bonds, 7/15/40(1) 485,000 523,657 MATERIALS--2.2% CHEMICALS--0.7% Airgas, Inc., 3.25% Sr. Nts., 10/1/15 417,000 418,035 Ashland, Inc., 9.125% Sr. Unsec. Nts., 6/1/17 436,000 501,400 CF Industries, Inc., 6.875% Sr. Unsec. Unsub. Nts., 5/1/18 475,000 512,406 ------------ 1,431,841 ------------ CONTAINERS & PACKAGING--0.5% Ball Corp., 7.125% Sr. Unsec. Nts., 9/1/16 480,000 520,800 Sealed Air Corp., 7.875% Sr. Nts., 6/15/17 443,000 480,638 ------------ 1,001,438 ------------ METALS & MINING--1.0% Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17 680,000 760,012 Teck Resources Ltd., 10.75% Sr. Sec. Nts., 5/15/19 314,000 396,010 Vale Inco Ltd., 5.70% Sr. Unsec. Unsub. Nts., 10/15/15 78,000 84,469 Xstrata Canada Corp.: 5.375% Sr. Unsec. Unsub. Nts., 6/1/15 245,000 266,486 6% Sr. Unsec. Unsub. Nts., 10/15/15 347,000 386,927 ------------ 1,893,904 ------------ TELECOMMUNICATION SERVICES--2.5% DIVERSIFIED TELECOMMUNICATION SERVICES--2.3% AT&T, Inc., 6.30% Sr. Unsec. Bonds, 1/15/38 440,000 498,544 British Telecommunications plc, 9.875% Bonds, 12/15/30 295,000 411,726 Embarq Corp., 6.738% Sr. Unsec. Nts., 6/1/13 440,000 482,131 Frontier Communications Corp., 8.25% Sr. Unsec. Nts., 4/15/17 475,000 521,906 Qwest Corp., 7.625% Sr. Unsec. Unsub. Nts., 6/15/15 447,000 511,815 Telecom Italia Capital SA, 4.875% Sr. Unsec. Unsub. Nts., 10/1/10 880,000 880,000 Telus Corp., 8% Nts., 6/1/11 266,000 278,573 Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38 289,000 335,316 Windstream Corp., 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 530,000 563,125 ------------ 4,483,136 ------------ WIRELESS TELECOMMUNICATION SERVICES--0.2% American Tower Corp., 7% Sr. Unsec. Nts., 10/15/17 337,000 393,869 UTILITIES--1.7% ELECTRIC UTILITIES--1.1% Allegheny Energy Supply Co. LLC, 8.25% Bonds, 4/15/12(1) 428,000 462,354 FirstEnergy Solutions Corp., 6.80% Sr. Unsec. Nts., 8/15/39 292,000 295,114 Great Plains Energy, Inc., 2.75% Sr. Unsec. Unsub. Nts., 8/15/13 320,000 321,661 Oncor Electric Delivery Co., 5.25% Sr. Sec. Bonds, 9/30/40(1) 395,000 403,741 Texas-New Mexico Power Co., 9.50% Sec. Nts., 4/1/19(1) 510,000 671,579 ------------ 2,154,449 ------------ MULTI-UTILITIES--0.6% CMS Energy Corp., 6.25% Sr. Unsec. Nts., 2/1/20 475,000 502,370
14 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ MULTI-UTILITIES CONTINUED NiSource Finance Corp., 10.75% Sr. Unsec. Nts., 3/15/16 $ 595,000 $ 787,121 ------------ 1,289,491 ------------ Total Corporate Bonds and Notes (Cost $63,778,203) 68,127,103
Shares ------------ INVESTMENT COMPANY--13.2% Oppenheimer Institutional Money Market Fund, Cl. E, 0.24%(11, 12) (Cost $25,855,994) 25,855,994 25,855,994 TOTAL INVESTMENTS, AT VALUE (COST $232,176,584) 121.2% 237,671,550 Liabilities in Excess of Other Assets (21.2) (41,640,791) ------------ ------------ Net Assets 100.0% $196,030,759 ============ ============
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 $19,346,053 or 9.87% of the Fund's net assets as of September 30, 2010. (2.) Represents the current interest rate for a variable or increasing rate security. (3.) Restricted security. The aggregate value of restricted securities as of September 30, 2010 was $2,442,553, which represents 1.25% of the Fund's net assets. See accompanying Notes. Information concerning restricted securities is as follows:
UNREALIZED ACQUISITION APPRECIATION SECURITY DATE COST VALUE (DEPRECIATION) -------- --------------- ---------- ---------- -------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49 2/23/99-7/14/10 $2,281,125 $2,299,143 $ 18,018 Litigation Settlement Monetized Fee Trust, Asset-Backed Certificates, Series 2001-1A, Cl. A1, 8.33%, 4/25/31 2/5/01 184 184 -- NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29 2/23/99-7/27/99 3,281,116 143,226 (3,137,890) ---------- ---------- ----------- $5,562,425 $2,442,553 $(3,119,872) ========== ========== ===========
(4.) Issue is in default. See accompanying Notes. (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 $610,340. 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 $7,782,326 or 3.97% of the Fund's net assets as of September 30, 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.) 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 $414,571 or 0.21% of the Fund's net assets as of September 30, 2010. (9.) When-issued security or delayed delivery to be delivered and settled after September 30, 2010. See accompanying Notes. (10.) This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. (11.) Rate shown is the 7-day yield as of September 30, 2010. 15 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) (12.)Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2010 ----------------- ---------- ---------- ------------------ OFI Liquid Assets Fund, LLC -- 1,252,854 1,252,854 -- Oppenheimer Institutional Money Market Fund, Cl. E 23,853,396 69,795,096 67,792,498 25,855,994
VALUE INCOME ----------- ------- OFI Liquid Assets Fund, LLC $ -- $ 24(a) Oppenheimer Institutional Money Market Fund, Cl. E 25,855,994 27,377 ----------- ------- $25,855,994 $27,401 =========== =======
(a.) Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties. 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 September 30, 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 $ -- $ 18,266,030 $-- $ 18,266,030 Mortgage-Backed Obligations -- 122,141,348 -- 122,141,348 U.S. Government Obligations -- 3,281,075 -- 3,281,075 Corporate Bonds and Notes -- 68,127,103 -- 68,127,103 Investment Company 25,855,994 -- -- 25,855,994 ----------- ------------ --- ------------ Total Investments, at Value 25,855,994 211,815,556 -- 237,671,550 Other Financial Instruments: Appreciated swaps, at value -- 28,294 -- 28,294 Futures margins 12,482 -- -- 12,482 ----------- ------------ --- ------------ Total Assets $25,868,476 $211,843,850 $-- $237,712,326 ----------- ------------ --- ------------ Liabilities Table Other Financial Instruments: Depreciated swaps, at value $ -- $ (42,347) $-- $ (42,347) Futures margins (7,950) -- -- (7,950) ----------- ------------ --- ------------ Total Liabilities $ (7,950) $ (42,347) $-- $ (50,297) ----------- ------------ --- ------------
16 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 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. Futures Contracts as of September 30, 2010 are as follows:
Unrealized Number of Expiration Appreciation Contract Description Buy/Sell Contracts Date Value (Depreciation) -------------------- -------- --------- ---------- ----------- -------------- U.S. Treasury Long Bonds, 20 yr. Buy 176 12/21/10 $23,534,500 $ 16,989 U.S. Treasury Nts., 2 yr. Sell 60 12/31/10 13,169,063 (27,791) U.S. Treasury Nts., 5 yr. Sell 15 12/31/10 1,813,008 (11,282) U.S. Treasury Nts., 10 yr. Buy 84 12/21/10 10,587,938 68,152 U.S. Ultra Treasury Bonds Buy 1 12/21/10 141,281 (165) --------- $ 45,903 =========
Credit Default Swap Contracts as of September 30, 2010 are as follows:
PAY/ BUY/SELL NOTIONAL RECEIVE UNREALIZED REFERENCE ENTITY/ CREDIT AMOUNT FIXED TERMINATION APPRECIATION 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 $ 12,098 $ 12,098 Morgan Stanley Capital Services, Inc. Buy 1,015 0.63 3/20/17 16,196 16,196 ------ -------- -------- Total 2,045 28,294 28,294 ------ -------- -------- Vale Overseas: Morgan Stanley Capital Services, Inc. Sell 1,030 1.17 3/20/17 (19,247) (19,247) Morgan Stanley Capital Services, Inc. Sell 1,015 1.10 3/20/17 (23,100) (23,100) ------ -------- -------- Total $2,045 (42,347) (42,347) ------ -------- -------- Grand Total Buys 28,294 28,294 Grand Total Sells (42,347) (42,347) -------- -------- Total Credit Default Swaps $(14,053) $(14,053) -------- --------
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 TYPE OF REFERENCE ASSET ON WHICH PROTECTION REFERENCE ASSET THE FUND SOLD PROTECTION (UNDISCOUNTED) AMOUNT RECOVERABLE* RATING 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. 17 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 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 SEPTEMBER 30, 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 $ 28,294 Credit Default Sell Protection 2,045 (42,347) -------- Total Swaps $(14,053) ========
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 18 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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 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 September 30, 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 $41,747,411 Sold securities 160,323
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 or underlying obligors subsequently default. Information concerning securities in default as of September 30, 2010 is as follows: 19 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) Cost $3,281,116 Market Value $ 143,226 Market Value as a % of Net Assets 0.07%
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 a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. 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. 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: 20 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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 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 September 30, 2010, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $28,294, which represents gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end. CREDIT RELATED CONTINGENT FEATURES. The Fund's agreements with derivative counterparties have 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 21 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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 swaptions, and forward currency exchange contracts for each individual counterparty. As of September 30, 2010, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $14,053 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 September 30, 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. 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 22 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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 repots. 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 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. RESTRICTED SECURITIES As of September 30, 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 Trustees 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. 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 September 30, 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. 23 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) Federal tax cost of securities $232,281,247 Federal tax cost of other investments 19,235,745 ------------ Total federal tax cost $251,516,992 ============ Gross unrealized appreciation $ 11,122,173 Gross unrealized depreciation (5,700,020) ------------ Net unrealized appreciation $ 5,422,153 ============
24 | Oppenheimer Core Bond Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------------- --------------- COMMON STOCKS--98.6% CONSUMER DISCRETIONARY--16.1% AUTOMOBILES--1.4% Bayerische Motoren Werke (BMW) AG 143,541 $ 10,063,955 Bayerische Motoren Werke (BMW) AG, Preference 598,445 27,721,953 --------------- 37,785,908 --------------- HOTELS, RESTAURANTS & LEISURE--3.7% Carnival Corp. 1,139,916 43,556,190 Lottomatica SpA 417,500 6,397,333 McDonald's Corp. 567,920 42,315,719 Shuffle Master, Inc.(1) 616,100 5,181,401 --------------- 97,450,643 --------------- HOUSEHOLD DURABLES--1.5% Sony Corp. 1,288,800 39,846,584 --------------- MEDIA--3.1% Grupo Televisa SA, Sponsored GDR 1,358,076 25,694,798 Walt Disney Co. (The) 1,219,540 40,378,969 Wire & Wireless India Ltd.(1) 2,281,600 705,442 Zee Entertainment Enterprises Ltd. 1,968,410 13,150,477 --------------- 79,929,686 --------------- SPECIALTY RETAIL--3.0% Industria de Diseno Textil SA 481,087 38,215,966 Tiffany & Co. 858,880 40,358,771 --------------- 78,574,737 --------------- TEXTILES, APPAREL & LUXURY GOODS--3.4% Bulgari SpA 1,732,778 15,685,097 LVMH Moet Hennessy Louis Vuitton SA 326,740 47,928,162 Tod's SpA 269,399 25,575,901 --------------- 89,189,160 --------------- CONSUMER STAPLES--9.1% BEVERAGES--3.0% Companhia de Bebidas das Americas, Sponsored ADR, Preference 205,615 25,451,025 Fomento Economico Mexicano SA de CV, UBD 6,736,224 34,259,370 Grupo Modelo SA de CV, Series C 3,500,075 19,358,991 --------------- 79,069,386 --------------- FOOD & STAPLES RETAILING--2.4% Shinsegae Department Store Co. 5,762 3,037,020 Tesco plc 3,515,785 23,417,211 Wal-Mart Stores, Inc. 671,710 35,949,919 --------------- 62,404,150 --------------- FOOD PRODUCTS--2.3% Nestle SA 525,225 27,980,999 Unilever plc 1,126,403 32,575,763 --------------- 60,556,762 --------------- HOUSEHOLD PRODUCTS--1.4% Colgate-Palmolive Co. 478,210 36,755,221 ---------------
1 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------------- --------------- ENERGY--3.7% ENERGY EQUIPMENT & SERVICES--2.5% Technip SA 438,300 $ 35,364,338 Transocean Ltd.(1) 477,252 30,682,531 --------------- 66,046,869 --------------- OIL, GAS & CONSUMABLE FUELS--1.2% Total SA 585,890 30,195,451 --------------- FINANCIALS--17.1% CAPITAL MARKETS--5.2% 3i Group plc 2,576,148 11,594,244 Credit Suisse Group AG 1,473,595 62,983,758 Goldman Sachs Group, Inc. (The) 179,390 25,936,206 UBS AG(1) 2,085,366 35,398,061 --------------- 135,912,269 --------------- COMMERCIAL BANKS--3.8% Banco Bilbao Vizcaya Argentaria SA 2,267,500 30,618,082 HSBC Holdings plc 3,566,173 36,632,231 Societe Generale SA, Cl. A 320,542 18,557,838 Sumitomo Mitsui Financial Group, Inc. 460,600 13,418,534 --------------- 99,226,685 --------------- CONSUMER FINANCE--1.0% SLM Corp.(1) 2,277,690 26,307,320 --------------- DIVERSIFIED FINANCIAL SERVICES--1.1% Investor AB, B Shares 1,475,254 29,963,173 --------------- INSURANCE--6.0% AFLAC, Inc. 561,060 29,012,413 Allianz SE 305,932 34,666,232 Dai-ichi Life Insurance Co. 20,806 25,122,722 Fidelity National Financial, Inc., Cl. A 942,400 14,805,104 Prudential plc 2,843,067 28,427,097 XL Group plc 1,204,570 26,090,986 --------------- 158,124,554 --------------- HEALTH CARE--7.2% BIOTECHNOLOGY--2.0% Amylin Pharmaceuticals, Inc.(1) 832,508 17,357,792 Basilea Pharmaceutica AG(1) 19,039 1,186,728 Dendreon Corp.(1) 232,300 9,566,114 Gilead Sciences, Inc.(1) 240,500 8,564,205 Regeneron Pharmaceuticals, Inc.(1) 197,602 5,414,295 Theravance, Inc.(1) 569,100 11,438,910 --------------- 53,528,044 --------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.1% Zimmer Holdings, Inc.(1) 537,690 28,137,318 --------------- HEALTH CARE PROVIDERS & SERVICES--2.5% Aetna, Inc. 1,013,500 32,036,735 WellPoint, Inc.(1) 598,535 33,901,022 --------------- 65,937,757 ---------------
2 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------------- --------------- PHARMACEUTICALS--1.6% Mitsubishi Tanabe Pharma Corp. 799,000 $ 13,016,770 Roche Holding AG 204,482 27,926,001 --------------- 40,942,771 --------------- INDUSTRIALS--14.4% AEROSPACE & DEFENSE--3.2% Empresa Brasileira de Aeronautica SA, ADR 886,753 25,174,918 European Aeronautic Defense & Space Co.(1) 1,386,180 34,572,297 Lockheed Martin Corp. 177,270 12,635,806 Raytheon Co. 270,030 12,343,071 --------------- 84,726,092 --------------- AIR FREIGHT & LOGISTICS--0.8% TNT NV 739,827 19,878,930 --------------- BUILDING PRODUCTS--1.5% Assa Abloy AB, Cl. B 1,580,496 39,862,072 --------------- COMMERCIAL SERVICES & SUPPLIES--0.7% Secom Co. Ltd. 403,900 18,240,333 --------------- ELECTRICAL EQUIPMENT--2.0% Emerson Electric Co. 443,340 23,346,284 Nidec Corp. 173,900 15,456,852 Prysmian SpA 679,000 12,403,686 --------------- 51,206,822 --------------- INDUSTRIAL CONGLOMERATES--5.6% 3M Co. 443,550 38,460,221 Koninklijke (Royal) Philips Electronics NV 1,160,800 36,483,687 Siemens AG 689,224 72,893,091 --------------- 147,836,999 --------------- MACHINERY--0.6% Fanuc Ltd. 130,300 16,525,864 --------------- INFORMATION TECHNOLOGY--27.4% COMMUNICATIONS EQUIPMENT--6.1% Juniper Networks, Inc.(1) 1,695,650 51,462,978 Telefonaktiebolaget LM Ericsson, B Shares 9,826,089 107,877,274 --------------- 159,340,252 --------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--4.5% Corning, Inc. 1,651,720 30,193,442 Hoya Corp. 1,035,000 25,230,295 Keyence Corp. 95,274 20,725,633 Kyocera Corp. 161,800 15,371,050 Murata Manufacturing Co. Ltd. 529,800 27,924,293 --------------- 119,444,713 --------------- INTERNET SOFTWARE & SERVICES--2.3% eBay, Inc.(1) 2,500,090 61,002,196 --------------- IT SERVICES--2.7% Automatic Data Processing, Inc. 695,010 29,211,270 Infosys Technologies Ltd. 630,108 42,776,109 --------------- 71,987,379 --------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.8% Altera Corp. 1,631,300 49,200,008
3 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------------- --------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Maxim Integrated Products, Inc. 1,415,335 $ 26,197,851 MediaTek, Inc. 1,600,891 22,495,436 Taiwan Semiconductor Manufacturing Co. Ltd. 13,575,184 26,940,493 --------------- 124,833,788 --------------- SOFTWARE--7.0% Adobe Systems, Inc.(1) 1,074,443 28,096,684 Intuit, Inc.(1) 1,180,700 51,726,467 Microsoft Corp. 1,781,330 43,624,772 Nintendo Co. Ltd. 60,600 15,142,741 SAP AG 912,028 45,095,367 --------------- 183,686,031 --------------- MATERIALS--0.6% CHEMICALS--0.6% Linde AG 120,238 15,696,473 --------------- TELECOMMUNICATION SERVICES--2.2% WIRELESS TELECOMMUNICATION SERVICES--2.2% America Movil SAB de CV, ADR, Series L 121,380 6,473,195 KDDI Corp. 5,211 24,937,644 Vodafone Group plc 10,901,402 26,985,979 --------------- 58,396,818 --------------- UTILITIES--0.8% ELECTRIC UTILITIES--0.8% Fortum OYJ 786,400 20,572,860 --------------- Total Common Stocks (Cost $2,102,839,636) 2,589,122,070 --------------- INVESTMENT COMPANY--1.0% Oppenheimer Institutional Money Market Fund, Cl. E, 0.24% (2,3) (Cost $25,032,178) 25,032,178 25,032,178 --------------- TOTAL INVESTMENTS, AT VALUE (COST $2,127,871,814) 99.6% 2,614,154,248 Other Assets Net of Liabilities 0.4 10,311,920 ---------- --------------- Net Assets 100.0% $ 2,624,466,168 ========== ===============
Footnotes to Statement of Investments (1.) Non-income producing security. (2.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 31, GROSS GROSS SEPTEMBER 30, 2009 ADDITIONS REDUCTIONS 2010 ------------ ----------- ----------- ------------ Oppenheimer Institutional Money Market Fund, Cl. E 30,907,869 233,957,672 239,833,363 25,032,178
VALUE INCOME ----------- ------- Oppenheimer Institutional Money Market Fund, Cl. E $25,032,178 $51,896
(3.) Rate shown is the 7-day yield as of September 30, 2010. 4 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 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 September 30, 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 $ 422,071,276 $ 705,442 $-- $ 422,776,718 Consumer Staples 238,785,519 -- -- 238,785,519 Energy 60,877,982 35,364,338 -- 96,242,320 Financials 430,976,163 18,557,838 -- 449,534,001 Health Care 188,545,890 -- -- 188,545,890 Industrials 361,751,248 16,525,864 -- 378,277,112 Information Technology 704,923,309 15,371,050 -- 720,294,359 Materials 15,696,473 -- -- 15,696,473 Telecommunication Services 31,410,839 26,985,979 -- 58,396,818 Utilities 20,572,860 -- -- 20,572,860 Investment Company 25,032,178 -- -- 25,032,178 -------------- ------------ --- -------------- Total Investments, at Value 2,500,643,737 113,510,511 -- 2,614,154,248 OTHER FINANCIAL INSTRUMENTS: Foreign currency exchange contracts -- 541 -- 541 -------------- ------------ --- -------------- Total Assets $2,500,643,737 $113,511,052 $-- $2,614,154,789 -------------- ------------ --- -------------- LIABILITIES TABLE OTHER FINANCIAL INSTRUMENTS: Foreign currency exchange contracts $ -- $ (12,670) $-- $ (12,670) -------------- ------------ --- -------------- Total Liabilities $ -- $ (12,670) $-- $ (12,670) -------------- ------------ --- --------------
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 Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
TRANSFERS TRANSFERS TRANSFERS TRANSFERS INTO OUT OF INTO OUT OF LEVEL 1* LEVEL 1** LEVEL 2** LEVEL 2* ------------ ------------ ----------- ------------- ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Consumer Discretionary $107,682,363 $ -- $ -- $(107,682,363) Consumer Staples 59,089,554 -- -- (59,089,554) Energy 38,949,995 -- -- (38,949,995) Financials 251,910,959 -- -- (251,910,959) Health Care 1,849,494 -- -- (1,849,494) Industrials 178,855,339 -- -- (178,855,339) Information Technology 176,301,416 -- -- (176,301,416) Telecommunication Services 28,924,502 (24,532,360) 24,532,360 (28,924,502) Utilities 24,666,340 -- -- (24,666,340) ------------ ------------ ----------- ------------- Total Assets $868,229,962 $(24,532,360) $24,532,360 $(868,229,962) ------------ ------------ ----------- -------------
* 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. Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings Value Percent ------------------- -------------- ------- United States $1,000,189,383 38.3% Japan 270,959,315 10.4 Germany 206,137,071 7.9 Sweden 177,702,519 6.8 France 166,618,086 6.4 United Kingdom 159,632,525 6.1 Switzerland 155,475,547 5.9 Mexico 85,786,354 3.3 Spain 68,834,048 2.6 Italy 60,062,017 2.3 India 56,632,028 2.2 The Netherlands 56,362,617 2.1 Brazil 50,625,943 1.9 Taiwan 49,435,929 1.9 Ireland 26,090,986 1.0 Finland 20,572,860 0.8 Korea, Republic of South 3,037,020 0.1 -------------- ----- Total $2,614,154,248 100.0% ============== =====
6 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF SEPTEMBER 30, 2010 ARE AS FOLLOWS:
CONTRACT COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION BUY/SELL (000'S) DATE VALUE APPRECIATION DEPRECIATION --------------------- -------- --------- ---------- ---------- ------------ ------------ BROWN BROTHERS HARRIMAN Swiss Franc (CHF) Sell 96 CHF 10/4/10 $ 97,410 $541 $ -- DEUTSCHE BANK CAPITAL CORP. Swedish Krona (SEK) Sell 20,305 SEK 10/1/10 3,012,445 -- 12,670 ---- ------- Total unrealized appreciation and depreciation $541 $12,670 ==== =======
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: 7 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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. 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. 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. 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. 8 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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 September 30, 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 $2,161,640,177 ============== Gross unrealized appreciation $ 548,037,323 Gross unrealized depreciation (95,349,955) -------------- Net unrealized appreciation $ 452,687,368 ==============
9 | Oppenheimer Global Securities Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ CORPORATE BONDS AND NOTES--87.4% CONSUMER DISCRETIONARY--19.9% AUTO COMPONENTS--2.3% Allison Transmission, Inc., 11% Sr. Nts., 11/1/15(1) $ 675,000 $ 735,750 Goodyear Tire & Rubber Co. (The), 8.25% Sr. Unsec. Unsub. Nts., 8/15/20 570,000 602,775 Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/17(1) 1,335,000 1,355,025 Visteon Corp.: 7% Sr. Unsec. Nts., 3/10/14(2,3) 425,000 435,625 8.25% Sr. Unsec. Nts., 8/1/10(2,3) 45,000 46,125 ------------ 3,175,300 ------------ HOTELS, RESTAURANTS & LEISURE--5.7% CCM Merger, Inc., 8% Unsec. Nts., 8/1/13(1) 200,000 184,000 Equinox Holdings, Inc., 9.50% Sr. Sec. Nts., 2/1/16(1) 350,000 359,625 Harrah's Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18 2,288,000 1,838,980 Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14 685,000 623,350 Landry's Restaurants, Inc., 11.625% Sr. Sec. Nts., 12/1/15 455,000 482,300 Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15(1,2) 1,505,000 233,275 MGM Mirage, Inc.: 5.875% Sr. Nts., 2/27/14 430,000 369,800 6.75% Sr. Unsec. Nts., 4/1/13 965,000 901,069 Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 280,000 222,950 8% Sr. Sub. Nts., 4/1/12 595,000 455,175 11.50% Sr. Sec. Nts., 11/1/17(1) 675,000 607,500 Pinnacle Entertainment, Inc.: 8.625% Sr. Unsec. Nts., 8/1/17 110,000 117,288 8.75% Sr. Unsec. Sub. Nts., 5/15/20 235,000 232,650 Snoqualmie Entertainment Authority, 9.125% Sr. Sec. Nts., 2/1/15(1) 70,000 61,950 Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14(2,3) 2,595,000 260 Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16 750,000 806,250 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 7.75% Sec. Nts., 8/15/20(1) 315,000 333,900 ------------ 7,830,322 ------------ HOUSEHOLD DURABLES--1.6% Beazer Homes USA, Inc.: 6.50% Sr. Unsec. Nts., 11/15/13 335,000 324,950 6.875% Sr. Unsec. Nts., 7/15/15 690,000 630,488 K. Hovnanian Enterprises, Inc.: 7.75% Sr. Unsec. Sub. Nts., 5/15/13 190,000 168,863 8.875% Sr. Sub. Nts., 4/1/12 530,000 511,450 Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Luxembourg SA, 8.50% Sr. Nts., 5/15/18(1) 515,000 505,988 ------------ 2,141,739 ------------
1 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ LEISURE EQUIPMENT & PRODUCTS--2.1% Colt Defense LLC/Colt Finance Corp., 8.75% Sr. Unsec. Nts., 11/15/17(1) $ 500,000 $ 370,000 Eastman Kodak Co., 9.75% Sr. Sec. Nts., 3/1/18(1) 2,630,000 2,564,250 ------------ 2,934,250 ------------ MEDIA--6.5% American Media Operations, Inc.: 9% Sr. Unsec. Nts., 5/1/13(4,5) 1,936 1,975 9.17% Sr. Sub. Nts., 11/1/13(1,4) 2,366,977 1,553,329 Belo (A.H.) Corp.: 7.25% Sr. Unsec. Unsub. Bonds, 9/15/27 115,000 98,613 7.75% Sr. Unsec. Unsub. Debs., 6/1/27 728,000 646,100 CCO Holdings LLC/CCO Holdings Capital Corp., 7.25% Sr. Unsec. Nts., 10/30/17(1) 355,000 361,656 Cengage Learning Acquisitions, Inc.: 10.50% Sr. Nts., 1/15/15(1) 825,000 823,969 13.25% Sr. Sub. Nts., 7/15/15(1) 355,000 354,113 Clear Channel Communications, Inc.: 4.40% Sr. Unsec. Unsub. Nts., 5/15/11 95,000 92,981 10.75% Sr. Unsec. Unsub. Nts., 8/1/16 745,000 584,825 Entravison Communications Corp., 8.75% Sr. Sec. Nts., 8/1/17(1) 155,000 158,875 Gray Television, Inc., 10.50% Sr. Sec. Nts., 6/29/15 1,215,000 1,219,556 Interactive Data Corp., 10.25% Sr. Nts., 8/1/18(5) 230,000 239,345 Media General, Inc., 11.75% Sr. Sec. Nts., 2/15/17 540,000 587,250 MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14(2,3) 1,460,000 146 6.875% Sr. Unsec. Sub. Nts., 10/1/13(2,3) 2,510,000 251 Nexstar Broadcasting, Inc., 8.875% Sr. Sec. Nts., 4/15/17(1) 390,000 408,525 Radio One, Inc., 6.375% Sr. Unsec. Sub. Nts., 2/15/13(2) 140,000 118,475 Sinclair Television Group, Inc., 8.375% Sr. Nts., 10/15/18(5,6) 355,000 357,663 Umbrella Acquisition, Inc., 9.135% Sr. Unsec. Unsub. Nts., 3/15/15(1,4) 749,051 720,962 Visant Corp., 10% Sr. Sec. Nts., 10/1/17(1) 145,000 151,888 WMG Holdings Corp., 9.50% Sr. Unsec. Nts., 12/15/14 360,000 346,500 ------------ 8,826,997 ------------ MULTILINE RETAIL--0.6% Bon-Ton Stores, Inc. (The), 10.25% Sr. Unsec. Unsub. Nts., 3/15/14 880,000 871,200 SPECIALTY RETAIL--1.1% Burlington Coat Factory Warehouse Corp., 11.125% Sr. Unsec. Nts., 4/15/14 1,090,000 1,144,500 Toys R Us, Inc., 7.375% Sr. Unsec. Unsub. Bonds, 10/15/18 325,000 312,000 ------------ 1,456,500 ------------ CONSUMER STAPLES--1.9% FOOD & STAPLES RETAILING--0.0% Real Time Data Co., 11% Nts., 5/31/09(2,3,4,5) 476,601 -- FOOD PRODUCTS--1.8% American Seafoods Group LLC, 10.75% Sr. Sub. Nts., 5/15/16(1) 925,000 948,125
2 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ FOOD PRODUCTS CONTINUED ASG Consolidated LLC, 13.65% Sr. Nts., 5/15/17(1,3,4) $ 965,000 $ 878,150 Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/15(5) 595,000 633,675 ------------ 2,459,950 ------------ PERSONAL PRODUCTS--0.1% NBTY, Inc., 9% Sr. Nts., 10/1/18(1,6) 70,000 73,850 ENERGY--11.2% ENERGY EQUIPMENT & SERVICES--2.2% Gibson Energy ULC/GEP Midstream Finance Corp., 10% Sr. Unsec. Nts., 1/15/18 85,000 84,150 Global Geophysical Services, Inc., 10.50% Sr. Unsec Nts., 5/1/17(1) 935,000 956,038 PHI, Inc., 8.625% Sr. Unsec. Nts., 10/15/18(1) 705,000 696,188 Thermon Industries, Inc., 9.50% Sr. Sec. Nts., 5/1/17(1) 575,000 603,750 Vantage Drilling Co., 11.50% Sr. Sec. Nts., 8/1/15(1) 605,000 638,275 ------------ 2,978,401 ------------ OIL, GAS & CONSUMABLE FUELS--9.0% Alon Refining Krotz Springs, Inc., 13.50% Sr. Sec. Nts., 10/15/14 555,000 543,206 Antero Resources Finance Corp., 9.375% Sr. Unsec. Nts., 12/1/17 670,000 715,225 Atlas Energy Resources LLC, 10.75% Sr. Unsec. Nts., 2/1/18 1,090,000 1,212,625 Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 555,000 563,325 ATP Oil & Gas Corp., 11.875% Sr. Sec. Nts., 5/1/15(1) 1,415,000 1,227,513 Berry Petroleum Co., 8.25% Sr. Sub. Nts., 11/1/16 620,000 638,600 Bill Barrett Corp., 9.875% Sr. Nts., 7/15/16 585,000 642,038 Brigham Exploration Co., 8.75% Sr. Unsec. Nts., 10/1/18(1) 115,000 119,025 Chaparral Energy, Inc.: 8.875% Sr. Unsec. Nts., 2/1/17 640,000 625,600 9.875% Sr. Nts., 10/1/20(5) 640,000 652,800 Cloud Peak Energy Resources LLC, 8.25% Sr. Unsec. Unsub. Nts., 12/15/17 150,000 159,188 Continental Resources, Inc., 7.125% Sr. Nts., 4/1/21(1) 105,000 109,725 Crosstex Energy LP/Crosstex Energy Finance Corp., 8.875% Sr. Unsec. Nts., 2/15/18 195,000 205,238 Energy Transfer Equity LP, 7.50% Sr. Unsec. Nts., 10/15/20 175,000 185,063 Linn Energy LLC, 8.625% Sr. Unsec. Nts., 4/15/20(1) 1,145,000 1,219,425 Murray Energy Corp., 10.25% Sr. Sec. Nts., 10/15/15(1) 1,215,000 1,266,638 OPTI Canada, Inc., 9.75% Sr. Sec. Nts., 8/15/13(1) 375,000 382,500 Quicksilver Resources, Inc., 11.75% Sr. Nts., 1/1/16 615,000 724,163 Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19 95,000 104,263 SandRidge Energy, Inc.: 8.75% Sr. Nts., 1/15/20(1) 560,000 557,200 9.875% Sr. Unsec. Nts., 5/15/16(1) 305,000 316,438 Whiting Petroleum Corp., 6.50% Sr. Unsec. Sub. Nts., 10/1/18 145,000 148,089 ------------ 12,317,887 ------------ FINANCIALS--5.8% CAPITAL MARKETS--2.5% American General Finance, 6.90% Nts., Series J, 12/15/17 535,000 449,400
3 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ CAPITAL MARKETS CONTINUED Berry Plastics Holding Corp., 10.25% Sr. Unsec. Sub. Nts., 3/1/16 $ 300,000 $ 280,500 Graham Packaging Co. LP/GPC Capital Corp., 8.25% Sr. Unsec. Nts., 10/1/18(1) 105,000 107,231 Nationstar Mortgage LLC/Nationstar Capital Corp., 10.875% Sr. Nts., 4/1/15(1) 2,160,000 1,819,800 Pinafore LLC/Pinafore, Inc., 9% Sr. Sec. Nts., 10/1/18(5) 715,000 748,963 ------------ 3,405,894 ------------ COMMERCIAL BANKS--1.0% CIT Group, Inc., 7% Sr. Sec. Bonds, 5/1/17 1,345,000 1,323,144 CONSUMER FINANCE--0.4% TMX Finance LLC/TitleMax Finance Corp., 13.25% Sr. Sec. Nts., 7/15/15(1) 570,000 624,863 DIVERSIFIED FINANCIAL SERVICES--0.1% ING Groep NV, 5.775% Jr. Unsec. Sub. Perpetual Bonds(7) 175,000 157,938 INSURANCE--0.7% International Lease Finance Corp.: 5.875% Unsec. Unsub. Nts., 5/1/13 410,000 412,050 8.625% Sr. Nts., 9/15/15(1) 410,000 439,725 8.875% Sr. Unsec. Nts., 9/1/17 70,000 75,950 ------------ 927,725 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT--1.1% Realogy Corp., 10.50% Sr. Unsec. Nts., 4/15/14 1,085,000 927,675 Wallace Theater Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/13(5,8) 525,000 527,625 ------------ 1,455,300 ------------ HEALTH CARE--7.3% HEALTH CARE EQUIPMENT & SUPPLIES--1.4% Accellent, Inc., 10.50% Sr. Unsec. Sub. Nts., 12/1/13 375,000 380,625 Alere, Inc., 8.625% Sr. Sub. Nts., 10/1/18(1) 245,000 249,288 Biomet, Inc., 10.375% Sr. Unsec. Nts., 10/15/17(4) 460,000 512,900 Inverness Medical Innovations, Inc., 7.875% Sr. Unsec. Unsub. Nts., 2/1/16 385,000 395,588 Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/15(4) 350,000 353,938 ------------ 1,892,339 ------------ HEALTH CARE PROVIDERS & SERVICES--4.6% Apria Healthcare Group, Inc., 12.375% Sr. Sec. Nts., 11/1/14 555,000 620,213 Capella Healthcare, Inc., 9.25% Sr. Unsec. Nts., 7/1/17(1) 95,000 101,888 Catalent Pharma Solutions, Inc., 10.224% Sr. Unsec. Nts., 4/15/15(4) 495,151 502,578 Gentiva Health Services, Inc., 11.50% Sr. Unsec. Unsub. Nts., 9/1/18(1) 575,000 616,688 HCA, Inc., 6.375% Nts., 1/15/15 380,000 380,950 HEALTHSOUTH Corp.: 7.25% Sr. Unsec. Nts., 10/1/18(6) 350,000 357,875 7.75% Sr. Unsec. Nts., 9/15/22(6) 245,000 247,450 10.75% Sr. Unsec. Nts., 6/15/16 260,000 286,325 inVentiv Health, Inc., 10% Sr. Unsec. Nts., 8/15/18(1) 270,000 268,988 LifePoint Hospitals, Inc., 6.625% Sr. Unsec. Nts., 10/1/20(1) 70,000 71,575
4 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ HEALTH CARE PROVIDERS & SERVICES CONTINUED Multiplan, Inc., 9.875% Sr. Nts., 9/1/18(1) $ 460,000 $ 481,850 OnCure Holdings, Inc., 11.75% Sr. Sec. Nts., 5/15/17(1) 265,000 245,125 Radiation Therapy Services, Inc., 9.875% Sr. Sub. Nts., 4/15/17(1) 235,000 233,238 Rural/Metro Corp., 12.75% Sr. Unsec. Nts., 3/15/16 680,000 729,300 UHS Escrow Corp., 7% Sr. Nts., 10/1/18(5) 70,000 72,100 US Oncology Holdings, Inc., 6.737% Sr. Unsec. Nts., 3/15/12(4,8) 640,000 609,600 Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18 375,000 382,500 ------------ 6,208,243 ------------ HEALTH CARE TECHNOLOGY--0.1% Merge Healthcare, Inc., 11.75% Sr. Sec. Nts., 5/1/15(1) 160,000 164,400 PHARMACEUTICALS--1.2% DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14 715,000 781,138 Valeant Pharmaceuticals International: 6.75% Sr. Nts., 10/1/17(1) 35,000 35,788 7% Sr. Nts., 10/1/20(1) 35,000 35,875 Warner Chilcott Co. LLC, 7.75% Sr. Nts., 9/15/18(1) 800,000 826,000 ------------ 1,678,801 ------------ INDUSTRIALS--12.9% AEROSPACE & DEFENSE--2.4% BE Aerospace, Inc., 6.875% Sr. Nts., 1/1/20 140,000 143,500 DynCorp International, Inc., 10.375% Sr. Unsec. Nts., 7/1/17(1) 1,005,000 1,005,000 Hawker Beechcraft Acquisition Co. LLC, 8.50% Sr. Unsec. Nts., 4/1/15 1,435,000 1,113,919 Triumph Group, Inc., 8.625% Sr. Unsec. Nts., 7/15/18 895,000 966,600 ------------ 3,229,019 ------------ AIRLINES--1.1% American Airlines, Inc., 10.50% Sr. Sec. Nts., 10/15/12(1) 180,000 195,300 Delta Air Lines, Inc., 12.25% Sr. Sec. Nts., 3/15/15(1) 1,080,000 1,198,800 United Air Lines, Inc., 12% Sr. Sec. 2nd Lien Nts., 11/1/13(1) 155,000 172,050 ------------ 1,566,150 ------------ BUILDING PRODUCTS--2.0% AMH Holdings, Inc., 11.25% Sr. Unsec. Nts., 3/1/14 1,285,000 1,349,250 Goodman Global Group, Inc., 11.875% Sr. Unsec. Nts., 12/15/14(9) 585,000 377,325 Ply Gem Industries, Inc., 13.125% Sr. Unsec. Sub. Nts., 7/15/14 940,000 962,325 ------------ 2,688,900 ------------ COMMERCIAL SERVICES & SUPPLIES--1.2% Affinion Group Holdings, Inc., 11.625% Sr. Nts., 11/15/15(5,6) 420,000 431,900 American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/05(2,3) 200,000 -- West Corp.: 8.625% Sr. Unsec. Nts., 10/1/18(5,6) 175,000 178,719 9.50% Sr. Unsec. Nts., 10/15/14 1,025,000 1,077,531 ------------ 1,688,150 ------------
5 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ INDUSTRIAL CONGLOMERATES--0.5% Sequa Corp., 11.75% Sr. Unsec. Nts., 12/1/15(1) $ 600,000 $ 636,000 MACHINERY--1.9% ArvinMeritor, Inc., 10.625% Sr. Unsec. Nts., 3/15/18 770,000 856,625 Cleaver-Brooks, Inc., 12.25% Sr. Sec. Nts., 5/1/16(1) 590,000 611,388 Mueller Water Products, Inc., 8.75% Sr. Unsec. Unsub. Nts., 9/1/20(1) 95,000 100,225 Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17 955,000 960,969 ------------ 2,529,207 ------------ MARINE--0.5% Marquette Transportation Co., 10.875% Sr. Sec. Nts., 1/15/17(1) 725,000 743,125 PROFESSIONAL SERVICES--1.0% Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15(1) 855,000 851,794 FTI Consulting, Inc., 6.75% Sr. Nts., 10/1/20(1) 355,000 359,438 TransUnion LLC/TransUnion Financing Corp., 11.375% Sr. Unsec. Nts., 6/15/18(1) 150,000 171,375 ------------ 1,382,607 ------------ ROAD & RAIL--1.8% Avis Budget Car Rental LLC: 7.625% Sr. Unsec. Unsub. Nts., 5/15/14 315,000 321,300 9.625% Sr. Unsec. Unsub. Nts., 3/15/18 65,000 69,063 Hertz Corp., 7.50% Sr. Unsec. Nts., 10/15/18(1) 1,055,000 1,060,275 Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/15(1) 1,020,000 985,575 ------------ 2,436,213 ------------ TRADING COMPANIES & DISTRIBUTORS--0.5% Ashtead Capital, Inc., 9% Nts., 8/15/16(5) 220,000 228,800 Ashtead Holdings plc, 8.625% Sr. Sec. Nts., 8/1/15(1) 215,000 222,525 United Rentals North America, Inc., 9.25% Sr. Unsec. Unsub. Nts., 12/15/19 275,000 299,063 ------------ 750,388 ------------ INFORMATION TECHNOLOGY--6.5% COMPUTERS & PERIPHERALS--0.2% CDW LLC/CDW Finance Corp., 11% Sr. Unsec. Nts., 10/12/15(5) 310,000 310,000 ELECTRONIC EQUIPMENT & INSTRUMENTS--1.3% RBS Global, Inc./Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16 940,000 1,010,500 Sanmina-SCI Corp., 8.125% Sr. Sub. Nts., 3/1/16 710,000 731,300 ------------ 1,741,800 ------------ INTERNET SOFTWARE & SERVICES--0.8% Bankrate, Inc., 11.75% Sr. Sec. Nts., 7/15/15(1) 370,000 397,750 Telcordia Technologies, Inc., 11% Sr. Sec. Nts., 5/1/18(1) 640,000 631,200 ------------ 1,028,950 ------------ IT SERVICES--1.5% Ceridian Corp., 11.25% Sr. Unsec. Nts., 11/15/15 440,000 408,100 First Data Corp.: 8.875% Sr. Sec. Nts., 8/15/20(1) 570,000 594,225
6 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ IT SERVICES CONTINUED 9.875% Sr. Unsec. Nts., 9/24/15 $ 1,360,000 $ 1,118,600 ------------ 2,120,925 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--2.7% Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 8/1/20(1) 315,000 326,813 Amkor Technology, Inc., 7.375% Sr. Unsec. Nts., 5/1/18(1) 345,000 351,038 Freescale Semiconductor, Inc.: 9.25% Sr. Sec. Nts., 4/15/18(1) 595,000 621,775 10.75% Sr. Unsec. Nts., 8/1/20(1) 1,065,000 1,072,988 NXP BV/NXP Funding LLC: 7.875% Sr. Sec. Nts., 10/15/14 375,000 390,000 9.50% Sr. Unsec. Unsub. Nts., 10/15/15 625,000 642,188 9.75% Sr. Sec. Nts., 8/1/18(1) 255,000 272,850 ------------ 3,677,652 ------------ MATERIALS--9.8% CHEMICALS--3.3% Celanese US Holdings LLC, 6.625% Sr. Unsec. Nts., 10/15/18(1) 175,000 179,375 Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875% Sr. Sec. Nts., 2/1/18 1,300,000 1,280,500 Huntsman International LLC: 8.625% Sr. Sub. Nts., 3/15/21(1) 70,000 72,800 8.625% Sr. Unsec. Sub. Nts., 3/15/20 1,230,000 1,279,200 Momentive Performance Materials, Inc., 11.50% Sr. Unsec. Sub. Nts., 12/1/16 1,010,000 1,015,050 PolyOne Corp., 7.375% Sr. Unsec. Nts., 9/15/20 70,000 72,363 Rhodia SA, 6.875% Sr. Nts., 9/15/20(1) 460,000 471,500 Vertellus Specialties, Inc., 9.375% Sr. Sec. Nts., 10/1/15(1) 210,000 218,400 ------------ 4,589,188 ------------ CONTAINERS & PACKAGING--1.3% Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14 1,070,000 1,045,925 Jefferson Smurfit Corp. (Escrow): 7.50% Sr. Unsec. Unsub. Nts., 6/1/13(2,3) 205,000 8,456 8.25% Sr. Unsec. Nts., 10/1/12(2,3) 595,000 24,544 Smurfit-Stone Container Corp. (Escrow): 8% Sr. Unsec. Unsub. Nts., 3/15/17(2,3) 395,000 16,294 8.375% Sr. Nts., 7/1/12(2,3) 205,000 8,456 Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 755,000 653,075 ------------ 1,756,750 ------------ METALS & MINING--0.4% Edgen Murray Corp., 12.25% Sr. Sec. Nts., 1/15/15 770,000 560,175 PAPER & FOREST PRODUCTS--4.8% ABI Escrow Corp., 10.25% Sr. Sec. Nts., 10/15/18(1,6) 535,000 547,038 Abitibi-Consolidated Co. of Canada: 6% Sr. Unsec. Unsub. Nts., 6/20/13(2,3) 445,000 58,963 7.75% Sr. Unsec. Bonds, 8/1/30(2,3) 415,000 54,988 8.375% Sr. Unsec. Sub. Nts., 4/1/15(2,3) 445,000 58,963 Abitibi-Consolidated, Inc., 8.85% Unsec. Bonds, 8/1/30(2,3) 220,000 28,600
7 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ PAPER & FOREST PRODUCTS CONTINUED Ainsworth Lumber Co. Ltd., 11% Sr. Unsec. Unsub. Nts., 7/29/15(1,3,4) $ 775,000 $ 660,688 Appleton Papers, Inc., 10.50% Sr. Sec. Nts., 6/15/15(1) 1,265,000 1,192,263 Bowater Pulp & Paper Canada, Inc., 10.60% Sr. Unsec. Nts., 1/15/11(2,3) 315,000 70,875 Bowater, Inc.: 6.50% Sr. Unsec. Nts., 6/15/13(2,3) 725,000 200,281 9% Sr. Unsec. Nts., 8/1/09(2,3) 185,000 51,338 Catalyst Paper Corp., 11% Sr. Sec. Nts., 12/15/16(1) 847,000 692,423 NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/14 1,485,000 1,351,350 Verso Paper Holdings LLC: 9.125% Sr. Sec. Nts., 8/1/14 540,000 544,050 11.375% Sr. Unsec. Sub. Nts., Series B, 8/1/16 1,130,000 1,021,238 ------------ 6,533,058 ------------ TELECOMMUNICATION SERVICES--6.6% DIVERSIFIED TELECOMMUNICATION SERVICES--4.7% Broadview Networks Holdings, Inc., 11.375% Sr. Sec. Nts., 9/1/12 340,000 334,900 Cincinnati Bell, Inc.: 8.25% Sr. Nts., 10/15/17 305,000 309,575 8.75% Sr. Unsec. Sub. Nts., 3/15/18 325,000 318,500 Global Crossing Ltd., 12% Sr. Sec. Nts., 9/15/15 590,000 669,650 Intelsat Bermuda Ltd.: 11.25% Sr. Unsec. Nts., 2/4/17 615,000 661,894 11.50% Sr. Unsec. Nts., 2/4/17(4) 318,750 347,039 Intelsat Jackson Holdings SA, 7.25% Sr. Unsec. Nts., 10/15/20(1) 175,000 176,750 ITC DeltaCom, Inc., 10.50% Sr. Sec. Nts., 4/1/16 900,000 919,125 Level 3 Financing, Inc., 9.25% Sr. Unsec. Unsub. Nts., 11/1/14 1,125,000 1,063,125 PAETEC Holding Corp., 9.50% Sr. Unsec. Unsub. Nts., 7/15/15 1,285,000 1,317,125 Windstream Corp., 8.125% Sr. Unsec. Unsub. Nts., 9/1/18(1) 305,000 317,200 Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10(2,3) 1,000,000 1 ------------ 6,434,884 ------------ WIRELESS TELECOMMUNICATION SERVICES--1.9% Cricket Communications, Inc., 9.375% Sr. Unsec. Nts., 11/1/14 1,250,000 1,300,000 MetroPCS Wireless, Inc., 7.875% Sr. Unsec. Nts., 9/1/18 1,265,000 1,309,275 Teligent, Inc., 11.50% Sr. Nts., 12/1/08(2,3) 400,000 -- ------------ 2,609,275 ------------ UTILITIES--5.5% ELECTRIC UTILITIES--2.4% Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17 945,000 687,488 Energy Future Intermediate Holding Co. LLC, 10% Sr. Sec. Nts., 12/1/20 782,000 779,881 Texas Competitive Electric Holdings Co. LLC: 10.25% Sr. Unsec. Nts., Series A, 11/1/15 2,510,000 1,656,600 10.25% Sr. Unsec. Nts., Series B, 11/1/15 290,000 191,400 ------------ 3,315,369 ------------
8 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ ENERGY TRADERS--3.1% Dynegy Holdings, Inc., 8.375% Sr. Unsec. Nts., 5/1/16 $ 770,000 $ 604,450 Energy Future Holdings Corp., 10% Sr. Sec. Nts., 1/15/20(1) 625,000 623,526 Foresight Energy LLC, 9.625% Sr. Unsec. Nts., 8/15/17(1) 1,295,000 1,340,325 GenOn Escrow Corp.: 9.50% Sr. Unsec. Nts., 10/15/18(5,6) 355,000 343,463 9.875% Sr. Nts., 10/15/20(5,6) 355,000 341,688 United Maritime Group LLC, 11.75% Sr. Sec. Nts., 6/15/15 875,000 881,535 ------------ 4,134,987 ------------ Total Corporate Bonds and Notes (Cost $122,891,074) 119,367,815
Shares ------------ PREFERRED STOCKS--2.0% Ally Financial, Inc., 7%, Non-Vtg.(1) 1,540 1,412,950 AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg.(3,4) 13,764 -- Citigroup Capital XIII, 7.875%(3) 2,808 71,660 Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg.(3) 8,000 -- Greektown Holdings LLC, Preferred(3) 11,550 1,224,300 ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg.(3,4) 342 -- ------------ Total Preferred Stocks (Cost $3,557,779) 2,708,910 ------------ COMMON STOCKS--3.6% American Media, Inc. (3,5) 9,424 1 Charter Communications, Inc., Cl. A (3) 40,830 1,326,975 Dana Holding Corp. (3) 27,080 333,626 Global Aviation Holdings, Inc. (3) 3 3,000 Greektown Superholdings, Inc. (3) 874 77,349 Kaiser Aluminum Corp. 458 19,598 Orbcomm, Inc. (3) 1,127 2,558 Smurfit-Stone Container Corp. (3) 67,428 1,238,652 Solutia, Inc. (3) 44,607 714,604 Sprint Nextel Corp. (3) 149,396 691,703 Visteon Corp.(3) 18,823 521,209 ------------ Total Common Stocks (Cost $5,857,355) 4,929,275 ------------
Units ------------ RIGHTS, WARRANTS AND CERTIFICATES--0.1% ASG Consolidated LLC/American Seafoods Group Wts., Strike Price $0.01, 5/15/18(1,3) 1,030 113,300 Global Aero Logistics, Inc. Wts., Strike Price $10, Exp. 2/28/11(3) 570 6 ------------ Total Rights, Warrants and Certificates (Cost $53,389) 113,306 ------------
9 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value ------------ ------------ LOAN PARTICIPATIONS--1.6% Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan: Tranche 3L, 3.565%, 10/19/15(4,6,8) $ 425,987 $ 241,596 Tranche B, 10/19/15(4,6,10) 115,000 65,221 Tranche B, 3.565%, 10/19/15(4,8) 915,481 519,209 Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 12.50%, 7/20/15 1,195,000 1,295,828 Reynolds Group Holding Ltd., Sr. Sec. Credit Facilities Term Loan, Tranche B, 0.75%, 11/1/11(8) 600,000 -- ------------ Total Loan Participations (Cost $1,912,808) 2,121,854
Shares ------------ INVESTMENT COMPANIES--4.5% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00% (11,12) 155,090 155,090 Oppenheimer Institutional Money Market Fund, Cl. E, 0.24% (11,13) 6,051,944 6,051,944 ------------ Total Investment Companies (Cost $6,207,034) 6,207,034 ------------ TOTAL INVESTMENTS, AT VALUE (COST $140,479,439) 99.2% 135,448,194 Other Assets Net of Liabilities 0.8 1,135,077 ------------ ------------ Net Assets 100.0% $136,583,271 ============ ============
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 $48,759,789 or 35.70% of the Fund's net assets as of September 30, 2010. (2.) Issue is in default. See accompanying Notes. (3.) Non-income producing security. (4.) Interest or dividend is paid-in-kind, when applicable. 10 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) (5.) Restricted security. The aggregate value of restricted securities as of September 30, 2010 was $5,068,717, which represents 3.71% of the Fund's net assets. See accompanying Notes. Information concerning restricted securities is as follows:
UNREALIZED ACQUISITION APPRECIATION SECURITY DATE COST VALUE (DEPRECIATION) -------- ------------------ ---------- ---------- -------------- Affinion Group Holdings, Inc., 11.625% Sr. Nts., 11/15/15 9/30/10 $ 413,910 $ 431,900 $ 17,990 American Media, Inc. 2/2/09 208,776 1 (208,775) American Media Operations, Inc., 9% Sr. Unsec. Nts., 5/1/13 1/29/09 - 4/30/10 1,848 1,975 127 Ashtead Capital, Inc., 9% Nts., 8/15/16 12/18/09 - 1/25/10 221,133 228,800 7,667 CDW LLC/CDW Finance Corp., 11% Sr. Unsec. Nts., 10/12/15 9/30/10 313,875 310,000 (3,875) Chaparral Energy, Inc., 9.875% Sr. Nts., 10/1/20 9/13/10 - 9/16/10 632,446 652,800 20,354 GenOn Escrow Corp., 9.50% Sr. Unsec. Nts., 10/15/18 9/20/10 350,112 343,463 (6,649) GenOn Escrow Corp., 9.875% Sr. Nts., 10/15/20 9/20/10 - 9/23/10 345,577 341,688 (3,889) Interactive Data Corp., 10.25% Sr. Nts., 8/1/18 7/20/10 230,000 239,345 9,345 Pinafore LLC/Pinafore, Inc., 9% Sr. Sec. Nts., 10/1/18 9/21/10 - 9/22/10 732,918 748,963 16,045 Real Time Data Co., 11% Nts., 5/31/09 6/30/99 - 5/31/01 365,810 -- (365,810) Sinclair Television Group, Inc., 8.375% Sr. Nts., 10/15/18 9/21/10 - 9/22/10 351,983 357,663 5,680 Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/15 4/28/10 - 9/23/10 598,850 633,675 34,825 UHS Escrow Corp., 7% Sr. Nts., 10/1/18 9/15/10 70,000 72,100 2,100 Wallace Theater Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/13 9/30/10 534,844 527,625 (7,219) West Corp., 8.625% Sr. Unsec. Nts., 10/1/18 9/30/10 175,000 178,719 3,719 ---------- ---------- --------- $5,547,082 $5,068,717 $(478,365) ========== ========== =========
(6.) When-issued security or delayed delivery to be delivered and settled after September 30, 2010. See accompanying Notes. (7.) 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. (8.) Represents the current interest rate for a variable or increasing rate security. (9.) Zero coupon bond reflects effective yield on the date of purchase. (10.) This Senior Loan will settle after September 30, 2010, at which time the interest rate will be determined. (11.) Rate shown is the 7-day yield as of September 30, 2010. (12.) Interest rate is less than 0.005%. (13.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 31, GROSS GROSS SEPTEMBER 30, 2009 ADDITIONS REDUCTIONS 2010 ------------ ---------- ---------- ------------- Oppenheimer Institutional Money Market Fund, Cl. E 2,092,310 83,691,471 79,731,837 6,051,944
VALUE INCOME ---------- ------- Oppenheimer Institutional Money Market Fund, Cl. E $6,051,944 $12,652
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 September 30, 2010 based on valuation input level: 11 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
LEVEL 2-- LEVEL 1-- OTHER LEVEL 3-- UNADJUSTED SIGNIFICANT SIGNIFICANT QUOTED OBSERVABLE UNOBSERVABLE PRICES INPUTS INPUTS VALUE ----------- ------------ ------------ ------------ ASSETS TABLE INVESTMENTS, AT VALUE: Corporate Bonds and Notes $ -- $119,367,417 $ 398 $119,367,815 Preferred Stocks -- 1,484,610 1,224,300 2,708,910 Common Stocks 4,327,716 -- 601,559 4,929,275 Rights, Warrants and Certificates -- 113,300 6 113,306 Loan Participations -- 2,121,854 -- 2,121,854 Investment Companies 6,207,034 -- -- 6,207,034 ----------- ------------ ---------- ------------ Total Assets $10,534,750 $123,087,181 $1,826,263 $135,448,194 ----------- ------------ ---------- ------------
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. 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 12 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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 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 September 30, 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 $3,019,427 Sold securities 540,713
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 or underlying obligors subsequently default. Information concerning securities in default as of September 30, 2010 is as follows: Cost $8,846,762 Market Value $1,415,916 Market Value as a % of Net Assets 1.04%
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 13 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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 14 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 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. CREDIT RELATED CONTINGENT FEATURES. The Fund's agreement with derivative counterparties have 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 swaptions, 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 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. 15 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract. If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the reference asset less the market value of the reference asset. Upon exercise of the contract the difference between the value of the underlying reference asset and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. 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. As of September 30, 2010, the Fund had no such credit default swaps outstanding. RESTRICTED SECURITIES As of September 30, 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 Trustees 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. 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 September 30, 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 $141,580,033 ============ Gross unrealized appreciation $ 6,787,515 Gross unrealized depreciation (12,919,354) ------------ Net unrealized depreciation $ (6,131,839) ============
16 | Oppenheimer High Income Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------------- --------------- COMMON STOCKS--99.6% CONSUMER DISCRETIONARY--13.2% AUTOMOBILES--3.1% Ford Motor Co.(1) 4,020,230 $ 49,207,615 HOTELS, RESTAURANTS & LEISURE--4.2% Hyatt Hotels Corp., Cl. A(1) 612,308 22,894,196 McDonald's Corp. 607,546 45,268,252 --------------- 68,162,448 --------------- MEDIA--4.1% McGraw-Hill Cos., Inc. (The) 1,044,931 34,545,419 Time Warner Cable, Inc. 390,704 21,094,109 Washington Post Co. (The), Cl. B 26,638 10,639,484 --------------- 66,279,012 --------------- MULTILINE RETAIL--0.5% Target Corp. 160,270 8,564,829 --------------- SPECIALTY RETAIL--1.3% AutoZone, Inc.(1) 91,430 20,929,241 --------------- CONSUMER STAPLES--9.9% FOOD PRODUCTS--4.8% General Mills, Inc. 1,147,310 41,922,707 Mead Johnson Nutrition Co., Cl. A 489,372 27,850,161 Sara Lee Corp. 544,480 7,312,366 --------------- 77,085,234 --------------- TOBACCO--5.1% Philip Morris International, Inc. 1,491,049 83,528,565 --------------- ENERGY--10.6% OIL, GAS & CONSUMABLE FUELS--10.6% Chevron Corp. 748,839 60,693,401 Enterprise Products Partners LP 591,970 23,483,450 Noble Energy, Inc. 238,240 17,889,442 Occidental Petroleum Corp. 693,610 54,309,663 Plains All American Pipeline LP 247,911 15,596,081 --------------- 171,972,037 --------------- FINANCIALS--16.5% CAPITAL MARKETS--3.0% Goldman Sachs Group, Inc. (The) 121,700 17,595,386 State Street Corp. 796,582 29,999,278 --------------- 47,594,664 --------------- COMMERCIAL BANKS--6.5% CIT Group, Inc.(1) 1,399,820 57,140,652 Marshall & Ilsley Corp. 607,120 4,274,125 Wells Fargo & Co. 1,744,940 43,850,342 --------------- 105,265,119 --------------- DIVERSIFIED FINANCIAL SERVICES--4.1% Bank of America Corp. 2,399,030 31,451,283 Citigroup, Inc.(1) 9,087,170 35,439,963 --------------- 66,891,246 ---------------
1 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------------- --------------- INSURANCE--2.9% AFLAC, Inc. 465,230 $ 24,057,043 Lincoln National Corp. 213,110 5,097,591 Progressive Corp. 861,110 17,971,366 --------------- 47,126,000 --------------- HEALTH CARE--12.6% BIOTECHNOLOGY--2.3% Celgene Corp.(1) 441,142 25,414,191 Human Genome Sciences, Inc.(1) 405,880 12,091,165 --------------- 37,505,356 --------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.1% Medtronic, Inc. 517,870 17,390,075 --------------- HEALTH CARE PROVIDERS & SERVICES--3.0% Express Scripts, Inc.(1) 361,060 17,583,622 WellPoint, Inc.(1) 533,880 30,238,963 --------------- 47,822,585 --------------- PHARMACEUTICALS--6.2% Abbott Laboratories 688,120 35,947,389 Merck & Co., Inc. 1,112,208 40,940,376 Perrigo Co. 75,640 4,857,601 Teva Pharmaceutical Industries Ltd., Sponsored ADR 359,910 18,985,253 --------------- 100,730,619 --------------- INDUSTRIALS--11.6% AEROSPACE & DEFENSE--3.1% Boeing Co. (The) 323,050 21,495,747 Precision Castparts Corp. 221,590 28,219,487 --------------- 49,715,234 --------------- AIR FREIGHT & LOGISTICS--1.3% United Parcel Service, Inc., Cl. B 321,880 21,466,177 --------------- COMMERCIAL SERVICES & SUPPLIES--2.1% Republic Services, Inc. 1,136,224 34,643,470 --------------- CONSTRUCTION & ENGINEERING--1.2% KBR, Inc. 768,974 18,947,519 --------------- INDUSTRIAL CONGLOMERATES--3.5% General Electric Co. 1,174,520 19,085,950 Tyco International Ltd. 1,034,680 38,003,796 --------------- 57,089,746 --------------- PROFESSIONAL SERVICES--0.4% Verisk Analytics, Inc., Cl. A(1) 230,350 6,452,104 --------------- INFORMATION TECHNOLOGY--18.5% COMMUNICATIONS EQUIPMENT--3.0% QUALCOMM, Inc. 1,078,381 48,656,551 --------------- COMPUTERS & PERIPHERALS--5.4% Apple, Inc.(1) 279,342 79,263,293 Western Digital Corp.(1) 305,100 8,661,789 --------------- 87,925,082 ---------------
2 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------------- --------------- INTERNET SOFTWARE & SERVICES--5.7% eBay, Inc.(1) 2,117,235 $ 51,660,534 Google, Inc., Cl. A(1) 75,550 39,723,435 --------------- 91,383,969 --------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.7% Marvell Technology Group Ltd.(1) 663,770 11,622,613 --------------- SOFTWARE--3.7% Check Point Software Technologies Ltd.(1) 687,640 25,394,545 Microsoft Corp. 1,418,117 34,729,685 --------------- 60,124,230 MATERIALS--1.6% CHEMICALS--1.6% Praxair, Inc. 293,690 26,508,459 --------------- TELECOMMUNICATION SERVICES--2.1% WIRELESS TELECOMMUNICATION SERVICES--2.1% America Movil SAB de CV, ADR, Series L 627,836 33,482,493 --------------- UTILITIES--3.0% ENERGY TRADERS--3.0% AES Corp. (The)(1) 4,301,460 48,821,571 --------------- Total Common Stocks (Cost $1,368,692,261) 1,612,893,863 --------------- INVESTMENT COMPANY--0.2% Oppenheimer Institutional Money Market Fund, Cl. E, 0.24% (2,3) (Cost $2,931,260) 2,931,260 2,931,260 TOTAL INVESTMENTS, AT VALUE (COST $1,371,623,521) 99.8% 1,615,825,123 Other Assets Net of Liabilities 0.2 3,217,700 ----- --------------- Net Assets 100.0% $ 1,619,042,823 ===== ===============
Footnotes to Statement of Investments (1.) Non-income producing security. (2.) Rate shown is the 7-day yield as of September 30, 2010. (3.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2010 ----------------- ----------- ------------ ------------------ Oppenheimer Institutional Money Market Fund, Cl. E 2,607,806 371,149,727 370,826,273 2,931,260
VALUE INCOME ---------- ------- Oppenheimer Institutional Money Market Fund, Cl. E $2,931,260 $24,128
3 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 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 September 30, 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 $ 213,143,145 $-- $-- $ 213,143,145 Consumer Staples 160,613,799 -- -- 160,613,799 Energy 171,972,037 -- -- 171,972,037 Financials 266,877,029 -- -- 266,877,029 Health Care 203,448,635 -- -- 203,448,635 Industrials 188,314,250 -- -- 188,314,250 Information Technology 299,712,445 -- -- 299,712,445 Materials 26,508,459 -- -- 26,508,459 Telecommunication Services 33,482,493 -- -- 33,482,493 Utilities 48,821,571 -- -- 48,821,571 Investment Company 2,931,260 -- -- 2,931,260 -------------- --- --- -------------- Total Assets $1,615,825,123 $-- $-- $1,615,825,123 -------------- --- --- --------------
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. 4 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 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. 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 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 5 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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. 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 September 30, 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 $1,382,382,941 ============== Gross unrealized appreciation $ 263,194,451 Gross unrealized depreciation (29,752,269) -------------- Net unrealized appreciation $ 233,442,182 ==============
6 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ COMMON STOCKS--98.0% CONSUMER DISCRETIONARY--14.4% AUTO COMPONENTS--0.7% Cooper Tire & Rubber Co. 75,610 $ 1,484,224 Dana Holding Corp.(1) 302,000 3,720,640 Federal-Mogul Corp.(1) 9,540 180,401 Fuel Systems Solutions, Inc.(1) 15,080 589,779 ------------ 5,975,044 ------------ DIVERSIFIED CONSUMER SERVICES--1.7% Bridgepoint Education, Inc.(1) 28,140 435,044 Capella Education Co.(1) 104,200 8,088,004 Career Education Corp.(1) 75,790 1,627,211 Corinthian Colleges, Inc.(1) 94,550 663,741 CPI Corp. 9,110 235,767 Hillenbrand, Inc. 18,590 399,871 Lincoln Educational Services Corp.(1) 49,690 716,033 Pre-Paid Legal Services, Inc.(1) 18,401 1,149,878 Sotheby's 41,610 1,532,080 ------------ 14,847,629 ------------ HOTELS, RESTAURANTS & LEISURE--2.4% AFC Enterprises, Inc.(1) 35,112 435,389 Ambassadors Group, Inc. 33,950 384,993 Ameristar Casinos, Inc. 133,039 2,321,531 Bally Technologies, Inc.(1) 251,090 8,775,596 Bob Evans Farms, Inc. 7,640 214,455 Brinker International, Inc. 34,750 655,385 Carrols Restaurant Group, Inc.(1) 32,490 172,197 CEC Entertainment, Inc.(1) 51,749 1,776,543 Cracker Barrel Old Country Store, Inc. 4,550 230,958 Jack in the Box, Inc.(1) 164,327 3,523,171 Papa John's International, Inc.(1) 56,488 1,490,153 Ruby Tuesday, Inc.(1) 22,690 269,330 Speedway Motorsports, Inc. 34,539 541,572 ------------ 20,791,273 ------------ HOUSEHOLD DURABLES--0.6% American Greetings Corp., Cl. A 58,270 1,083,239 Blyth, Inc. 34,687 1,430,492 CSS Industries, Inc. 11,820 204,368 Helen of Troy Ltd.(1) 21,660 547,781 Kid Brands, Inc.(1) 42,160 362,576 La-Z-Boy, Inc.(1) 6,950 58,658 National Presto Industries, Inc. 15,161 1,614,192 ------------ 5,301,306 ------------ INTERNET & CATALOG RETAIL--0.0% NutriSystem, Inc. 4,880 93,891
1 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ LEISURE EQUIPMENT & PRODUCTS--0.8% JAKKS Pacific, Inc.(1) 40,440 $ 713,362 Polaris Industries, Inc. 19,980 1,300,698 Pool Corp. 201,870 4,051,531 Sturm, Ruger & Co., Inc. 81,460 1,111,114 ------------ 7,176,705 ------------ MEDIA--1.5% China MediaExpress Holdings, Inc.(1) 31,260 318,852 Dex One Corp.(1) 24,420 299,878 Gannett Co., Inc. 108,950 1,332,459 Harte-Hanks, Inc. 39,375 459,506 Imax Corp.(1) 294,620 4,967,293 Journal Communications, Inc.(1) 54,810 247,193 Lee Enterprises, Inc.(1) 144,040 386,027 McClatchy Co., Cl. A(1) 68,090 267,594 Meredith Corp. 3,780 125,912 National CineMedia, Inc. 4,570 81,803 New York Times Co. (The), Cl. A(1) 52,920 409,601 Scholastic Corp. 44,510 1,238,268 Sinclair Broadcast Group, Inc., Cl. A(1) 152,323 1,069,307 Valassis Communications, Inc.(1) 43,390 1,470,487 Wiley (John) & Sons, Inc., Cl. A 9,350 382,041 ------------ 13,056,221 ------------ MULTILINE RETAIL--0.4% Big Lots, Inc.(1) 50,957 1,694,320 Dillard's, Inc., Cl. A 61,240 1,447,714 ------------ 3,142,034 ------------ SPECIALTY RETAIL--3.9% Aeropostale, Inc.(1) 61,335 1,426,039 AnnTaylor Stores Corp.(1) 44,830 907,359 Books-A-Million, Inc. 24,370 146,220 Cabela's, Inc.(1) 36,183 686,753 Cato Corp., Cl. A 80,034 2,141,710 Children's Place Retail Stores, Inc.(1) 164,080 8,002,182 Collective Brands, Inc.(1) 25,840 417,058 DSW, Inc., Cl. A(1) 49,060 1,408,022 Finish Line, Inc. (The), Cl. A 95,100 1,322,841 Gymboree Corp.(1) 37,698 1,565,975 Jo-Ann Stores, Inc.(1) 33,850 1,508,018 Jos. A. Banks Clothiers, Inc.(1) 28,685 1,222,268 Kirkland's, Inc.(1) 97,353 1,349,313 Men's Wearhouse, Inc. (The) 5,230 124,422 Rent-A-Center, Inc. 90,730 2,030,537 Select Comfort Corp.(1) 60,310 408,902 Signet Jewelers Ltd.(1) 48,670 1,544,786 Stage Stores, Inc. 83,679 1,087,827
2 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ SPECIALTY RETAIL CONTINUED Tractor Supply Co. 168,800 $ 6,694,608 ------------ 33,994,840 ------------ TEXTILES, APPAREL & LUXURY GOODS--2.4% Deckers Outdoor Corp.(1) 29,030 1,450,339 Fossil, Inc.(1) 77,577 4,172,867 Jones Apparel Group, Inc. 52,450 1,030,118 Oxford Industries, Inc. 3,340 79,425 Perry Ellis International, Inc.(1) 35,789 781,990 Phillips/Van Heusen Corp. 166,640 10,025,062 Timberland Co., Cl. A(1) 81,075 1,606,096 True Religion Apparel, Inc.(1) 8,440 180,110 Warnaco Group, Inc. (The)(1) 32,320 1,652,522 ------------ 20,978,529 ------------ CONSUMER STAPLES--2.8% BEVERAGES--0.2% Cott Corp.(1) 185,620 1,457,117 ------------ FOOD & STAPLES RETAILING--0.1% Andersons, Inc. (The) 12,310 466,549 Nash Finch Co. 17,800 757,212 ------------ 1,223,761 ------------ FOOD PRODUCTS--1.9% Cal-Maine Foods, Inc. 33,200 962,136 Corn Products International, Inc. 39,310 1,474,125 Darling International, Inc.(1) 102,250 871,170 Del Monte Foods Co. 93,080 1,220,279 Flowers Foods, Inc. 173,897 4,319,601 Fresh Del Monte Produce, Inc.(1) 21,028 456,308 Overhill Farms, Inc.(1) 39,070 178,159 TreeHouse Foods, Inc.(1) 150,656 6,945,242 ------------ 16,427,020 ------------ HOUSEHOLD PRODUCTS--0.2% Central Garden & Pet Co., Cl. A(1) 147,054 1,523,479 PERSONAL PRODUCTS--0.4% China Sky One Medical, Inc.(1) 15,170 115,292 Herbalife Ltd. 31,880 1,923,958 Inter Parfums, Inc. 220 3,870 Nu Skin Asia Pacific, Inc., Cl. A 13,080 376,704 Prestige Brands Holdings, Inc.(1) 81,870 809,694 ------------ 3,229,518 ------------ TOBACCO--0.0% Alliance One International, Inc.(1) 59,590 247,299 ------------ ENERGY--4.4% ENERGY EQUIPMENT & SERVICES--1.1% Acergy SA, Sponsored ADR 116,313 2,145,975 Atwood Oceanics, Inc.(1) 15,590 474,716
3 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ ENERGY EQUIPMENT & SERVICES CONTINUED Bolt Technology Corp.(1) 22,470 $ 230,318 Cal Dive International, Inc.(1) 123,510 675,600 Compagnie Generale de Geophysique-Veritas, Sponsored ADR(1) 44,610 974,282 Complete Production Services, Inc.(1) 48,600 993,870 Gulfmark Offshore, Inc., Cl. A(1) 1,836 56,402 Matrix Service Co.(1) 18,783 164,351 Oil States International, Inc.(1) 44,200 2,057,510 Precision Drilling Corp.(1) 84,170 576,565 Superior Energy Services, Inc.(1) 15,080 402,485 Tetra Technologies, Inc.(1) 57,090 582,318 TGC Industries, Inc.(1) 54,440 209,050 ------------ 9,543,442 ------------ OIL, GAS & CONSUMABLE FUELS--3.3% Bill Barrett Corp.(1) 40,470 1,456,920 Callon Petroleum Co.(1) 67,630 334,769 Cloud Peak Energy, Inc.(1) 75,830 1,383,898 Contango Oil & Gas Co.(1) 10,960 549,754 CVR Energy, Inc.(1) 106,704 880,308 Dominion Resources Black Warrior Trust 16,480 224,128 Gran Tierra Energy, Inc.(1) 81,250 627,250 Gulfport Energy Corp.(1) 21,450 296,868 Holly Corp. 334,910 9,628,663 James River Coal Co.(1) 29,150 511,000 MarkWest Energy Partners LP 134,878 4,844,818 PAA Natural Gas Storage LP 115,700 2,792,998 Pengrowth Energy Trust 132,260 1,462,796 Petrobras Argentina SA, ADR 4,950 81,873 PetroQuest Energy, Inc.(1) 80,690 491,402 PrimeEnergy Corp.(1) 6,374 116,644 Stone Energy Corp.(1) 74,290 1,094,292 Teekay Offshore Partners LP 28,790 666,201 Teekay Tankers Ltd., Cl. A 21,426 278,752 VAALCO Energy, Inc.(1) 68,770 394,740 W&T Offshore, Inc. 51,290 543,674 ------------ 28,661,748 ------------ FINANCIALS--20.5% CAPITAL MARKETS--2.2% American Capital Ltd.(1) 182,400 1,059,744 BGC Partners, Inc., Cl. A 2,810 16,776 Calamos Asset Management, Inc., Cl. A 16,330 187,795 Federated Investors, Inc., Cl. B 15,580 354,601 Fifth Street Finance Corp. 149,300 1,663,202 Gladstone Investment Corp. 50,050 335,335 Investment Technology Group, Inc.(1) 10,020 142,484
4 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ CAPITAL MARKETS CONTINUED Knight Capital Group, Inc., Cl. A(1) 239,686 $ 2,969,710 MF Global Holdings Ltd.(1) 700,894 5,046,437 Oppenheimer Holdings, Inc., Cl. A, Non-Vtg. 2,920 81,614 optionsXpress Holdings, Inc.(1) 213,560 3,280,282 Rodman & Renshaw Capital Group, Inc.(1) 125,660 270,169 Solar Capital Ltd. 4,690 100,601 Stifel Financial Corp.(1) 61,480 2,845,909 Triangle Capital Corp. 19,830 316,883 W.P. Carey & Co. LLC 24,760 716,802 ------------ 19,388,344 ------------ COMMERCIAL BANKS--2.8% Alliance Financial Corp. 9,670 292,324 Banco Latinoamericano de Exportaciones SA, Cl. E 48,230 696,924 Banco Macro SA, ADR 35,185 1,567,140 BBVA Banco Frances SA, ADR 37,283 369,102 CapitalSource, Inc. 461,490 2,464,357 Century Bancorp, Inc., Cl. A 10,760 257,056 City Holding Co. 12,490 383,068 First Midwest Bancorp, Inc. 212,960 2,455,429 FirstMerit Corp. 126,110 2,310,335 Grupo Financiero Galicia SA(1) 1,850 18,463 Hancock Holding Co. 60,760 1,827,053 IBERIABANK Corp. 91,752 4,585,765 International Bancshares Corp. 13,629 230,194 National Bankshares, Inc. 8,227 212,257 Northrim BanCorp, Inc. 15,040 249,664 Synovus Financial Corp. 1,557,590 3,831,671 Westamerica Bancorporation 46,650 2,541,959 ------------ 24,292,761 ------------ CONSUMER FINANCE--1.2% Advance America Cash Advance Centers, Inc. 178,200 718,146 Cash America International, Inc. 54,897 1,921,395 Credit Acceptance Corp.(1) 17,460 1,057,378 EZCORP, Inc., Cl. A(1) 95,450 1,912,818 First Cash Financial Services, Inc.(1) 70,622 1,959,761 Nelnet, Inc., Cl. A 77,446 1,771,964 World Acceptance Corp.(1) 35,958 1,587,905 ------------ 10,929,367 ------------ DIVERSIFIED FINANCIAL SERVICES--1.1% Encore Capital Group, Inc.(1) 40,630 732,153 Life Partners Holdings, Inc. 58,647 1,116,052 MSCI, Inc., Cl. A(1) 223,750 7,430,738 ------------ 9,278,943 ------------ INSURANCE--5.5% Allied World Assurance Holdings Ltd. 27,791 1,572,693 American Equity Investment Life Holding Co. 110,740 1,133,978
5 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ INSURANCE CONTINUED American Safety Insurance Holdings Ltd.(1) 15,900 $ 259,806 Amerisafe, Inc.(1) 49,008 920,370 AmTrust Financial Services, Inc. 93,118 1,352,073 Argo Group International Holdings Ltd. 36,050 1,252,377 Aspen Insurance Holdings Ltd. 56,990 1,725,657 CNA Surety Corp.(1) 50,506 905,068 CNO Financial Group, Inc.(1) 254,790 1,411,537 EMC Insurance Group, Inc. 11,110 236,865 Employers Holdings, Inc. 43,790 690,568 Endurance Specialty Holdings Ltd. 47,270 1,881,346 Enstar Group Ltd.(1) 13,300 965,580 FBL Financial Group, Inc., Cl. A 37,750 980,745 First Mercury Financial Corp. 49,343 497,377 Flagstone Reinsurance Holdings SA 84,400 895,484 FPIC Insurance Group, Inc.(1) 35,020 1,228,852 Greenlight Capital Re Ltd., Cl. A(1) 51,580 1,290,532 Hanover Insurance Group, Inc. 104,910 4,930,770 Harleysville Group, Inc. 20,380 668,260 Horace Mann Educators Corp. 65,739 1,168,839 Infinity Property & Casualty Corp. 38,644 1,884,668 Maiden Holdings Ltd. 40,450 307,825 Meadowbrook Insurance Group, Inc. 64,990 582,960 Mercer Insurance Group, Inc. 13,370 237,986 Mercury General Corp. 35,660 1,457,424 Montpelier Re Holdings Ltd. 88,030 1,524,680 National Financial Partners Corp.(1) 39,160 496,157 National Interstate Corp. 9,670 210,516 National Western Life Insurance Co., Cl. A 2,630 369,988 Navigators Group, Inc. (The)(1) 13,280 592,686 OneBeacon Insurance Group Ltd. 51,400 734,506 Platinum Underwriters Holdings Ltd. 45,660 1,987,123 PMA Capital Corp., Cl. A(1) 4,650 35,061 Primerica, Inc. 15,460 314,456 ProAssurance Corp.(1) 33,062 1,904,041 Protective Life Corp. 58,380 1,270,349 RLI Corp. 6,950 393,509 Safety Insurance Group, Inc. 40,979 1,721,938 Selective Insurance Group, Inc. 28,360 461,984 StanCorp Financial Group, Inc. 36,602 1,390,876 Symetra Financial Corp. 83,680 875,293 Unitrin, Inc. 65,860 1,606,325 Validus Holdings Ltd. 44,092 1,162,265 ------------ 47,491,393 ------------ REAL ESTATE INVESTMENT TRUSTS--6.1% Associated Estates Realty Corp. 65,500 915,690 Brandywine Realty Trust 268,810 3,292,923 BRE Properties, Inc., Cl. A 34,890 1,447,935 CBL & Associates Properties, Inc. 106,310 1,388,409
6 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ REAL ESTATE INVESTMENT TRUSTS CONTINUED Chatham Lodging Trust(1) 59,860 $ 1,113,995 Colonial Properties Trust 5,040 81,598 Digital Realty Trust, Inc. 104,340 6,437,778 Education Realty Trust, Inc. 27,330 195,410 Essex Property Trust, Inc. 13,610 1,489,478 Extra Space Storage, Inc. 69,990 1,122,640 Government Properties Income Trust 11,370 303,579 Hatteras Financial Corp. 194,390 5,534,283 Home Properties of New York, Inc. 28,140 1,488,606 Hospitality Properties Trust 23,670 528,551 LaSalle Hotel Properties 219,680 5,138,315 Mid-America Apartment Communities, Inc. 126,069 7,347,301 Pebblebrook Hotel Trust(1) 30,260 544,983 PS Business Parks, Inc. 24,190 1,368,428 Saul Centers, Inc. 200 8,390 Starwood Property Trust, Inc. 121,790 2,419,967 Strategic Hotels & Resorts, Inc.(1) 535,960 2,272,470 Tanger Factory Outlet Centers, Inc. 136,560 6,437,438 Taubman Centers, Inc. 32,590 1,453,840 U-Store-It Real Estate Investment Trust 63,730 532,146 ------------ 52,864,153 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT--0.1% Altisource Portfolio Solutions SA(1) 39,690 1,235,947 THRIFTS & MORTGAGE FINANCE--1.5% BofI Holding, Inc.(1) 15,040 178,525 Federal Agricultural Mortgage Corp., Non-Vtg. 22,420 242,584 First Defiance Financial Corp. 30,100 303,408 First Niagara Financial Group, Inc. 187,180 2,180,647 MGIC Investment Corp.(1) 537,670 4,962,694 Northwest Bancshares, Inc. 199,870 2,236,545 Radian Group, Inc. 353,170 2,761,789 ------------ 12,866,192 ------------ HEALTH CARE--13.2% BIOTECHNOLOGY--1.8% Acorda Therapeutics, Inc.(1) 66,490 2,195,500 Cubist Pharmaceuticals, Inc.(1) 68,200 1,595,198 Human Genome Sciences, Inc.(1) 58,850 1,753,142 Indevus Pharmaceuticals, Inc.(1) 2,500 25 Martek Biosciences Corp.(1) 86,777 1,963,764 PDL BioPharma, Inc. 211,412 1,112,027 Savient Pharmaceuticals, Inc.(1) 294,055 6,725,038 Targacept, Inc.(1) 6,010 134,263 ------------ 15,478,957 ------------ HEALTH CARE EQUIPMENT & SUPPLIES--3.2% American Medical Systems Holdings, Inc.(1) 46,970 919,673 Atrion Corp. 4,208 662,802
7 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED China Medical Technologies, Inc., Sponsored ADR(1) 1,500 $ 19,485 Cooper Cos., Inc. (The) 15,730 727,041 Cyberonics, Inc.(1) 1,370 36,552 Dexcom, Inc.(1) 113,550 1,501,131 Greatbatch, Inc.(1) 148,500 3,443,715 Haemonetics Corp.(1) 2,800 163,884 Hill-Rom Holdings, Inc. 24,237 869,866 ICU Medical, Inc.(1) 13,560 505,652 Immucor, Inc.(1) 21,310 422,577 Integra LifeSciences Holdings(1) 102,230 4,033,996 Invacare Corp. 60,211 1,596,194 Kensey Nash Corp.(1) 34,698 1,002,425 Kinetic Concepts, Inc.(1) 40,454 1,479,807 Merit Medical Systems, Inc.(1) 17,110 271,878 Orthofix International NV(1) 80,930 2,542,821 Quidel Corp.(1) 1,070 11,759 Sirona Dental Systems, Inc.(1) 36,590 1,318,704 Steris Corp. 43,290 1,438,094 Symmetry Medical, Inc.(1) 43,960 423,774 Teleflex, Inc. 1,650 93,687 Utah Medical Products, Inc. 8,360 244,948 Volcano Corp.(1) 143,040 3,716,179 Young Innovations, Inc. 9,330 266,931 ------------ 27,713,575 ------------ HEALTH CARE PROVIDERS & SERVICES--4.1% Air Methods Corp.(1) 1,700 70,686 Allied Healthcare International, Inc.(1) 83,320 208,300 Almost Family, Inc.(1) 17,240 510,821 Amedisys, Inc.(1) 29,200 694,960 America Service Group, Inc. 28,070 417,682 AMERIGROUP Corp.(1) 36,360 1,544,209 AmSurg Corp.(1) 74,800 1,307,504 Centene Corp.(1) 3,842 90,633 Chemed Corp. 21,650 1,233,401 Continucare Corp.(1) 79,550 334,110 CorVel Corp.(1) 5,490 233,051 Emergency Medical Services LP, Cl. A(1) 24,900 1,325,925 Ensign Group, Inc. (The) 17,020 305,509 Gentiva Health Services, Inc.(1) 46,466 1,015,282 Health Management Associates, Inc., Cl. A(1) 1,004,910 7,697,611 Healthspring, Inc.(1) 72,818 1,881,617 Healthways, Inc.(1) 19,041 221,637 HMS Holdings Corp.(1) 74,990 4,419,911 Kindred Healthcare, Inc.(1) 12,250 159,495
8 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ HEALTH CARE PROVIDERS & SERVICES CONTINUED LHC Group, Inc.(1) 49,810 $ 1,155,094 LifePoint Hospitals, Inc.(1) 42,131 1,477,113 Lincare Holdings, Inc. 59,136 1,483,722 Magellan Health Services, Inc.(1) 42,350 2,000,614 MEDNAX, Inc.(1) 13,360 712,088 Metropolitan Health Networks, Inc.(1) 113,130 429,894 Molina Healthcare, Inc.(1) 57,236 1,544,800 NovaMed, Inc.(1) 18,600 180,234 Providence Service Corp.(1) 12,850 210,612 Sun Healthcare Group, Inc.(1) 104,160 882,235 Triple-S Management Corp., Cl. B(1) 44,672 752,723 U.S. Physical Therapy, Inc.(1) 33,545 560,872 Universal American Corp. 50,730 748,268 Universal Health Services, Inc., Cl. B 392 15,233 ------------ 35,825,846 ------------ HEALTH CARE TECHNOLOGY--1.1% Allscripts Healthcare Solutions, Inc.(1) 229,776 4,243,963 MedAssets, Inc.(1) 113,080 2,379,203 SXC Health Solutions Corp.(1) 81,860 2,985,434 ------------ 9,608,600 ------------ LIFE SCIENCES TOOLS & SERVICES--0.4% Bio-Rad Laboratories, Inc., Cl. A(1) 930 84,174 Bruker Corp.(1) 65,410 917,702 Cambrex Corp.(1) 89,820 381,735 eResearch Technology, Inc.(1) 109,000 815,320 Harvard Bioscience, Inc.(1) 65,100 247,380 ICON plc, Sponsored ADR(1) 52,090 1,126,186 Kendle International, Inc.(1) 12,380 115,382 ------------ 3,687,879 ------------ PHARMACEUTICALS--2.6% Endo Pharmaceuticals Holdings, Inc.(1) 53,982 1,794,362 Hi-Tech Pharmacal Co., Inc.(1) 18,940 383,346 Impax Laboratories, Inc.(1) 70,400 1,393,920 King Pharmaceuticals, Inc.(1) 93,648 932,734 Medicis Pharmaceutical Corp., Cl. A 55,016 1,631,224 Par Pharmaceutical Cos., Inc.(1) 40,350 1,173,378 Perrigo Co. 72,080 4,628,978 Questcor Pharmaceuticals, Inc.(1) 195,088 1,935,273 Salix Pharmaceuticals Ltd.(1) 161,460 6,413,191 Valeant Pharmaceuticals International, Inc. 57,840 1,448,892 ViroPharma, Inc.(1) 71,410 1,064,723 ------------ 22,800,021 ------------
9 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ INDUSTRIALS--14.1% AEROSPACE & DEFENSE--1.7% BE Aerospace, Inc.(1) 265,488 $ 8,046,941 Ceradyne, Inc.(1) 66,360 1,549,506 Cubic Corp. 34,310 1,399,848 Ducommun, Inc. 11,320 246,550 Gencorp, Inc.(1) 135,600 667,152 LMI Aerospace, Inc.(1) 4,760 75,779 Spirit Aerosystems Holdings, Inc., Cl. A(1) 112,290 2,237,940 Teledyne Technologies, Inc.(1) 10,870 432,843 ------------ 14,656,559 ------------ AIR FREIGHT & LOGISTICS--0.9% Atlas Air Worldwide Holdings, Inc.(1) 29,350 1,476,305 Hub Group, Inc., Cl. A(1) 204,470 5,982,792 ------------ 7,459,097 ------------ AIRLINES--0.8% Alaska Air Group, Inc.(1) 29,740 1,517,632 Allegiant Travel Co. 22,570 955,162 Hawaiian Holdings, Inc.(1) 173,928 1,041,829 JetBlue Airways Corp.(1) 246,010 1,645,807 Pinnacle Airlines Corp.(1) 34,060 184,946 Republic Airways Holdings, Inc.(1) 8,720 72,202 UAL Corp.(1) 67,950 1,605,659 ------------ 7,023,237 ------------ BUILDING PRODUCTS--0.3% Aaon, Inc. 35,147 826,657 Apogee Enterprises, Inc. 17,214 157,508 Gibraltar Industries, Inc.(1) 29,310 263,204 Quanex Building Products Corp. 20,460 353,344 Smith (A.O.) Corp. 22,550 1,305,420 ------------ 2,906,133 ------------ COMMERCIAL SERVICES & SUPPLIES--1.5% Consolidated Graphics, Inc.(1) 27,570 1,142,777 Deluxe Corp. 103,466 1,979,305 Ennis, Inc. 41,740 746,729 G&K Services, Inc., Cl. A 20,450 467,487 M&F Worldwide Corp.(1) 26,452 644,106 R.R. Donnelley & Sons Co. 79,880 1,354,765 UniFirst Corp. 21,134 933,066 Waste Connections, Inc.(1) 136,660 5,419,936 ------------ 12,688,171 ------------ CONSTRUCTION & ENGINEERING--0.9% Baker (Michael) Corp.(1) 24,093 794,105 Chicago Bridge & Iron Co. NV(1) 40,990 1,002,206 Comfort Systems USA, Inc. 16,199 173,815 Dycom Industries, Inc.(1) 61,950 618,881
10 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ CONSTRUCTION & ENGINEERING CONTINUED EMCOR Group, Inc.(1) 54,830 $ 1,348,270 Great Lakes Dredge & Dock Co. 76,160 442,490 Sterling Construction Co., Inc.(1) 27,700 342,926 Tutor Perini Corp.(1) 168,973 3,394,668 ------------ 8,117,361 ------------ ELECTRICAL EQUIPMENT--1.8% AZZ, Inc. 35,110 1,504,112 Brady Corp., Cl. A 7,300 212,941 Franklin Electric Co., Inc. 7,070 234,441 Fushi Copperweld, Inc.(1) 41,020 356,464 Generac Holdings, Inc.(1) 178,010 2,428,056 Harbin Electric, Inc.(1) 34,570 618,457 Hubbell, Inc., Cl. B 29,580 1,501,185 Jinpan International Ltd. 46,216 465,857 Powell Industries, Inc.(1) 45,870 1,427,474 Regal-Beloit Corp. 81,360 4,775,018 Thomas & Betts Corp.(1) 44,669 1,832,322 ------------ 15,356,327 ------------ INDUSTRIAL CONGLOMERATES--0.3% Seaboard Corp. 370 655,270 Tredegar Corp. 88,114 1,672,404 ------------ 2,327,674 ------------ MACHINERY--3.2% Alamo Group, Inc. 12,600 281,358 Altra Holdings, Inc.(1) 19,057 280,710 American Railcar Industries, Inc.(1) 20,640 323,635 Blount International, Inc.(1) 4,610 58,685 Briggs & Stratton Corp. 41,100 781,311 China Yuchai International Ltd. 31,170 596,282 Crane Co. 10,340 392,300 Duoyuan Global Water, Inc., ADR(1) 2,780 36,223 Duoyuan Printing, Inc.(1) 48,880 138,819 EnPro Industries, Inc.(1) 104,243 3,260,721 Freightcar America, Inc. 74,320 1,828,272 Gardner Denver, Inc. 115,726 6,212,172 Hawk Corp.(1) 1,520 65,770 Kaydon Corp. 2,390 82,694 L.B. Foster Co., Cl. A(1) 1,330 38,490 NACCO Industries, Inc., Cl. A 3,655 319,410 Oshkosh Corp.(1) 53,680 1,476,200 Terex Corp.(1) 98,670 2,261,516 Timken Co. 44,030 1,688,991 Toro Co. (The) 36,710 2,064,203 Valmont Industries, Inc. 180 13,032 Wabtec Corp. 102,320 4,889,873
11 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ MACHINERY CONTINUED Watts Water Technologies, Inc., Cl. A 31,290 $ 1,065,425 ------------ 28,156,092 ------------ MARINE--0.3% Diana Shipping, Inc.(1) 72,380 919,226 Excel Maritime Carriers Ltd.(1) 103,870 583,749 Paragon Shipping, Inc., Cl. A 97,950 385,923 Safe Bulkers, Inc. 117,840 932,114 ------------ 2,821,012 ------------ PROFESSIONAL SERVICES--0.7% CBIZ, Inc.(1) 12,810 75,963 Dolan Co. (The)(1) 41,040 466,625 GP Strategies Corp.(1) 32,000 290,880 Korn-Ferry International(1) 89,950 1,487,773 Robert Half International, Inc. 133,660 3,475,160 ------------ 5,796,401 ------------ ROAD & RAIL--1.4% Amerco(1) 11,010 875,075 Avis Budget Group, Inc.(1) 8,180 95,297 Genesee & Wyoming, Inc., Cl. A(1) 63,371 2,749,668 Old Dominion Freight Line, Inc.(1) 347,900 8,843,618 ------------ 12,563,658 ------------ TRADING COMPANIES & DISTRIBUTORS--0.3% Aircastle Ltd. 52,880 448,422 Applied Industrial Technologies, Inc. 45,490 1,391,994 DXP Enterprises, Inc.(1) 14,877 282,365 Fly Leasing Ltd., ADR 19,560 258,192 Interline Brands, Inc.(1) 18,960 342,038 TAL International Group, Inc. 6,000 145,320 ------------ 2,868,331 ------------ INFORMATION TECHNOLOGY--20.1% COMMUNICATIONS EQUIPMENT--2.9% Arris Group, Inc.(1) 564,020 5,510,475 Black Box Corp. 29,705 952,342 Blue Coat Systems, Inc.(1) 399,818 9,619,621 Comtech Telecommunications Corp.(1) 33,130 906,106 InterDigital, Inc.(1) 50,690 1,500,931 Ituran Location & Control Ltd. 18,101 260,654 Oplink Communications, Inc.(1) 1,977 39,224 Plantronics, Inc. 49,914 1,686,095 Polycom, Inc.(1) 154,750 4,221,580 Sierra Wireless, Inc.(1) 54,090 560,913 ------------ 25,257,941 ------------ COMPUTERS & PERIPHERALS--1.2% China Digital TV Holding Co. Ltd., ADR(1) 39,180 265,249
12 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ COMPUTERS & PERIPHERALS CONTINUED QLogic Corp.(1) 194,010 $ 3,422,336 Rimage Corp.(1) 14,100 231,804 STEC, Inc.(1) 3,340 41,583 Synaptics, Inc.(1) 220,820 6,213,875 ------------ 10,174,847 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--1.1% Anixter International, Inc.(1) 26,670 1,439,913 AVX Corp. 104,830 1,448,751 Celestica, Inc.(1) 49,370 416,189 Checkpoint Systems, Inc.(1) 12,870 261,905 Coherent, Inc.(1) 13,450 538,135 CTS Corp. 12,560 120,827 Insight Enterprises, Inc.(1) 102,216 1,598,658 MTS Systems Corp. 8,120 251,720 Multi-Fineline Electronix, Inc.(1) 54,082 1,189,263 Park Electrochemical Corp. 1,050 27,657 Power-One, Inc.(1) 57,860 525,947 Spectrum Control, Inc.(1) 29,860 439,539 Tech Data Corp.(1) 108 4,352 Vishay Intertechnology, Inc.(1) 162,070 1,568,838 ------------ 9,831,694 ------------ INTERNET SOFTWARE & SERVICES--1.9% AOL, Inc.(1) 59,810 1,480,298 EarthLink, Inc. 213,878 1,944,151 j2 Global Communications, Inc.(1) 239,765 5,704,009 Perficient, Inc.(1) 27,580 252,081 Saba Software, Inc.(1) 60,200 327,488 Sohu.com, Inc.(1) 27,370 1,577,059 United Online, Inc. 170,042 972,640 ValueClick, Inc.(1) 145,450 1,902,486 VistaPrint NV(1) 66,633 2,575,365 Web.com Group, Inc.(1) 18,840 103,620 ------------ 16,839,197 ------------ IT SERVICES--3.1% Acxiom Corp.(1) 92,570 1,468,160 Broadridge Financial Solutions, Inc. 79,328 1,814,231 CACI International, Inc., Cl. A(1) 123,780 5,602,283 Cass Information Systems, Inc. 2,570 88,177 Convergys Corp.(1) 18,047 188,591 CSG Systems International, Inc.(1) 79,701 1,452,949 DST Systems, Inc. 35,934 1,611,281 Euronet Worldwide, Inc.(1) 3,120 56,129 Forrester Research, Inc.(1) 11,410 377,443 Global Cash Access, Inc.(1) 155,865 635,929
13 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ IT SERVICES CONTINUED ManTech International Corp.(1) 7,990 $ 316,404 Maximus, Inc. 21,540 1,326,433 Ness Technologies, Inc.(1) 88,500 398,250 NeuStar, Inc., Cl. A(1) 312,418 7,766,711 Patni Computer Systems Ltd., ADR 54,580 998,814 Satyam Computer Services Ltd., ADR(1) 890 3,462 Syntel, Inc. 5,028 223,746 TeleTech Holdings, Inc.(1) 109,216 1,620,765 TNS, Inc.(1) 8,620 146,109 Unisys Corp.(1) 18,620 519,498 ------------ 26,615,365 ------------ OFFICE ELECTRONICS--0.0% Zebra Technologies Corp., Cl. A(1) 2,980 100,247 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5.4% 02Micro International Ltd., ADR(1) 11,270 68,860 Amkor Technology, Inc.(1) 198,620 1,304,933 ASM International NV(1) 4,940 125,674 Atheros Communications, Inc.(1) 236,340 6,227,559 Cabot Microelectronics Corp.(1) 24,610 791,950 China Sunergy Co. Ltd., ADR(1) 188,300 849,233 Fairchild Semiconductor International, Inc., Cl. A(1) 166,880 1,568,672 GT Solar International, Inc.(1) 196,380 1,643,701 Himax Technologies, Inc., ADR 209,410 519,337 Integrated Device Technology, Inc.(1) 68,780 402,363 JA Solar Holdings Co. Ltd., ADS(1) 127,400 1,188,642 Kulicke & Soffa Industries, Inc.(1) 73,210 453,170 Lattice Semiconductor Corp.(1) 189,930 902,168 Micrel, Inc. 108,327 1,068,104 Microsemi Corp.(1) 24,450 419,318 Netlogic Microsystems, Inc.(1) 239,350 6,601,273 PMC-Sierra, Inc.(1) 139,100 1,023,776 RF Micro Devices, Inc.(1) 268,910 1,651,107 Semtech Corp.(1) 284,339 5,740,804 Silicon Motion Technology Corp., ADR(1) 37,767 207,341 Skyworks Solutions, Inc.(1) 256,450 5,303,386 Solarfun Power Holdings Co. Ltd., Sponsored ADR(1) 83,500 1,098,025 Standard Microsystems Corp.(1) 3,830 87,362 Teradyne, Inc.(1) 136,040 1,515,486 Tessera Technologies, Inc.(1) 45,469 841,177 Varian Semiconductor Equipment Associates, Inc.(1) 153,959 4,430,940 Veeco Instruments, Inc.(1) 40,410 1,409,097 ------------ 47,443,458 ------------
14 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ SOFTWARE--4.5% Actuate Corp.(1) 128,720 $ 662,908 Blackboard, Inc.(1) 133,390 4,807,376 Changyou.com Ltd., ADR(1) 28,340 779,350 Compuware Corp.(1) 185,448 1,581,871 Concur Technologies, Inc.(1) 68,090 3,366,370 FactSet Research Systems, Inc. 84,922 6,889,722 Fair Isaac Corp. 70,701 1,743,487 Giant Interactive Group, Inc., ADR 76,080 488,434 Lawson Software, Inc.(1) 65,990 558,935 Manhattan Associates, Inc.(1) 63,745 1,870,916 MicroStrategy, Inc., Cl. A(1) 21,716 1,880,823 Monotype Imaging Holdings, Inc.(1) 29,980 274,317 Net 1 UEPS Technologies, Inc.(1) 103,620 1,197,847 NetScout Systems, Inc.(1) 12,730 261,092 Perfect World Co. Ltd.(1) 41,850 1,073,871 Pervasive Software, Inc.(1) 43,590 215,335 Quest Software, Inc.(1) 83,170 2,045,150 Shanda Games Ltd., Sponsored ADR(1) 127,340 682,542 TIBCO Software, Inc.(1) 461,656 8,189,777 Virnetx Holding Corp. 11,220 164,710 Websense, Inc.(1) 22,020 390,635 ------------ 39,125,468 ------------ MATERIALS--5.1% CHEMICALS--2.2% Arch Chemicals, Inc. 5,970 209,487 Ashland, Inc. 24,959 1,217,250 Cytec Industries, Inc. 110,791 6,246,397 Hawkins, Inc. 29,850 1,057,287 Innophos Holdings, Inc. 67,480 2,233,588 Innospec, Inc.(1) 16,730 254,798 KMG Chemicals, Inc. 19,350 272,642 Koppers Holdings, Inc. 6,656 178,847 Minerals Technologies, Inc. 27,414 1,615,233 NewMarket Corp. 9,320 1,059,498 OM Group, Inc.(1) 26,170 788,240 Omnova Solutions, Inc.(1) 31,950 229,721 PolyOne Corp.(1) 111,800 1,351,662 Stepan Co. 9,530 563,318 W.R. Grace & Co.(1) 51,600 1,441,704 ------------ 18,719,672 ------------ CONSTRUCTION MATERIALS--0.5% Eagle Materials, Inc. 184,990 4,384,263 ------------ CONTAINERS & PACKAGING--1.1% Boise, Inc.(1) 125,130 812,094 Myers Industries, Inc. 37,910 325,647
15 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ CONTAINERS & PACKAGING CONTINUED Packaging Corp. of America 286,660 $ 6,641,898 Rock-Tenn Co., Cl. A 28,899 1,439,459 ------------ 9,219,098 ------------ METALS & MINING--0.7% Compass Minerals International, Inc. 80,280 6,151,054 Redcorp Ventures Ltd., Legend Shares(1,2) 666,400 3,238 ------------ 6,154,292 ------------ PAPER & FOREST PRODUCTS--0.6% Buckeye Technologies, Inc. 95,790 1,409,071 Clearwater Paper Corp.(1) 16,300 1,240,104 Domtar Corp. 22,010 1,421,406 Glatfelter 66,700 811,072 KapStone Paper & Packing Corp.(1) 62,310 756,443 ------------ 5,638,096 ------------ TELECOMMUNICATION SERVICES--0.7% DIVERSIFIED TELECOMMUNICATION SERVICES--0.3% Cincinnati Bell, Inc.(1) 410,302 1,095,506 Hickory Tech Corp. 28,320 241,570 IDT Corp., Cl. B(1) 16,960 301,718 Neutral Tandem, Inc.(1) 26,930 321,814 Nortel Inversora SA, Sponsored ADR(1) 16,020 384,640 Telecom Corp. of New Zealand Ltd., Sponsored ADR 15,970 120,094 ------------ 2,465,342 ------------ WIRELESS TELECOMMUNICATION SERVICES--0.4% Cellcom Israel Ltd. 41,640 1,264,607 NTELOS Holdings Corp. 37,508 634,635 USA Mobility, Inc. 91,612 1,468,540 ------------ 3,367,782 ------------ UTILITIES--2.7% ELECTRIC UTILITIES--1.0% Companhia Paranaense de Energia-Copel, Sponsored ADR 78,721 1,751,542 El Paso Electric Co.(1) 51,380 1,221,816 Empresa Distribuidora y Comercializadora Norte SA, ADR(1) 32,730 256,603 UIL Holdings Corp. 70,800 1,993,728 UniSource Energy Corp. 5,910 197,571 Westar Energy, Inc. 144,250 3,495,178 ------------ 8,916,438 ------------ GAS UTILITIES--0.7% AGL Resources, Inc. 1,770 67,897 Atmos Energy Corp. 48,450 1,417,163 Chesapeake Utilities Corp. 6,100 220,942 Laclede Group, Inc. (The) 21,690 746,570 Nicor, Inc. 31,800 1,457,076 Southwest Gas Corp. 53,030 1,781,278 ------------ 5,690,926 ------------
16 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
SHARES VALUE ---------- ------------ MULTI-UTILITIES--0.5% Integrys Energy Group, Inc. 25,060 $ 1,304,624 NorthWestern Corp. 121,565 3,464,603 ------------ 4,769,227 ------------ WATER UTILITIES--0.5% Aqua America, Inc. 203,790 4,157,316 ------------ Total Common Stocks (Cost $710,026,148) 852,743,556 ------------ INVESTMENT COMPANIES--2.4% Ares Capital Corp. 370,560 5,799,264 BlackRock Kelso Capital Corp. 119,470 1,373,905 Gladstone Capital Corp. 81,558 919,159 Hercules Technology Growth Capital, Inc. 27,477 277,792 MCG Capital Corp. 113,270 661,497 Oppenheimer Institutional Money Market Fund, Cl. E, 0.24%(3,4) 11,428,705 11,428,705 PennantPark Investment Corp. 4,778 50,695 TICC Capital Corp. 61,770 639,320 ------------ Total Investment Companies (Cost $19,405,107) 21,150,337 ------------ TOTAL INVESTMENTS, AT VALUE (COST $729,431,255) 100.4% 873,893,893 Liabilities in Excess of Other Assets (0.4) (3,655,666) ---------- ------------ Net Assets 100.0% $870,238,227 ========== ============
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 $3,238 or less than 0.005% of the Fund's net assets as of September 30, 2010. (3.) Rate shown is the 7-day yield as of September 30, 2010. (4.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2010 ----------------- ----------- ----------- ------------------ Oppenheimer Institutional Money Market Fund, Cl. E 6,595,140 242,152,830 237,319,265 11,428,705
VALUE INCOME ----------- ------- Oppenheimer Institutional Money Market Fund, Cl. E $11,428,705 $18,666
17 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 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 September 30, 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 $125,357,472 $-- $ -- $125,357,472 Consumer Staples 24,108,194 -- -- 24,108,194 Energy 38,205,190 -- -- 38,205,190 Financials 178,347,100 -- -- 178,347,100 Health Care 115,114,853 -- 25 115,114,878 Industrials 122,740,053 -- -- 122,740,053 Information Technology 175,388,217 -- -- 175,388,217 Materials 44,112,183 -- 3,238 44,115,421 Telecommunication Services 5,833,124 -- -- 5,833,124 Utilities 23,533,907 -- -- 23,533,907 Investment Companies 21,150,337 -- -- 21,150,337 ------------ --- ------ ------------ Total Assets $873,890,630 $-- $3,263 $873,893,893 ------------ --- ------ ------------
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 September 30, 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. 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 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 19 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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. 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 September 30, 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 $ 744,744,245 ============= Gross unrealized appreciation $ 146,714,118 Gross unrealized depreciation (17,564,470) ------------- Net unrealized appreciation $ 129,149,648 =============
20 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value --------------- --------------- CERTIFICATES OF DEPOSIT--23.9% YANKEE CERTIFICATES OF DEPOSIT--23.9% Barclays Bank plc, New York, 0.52%, 7/19/11(1) $ 4,000,000 $ 4,000,000 Credit Agricole Corporate & Investment Bank, New York Branch: 0.25%, 10/6/10 5,500,000 5,500,000 0.25%, 10/8/10 1,000,000 1,000,000 National Australia Bank, New York, 0.36%, 11/24/10(1) 1,600,000 1,600,000 Nordea Bank Finland plc, New York: 0.68%, 12/16/10 3,000,000 3,000,000 0.71%, 12/6/10 3,000,000 3,000,053 Rabobank Nederland NV, New York: 0.356%, 5/12/11(1) 3,000,000 3,000,000 0.364%, 6/27/11(1) 2,000,000 2,000,000 0.454%, 7/29/11(1) 2,000,000 2,000,000 Royal Bank of Canada, New York: 0.259%, 10/1/10(1) 2,000,000 2,000,000 0.35%, 8/16/11(1) 3,000,000 3,000,000 Westpac Banking Corp., New York: 0.24%, 10/12/10(1) 2,000,000 2,000,000 0.288%, 10/7/10(1) 3,500,000 3,500,000 0.358%, 12/7/10(1) 2,000,000 2,000,000 --------------- 37,600,053 --------------- Total Certificates of Deposit (Cost $37,600,053) 37,600,053 --------------- DIRECT BANK OBLIGATIONS--9.8% Bank of Nova Scotia, 0.25%, 12/20/10 3,000,000 2,998,333 Commonwealth Bank of Australia: 0.285%, 11/5/10(2) 3,000,000 2,999,169 0.39%, 10/1/10(2) 3,500,000 3,500,000 National Australia Funding (Delaware), Inc., 0.27%, 12/21/10(2) 3,300,000 3,297,995 Nordea North America, Inc., 0.60%, 11/19/10 1,000,000 999,183 Santander Central Hispano Finance (Delaware), Inc., 0.32%, 10/13/10 1,600,000 1,599,829 --------------- Total Direct Bank Obligations (Cost $15,394,509) 15,394,509 --------------- SHORT-TERM NOTES--52.9% CAPITAL MARKETS--4.5% BNP Paribas Finance, Inc.: 0.30%, 12/2/10 1,000,000 999,483 0.30%, 12/17/10 3,500,000 3,497,754 0.39%, 3/23/11 2,550,000 2,545,221 --------------- 7,042,458 --------------- ELECTRIC UTILITIES--1.1% Electricite De France, 0.25%, 10/26/10(2) 1,700,000 1,699,705 --------------- INSURANCE--1.9% United of Omaha Life Insurance Co.: 0.559%, 12/29/10(1) 1,000,000 1,000,000
1 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value --------------- --------------- 0.559%, 12/29/10(1) $ 2,000,000 $ 2,000,000 --------------- 3,000,000 --------------- LEASING & FACTORING--4.8% Toyota Motor Credit Corp.: 0.28%, 11/23/10 2,400,000 2,399,011 0.31%, 11/1/10 3,200,000 3,199,146 0.31%, 11/10/10 2,000,000 1,999,311 --------------- 7,597,468 --------------- MUNICIPAL--15.5% Chicago, IL Industrial Development Revenue Bonds, Freedman Seating Co. Project, Series 1998, 0.44%, 10/1/10(1) 1,275,000 1,275,000 Health Care Revenue Bonds, SFO Associates Project, Series 1994, 0.31%, 10/1/10(1) 1,900,000 1,900,000 IL Finance Authority, Freedman Seating Co. Project, Series 2005, 0.44%, 10/1/10(1) 1,440,000 1,440,000 IN Health Facilities Financing Authority Hospital Revenue Bonds, Deaconess Hospital Obligation Project, Series 2004B, 0.28%, 10/1/10(1) 4,130,000 4,130,000 Laurel Grocery Project Nts., Series 1999, 0.60%, 10/1/10(1) 1,235,000 1,235,000 Manassas, VA Industrial Development Authority Bonds, Aurora Flight Science, Series 2005, 0.36%, 10/1/10(1) 985,000 985,000 Miami-Dade Cnty., FL Industrial Development Authority Bonds, Airbus Service Co., Inc. Project, Series 98, 0.32%, 10/1/10(1) 1,000,000 1,000,000 Putnam Cnty., WV Solid Waste Disposal Revenue Bonds, FMC Corp., Series 1991, 0.49%, 11/1/10(1) 1,730,000 1,730,000 San Antonio, TX Industrial Development Authority Revenue Bonds, Tindall Corp. Project, Series 2008, 0.33%, 10/1/10(1) 3,400,000 3,400,000 SC Jobs-Economic Development Authority Revenue Bonds, JM Steel Corp. Project, Series 1999B, 0.45%, 2/1/11(1) 255,000 255,000 Valdosta-Lowndes Cnty., GA Industrial Authority, Steeda Autosports, Inc. Project, Series 2008, 0.50%, 10/1/10(1) 945,000 945,000 Vigo Cnty., IN Economic Development Revenue Bonds, Republic Services, Inc. Project, Series 03, 0.34%, 10/1/10(1) 5,000,000 5,000,000 Wright Brothers, Inc. Nts., Series 2005, 0.60%, 10/1/10(1) 985,000 985,000 --------------- 24,280,000 --------------- OIL, GAS & CONSUMABLE FUELS--2.5% Total Capital Canada, 0.47%, 1/19/11(2) 4,000,000 3,994,133 --------------- RECEIVABLES FINANCE--11.7% Fairway Finance Corp.: 0.30%, 11/9/10(2) 1,000,000 999,664 0.32%, 11/8/10(2) 2,500,000 2,499,156 Jupiter Securitization Co. LLC: 0.32%, 10/27/10(2) 2,000,000 1,999,538 0.32%, 11/4/10(2) 3,000,000 2,999,093 Market Street Funding LLC, 0.22%, 10/5/10(2) 2,000,000 1,999,936
2 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Value --------------- --------------- Old Line Funding Corp., 0.27%, 12/7/10(2) $ 5,100,000 $ 5,097,437 Thunder Bay Funding LLC, 0.28%, 10/7/10(2) 2,800,000 2,799,869 --------------- 18,394,693 --------------- SPECIAL PURPOSE FINANCIAL--10.9% Crown Point Capital Co.: 0.40%, 11/3/10 2,900,000 2,898,937 0.50%, 10/4/10 1,700,000 1,699,929 FCAR Owner Trust I, 0.51%, 10/5/10 5,000,000 4,999,717 Lexington Parker Capital Co. LLC: 0.40%, 11/16/10(2) 1,800,000 1,799,080 0.45%, 10/15/10(2) 2,000,000 1,999,650 0.50%, 10/4/10(2) 2,100,000 2,099,913 0.50%, 10/6/10(2) 1,600,000 1,599,889 --------------- 17,097,115 --------------- Total Short-Term Notes (Cost $83,105,572) 83,105,572 --------------- U.S. GOVERNMENT AGENCIES--2.6% Federal Home Loan Bank: 0.50%, 10/29/10 3,000,000 3,000,000 3.125%, 11/12/10 1,000,000 1,002,956 --------------- Total U.S. Government Agencies (Cost $4,002,956) 4,002,956 --------------- U.S. GOVERNMENT OBLIGATIONS--3.7% U.S. Treasury Nts.: 0.875%, 2/28/11-4/30/11 3,800,000 3,807,886 4.875%, 7/31/11 1,000,000 1,037,059 5.125%, 6/30/11 1,000,000 1,034,824 --------------- Total U.S. Government Obligations (Cost $5,879,769) 5,879,769 --------------- REPURCHASE AGREEMENT--6.1% Repurchase agreement (Principal Amount/Value $9,500,000 with a maturity value of $9,500,079) with JPMorgan Chase Bank, 0.30%, dated 9/30/10, to be repurchased at $9,500,079 on 10/1/10, collateralized by U.S. Government Agency Mortgages, 5%, 8/25/39-3/25/40, with a value of $9,690,586 (Cost $9,500,000) 9,500,000 9,500,000 TOTAL INVESTMENTS, AT VALUE (COST $155,482,859) 99.0% 155,482,859 Other Assets Net of Liabilities 1.0 1,641,324 --------- --------------- Net Assets 100.0% $ 157,124,183 ========= ===============
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 $41,384,227 or 26.34% of the Fund's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. 3 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS September 30, 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 September 30, 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: Certificates of Deposit $ -- $ 37,600,053 $-- $ 37,600,053 Direct Bank Obligations -- 15,394,509 -- 15,394,509 Short-Term Notes -- 83,105,572 -- 83,105,572 U.S. Government Agencies -- 4,002,956 -- 4,002,956 U.S. Government Obligations -- 5,879,769 -- 5,879,769 Repurchase Agreements 9,500,000 -- -- 9,500,000 ---------- ------------ --- ------------ Total Assets $9,500,000 $145,982,859 $-- $155,482,859 ---------- ------------ --- ------------
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: 4 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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. REPURCHASE AGREEMENTS. The Fund requires its custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian's vault, all securities held as collateral for repurchase agreements. The market value of the collateral is required to be sufficient to cover payments of interest and principal. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Fund may be delayed or limited. 5 | Oppenheimer Money Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- ASSET-BACKED SECURITIES--1.4% Ally Auto Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A4, 2.09%, 5/15/15 $ 115,000 $ 118,001 AmeriCredit Prime Automobile Receivables Trust 2007-1, Automobile Receivable Nts., Series 2007-1, Cl. D, 5.62%, 9/8/14 1,319,000 1,324,491 AmeriCredit Prime Automobile Receivables Trust 2010-1, Automobile Receivable Nts., Series 2010-1, Cl. A2, 0.97%, 1/15/13 438,889 439,169 Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.216%, 5/25/34(1) 924,857 836,047 Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.356%, 9/25/36(1) 372,943 146,426 Bank of America Auto Trust 2010-2, Automobile Receivables, Series 2010-2, Cl. A4, 1.94%, 6/15/17 60,000 61,416 Bank of America Credit Card Trust, Credit Card Asset-Backed Certificates, Series 2010-A1, Cl. A1, 0.557%, 9/15/15(1) 1,140,000 1,140,656 BMW Vehicle Owner Trust 2010-A, Asset-Backed Nts., Series 2010-A, Cl. A3, 1.39%, 4/25/14 850,000 860,797 Capital Auto Receivables Asset Trust 2007-1, Automobile Asset-Backed Securities, Series 2007-1, Cl. B, 5.15%, 9/17/12 262,000 273,452 Capital One Auto Finance Trust, Automobile Receivables, Series 2006-C, Cl. A4, 0.287%, 5/15/13(1) 747,644 743,213 Capital One Multi-asset Execution Trust, Credit Card Asset-Backed Certificates, Series 2008-A5, Cl. A5, 4.85%, 2/18/14 655,000 670,328 CarMax Auto Owner Trust 2010-2, Asset-Backed Certificates, Series 2010-2, Cl. A3, 1.41%, 2/16/15 100,000 101,088 Citigroup Mortgage Loan Trust, Inc. 2006-WFH3, Asset-Backed Pass-Through Certificates, Series 2006-WFH3, Cl. A2, 0.356%, 10/25/36(1) 101,532 101,192 CNH Equipment Trust, Asset-Backed Certificates: Series 2009-B, Cl. A3, 2.97%, 3/15/13 661,253 666,124 Series 2010-A, Cl. A2, 0.81%, 3/25/15 1,400,000 1,402,100 Countrywide Home Loans, Asset-Backed Certificates: Series 2005-16, Cl. 2AF2, 5.382%, 5/1/36(1) 1,233,311 997,393 Series 2005-17, Cl. 1AF2, 5.363%, 5/1/36(1) 168,130 136,002 CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.376%, 6/25/47(1) 1,050,000 920,044 CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates: Series 2005-G, Cl. 2A, 0.487%, 12/15/35(1) 198,055 80,194 Series 2006-H, Cl. 2A1A, 0.407%, 11/15/36(1) 73,220 23,561 Discover Card Master Trust, Credit Card Receivables, Series 2009-A1, Cl. A1, 1.557%, 12/15/14(1) 1,130,000 1,148,750 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, 0.346%, 7/25/36(1) 308,594 299,747 First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.366%, 7/7/36(1) 103,736 97,354
1 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- First Franklin Mortgage Loan Trust 2006-FFA, Mtg. Pass-Through Certificates, Series 2006-FFA, Cl. A3, 0.376%, 9/25/36(1) $ 843,524 $ 136,089 Ford Credit Auto Lease Trust, Automobile Receivable Nts., Series 2010-A, Cl. A, 1.04%, 3/15/13(5) 912,072 913,916 Ford Credit Auto Owner Trust, Automobile Receivable Nts.: Series 2009-B, Cl. A2, 2.10%, 11/15/11 105,312 105,388 Series 2010-A, Cl. A4, 2.15%, 6/15/15 1,635,000 1,685,243 GE Capital Credit Card Master Note Trust, Asset-Backed Nts., Series 2009-2, Cl. A, 3.69%, 7/15/15 1,140,000 1,195,991 GE Equipment Midticket LLC, Asset-Backed Certificates, Series 2010-1, Cl. A2, 0.61%, 1/14/13(3) 845,000 845,000 Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.863%, 6/1/35 1,046,000 403,995 HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.517%, 1/20/35(1) 195,387 187,541 HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.367%, 3/20/36(1) 222,006 220,908 Hyundai Auto Receivables Trust 2010-A, Automobile Receivable Nts., Series 2010-A, Cl. A3, 1.50%, 10/15/14 625,000 633,605 Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts.: Series 2007-1A, Cl. B, 2.294%, 8/15/22(1,3) 7,870,000 4,013,700 Series 2007-1A, Cl. C, 3.594%, 8/15/22(1,3) 5,270,000 2,476,900 Series 2007-1A, Cl. D, 5.594%, 8/15/22(1,3) 5,270,000 2,371,500 Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.356%, 8/25/36(1) 1,270,165 470,931 Merrill Auto Trust Securitization 2007-1, Asset-Backed Nts., Series 2007-1, Cl. A4, 0.317%, 12/15/13(1) 1,155,863 1,151,955 NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 1/25/29(1,2,3) 66,744 2,837 Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36(1) 233,724 209,458 RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.356%, 9/25/36(1) 257,666 255,725 Securitized Asset-Backed Receivables LLC Trust 2007-BR2, Asset-Backed Securities, Series 2007-BR2, Cl. A2, 0.486%, 2/25/37(1) 587,995 280,901 SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 0.692%, 6/15/39(1) 2,487,000 1,070,662 Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 4.50%, 5/1/37(5) 186,274 52,642 Toyota Auto Receivable Owner Trust 2010-B, Automobile Receivable Nts., Series 2010-B, Cl. A2, 0.74%, 7/16/12 690,000 691,381 Wachovia Auto Owner Trust 2007-A, Automobile Receivable Nts., Series 2007-A, Cl. A4, 5.49%, 4/22/13 540,388 554,280
2 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2009-A, Cl. A, 4.60%, 9/15/15 $ 515,000 $ 533,140 -------------- Total Asset-Backed Securities (Cost $45,543,971) 33,051,233 -------------- MORTGAGE-BACKED OBLIGATIONS--13.9% GOVERNMENT AGENCY--6.2% FHLMC/FNMA/FHLB/SPONSORED--5.5% Federal Home Loan Mortgage Corp.: 5%, 8/15/33-9/15/33 2,899,489 3,072,723 5.50%, 9/1/39 1,871,254 1,986,302 6%, 5/15/18-10/15/29 1,118,130 1,221,061 6.50%, 3/15/18-8/15/32 2,392,267 2,633,612 7%, 10/1/31-10/1/37 630,366 705,539 7.50%, 4/25/36 882,629 1,005,806 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1360, Cl. PZ, 7.50%, 9/15/22 1,073,649 1,258,182 Series 151, Cl. F, 9%, 5/15/21 29,610 36,115 Series 1674, Cl. Z, 6.75%, 2/15/24 865,572 1,003,817 Series 1897, Cl. K, 7%, 9/15/26 1,921,203 2,180,111 Series 2006-11, Cl. PS, 23.627%, 3/25/36(1) 560,526 843,602 Series 2043, Cl. ZP, 6.50%, 4/15/28 686,811 718,006 Series 2106, Cl. FG, 0.707%, 12/15/28(1) 1,381,848 1,386,864 Series 2122, Cl. F, 0.707%, 2/15/29(1) 43,395 43,518 Series 2148, Cl. ZA, 6%, 4/15/29 1,196,458 1,287,454 Series 2195, Cl. LH, 6.50%, 10/15/29 591,755 668,986 Series 2326, Cl. ZP, 6.50%, 6/15/31 85,193 96,315 Series 2344, Cl. FP, 1.207%, 8/15/31(1) 412,635 418,975 Series 2368, Cl. PR, 6.50%, 10/15/31 354,733 387,413 Series 2412, Cl. GF, 1.207%, 2/15/32(1) 823,611 837,006 Series 2449, Cl. FL, 0.807%, 1/15/32(1) 527,393 531,022 Series 2451, Cl. FD, 1.257%, 3/15/32(1) 277,721 282,535 Series 2453, Cl. BD, 6%, 5/15/17 138,452 150,414 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,295,924 1,442,638 Series 2464, Cl. FI, 1.257%, 2/15/32(1) 273,824 277,987 Series 2470, Cl. AF, 1.257%, 3/15/32(1) 476,501 486,997 Series 2470, Cl. LF, 1.257%, 2/15/32(1) 280,219 285,136 Series 2471, Cl. FD, 1.257%, 3/15/32(1) 466,238 474,097 Series 2477, Cl. FZ, 0.807%, 6/15/31(1) 1,094,724 1,101,679 Series 2500, Cl. FD, 0.757%, 3/15/32(1) 31,593 31,761 Series 2517, Cl. GF, 1.257%, 2/15/32(1) 243,636 247,885 Series 2526, Cl. FE, 0.657%, 6/15/29(1) 64,391 64,599 Series 2551, Cl. FD, 0.657%, 1/15/33(1) 30,874 30,977 Series 2676, Cl. KY, 5%, 9/15/23 3,843,000 4,274,831 Series 2750, Cl. XG, 5%, 2/1/34 6,037,000 6,604,087 Series 2907, Cl. GC, 5%, 6/1/27 1,219,254 1,250,067 Series 2947, Cl. HE, 5%, 3/1/35 1,650,000 1,808,163 Series 3019, Cl. MD, 4.75%, 1/1/31 1,192,142 1,227,626 Series 3025, Cl. SJ, 23.806%, 8/15/35(1) 651,107 966,227 Series 3094, Cl. HS, 23.44%, 6/15/34(1) 370,041 517,388
3 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 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, 9.314%, 2/1/28(6) $ 30,778 $ 5,287 Series 205, Cl. IO, 7.632%, 9/1/29(6) 150,324 32,613 Series 2074, Cl. S, 56.171%, 7/17/28(6) 40,527 8,079 Series 2079, Cl. S, 68.267%, 7/17/28(6) 67,359 14,698 Series 2136, Cl. SG, 85.953%, 3/15/29(6) 1,826,795 334,213 Series 224, Cl. IO, 0%, 3/1/33(6,7) 950,461 163,968 Series 2399, Cl. SG, 76.038%, 12/15/26(6) 1,068,801 225,968 Series 243, Cl. 6, 2.386%, 12/15/32(6) 454,454 94,410 Series 2437, Cl. SB, 86.217%, 4/15/32(6) 3,091,783 577,974 Series 2526, Cl. SE, 38.60%, 6/15/29(6) 80,841 15,091 Series 2802, Cl. AS, 99.999%, 4/15/33(6) 577,139 48,325 Series 2920, Cl. S, 67.274%, 1/15/35(6) 683,922 103,016 Series 3000, Cl. SE, 99.999%, 7/15/25(6) 710,625 101,981 Series 3110, Cl. SL, 17.819%, 2/15/26(6) 430,603 57,689 Federal National Mortgage Assn.: 4.50%, 10/1/25-10/1/40(8) 5,570,000 5,839,710 5%, 11/25/21-7/25/33 3,265,827 3,468,616 5%, 10/1/25(8) 1,340,000 1,421,133 5.285%, 10/1/36 5,908,579 6,174,260 5.50%, 4/25/21-7/1/22 446,112 480,576 5.50%, 10/1/25-10/1/40(8) 12,113,000 12,892,724 6%, 10/25/16-4/1/35 9,605,485 10,479,978 6%, 10/1/25(8) 4,796,000 5,174,999 6.50%, 4/25/17-1/1/34 3,036,263 3,366,681 7%, 11/1/17-6/25/34 3,055,527 3,451,975 7.50%, 2/25/27-3/25/33 3,296,827 3,760,787 8.50%, 7/1/32 3,255 3,680 Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Trust 1999-54, Cl. LH, 6.50%, 11/25/29 589,074 652,176 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 316,778 357,784 Trust 2001-69, Cl. PF, 1.256%, 12/25/31(1) 633,994 647,022 Trust 2001-80, Cl. ZB, 6%, 1/25/32 707,866 782,516 Trust 2002-12, Cl. PG, 6%, 3/25/17 437,701 478,157 Trust 2002-29, Cl. F, 1.256%, 4/25/32(1) 315,689 322,288 Trust 2002-56, Cl. KW, 6%, 4/25/23 26,818 26,817 Trust 2002-60, Cl. FH, 1.256%, 8/25/32(1) 639,368 650,996 Trust 2002-64, Cl. FJ, 1.256%, 4/25/32(1) 97,211 99,243 Trust 2002-68, Cl. FH, 0.757%, 10/18/32(1) 216,958 218,176 Trust 2002-84, Cl. FB, 1.256%, 12/25/32(1) 1,284,822 1,311,741 Trust 2002-9, Cl. PC, 6%, 3/25/17 441,612 482,231 Trust 2002-9, Cl. PR, 6%, 3/25/17 540,733 590,469 Trust 2002-90, Cl. FH, 0.756%, 9/25/32(1) 718,861 723,340 Trust 2003-11, Cl. FA, 1.256%, 9/25/32(1) 1,284,852 1,311,771 Trust 2003-116, Cl. FA, 0.656%, 11/25/33(1) 90,475 90,743 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,825,000 1,998,597
4 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 $ 571,000 $ 651,582 Trust 2005-109, Cl. AH, 5.50%, 12/25/25 2,160,000 2,471,124 Trust 2005-12, Cl. JC, 5%, 6/1/28 1,364,103 1,403,737 Trust 2005-25, Cl. PS, 27.033%, 4/25/35(1) 584,997 848,330 Trust 2005-31, Cl. PB, 5.50%, 4/25/35 560,000 635,099 Trust 2005-71, Cl. DB, 4.50%, 8/25/25 480,000 532,241 Trust 2006-46, Cl. SW, 23.26%, 6/25/36(1) 970,499 1,438,515 Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 43.978%, 11/18/31(6) 353,743 73,320 Trust 2001-63, Cl. SD, 35.693%, 12/18/31(6) 85,117 17,605 Trust 2001-68, Cl. SC, 28.756%, 11/25/31(6) 59,075 12,704 Trust 2001-81, Cl. S, 35.054%, 1/25/32(6) 70,294 13,241 Trust 2002-28, Cl. SA, 36.695%, 4/25/32(6) 42,046 7,343 Trust 2002-38, Cl. SO, 54.052%, 4/25/32(6) 218,748 37,260 Trust 2002-48, Cl. S, 33.623%, 7/25/32(6) 66,560 11,074 Trust 2002-52, Cl. SL, 34.692%, 9/25/32(6) 42,249 8,493 Trust 2002-56, Cl. SN, 36.125%, 7/25/32(6) 91,462 15,215 Trust 2002-77, Cl. IS, 47.243%, 12/18/32(6) 372,683 75,454 Trust 2002-77, Cl. SH, 44.298%, 12/18/32(6) 96,551 20,495 Trust 2002-9, Cl. MS, 32.682%, 3/25/32(6) 88,583 18,254 Trust 2003-13, Cl. IO, 9.699%, 3/25/33(6) 700,991 143,399 Trust 2003-26, Cl. DI, 5.229%, 4/25/33(6) 484,687 94,841 Trust 2003-33, Cl. SP, 51.64%, 5/25/33(6) 601,912 80,915 Trust 2003-38, Cl. SA, 41.395%, 3/25/23(6) 1,025,539 93,148 Trust 2003-4, Cl. S, 40.281%, 2/25/33(6) 181,198 25,060 Trust 2004-56, Cl. SE, 13.09%, 10/25/33(6) 2,543,897 322,164 Trust 2005-14, Cl. SE, 37.60%, 3/25/35(6) 2,270,099 326,516 Trust 2005-40, Cl. SA, 62.052%, 5/25/35(6) 1,897,064 287,996 Trust 2005-40, Cl. SB, 96.423%, 5/25/35(6) 3,181,217 558,822 Trust 2005-63, Cl. SA, 78.072%, 10/25/31(6) 141,632 22,632 Trust 2005-71, Cl. SA, 67.78%, 8/25/25(6) 472,044 75,897 Trust 2005-87, Cl. SG, 84.423%, 10/25/35(6) 2,509,325 348,349 Trust 2006-51, Cl. SA, 17.106%, 6/25/36(6) 12,381,733 1,513,448 Trust 2006-60, Cl. DI, 36.292%, 4/25/35(6) 2,137,864 259,311 Trust 2006-90, Cl. SX, 99.999%, 9/25/36(6) 1,932,374 376,588 Trust 2007-88, Cl. XI, 15.642%, 6/25/37(6) 3,285,753 431,134 Trust 214, Cl. 2, 32.702%, 3/1/23(6) 480,142 104,774 Trust 221, Cl. 2, 29.209%, 5/1/23(6) 54,153 11,351 Trust 254, Cl. 2, 22.876%, 1/1/24(6) 889,581 196,370 Trust 2682, Cl. TQ, 99.999%, 10/15/33(6) 720,233 127,160 Trust 2981, Cl. BS, 99.999%, 5/15/35(6) 1,273,584 219,031 Trust 301, Cl. 2, 0.137%, 4/1/29(6) 218,744 36,173 Trust 313, Cl. 2, 28.446%, 6/1/31(6) 2,366,297 450,870 Trust 319, Cl. 2, 3.775%, 2/1/32(6) 67,576 12,586 Trust 321, Cl. 2, 3.623%, 4/1/32(6) 276,527 51,615
5 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Trust 324, Cl. 2, 0%, 7/1/32(6,7) $ 293,341 $ 52,444 Trust 328, Cl. 2, 0%, 12/1/32(6,7) 3,719,568 686,510 Trust 331, Cl. 5, 0%, 2/1/33(6,7) 1,072,158 203,980 Trust 332, Cl. 2, 0%, 3/1/33(6,7) 6,787,825 1,212,847 Trust 334, Cl. 12, 0%, 2/1/33(6,7) 934,278 153,996 Trust 339, Cl. 15, 0%, 7/1/33(6,7) 2,637,133 435,589 Trust 345, Cl. 9, 0%, 1/1/34(6,7) 1,344,721 220,145 Trust 351, Cl. 10, 0%, 4/1/34(6,7) 561,538 89,867 Trust 351, Cl. 8, 0%, 4/1/34(6,7) 914,272 149,889 Trust 356, Cl. 10, 0%, 6/1/35(6,7) 771,926 122,859 Trust 356, Cl. 12, 0%, 2/1/35(6,7) 389,823 64,500 Trust 362, Cl. 13, 2.148%, 8/1/35(6) 453,530 72,245 -------------- 130,816,128 -------------- GNMA/GUARANTEED--0.7% Government National Mortgage Assn.: 3.125%, 12/9/25(1) 5,847 6,033 4.50%, 10/1/40(8) 10,090,000 10,616,577 7%, 3/29/28-7/29/28 258,916 295,704 7.50%, 3/1/27 13,969 15,972 8%, 11/29/25-5/29/26 96,503 111,220 Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/16/29 1,104,644 1,311,971 Series 2000-12,Cl. ZA, 8%, 2/16/30 2,540,454 3,017,165 Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 56.053%, 7/16/28(6) 138,906 30,798 Series 1998-6, Cl. SA, 74.856%, 3/16/28(6) 85,291 17,208 Series 2001-21, Cl. SB, 85.542%, 1/16/27(6) 637,672 122,105 Series 2006-47, Cl. SA, 75.083%, 8/16/36(6) 2,973,660 543,376 -------------- 16,088,129 -------------- NON-AGENCY--7.7% COMMERCIAL--3.2% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2007-1, Cl. AMFX, 5.482%, 1/1/49 4,159,386 3,856,547 Series 2008-1, Cl. AM, 6.382%, 2/10/51(1) 3,415,000 3,289,189 CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35 3,687,774 3,259,437 CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 5.329%, 12/20/35(1) 186,888 154,772 Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A4, 5.322%, 12/1/49 955,000 991,611 Deutsche Alt-A Securities, Inc., Mtg. Pass-Through Certificates, Series 2007-RS1, Cl. A2, 0.756%, 1/27/37(1,3) 1,459,553 399,553
6 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- COMMERCIAL CONTINUED Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates: Series 2006-AB2, Cl. A1, 5.888%, 6/25/36 $ 450,874 $ 432,793 Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 814,260 568,204 First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 694,264 545,789 First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.083%, 11/1/37(1) 4,212,432 3,487,514 GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2004-C3, Cl. A2, 4.433%, 7/10/39 340,641 344,529 GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 7.114%, 5/15/30(1) 1,567,000 1,566,486 GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2006-GG8, Cl. A4, 5.56%, 11/1/39 775,000 826,840 Indymac Index Mortgage Loan Trust 2005-AR31, Mtg. Pass-Through Certificates, Series 2005-AR31, Cl. 2 A2, 4.222%, 1/1/36(1) 266,101 11,280 JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2006-LDP9, Cl. A3, 5.336%, 5/1/47 1,235,000 1,286,753 Series 2007-CB18, Cl. A4, 5.44%, 6/1/47 2,315,000 2,430,960 Series 2007-CB18, Cl. AM, 5.466%, 6/1/47 6,400,000 5,852,061 Series 2007-LDP10, Cl. A3S, 5.317%, 4/1/13 1,405,000 1,463,395 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 990,000 1,012,944 Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49(3) 1,390,000 1,383,467 Series 2008-C2, Cl. A4, 6.068%, 2/1/51 7,075,000 7,197,012 Series 2008-C2, Cl. AM, 6.789%, 2/1/51(1) 4,990,000 3,296,601 JPMorgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 3A4, 5.686%, 4/1/36(1) 2,087,145 633,101 JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 5.765%, 1/1/37(1) 488,400 401,946 LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.324%, 4/11/41(1) 2,610,000 2,357,011 Lehman Structured Securities Corp., Mtg.-Backed Security, 6%, 5/1/29 106,978 16,950 Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 306,280 304,628 Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates, Series 2006-HQ10, Cl. AM, 5.36%, 11/1/41 8,500,000 8,262,915 RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 3.313%, 4/25/35(1) 129,233 25,090 Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36 859,084 512,294 STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.831%, 2/1/37(1) 11,380,424 9,097,519
7 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- COMMERCIAL CONTINUED Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. AJ, 6.155%, 5/1/46(1) $ 2,610,000 $ 1,744,705 WaMu Mortgage Pass-Through Certificates 2006-AR15 Trust, Mtg. Pass-Through Certificates, Series 2006-AR15, Cl. 1A, 1.226%, 11/1/46(1) 1,317,510 888,140 WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 3.047%, 4/1/47(1) 939,984 493,327 Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 2.961%, 11/1/34(1) 1,079,152 317,664 Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.853%, 2/1/35(1) 4,432,639 4,056,744 Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 1A3, 2.935%, 4/25/36(1) 2,851,224 2,719,800 -------------- 75,489,571 -------------- MANUFACTURED HOUSING--0.1% Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 4.577%, 3/25/36(1) 1,412,376 1,206,969 MULTIFAMILY--0.2% Merrill Lynch Mortgage Investors Trust 2005-A2, Mtg. Pass-Through Certificates, Series 2005-A2, Cl. A2, 2.799%, 2/1/35(1) 1,001,676 955,529 Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005-AR15, Cl. 1A2, 5.064%, 9/1/35(1) 549,185 527,589 Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 4.917%, 3/25/36(1) 3,978,373 3,583,176 -------------- 5,066,294 -------------- OTHER--0.1% Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A4, 5.444%, 3/1/39 2,315,000 2,444,586 -------------- RESIDENTIAL--4.1% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-4, Cl. AM, 6.001%, 8/1/17(1) 3,960,000 3,673,984 Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 3.018%, 5/1/34(1) 3,716,149 3,371,723
8 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- RESIDENTIAL CONTINUED Bear Stearns ARM Trust 2004-9, Mtg. Pass-Through Certificates, Series 2004-9, Cl. 23A1, 4.933%, 11/1/34(1) $ 1,310,103 $ 1,257,916 Chase Mortgage Finance Trust 2007-A1, Multiclass Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 9A1, 4.234%, 2/1/37(1) 1,799,657 1,828,637 CHL Mortgage Pass-Through Trust 2005-31, Mtg. Pass-Through Certificates, Series 2005-31, Cl. 2A4, 5.331%, 1/1/36(1) 1,164,949 279,023 CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35 2,110,000 1,718,098 CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36 1,220,407 1,115,279 CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 3.84%, 6/1/47(1) 2,341,343 1,570,641 CHL Mortgage Pass-Through Trust 2007-HY4, Mtg. Pass-Through Certificates: Series 2007-HY4, Cl. 1A2, 5.89%, 9/1/47(1) 2,944,881 401,021 Series 2007-HY4, Cl. 2A2, 6.095%, 11/1/37(1) 627,934 117,411 Series 2007-HY4, Cl. 3A2, 6.184%, 11/1/37(1) 751,514 124,234 CHL Mortgage Pass-Through Trust 2007-HY5, Mtg. Pass-Through Certificates: Series 2007-HY5, Cl. 1A2, 5.792%, 9/1/37(1) 3,330,439 727,749 Series 2007-HY5, Cl. 2A2, 5.826%, 9/1/37(1) 831,982 124,371 Series 2007-HY5, Cl. 3A2, 5.976%, 9/1/37(1) 2,305,728 449,949 Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 4.954%, 5/1/35(1) 3,038,785 2,678,261 Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 5.156%, 8/1/35(1) 5,919,372 4,291,275 Citigroup Mortgage Loan Trust, Inc. 2006-AR1, Mtg. Pass-Through Certificates, Series 2006-AR1, Cl. 3A2, 5.50%, 3/1/36(1) 3,182,491 352,219 Citigroup Mortgage Loan Trust, Inc. 2006-AR2, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 1AB, 5.591%, 3/1/36 2,959,641 386,704 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 5,050,473 CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 2A1, 5.50%, 10/1/21 1,978,737 1,719,140 Countrywide Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl.1A10, 6%, 2/1/37 11,591,248 7,779,332 GSR Mortgage Loan Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 2A1, 2.879%, 5/1/34(1) 2,879,553 2,508,406 GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 4A1, 5.318%, 11/1/35(1) 3,815,729 3,231,268 GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36 1,892,001 1,805,262 JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36 327,722 293,468 JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A3, 5.982%, 5/1/37(1) 1,337,500 384,053
9 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- RESIDENTIAL CONTINUED LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.374%, 9/11/45(1) $ 10,430,000 $ 9,427,560 Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 6.067%, 10/25/36(1) 2,140,802 2,017,512 RALI Series 2006-QS13 Trust: Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36 2,326,601 1,421,135 Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 46,506 30,777 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37 1,113,423 682,201 Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35 3,720,000 3,057,728 Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35 5,209,087 4,278,640 RFMSI Series 2007-SA3, Mtg. Pass-Through Certificates, Series 2007-SA3, Cl. 2A2, 5.703%, 7/1/37(1) 292,457 3,987 WaMu Mortgage Pass-Through Certificates 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2005-AR12, Cl. 1A8, 2.803%, 10/1/35(1) 2,787,964 2,521,868 WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 5.837%, 9/1/36(1) 2,256,454 2,043,724 WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates: Series 2007-HY1, Cl. 4A1, 5.241%, 2/1/37(1) 16,002,068 12,065,591 Series 2007-HY1, Cl. 5A1, 5.567%, 2/1/37(1) 9,561,795 7,054,673 WaMu Mortgage Pass-Through Certificates 2007-HY7 Trust, Mtg. Pass-Through Certificates, Series 2007-HY7, Cl. 2A1, 5.665%, 7/1/37(1) 2,562,552 1,750,974 Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust, Mtg. Pass-Through Certificates, Series 2005-AR16, Cl. 2A1, 2.999%, 10/1/35(1) 1,749,092 1,683,216 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates: Series 2006-AR10, Cl. 3A2, 2.886%, 7/1/36(1) 672,484 267,908 Series 2006-AR10, Cl. 4A2, 5.468%, 7/1/36(1) 2,252,812 362,786 Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 3.424%, 4/1/36(1) 1,950,907 1,728,438 -------------- 97,638,615 -------------- Total Mortgage-Backed Obligations (Cost $338,807,820) 328,750,292 -------------- U.S. GOVERNMENT OBLIGATIONS--3.3% Federal Home Loan Mortgage Corp. Nts.: 1.125%, 7/27/12 17,545,000 17,756,505 5%, 2/16/17 6,500,000 7,646,717 5.125%, 11/17/17 4,000,000 4,753,688
10 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- Federal National Mortgage Assn. Nts.: 1.125%, 7/30/12 $ 16,180,000 $ 16,364,630 4.375%, 10/15/15(9) 4,000,000 4,543,940 5.375%, 6/12/17 6,500,000 7,823,335 U.S. Treasury Bills, 0.215%, 12/2/10(10) 16,800,000 16,796,388 U.S. Treasury Bonds: STRIPS, 4.201%, 2/15/11(10,11) 900,000 899,357 STRIPS, 4.833%, 2/15/16(10,11) 2,116,000 1,952,658 -------------- Total U.S. Government Obligations (Cost $77,018,533) 78,537,218 -------------- FOREIGN GOVERNMENT OBLIGATIONS--23.6% ARGENTINA--0.7% Argentina (Republic of) Bonds: 2.50%, 12/31/38(1) 6,075,000 2,496,825 Series GDP, 2.724%, 12/15/35(1) 4,930,000 613,785 Series VII, 7%, 9/12/13 2,950,000 2,773,738 Argentina (Republic of) Sr. Unsec. Bonds, 0%, 12/15/35(1) 6,980,000 EUR 1,028,626 Argentina (Republic of) Sr. Unsec. Nts., 7%, 10/3/15 11,080,000 9,875,666 -------------- 16,788,640 -------------- AUSTRALIA--0.2% Australia (Commonwealth of) Sr. Unsec. Bonds: Series 119, 6.25%, 4/15/15 650,000 AUD 663,706 Series 120, 6%, 2/15/17 335,000 AUD 342,891 Queensland Treasury Corp. Sr. Unsec. Unsub. Nts., Series 16, 6%, 4/21/16 4,850,000 AUD 4,800,727 -------------- 5,807,324 -------------- AUSTRIA--0.1% Austria (Republic of) Bonds, 4.35%, 3/15/19(5) 625,000 EUR 960,524 Austria (Republic of) Sr. Unsec. Unsub. Bonds, Series 2, 4.65%, 1/15/18 685,000 EUR 1,068,577 -------------- 2,029,101 -------------- BELGIUM--0.1% Belgium (Kingdom of) Sr. Bonds, Series 40, 5.50%, 9/28/17 980,000 EUR 1,574,927 BELIZE--0.0% Belize (Government of) Unsec. Unsub. Bonds, 6%, 2/20/29(1,5) 830,000 726,250 BRAZIL--2.6% Brazil (Federal Republic of) Bonds, 7.125%, 1/20/37 560,000 739,200 Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.: 9.762%, 1/1/12 14,506,000 BRR 8,422,816 9.762%, 1/1/17 53,823,000 BRR 29,436,120 10%, 1/1/21 25,530,000 BRR 13,499,365 11.382%, 5/15/45 6,470,000 BRR 7,478,411 Brazil (Federal Republic of) Sr. Unsec. Unsub. Nts., 5.625%, 1/7/41 1,930,000 2,127,825 -------------- 61,703,737 --------------
11 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- CANADA--0.3% Canada (Government of) Nts.: 3%, 12/1/15 4,645,000 CAD $ 4,729,422 4%, 6/1/17 2,335,000 CAD 2,506,205 4.25%, 6/1/18 765,000 CAD 833,916 -------------- 8,069,543 -------------- COLOMBIA--0.9% Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28(5) 3,058,000,000 COP 2,374,310 Colombia (Republic of) Bonds: 7.375%, 9/18/37 1,445,000 1,911,013 12%, 10/22/15 6,763,000,000 COP 4,943,441 Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19 1,980,000 2,514,600 Colombia (Republic of) Sr. Unsec. Bonds, 6.125%, 1/18/41 3,050,000 3,507,500 Colombia (Republic of) Sr. Unsec. Unsub. Bonds, 7.75%, 4/14/21 4,866,000,000 COP 3,177,411 Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17 1,340,000 1,658,250 -------------- 20,086,525 -------------- DENMARK--0.0% Denmark (Kingdom of) Bonds: 4%, 11/15/17 1,165,000 DKK 240,163 4%, 11/15/19 4,065,000 DKK 846,893 -------------- 1,087,056 -------------- DOMINICAN REPUBLIC--0.1% Dominican Republic Bonds, 7.50%, 5/6/21(5) 1,700,000 1,923,550 EGYPT--0.9% Egypt (The Arab Republic of) Sr. Unsec. Unsub. Nts.: 5.75%, 4/29/20(5) 985,000 1,060,106 6.875%, 4/30/40(5) 1,075,000 1,214,750 Egypt (The Arab Republic of) Treasury Bills: 10.382%, 11/16/10(11) 7,150,000 EGP 1,241,579 Series 91, 10.111%, 10/19/10(11) 4,075,000 EGP 712,767 Series 182, 10.38%, 12/14/10(11) 12,000,000 EGP 2,069,520 Series 182, 10.031%, 1/18/11(11) 4,775,000 EGP 816,858 Series 182, 9.963%, 2/1/11(11) 11,950,000 EGP 2,034,365 Series 182, 9.819%, 3/22/11(11) 7,175,000 EGP 1,204,324 Series 273, 10.059%, 10/5/10(11) 11,900,000 EGP 2,088,457 Series 273, 9.526%, 11/30/10(11) 6,900,000 EGP 1,195,653 Series 273, 10.571%, 4/5/11(11) 2,900,000 EGP 484,664 Series 364, 10.438%, 12/21/10(11) 3,600,000 EGP 619,468 Series 364, 10.508%, 3/8/11(11) 4,400,000 EGP 741,369 Series 364, 10.046%, 5/10/11(11) 5,775,000 EGP 957,496 Series 364, 10.064%, 7/12/11(11) 11,725,000 EGP 1,907,497 Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/12(5) 11,815,000 EGP 2,087,808 -------------- 20,436,681 --------------
12 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- FINLAND--0.0% Finland (Republic of) Sr. Unsec. Unsub. Nts., 3.875%, 9/15/17 410,000 EUR $ 621,523 FRANCE--0.0% France (Government of) Bonds, 4%, 4/25/60 400,000 EUR 642,960 GERMANY--0.3% Germany (Federal Republic of) Bonds: 0.50%, 6/15/12 1,475,000 EUR 2,001,392 3.50%, 7/4/19 1,180,000 EUR 1,776,513 Series 07, 4.25%, 7/4/39 735,000 EUR 1,268,726 Series 157, 2.25%, 4/10/15 2,025,000 EUR 2,865,800 -------------- 7,912,431 -------------- GHANA--0.1% Ghana (Republic of) Bonds, 8.50%, 10/4/17(5) 2,475,000 2,846,250 GREECE--0.4% Hellenic Republic Bonds, 4.30%, 3/20/12 2,655,000 EUR 3,453,302 Hellenic Republic Sr. Unsec. Unsub. Bonds: 30 yr., 4.50%, 9/20/37 5,255,000 EUR 4,178,626 30 yr., 4.60%, 9/20/40 2,315,000 EUR 1,871,150 -------------- 9,503,078 -------------- HUNGARY--0.3% Hungary (Republic of) Bonds: Series 17/B, 6.75%, 2/24/17 743,700,000 HUF 3,698,275 Series 19/A, 6.50%, 6/24/19 675,000,000 HUF 3,273,348 -------------- 6,971,623 -------------- INDONESIA--0.8% Indonesia (Republic of) Nts.: 6.875%, 1/17/18(5) 5,325,000 6,483,188 7.25%, 4/20/15(5) 2,055,000 2,450,588 Indonesia (Republic of) Sr. Unsec. Nts.: 7.75%, 1/17/38(5) 2,540,000 3,498,850 10.375%, 5/4/14(5) 850,000 1,078,480 Indonesia (Republic of) Sr. Unsec. Unsub. Bonds: 5.875%, 3/13/20(5) 1,670,000 1,935,196 6.625% 2/17/37(5) 580,000 711,950 Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35(5) 2,030,000 2,979,025 -------------- 19,137,277 -------------- IRELAND--0.1% Ireland (Republic of) Bonds: 4.50%, 4/18/20 555,000 EUR 643,236 4.60%, 4/18/16 410,000 EUR 526,941 Ireland (Republic of) Sr. Unsub. Bonds., 4.50%, 10/18/18 365,000 EUR 439,867 -------------- 1,610,044 -------------- ISRAEL--0.8% Israel (State of) Bonds: 5%, 1/31/20 31,680,000 ILS 9,081,988
13 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- 6%, 2/28/19 29,640,000 ILS $ 9,144,668 -------------- 18,226,656 -------------- ITALY--0.5% Italy (Republic of) Bonds: 3.75%, 3/1/21 1,815,000 EUR 2,456,097 4%, 9/1/20 2,805,000 EUR 3,894,703 5%, 9/1/40 730,000 EUR 1,038,442 Italy (Republic of) Treasury Bonds, 3.75%, 12/15/13 2,895,000 EUR 4,106,437 -------------- 11,495,679 -------------- JAPAN--2.6% Japan (Government of) Bonds, 20 yr., Series 112, 2.10%, 6/20/29(8) 720,000,000 JPY 9,268,508 Japan (Government of) Sr. Unsec. Bonds: 2 yr., 0.20%, 1/15/12(8) 805,000,000 JPY 9,651,881 5 yr., 0.50%, 12/20/14(8) 1,341,000,000 JPY 16,256,942 10 yr., Series 308, 1.30%, 6/20/20(8) 909,000,000 JPY 11,306,706 Japan (Government of) Sr. Unsec. Unsub. Bonds: 5 yr., Series 91, 0.40%, 9/20/15 1,184,000,000 JPY 14,280,192 10 yr., Series 310, 1%, 9/20/20(8) 95,000,000 JPY 1,145,246 -------------- 61,909,475 -------------- KOREA, REPUBLIC OF SOUTH--1.2% Korea (Republic of) Sr. Unsec. Bonds, Series 2006, 5%, 6/10/20 11,491,000,000 KRW 10,807,697 Korea (Republic of) Sr. Unsec. Monetary Stabilization Bonds, 4.18%, 12/2/11 5,380,000,000 KRW 4,786,730 Korea (Republic of) Sr. Unsec. Unsub. Nts.: 5.125%, 12/7/16 1,635,000 1,841,141 7.125%, 4/16/19 2,535,000 3,240,146 Korea (Republic of) Treasury Bonds, Series 0475-1112, 4.75%, 12/10/11 9,180,000,000 KRW 8,221,238 -------------- 28,896,952 -------------- MALAYSIA--0.2% 1Malaysia Sukuk Global Bhd Sr. Unsec. Unsub. Nts., 3.928%, 6/4/15(5) 2,470,000 2,615,360 Malaysia (Government of) Bonds, Series 0110, 3.835%, 8/12/15 2,975,000 MYR 989,112 -------------- 3,604,472 -------------- MEXICO--1.9% United Mexican States Bonds: 5.625%, 1/15/17 4,170,000 4,791,330 Series M10, 7.25%, 12/15/16(1) 6,140,000 MXN 523,634 Series M20, 7.50%, 6/3/27(1) 129,280,000 MXN 11,122,780 Series M10, 7.75%, 12/14/17 6,430,000 MXN 563,674 Series M10, 8%, 12/17/15 44,000,000 MXN 3,848,972 Series M10, 8.50%, 12/13/18 45,520,000 MXN 4,187,122 Series M20, 10%, 12/5/24 181,400,000 MXN 19,188,455 -------------- 44,225,967 --------------
14 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- NEW ZEALAND--0.2% New Zealand (Government of) Sr. Unsec. Bonds, Series 415, 6%, 4/15/15 5,985,000 NZD $ 4,697,932 NORWAY--0.0% Norway (Kingdom of) Bonds, Series 471, 5%, 5/15/15 2,005,000 NOK 376,353 PANAMA--0.3% Panama (Republic of) Bonds: 7.25%, 3/15/15 3,120,000 3,744,000 8.875%, 9/30/27 110,000 160,325 9.375%, 4/1/29 1,100,000 1,672,000 Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26 1,175,000 1,498,125 -------------- 7,074,450 -------------- PERU--0.0% Peru (Republic of) Sr. Nts., 4.533%, 2/28/16(11) 363,871 308,526 PHILIPPINES--0.2% Philippines (Republic of the) Sr. Unsec. Unsub. Bonds, 6.375%, 10/23/34 2,320,000 2,714,400 Philippines (Republic of the) Sr. Unsec. Unsub. Nts., 4.95%, 1/31/21 40,000,000 PHP 935,851 -------------- 3,650,251 -------------- POLAND--1.4% Poland (Republic of) Bonds: 5.25%, 10/25/20 20,110,000 PLZ 6,848,047 Series 0414, 5.75%, 4/25/14 775,000 PLZ 273,414 Series 0415, 5.50%, 4/25/15 59,140,000 PLZ 20,645,950 Series 1015, 6.25%, 10/24/15 16,725,000 PLZ 6,029,924 -------------- 33,797,335 -------------- PORTUGAL--0.0% Portugal (Republic of) Bonds, 4.45%, 6/15/18 195,000 EUR 241,906 Portugal (Republic of) Sr. Unsec. Unsub. Bonds., 4.35%, 10/16/17 620,000 EUR 781,572 -------------- 1,023,478 -------------- QATAR--0.1% Qatar (State of) Sr. Nts., 5.25%, 1/20/20(5) 1,595,000 1,762,475 SOUTH AFRICA--1.7% South Africa (Republic of) Bonds: 5.50%, 3/9/20 1,900,000 2,132,750 Series R208, 6.75%, 3/31/21 33,370,000 ZAR 4,390,214 Series R207, 7.25%, 1/15/20 115,470,000 ZAR 15,898,439 Series R204, 8%, 12/21/18 44,800,000 ZAR 6,508,377 Series R186, 10.50%, 12/21/26 69,680,000 ZAR 12,272,137 -------------- 41,201,917 -------------- SPAIN--0.4% Spain (Kingdom of) Bonds, 5.50%, 7/30/17 2,800,000 EUR 4,240,614 Spain (Kingdom of) Sr. Unsub. Bonds, 4.10%, 7/30/18 3,885,000 EUR 5,391,461 -------------- 9,632,075 --------------
15 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- SRI LANKA--0.1% Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts., 6.25%, 10/4/20(3,8) $ 1,330,000 $ 1,341,638 SWEDEN--0.0% Sweden (Kingdom of) Bonds, Series 1051, 3.75%, 8/12/17 4,485,000 SEK 726,008 THE NETHERLANDS--0.1% Netherlands (Kingdom of the) Bonds, 4%, 7/15/18 585,000 EUR 896,113 Netherlands (Kingdom of the) Nts., 4.50%, 7/15/17 345,000 EUR 541,294 -------------- 1,437,407 -------------- TURKEY--2.1% Turkey (Republic of) Bonds: 6.75%, 4/3/18 3,440,000 4,042,000 7%, 9/26/16 2,130,000 2,524,050 7%, 3/11/19 1,360,000 1,625,200 10.50%, 1/15/20(1) 8,430,000 TRY 6,434,843 11%, 8/6/14 21,440,000 TRY 16,036,981 16%, 3/7/12(1) 5,345,000 TRY 4,093,135 Series CPI, 14.047%, 8/14/13(1) 6,930,000 TRY 6,997,498 Turkey (Republic of) Nts., 7.50%, 7/14/17 1,780,000 2,167,150 Turkey (Republic of) Sr. Unsec. Nts., 7.50%, 11/7/19 2,120,000 2,618,200 Turkey (Republic of) Unsec. Nts.: 6.75%, 5/30/40 1,150,000 1,316,911 7.25%, 3/5/38 1,180,000 1,418,950 -------------- 49,274,918 -------------- UKRAINE--0.3% Ukraine (Republic of) Bonds, 7.75%, 9/23/20(5) 2,010,000 2,027,588 Ukraine (Republic of) Sr. Unsec. Nts., 6.75%, 11/14/17(5) 510,000 501,381 Ukraine (Republic of) Sr. Unsec. Unsub. Bonds, 6.58%, 11/21/16(5) 55,000 53,877 Ukraine (Republic of) Unsec. Bonds, 6.385%, 6/26/12(5) 3,650,000 3,723,000 -------------- 6,305,846 -------------- UNITED KINGDOM--0.4% United Kingdom Treasury Bonds: 2.25%, 3/7/14 1,495,000 GBP 2,430,766 4.75%, 3/7/20 2,030,000 GBP 3,661,156 4.75%, 12/7/38 1,440,000 GBP 2,597,981 -------------- 8,689,903 -------------- URUGUAY--0.4% Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36 2,325,000 3,010,875 Uruguay (Oriental Republic of) Sr. Nts., 6.875%, 9/28/25 1,950,000 2,354,625 Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22 3,475,000 4,482,750 -------------- 9,848,250 -------------- VENEZUELA--0.8% Venezuela (Republic of) Bonds: 9%, 5/7/23 2,145,000 1,469,325
16 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- 9.25%, 9/15/27 $ 1,280,000 $ 944,000 Venezuela (Republic of) Nts.: 8.25%, 10/13/24 390,000 252,525 8.50%, 10/8/14 2,690,000 2,273,050 Venezuela (Republic of) Sr. Unsec. Unsub. Nts., 7.75%, 10/13/19 2,790,000 1,897,200 Venezuela (Republic of) Unsec. Bonds: 7%, 3/31/38 2,345,000 1,336,650 7.65%, 4/21/25 6,935,000 4,247,688 9.375%, 1/13/34 2,040,000 1,397,400 Venezuela (Republic of) Unsec. Nts., 13.625%, 8/15/18(5) 5,465,000 5,123,438 -------------- 18,941,276 -------------- Total Foreign Government Obligations (Cost $511,454,337) 557,927,759 -------------- LOAN PARTICIPATIONS--0.4% Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan: Tranche 3L, 3.565%, 10/19/15(1,8,12) 2,382,800 1,351,388 Tranche B, 10/19/15(8,12,13) 525,000 297,750 Tranche B, 3.565%, 10/19/15(1,12) 3,037,171 1,722,510 Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 12.50%, 7/20/15 5,395,000 5,850,203 Reynolds Group Holding Ltd., Sr. Sec. Credit Facilities Term Loan, Tranche B, 0.75%, 11/1/11(1) 1,920,000 -- -------------- Total Loan Participations (Cost $8,390,702) 9,221,851 -------------- CORPORATE BONDS AND NOTES--31.1% CONSUMER DISCRETIONARY--5.2% AUTO COMPONENTS--0.6% Allison Transmission, Inc., 11% Sr. Nts., 11/1/15(5) 3,075,000 3,351,750 Goodyear Tire & Rubber Co. (The), 8.25% Sr. Unsec. Unsub. Nts., 8/15/20 2,390,000 2,527,425 Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/17(5) 5,575,000 5,658,625 Visteon Corp.: 7% Sr. Unsec. Nts., 3/10/14(2,4) 1,875,000 1,921,875 8.25% Sr. Unsec. Nts., 8/1/10(2,4) 580,000 594,500 -------------- 14,054,175 -------------- HOTELS, RESTAURANTS & LEISURE--1.4% CCM Merger, Inc., 8% Unsec. Nts., 8/1/13(5) 875,000 805,000 Grupo Posadas SAB de CV, 9.25% Sr. Unsec. Nts., 1/15/15(5) 1,110,000 1,066,155 Harrah's Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18 8,822,000 7,090,683 Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14 2,890,000 2,629,900 Landry's Restaurants, Inc., 11.625% Sr. Sec. Nts., 12/1/15 2,500,000 2,650,000 Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15(2,5) 6,335,000 981,925 MGM Mirage, Inc.: 5.875% Sr. Nts., 2/27/14 1,885,000 1,621,100 6.75% Sr. Unsec. Nts., 4/1/13 4,290,000 4,005,788
17 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- HOTELS, RESTAURANTS & LEISURE CONTINUED Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 $ 1,230,000 $ 979,388 8% Sr. Sub. Nts., 4/1/12 2,630,000 2,011,950 11.50% Sr. Sec. Nts., 11/1/17(5) 2,960,000 2,664,000 Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/19 1,185,000 1,264,988 Pinnacle Entertainment, Inc.: 8.625% Sr. Unsec. Nts., 8/1/17 455,000 485,144 8.75% Sr. Unsec. Sub. Nts., 5/15/20 1,030,000 1,019,700 Premier Cruise Ltd., 11% Sr. Nts., 3/15/08(2,4,5) 250,000 -- Snoqualmie Entertainment Authority, 9.125% Sr. Sec. Nts., 2/1/15(5) 295,000 261,075 Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14(2,4) 10,465,000 1,047 Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16 2,545,000 2,735,875 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 7.75% Sec. Nts., 8/15/20(5) 1,340,000 1,420,400 -------------- 33,694,118 -------------- HOUSEHOLD DURABLES--0.4% Beazer Homes USA, Inc.: 6.50% Sr. Unsec. Nts., 11/15/13 2,110,000 2,046,700 6.875% Sr. Unsec. Nts., 7/15/15 2,910,000 2,659,013 K. Hovnanian Enterprises, Inc.: 7.75% Sr. Unsec. Sub. Nts., 5/15/13 800,000 711,000 8.875% Sr. Sub. Nts., 4/1/12 2,245,000 2,166,425 Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Luxembourg SA, 8.50% Sr. Nts., 5/15/18(5) 1,350,000 1,326,375 -------------- 8,909,513 -------------- LEISURE EQUIPMENT & PRODUCTS--0.6% Colt Defense LLC/Colt Finance Corp., 8.75% Sr. Unsec. Nts., 11/15/17(5) 3,550,000 2,627,000 Eastman Kodak Co., 9.75% Sr. Sec. Nts., 3/1/18(5) 11,090,000 10,812,750 -------------- 13,439,750 -------------- MEDIA--1.7% AMC Entertainment, Inc.: 8% Sr. Unsec. Sub. Nts., 3/1/14 2,190,000 2,220,113 11% Sr. Unsec. Unsub. Nts., 2/1/16 1,685,000 1,807,163 American Media Operations, Inc.: 9% Sr. Unsec. Nts., 5/1/13(3,12) 322 328 9.17% Sr. Sub. Nts., 11/1/13(5,12) 6,592,843 4,326,553 Belo (A.H.) Corp.: 7.25% Sr. Unsec. Unsub. Bonds, 9/15/27 465,000 398,738 7.75% Sr. Unsec. Unsub. Debs., 6/1/27 3,020,000 2,680,250 CCO Holdings LLC/CCO Holdings Capital Corp., 7.25% Sr. Unsec. Nts., 10/30/17(5) 1,500,000 1,528,125 Cengage Learning Acquisitions, Inc., 10.50% Sr. Nts., 1/15/15(5) 5,145,000 5,138,569 Cequel Communications Holdings I LLC, 8.625% Sr. Unsec. Nts., 11/15/17(5) 1,365,000 1,446,900 Clear Channel Communications, Inc.: 4.40% Sr. Unsec. Unsub. Nts., 5/15/11 485,000 474,694
18 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- MEDIA CONTINUED 10.75% Sr. Unsec. Unsub. Nts., 8/1/16 $ 3,610,000 $ 2,833,850 Entravison Communications Corp., 8.75% Sr. Sec. Nts., 8/1/17(5) 640,000 656,000 Fisher Communications, Inc., 8.625% Sr. Unsec. Nts., 9/15/14 670,000 666,650 Gray Television, Inc., 10.50% Sr. Sec. Nts., 6/29/15 5,095,000 5,114,106 Interactive Data Corp., 10.25% Sr. Nts., 8/1/18(3) 965,000 1,004,208 Media General, Inc., 11.75% Sr. Sec. Nts., 2/15/17 2,705,000 2,941,688 MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14(2,4) 1,330,000 133 6.875% Sr. Unsec. Sub. Nts., 10/1/13(2,4) 2,870,000 287 Nexstar Broadcasting, Inc., 8.875% Sr. Sec. Nts., 4/15/17(5) 1,270,000 1,330,325 Radio One, Inc., 6.375% Sr. Unsec. Sub. Nts., 2/15/13(2) 705,000 596,606 Sinclair Television Group, Inc., 8.375% Sr. Nts., 10/15/18(3,8) 1,505,000 1,516,288 Umbrella Acquisition, Inc., 9.135% Sr. Unsec. Unsub. Nts., 3/15/15(5,12) 3,380,275 3,253,515 Visant Corp., 10% Sr. Sec. Nts., 10/1/17(5) 600,000 628,500 -------------- 40,563,589 -------------- MULTILINE RETAIL--0.1% Bon-Ton Stores, Inc. (The), 10.25% Sr. Unsec. Unsub. Nts., 3/15/14 3,735,000 3,697,650 SPECIALTY RETAIL--0.4% Burlington Coat Factory Warehouse Corp., 11.125% Sr. Unsec. Nts., 4/15/14 6,565,000 6,893,250 Toys R Us, Inc., 7.375% Sr. Unsec. Unsub. Bonds, 10/15/18 1,660,000 1,593,600 -------------- 8,486,850 -------------- CONSUMER STAPLES--0.6% BEVERAGES--0.1% AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/17(1) 2,400,000 BRR 1,393,617 FOOD & STAPLES RETAILING--0.0% Real Time Data Co., 11% Nts., 5/31/09(2,3,4,12) 142,981 -- FOOD PRODUCTS--0.5% American Seafoods Group LLC, 10.75% Sr. Sub. Nts., 5/15/16(5) 3,850,000 3,946,250 ASG Consolidated LLC, 13.65% Sr. Nts., 5/15/17(4,5,12) 4,025,000 3,662,750 MHP SA, 10.25% Sr. Unsec. Nts., 4/29/15(5) 1,493,000 1,574,219 Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/15(3) 2,540,000 2,705,100 -------------- 11,888,319 -------------- PERSONAL PRODUCTS--0.0% NBTY, Inc., 9% Sr. Nts., 10/1/18(5,8) 300,000 316,500 ENERGY--5.9% ENERGY EQUIPMENT & SERVICES--0.4% Gibson Energy ULC/GEP Midstream Finance Corp., 10% Sr. Unsec. Nts., 1/15/18 565,000 559,350 PHI, Inc., 8.625% Sr. Unsec. Nts., 10/15/18(5) 2,995,000 2,957,563 Thermon Industries, Inc., 9.50% Sr. Sec. Nts., 5/1/17(5) 2,440,000 2,562,000 Vantage Drilling Co., 11.50% Sr. Sec. Nts., 8/1/15(5) 2,565,000 2,706,075 -------------- 8,784,988 --------------
19 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- OIL, GAS & CONSUMABLE FUELS--5.5% Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/15(5) $ 1,500,000 $ 1,578,750 Alon Refining Krotz Springs, Inc., 13.50% Sr. Sec. Nts., 10/15/14 2,490,000 2,437,088 Antero Resources Finance Corp., 9.375% Sr. Unsec. Nts., 12/1/17 3,075,000 3,282,563 Atlas Energy Resources LLC, 10.75% Sr. Unsec. Nts., 2/1/18 4,740,000 5,273,250 Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 2,285,000 2,319,275 ATP Oil & Gas Corp., 11.875% Sr. Sec. Nts., 5/1/15(5) 5,940,000 5,152,950 Berry Petroleum Co., 8.25% Sr. Sub. Nts., 11/1/16 1,475,000 1,519,250 Bill Barrett Corp., 9.875% Sr. Nts., 7/15/16 2,365,000 2,595,588 Brigham Exploration Co., 8.75% Sr. Unsec. Nts., 10/1/18(5) 490,000 507,150 Chaparral Energy, Inc.: 8.875% Sr. Unsec. Nts., 2/1/17 2,680,000 2,619,700 9.875% Sr. Nts., 10/1/20(3) 2,715,000 2,769,300 Cloud Peak Energy Resources LLC, 8.25% Sr. Unsec. Unsub. Nts., 12/15/17 665,000 705,731 Continental Resources, Inc., 7.125% Sr. Nts., 4/1/21(5,8) 455,000 475,475 Crosstex Energy LP/Crosstex Energy Finance Corp., 8.875% Sr. Unsec. Nts., 2/15/18 1,285,000 1,352,463 Empresa Nacional del Petroleo, 5.25% Unsec. Nts., 8/10/20(5) 815,000 839,008 Energy Transfer Equity LP, 7.50% Sr. Unsec. Nts., 10/15/20 755,000 798,413 Gaz Capital SA: 6.212% Sr. Unsec. Unsub. Nts., 11/22/16(5) 1,910,000 2,038,925 7.288% Sr. Sec. Nts., 8/16/37(5) 6,980,000 7,809,224 8.125% Nts., 7/31/14(5) 1,530,000 1,742,364 8.146% Sr. Sec. Nts., 4/11/18(5) 2,680,000 3,149,000 8.625% Sr. Sec. Nts., 4/28/34(5) 1,680,000 2,148,384 9.25% Sr. Unsec. Unsub. Nts., 4/23/19(5) 4,400,000 5,500,000 Kazmunaigaz Finance Sub BV: 9.125% Nts., 7/2/18(5) 3,580,000 4,394,450 11.75% Sr. Unsec. Nts., 1/23/15(5) 12,945,000 16,440,150 KMG Finance Sub BV, 7% Sr. Unsec. Nts., 5/5/20(5) 1,150,000 1,273,625 Linn Energy LLC, 8.625% Sr. Unsec. Nts., 4/15/20(5) 5,100,000 5,431,500 Lukoil International Finance BV: 6.656% Sr. Unsec. Unsub. Bonds, 6/7/22(5) 610,000 631,350 7.25% Sr. Unsec. Unsub. Nts., 11/5/19(3) 595,000 651,525 Murray Energy Corp., 10.25% Sr. Sec. Nts., 10/15/15(5) 5,085,000 5,301,113 Nak Naftogaz Ukraine, 9.50% Unsec. Nts., 9/30/14 4,360,000 4,737,576 OPTI Canada, Inc., 9.75% Sr. Sec. Nts., 8/15/13(5) 1,590,000 1,621,800 Pan American Energy LLC, 7.875% Sr. Unsec. Nts., 5/7/21(5) 2,270,000 2,377,825 Pemex Project Funding Master Trust, 6.625% Sr. Unsec. Unsub. Nts., 6/15/38 1,510,000 1,633,343 Petrobras International Finance Co.: 5.75% Sr. Unsec. Unsub. Nts., 1/20/20 1,120,000 1,245,310 5.875% Sr. Unsec. Nts., 3/1/18 680,000 758,920 7.875% Sr. Unsec. Nts., 3/15/19 3,040,000 3,805,901 Petroleos de Venezuela SA, 5.25% Sr. Unsec. Unsub. Nts., 4/12/17 860,000 500,950
20 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- OIL, GAS & CONSUMABLE FUELS CONTINUED Petroleos Mexicanos: 5.50% Bonds, 1/21/21(5) $ 1,650,000 $ 1,765,500 6% Sr. Unsec. Nts., 3/5/20(5) 1,380,000 1,531,800 8% Unsec. Unsub. Nts., 5/3/19 940,000 1,170,300 Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/19(5) 2,380,000 2,927,400 Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11(5) 541,711 540,789 PT Adaro Indonesia, 7.625% Nts., 10/22/19(5) 2,060,000 2,255,700 Quicksilver Resources, Inc., 11.75% Sr. Nts., 1/1/16 2,260,000 2,661,150 Range Resources Corp.: 7.50% Sr. Unsec. Unsub. Nts., 10/1/17 1,020,000 1,091,400 8% Sr. Unsec. Sub. Nts., 5/15/19 2,530,000 2,776,675 SandRidge Energy, Inc.: 8.75% Sr. Nts., 1/15/20(5) 2,925,000 2,910,375 9.875% Sr. Unsec. Nts., 5/15/16(5) 1,290,000 1,338,375 Tengizchevroil LLP, 6.124% Nts., 11/15/14(5) 1,201,464 1,276,555 Whiting Petroleum Corp., 6.50% Sr. Unsec. Sub. Nts., 10/1/18 600,000 612,780 -------------- 130,277,988 -------------- FINANCIALS--4.4% CAPITAL MARKETS--0.6% American General Finance, 6.90% Nts., Series J, 12/15/17 3,375,000 2,835,000 Banco de Credito del Peru, 9.75% Jr. Sub. Nts., 11/6/69(5) 800,000 960,000 Berry Plastics Holding Corp., 10.25% Sr. Unsec. Sub. Nts., 3/1/16 1,230,000 1,150,050 Credit Suisse First Boston International, Export-Import Bank of Ukraine, 7.65% Sr. Sec. Bonds, 9/7/11 700,000 711,375 FoxCo Acquisition Sub LLC, 13.375% Sr. Nts., 7/15/16(5) 165,000 170,775 Graham Packaging Co. LP, 8.50% Sr. Nts., 1/1/17(5) 650,000 663,000 Graham Packaging Co. LP/GPC Capital Corp., 8.25% Sr. Unsec. Nts., 10/1/18(5) 450,000 459,563 Nationstar Mortgage LLC/Nationstar Capital Corp., 10.875% Sr. Nts., 4/1/15(5) 6,015,000 5,067,638 Pinafore LLC/Pinafore, Inc., 9% Sr. Sec. Nts., 10/1/18(3) 3,005,000 3,147,738 -------------- 15,165,139 -------------- COMMERCIAL BANKS--2.2% Akbank TAS, 5.125% Sr. Unsec. Nts., 7/22/15(5) 2,050,000 2,052,255 Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/17(5) 1,610,000 1,626,100 Banco BMG SA: 9.15% Nts., 1/15/16(5) 2,660,000 2,928,926 9.95% Unsec. Unsub. Nts., 11/5/19(5) 1,150,000 1,308,125 Banco Cruzeiro do Sul SA, 8.875% Sub. Nts., 9/22/20(3) 800,000 839,000 Banco de Credito del Peru: 5.375% Sr. Nts., 9/16/20(3) 1,200,000 1,218,000 6.95% Sub. Nts., 11/7/21(1,5) 1,510,000 1,459,113 Banco do Brasil SA: 5.375% Unsec. Sub. Nts., 1/15/21(3,8) 1,410,000 1,411,763
21 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- COMMERCIAL BANKS CONTINUED 8.50% Jr. Sub. Perpetual Bonds(5,14) $ 1,500,000 $ 1,770,000 Banco PanAmericano SA, 8.50% Sr. Unsec. Sub. Nts., 4/23/20(5) 900,000 996,750 Bank of Scotland plc: 4.375% Sr. Sec. Nts., 7/13/16 2,125,000 EUR 3,048,460 4.50% Sr. Sec. Nts., 7/13/21 1,454,000 EUR 2,071,683 CIT Group, Inc., 7% Sr. Sec. Bonds, 5/1/17 5,635,000 5,543,431 HSBK Europe BV: 7.25% Unsec. Unsub. Nts., 5/3/17(5) 710,000 731,300 9.25% Sr. Nts., 10/16/13(5) 8,420,000 9,346,200 ICICI Bank Ltd.: 5.50% Sr. Unsec. Nts., 3/25/15(5) 3,050,000 3,222,188 6.375% Bonds, 4/30/22(1,5) 3,060,000 3,083,608 Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/04(2,4,5) 90,000 -- Salisbury International Investments Ltd., 4.671% Sec. Nts., Series 2006-003, Tranche E, 7/20/11(1,3) 1,100,000 1,033,230 TransCapitalInvest Ltd. for OJSC AK Transneft, 8.70% Sec. Nts., 8/7/18(5) 750,000 924,554 UK SPV Credit Finance plc, 8% Sr. Sec. Nts., 2/6/12(5) 1,240,000 1,233,800 VEB Finance Ltd., 6.902% Sr. Unsec. Unsub. Nts., 7/9/20(5) 3,530,000 3,869,586 VTB Capital SA: 6.465% Sr. Sec. Unsub. Nts., 3/4/15(5) 2,350,000 2,444,000 6.875% Sr. Sec. Nts., 5/29/18(5) 705,000 746,454 -------------- 52,908,526 -------------- CONSUMER FINANCE--0.2% JSC Astana Finance, 9.16% Nts., 3/14/12(2,4) 7,200,000 930,240 TMX Finance LLC/TitleMax Finance Corp., 13.25% Sr. Sec. Nts., 7/15/15(5) 2,410,000 2,641,963 -------------- 3,572,203 -------------- DIVERSIFIED FINANCIAL SERVICES--0.8% Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26(5) 2,809,723 2,486,604 BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17 440,000 EUR 628,584 Banco Invex SA, 28.62% Mtg.-Backed Certificates, Series 062U, 3/13/34(1,15) 4,830,734 MXN 1,378,993 BM&F BOVESPA SA, 5.50% Sr. Unsec. Nts., 7/16/20(5) 1,640,000 1,754,106 Cloverie plc, 4.541% Sec. Nts., Series 2005-93, 12/20/10(1) 1,100,000 1,051,930 GMAC LLC, 8% Sr. Unsec. Nts., 11/1/31 4,410,000 4,751,775 ING Groep NV, 5.775% Jr. Unsec. Sub. Perpetual Bonds(14) 740,000 667,850 JPMorgan Hipotecaria su Casita: 7.555% Sec. Nts., 8/26/35(3) 5,808,600 MXN 419,904 27.067% Mtg.-Backed Certificates, Series 06U, 9/25/35(1) 1,984,601 MXN 333,948 Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97(5,16) 6,360,000 3,878,792 TNK-BP Finance SA, 7.25% Sr. Unsec. Unsub. Bonds, 2/2/20(5) 900,000 986,625 -------------- 18,339,111 --------------
22 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- INSURANCE--0.1% International Lease Finance Corp.: 5.875% Unsec. Unsub. Nts., 5/1/13 $ 2,375,000 $ 2,386,875 8.875% Sr. Unsec. Nts., 9/1/17 295,000 320,075 -------------- 2,706,950 -------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.3% Realogy Corp., 10.50% Sr. Unsec. Nts., 4/15/14 4,515,000 3,860,325 Wallace Theater Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/13(1,3) 2,210,000 2,221,050 -------------- 6,081,375 -------------- THRIFTS & MORTGAGE FINANCE--0.2% Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16(5) 785,000 804,625 WM Covered Bond Program: 3.875% Sec. Nts., Series 1, 9/27/11 454,000 EUR 631,145 4% Sec. Mtg. Nts., Series 2, 9/27/16 2,805,000 EUR 3,983,973 4.375% Sec. Nts., 5/19/14 305,000 EUR 438,892 -------------- 5,858,635 -------------- HEALTH CARE--1.7% HEALTH CARE EQUIPMENT & SUPPLIES--0.3% Accellent, Inc., 10.50% Sr. Unsec. Sub. Nts., 12/1/13 1,615,000 1,639,225 Alere, Inc., 8.625% Sr. Sub. Nts., 10/1/18(5) 1,040,000 1,058,200 Biomet, Inc., 11.625% Sr. Unsec. Sub. Nts., 10/15/17 1,911,000 2,137,931 Inverness Medical Innovations, Inc., 7.875% Sr. Unsec. Unsub. Nts., 2/1/16 1,630,000 1,674,825 Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/15(12) 1,390,000 1,405,638 -------------- 7,915,819 -------------- HEALTH CARE PROVIDERS & SERVICES--1.2% Apria Healthcare Group, Inc.: 11.25% Sr. Sec. Nts., 11/1/14 1,535,000 1,696,175 12.375% Sr. Sec. Nts., 11/1/14 3,070,000 3,430,725 Capella Healthcare, Inc., 9.25% Sr. Unsec. Nts., 7/1/17(5) 405,000 434,363 Catalent Pharma Solutions, Inc., 10.224% Sr. Unsec. Nts., 4/15/15(12) 2,603,400 2,642,451 Gentiva Health Services, Inc., 11.50% Sr. Unsec. Unsub. Nts., 9/1/18(5) 2,405,000 2,579,363 HCA, Inc., 6.375% Nts., 1/15/15 2,260,000 2,265,650 HEALTHSOUTH Corp.: 7.25% Sr. Unsec. Nts., 10/1/18(8) 1,475,000 1,508,188 7.75% Sr. Unsec. Nts., 9/15/22(8) 1,030,000 1,040,300 10.75% Sr. Unsec. Nts., 6/15/16 1,135,000 1,249,919 inVentiv Health, Inc., 10% Sr. Unsec. Nts., 8/15/18(5) 1,120,000 1,115,800 LifePoint Hospitals, Inc., 6.625% Sr. Unsec. Nts., 10/1/20(5) 300,000 306,750 Multiplan, Inc., 9.875% Sr. Nts., 9/1/18(5) 1,920,000 2,011,200 OnCure Holdings, Inc., 11.75% Sr. Sec. Nts., 5/15/17(5) 1,095,000 1,012,875 Radiation Therapy Services, Inc., 9.875% Sr. Sub. Nts., 4/15/17(5) 1,065,000 1,057,013 UHS Escrow Corp., 7% Sr. Nts., 10/1/18(3) 300,000 309,000 US Oncology Holdings, Inc., 6.737% Sr. Unsec. Nts., 3/15/12(1,12) 1,934,000 1,842,135 US Oncology, Inc., 9.125% Sr. Sec. Nts., 8/15/17 1,305,000 1,389,825
23 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18 $ 1,595,000 $ 1,626,900 -------------- 27,518,632 -------------- PHARMACEUTICALS--0.2% Valeant Pharmaceuticals International: 6.75% Sr. Nts., 10/1/17(5) 150,000 153,375 7% Sr. Nts., 10/1/20(5) 150,000 153,750 Warner Chilcott Co. LLC, 7.75% Sr. Nts., 9/15/18(5) 3,340,000 3,448,550 -------------- 3,755,675 -------------- INDUSTRIALS--3.3% AEROSPACE & DEFENSE--0.4% BE Aerospace, Inc., 6.875% Sr. Nts., 1/1/20(8) 605,000 620,125 DynCorp International, Inc., 10.375% Sr. Unsec. Nts., 7/1/17(5) 4,230,000 4,230,000 Hawker Beechcraft Acquisition Co. LLC, 8.50% Sr. Unsec. Nts., 4/1/15 7,305,000 5,670,506 -------------- 10,520,631 -------------- AIRLINES--0.3% American Airlines, Inc., 10.50% Sr. Sec. Nts., 10/15/12(5) 760,000 824,600 Delta Air Lines, Inc., 12.25% Sr. Sec. Nts., 3/15/15(5) 4,585,000 5,089,350 United Air Lines, Inc., 12% Sr. Sec. 2nd Lien Nts., 11/1/13(5) 690,000 765,900 -------------- 6,679,850 -------------- BUILDING PRODUCTS--0.5% AMH Holdings, Inc., 11.25% Sr. Unsec. Nts., 3/1/14 5,255,000 5,517,750 Goodman Global Group, Inc., 11.901% Sr. Unsec. Nts., 12/15/14(11) 2,470,000 1,593,150 Ply Gem Industries, Inc., 13.125% Sr. Unsec. Sub. Nts., 7/15/14 3,915,000 4,007,981 -------------- 11,118,881 -------------- COMMERCIAL SERVICES & SUPPLIES--0.3% Affinion Group Holdings, Inc., 11.625% Sr. Nts., 11/15/15(3,8) 1,770,000 1,820,150 West Corp.: 8.625% Sr. Unsec. Nts., 10/1/18(3,8) 740,000 755,725 9.50% Sr. Unsec. Nts., 10/15/14 4,385,000 4,609,731 -------------- 7,185,606 -------------- CONSTRUCTION & ENGINEERING--0.3% IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24(5) 3,957,817 4,591,068 Odebrecht Finance Ltd.: 7% Sr. Unsec. Nts., 4/21/20(5) 780,000 838,500 9.625% Sr. Unsec. Nts., 4/9/14(3) 430,000 507,400 -------------- 5,936,968 -------------- INDUSTRIAL CONGLOMERATES--0.1% Sequa Corp., 11.75% Sr. Unsec. Nts., 12/1/15(5) 2,525,000 2,676,500 MACHINERY--0.4% ArvinMeritor, Inc., 10.625% Sr. Unsec. Nts., 3/15/18 2,580,000 2,870,250 Cleaver-Brooks, Inc., 12.25% Sr. Sec. Nts., 5/1/16(5) 2,540,000 2,632,075
24 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- MACHINERY CONTINUED Mueller Water Products, Inc., 8.75% Sr. Unsec. Unsub. Nts., 9/1/20(5) $ 400,000 $ 422,000 Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17 4,045,000 4,070,281 -------------- 9,994,606 -------------- MARINE--0.2% Marquette Transportation Co., 10.875% Sr. Sec. Nts., 1/15/17(5) 4,400,000 4,510,000 Navios Maritime Holdings, Inc., 8.875% Nts., 11/1/17(5) 1,240,000 1,314,400 -------------- 5,824,400 -------------- PROFESSIONAL SERVICES--0.2% Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15(5) 3,515,000 3,501,819 FTI Consulting, Inc., 6.75% Sr. Nts., 10/1/20(5) 1,505,000 1,523,813 TransUnion LLC/TransUnion Financing Corp., 11.375% Sr. Unsec. Nts., 6/15/18(5) 660,000 754,050 -------------- 5,779,682 -------------- ROAD & RAIL--0.4% Avis Budget Car Rental LLC: 7.625% Sr. Unsec. Unsub. Nts., 5/15/14 1,435,000 1,463,700 9.625% Sr. Unsec. Unsub. Nts., 3/15/18 360,000 382,500 Hertz Corp., 7.50% Sr. Unsec. Nts., 10/15/18(5) 4,445,000 4,467,225 Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/20(3,8) 785,000 814,928 Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/26(5) 1,445,520 1,257,602 Transnet Ltd., 10.80% Sr. Unsec. Nts., 11/6/23 10,000,000 ZAR 1,609,440 -------------- 9,995,395 -------------- TRADING COMPANIES & DISTRIBUTORS--0.2% Ashtead Capital, Inc., 9% Nts., 8/15/16(3) 1,060,000 1,102,400 Ashtead Holdings plc, 8.625% Sr. Sec. Nts., 8/1/15(5) 875,000 905,625 RSC Equipment Rental, Inc., 10% Sr. Sec. Nts., 7/15/17(5) 470,000 525,225 United Rentals North America, Inc., 9.25% Sr. Unsec. Unsub. Nts., 12/15/19 1,020,000 1,109,250 -------------- 3,642,500 -------------- INFORMATION TECHNOLOGY--1.6% COMPUTERS & PERIPHERALS--0.1% CDW LLC/CDW Finance Corp., 11% Sr. Unsec. Nts., 10/12/15(3) 1,295,000 1,295,000 ELECTRONIC EQUIPMENT & INSTRUMENTS--0.3% RBS Global, Inc./Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16 4,205,000 4,520,375 Sanmina-SCI Corp., 8.125% Sr. Sub. Nts., 3/1/16 2,480,000 2,554,400 -------------- 7,074,775 -------------- INTERNET SOFTWARE & SERVICES--0.2% Bankrate, Inc., 11.75% Sr. Sec. Nts., 7/15/15(5) 1,620,000 1,741,500 Telcordia Technologies, Inc., 11% Sr. Sec. Nts., 5/1/18(5) 2,690,000 2,653,013 -------------- 4,394,513 -------------- IT SERVICES--0.4% Ceridian Corp., 11.25% Sr. Unsec. Nts., 11/15/15 1,770,000 1,641,675
25 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- IT SERVICES CONTINUED First Data Corp.: 8.875% Sr. Sec. Nts., 8/15/20(5) $ 2,390,000 $ 2,491,575 9.875% Sr. Unsec. Nts., 9/24/15 6,510,000 5,354,475 -------------- 9,487,725 -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.6% Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 8/1/20(5) 1,340,000 1,390,250 Amkor Technology, Inc., 7.375% Sr. Unsec. Nts., 5/1/18(5) 1,445,000 1,470,288 Freescale Semiconductor, Inc.: 9.25% Sr. Sec. Nts., 4/15/18(5) 1,710,000 1,786,950 10.75% Sr. Unsec. Nts., 8/1/20(5) 4,430,000 4,463,225 NXP BV/NXP Funding LLC: 7.875% Sr. Sec. Nts., 10/15/14 1,765,000 1,835,600 9.50% Sr. Unsec. Unsub. Nts., 10/15/15 2,950,000 3,031,125 9.75% Sr. Sec. Nts., 8/1/18(5) 1,125,000 1,203,750 -------------- 15,181,188 -------------- MATERIALS--3.5% CHEMICALS--1.0% Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/18(5) 2,135,000 2,311,138 Braskem SA, 7% Sr. Unsec. Nts., 5/7/20(5) 1,150,000 1,220,438 Celanese US Holdings LLC, 6.625% Sr. Unsec. Nts., 10/15/18(5) 755,000 773,875 Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875% Sr. Sec. Nts., 2/1/18 5,435,000 5,353,475 Huntsman International LLC: 7.375% Sr. Unsub. Nts., 1/1/15 5,955,000 6,074,100 8.625% Sr. Sub. Nts., 3/15/21(5) 300,000 312,000 Momentive Performance Materials, Inc., 11.50% Sr. Unsec. Sub. Nts., 12/1/16 4,505,000 4,527,525 PolyOne Corp., 7.375% Sr. Unsec. Nts., 9/15/20 300,000 310,125 Rhodia SA, 6.875% Sr. Nts., 9/15/20(5) 1,920,000 1,968,000 Vertellus Specialties, Inc., 9.375% Sr. Sec. Nts., 10/1/15(5) 885,000 920,400 -------------- 23,771,076 -------------- CONSTRUCTION MATERIALS--0.1% CEMEX Espana SA, 9.25% Sr. Sec. Nts., 5/12/20(5) 872,000 821,860 CEMEX Finance LLC, 9.50% Sr. Sec. Bonds, 12/14/16(5) 1,275,000 1,289,280 Rearden G Holdings Eins GmbH, 7.875% Sr. Unsec. Nts., 3/30/20(5) 990,000 1,064,250 -------------- 3,175,390 -------------- CONTAINERS & PACKAGING--0.4% Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14 4,860,000 4,750,650 Cascades, Inc., 7.75% Sr. Unsec. Nts., 12/18/17 1,250,000 1,309,375 Jefferson Smurfit Corp. (Escrow): 7.50% Sr. Unsec. Unsub. Nts., 6/1/13(2,4) 920,000 37,950 8.25% Sr. Unsec. Nts., 10/1/12(2,4) 2,560,000 105,600 Smurfit-Stone Container Corp. (Escrow): 8% Sr. Unsec. Unsub. Nts., 3/15/17(2,4) 1,780,000 73,425 8.375% Sr. Nts., 7/1/12(2,4) 925,000 38,156
26 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- CONTAINERS & PACKAGING CONTINUED Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 $ 3,140,000 $ 2,716,100 -------------- 9,031,256 -------------- METALS & MINING--0.7% CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/19(5) 750,000 828,750 Edgen Murray Corp., 12.25% Sr. Sec. Nts., 1/15/15 3,340,000 2,429,850 Steel Capital SA for OAO Severstal, 9.75% Sec. Nts., 7/29/13(5) 3,790,000 4,199,320 Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/18(5) 7,715,000 8,370,775 -------------- 15,828,695 -------------- PAPER & FOREST PRODUCTS--1.3% ABI Escrow Corp., 10.25% Sr. Sec. Nts., 10/15/18(5,8) 2,255,000 2,305,738 Abitibi-Consolidated Co. of Canada: 6% Sr. Unsec. Unsub. Nts., 6/20/13(2,4) 2,020,000 267,650 7.75% Sr. Unsec. Bonds, 8/1/30(2,4) 1,890,000 250,425 8.375% Sr. Unsec. Sub. Nts., 4/1/15(2,4) 2,020,000 267,650 Abitibi-Consolidated, Inc., 8.85% Unsec. Bonds, 8/1/30(2,4) 1,010,000 131,300 Ainsworth Lumber Co. Ltd., 11% Sr. Unsec. Unsub. Nts., 7/29/15(4,5,12) 3,195,000 2,723,738 Appleton Papers, Inc., 10.50% Sr. Sec. Nts., 6/15/15(5) 5,630,000 5,306,275 Bowater Pulp & Paper Canada, Inc., 10.60% Sr. Unsec. Nts., 1/15/11(2,4) 2,760,000 621,000 Bowater, Inc.: 6.50% Sr. Unsec. Nts., 6/15/13(2,4) 3,280,000 906,100 9% Sr. Unsec. Nts., 8/1/09(2,4) 840,000 233,100 Catalyst Paper Corp., 11% Sr. Sec. Nts., 12/15/16(5) 3,611,000 2,951,993 Grupo Papelero Scribe SA, 8.875% Sr. Nts., 4/7/20(5) 1,315,000 1,282,125 NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/14 6,300,000 5,733,000 Suzano Trading Ltd., 5.875% Sr. Unsec. Nts., 1/23/21(5) 565,000 567,825 Verso Paper Holdings LLC: 9.125% Sr. Sec. Nts., 8/1/14 2,430,000 2,448,225 11.375% Sr. Unsec. Sub. Nts., Series B, 8/1/16 4,960,000 4,482,600 -------------- 30,478,744 -------------- TELECOMMUNICATION SERVICES--2.3% DIVERSIFIED TELECOMMUNICATION SERVICES--1.3% Axtel SAB de CV, 9% Sr. Unsec. Nts., 9/22/19(5) 2,490,000 2,309,475 Broadview Networks Holdings, Inc., 11.375% Sr. Sec. Nts., 9/1/12 1,485,000 1,462,725 Cincinnati Bell, Inc.: 8.25% Sr. Nts., 10/15/17 1,310,000 1,329,650 8.75% Sr. Unsec. Sub. Nts., 3/15/18 2,020,000 1,979,600 Global Crossing Ltd., 12% Sr. Sec. Nts., 9/15/15 2,620,000 2,973,700 Intelsat Bermuda Ltd.: 11.25% Sr. Unsec. Nts., 2/4/17 2,755,000 2,965,069 11.50% Sr. Unsec. Nts., 2/4/17(12) 1,381,250 1,503,836 Intelsat Jackson Holdings SA, 7.25% Sr. Unsec. Nts., 10/15/20(5) 755,000 762,550 Level 3 Financing, Inc., 9.25% Sr. Unsec. Unsub. Nts., 11/1/14 4,780,000 4,517,100 PAETEC Holding Corp., 9.50% Sr. Unsec. Unsub. Nts., 7/15/15 5,595,000 5,734,875
27 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/20(5) $ 4,162,000 $ 4,234,835 Windstream Corp., 8.125% Sr. Unsec. Unsub. Nts., 9/1/18(5) 1,295,000 1,346,800 Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10(2,4) 250,000 -- -------------- 31,120,215 -------------- WIRELESS TELECOMMUNICATION SERVICES--1.0% America Movil SAB de CV: 6.125% Sr. Unsec. Unsub. Nts., 3/30/40 1,720,000 1,923,013 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36 52,700,000 MXN 4,229,746 Cricket Communications, Inc., 9.375% Sr. Unsec. Nts., 11/1/14 5,550,000 5,772,000 MetroPCS Wireless, Inc., 7.875% Sr. Unsec. Nts., 9/1/18 5,365,000 5,552,775 MTS International Funding Ltd., 8.625% Sr. Unsec. Nts., 6/22/20(5) 1,650,000 1,897,500 Teligent, Inc., 11.50% Sr. Nts., 12/1/08(2,4) 500,000 -- VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18(5) 4,190,000 4,814,310 -------------- 24,189,344 -------------- UTILITIES--2.6% ELECTRIC UTILITIES--1.6% Centrais Eletricas Brasileiras SA, 6.875% Sr. Unsec. Unsub. Nts., 7/30/19(5) 1,350,000 1,599,750 Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17 3,935,000 2,862,713 Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/19(5) 1,435,000 1,722,000 Energy Future Intermediate Holding Co. LLC, 10% Sr. Sec. Nts., 12/1/20 2,817,000 2,809,366 Eskom Holdings Ltd.: 9.25% Bonds, Series ES18, 4/20/18 10,000,000 ZAR 1,545,896 10% Nts., Series ES23, 1/25/23 34,000,000 ZAR 5,396,019 Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19(5) 4,550,000 5,156,065 Majapahit Holding BV: 7.25% Nts., 10/17/11(5) 990,000 1,045,638 7.75% Nts., 10/17/16(5) 2,250,000 2,643,750 8% Sr. Unsec. Nts., 8/7/19(5) 1,150,000 1,397,250 National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16 109,600,000 PHP 2,523,185 Texas Competitive Electric Holdings Co. LLC: 10.25% Sr. Unsec. Nts., Series A, 11/1/15 10,405,000 6,867,300 10.25% Sr. Unsec. Nts., Series B, 11/1/15 1,520,000 1,003,200 TGI International Ltd., 9.50% Nts., 10/3/17(5) 1,442,000 1,643,880 -------------- 38,216,012 -------------- ENERGY TRADERS--1.0% Colbun SA, 6% Sr. Unsec. Nts., 1/21/20(5) 1,640,000 1,735,707 Dynegy Holdings, Inc., 8.375% Sr. Unsec. Nts., 5/1/16 3,215,000 2,523,775 Energy Future Holdings Corp., 10% Sr. Sec. Nts., 1/15/20(5) 3,100,000 3,092,690 Foresight Energy LLC, 9.625% Sr. Unsec. Nts., 8/15/17(5) 5,395,000 5,583,825 GenOn Escrow Corp.: 9.50% Sr. Unsec. Nts., 10/15/18(3,8) 1,505,000 1,456,088 9.875% Sr. Nts., 10/15/20(3,8) 1,500,000 1,443,750
28 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- ENERGY TRADERS CONTINUED Power Sector Assets & Liabilities Management Corp.: 7.25% Sr. Gtd. Unsec. Nts., 5/27/19(5) $ 1,280,000 $ 1,555,200 7.39% Sr. Gtd. Unsec. Nts., 12/2/24(5) 1,270,000 1,568,450 PT Cikarang Listindo/Listindo Capital BV, 9.25% Sr. Nts., 1/29/15(5) 1,150,000 1,305,678 United Maritime Group LLC, 11.75% Sr. Sec. Nts., 6/15/15 3,645,000 3,672,338 -------------- 23,937,501 -------------- Total Corporate Bonds and Notes (Cost $712,690,329) 735,865,575 --------------
SHARES --------------- PREFERRED STOCKS--0.5% Ally Financial, Inc., 7%, Non-Vtg.(5) 6,420 5,890,350 AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg.(4,12) 4,253 -- Citigroup Capital XIII, 7.875%(4) 11,793 300,957 Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg.(4) 5,000 -- Greektown Holdings LLC, Preferred(4) 45,600 4,833,600 ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg.(4,12) 151 -- -------------- Total Preferred Stocks (Cost $10,759,689) 11,024,907 -------------- COMMON STOCKS--0.9% American Media, Inc. (3,4) 1,562 -- Arco Capital Corp. Ltd. (3,4) 690,638 2,071,914 Charter Communications, Inc., Cl. A (4) 110,986 3,607,045 Dana Holding Corp. (4) 117,042 1,441,957 Global Aviation Holdings, Inc. (4) 1 1,000 Greektown Superholdings, Inc. (4) 3,450 305,325 Kaiser Aluminum Corp. 229 9,799 MHP SA, GDR (4,5) 56,610 857,642 Orbcomm, Inc. (4) 375 851 Premier Holdings Ltd. (4) 18,514 -- Smurfit-Stone Container Corp. (4) 279,168 5,128,316 Solutia, Inc. (4) 186,164 2,982,347 Sprint Nextel Corp. (4) 633,225 2,931,832 Visteon Corp.(4) 98,473 2,726,717 -------------- Total Common Stocks (Cost $30,607,608) 22,064,745 -------------- UNITS --------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% ASG Consolidated LLC/American Seafoods Group Wts., Strike Price $0.01, 5/15/18(4,5) 4,275 470,250 Global Aero Logistics, Inc. Wts., Strike Price $10, Exp. 2/28/11(4) 266 3 -------------- Total Rights, Warrants and Certificates (Cost $191,025) 470,253 --------------
29 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- STRUCTURED SECURITIES--7.8% Barclays Bank plc: Indonesia (Republic of) Total Return Linked Bonds, 10.50%, 8/19/30 10,440,000,000 IDR $ 1,405,540 Indonesia (Republic of) Total Return Linked Bonds, 10.50%, 8/19/30 13,870,000,000 IDR 1,867,322 Indonesia (Republic of) Total Return Linked Bonds, Series 22, 11%, 9/17/25 10,380,000,000 IDR 1,438,917 Indonesia (Republic of) Total Return Linked Nts., 10%, 9/18/24 9,240,000,000 IDR 1,205,538 Indonesia (Republic of) Total Return Linked Nts., 10%, 9/18/24 15,630,000,000 IDR 2,039,238 Indonesia (Republic of) Total Return Linked Nts., Series 51, 10.50%, 8/19/30 2,650,000,000 IDR 356,770 Indonesia (Republic of) Total Return Linked Nts., Series 51, 11%, 9/17/25 2,650,000,000 IDR 367,354 Citigroup Funding, Inc.: Ghana (Republic of) Credit Linked Bonds, Series 1, 13.95%, 12/15/10(1,3) 1,765,000 GHS 1,240,207 Indonesia (Republic of) Credit Linked Nts., 10%, 9/19/24 12,730,000,000 IDR 1,660,876 Indonesia (Republic of) Credit Linked Nts., Series 03, 10.50%, 8/19/30 6,700,000,000 IDR 902,023 Indonesia (Republic of) Credit Linked Nts., Series 23, 11%, 9/17/25 6,920,000,000 IDR 959,278 Indonesia (Republic of) Credit Linked Nts., Series 52, 10.50%, 8/19/30 7,370,000,000 IDR 992,225 Indonesia (Republic of) Total Return Linked Nts., 11%, 9/17/25 2,100,000,000 IDR 291,110 Indonesia (Republic of) Total Return Linked Nts., Series 53, 10.50%, 8/19/30 2,100,000,000 IDR 282,724 Instituto Costarricense De Eletricidad Total Return Linked Nts., 10/25/11(1) 1,960,000 1,960,000 Kenya (Republic of) Credit Linked Bonds, Series 5, 14%, 3/9/11 1,920,000 GHS 1,353,701 Ukraine (Republic of) Credit Linked Nts., 5.50%, 9/1/15(1) 19,540,000 UAH 2,010,779 Citigroup Global Markets Holdings, Inc.: Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18(3) 3,255,000,000 COP 2,210,466 Colombia (Republic of) Credit Linked Nts., 13.756%, 2/26/15(3,15) 2,199,000,000 COP 2,662,009 Colombia (Republic of) Credit Linked Nts., Series 01, 13.376%, 2/26/15(3,15) 811,000,000 COP 981,760 Colombia (Republic of) Credit Linked Nts., Series 02, 13.376%, 2/26/15(3,15) 1,345,000,000 COP 1,628,195 Colombia (Republic of) Total Return Linked Bonds, Series B, 9.25%, 5/15/14 6,412,000,000 COP 3,940,435 Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12(3) 49,300,000 DOP 1,395,123 Credit Suisse First Boston International: Moitk Total Return Linked Nts., 3/30/114, (20) 53,910,000 RUR 176 Russian Oreniz Total Return Linked Nts., 9.24%, 2/24/12(1) 105,151,500 RUR 3,025,042 Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/17 14,609,000,000 VND 298,295 Credit Suisse First Boston, Inc., (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 5/20/104, (20) 97,250,000 RUR 318
30 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- Credit Suisse Group AG, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/27/12 74,550,000 RUR $ 2,257,525 Credit Suisse International: OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(1) 44,460,000 RUR 1,625,694 OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(1) 41,550,000 RUR 1,519,289 OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(1) 30,880,000 RUR 1,129,137 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 1,600,253 MXN 121,591 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11 1,064,438 MXN 80,878 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.064%, 4/30/25(3,11) 2,592,659 1,704,760 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.103%, 4/30/25(3,11) 2,238,346 1,488,647 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.138%, 4/30/25(3,11) 2,000,799 1,326,066 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.191%, 4/30/25(3,11) 2,491,157 1,651,060 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.242%, 4/30/25(3,11) 2,843,277 1,884,434 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.269%, 4/30/25(3,11) 2,271,446 1,505,442 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.346%, 4/30/25(3,11) 2,135,063 1,415,052 Coriolanus Ltd. Sec. Credit Linked Nts., 10.343%, 12/31/17(3,15) 17,990,000 8,297,819 Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, 9%, 4/26/11(1,3) 655,000 BRR 720,828 Indonesia (Republic of) Credit Linked Nts., 10.50%, 8/23/30 40,660,000,000 IDR 5,488,212 Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/22/21 11,690,000,000 IDR 1,798,374 Indonesia (Republic of) Credit Linked Nts., Series 02, 12.80%, 6/22/21 14,700,000,000 IDR 2,250,194 Indonesia (Republic of) Credit Linked Nts., Series 03, 11%, 9/17/25 6,740,000,000 IDR 934,326 JSC Gazprom Total Return Linked Nts., 13.12%, 6/28/12(1) 45,990,000 RUR 1,681,789 JSC Gazprom Total Return Linked Nts., 13.12%, 6/28/12(1) 38,600,000 RUR 1,411,547 Opic Reforma I Credit Linked Nts., Cl. 1A, 7.899%, 9/24/14(1,3) 14,850,000 MXN 1,184,238 Opic Reforma I Credit Linked Nts., Cl. 1B, 7.899%, 9/24/14(1,3) 2,970,000 MXN 236,848 Opic Reforma I Credit Linked Nts., Cl. 1C, 7.899%, 9/24/14(1,3) 4,950,000 MXN 394,746 Opic Reforma I Credit Linked Nts., Cl. 1D, 7.899%, 9/24/14(1,3) 2,475,000 MXN 197,373 Opic Reforma I Credit Linked Nts., Cl. 1E, 7.899%, 9/24/14(1,3) 3,465,000 MXN 276,322 Opic Reforma I Credit Linked Nts., Cl. 2A, 8.41%, 5/22/15(1,3) 1,417,014 MXN 113,002 Opic Reforma I Credit Linked Nts., Cl. 2B, 8.41%, 5/22/15(1,3) 2,479,100 MXN 197,700 Opic Reforma I Credit Linked Nts., Cl. 2C, 8.41%, 5/22/15(1,3) 37,378,810 MXN 2,980,837 Opic Reforma I Credit Linked Nts., Cl. 2D, 8.41%, 5/22/15(1,3) 2,724,116 MXN 217,239 Opic Reforma I Credit Linked Nts., Cl. 2E, 8.41%, 5/22/15(1,3) 1,979,122 MXN 157,828 Opic Reforma I Credit Linked Nts., Cl. 2F, 8.41%, 5/22/15(1,3) 1,263,966 MXN 100,797 Opic Reforma I Credit Linked Nts., Cl. 2G, 8.41%, 5/22/15(1,3) 232,771 MXN 18,563 Ukraine (Republic of) 5.5 yr. Total Return Linked Nts., 4.05%, 3/1/11 885,000 795,907 Ukraine (Republic of) 6 yr. Total Return Linked Nts., 4.05%, 8/30/11 885,000 688,388 Ukraine (Republic of) 6.5 yr. Total Return Linked Nts., 4.05%, 2/29/12 885,000 629,324 Ukraine (Republic of) 7 yr. Total Return Linked Nts., 4.05%, 8/30/12 885,000 569,630
31 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- United Mexican States Credit Linked Nts., 9.52%, 1/5/11 1,060,159 MXN $ 80,553 Eirles Two Ltd. Sec. Nts.: Series 324, 3.664%, 4/30/12(1,3) 4,100,000 3,547,320 Series 335, 2.114%, 4/30/12(1,3) 6,300,000 5,883,570 Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17(5,11) 21,980,000 TRY 7,587,206 Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37(3,11) 63,720,800,000 COP 2,578,472 Hallertau SPC Credit Linked Nts.: Series 2007-01, 2.805%, 12/20/17(1,3) 6,250,000 5,375,000 Series 2008-01, 9.888%, 8/2/10(3,4,11,20) 14,337,604 BRR 847,376 Series 2008-2A, 6.74%, 9/17/13(1,3) 14,572,500 14,693,452 JPMorgan Chase & Co.: Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20(3) 1,315,000,000 COP 916,511 Indonesia (Republic of) Credit Linked Bonds, Series 04, 11%, 9/17/25(5) 2,650,000,000 IDR 367,354 Indonesia (Republic of) Credit Linked Nts., Series 04, 10.50%, 8/19/30(5) 6,700,000,000 IDR 902,023 Indonesia (Republic of) Total Return Linked Nts., 10.50%, 8/19/30(5) 2,100,000,000 IDR 282,724 Indonesia (Republic of) Total Return Linked Nts., Series 53, 11%, 9/17/25(5) 2,100,000,000 IDR 291,110 JPMorgan Chase & Co. London Branch, Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/17/21 12,790,000,000 IDR 1,955,056 JPMorgan Chase Bank NA: Export-Import Bank Total Return Linked Bonds, 6.55%, 3/13/13 225,000,000 INR 4,794,926 Indonesia (Republic of) Credit Linked Nts., Series 2, 10.50%, 8/19/30(5) 24,100,000,000 IDR 3,244,589 Indonesia (Republic of) Credit Linked Nts., Series 2, 11%, 9/17/25(5) 15,710,000,000 IDR 2,177,783 Indonesia (Republic of) Credit Linked Nts., Series 3, 11%, 9/17/25(5) 7,420,000,000 IDR 1,028,590 Indonesia (Republic of) Credit Linked Nts., Series 5, 10.50%, 8/19/30(5) 29,550,000,000 IDR 3,978,324 Russian Federation Credit Linked Bonds, 10%, 9/30/11(1,5) 130,790,000 RUR 4,532,702 Lehman Brothers Treasury Co. BV, Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/12(3) 2,889,489 2,145,734 Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16(3) 1,784,000,000 COP 994,219 Morgan Stanley: Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17(5) 4,885,000 PEN 1,451,132 Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34 77,130,153 RUR 1,241,616 Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc Total Return Linked Nts., Series A, 8.375%, 7/10/12 9,647,749 RUR 326,974 Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Credit Linked Nts., 12.551%, 1/5/22(5,11) 28,914,000 BRR 2,434,518
32 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- Ukraine (Republic of) Credit Linked Nts., 2.256%, 10/15/17(1,3) $ 1,690,000 $ 1,402,700 Ukraine (Republic of) Credit Linked Nts., Series 2, 3.126%, 10/15/17(1,3) 6,800,000 5,644,000 United Mexican States Credit Linked Nts., 5.64%, 11/20/15(3) 2,000,000 1,802,400 WTI Trading Ltd. Total Return Linked Nts., Series A, 15%, 3/8/12 5,950,855 5,936,573 WTI Trading Ltd. Total Return Linked Nts., Series C, 15%, 3/8/12 7,959,179 7,938,485 Standard Bank Group Ltd.: Ghana (Republic of) Credit Linked Bonds, 14.802%, 11/24/10(3,11) 1,570,000 GHS 1,083,355 Ghana (Republic of) Credit Linked Bonds, 10.476%, 3/23/11(3,11) 1,200,000 GHS 799,906 Standard Charter Bank, Kenya (Republic of) Credit Linked Bonds, 14%, 3/9/11(1,3,8) 730,000 GHS 516,255 UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11(3) 1,222,052 GHS 872,588 -------------- Total Structured Securities (Cost $198,575,248) 185,181,923 -------------- EVENT-LINKED BONDS--1.5% Akibare Ltd. Catastrophe Linked Nts., Cl. A, 3.289%, 5/22/12(1,5) 1,484,000 1,487,858 Atlas V Capital Ltd. Catastrophe Linked Nts., Series 2, 12.033%, 2/24/12(1,5) 644,000 688,694 Blue Fin Ltd. Catastrophe Linked Nts., 9.25%, 5/28/13(1,5) 334,000 335,837 Caelus Re II Ltd. Catastrophe Linked Nts., 6.50%, 5/24/13(1,5) 449,000 456,292 East Lane Re II Ltd. Catastrophe Linked Nts., 15.033%, 4/7/11(1,5) 2,207,000 2,243,747 East Lane Re III Ltd. Catastrophe Linked Nts., 10.783%, 3/16/12(1,5) 2,651,000 2,809,530 Fhu-Jin Ltd. Catastrophe Linked Nts., Cl. B, 4.354%, 8/10/11(1,5) 2,263,000 2,299,887 Foundation Re III Ltd. Catastrophe Linked Nts., Series 1-A, 5.75%, 2/3/14(1,5) 985,000 988,054 Longpoint Re Ltd. Catastrophe Linked Nts.: 5.40%, 12/18/13(1,5) 1,505,000 1,509,967 5.40%, 12/24/12(1,5) 1,287,000 1,292,405 Merna Reinsurance II Ltd. Catastrophe Linked Nts., 3.65%, 4/8/13(1,5) 1,532,000 1,549,005 Midori Ltd. Catastrophe Linked Nts., 3.276%, 10/24/12(1,5) 2,604,000 2,593,324 Multicat Mexico 2009 Ltd. Catastrophe Linked Nts.: 10.25%, 10/19/12(1,5) 471,000 492,902 11.50%, 10/19/12(1,5) 1,407,000 1,495,219 Muteki Ltd. Catastrophe Linked Nts., 4.776%, 5/24/11(1,5) 1,650,000 1,648,680 Redwood Capital XI Ltd. Catastrophe Linked Nts., 6.25%, 1/10/11(1,5) 1,046,000 1,051,084 Residential Reinsurance 2007 Ltd. Catastrophe Linked Nts., Series CL2, 11.797%, 6/6/11(1,5) 2,035,000 2,120,267 Residential Reinsurance Ltd. Catastrophe Linked Nts.: 6.725%, 6/6/13(1,5) 710,000 726,699 9.025%, 6/6/13(1,5) 421,000 433,441 13.125%, 6/6/13(1,5) 421,000 436,312 13.125%, 6/6/13(1,5) 710,000 734,069
33 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
PRINCIPAL AMOUNT VALUE --------------- -------------- Successor X Ltd. Catastrophe Linked Nts.: 12.941%, 12/9/10(5,11) $ 537,000 $ 518,420 23.131%, 12/9/10(5,11) 738,000 693,794 16.75%, 4/4/13(1,5) 1,394,000 1,247,072 Vega Capital Ltd. Catastrophe Linked Nts., Series D, 0%, 6/24/11(5,11) 3,304,000 5,984,370 -------------- Total Event-Linked Bonds (Cost $32,739,722) 35,836,929 --------------
EXPIRATION STRIKE DATE PRICE CONTRACTS ---------- -------- ----------- OPTIONS PURCHASED--0.3% South Korean Won (KRW) Put(4) 11/29/10 12.250 JPY 154,000,000 2,124 South Korean Won (KRW) Put(4) 11/29/10 12.440 JPY 154,000,000 3,772 South Korean Won (KRW) Put(4) 11/29/10 12.200 JPY 164,000,000 1,782 South Korean Won (KRW) Put(4) 11/29/10 11.955 JPY 164,000,000 896 South Korean Won (KRW) Put(4) 11/29/10 12.050 JPY 164,000,000 1,100 U.S. Treasury Long Bonds Futures, 20 yr., 12/21/10 Call(4) 11/26/10 $136.000 2,276 4,231,767 U.S. Treasury Nts. Futures, 10 yr., 12/21/10 Call(4) 11/26/10 $126.000 1,188 1,652,033 U.S. Treasury Nts. Futures, 10 yr., 12/21/10 Call(4) 11/26/10 $126.500 1,188 1,373,566 -------------- Total Options Purchased (Cost $7,893,191) 7,267,040 --------------
SHARES --------------- INVESTMENT COMPANIES--15.7% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00% (17,18) 1,986,350 1,986,350 Oppenheimer Institutional Money Market Fund, Cl. E, 0.24% (18,19) 29,063,405 29,063,405 Oppenheimer Master Event-Linked Bond Fund, LLC(19) 1,103,918 12,178,750 Oppenheimer Master Loan Fund, LLC(19) 29,466,809 328,374,479 -------------- Total Investment Companies (Cost $369,079,647) 371,602,984 -------------- TOTAL INVESTMENTS, AT VALUE (COST $2,343,751,822) 100.4% 2,376,802,709 Liabilities in Excess of Other Assets (0.4) (10,118,703) --------------- -------------- Net Assets 100.0% $2,366,684,006 =============== ==============
Footnotes to Statement of Investments Principal amount and strike price are reported in U.S. Dollars, except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real 34 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) CAD Canadian Dollar COP Colombian Peso DKK Danish Krone DOP Dominican Republic Peso EGP Egyptian Pound EUR Euro GBP British Pound Sterling GHS Ghana Cedi HUF Hungarian Forint IDR Indonesia Rupiah ILS Israeli Shekel INR Indian Rupee JPY Japanese Yen KRW South Korean Won MXN Mexican Nuevo Peso MYR Malaysian Ringgit NOK Norwegian Krone NZD New Zealand Dollar PEN Peruvian New Sol PHP Philippines Peso PLZ Polish Zloty RUR Russian Ruble SEK Swedish Krona TRY New Turkish Lira UAH Ukraine Hryvnia VND Vietnam Dong ZAR South African Rand (1.) Represents the current interest rate for a variable or increasing rate security. (2.) Issue is in default. See accompanying Notes. (3.) Restricted security. The aggregate value of restricted securities as of September 30, 2010 was $128,638,603, which represents 5.44% of the Fund's net assets. See accompanying Notes. Information concerning restricted securities is as follows:
UNREALIZED ACQUISITION APPRECIATION SECURITY DATE COST VALUE (DEPRECIATION) -------- ----------------- ------------ ------------ -------------- Affinion Group Holdings, Inc., 11.625% Sr. Nts., 11/15/15 9/30/10 $ 1,744,335 $ 1,820,150 $ 75,815 American Media, Inc. 2/2/09 34,604 -- (34,604) American Media Operations, Inc., 9% Sr. Unsec. Nts., 5/1/13 1/29/09-4/30/10 308 328 20 Arco Capital Corp. Ltd. 2/27/07 10,359,570 2,071,914 (8,287,656) Ashtead Capital, Inc., 9% Nts., 8/15/16 8/01/06-4/20/10 1,065,640 1,102,400 36,760 Banco Cruzeiro do Sul SA, 8.875% Sub. Nts., 9/22/20 9/15/10 793,496 839,000 45,504 Banco de Credito del Peru, 5.375% Sr. Nts., 9/16/20 9/9/10 1,197,156 1,218,000 20,844 Banco do Brasil SA, 5.375% Unsec. Sub. Nts., 1/15/21 9/28/10 1,400,356 1,411,763 11,407 CDW LLC/CDW Finance Corp., 11% Sr. Unsec. Nts., 10/12/15 9/30/10 1,311,188 1,295,000 (16,188) Chaparral Energy, Inc., 9.875% Sr. Nts., 10/1/20 9/13/10-9/16/10 2,682,853 2,769,300 86,447 Citigroup Funding, Inc., Ghana (Republic of) Credit Linked Bonds, Series 1, 13.95%, 12/15/10 2/11/10 1,231,088 1,240,207 9,119 Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18 12/9/08 1,372,267 2,210,466 838,199 Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., 13.756%, 2/26/15 7/18/08 1,943,253 2,662,009 718,756 Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 01, 13.376%, 2/26/15 7/31/08 725,133 981,760 256,627 Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 02, 13.376% 2/26/15 8/8/08 1,212,523 1,628,195 415,672
35 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) Citigroup Global Markets Holdings, Inc., Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12 3/7/07 1,479,820 1,395,123 (84,697) Deutsche Alt-A Securities, Inc., Mtg. Pass-Through Certificates, Series 2007-RS1, Cl. A2, 0.756%, 1/27/37 5/29/08 1,053,372 399,553 (653,819) Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.064%, 4/30/25 7/16/10 1,666,260 1,704,760 38,500 Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.103%, 4/30/25 5/18/10 1,432,778 1,488,647 55,869 Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.241%, 4/30/25 9/25/09 1,793,991 1,884,434 90,443 Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.269%, 4/30/25 8/18/09 1,429,568 1,505,442 75,874 Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.342%, 4/30/25 4/16/09 1,334,018 1,415,052 81,034 Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.138%, 4/30/25 3/30/10 1,275,730 1,326,066 50,336 Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.191%, 4/30/25 12/17/09 1,579,863 1,651,060 71,197 Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Nts., 10.343%, 12/31/17 9/19/07 7,581,393 8,297,819 716,426 Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, 9%, 4/26/11 12/8/08 652,285 720,828 68,543 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1A, 7.899%, 9/24/14 12/28/07 1,364,764 1,184,238 (180,526) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1B, 7.899%, 9/24/14 6/13/08 286,334 236,848 (49,486) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1C, 7.899%, 9/24/14 8/13/08 487,085 394,746 (92,339) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1D, 7.899%, 9/24/14 8/7/09 189,935 197,373 7,438 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1E, 7.899%, 9/24/14 9/10/09 259,017 276,322 17,305 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 8.41%, 5/22/15 5/22/08 136,622 113,002 (23,620) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 8.41%, 5/22/15 6/13/08 239,007 197,700 (41,307) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 8.41%, 5/22/15 6/19/08 3,626,317 2,980,837 (645,480) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 8.41%, 5/22/15 7/9/08 264,086 217,239 (46,847) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 8.41%, 5/22/15 7/16/08 192,185 157,828 (34,357) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 8.41%, 5/22/15 8/11/08 124,426 100,797 (23,629) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 8.41%, 5/22/15 8/25/08 22,959 18,563 (4,396) Eirles Two Ltd. Sec. Nts., Series 324, 3.664%, 4/30/12 4/17/07 4,104,257 3,547,320 (556,937) Eirles Two Ltd. Sec. Nts., Series 335, 2.114%, 4/30/12 9/17/07 6,217,529 5,883,570 (333,959) Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/25 8/17/00 1,820,063 -- (1,820,063) GE Equipment Midticket LLC., Asset-Backed Certificates, Series 2010-1, Cl. A2, 0.61%, 1/14/13 9/22/10 844,981 845,000 19 GenOn Escrow Corp., 9.50% Sr. Unsec. Nts., 10/15/18 9/20/10 1,484,276 1,456,088 (28,188) GenOn Escrow Corp., 9.875% Sr. Nts., 10/15/20 9/20/10-9/23/10 1,460,196 1,443,750 (16,446) Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.479%, 2/8/37 1/18/07 5,004,561 2,578,472 (2,426,089) Hallertau SPC Credit Linked Nts., Series 2007-01, 2.805%, 12/20/17 12/31/07-10/23/09 6,250,000 5,375,000 (875,000) Hallertau SPC Credit Linked Nts., Series 2008-01, 9.878%, 8/2/10 4/18/08 7,188,001 847,376 (6,340,625) Hallertau SPC Credit Linked Nts., Series 2008-2A, 6.74%, 9/17/13 10/23/08 14,714,197 14,693,452 (20,745)
36 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. B, 2.294%, 8/15/22 11/6/07 6,941,510 4,013,700 (2,927,810) Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. C, 3.594%, 8/15/22 6/8/07 5,270,000 2,476,900 (2,793,100) Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. D, 5.594%, 8/15/22 6/8/07 5,270,000 2,371,500 (2,898,500) Interactive Data Corp., 10.25% Sr. Nts., 8/1/18 7/20/10 965,000 1,004,208 39,208 JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49 7/14/10 1,372,625 1,383,467 10,842 JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20 8/24/10 920,516 916,511 (4,005) JPMorgan Hipotecaria su Casita, 7.555% Sec. Nts., 8/26/35 3/21/07 526,714 419,904 (106,810) Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/20 9/29/10 785,000 814,928 29,928 Lehman Brothers Treasury Co. BV, Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/12 6/20/07 2,905,689 2,145,734 (759,955) Lukoil International Finance BV, 7.25% Sr. Unsec. Unsub. Nts., 11/5/19 8/20/10 652,992 651,525 (1,467) Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16 10/20/06 762,393 994,219 231,826 Morgan Stanley Capital Services, Inc., Ukraine (Republic of) Credit Linked Nts., 2.256%, 10/15/17 11/2/07 1,690,000 1,402,700 (287,300) Morgan Stanley Capital Services, Inc., Ukraine (Republic of) Credit Linked Nts., Series 2, 3.126%, 10/15/17 2/4/08 6,800,000 5,644,000 (1,156,000) Morgan Stanley Capital Services, Inc., United Mexican States Credit Linked Nts., 5.64%, 11/20/15 11/3/05 2,000,000 1,802,400 (197,600) NC Finance Trust, Collateralized Mtg. Obligation Pass- Through Certificates, Series 1999-I, Cl. ECFD, 1/25/29 2/24/99-3/4/99 66,025 2,837 (63,188) Odebrecht Finance Ltd., 9.625% Sr. Unsec. Nts., 4/9/14 4/2/09 425,310 507,400 82,090 Pinafore LLC/Pinafore, Inc., 9% Sr. Sec. Nts., 10/1/18 9/21/10-9/22/10 3,080,141 3,147,738 67,597 Real Time Data Co., 11% Nts., 5/31/09 6/30/99-5/31/01 110,538 - (110,538) Salisbury International Investments Ltd., 4.671% Sec. Nts., Series 2006-003, Tranche E, 7/20/11 7/12/06 1,100,000 1,033,230 (66,770) Sinclair Television Group, Inc., 8.375% Sr. Nts., 10/15/18 9/21/10-9/22/10 1,492,365 1,516,288 23,923 Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/15 4/28/10-9/23/10 2,702,621 2,705,100 2,479 Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts., 6.25%, 10/4/20 9/27/10-9/28/10 1,333,900 1,341,638 7,738 Standard Bank Group Ltd., Ghana (Republic of) Credit Linked Bonds, 12.684%, 11/24/10 5/27/10 1,078,166 1,083,355 5,189 Standard Bank Group Ltd., Ghana (Republic of) Credit Linked Bonds, 10.915%, 3/23/11 9/22/10 798,568 799,906 1,338 Standard Charter Bank, Kenya (Republic of) Credit Linked Bonds, 14%, 3/9/11 9/23/10 517,862 516,255 (1,607) UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11 12/22/06 1,336,812 872,588 (464,224) UHS Escrow Corp., 7% Sr. Nts., 10/1/18 9/15/10 300,000 309,000 9,000 Wallace Theatre Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/13 1/14/10-9/30/10 2,251,438 2,221,050 (30,388) West Corp., 8.625% Sr. Unsec. Nts., 10/1/18 9/30/10 740,000 755,725 15,725 ------------ ------------ ------------ $158,829,831 $128,638,603 $(30,191,228) ============ ============ ============
(4.) Non-income producing security. (5.) 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 $484,017,489 or 20.45% of the Fund's net assets as of September 30, 2010. (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 $12,442,278 or 0.53% of the Fund's net assets as of September 30, 2010. 37 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) (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 September 30, 2010. See accompanying Notes. (9.) All or a portion of the security position is held in collateral accounts to cover the Fund's obligations under certain derivative contracts. The aggregate market value of such securities is $1,652,858. See accompanying Notes. (10.) 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 $19,541,357. See accompanying Notes. (11.) Zero coupon bond reflects effective yield on the date of purchase. (12.) Interest or dividend is paid-in-kind, when applicable. (13.) This Senior Loan will settle after September 30, 2010, at which time the interest rate will be determined. (14.) 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. (15.) Denotes an inflation-indexed security: coupon and principal are indexed to a consumer price index. (16.) Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. (17.) Interest rate is less than 0.0005%. (18.) Rate shown is the 7-day yield as of September 30, 2010. (19.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2010 ----------------- ------------- ------------- ------------------ OFI Liquid Assets Fund, LLC 37,599,500 37,255,066 74,854,566 -- Oppenheimer Institutional Money Market Fund, Cl. E 76,771,099 2,639,849,825 2,687,557,519 29,063,405 Oppenheimer Master Event-Linked Bond Fund, LLC 1,404,749 -- 300,831 1,103,918 Oppenheimer Master Loan Fund, LLC 33,609,439 19,048,496 23,191,126 29,466,809
REALIZED VALUE INCOME GAIN ------------ ----------- ----------- OFI Liquid Assets Fund, LLC $ -- $ 36,907(a) $ -- Oppenheimer Institutional Money Market Fund, Cl. E 29,063,405 265,442 -- Oppenheimer Master Event-Linked Bond Fund, LLC 12,178,750 891,301(b) 274,533(b) Oppenheimer Master Loan Fund, LLC 328,374,479 25,862,213(c) 10,844,909(c) ------------ ----------- ----------- $369,616,634 $27,055,863 $11,119,442 ============ =========== ===========
(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. (20.) The reference asset underlying the structured security is in default. See accompanying Notes. VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-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). 38 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) The table below categorizes amounts as of September 30, 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 $ -- $ 24,189,133 $ 8,862,100 $ 33,051,233 Mortgage-Backed Obligations -- 328,750,292 -- 328,750,292 U.S. Government Obligations -- 78,537,218 -- 78,537,218 Foreign Government Obligations -- 557,619,233 308,526 557,927,759 Loan Participations -- 9,221,851 -- 9,221,851 Corporate Bonds and Notes -- 735,865,155 420 735,865,575 Preferred Stocks -- 6,191,307 4,833,600 11,024,907 Common Stocks 16,959,789 2,071,914 3,033,042 22,064,745 Rights, Warrants and Certificates -- 470,250 3 470,253 Structured Securities -- 183,035,695 2,146,228 185,181,923 Event-Linked Bonds -- 35,836,929 -- 35,836,929 Options Purchased 7,257,366 9,674 -- 7,267,040 Investment Companies 371,602,984 -- -- 371,602,984 ------------ -------------- ----------- -------------- Total Investments, at Value 395,820,139 1,961,798,651 19,183,919 2,376,802,709 OTHER FINANCIAL INSTRUMENTS: Appreciated swaps, at value -- 7,907,642 -- 7,907,642 Depreciated swaps, at value -- 313,921 -- 313,921 Futures margins 411,834 -- -- 411,834 Unfunded purchase agreements -- 25,189 -- 25,189 Foreign currency exchange contracts -- 8,627,746 -- 8,627,746 ------------ -------------- ----------- -------------- Total Assets $396,231,973 $1,978,673,149 $19,183,919 $2,394,089,041 ------------ -------------- ----------- -------------- LIABILITIES TABLE OTHER FINANCIAL INSTRUMENTS: Appreciated swaps, at value $ -- $ (352,598) $ -- $ (352,598) Depreciated swaps, at value -- (4,409,592) -- (4,409,592) Appreciated options written, at value -- (16,600) -- (16,600) Futures margins (426,590) -- -- (426,590) Foreign currency exchange contracts -- (7,920,308) -- (7,920,308) ------------ -------------- ----------- -------------- Total Liabilities $ (426,590) $ (12,699,098) $ -- $ (13,125,688) ------------ -------------- ----------- --------------
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. DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
GEOGRAPHIC HOLDINGS VALUE PERCENT ------------------------ -------------- ------- United States $1,349,337,401 56.8% Brazil 119,362,206 5.0 Mexico 75,530,445 3.2 Japan 69,939,224 2.9 Indonesia 66,252,867 2.8 Russia 66,230,608 2.8 Turkey 58,914,379 2.5 South Africa 49,753,272 2.1 Ukraine 41,036,244 1.7 Colombia 39,364,472 1.7 Kazakhstan 35,207,448 1.5 Poland 33,797,335 1.4 Supranational 30,977,214 1.3
39 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) Korea, Republic of South 28,896,952 1.2 Israel 23,382,721 1.0 Egypt 20,977,470 0.9 Peru 20,963,300 0.9 Argentina 19,971,090 0.8 India 19,471,497 0.8 Venezuela 19,442,226 0.8 Canada 18,773,824 0.8 Philippines 18,550,878 0.8 United Kingdom 14,715,671 0.6 Italy 11,495,679 0.5 Greece 10,817,478 0.5 Uruguay 9,848,250 0.4 Spain 9,632,075 0.4 Ghana 8,712,262 0.4 Panama 8,332,052 0.4 The Netherlands 8,175,732 0.3 Germany 7,912,431 0.3 Hungary 6,971,623 0.3 Bermuda 5,938,769 0.3 Australia 5,807,324 0.2 Dominican Republic 5,805,277 0.2 Ireland 5,058,594 0.2 New Zealand 4,697,932 0.2 Malaysia 3,604,472 0.2 Trinidad & Tobago 2,927,400 0.1 France 2,610,960 0.1 Chile 2,574,715 0.1 Austria 2,029,101 0.1 Costa Rica 1,960,000 0.1 Qatar 1,762,475 0.1 Belgium 1,574,927 0.1 Luxembourg 1,503,836 0.1 Sri Lanka 1,341,638 0.1 Denmark 1,087,056 -- Portugal 1,023,478 -- Belize 726,250 -- Sweden 726,008 -- Finland 621,523 -- Norway 376,353 -- Vietnam 298,295 -- -------------- ----- Total $2,376,802,709 100.0% ============== =====
FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF SEPTEMBER 30, 2010 ARE AS FOLLOWS:
COUNTERPARTY/CONTRACT CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION -------------------------------- -------- --------------- ----------------- ----------- ------------ ------------ BANC OF AMERICA: Argentine Peso (ARP) Buy 24,885 ARP 11/15/10-3/29/11 $ 6,152,188 $ -- $ 9,027 Chilean Peso (CLP) Buy 1,256,000 CLP 10/4/10 2,596,526 84,526 -- Chinese Renminbi (Yuan) (CNY) Buy 52,800 CNY 6/7/11 7,943,140 134,016 -- Euro (EUR) Sell 5,645 EUR 10/6/10 7,695,223 -- 563,721 Hong Kong Dollar (HKD) Sell 36,300 HKD 11/3/10 4,679,270 -- 9,259 New Taiwan Dollar (TWD) Sell 150,000 TWD 11/15/10 4,804,300 -- 78,402 New Zealand Dollar (NZD) Buy 200 NZD 10/18/10 146,524 4,433 --
40 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) New Zealand Dollar (NZD) Sell 200 NZD 10/18/10 146,524 -- 62 South Korean Won (KRW) Buy 9,178,000 KRW 11/29/10 8,027,990 100,887 -- ---------- ---------- 323,862 660,471 ---------- ---------- BANK PARIBAS ASIA - FGN: Euro (EUR) Buy 60 EUR 11/10/10 81,769 5,893 -- Euro (EUR) Sell 302 EUR 10/4/10 412,010 -- 671 Polish Zloty (PLZ) Buy 34,275 PLZ 11/2/10 11,761,245 864,033 -- South African Rand (ZAR) Buy 35,700 ZAR 11/15/10 5,083,112 131,381 -- ---------- ---------- 1,001,307 671 ---------- ---------- BARCLAY'S CAPITAL: Euro (EUR) Buy 1,890 EUR 10/18/10-11/10/10 2,575,773 254,395 -- Hungarian Forint (HUF) Buy 1,971,000 HUF 11/10/10 9,673,991 912,044 -- Japanese Yen (JPY) Buy 1,113,000 JPY 11/2/10 13,336,494 299,853 -- Japanese Yen (JPY) Sell 1,338,000 JPY 10/29/10-12/21/10 16,040,520 -- 354,968 Polish Zloty (PLZ) Buy 650 PLZ 10/18/10 223,303 6,885 -- ---------- ---------- 1,473,177 354,968 ---------- ---------- CITIGROUP: Chilean Peso (CLP) Sell 1,256,000 CLP 10/4/10 2,596,526 -- 169,473 Chinese Renminbi (Yuan) (CNY) Sell 32,100 CNY 11/2/10 4,798,099 -- 81,334 Euro (EUR) Buy 11,280 EUR 12/21/10 15,367,485 658,365 -- Euro (EUR) Sell 12,615 EUR 10/29/10-11/10/10 17,193,577 -- 355,389 Indonesia Rupiah (IDR) Buy 38,456,000 IDR 11/22/10 4,268,462 12,126 -- Japanese Yen (JPY) Sell 235,091 JPY 10/6/10 2,816,283 -- 115 Mexican Nuevo Peso (MXN) Buy 90,215 MXN 11/16/10 7,129,726 156,855 -- Singapore Dollar (SGD) Buy 560 SGD 11/10/10 425,787 23,488 -- Swedish Krona (SEK) Buy 3,200 SEK 10/18/10 474,526 15,628 -- Swedish Krona (SEK) Sell 2,000 SEK 10/18/10 296,579 -- 26,311 ---------- ---------- 866,462 632,622 ---------- ---------- CITIGROUP EM: Colombian Peso (COP) Sell 5,666,000 COP 11/23/10 3,144,579 -- 6,911 Ghanaian Cedi (GHS) Buy 1,960 GHS 10/5/10 1,375,493 -- -- Ghanaian Cedi (GHS) Sell 2,104 GHS 10/5/10 1,476,240 -- -- ---------- ---------- -- 6,911 ---------- ---------- CREDIT SUISSE: British Pound Sterling (GBP) Sell 1,390 GBP 12/21/10 2,182,273 20,050 -- Euro (EUR) Buy 160 EUR 10/18/10 218,092 13,244 -- Euro (EUR) Sell 40,415 EUR 10/7/10-11/10/10 55,085,199 -- 3,238,152 Hungarian Forint (HUF) Buy 1,826,000 HUF 11/10/10 8,962,307 515,150 -- Japanese Yen (JPY) Sell 424,000 JPY 11/15/10 5,081,301 -- 19,823 Mexican Nuevo Peso (MXN) Buy 5,561 MXN 10/4/10 441,117 -- 5,064 New Turkish Lira (TRY) Buy 23,380 TRY 10/13/10-11/1/10 16,109,400 753,929 -- Norwegian Krone (NOK) Buy 900 NOK 10/18/10 152,882 -- 65 Norwegian Krone (NOK) Sell 1,400 NOK 10/18/10 237,816 65 5,441 Russian Ruble (RUR) Buy 140,660 RUR 10/7/10 4,596,208 97,777 7,949 Swiss Franc (CHF) Buy 380 CHF 10/18/10 386,776 5,269 -- Swiss Franc (CHF) Sell 930 CHF 10/18/10 946,582 -- 31,350 ---------- ---------- 1,405,484 3,307,844 ---------- ---------- DEUTSCHE BANK CAPITAL CORP.: Australian Dollar (AUD) Sell 646 AUD 10/29/10 622,135 -- 2,556
41 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) British Pound Sterling (GBP) Buy 160 GBP 10/18/10 251,310 2,758 -- British Pound Sterling (GBP) Sell 1,535 GBP 10/29/10 2,410,810 7,244 -- Canadian Dollar (CAD) Buy 460 CAD 10/18/10 446,900 4,008 439 Canadian Dollar (CAD) Sell 3,035 CAD 10/18/10-10/29/10 2,947,980 365 16,196 Japanese Yen (JPY) Sell 1,359,600 JPY 10/18/10-11/10/10 16,292,696 -- 1,086,490 Kazakhstan Tenge (KZT) Buy 186,200 KZT 2/28/11 1,260,021 -- 10,969 Russian Ruble (RUR) Buy 1,600 RUR 10/7/10 52,282 -- 445 Swiss Franc (CHF) Sell 596 CHF 10/29/10 606,690 -- 1,141 ---------- ---------- 14,375 1,118,236 ---------- ---------- DEUTSCHE BANK EM: Kazakhstan Tenge (KZT) Sell 186,200 KZT 2/28/11 1,260,021 -- 6,149 Philippines Peso (PHP) Buy 144,000 PHP 10/13/10 3,276,733 19,183 -- Russian Ruble (RUR) Sell 224,300 RUR 10/7/10 7,329,230 -- 309,985 ---------- ---------- 19,183 316,134 ---------- ---------- GOLDMAN SACHS EM: Brazilian Real (BRR) Buy 21,275 BRR 11/3/10 12,482,481 106,819 -- Brazilian Real (BRR) Sell 14,590 BRR 11/3/10 8,560,254 -- 73,255 Mexican Nuevo Peso (MXN) Buy 162,780 MXN 10/15/10 12,902,272 218,577 -- Mexican Nuevo Peso (MXN) Sell 41,400 MXN 2/2/11 3,246,092 -- 37,784 ---------- ---------- 325,396 111,039 ---------- ---------- HSBC EM Israeli Shekel (ILS) Sell 20,200 ILS 10/29/10 5,542,484 -- 272,598 ---------- ---------- JP MORGAN CHASE: Euro (EUR) Sell 685 EUR 11/10/10 933,531 -- 91,734 Japanese Yen (JPY) Buy 1,315,600 JPY 11/10/10 15,765,540 1,399,174 -- Japanese Yen (JPY) Sell 1,113,000 JPY 11/2/10 13,336,494 -- 553,675 Malaysian Ringgit (MYR) Buy 25,260 MYR 11/22/10 8,152,614 42,944 -- Mexican Nuevo Peso (MXN) Buy 15,235 MXN 10/5/10-10/18/10 1,207,879 24,016 1,674 Russian Ruble (RUR) Buy 210,970 RUR 11/8/10 6,878,436 239,984 -- South Korean Won (KRW) Sell 2,080,000 KRW 11/16/10 1,820,478 -- 76,463 ---------- ---------- 1,706,118 723,546 ---------- ---------- JP MORGAN EM: Argentine Peso (ARP) Buy 6,735 ARP 3/29/11 1,620,256 -- 4,593 Chinese Renminbi (Yuan) (CNY) Buy 51,890 CNY 6/7/11-6/20/11 7,806,481 140,803 -- Indian Rupee (INR) Buy 937,400 INR 11/3/10 20,729,262 969,566 -- Malaysian Ringgit (MYR) Buy 24,210 MYR 11/30/10 7,809,422 164,240 -- Malaysian Ringgit (MYR) Sell 1,350 MYR 11/10/10 436,073 -- 15,774 Philippines Peso (PHP) Buy 144,000 PHP 10/13/10 3,276,733 18,815 -- Russian Ruble (RUR) Buy 85,400 RUR 10/7/10 2,790,532 31,243 -- Russian Ruble (RUR) Sell 210,970 RUR 11/8/10 6,878,436 -- 63,059 South Korean Won (KRW) Buy 2,080,000 KRW 11/16/10 1,820,478 35,224 -- ---------- ---------- 1,359,891 83,426 ---------- ---------- MORGAN STANLEY & CO., INC. Kazakhstan Tenge (KZT) Buy 186,000 KZT 2/28/11 1,258,667 -- 12,259 ---------- ---------- MORGAN STANLEY EM Kazakhstan Tenge (KZT) Sell 186,000 KZT 2/28/11 1,258,667 1,069 -- ---------- ---------- NOMURA SECURITIES: British Pound Sterling (GBP) Buy 140 GBP 10/18/10 219,896 1,905 653 British Pound Sterling (GBP) Sell 310 GBP 10/18/10 486,913 980 3,513
42 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) Japanese Yen (JPY) Buy 31,000 JPY 10/18/10 371,405 6,195 -- Japanese Yen (JPY) Sell 43,000 JPY 10/18/10 515,175 -- 6,914 ---------- ---------- 9,080 11,080 ---------- ---------- RBS GREENWICH CAPITAL: Polish Zloty (PLZ) Sell 5,880 PLZ 11/2/10 2,017,684 -- 96,649 Swiss Franc (CHF) Buy 595 CHF 11/10/10 605,748 41,874 -- Swiss Franc (CHF) Sell 4,780 CHF 11/15/10 4,866,603 -- 143,283 ---------- ---------- 41,874 239,932 ---------- ---------- SANTANDER EM Peruvian New Sol (PEN) Sell 4,070 PEN 12/10/10 1,460,007 -- 4,356 ---------- ---------- STANDARD CHARTERED BANK EM Ghanaian Cedi (GHS) Buy 745 GHS 10/1/10 522,865 367 -- ---------- ---------- STANDARD NEW YORK SECURITIES, INC. South African Rand (ZAR) Sell 8,820 ZAR 11/1/10 1,258,770 -- 64,215 ---------- ---------- STATE STREET Australian Dollar (AUD) Buy 1,650 AUD 10/18/10 1,591,229 80,101 -- ---------- ---------- Total unrealized appreciation and depreciation $8,627,746 $7,920,308 =========== ==========
FUTURES CONTRACTS AS OF SEPTEMBER 30, 2010 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) ---------------------------------------- -------- --------- ---------- ------------ -------------- DAX Index Buy 20 12/17/10 $ 4,254,028 $ (4,483) Euro-Bundesobligation Buy 58 12/8/10 10,391,990 12,294 Euro-Bundesobligation, 10 yr. Sell 17 12/8/10 3,045,928 (28,731) FTSE 100 Index Buy 10 12/17/10 868,626 (185) FTSE 100 Index Sell 72 12/17/10 6,254,108 1,275 Japan (Government of) Bonds, 10 yr. Buy 3 12/9/10 5,154,049 66,226 Japan (Government of) Mini Bonds, 10 yr. Buy 34 12/8/10 5,840,441 73,353 NASDAQ 100 E-Mini Index Buy 213 12/17/10 8,500,830 581,099 NIKKEI 225 Index Buy 14 12/9/10 787,374 (8,812) NIKKEI 225 Index Sell 64 12/9/10 7,175,851 (237,213) Standard & Poor's 500 E-Mini Index Sell 527 12/17/10 29,952,045 (1,330,043) U.S. Treasury Long Bonds, 20 yr. Buy 839 12/21/10 112,190,031 205,214 U.S. Treasury Nts., 2 yr. Buy 491 12/31/10 107,766,829 80,113 U.S. Treasury Nts., 2 yr. Sell 28 12/31/10 6,145,563 (14,271) U.S. Treasury Nts., 5 yr. Sell 30 12/31/10 3,626,016 (27,869) U.S. Treasury Nts., 10 yr. Buy 2,850 12/21/10 359,233,594 3,104,634 U.S. Treasury Nts., 10 yr. Sell 298 12/21/10 37,561,969 (126,730) U.S. Ultra Treasury Bonds Buy 3 12/21/10 423,844 (496) United Kingdom Long Gilt Buy 7 12/29/10 1,367,055 (615) ----------- $ 2,344,760 ============
WRITTEN OPTIONS AS OF SEPTEMBER 30, 2010 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXERCISE EXPIRATION PREMIUMS APPRECIATION/ DESCRIPTION TYPE CONTRACTS PRICE DATE RECEIVED VALUE (DEPRECIATION) ---------------------- ---- ----------- -------- ---------- -------- -------- -------------- South Korean Won (KRW) Call 154,000,000 $17.09 11/29/10 $ 46,736 $ (1,897) $ 44,839 South Korean Won (KRW) Call 164,000,000 16.15 11/29/10 36,066 (4,275) 31,791
43 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) South Korean Won (KRW) Call 164,000,000 16.32 11/29/10 43,189 (4,035) 39,154 South Korean Won (KRW) Call 154,000,000 17.45 11/29/10 46,567 (1,431) 45,136 South Korean Won (KRW) Call 164,000,000 16.00 11/29/10 36,066 (4,962) 31,104 -------- -------- -------- $208,624 $(16,600) $192,024 ======== ======== ========
CREDIT DEFAULT SWAP CONTRACTS AS OF SEPTEMBER 30, 2010 ARE AS FOLLOWS:
PAY/ UPFRONT BUY/SELL NOTIONAL RECEIVE PAYMENT UNREALIZED REFERENCE ENTITY/ CREDIT AMOUNT FIXED TERMINATION RECEIVED/ APPRECIATION SWAP COUNTERPARTY PROTECTION (000'S) RATE DATE (PAID) VALUE (DEPRECIATION) --------------------------------- ---------- -------- ------- ----------- ---------- --------- -------------- AMERICAN GENERAL FINANCE: Citibank NA, New York Sell $ 2,025 5.00% 9/20/15 $ (109,654) $ 200,108 $ 90,454 Goldman Sachs International Sell 2,575 5.00 9/20/15 (145,275) 254,459 109,184 ------- ---------- --------- ---------- Total 4,600 (254,929) 454,567 199,638 ------- ---------- --------- ---------- BAXTER INTERNATIONAL, INC. Goldman Sachs International Buy 4,710 1.00 9/20/15 155,254 (156,554) (1,300) ------- ---------- --------- ---------- Total 4,710 155,254 (156,554) (1,300) ------- ---------- --------- ---------- BOLIVARIAN REPUBLIC OF VENEZUELA Credit Suisse International Buy 850 5.00 9/20/15 (222,771) 190,034 (32,737) ------- ---------- --------- ---------- Total 850 (222,771) 190,034 (32,737) ------- ---------- --------- ---------- CDX NORTH AMERICA HIGH YIELD INDEX, SERIES 13: Barclays Bank plc Sell 4,579 5.00 12/20/14 434,557 6,261 440,818 Goldman Sachs International Sell 9,593 5.00 12/20/14 831,725 13,117 844,842 Goldman Sachs International Sell 4,113 5.00 12/20/14 387,800 5,624 393,424 JPMorgan Chase Bank NA, NY Branch Sell 4,950 5.00 12/20/14 259,875 6,768 266,643 ------- ---------- --------- ---------- Total 23,235 1,913,957 31,770 1,945,727 ------- ---------- --------- ---------- CVS CAREMARK CORP. Deutsche Bank AG Buy 4,710 1.00 9/20/15 70,942 (31,017) 39,925 ------- ---------- --------- ---------- Total 4,710 70,942 (31,017) 39,925 ------- ---------- --------- ---------- DEVELOPMENT BANK OF KAZAKHSTAN JSC Credit Suisse International Sell 4,440 3.75 2/20/13 -- 115,715 115,715 ------- ---------- --------- ---------- Total 4,440 -- 115,715 115,715 ------- ---------- --------- ---------- ISLAMIC REPUBLIC OF PAKISTAN Citibank NA, New York Sell 1,570 5.10 3/20/13 -- (76,230) (76,230) ------- ---------- --------- ---------- Total 1,570 -- (76,230) (76,230) ------- ---------- --------- ---------- ISTANBUL BOND CO. S.A. FOR FINANSBANK AS Morgan Stanley & Co. International Ltd. Sell 3,100 1.30 3/24/13 -- (334,492) (334,492) ------- ---------- --------- ---------- Total 3,100 -- (334,492) (334,492) ------- ---------- --------- ---------- MCDONALD'S CORP. Deutsche Bank AG Sell 4,710 1.00 9/20/15 (131,723) 123,887 (7,836) ------- ---------- --------- ---------- Total 4,710 (131,723) 123,887 (7,836) ------- ---------- --------- ---------- QUEST DIAGNOSTICS, INC. Goldman Sachs International Buy 4,690 1.00 9/20/15 (82,900) 93,115 10,215 ------- ---------- --------- ---------- Total 4,690 (82,900) 93,115 10,215 ------- ---------- --------- ---------- RAYTHEON CO. Citibank NA, New York Buy 4,690 1.00 9/20/15 103,736 (100,352) 3,384 ------- ---------- --------- ---------- Total 4,690 103,736 (100,352) 3,384 ------- ---------- --------- ----------
44 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) REPUBLIC OF PERU: Citibank NA, New York Buy 10,000 1.00 9/20/15 11,275 136,810 148,085 Deutsche Bank AG Buy 1,900 1.71 12/20/16 -- (53,385) (53,385) ------- ---------- --------- ---------- Total 11,900 11,275 83,425 94,700 ------- ---------- --------- ---------- REPUBLIC OF THE PHILIPPINES: Barclays Bank plc Buy 3,270 1.76 12/20/14 -- (48,769) (48,769) JPMorgan Chase Bank NA, London Branch Buy 4,900 1.74 12/20/14 -- (69,132) (69,132) ------- ---------- --------- ---------- Total 8,170 -- (117,901) (117,901) ------- ---------- --------- ---------- SLM CORP.: Citibank NA, New York Sell 2,690 5.00 9/20/15 92,542 (54,224) 38,318 Goldman Sachs International Sell 1,000 5.00 9/20/15 30,556 (20,157) 10,399 UBS AG Sell 1,000 5.00 9/20/15 32,917 (20,157) 12,760 ------- ---------- --------- ---------- Total 4,690 156,015 (94,538) 61,477 ------- ---------- --------- ---------- STAPLES, INC. Deutsche Bank AG Buy 4,600 1.00 9/20/15 (40,743) 94,466 53,723 ------- ---------- --------- ---------- Total 4,600 (40,743) 94,466 53,723 ------- ---------- --------- ---------- TIME WARNER, INC. Deutsche Bank AG Sell 4,600 1.00 9/20/15 86,336 (83,998) 2,338 ------- ---------- --------- ---------- Total 4,600 86,336 (83,998) 2,338 ------- ---------- --------- ---------- VORNADO REALTY LP: Citibank NA, New York Sell 1,990 1.00 9/20/15 23,914 (18,038) 5,876 UBS AG Sell 2,720 1.00 9/20/15 28,468 (24,655) 3,813 ------- ---------- --------- ---------- Total 4,710 52,382 (42,693) 9,689 ---------- --------- ---------- Grand Total Buys (5,207) 55,216 50,009 Grand Total Sells 1,822,038 93,988 1,916,026 ---------- --------- ---------- Total Credit Default Swaps $1,816,831 $ 149,204 $1,966,035 ========== ========= ==========
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 REFERENCE TYPE OF REFERENCE ASSET ON WHICH THE FUND SOLD PAYMENTS FOR SELLING CREDIT ASSET RATING PROTECTION PROTECTION (UNDISCOUNTED) AMOUNT RECOVERABLE* RANGE** ---------------------------------------------- --------------------------- ------------------- ------------ Non-Investment Grade Corporate Debt Indexes $23,235,300 $-- B+ Investment Grade Single Name Corporate Debt 23,310,000 -- A to BBB- Investment Grade Sovereign Debt 7,540,000 -- BBB- Non-Investment Grade Sovereign Debt 1,570,000 -- B- ----------- --- Total $55,655,300 $-- =========== ===
* 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. 45 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) INTEREST RATE SWAP CONTRACTS AS OF SEPTEMBER 30, 2010 ARE AS FOLLOWS:
NOTIONAL INTEREST RATE/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ------------------------------- --------- ------------- ------------- ----------- ---------- BZDI: Banco Santander SA, Inc. 9,870 BRR BZDI 12.320% 1/2/17 $ 162,073 Credit Suisse International 12,920 BRR BZDI 11.480 1/2/12 68,158 Goldman Sachs Group, Inc. (The) 11,800 BRR BZDI 12.800 1/2/17 443,785 Goldman Sachs Group, Inc. (The) 11,800 BRR BZDI 12.920 1/2/14 386,869 Goldman Sachs Group, Inc. (The) 11,800 BRR BZDI 12.870 1/2/14 192,830 Goldman Sachs Group, Inc. (The) 35,840 BRR BZDI 11.460 1/2/12 188,520 Goldman Sachs Group, Inc. (The) 6,910 BRR BZDI 12.260 1/2/15 225,804 Goldman Sachs Group, Inc. (The) 11,800 BRR BZDI 12.290 1/2/15 103,262 JPMorgan Chase Bank NA 11,800 BRR BZDI 13.900 1/2/17 986,109 Morgan Stanley 8,510 BRR BZDI 12.300 1/2/17 139,243 Morgan Stanley 11,800 BRR BZDI 11.490 1/2/12 164,286 --------- ---------- Total 144,850 BRR 3,060,939 --------- ---------- SIX-MONTH AUD BBR BBSW Six-Month Westpac Banking Corp. 12,810 AUD 5.660% AUD BBR BBSW 8/6/20 (122,467) --------- ---------- SIX-MONTH GBP BBA LIBOR Six-Month Barclays Bank plc 7,360 GBP GBP BBA LIBOR 3.328 8/3/20 349,281 --------- ---------- SIX-MONTH JPY BBA LIBOR: Six-Month Citibank NA 553,000 JPY 1.391 JPY BBA LIBOR 10/6/19 (301,662) Six-Month JPMorgan Chase Bank NA 290,000 JPY 1.077 JPY BBA LIBOR 8/7/20 (6,368) Six-Month JPMorgan Chase Bank NA 168,000 JPY 1.563 JPY BBA LIBOR 11/9/19 (109,956) --------- ---------- Total 1,011,000 JPY (417,986) --------- ---------- THREE-MONTH USD BBA LIBOR Three-Month Barclays Bank plc 11,800 USD BBA LIBOR 2.500 9/2/20 (42,247) ---------- Total Interest Rate Swaps $2,827,520 ==========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real GBP British Pound Sterling JPY Japanese Yen Abbreviations/Definitions are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate BBR BBSW Bank Bill Swap Reference Rate (Australian Financial Market) BZDI Brazil Interbank Deposit Rate 46 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) TOTAL RETURN SWAP CONTRACTS AS OF SEPTEMBER 30, 2010 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ------------------------------- ---------- --------------------- ------------------ ----------- ---------- AMEX HEALTH CARE SELECT INDEX One-Month USD BBA LIBOR plus 17 basis points and if negative, the If positive, absolute value of the the Total Return Total Return of the of the AMEX AMEX Health Care Health Care UBS AG $ 1,972 Select Index Select Index 9/9/11 $ 102,219 CONSUMER STAPLES SELECT SECTOR INDEX: One-Month USD BBA LIBOR plus 15 basis points and if negative, the If positive, absolute value of the the Total Return Total Return of the of the Consumer Consumer Staples Staples Select Morgan Stanley 1,971 Select Sector Index Sector Index 3/9/11 90,457 One-Month USD BBA LIBOR plus 15 basis points and if negative, the If positive, absolute value of the the Total Return Total Return of the of the Consumer Consumer Staples Staples Select Morgan Stanley 1 Select Sector Index Sector Index 9/14/11 30 ---------- Reference Entity Total 90,487 ---------- CUSTOM BASKET OF SECURITIES: One-Month CHF BBA LIBOR plus 30 basis points and if negative, the If positive, absolute value of the the Total Return Total Return of a of a custom custom basket of basket of Citibank NA 1,538 CHF securities securities 1/12/11 59,112 One-Month EURIBOR plus 30 basis points and if negative, the If positive, absolute value of the the Total Return Total Return of a of a custom custom basket of basket of Citibank NA 3,566 EUR securities securities 1/12/11 167,861 One-Month GBP BBA LIBOR plus 30 basis points and if negative, the If positive, absolute value of the the Total Return Total Return of a of a custom custom basket of basket of Citibank NA 1,713 GBP securities securities 1/12/11 127,953 One-Month SEK STIBOR SIDE plus 30 basis points and if negative, the If positive, absolute value of the the Total Return Total Return of a of a custom custom basket of basket of Citibank NA 4,115 SEK securities securities 1/12/11 20,614 One-Month JPY BBA LIBOR plus 53 basis points and if negative, the If positive, absolute value of the the Total Return Total Return of a of a custom custom basket of basket of Citibank NA, New York 1,108,331 JPY securities securities 4/14/11 438,319
47 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) One-Month USD BBA LIBOR plus 18 basis points and if negative, the If positive, absolute value of the the Total Return Total Return of a of a custom custom basket of basket of Goldman Sachs Group, Inc. (The) 23,900 securities securities 9/9/11 1,084,884 One-Month GBP BBA LIBOR plus 50 basis points and if negative, the If positive, absolute value of the the Total Return Total Return of a of a custom custom basket of basket of Morgan Stanley 4,587 GBP securities securities 1/14/11 194,106 ---------- Reference Entity Total 2,092,849 ---------- MATERIALS SELECT SECTOR INDEX: One-Month USD BBA LIBOR and if negative, the If positive, absolute value of the the Total Return Total Return of the of the Materials Materials Select Select Sector Morgan Stanley 1,956 Sector Index Index 8/10/11 74,263 One-Month USD BBA LIBOR and if negative, the If positive, absolute value of the the Total Return Total Return of the of the Materials Materials Select Select Sector Morgan Stanley 42 Sector Index Index 9/14/11 1,188 ---------- Reference Entity Total 75,451 ---------- MSCI DAILY GROSS TR EUROPE EURO INDEX: One-Month EURIBOR minus 60 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of the of the MSCI Daily MSCI Daily Gross Gross Europe Euro Citibank NA 1,881 EUR Europe Euro Index Index 1/12/11 19,665 One-Month Europe EURIBOR minus 3 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of the of the MSCI Daily MSCI Daily Gross Gross Europe Euro Goldman Sachs Group, Inc. (The) 358 EUR Europe Euro Index Index 1/17/11 137 One-Month EURIBOR minus 30 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of the of the MSCI Daily MSCI Daily Gross Gross Europe Euro Morgan Stanley 3,840 EUR Europe Euro Index Index 1/12/11 (35,330) ---------- Reference Entity Total (15,528) ---------- MSCI DAILY TR GROSS EAFE USD INDEX: One-Month USD LIBOR plus 15 basis points and if negative the absolute value of If positive, the the Total Return Total Return of the of the MSCI Daily MSCI Daily Gross EAFE Gross EAFE USD Citibank NA 3,664 USD Index Index 10/7/10 (351,618)
48 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) One-Month USD LIBOR minus 5 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of the of the MSCI Daily MSCI Daily Gross EAFE Gross EAFE USD Goldman Sachs Group, Inc. (The) 120 USD Index Index 7/8/11 (7,615) One-Month USD BBA LIBOR plus 10 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of the of the MSCI Daily MSCI Daily Gross EAFE Gross EAFE USD Goldman Sachs Group, Inc. (The) 1,668 USD Index Index 5/11/11 (98,053) One-Month USD LIBOR minus 5 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of the of the MSCI Daily MSCI Daily Gross EAFE Gross EAFE USD Goldman Sachs Group, Inc. (The) 563 USD Index Index 7/8/11 (39,247) One-Month USD BBA LIBOR plus 40 basis points and if negative, the If positive, absolute value of the the Total Return Total Return of the of the MSCI Daily MSCI Daily Gross EAFE Gross EAFE USD UBS AG 5,792 USD Index Index 7/12/11 415,193 One-Month USD LIBOR minus 10 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of the of the MSCI Daily MSCI Daily Gross EAFE Gross EAFE USD UBS AG 6,463 USD Index Index 10/11/10 (443,436) ---------- Reference Entity Total (524,776) ---------- MSCI DAILY TR ITALY USD INDEX: One-Month USD BBA LIBOR minus 25 basis points and if negative, the absolute value of the If positive, Total Return of the the Total Return MSCI Daily Italy USD of the MSCI Daily Goldman Sachs Group, Inc. (The) 2,245 Index Italy USD Index 3/4/11 157,366 One-Month USD BBA LIBOR minus 25 basis points and if negative, the absolute value of the If positive, Total Return of the the Total Return MSCI Daily Italy USD of the MSCI Daily Goldman Sachs Group, Inc. (The) 475 Index Italy USD Index 3/4/11 36,364 ---------- Reference Entity Total 193,730 ---------- MSCI DAILY TR NET EMERGING MARKETS KOREA PRICE RETURN INDEX One-Month USD BBA LIBOR plus 30 basis points and if negative, the absolute value of the If positive, Total Return of the the Total Return MSCI Daily Net of the MSCI Daily Emerging Markets Net Emerging Korea Price Return Markets Korea UBS AG 2,417 Index Price Return Index 8/8/11 219,129
49 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) MSCI DAILY TR NET SPAIN USD INDEX One-Month USD BBA LIBOR minus 30 basis If positive, points and if the absolute negative, the value of the absolute value of the Total Return of Total Return of the the MSCI Daily MSCI Daily Net Spain Net Spain USD Citibank NA 2,462 USD Index Index 9/7/11 145,645 MSCI DAILY TR NET SWITZERLAND USD INDEX One-Month USD BBA If positive, LIBOR and if the absolute negative, the value of the absolute value of the Total Return of Total Return of the the MSCI Daily MSCI Daily Net Net Switzerland Citibank NA 2,413 Switzerland USD Index USD Index 9/7/11 76,803 MSCI MALAYSIA TR INDEX One-Month USD BBA LIBOR plus 10 basis points and if negative, the If positive, absolute value of the the Total Return Total Return of the of MSCI Malaysia Nomura International 2,402 MSCI Malaysia Index Index 9/8/11 78,304 S&P 400 MIDCAP INDEX One-Month USD BBA LIBOR minus 9 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of the of the S&P 400 Goldman Sachs Group, Inc. (The) 5,885 S&P 400 Midcap Index Midcap Index 9/9/11 (329,457) THE ORDINARY SHARES OF NOVO NORDISK AS One-Month DKK BBA LIBOR plus 30 basis points and if negative, the If positive, absolute value of the the absolute Total Return of the value of the ordinary shares of ordinary shares Citibank NA 1,096 DKK Novo Nordisk AS of Novo Nordisk AS 4/11/11 11,255 ---------- Total of Total Return Swaps $2,216,111 ==========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: CHF Swiss Franc DKK Danish Krone EUR Euro GBP British Pounds Sterling JPY Japanese Yen SEK Swedish Krona Abbreviations 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 STIBOR SIDE Stockholm Interbank Offered Rate TR Total Return 50 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) CURRENCY SWAPS AS OF SEPTEMBER 30, 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 HYDROGENEARATION COMPANY") AND OJSC SARATOVSKAYA HPP AND ANY SUCCESSOR(S) TO THESE REFERENCE ENTITIES 7.75% from debt obligations of JSC Rushydro Morgan Stanley Capital Services, Three-Month and OJSC Inc. 271,430 RUR USD BBA LIBOR Saratovskaya HPP 12/26/13 $(1,404,144)
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currency: RUR Russian Ruble Abbreviation/Definition is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate VOLATILITY SWAPS AS OF SEPTEMBER 30, 2010 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ------------------------------- ---------- --------------------- ------------------ ----------- ---------- AUD/CAD EXCHANGE RATE: The Historic Volatility of the mid AUD/CAD spot exchange rate during the Citibank NA 13 AUD Observation Period 9.90% 10/28/10 $ 6,986 The Historic Volatility of the mid AUD/CAD spot exchange Credit Suisse rate during the International 13 AUD Observation Period 9.65 10/29/10 (5,867) ---------- Reference Entity Total 1,119 ---------- CHF/JPY EXCHANGE RATE: The Historic Volatility of the mid CHF/JPY spot exchange rate during the Citibank NA 13 CHF Observation Period 11.30 10/13/10 (24,824) The Historic Volatility of the mid CHF/JPY spot exchange Credit Suisse rate during the International 13 CHF Observation Period 11.95 10/11/10 (11,517) The Historic Volatility of the mid CHF/JPY spot exchange rate during the Deutsche Bank AG 13 CHF Observation Period 11.45 10/14/10 (22,439)
51 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) The Historic Volatility of the mid CHF/JPY spot exchange rate during the Deutsche Bank AG 13 CHF Observation Period 11.75 10/12/10 (9,658) ---------- Reference Entity Total (68,438) ---------- CHF/NOK EXCHANGE RATE: The Historic Volatility of the mid CHF/NOK spot exchange rate during the Citibank NA 12 CHF Observation Period 13.25 10/29/10 10,888 The Historic Volatility of the mid CHF/NOK spot exchange Credit Suisse rate during the International 13 CHF Observation Period 12.60 10/25/10 4,975 The Historic Volatility of the mid CHF/NOK spot exchange Credit Suisse rate during the International 12 CHF Observation Period 13.05 11/4/10 (6,537) The Historic Volatility of the mid CHF/NOK spot exchange rate during the Deutsche Bank AG 13 CHF Observation Period 13.50 10/25/10 21,171 ---------- Reference Entity Total 30,497 ---------- GBP/JPY EXCHANGE RATE: The Historic Volatility of the mid GBY/JPY spot exchange rate during the Observation Citibank NA 8 GBP 13.75% Period 10/21/10 (18,526) The Historic Volatility of the mid GBP/JPY spot exchange rate during the Credit Suisse Observation International 8 GBP 14.00 Period 10/18/10 (41,276) The Historic Volatility of the mid GBP/JPY spot exchange rate during the Credit Suisse Observation International 8 GBP 13.75 Period 10/22/10 (20,634) The Historic Volatility of the mid GBP/JPY spot exchange rate during the Observation Deutsche Bank AG 8 GBP 14.05 Period 10/22/10 (13,924) ---------- Reference Entity Total (94,360) ---------- GBP/NOK EXCHANGE RATE The Historic Volatility of the mid GBP/NOK spot exchange rate during the Observation Citibank NA 8 GBP 11.15 Period 10/27/10 (1,532)
52 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) NZD/CHF EXCHANGE RATE: The Historic Volatility of the mid NZD/CHF spot exchange rate during the Observation Citibank NA 18 NZD 14.50 Period 10/7/10 (66,215) The Historic Volatility of the mid NZD/CHF spot exchange rate during the Observation Citibank NA 18 NZD 14.50 Period 10/7/10 (67,376) ---------- Reference Entity Total (133,591) ---------- NZD/JPY EXCHANGE RATE The Historic Volatility of the mid NZD/JPY spot exchange rate during the Barclays Bank plc 17 NZD Observation Period 16.80 10/18/10 6,092 NZD/USD EXCHANGE RATE The Historic Volatility of the mid NZD/USD spot exchange rate during the Barclays Bank plc 13 Observation Period 14.35 11/1/10 (38,756) USD/JPY EXCHANGE RATE The Historic Volatility of the mid USD/JPY spot exchange Credit Suisse rate during the International 13 Observation Period 11.30 10/15/10 (30,349) ---------- Total Volatility Swaps $ (329,318) ==========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: AUD Australian Dollar CAD Canadian Dollar CHF Swiss Franc GBP British Pounds Sterling JPY Japanese Yen NOK Norwegian Krone NZD New Zealand Dollar 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 SEPTEMBER 30, 2010 IS AS FOLLOWS:
SWAP TYPE FROM NATIONAL SWAP COUNTERPARTY FUND PERSPECTIVE AMOUNT (000'S) VALUE --------------------------------------- -------------------- -------------- ----------- Banco Santander SA, Inc. Interest Rate 9,870 BRR $ 162,073 Barclays Bank plc: Credit Default Buy Protection 3,270 (48,769) Credit Default Sell Protection 4,579 6,261 Interest Rate 7,360 GBP 349,281 Interest Rate 11,800 (42,247) Volatility 17 NZD 6,092 Volatility 13 (38,756) ----------- 231,862 ----------- Citibank NA: Interest Rate 553,000 JPY (301,662)
53 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) Total Return 1,538 CHF 59,112 Total Return 1,096 DKK 11,255 Total Return 5,447 EUR 187,526 Total Return 1,713 GBP 127,953 Total Return 4,115 SEK 20,614 Total Return 8,539 (129,170) Volatility 13 AUD 6,986 Volatility 25 CHF (13,936) Volatility 16 GBP (20,058) Volatility 36 NZD (133,591) ----------- (184,971) ----------- Citibank NA, New York: Credit Default Buy Protection 14,690 36,458 Credit Default Sell Protection 8,275 51,616 Total Return 1,108,331 JPY 438,319 ----------- 526,393 ----------- Credit Suisse International: Credit Default Buy Protection 850 190,034 Credit Default Sell Protection 4,440 115,715 Interest Rate 12,920 BRR 68,158 Volatility 13 AUD (5,867) Volatility 38 CHF (13,079) Volatility 16 GBP (61,910) Volatility 13 (30,349) ----------- 262,702 ----------- Deutsche Bank AG: Credit Default Buy Protection 11,210 10,064 Credit Default Sell Protection 9,310 39,889 Volatility 39 CHF (10,926) Volatility 8 GBP (13,924) ----------- 25,103 ----------- Goldman Sachs Group, Inc. (The): Interest Rate 89,950 BRR 1,541,070 Total Return 358 EUR 137 Total Return 28,971 1,133,699 Total Return 5,885 (329,457) ----------- 2,345,449 ----------- Goldman Sachs International: Credit Default Buy Protection 9,400 (63,439) Credit Default Sell Protection 17,281 253,043 ----------- 189,604 ----------- JPMorgan Chase Bank NA: Interest Rate 11,800 BRR 986,109 Interest Rate 458,000 JPY (116,324) ----------- 869,785 ----------- JPMorgan Chase Bank NA, London Branch Credit Default Buy Protection 4,900 (69,132) Credit Default Sell JPMorgan Chase Bank NA, NY Branch Protection 4,950 6,768 Morgan Stanley: Interest Rate 20,310 BRR 303,529
54 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) Total Return 3,840 EUR (35,330) Total Return 4,587 GBP 194,106 Total Return 3,970 165,938 ----------- 628,243 ----------- Morgan Stanley & Co. International Ltd. Credit Default Sell Protection 3,100 (334,492) Morgan Stanley Capital Services, Inc. Currency 271,430 RUR (1,404,144) Nomura International Total Return 2,402 78,304 UBS AG: Credit Default Sell Protection 3,720 (44,812) Total Return 16,644 293,105 ----------- 248,293 ----------- Westpac Banking Corp. Interest Rate 12,810 AUD (122,467) ----------- Total Swaps $ 3,459,373 ===========
Notional amount is reported in U.S.Dollars (USD), except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real CHF Swiss Franc DKK Danish Krone EUR Euro GBP British Pounds Sterling JPY Japanese Yen NZD New Zealand Dollar RUR Russian Ruble SEK Swedish Krona 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. 55 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 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. 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 56 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 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 September 30, 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 $54,167,889 Sold securities 5,651,716
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 or underlying obligors subsequently default. Information concerning securities in default as of September 30, 2010 is as follows: Cost $39,364,342 Market Value $ 8,809,676 Market Value as a % of Net Assets 0.37% 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 57 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) LAF is included in the Statement of Investments. Shares of LAF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. 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. 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. 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. 58 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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 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 September 30, 2010, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $16,858,616, 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, swaptions, 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 $8,758,991 as of September 30, 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 September 30, 2010 the Fund has required certain counterparties to post collateral of $5,266,189. 59 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) CREDIT RELATED CONTINGENT FEATURES. The Fund's agreements with derivative counterparties have 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 swaptions, and forward currency exchange contracts for each individual counterparty. As of September 30, 2010, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $4,632,092 for which the Fund has posted collateral of $1,652,858. 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 September 30, 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 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 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. 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. 60 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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. 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, if any, 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. 61 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) The Fund has written put options on currencies to increase exposure to foreign exchange rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. The Fund has written call options on currencies to decrease exposure to foreign exchange rate risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price. The Fund has purchased call options on currencies to increase exposure to foreign exchange rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. The Fund has purchased put options on currencies to decrease exposure to foreign exchange rate risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price. The Fund has purchased call options on individual equity securities and, or, equity indexes to increase exposure to equity risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. 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 Fund has purchased call options on treasury futures to increase exposure to interest rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates 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. Written option activity for the period ended September 30, 2010 was as follows:
CALL OPTIONS PUT OPTIONS ---------------------------- --------------------------- NUMBER OF AMOUNT OF NUMBER OF AMOUNT OF CONTRACTS PREMIUMS CONTRACTS PREMIUMS -------------- ----------- -------------- ---------- Options outstanding as of December 31, 2009 -- $ -- 108,600,000 $ 106,195 Options written 4,085,825,000 2,023,487 2,024,125,000 1,626,263 Options closed or expired (1,788,105,000) (1,156,880) (1,619,620,000) (878,688) Options exercised (1,497,720,000) (657,983) (513,105,000) (853,770) -------------- ----------- -------------- ---------- Options outstanding as of September 30, 2010 800,000,000 $ 208,624 -- $ -- ============== =========== ============== ==========
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. 62 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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. 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. 63 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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 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 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. 64 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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 September 30, 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. UNFUNDED PURCHASE AGREEMENTS Pursuant to the terms of certain indenture agreements, the Fund has unfunded purchase agreements of $10,599,629 at September 30, 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 September 30, 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 $8,800,459
COMMITMENT INTEREST TERMINATION UNFUNDED UNREALIZED RATE DATE AMOUNT APPRECIATION -------- ----------- ---------- ------------ Deutsche Bank AG; An unfunded commitment that the Fund receives 0.125% quarterly; and will pay out, upon request, up to 1,799,170 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% 10/15/10 $1,799,170 $25,189
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 September 30, 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 $2,354,034,528 Federal tax cost of other investments 519,503,957 -------------- Total federal tax cost $2,873,538,485 ==============
65 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) Gross unrealized appreciation $ 179,721,987 Gross unrealized depreciation (149,208,871) ------------- Net unrealized appreciation $ 30,513,116 =============
66 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------------- --------------- COMMON STOCKS--95.5% CONSUMER DISCRETIONARY--8.7% AUTO COMPONENTS--1.6% Lear Corp.(1) 1,380 $ 108,923 --------------- HOUSEHOLD DURABLES--1.7% Mohawk Industries, Inc.(1) 2,090 111,397 --------------- MEDIA--5.4% Comcast Corp., Cl. A 6,140 111,011 Time Warner Cable, Inc. 1,640 88,544 Viacom, Inc., Cl. B 4,570 165,388 --------------- 364,943 --------------- CONSUMER STAPLES--5.8% BEVERAGES--3.1% Coca-Cola Co. (The) 980 57,350 Molson Coors Brewing Co., Cl. B, Non-Vtg. 3,242 153,087 --------------- 210,437 --------------- FOOD & STAPLES RETAILING--2.7% Wal-Mart Stores, Inc. 660 35,323 Walgreen Co. 4,324 144,854 --------------- 180,177 --------------- ENERGY--14.8% ENERGY EQUIPMENT & SERVICES--2.3% Halliburton Co. 4,730 156,421 --------------- OIL, GAS & CONSUMABLE FUELS--12.5% Chevron Corp. 3,580 290,159 CONSOL Energy, Inc. 3,460 127,882 Exxon Mobil Corp. 2,054 126,917 Marathon Oil Corp. 4,108 135,975 Royal Dutch Shell plc, ADR 1,230 74,169 Ultra Petroleum Corp.(1) 2,080 87,318 --------------- 842,420 --------------- FINANCIALS--21.0% CAPITAL MARKETS--5.0% E*TRADE Financial Corp.(1) 6,121 88,999 Goldman Sachs Group, Inc. (The) 690 99,760 State Street Corp. 3,940 148,380 --------------- 337,139 --------------- COMMERCIAL BANKS--6.2% CIT Group, Inc.(1) 3,180 129,808 PNC Financial Services Group, Inc. 1,800 93,438 Wells Fargo & Co. 7,850 197,271 --------------- 420,517 --------------- DIVERSIFIED FINANCIAL SERVICES--4.0% JPMorgan Chase & Co. 7,040 268,013 --------------- INSURANCE--5.8% ACE Ltd. 2,760 160,770 CNO Financial Group, Inc.(1) 6,800 37,672
1 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------------- --------------- INSURANCE CONTINUED MetLife, Inc. 5,050 $ 194,173 --------------- 392,615 --------------- HEALTH CARE--13.0% BIOTECHNOLOGY--3.8% Amgen, Inc.(1) 1,220 67,234 Gilead Sciences, Inc.(1) 5,450 194,075 --------------- 261,309 --------------- HEALTH CARE PROVIDERS & SERVICES--2.0% Aetna, Inc. 2,020 63,852 WellPoint, Inc.(1) 1,240 70,234 --------------- 134,086 --------------- PHARMACEUTICALS--7.2% Merck & Co., Inc. 5,930 218,283 Pfizer, Inc. 15,499 266,118 --------------- 484,401 --------------- INDUSTRIALS--10.4% AEROSPACE & DEFENSE--0.6% AerCap Holdings NV(1) 3,570 42,233 --------------- INDUSTRIAL CONGLOMERATES--2.6% Tyco International Ltd. 4,760 174,835 --------------- MACHINERY--4.2% Ingersoll-Rand plc 3,810 136,055 Navistar International Corp.(1) 3,363 146,761 --------------- 282,816 --------------- ROAD & RAIL--2.2% Norfolk Southern Corp. 2,470 146,990 --------------- TRADING COMPANIES & DISTRIBUTORS--0.8% Aircastle Ltd. 6,510 55,205 --------------- INFORMATION TECHNOLOGY--7.3% COMMUNICATIONS EQUIPMENT--2.6% Harris Corp. 2,250 99,653 QUALCOMM, Inc. 1,690 76,253 --------------- 175,906 --------------- COMPUTERS & PERIPHERALS--1.4% Dell, Inc.(1) 7,610 98,626 --------------- OFFICE ELECTRONICS--1.1% Xerox Corp. 7,040 72,864 --------------- SOFTWARE--2.2% Oracle Corp. 5,560 149,286 --------------- MATERIALS--4.6% CHEMICALS--4.6% Celanese Corp., Series A 4,610 147,981 Mosaic Co. (The) 2,740 161,002 --------------- 308,983 --------------- TELECOMMUNICATION SERVICES--4.3% DIVERSIFIED TELECOMMUNICATION SERVICES--3.3% AT&T, Inc. 7,752 221,707 ---------------
2 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Shares Value --------------- --------------- WIRELESS TELECOMMUNICATION SERVICES--1.0% Vodafone Group plc, Sponsored ADR 2,690 $ 66,739 --------------- UTILITIES--5.6% ELECTRIC UTILITIES--4.1% Edison International, Inc. 4,420 152,004 Entergy Corp. 860 65,816 Exelon Corp. 1,426 60,719 --------------- 278,539 --------------- MULTI-UTILITIES--1.5% NiSource, Inc. 1,790 31,146 PG&E Corp. 1,604 72,851 --------------- 103,997 --------------- Total Common Stocks (Cost $5,745,731) 6,451,524 --------------- INVESTMENT COMPANY--4.1% Oppenheimer Institutional Money Market Fund, Cl. E, 0.24% (2,3) (Cost $274,860) 274,860 274,860 --------------- TOTAL INVESTMENTS, AT VALUE (COST $6,020,591) 99.6% 6,726,384 Other Assets Net of Liabilities 0.4 28,036 --------------- --------------- Net Assets 100.0% $ 6,754,420 =============== ===============
Footnotes to Statement of Investments (1.) Non-income producing security. (2.) Rate shown is the 7-day yield as of September 30, 2010. (3.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 SEPTEMBER 30, 2010 ----------------- --------- ---------- ------------------ Oppenheimer Institutional Money Market Fund, Cl. E 340,073 3,855,475 3,920,688 274,860
VALUE INCOME --------- ------ Oppenheimer Institutional Money Market Fund, Cl. E $274,860 $440
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 September 30, 2010 based on valuation input level: 3 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
LEVEL 2-- LEVEL 1-- OTHER LEVEL 3-- UNADJUSTED SIGNIFICANT SIGNIFICANT QUOTED OBSERVABLE UNOBSERVABLE PRICES INPUTS INPUTS VALUE ---------- ----------- ------------ ---------- ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Consumer Discretionary $ 585,263 $-- $-- $ 585,263 Consumer Staples 390,614 -- -- 390,614 Energy 998,841 -- -- 998,841 Financials 1,418,284 -- -- 1,418,284 Health Care 879,796 -- -- 879,796 Industrials 702,079 -- -- 702,079 Information Technology 496,682 -- -- 496,682 Materials 308,983 -- -- 308,983 Telecommunication Services 288,446 -- -- 288,446 Utilities 382,536 -- -- 382,536 Investment Company 274,860 -- -- 274,860 ---------- --- --- ---------- Total Assets $6,726,384 $-- $-- $6,726,384 ---------- --- --- ----------
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. 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. 4 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS September 30, 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. 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 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. 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, 5 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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 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 6 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 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. CREDIT RELATED CONTINGENT FEATURES. The Fund's agreements with derivative counterparties have 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 swaptions, 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. Options written, if any, 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. As of September 30, 2010, the Fund did not hold any outstanding written options. 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 September 30, 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 $6,239,383 ========== Gross unrealized appreciation $ 576,351 Gross unrealized depreciation (89,350) ---------- Net unrealized appreciation $ 487,001 ==========
7 | 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 09/30/2010, 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: 11/09/2010 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: 11/09/2010 By: /s/ Brian W. Wixted ---------------------------------- Brian W. Wixted Principal Financial Officer Date: 11/09/2010