0000950123-11-054949.txt : 20110527 0000950123-11-054949.hdr.sgml : 20110527 20110527152822 ACCESSION NUMBER: 0000950123-11-054949 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110527 DATE AS OF CHANGE: 20110527 EFFECTIVENESS DATE: 20110527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER VARIABLE ACCOUNT FUNDS CENTRAL INDEX KEY: 0000752737 IRS NUMBER: 840974272 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04108 FILM NUMBER: 11878099 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 3036713200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER VARIABLE LIFE FUNDS DATE OF NAME CHANGE: 19860609 0000752737 S000010331 Oppenheimer Balanced Fund/VA C000028586 Non-Service C000028587 Service 0000752737 S000010332 Oppenheimer Value Fund/VA C000028588 Non-Service C000028589 Service 0000752737 S000010333 Oppenheimer Small- & Mid-Cap Growth Fund/VA C000028590 Non-Service C000028591 Service 0000752737 S000010334 Oppenheimer Capital Appreciation Fund C000028592 Non-Service C000028593 Service 0000752737 S000010335 Oppenheimer Core Bond Fund/VA C000028594 Non-Service C000028595 Service 0000752737 S000010336 Oppenheimer Global Securities/VA C000028596 Non-Service C000028597 Service C000028916 Class 3 C000028917 Class4 0000752737 S000010337 Oppenheimer High Income Fund/VA C000028598 Non-Service C000028599 Service C000047467 3 C000047468 4 0000752737 S000010338 Oppenheimer Main Street Fund/VA C000028600 Non-Service C000028601 Service 0000752737 S000010339 Oppenheimer Main Street Small- & Mid Cap Fund/VA C000028602 Non-Service C000028603 Service 0000752737 S000010340 Oppenheimer Money Fund/VA C000028604 Non-Service C000028605 Service 0000752737 S000010341 Oppenheimer Global Strategic Income Fund/VA C000028606 Non-Service C000028607 Service N-Q 1 g58639nvq.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: 03/31/2011 ================================================================================ ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value --------------------------------------------------------------------------------------------------------- COMMON STOCKS-100.0% --------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY-19.5% --------------------------------------------------------------------------------------------------------- AUTO COMPONENTS-2.0% BorgWarner, Inc.(1) 99,190 $ 7,904,451 --------------------------------------------------------------------------------------------------------- TRW Automotive Holdings Corp.(1) 110,520 6,087,442 ------------- 13,991,893 --------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES-1.0% Sotheby's 138,250 7,271,950 --------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE-3.6% Chipotle Mexican Grill, Inc., Cl. A(1) 33,481 9,119,220 --------------------------------------------------------------------------------------------------------- Panera Bread Co., Cl. A(1) 80,050 10,166,350 --------------------------------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc. 104,110 6,050,873 ------------- 25,336,443 --------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL-2.3% NetFlix.com, Inc.(1) 26,010 6,172,953 --------------------------------------------------------------------------------------------------------- Priceline.com, Inc.(1) 20,020 10,138,929 ------------- 16,311,882 --------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS-0.8% Hasbro, Inc. 124,810 5,846,100 --------------------------------------------------------------------------------------------------------- MEDIA-1.0% Discovery Communications, Inc.(1) 83,410 3,328,059 --------------------------------------------------------------------------------------------------------- Scripps Networks Interactive, Cl. A 70,430 3,527,839 ------------- 6,855,898 --------------------------------------------------------------------------------------------------------- MULTILINE RETAIL-2.2% Dollar Tree, Inc.(1) 175,875 9,764,580 --------------------------------------------------------------------------------------------------------- Nordstrom, Inc. 120,190 5,394,127 ------------- 15,158,707 --------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL-5.0% Dick's Sporting Goods, Inc.(1) 126,310 5,049,874 --------------------------------------------------------------------------------------------------------- O'Reilly Automotive, Inc.(1) 91,120 5,235,755 --------------------------------------------------------------------------------------------------------- Signet Jewelers Ltd.(1) 72,960 3,357,619 --------------------------------------------------------------------------------------------------------- Tiffany & Co. 96,920 5,954,765 --------------------------------------------------------------------------------------------------------- Tractor Supply Co. 142,520 8,531,247 --------------------------------------------------------------------------------------------------------- Ulta Salon, Cosmetics & Fragrance, Inc.(1) 144,120 6,936,496 ------------- 35,065,756 --------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS-1.6% Fossil, Inc.(1) 65,370 6,121,901 --------------------------------------------------------------------------------------------------------- Under Armour, Inc., Cl. A(1) 69,700 4,743,085 ------------- 10,864,986 --------------------------------------------------------------------------------------------------------- CONSUMER STAPLES-4.6% --------------------------------------------------------------------------------------------------------- BEVERAGES-1.2% Hansen Natural Corp.(1) 134,750 8,115,993 --------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING-1.7% Fresh Market, Inc. (The)(1) 66,960 2,527,070 --------------------------------------------------------------------------------------------------------- Whole Foods Market, Inc. 146,920 9,682,028 ------------- 12,209,098
1 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value --------------------------------------------------------------------------------------------------------- FOOD PRODUCTS-0.5% Green Mountain Coffee, Inc.(1) 59,640 $ 3,853,340 --------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS-1.2% Estee Lauder Cos., Inc. (The), Cl. A 86,030 8,289,851 --------------------------------------------------------------------------------------------------------- ENERGY-7.4% --------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES-3.0% Carbo Ceramics, Inc. 56,370 7,954,934 --------------------------------------------------------------------------------------------------------- Core Laboratories NV 66,440 6,788,175 --------------------------------------------------------------------------------------------------------- Superior Energy Services, Inc.(1) 156,420 6,413,220 ------------- 21,156,329 --------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS-4.4% Cimarex Energy Co. 46,910 5,405,908 --------------------------------------------------------------------------------------------------------- Concho Resources, Inc.(1) 136,350 14,630,355 --------------------------------------------------------------------------------------------------------- Oasis Petroleum, Inc.(1) 139,160 4,400,239 --------------------------------------------------------------------------------------------------------- Whiting Petroleum Corp.(1) 88,220 6,479,759 ------------- 30,916,261 --------------------------------------------------------------------------------------------------------- FINANCIALS-6.7% --------------------------------------------------------------------------------------------------------- CAPITAL MARKETS-1.8% Affiliated Managers Group, Inc.(1) 63,940 6,993,118 --------------------------------------------------------------------------------------------------------- Stifel Financial Corp.(1) 79,310 5,693,665 ------------- 12,686,783 --------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS-2.7% East West Bancorp, Inc. 280,180 6,152,753 --------------------------------------------------------------------------------------------------------- First Republic Bank(1) 77,840 2,406,034 --------------------------------------------------------------------------------------------------------- Signature Bank(1) 150,270 8,475,228 --------------------------------------------------------------------------------------------------------- SVB Financial Group(1) 30,870 1,757,429 ------------- 18,791,444 --------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES-0.7% MSCI, Inc., Cl. A(1) 136,090 5,010,834 --------------------------------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT-1.5% CB Richard Ellis Group, Inc., Cl. A(1) 127,930 3,415,731 --------------------------------------------------------------------------------------------------------- Jones Lang LaSalle, Inc. 73,030 7,284,012 ------------- 10,699,743 --------------------------------------------------------------------------------------------------------- HEALTH CARE-13.5% --------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY-2.1% Alexion Pharmaceuticals, Inc.(1) 118,030 11,647,200 --------------------------------------------------------------------------------------------------------- United Therapeutics Corp.(1) 49,410 3,311,458 ------------- 14,958,658 --------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES-1.0% Edwards Lifesciences Corp.(1) 77,910 6,778,170 --------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES-4.0% AMERIGROUP Corp.(1) 60,210 3,868,493 --------------------------------------------------------------------------------------------------------- AmerisourceBergen Corp. 126,980 5,023,329 --------------------------------------------------------------------------------------------------------- Brookdale Senior Living, Inc.(1) 201,240 5,634,720 --------------------------------------------------------------------------------------------------------- Catalyst Health Solutions, Inc.(1) 75,790 4,238,935
2 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value --------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED HMS Holdings Corp.(1) 115,990 $ 9,493,782 ------------- 28,259,259 --------------------------------------------------------------------------------------------------------- HEALTH CARE TECHNOLOGY-2.0% Cerner Corp.(1) 50,550 5,621,160 --------------------------------------------------------------------------------------------------------- SXC Health Solutions Corp.(1) 153,380 8,405,224 ------------- 14,026,384 --------------------------------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES-1.6% Illumina, Inc.(1) 77,340 5,419,214 --------------------------------------------------------------------------------------------------------- Waters Corp.(1) 63,380 5,507,722 ------------- 10,926,936 --------------------------------------------------------------------------------------------------------- PHARMACEUTICALS-2.8% Perrigo Co. 44,160 3,511,603 --------------------------------------------------------------------------------------------------------- Salix Pharmaceuticals Ltd.(1) 110,200 3,860,306 --------------------------------------------------------------------------------------------------------- Valeant Pharmaceuticals International, Inc. 139,910 6,968,917 --------------------------------------------------------------------------------------------------------- Watson Pharmaceuticals, Inc.(1) 92,800 5,197,728 ------------- 19,538,554 --------------------------------------------------------------------------------------------------------- INDUSTRIALS-17.7% --------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE-2.0% BE Aerospace, Inc.(1) 149,050 5,295,747 --------------------------------------------------------------------------------------------------------- TransDigm Group, Inc.(1) 101,720 8,527,188 ------------- 13,822,935 --------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES-0.7% Stericycle, Inc.(1) 52,210 4,629,461 --------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT-4.8% AMETEK, Inc. 178,445 7,828,382 --------------------------------------------------------------------------------------------------------- Polypore International, Inc.(1) 122,300 7,042,034 --------------------------------------------------------------------------------------------------------- Rockwell Automation, Inc. 116,360 11,013,474 --------------------------------------------------------------------------------------------------------- Roper Industries, Inc. 92,960 8,037,322 ------------- 33,921,212 --------------------------------------------------------------------------------------------------------- MACHINERY-6.2% CNH Global NV(1) 67,880 3,295,574 --------------------------------------------------------------------------------------------------------- Gardner Denver, Inc. 126,661 9,883,358 --------------------------------------------------------------------------------------------------------- Joy Global, Inc. 71,460 7,060,963 --------------------------------------------------------------------------------------------------------- Nordson Corp. 45,280 5,209,917 --------------------------------------------------------------------------------------------------------- Parker-Hannifin Corp. 98,410 9,317,459 --------------------------------------------------------------------------------------------------------- WABCO Holdings, Inc.(1) 110,220 6,793,961 --------------------------------------------------------------------------------------------------------- Wabtec Corp. 32,570 2,209,223 ------------- 43,770,455 --------------------------------------------------------------------------------------------------------- PROFESSIONAL SERVICES-0.7% Manpower, Inc. 75,080 4,721,030 --------------------------------------------------------------------------------------------------------- ROAD & RAIL-1.3% Kansas City Southern, Inc.(1) 170,610 9,289,715 --------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS-2.0% United Rentals, Inc.(1) 174,970 5,823,002
3 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value --------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS CONTINUED WESCO International, Inc.(1) 131,770 $ 8,235,625 ------------- 14,058,627 --------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY-22.0% --------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT-3.5% Acme Packet, Inc.(1) 49,090 3,483,426 --------------------------------------------------------------------------------------------------------- Aruba Networks, Inc.(1) 103,380 3,498,379 --------------------------------------------------------------------------------------------------------- Ciena Corp.(1) 144,510 3,751,480 --------------------------------------------------------------------------------------------------------- JDS Uniphase Corp.(1) 165,314 3,445,144 --------------------------------------------------------------------------------------------------------- Polycom, Inc.(1) 94,700 4,910,195 --------------------------------------------------------------------------------------------------------- Riverbed Technology, Inc.(1) 139,210 5,241,257 ------------- 24,329,881 --------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS-1.0% Trimble Navigation Ltd.(1) 136,180 6,882,537 --------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES-1.9% Rackspace Hosting, Inc.(1) 214,410 9,187,469 --------------------------------------------------------------------------------------------------------- SINA Corp.(1) 41,500 4,442,160 ------------- 13,629,629 --------------------------------------------------------------------------------------------------------- IT SERVICES-1.8% Cognizant Technology Solutions Corp.(1) 66,950 5,449,730 --------------------------------------------------------------------------------------------------------- Teradata Corp.(1) 141,920 7,195,344 ------------- 12,645,074 --------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT-5.7% Atmel Corp.(1) 487,570 6,645,579 --------------------------------------------------------------------------------------------------------- Cavium Networks, Inc.(1) 158,500 7,121,405 --------------------------------------------------------------------------------------------------------- Netlogic Microsystems, Inc.(1) 235,540 9,897,391 --------------------------------------------------------------------------------------------------------- Skyworks Solutions, Inc.(1) 305,720 9,911,442 --------------------------------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc.(1) 138,310 6,731,548 ------------- 40,307,365 --------------------------------------------------------------------------------------------------------- SOFTWARE-8.1% Autodesk, Inc.(1) 120,220 5,302,904 --------------------------------------------------------------------------------------------------------- Citrix Systems, Inc.(1) 91,890 6,750,239 --------------------------------------------------------------------------------------------------------- Concur Technologies, Inc.(1) 65,610 3,638,075 --------------------------------------------------------------------------------------------------------- Fortinet, Inc.(1) 188,120 8,277,280 --------------------------------------------------------------------------------------------------------- Informatica Corp.(1) 107,650 5,622,560 --------------------------------------------------------------------------------------------------------- Red Hat, Inc.(1) 132,110 5,996,473 --------------------------------------------------------------------------------------------------------- Rovi Corp.(1) 63,280 3,394,972 --------------------------------------------------------------------------------------------------------- Salesforce.com, Inc.(1) 46,180 6,168,724 --------------------------------------------------------------------------------------------------------- SuccessFactors, Inc.(1) 142,160 5,557,034 --------------------------------------------------------------------------------------------------------- TIBCO Software, Inc.(1) 228,640 6,230,440 ------------- 56,938,701 --------------------------------------------------------------------------------------------------------- MATERIALS-6.8% --------------------------------------------------------------------------------------------------------- CHEMICALS-4.2% Albemarle Corp. 146,200 8,738,374
4 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value --------------------------------------------------------------------------------------------------------- CHEMICALS CONTINUED --------------------------------------------------------------------------------------------------------- CF Industries Holdings, Inc. 44,710 $ 6,115,881 --------------------------------------------------------------------------------------------------------- Rockwood Holdings, Inc.(1) 147,160 7,243,215 --------------------------------------------------------------------------------------------------------- Solutia, Inc.(1) 289,000 7,340,600 ------------- 29,438,070 --------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING-0.9% Rock-Tenn Co., Cl. A 94,350 6,543,173 --------------------------------------------------------------------------------------------------------- METALS & MINING-1.7% Silver Wheaton Corp. 184,950 8,019,432 --------------------------------------------------------------------------------------------------------- Walter Industries, Inc. 27,950 3,785,269 ------------- 11,804,701 --------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES-1.8% --------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES-1.8% NII Holdings, Inc.(1) 186,740 7,781,456 --------------------------------------------------------------------------------------------------------- SBA Communications Corp.(1) 119,300 4,733,819 ------------- 12,515,275 ------------- Total Common Stocks (Cost $478,149,841) 702,169,093 --------------------------------------------------------------------------------------------------------- INVESTMENT COMPANIES-1.0% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(2,3) 33,787 33,787 --------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 0.20%(3,4) 6,904,163 6,904,163 ------------- Total Investment Companies (Cost $6,937,950) 6,937,950 --------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $485,087,791) 101.0% 709,107,043 --------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (1.0) (7,352,335) ---------------------------- Net Assets 100.0% $701,754,708 ============================
Footnotes to Statement of Investments ---------- 1. Non-income producing security. 2. Interest rate is less than 0.0005%. 3. Rate shown is the 7-day yield as of March 31, 2011. 4. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2011, 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, 2010 ADDITIONS REDUCTIONS MARCH 31, 2011 --------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 2,477,343 67,468,296 63,041,476 6,904,163 VALUE INCOME --------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 6,904,163 $ 2,666
5 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (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 or liability (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 or liability). The table below categorizes amounts as of March 31, 2011 based on valuation input level:
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 $136,703,615 $ - $ - $136,703,615 Consumer Staples 32,468,282 - - 32,468,282 Energy 52,072,590 - - 52,072,590 Financials 47,188,804 - - 47,188,804 Health Care 94,487,961 - - 94,487,961 Industrials 124,213,435 - - 124,213,435 Information Technology 154,733,187 - - 154,733,187 Materials 47,785,944 - - 47,785,944 Telecommunication Services 12,515,275 - - 12,515,275 Investment Companies 6,937,950 - - 6,937,950 ------------------------------------------------------- Total Assets $709,107,043 $ - $ - $709,107,043 -------------------------------------------------------
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," observable market inputs other than unadjusted quoted prices 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. 6 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (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 current price quotation obtained from an independent pricing service or broker-dealer, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2011 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. 7 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Small & Mid-Cap Growth Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) Federal tax cost of securities $ 487,020,014 ============= Gross unrealized appreciation $ 223,508,540 Gross unrealized depreciation (1,421,511) ------------- Net unrealized appreciation $ 222,087,029 =============
8 | Oppenheimer Small & Mid-Cap Growth Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value ------------------------------------------------------------------------------------------ COMMON STOCKS-49.2% CONSUMER DISCRETIONARY-1.8% ------------------------------------------------------------------------------------------ MEDIA-1.8% Jupiter Telecommunications Co. Ltd. 4,393 $ 4,293,689 CONSUMER STAPLES-4.0% ------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING-0.6% CVS Caremark Corp. 44,100 1,513,512 ------------------------------------------------------------------------------------------ FOOD PRODUCTS-2.1% Nestle SA 87,780 5,031,694 ------------------------------------------------------------------------------------------ HOUSEHOLD PRODUCTS-0.4% Clorox Co. (The) 12,750 893,393 ------------------------------------------------------------------------------------------ TOBACCO-0.9% Altria Group, Inc. 83,010 2,160,750 ENERGY-5.3% ------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES-1.0% Halliburton Co. 24,650 1,228,556 ------------------------------------------------------------------------------------------ Schlumberger Ltd. 13,460 1,255,280 ----------- 2,483,836 ------------------------------------------------------------------------------------------ OIL, GAS & CONSUMABLE FUELS-4.3% BP plc, ADR 29,250 1,291,095 ------------------------------------------------------------------------------------------ Chevron Corp. 56,870 6,109,544 ------------------------------------------------------------------------------------------ CONSOL Energy, Inc. 31,300 1,678,619 ------------------------------------------------------------------------------------------ Exxon Mobil Corp. 15,430 1,298,126 ----------- 10,377,384 FINANCIALS-6.5% ------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES-2.6% JPMorgan Chase & Co. 132,900 6,126,690 ------------------------------------------------------------------------------------------ INSURANCE-3.9% Assurant, Inc. 51,500 1,983,265 ------------------------------------------------------------------------------------------ Everest Re Group Ltd. 34,210 3,016,638 ------------------------------------------------------------------------------------------ MetLife, Inc. 98,430 4,402,774 ----------- 9,402,677 HEALTH CARE-9.0% ------------------------------------------------------------------------------------------ BIOTECHNOLOGY-3.0% Amgen, Inc.(1) 46,400 2,480,080 ------------------------------------------------------------------------------------------ Gilead Sciences, Inc.(1) 77,790 3,301,408 ------------------------------------------------------------------------------------------ Vanda Pharmaceuticals, Inc.(1) 199,000 1,450,710 ----------- 7,232,198 HEALTH CARE PROVIDERS & SERVICES-1.8% Humana, Inc.(1) 31,730 2,219,196 ------------------------------------------------------------------------------------------ WellPoint, Inc. 30,050 2,097,190 ----------- 4,316,386 ------------------------------------------------------------------------------------------ PHARMACEUTICALS-4.2% Merck & Co., Inc. 56,567 1,867,277 ------------------------------------------------------------------------------------------ Mylan, Inc.(1) 281,030 6,370,950 ------------------------------------------------------------------------------------------ Teva Pharmaceutical Industries Ltd., Sponsored ADR 35,740 1,793,076 ----------- 10,031,303
1 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value ----------------------------------------------------------------------------------------------- INDUSTRIALS-2.4% ----------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE-0.0% AerCap Holdings NV(1) 4,500 $ 56,565 ----------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT-0.8% Cooper Industries plc 30,490 1,978,801 ----------------------------------------------------------------------------------------------- MACHINERY-1.6% Ingersoll-Rand plc 76,350 3,688,469 INFORMATION TECHNOLOGY-17.8% ----------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT-1.9% Orbcomm, Inc.(1) 375 1,238 ----------------------------------------------------------------------------------------------- QUALCOMM, Inc. 83,900 4,600,237 ----------- 4,601,475 ----------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES-4.2% eBay, Inc.(1) 128,390 3,985,226 ----------------------------------------------------------------------------------------------- Google, Inc., Cl. A(1) 10,670 6,254,861 ----------- 10,240,087 IT SERVICES-0.8% MasterCard, Inc., Cl. A 7,300 1,837,556 ----------------------------------------------------------------------------------------------- SOFTWARE-10.9% Microsoft Corp. 73,290 1,858,634 ----------------------------------------------------------------------------------------------- Oracle Corp. 128,700 4,294,719 ----------------------------------------------------------------------------------------------- Take-Two Interactive Software, Inc.(1) 1,048,576 16,116,613 ----------------------------------------------------------------------------------------------- THQ, Inc.(1) 853,300 3,891,048 ----------- 26,161,014 MATERIALS-1.8% ----------------------------------------------------------------------------------------------- CHEMICALS-1.8% Celanese Corp., Series A 46,000 2,041,020 ----------------------------------------------------------------------------------------------- LyondellBasell Industries NV, Cl. A(1) 60,600 2,396,730 ----------- 4,437,750 ----------------------------------------------------------------------------------------------- METALS & MINING-0.0% Kaiser Aluminum Corp. 114 5,615 TELECOMMUNICATION SERVICES-0.0% ----------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES-0.0% XO Holdings, Inc.(1) 85 64 UTILITIES-0.6% ----------------------------------------------------------------------------------------------- ELECTRIC UTILITIES-0.6% Edison International, Inc. 40,500 1,481,895 ----------- Total Common Stocks (Cost $103,017,266) 118,352,803
Principal Amount ----------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES-4.0% Ally Auto Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A2, 0.89%, 9/17/12 $ 182,545 182,778 ----------------------------------------------------------------------------------------------- Ally Auto Receivables Trust 2010-4, Automobile Receivables Nts., Series 2010-4, Cl. A3, 0.91%, 11/17/14 30,000 29,892 ----------------------------------------------------------------------------------------------- Ally Master Owner Trust 2010-1, Asset- Backed Certificates, Series 2010-1, Cl. A, 2.005%, 1/15/15(2,3) 240,000 244,431 -----------------------------------------------------------------------------------------------
2 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value ----------------------------------------------------------------------------------------------------- Ally Master Owner Trust 2010-3, Asset- Backed Certificates, Series 2010-3, Cl. A, 2.88%, 4/15/15(2) $ 200,000 $ 204,726 ---------------------------------------------------------------------------------------------------- AmeriCredit Automobile Receivables Trust 2009-1, Automobile Receivables- Backed Nts., Series 2009-1, Cl. A3, 3.04%, 10/15/13 160,000 162,258 ----------------------------------------------------------------------------------------------------- AmeriCredit Automobile Receivables Trust 2010-4, Automobile Receivables- Backed Nts., Series 2010-4, Cl. D, 4.20%, 11/8/16 120,000 122,608 ----------------------------------------------------------------------------------------------------- AmeriCredit Automobile Receivables Trust 2011-1, Automobile Receivables- Backed Nts., Series 2011-1, Cl. D, 4.26%, 2/8/17 60,000 60,483 ---------------------------------------------------------------------------------------------------- AmeriCredit Prime Automobile Receivables Trust 2010-1, Automobile Receivables Nts., Series 2010-1, Cl. A2, 0.97%, 1/15/13 38,903 38,917 ----------------------------------------------------------------------------------------------------- AmeriCredit Prime Automobile Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A2, 1.22%, 10/8/13 84,872 85,096 ----------------------------------------------------------------------------------------------------- Bank of America Auto Trust 2010-2, Automobile Receivables, Series 2010-2, Cl. A2, 0.91%, 10/15/12 127,993 128,140 ----------------------------------------------------------------------------------------------------- CarMax Auto Owner Trust 2010-3, Automobile Asset-Backed Nts., Series 2010-3, Cl. A3, 0.99%, 2/17/15 65,000 64,641 ----------------------------------------------------------------------------------------------------- Carrington Mortgage Loan Trust, Asset-Backed Pass-Through Certificates, Series 2006-FRE1, Cl. A2, 0.36%, 7/25/36(3) 236,978 225,513 ----------------------------------------------------------------------------------------------------- Centre Point Funding LLC, Asset-Backed Nts., Series 2010-1A, Cl. 1, 5.43%, 7/20/15(2) 66,631 70,504 ----------------------------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 180,000 190,787 ----------------------------------------------------------------------------------------------------- Citibank Omni Master Trust, Credit Card Receivables: Series 2009-A13, Cl. A13, 5.35%, 8/15/18(2) 220,000 239,573 Series 2009-A17, Cl. A17, 4.90%, 11/15/18(2) 220,000 235,499 Series 2009-A8, Cl. A8, 2.355%, 5/16/16(2,3) 325,000 330,001 ----------------------------------------------------------------------------------------------------- CNH Equipment Trust, Asset-Backed Certificates, Series 2009-B, Cl. A3, 2.97%, 3/15/13 14,215 14,228 ----------------------------------------------------------------------------------------------------- CNH Wholesale Master Note Trust 2011-1, Equipment Nts., Series 2011-1, Cl. 1A, 1.055%, 1/20/41(3) 240,000 240,645 ----------------------------------------------------------------------------------------------------- Countrywide Home Loans, Asset-Backed Certificates: Series 2002-4, Cl. A1, 0.99%, 2/25/33(3) 11,444 10,823 Series 2005-16, Cl. 2AF2, 5.382%, 5/1/36 259,398 217,069 Series 2005-17, Cl. 1AF2, 5.363%, 5/1/36 145,644 118,121 ----------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.37%, 6/25/47(3) 480,000 444,798 ----------------------------------------------------------------------------------------------------- DSC Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2011-1, Cl. A, 3.91%, 3/15/16 210,000 210,000 ----------------------------------------------------------------------------------------------------- DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/15/15(4) 290,000 289,910 ----------------------------------------------------------------------------------------------------- DT Auto Owner Trust, Automobile Receivable Nts., Series 2009-1, Cl. A1, 2.98%, 10/15/15(2) 109,811 110,547 ----------------------------------------------------------------------------------------------------- First Investors Auto Owner Trust 2011-1, Automobile Receivable Nts., Series 2011-1, Cl. A2, 1.47%, 3/16/15 245,000 244,993 ----------------------------------------------------------------------------------------------------- Ford Credit Auto Lease Trust, Automobile Receivable Nts., Series 2010-B, Cl. A2, 0.75%, 10/15/12(2) 245,000 245,084 -----------------------------------------------------------------------------------------------------
3 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value ----------------------------------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Receivable Nts.: Series 2009-E, Cl. A2, 0.80%, 3/15/12 $ 60,849 $ 60,857 Series 2010-A, Cl. A4, 2.15%, 6/15/15 350,000 355,313 ----------------------------------------------------------------------------------------------------------- Ford Credit Floorplan Master Owner Trust 2009-2, Asset- Backed Nts., Series 2009-2, Cl. A, 1.805%, 9/15/14(3) 245,000 248,390 ----------------------------------------------------------------------------------------------------------- Ford Credit Floorplan Master Owner Trust 2010-1, Asset- Backed Nts., Series 2010-1, Cl. A, 1.905%, 12/15/14(2,3) 250,000 254,865 ----------------------------------------------------------------------------------------------------------- Ford Credit Floorplan Master Owner Trust 2011-1, Asset- Backed Nts., Series 2011-1, Cl. A1, 2.12%, 2/15/16 255,000 255,586 ----------------------------------------------------------------------------------------------------------- GE Capital Credit Card Master Note Trust, Asset-Backed Nts., Series 2009-2, Cl. A, 3.69%, 7/15/15 105,000 108,746 ----------------------------------------------------------------------------------------------------------- GMAC Mortgage Servicer Advance Funding Ltd., Asset- Backed Nts., Series 2011-1A, Cl. A, 3.72%, 2/15/23(4) 230,000 231,203 ----------------------------------------------------------------------------------------------------------- Hertz Vehicle Financing LLC, Automobile Receivable Nts., Series 2010-1A, Cl. A1, 2.60%, 2/25/15(2) 240,000 243,355 ----------------------------------------------------------------------------------------------------------- HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.514%, 1/20/35(3) 222,293 213,985 ----------------------------------------------------------------------------------------------------------- HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.364%, 3/20/36(3) 42,993 42,858 ----------------------------------------------------------------------------------------------------------- MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 1.605%, 3/15/16(3) 255,000 256,473 ----------------------------------------------------------------------------------------------------------- Morgan Stanley Resecuritization Trust, Automobile Receivable Nts., Series 2010-F, Cl. A, 0.504%, 6/15/13(2,3) 485,000 484,493 ----------------------------------------------------------------------------------------------------------- Navistar Financial Dealer Note Master Owner Trust, Asset- Backed Nts., Series 2010-1, Cl. A, 1.90%, 1/26/15(2,3) 405,000 407,776 ----------------------------------------------------------------------------------------------------------- Nissan Auto Lease Trust 2010-B, Automobile Asset-Backed Nts., Series 2010-B, Cl. A3, 1.12%, 12/15/13 220,000 220,218 ----------------------------------------------------------------------------------------------------------- Nissan Master Owner Trust, Automobile Receivable Nts., Series 2010-AA, Cl. A, 1.405%, 1/15/15(2,3) 240,000 242,716 ----------------------------------------------------------------------------------------------------------- RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.35%, 9/25/36(3) 69,279 68,847 ----------------------------------------------------------------------------------------------------------- Santander Drive Auto Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A2, 0.95%, 8/15/13 214,746 214,946 ----------------------------------------------------------------------------------------------------------- Santander Drive Auto Receivables Trust 2010-3, Automobile Receivables Nts., Series 2010-3, Cl. C, 3.06%, 11/15/17 235,000 232,741 ----------------------------------------------------------------------------------------------------------- Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17(4) 243,356 243,502 ----------------------------------------------------------------------------------------------------------- Volkswagen Auto Lease Trust 2010-A, Automobile Receivable Nts., Series 2010-A, Cl. A3, 0.99%, 11/20/13 215,000 214,856 ----------------------------------------------------------------------------------------------------------- World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2009-A, Cl. A, 4.60%, 9/15/15 245,000 250,029 ----------- Total Asset-Backed Securities (Cost $9,683,248) 9,613,820
4 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS-28.5% -------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY-23.0% -------------------------------------------------------------------------------------------------------- FHLMC/FNMA/FHLB/SPONSORED-22.6% Federal Home Loan Mortgage Corp.: 5.50%, 9/1/39 $ 1,176,209 $1,255,949 6%, 4/1/41(5) 1,765,000 1,917,507 7%, 10/1/37 930,332 1,062,586 -------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2006-11, Cl. PS, 23.652%, 3/25/36(3) 234,187 331,827 Series 2426, Cl. BG, 6%, 3/15/17 382,098 411,604 Series 2427, Cl. ZM, 6.50%, 3/15/32 414,732 466,614 Series 2626, Cl. TB, 5%, 6/1/33 638,945 686,094 Series 2638, Cl. KG, 4%, 11/1/27 210,156 210,762 Series 2648, Cl. JE, 3%, 2/1/30 2,019 2,019 Series 2663, Cl. BA, 4%, 8/1/16 309,899 314,574 Series 2676, Cl. KB, 5%, 2/1/20 20,237 20,263 Series 2686, Cl. CD, 4.50%, 2/1/17 142,692 144,639 Series 2907, Cl. GC, 5%, 6/1/27 70,630 71,271 Series 2929, Cl. PC, 5%, 1/1/28 57,322 57,718 Series 2952, Cl. GJ, 4.50%, 12/1/28 24,739 24,889 Series 3019, Cl. MD, 4.75%, 1/1/31 244,735 250,664 Series 3025, Cl. SJ, 23.815%, 8/15/35(3) 70,242 95,278 Series 3094, Cl. HS, 23.448%, 6/15/34(3) 138,217 186,122 Series 3242, Cl. QA, 5.50%, 3/1/30 129,964 132,813 Series 3291, Cl. NA, 5.50%, 10/1/27 14,119 14,145 Series 3306, Cl. PA, 5.50%, 10/1/27 27,599 27,670 Series R001, Cl. AE, 4.375%, 4/1/15 45,752 46,369 -------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 183, Cl. IO, 15.329%, 4/1/27(6) 171,600 34,775 Series 192, Cl. IO, 14.409%, 2/1/28(6) 49,825 10,102 Series 2130, Cl. SC, 51.746%, 3/15/29(6) 135,921 29,471 Series 243, Cl. 6, 5.276%, 12/15/32(6) 165,905 36,294 Series 2527, Cl. SG, 0.209%, 2/15/32(6) 41,584 1,656 Series 2531, Cl. ST, 51.446%, 2/15/30(6) 694,018 42,419 Series 2796, Cl. SD, 68.37%, 7/15/26(6) 202,593 42,047 Series 2802, Cl. AS, 80.654%, 4/15/33(6) 177,243 16,503 Series 2920, Cl. S, 66.289%, 1/15/35(6) 1,058,412 174,146 Series 3110, Cl. SL, 99.999%, 2/15/26(6) 147,797 17,659 Series 3451, Cl. SB, 25.903%, 5/15/38(6) 911,427 103,752 -------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 3.956%, 6/1/26(7) 48,419 41,510 -------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 3.50%, 4/1/26(5) 2,875,000 2,883,085 4%, 4/1/26-4/1/41(5) 2,365,000 2,336,924 4.50%, 4/1/26-4/1/41(5) 8,137,000 8,328,136 5%, 4/1/41(5) 6,667,000 6,975,349 5.50%, 9/25/20 10,954 11,965 5.50%, 4/1/26-4/1/41(5) 8,434,000 9,024,516
5 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value ----------------------------------------------------------------------------------------------------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED 6%, 12/1/34-3/1/37 $1,771,864 $1,943,754 6%, 4/1/405 4,095,000 4,453,951 6.50%, 4/1/41(5) 1,780,000 1,995,270 7%, 11/1/17(8) 175,992 188,417 7.50%, 1/1/33 200,791 232,948 8.50%, 7/1/32 5,908 6,730 ----------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Trust 1998-61, Cl. PL, 6%, 11/25/28 151,464 166,818 Trust 2004-101, Cl. BG, 5%, 1/25/20 978,650 1,040,863 Trust 2004-81, Cl. KC, 4.50%, 4/1/17 217,211 219,596 Trust 2004-9, Cl. AB, 4%, 7/1/17 202,977 207,911 Trust 2005-104, Cl. MC, 5.50%, 12/25/25 700,000 767,110 Trust 2005-12, Cl. JC, 5%, 6/1/28 209,853 214,336 Trust 2005-22, Cl. EC, 5%, 10/1/28 81,148 82,995 Trust 2005-30, Cl. CU, 5%, 4/1/29 91,045 93,576 Trust 2005-69, Cl. LE, 5.50%, 11/1/33 385,640 410,078 Trust 2006-46, Cl. SW, 23.284%, 6/25/36(3) 176,288 239,771 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 73,291 73,369 Trust 2009-36, Cl. FA, 1.19%, 6/25/37(3) 420,502 426,811 Trust 2009-37, Cl. HA, 4%, 4/1/19 568,142 597,676 Trust 2009-70, Cl. PA, 5%, 8/1/35 651,670 683,516 Trust 2011-15, Cl. DA, 4%, 3/1/41 239,826 250,902 ----------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg. Backed Security: Trust 2001-65, Cl. S, 50.793%, 11/25/31(6) 427,804 72,313 Trust 2001-81, Cl. S, 40.645%, 1/25/32(6) 100,001 18,014 Trust 2002-47, Cl. NS, 39.049%, 4/25/32(6) 223,636 41,227 Trust 2002-51, Cl. S, 39.339%, 8/25/32(6) 205,351 37,830 Trust 2002-52, Cl. SD, 45.611%, 9/25/32(6) 253,073 48,024 Trust 2002-77, Cl. SH, 48.806%, 12/18/32(6) 142,217 26,746 Trust 2002-84, Cl. SA, 51.582%, 12/25/32(6) 377,912 64,223 Trust 2002-9, Cl. MS, 39.02%, 3/25/32(6) 149,618 27,892 Trust 2003-33, Cl. SP, 51.137%, 5/25/33(6) 430,193 71,661 Trust 2003-4, Cl. S, 47.78%, 2/25/33(6) 244,190 43,472 Trust 2003-46, Cl. IH, 0%, 6/1/23(6,9) 1,351,991 169,903 Trust 2003-89, Cl. XS, 86.129%, 11/25/32(6) 144,253 12,930 Trust 2004-54, Cl. DS, 54.988%, 11/25/30(6) 212,389 35,812 Trust 2005-14, Cl. SE, 45.34%, 3/25/35(6) 158,200 21,116 Trust 2005-40, Cl. SA, 67.546%, 5/25/35(6) 589,659 109,003 Trust 2005-71, Cl. SA, 69.681%, 8/25/25(6) 622,827 90,935 Trust 2005-93, Cl. SI, 19.991%, 10/25/35(6) 111,425 15,546 Trust 2006-129, Cl. SM, 16.867%, 1/25/37(6) 761,470 104,702 Trust 2006-60, Cl. DI, 46.199%, 4/25/35(6) 101,165 14,739 Trust 2007-88, Cl. XI, 26.351%, 6/25/37(6) 627,906 88,514 Trust 2008-55, Cl. SA, 18.889%, 7/25/38(6) 471,367 48,755 Trust 2008-67, Cl. KS, 45.526%, 8/25/34(6) 268,428 23,115 Trust 222, Cl. 2, 23.298%, 6/1/23(6) 372,600 83,089
6 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Trust 233, Cl. 2, 37.202%, 8/1/23(6) $ 352,005 $ 64,035 Trust 252, Cl. 2, 35.93%, 11/1/23(6) 311,465 61,097 Trust 319, Cl. 2, 7.243%, 2/1/32(6) 99,943 21,793 Trust 331, Cl. 9, 14.703%, 2/1/33(6) 293,079 73,080 Trust 334, Cl. 17, 22.557%, 2/1/33(6) 169,948 35,688 Trust 339, Cl. 12, 0.083%, 7/1/33(6) 290,563 62,601 Trust 339, Cl. 7, 0%, 7/1/33(6,9) 994,475 201,421 Trust 343, Cl. 13, 0.751%, 9/1/33(6) 267,117 56,330 Trust 345, Cl. 9, 0%, 1/1/34(6,9) 431,436 87,800 Trust 351, Cl. 10, 0%, 4/1/34(6,9) 41,397 7,833 Trust 351, Cl. 8, 0%, 4/1/34(6,9) 129,090 24,377 Trust 356, Cl. 10, 0%, 6/1/35(6,9) 102,690 20,042 Trust 356, Cl. 12, 0%, 2/1/35(6,9) 54,175 9,851 Trust 362, Cl. 13, 0%, 8/1/35(6,9) 393,437 86,006 Trust 364, Cl. 16, 0%, 9/1/35(6,9) 287,501 54,880 -------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 4.459%, 9/25/23(7) 137,867 121,035 ----------- 54,395,514 -------------------------------------------------------------------------------------------- GNMA/GUARANTEED-0.2% Government National Mortgage Assn., 8%, 4/15/23 65,177 76,303 -------------------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, 86.492%, 1/16/27(6) 239,115 40,091 Series 2002-15, Cl. SM, 78.139%, 2/16/32(6) 278,424 48,419 Series 2002-76, Cl. SY, 79.167%, 12/16/26(6) 614,444 110,016 Series 2004-11, Cl. SM, 72.16%, 1/17/30(6) 215,306 43,898 Series 2007-17, Cl. AI, 17.194%, 4/16/37(6) 532,617 79,627 ----------- 398,354 -------------------------------------------------------------------------------------------- OTHER AGENCY-0.2% NCUA Guaranteed Notes Trust 2010-R3, Gtd. Nts., Series 2010-R3, Cl. 2A, 0.819%, 12/8/20(3) 369,216 371,062 NON-AGENCY-5.5% -------------------------------------------------------------------------------------------- COMMERCIAL-3.8% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2006-1, Cl. AM, 5.421%, 9/1/45 530,000 546,600 Series 2007-1, Cl. A4, 5.451%, 1/1/49 355,000 374,058 Series 2007-1, Cl. AMFX, 5.482%, 1/1/49 455,000 451,504 -------------------------------------------------------------------------------------------- Bear Stearns ARM Trust 2007-4, Mtg. Pass-Through Certificates, Series 2007-4, Cl. 22A1, 5.803%, 6/1/47(3) 272,584 231,164 -------------------------------------------------------------------------------------------- Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A4, 5.322%, 12/1/49 290,000 305,222 -------------------------------------------------------------------------------------------- Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 271,404 160,570 -------------------------------------------------------------------------------------------- Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Series 2010-C1, Cl. A1, 3.156%, 7/1/46(2) 282,912 282,365 --------------------------------------------------------------------------------------------
7 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value --------------------------------------------------------------------------------- COMMERCIAL CONTINUED --------------------------------------------------------------------------------- Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 2010-C1, Cl. XPA, 4.737%, 9/1/20(2,6) $ 2,275,000 $ 199,374 --------------------------------------------------------------------------------- First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass- Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 262,312 265,914 --------------------------------------------------------------------------------- First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass- Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 479,405 348,611 --------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2005- GG5, Commercial Mtg. Pass-Through Certificates, Series 2005-GG5, Cl. AM, 5.277%, 4/1/37 280,000 282,867 --------------------------------------------------------------------------------- GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2011-GC3, Cl. A1, 2.331%, 3/1/44 210,000 211,780 --------------------------------------------------------------------------------- Impac CMB Trust Series 2005-4, Collateralized Asset-Backed Bonds, Series 2005-4, Cl. 1A1A, 0.79%, 5/25/35(3) 158,630 125,084 --------------------------------------------------------------------------------- IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 5.21%, 11/1/35(3) 352,122 275,396 --------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2011-C3, Cl. A1, 1.875%, 2/1/46(2) 235,000 233,959 Series 2010-C2, Cl. A2, 3.616%, 11/1/43(2) 340,000 326,783 Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49(4) 140,000 141,410 Series 2007-LDP10, Cl. A3S, 5.317%, 1/1/49 355,000 361,468 Series 2007-LDPX, Cl. A3, 5.42%, 1/15/49 40,000 42,243 Series 2007-LD11, Cl. A2, 5.803%, 6/15/49(3) 270,000 278,674 --------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP7, Commercial Mtg. Pass-Through Certificates, Series 2006-LDP7, 5.863%, 4/1/45(3) 515,000 533,007 --------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB19, Commercial Mtg. Pass-Through Certificates, Series 2007-CB19, Cl. AM, 5.738%, 2/1/49(3) 60,000 59,648 --------------------------------------------------------------------------------- JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 7/1/37 364,347 300,100 --------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust 2006- C3, Commercial Mtg. Pass-Through Certificates, Series 2006-C3, Cl. AM, 5.712%, 3/11/39 90,000 92,170 --------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust 2007- C1, Commercial Mtg. Pass-Through Certificates, Series 2007-C1, Cl. A2, 5.318%, 2/11/40 210,000 213,952 --------------------------------------------------------------------------------- Mastr Adjustable Rate Mortgages Trust 2004-13, Mtg. Pass-Through Certificates, Series 2004-13, Cl. 2A2, 2.82%, 4/1/34(3) 225,100 228,220 --------------------------------------------------------------------------------- Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 519,113 532,457 --------------------------------------------------------------------------------- ML-CFC Commercial Mortgage Trust 2006- 3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AM, 5.456%, 7/12/46 475,000 481,302 ---------------------------------------------------------------------------------
8 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value --------------------------------------------------------------------------------- COMMERCIAL CONTINUED --------------------------------------------------------------------------------- Morgan Stanley Capital I Trust 2007- IQ16, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ16, Cl. AM, 6.11%, 12/1/49(3) $ 215,000 $ 220,886 ---------------------------------------------------------------------------------- Structured Adjustable Rate Mortgage Loan Trust, Mtg. Pass-Through Certificates, 5.344%, 7/1/37(3) 317,407 226,447 ---------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass- Through Certificates, Series 2007-C34, Cl. A3, 5.678%, 5/1/46 260,000 276,138 ---------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A4, 2.67%, 12/1/35(3) 169,601 147,473 ---------------------------------------------------------------------------------- Wells Fargo Commercial Mortgage Trust 2010-C1, Commercial Mtg. Pass-Through Certificates, Series 2010-C1, Cl. A1, 3.349%, 11/1/43(2) 185,854 185,287 ---------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2007-AR8 Trust, Mtg. Pass-Through Certificates, Series 2007-AR8, Cl. A1, 6.121%, 11/1/37(3) 249,926 199,221 ----------- 9,141,354 --------------------------------------------------------------------------------- MULTIFAMILY-0.4% Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1 A2A, 5.75%, 6/1/36(3) 232,462 212,587 ---------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Pass-Through Certificates, Series 2001-3, Cl. A2, 6.07%, 6/1/38 316,825 322,160 ---------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.825%, 3/25/36(3) 571,887 510,205 ----------- 1,044,952 ---------------------------------------------------------------------------------- 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%, 3/1/39 320,000 339,161 ---------------------------------------------------------------------------------- RESIDENTIAL-1.2% Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2004-E, Cl. 2A6, 2.867%, 6/1/34(3) 148,365 138,931 ---------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2005- HYB7, Mtg. Pass-Through Certificates, Series 2005-HYB7, Cl. 6A1, 5.446%, 11/1/35(3) 299,543 232,399 ---------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2006- 6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36 242,630 234,188 ---------------------------------------------------------------------------------- Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. A4, 5.822%, 12/1/49(3) 300,000 329,637 ---------------------------------------------------------------------------------- Countrywide Alternative Loan Trust 2005-29CB, Mtg. Pass-Through Certificates, Series 2005-29CB, Cl. A4, 5%, 7/1/35 767,283 649,573 ---------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36 243,702 238,544 ---------------------------------------------------------------------------------- JPMorgan Alternative Loan Trust 2006- S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36 124,451 112,941 ----------------------------------------------------------------------------------
9 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
---------------------------------------------------------------------------------------------------- Principal Amount Value ---------------------------------------------------------------------------------------------------- RESIDENTIAL CONTINUED ---------------------------------------------------------------------------------------------------- RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 $ 144,138 $ 147,586 ---------------------------------------------------------------------------------------------------- RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl.1A8, 6%, 9/25/36 27,739 17,721 ---------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 5.731%, 5/1/37(3) 220,787 204,097 ---------------------------------------------------------------------------------------------------- Wells Fargo Alternative Loan 2007-PA5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-PA5, Cl.1A1, 6.25%, 11/1/37 192,867 168,388 ---------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 2.872%, 9/1/34(3) 97,603 95,153 ---------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.713%, 10/1/36(3) 235,236 215,380 ------------ 2,784,538 ------------ Total Mortgage-Backed Obligations (Cost $66,736,998) 68,474,935 ---------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS-0.5% Federal Home Loan Mortgage Corp. Nts.: 1.75%, 9/10/15 180,000 176,637 5%, 2/16/17 115,000 128,586 5.25%, 4/18/16 195,000 220,643 5.50%, 7/18/16 110,000 125,861 ---------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Nts.: 1.625%, 10/26/15 295,000 286,985 4.875%, 12/15/16 90,000 100,206 5%, 3/15/16 120,000 134,403 ------------- Total U.S. Government Obligations (Cost $1,172,752) 1,173,321 ---------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES-13.9% CONSUMER DISCRETIONARY-1.8% ---------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES-0.1% Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15 230,000 246,100 ---------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE-0.3% Hyatt Hotels Corp., 5.75% Sr. Unsec. Unsub. Nts., 8/15/15(2) 340,000 351,808 ---------------------------------------------------------------------------------------------------- Marriott International, Inc., 6.20% Sr. Unsec. Unsub. Nts., 6/15/16 255,000 283,907 ------------ 635,715 ----------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES-0.3% Fortune Brands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/14 173,000 189,698 ----------------------------------------------------------------------------------------------------- Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22 240,000 235,800 ----------------------------------------------------------------------------------------------------- Whirlpool Corp.: 5.50% Sr. Unsec. Unsub. Nts., 3/1/13 90,000 95,645 8% Sr. Unsec. Nts., 5/1/12 180,000 191,801 ------------- 712,944 ----------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS-0.2% Mattel, Inc.: 5.625% Sr. Unsec. Nts., 3/15/13 215,000 229,893
10 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS CONTINUED 6.125% Sr. Unsec. Nts., 6/15/11 $ 230,000 $ 232,123 ----------- 462,016 --------------------------------------------------------------------------------------------------------------------- MEDIA-0.7% Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22 138,000 186,873 --------------------------------------------------------------------------------------------------------------------- DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 6.375% Sr. Unsec. Nts., 3/1/41 389,000 392,510 --------------------------------------------------------------------------------------------------------------------- Interpublic Group of Cos., Inc. (The), 10% Sr. Unsec. Nts., 7/15/17 196,000 234,220 --------------------------------------------------------------------------------------------------------------------- Lamar Media Corp., 9.75% Sr. Unsec. Nts., 4/1/14 218,000 252,880 --------------------------------------------------------------------------------------------------------------------- Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33 122,000 149,556 --------------------------------------------------------------------------------------------------------------------- Viacom, Inc., 7.875% Sr. Unsec. Debs., 7/30/30 130,000 151,310 --------------------------------------------------------------------------------------------------------------------- Virgin Media Secured Finance plc: 5.25% Sr. Sec. Nts., 1/15/21(2) 132,000 132,540 6.50% Sr. Sec. Nts., 1/15/18 282,000 309,495 ----------- 1,809,384 --------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL-0.1% Family Dollar Stores, Inc., 5% Sr. Unsec. Nts., 2/1/21 244,000 239,804 --------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL-0.1% Staples, Inc., 7.75% Sr. Unsec. Unsub. Nts., 4/1/11 350,000 350,000 CONSUMER STAPLES-0.5% --------------------------------------------------------------------------------------------------------------------- BEVERAGES-0.1% Constellation Brands, Inc., 8.375% Sr. Nts., 12/15/14 220,000 250,250 --------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS-0.2% Bunge Ltd. Finance Corp.: 5.35% Sr. Unsec. Unsub. Nts., 4/15/14 29,000 30,733 8.50% Sr. Unsec. Nts., 6/15/19 155,000 184,113 --------------------------------------------------------------------------------------------------------------------- TreeHouse Foods, Inc., 7.75% Sr. Unsec. Nts., 3/1/18 240,000 259,200 ----------- 474,046 --------------------------------------------------------------------------------------------------------------------- TOBACCO-0.2% Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39 177,000 251,855 --------------------------------------------------------------------------------------------------------------------- Lorillard Tobacco Co., 8.125% Sr. Unsec. Nts., 5/1/40 142,000 158,367 ---------- 410,222 ENERGY-1.6% --------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES-0.3% Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21 190,000 188,729 --------------------------------------------------------------------------------------------------------------------- Rowan Cos., Inc., 5% Sr. Unsec. Nts., 9/1/17 205,000 212,118 --------------------------------------------------------------------------------------------------------------------- Weatherford International Ltd., 6.50% Sr. Unsec. Bonds, 8/1/36 150,000 150,446 --------------------------------------------------------------------------------------------------------------------- Weatherford International Ltd. Bermuda, 5.125% Sr. Unsec. Unsub. Nts., 9/15/20 170,000 168,865 ----------- 720,158 --------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS-1.3% Cloud Peak Energy Resources LLC, 8.25% Sr. Unsec. Unsub. Nts., 12/15/17 215,000 235,425 --------------------------------------------------------------------------------------------------------------------- Energy Transfer Partners LP, 5.65% Sr. Unsec. Unsub. Nts., 8/1/12 91,000 95,634 --------------------------------------------------------------------------------------------------------------------- Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 440,000 471,308 ---------------------------------------------------------------------------------------------------------------------
11 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value ------------------------------------------------------------------------------------------------------------------------ OIL, GAS & CONSUMABLE FUELS CONTINUED ------------------------------------------------------------------------------------------------------------------------ Kinder Morgan Energy Partners LP, 6.50% Sr. Unsec. Unsub. Nts., 9/1/39 $ 185,000 $ 190,223 ------------------------------------------------------------------------------------------------------------------------ Kinder Morgan Finance Co. LLC, 6% Sr. Sec. Nts., 1/15/18(2) 238,000 246,925 ------------------------------------------------------------------------------------------------------------------------ Marathon Petroleum Corp., 6.50% Sr. Unsec. Nts., 3/1/41(2) 195,000 197,672 ------------------------------------------------------------------------------------------------------------------------ Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37 245,000 245,319 ------------------------------------------------------------------------------------------------------------------------ Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19 150,000 166,125 ------------------------------------------------------------------------------------------------------------------------ Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/14(2) 140,000 150,811 ------------------------------------------------------------------------------------------------------------------------ Rockies Express Pipeline LLC: 3.90% Sr. Unsec. Unsub. Nts., 4/15/15(2) 255,000 252,329 5.625% Sr. Unsec. Unsub. Nts., 4/15/20(2) 163,000 162,086 ------------------------------------------------------------------------------------------------------------------------ Southwestern Energy Co., 7.50% Sr. Nts., 2/1/18 225,000 256,219 ------------------------------------------------------------------------------------------------------------------------ Woodside Finance Ltd., 4.50% Nts., 11/10/14(2) 335,000 354,728 ----------- 3,024,804 FINANCIALS-5.5% ------------------------------------------------------------------------------------------------------------------------ CAPITAL MARKETS-1.1% Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/19(2) 405,000 425,621 ------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 255,000 245,754 ------------------------------------------------------------------------------------------------------------------------- Macquarie Bank Ltd., 6.625% Unsec. Sub. Nts., 4/7/21(2,5) 314,000 313,388 ------------------------------------------------------------------------------------------------------------------------ Macquarie Group Ltd., 4.875% Sr. Unsec. Nts., 8/10/17(2) 192,000 192,925 ------------------------------------------------------------------------------------------------------------------------ Morgan Stanley: 5.50% Sr. Unsec. Unsub. Nts., 7/24/20(2) 90,000 89,969 5.55% Sr. Unsec. Unsub. Nts., Series F, 4/27/17 570,000 599,683 ------------------------------------------------------------------------------------------------------------------------- Nomura Holdings, Inc., 4.125% Sr. Unsec. Unsub. Nts., 1/19/16 223,000 220,603 ------------------------------------------------------------------------------------------------------------------------- TD Ameritrade Holding Corp., 2.95% Sr. Unsec. Unsub. Nts., 12/1/12 225,000 229,596 ------------------------------------------------------------------------------------------------------------------------- UBS AG Stamford CT, 2.25% Sr. Unsec. Nts., 8/12/13 234,000 236,238 ----------- 2,553,777 ------------------------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS-1.6% ANZ National International Ltd., 2.375% Sr. Unsec. Nts., 12/21/12(2) 258,000 261,300 ------------------------------------------------------------------------------------------------------------------------ Barclays Bank plc, 6.278% Perpetual Bonds(10) 350,000 303,188 ------------------------------------------------------------------------------------------------------------------------- BNP Paribas SA, 5.186% Sub. Perpetual Nts.(2,10) 245,000 237,038 ------------------------------------------------------------------------------------------------------------------------- Fifth Third Cap Trust IV, 6.50% Jr. Unsec. Sub. Nts., 4/15/37 433,000 424,881 ------------------------------------------------------------------------------------------------------------------------- HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35(3) 600,000 580,500 ------------------------------------------------------------------------------------------------------------------------- Huntington BancShares, Inc., 7% Sub. Nts., 12/15/20 381,000 420,777 ------------------------------------------------------------------------------------------------------------------------- KeyCorp, 5.10% Sr. Unsec. Unsub. Nts., 3/24/21 240,000 238,611 ------------------------------------------------------------------------------------------------------------------------- Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/20(2) 230,000 226,256 ------------------------------------------------------------------------------------------------------------------------- Sanwa Bank Ltd. (The), 7.40% Sub. Nts., 6/15/11 219,000 221,838 ------------------------------------------------------------------------------------------------------------------------- SunTrust Banks, Inc., 3.60% Sr. Unsec. Unsub. Nts., 4/15/16 240,000 238,525 ------------------------------------------------------------------------------------------------------------------------- Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K(10) 476,000 523,600 ------------------------------------------------------------------------------------------------------------------------- Zions Bancorp., 7.75% Sr. Unsec. Nts., 9/23/14 233,000 252,949 ------------ 3,929,463 ------------------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE-0.2% American Express Bank FSB, 5.55% Sr. Unsec. Nts., 10/17/12 227,000 240,509 --------------------------------------------------------------------------------------------------------------------------
12 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------- Consumer Finance Continued SLM Corp., 6.25% Sr. Nts., 1/25/16 $ 119,000 $ 124,186 ---------- 364,695 -------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES-0.9% Bank of America Corp., 5.875% Sr. Unsec. Unsub. Nts., 1/5/21 95,000 99,234 -------------------------------------------------------------------------------------------------------------- Citigroup, Inc.: 5.375% Sr. Unsec. Nts., 8/9/20 322,000 331,605 6.01% Sr. Unsec. Nts., 1/15/15 232,000 253,499 -------------------------------------------------------------------------------------------------------------- Glen Meadow Pass-Through Trust, 6.505% Bonds, 2/12/67(2,3) 275,000 244,750 -------------------------------------------------------------------------------------------------------------- ING Groep NV, 5.775% Jr. Unsec. Sub. Perpetual Bonds(10) 255,000 237,150 -------------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1(10) 660,000 724,616 -------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38 340,000 391,580 ---------- 2,282,434 -------------------------------------------------------------------------------------------------------------- INSURANCE-1.4% American International Group, Inc., 5.85% Sr. Unsec. Nts., Series G, 1/16/18 354,000 369,439 -------------------------------------------------------------------------------------------------------------- CNA Financial Corp.: 5.75% Sr. Unsec. Unsub. Nts., 8/15/21 197,000 201,770 5.875% Sr. Unsec. Unsub. Bonds, 8/15/20 235,000 242,727 -------------------------------------------------------------------------------------------------------------- Gulf South Pipeline Co. LP, 5.75% Sr. Unsec. Nts., 8/15/12(2) 212,000 222,451 -------------------------------------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The), 5.25% Sr. Unsec. Nts., 10/15/11 242,000 247,614 -------------------------------------------------------------------------------------------------------------- Irish Life & Permanent Group Holdings plc, 3.60% Sr. Unsec. Unsub. Nts., 1/14/13(2) 320,000 279,942 -------------------------------------------------------------------------------------------------------------- Lincoln National Corp., 6.05% Jr. Unsec. Sub. Bonds, 4/20/67 455,000 429,975 -------------------------------------------------------------------------------------------------------------- Manulife Financial Corp., 4.90% Sr. Unsec. Unsub. Nts., 9/17/20 287,000 281,152 -------------------------------------------------------------------------------------------------------------- Prudential Financial, Inc., 3.625% Sr. Unsec. Unsub. Nts., 9/17/12 255,000 262,576 -------------------------------------------------------------------------------------------------------------- Swiss Re Capital I LP, 6.854% Perpetual Bonds(2,10) 442,000 434,284 -------------------------------------------------------------------------------------------------------------- Willis Group Holdings plc, 4.125% Sr. Unsec. Unsub. Nts., 3/15/16 241,000 239,717 -------------------------------------------------------------------------------------------------------------- ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/37(2,3) 238,000 239,785 ---------- 3,451,432 -------------------------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS-0.3% AvalonBay Communities, Inc., 6.625% Sr. Unsec. Unsub. Nts., 9/15/11 100,000 102,523 -------------------------------------------------------------------------------------------------------------- Brandywine Operating Partnership LP, 5.75% Sr. Unsec. Unsub. Nts., 4/1/12 123,000 126,999 -------------------------------------------------------------------------------------------------------------- Mack-Cali Realty LP, 5.25% Sr. Unsec. Unsub. Nts., 1/15/12 93,000 95,647 -------------------------------------------------------------------------------------------------------------- Simon Property Group LP, 5% Sr. Unsec. Unsub. Nts., 3/1/12 225,000 229,660 -------------------------------------------------------------------------------------------------------------- WCI Finance LLC/WEA Finance LLC, 5.40% Sr. Unsec. Unsub. Nts., 10/1/12(2) 105,000 111,076 ---------- 665,905 HEALTH CARE-0.3% -------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY-0.1% Celgene Corp., 5.70% Sr. Unsec. Nts., 10/15/40 235,000 228,619 -------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES-0.1% McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41 124,000 128,846 --------------------------------------------------------------------------------------------------------------
13 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value ------------------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES CONTINUED Quest Diagnostic, Inc., 5.75% Sr. Unsec. Nts., 1/30/40 $ 252,000 $ 243,554 ---------- 372,400 ------------------------------------------------------------------------------------------------------------------ PHARMACEUTICALS-0.1% Mylan, Inc., 6% Sr. Nts., 11/15/18(2) 245,000 246,225 INDUSTRIALS-1.1% ------------------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE-0.2% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 230,000 237,188 ------------------------------------------------------------------------------------------------------------------ BE Aerospace, Inc., 8.50% Sr. Unsec. Nts., 7/1/18 205,000 227,550 ---------- 464,738 ------------------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES-0.3% Corrections Corp. of America, 7.75% Sr. Nts., 6/1/17 235,000 256,444 ------------------------------------------------------------------------------------------------------------------ R.R. Donnelley & Sons Co., 5.625% Sr. Unsec. Nts., 1/15/12 230,000 234,432 ------------------------------------------------------------------------------------------------------------------ Republic Services, Inc., 6.75% Sr. Unsec. Unsub. Nts., 8/15/11 195,000 198,547 ---------- 689,423 ------------------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES-0.4% General Electric Capital Corp.: 4.25% Sr. Unsec. Nts., Series A, 6/15/12 215,000 222,585 5.25% Sr. Unsec. Nts., 10/19/12 34,000 36,049 6.375% Unsec. Sub. Bonds, 11/15/67 424,000 437,250 ------------------------------------------------------------------------------------------------------------------ Tyco International Ltd./Tyco International Finance SA, 6.875% Sr. Unsec. Unsub. Nts., 1/15/21 192,000 229,499 ---------- 925,383 ------------------------------------------------------------------------------------------------------------------ MACHINERY-0.1% SPX Corp., 7.625% Sr. Unsec. Nts., 12/15/14 265,000 293,156 ------------------------------------------------------------------------------------------------------------------ PROFESSIONAL SERVICES-0.1% FTI Consulting, Inc., 6.75% Sr. Nts., 10/1/20(2) 240,000 244,200 INFORMATION TECHNOLOGY-0.9% ------------------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT-0.3% Harris Corp., 6.15% Sr. Unsec. Nts., 12/15/40 425,000 440,054 ------------------------------------------------------------------------------------------------------------------ Juniper Networks, Inc., 5.95% Sr. Unsec. Unsub. Nts., 3/15/41 180,000 178,368 ------------------------------------------------------------------------------------------------------------------ Motorola, Inc., 8% Sr. Unsec. Nts., 11/1/11 220,000 228,545 ---------- 846,967 ------------------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS-0.2% Arrow Electronics, Inc., 3.375% Sr. Unsec. Unsub. Nts., 11/1/15 430,000 423,185 ------------------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT-0.2% KLA-Tencor Corp., 6.90% Sr. Unsec. Nts., 5/1/18 378,000 416,789 ------------------------------------------------------------------------------------------------------------------ SOFTWARE-0.2% Symantec Corp., 4.20% Sr. Unsec. Unsub. Nts., 9/15/20 463,000 435,874 MATERIALS-1.1% ------------------------------------------------------------------------------------------------------------------ CHEMICALS-0.4% Agrium, Inc., 6.125% Sr. Unsec. Nts., 1/15/41 179,000 186,688 ------------------------------------------------------------------------------------------------------------------ Airgas, Inc., 3.25% Sr. Nts., 10/1/15 198,000 197,958 ------------------------------------------------------------------------------------------------------------------ Ashland, Inc., 9.125% Sr. Unsec. Nts., 6/1/17 210,000 242,025 ------------------------------------------------------------------------------------------------------------------ CF Industries, Inc., 6.875% Sr. Unsec. Unsub. Nts., 5/1/18 230,000 258,750 ------------------------------------------------------------------------------------------------------------------ Potash Corp. of Saskatchewan, Inc., 5.625% Sr. Unsec. Unsub. Nts., 12/1/40 140,000 140,512 ---------- 1,025,933
14 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value ------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING-0.4% Ball Corp., 7.125% Sr. Unsec. Nts., 9/1/16 $ 250,000 $ 274,688 ------------------------------------------------------------------------------------------------------- Sealed Air Corp.: 6.875% Sr. Unsec. Bonds, 7/15/33(2) 130,000 129,687 7.875% Sr. Nts., 6/15/17 277,000 309,593 ------------------------------------------------------------------------------------------------------- Sonoco Products Co., 5.75% Sr. Unsec. Unsub. Nts., 11/1/40 118,000 114,968 ----------- 828,936 ------------------------------------------------------------------------------------------------------- METALS & MINING-0.3% Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17 330,000 364,257 ------------------------------------------------------------------------------------------------------- Vale Inco Ltd., 5.70% Sr. Unsec. Unsub. Nts., 10/15/15 14,000 15,185 ------------------------------------------------------------------------------------------------------- Xstrata Canada Corp.: 5.375% Sr. Unsec. Unsub. Nts., 6/1/15 75,000 80,286 6% Sr. Unsec. Unsub. Nts., 10/15/15 132,000 145,213 7.25% Sr. Unsec. Unsub. Nts., 7/15/12 94,000 100,554 ------------------------------------------------------------------------------------------------------- Xstrata Finance Canada Ltd., 5.80% Sr. Unsec. Unsub. Bonds, 11/15/16(2) 35,000 38,757 ----------- 744,252 TELECOMMUNICATION SERVICES-0.6% ------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES-0.5% AT&T, Inc., 6.30% Sr. Unsec. Bonds, 1/15/38 213,000 215,211 ------------------------------------------------------------------------------------------------------- British Telecommunications plc, 9.875% Bonds, 12/15/30 142,000 196,799 ------------------------------------------------------------------------------------------------------- Embarq Corp., 6.738% Sr. Unsec. Nts., 6/1/13 225,000 244,053 ------------------------------------------------------------------------------------------------------- Frontier Communications Corp., 8.25% Sr. Unsec. Nts., 4/15/17 230,000 249,550 ------------------------------------------------------------------------------------------------------- Qwest Corp., 7.625% Sr. Unsec. Unsub. Nts., 6/15/15 210,000 242,550 ------------------------------------------------------------------------------------------------------- Telus Corp., 8% Nts., 6/1/11 101,000 102,209 ------------------------------------------------------------------------------------------------------- Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38 140,000 147,047 ----------- 1,397,419 ------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES-0.1% American Tower Corp., 7% Sr. Unsec. Nts., 10/15/17 162,000 182,723 UTILITIES-0.5% ------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES-0.5% Allegheny Energy Supply Co. LLC, 8.25% Bonds, 4/15/12(2) 202,000 214,186 ------------------------------------------------------------------------------------------------------- FirstEnergy Solutions Corp., 6.80% Sr. Unsec. Nts., 8/15/39 138,000 137,143 ------------------------------------------------------------------------------------------------------- Great Plains Energy, Inc., 2.75% Sr. Unsec. Unsub. Nts., 8/15/13 239,000 241,911 ------------------------------------------------------------------------------------------------------- Northeast Utilities, 7.25% Sr. Unsec. Nts., 4/1/12 230,000 242,308 ------------------------------------------------------------------------------------------------------- Texas-New Mexico Power Co., 9.50% Sec. Nts., 4/1/19(2) 235,000 298,342 ----------- 1,133,890 ----------- Total Non-Convertible Corporate Bonds and Notes (Cost $32,159,682) 33,483,261 Shares ------------------------------------------------------------------------------------------------------- INVESTMENT COMPANIES-19.1% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(11,12) 385 385 ------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 0.20%(11,13) 45,940,536 45,940,536 ----------- Total Investment Companies (Cost $45,940,921) 45,940,921
15 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
VALUE ----------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $258,710,867) 115.2% $277,039,061 ----------------------------------------------------------------- Liabilities in Excess of Other Assets (15.2) (36,571,081) ------------------------ Net Assets 100.0% $240,467,980 ========================
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 $10,840,419 or 4.51% of the Fund's net assets as of March 31, 2011. 3. Represents the current interest rate for a variable or increasing rate security. 4. Restricted security. The aggregate value of restricted securities as of March 31, 2011 was $906,025, which represents 0.38% of the Fund's net assets. See accompanying Notes. Information concerning restricted securities is as follows:
UNREALIZED ACQUISITION APPRECIATION SECURITY DATE COST VALUE (DEPRECIATION) ------------------------------------------------------------------------------- DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/15/15 2/2/11 $289,966 $289,910 $ (56) GMAC Mortgage Servicer Advance Funding Ltd., Asset-Backed Nts., Series 2011-1A, Cl. A, 3.72%, 2/15/23 3/11/11 229,997 231,203 1,206 JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2007- LDPX, Cl. A2S2, 5.187%, 1/1/49 7/14/10 138,250 141,410 3,160 Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17 2/4/11 243,340 243,502 162 ---------------------------------- $901,553 $906,025 $ 4,472 ==================================
------- 5. When-issued security or delayed delivery to be delivered and settled after March 31, 2011. 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 $3,166,644 or 1.32% of the Fund's net assets as of March 31, 2011. 7. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $162,545 or 0.07% of the Fund's net assets as of March 31, 2011. 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 $188,417. See accompanying Notes. 9. 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. 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 March 31, 2011. 12. Interest rate is less than 0.0005%. 13. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2011, 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: 16 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
SHARES GROSS GROSS SHARES DECEMBER 31, 2010 ADDITIONS REDUCTIONS MARCH 31, 2011 ----------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 45,755,638 22,212,792 22,027,894 45,940,536
VALUE INCOME -------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 45,940,536 $ 23,105
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 or liability (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 or liability). The table below categorizes amounts as of March 31, 2011 based on valuation input level:
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 $ - $4,293,689 $ - $ 4,293,689 Consumer Staples 9,599,349 - - 9,599,349 Energy 12,861,220 - - 12,861,220 Financials 15,529,367 - - 15,529,367 Health Care 21,579,887 - - 21,579,887 Industrials 5,723,835 - - 5,723,835 Information Technology 42,840,132 - - 42,840,132 Materials 4,443,365 - - 4,443,365 Telecommunication Services 64 - - 64 Utilities 1,481,895 - - 1,481,895 Asset-Backed Securities - 9,613,820 - 9,613,820 Mortgage-Backed Obligations - 68,474,935 - 68,474,935 U.S. Government Obligations - 1,173,321 - 1,173,321 Non-Convertible Corporate Bonds and Notes - 33,483,261 - 33,483,261 Investment Companies 45,940,921 - - 45,940,921 ------------------------------------------------------------- Total Investments, at Value 160,000,035 117,039,026 - 277,039,061 OTHER FINANCIAL INSTRUMENTS: Futures margins 3,715 - - 3,715 ------------------------------------------------------------- Total Assets $160,003,750 $117,039,026 $ - $277,042,776 ------------------------------------------------------------- LIABILITIES TABLE OTHER FINANCIAL INSTRUMENTS: Futures margins $ (3,189) $ - $ - $ (3,189) ------------------------------------------------------------- Total Liabilities $ (3,189) $ - $ - $ (3,189) -------------------------------------------------------------
17 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (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 MARCH 31, 2011 ARE AS FOLLOWS:
NUMBER OF EXPIRATION UNREALIZED CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE APPRECIATION --------------------------------------------------------------------------------------------------- U.S. Treasury Long Bonds, 30 yr. Buy 56 6/21/11 $ 6,730,500 $ 28,265 U.S. Treasury Nts., 2 yr. Sell 47 6/30/11 10,251,875 4,246 U.S. Treasury Nts., 5 yr. Sell 12 6/30/11 1,401,469 4,905 U.S. Treasury Nts., 10 yr. Sell 27 6/21/11 3,213,844 13,803 U.S. Treasury Ultra Bonds Buy 3 6/21/11 370,688 1,377 ------------- $ 52,596 =============
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," observable market inputs other than unadjusted quoted prices 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 18 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 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 current price quotation obtained from an independent pricing service or broker-dealer, 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 March 31, 2011, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS -------------------------------------------------------- Purchased securities $ 42,143,709 -------------------------------------------------------- Sold securities 4,038,040 --------------------------------------------------------
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. 19 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; 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, 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. 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. 20 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 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. 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. During the period ended March 31, 2011, the Fund had an ending monthly average market value of $6,558,836 and $13,137,955 on futures contracts purchased and sold, respectively. 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. RESTRICTED SECURITIES As of March 31, 2011, 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 21 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (unaudited) 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 March 31, 2011 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 $259,619,493 Federal tax cost of other investments (7,818,596) ------------- Total federal tax cost $251,800,897 ============= Gross unrealized appreciation $ 28,328,102 Gross unrealized depreciation (10,855,938) ------------- Net unrealized appreciation $ 17,472,164 ============
22 | Oppenheimer Balanced Fund/VA Oppenheimer Capital Appreciation/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------- COMMON STOCKS-99.2% -------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY-12.5% -------------------------------------------------------------------------------------- AUTO COMPONENTS-0.9% Johnson Controls, Inc. 264,720 $11,004,410 -------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE-1.5% McDonald's Corp. 243,180 18,503,566 -------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL-1.3% Amazon.com, Inc.(1) 85,344 15,373,015 -------------------------------------------------------------------------------------- MEDIA-2.2% McGraw-Hill Cos., Inc. (The) 179,050 7,054,570 -------------------------------------------------------------------------------------- Walt Disney Co. (The) 448,860 19,341,377 ------------ 26,395,947 -------------------------------------------------------------------------------------- SPECIALTY RETAIL-3.4% Bed Bath & Beyond, Inc.(1) 195,110 9,417,960 -------------------------------------------------------------------------------------- O'Reilly Automotive, Inc.(1) 190,700 10,957,622 -------------------------------------------------------------------------------------- Tiffany & Co. 118,910 7,305,830 -------------------------------------------------------------------------------------- TJX Cos., Inc. (The) 267,500 13,302,775 ------------ 40,984,187 -------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS-3.2% Coach, Inc. 282,790 14,716,392 -------------------------------------------------------------------------------------- Nike, Inc., Cl. B 171,540 12,985,578 -------------------------------------------------------------------------------------- Polo Ralph Lauren Corp., Cl. A 93,510 11,562,512 ------------ 39,264,482 -------------------------------------------------------------------------------------- CONSUMER STAPLES-7.4% -------------------------------------------------------------------------------------- BEVERAGES-1.4% Brown-Forman Corp., Cl. B 69,700 4,760,510 -------------------------------------------------------------------------------------- Coca-Cola Co. (The) 179,930 11,938,356 ------------ 16,698,866 -------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING-1.4% Costco Wholesale Corp. 233,370 17,110,688 -------------------------------------------------------------------------------------- FOOD PRODUCTS-3.3% General Mills, Inc. 327,883 11,984,124 -------------------------------------------------------------------------------------- Nestle SA 289,564 16,598,307 -------------------------------------------------------------------------------------- Unilever NV CVA 361,167 11,324,537 ------------ 39,906,968 -------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS-1.3% Colgate-Palmolive Co. 194,200 15,683,592 -------------------------------------------------------------------------------------- ENERGY-11.1% -------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES-3.5% Halliburton Co. 394,450 19,659,388 -------------------------------------------------------------------------------------- Schlumberger Ltd. 249,710 23,287,955 ------------ 42,947,343 -------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS-7.6% Chevron Corp. 183,480 19,711,256 -------------------------------------------------------------------------------------- ConocoPhillips 328,750 26,253,975 -------------------------------------------------------------------------------------- EOG Resources, Inc. 144,660 17,143,657 -------------------------------------------------------------------------------------- Occidental Petroleum Corp. 277,030 28,946,865 ------------ 92,055,753
1 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value ---------------------------------------------------------------------------------------- FINANCIALS-5.3% ---------------------------------------------------------------------------------------- CAPITAL MARKETS-0.5% Charles Schwab Corp. (The) 319,400 $ 5,758,782 ---------------------------------------------------------------------------------------- COMMERCIAL BANKS-2.5% Standard Chartered plc 136,380 3,537,706 ---------------------------------------------------------------------------------------- U.S. Bancorp 404,110 10,680,627 ---------------------------------------------------------------------------------------- Wells Fargo & Co. 516,900 16,385,730 -------------- 30,604,063 ---------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES-2.3% BM&F BOVESPA SA 1,253,660 9,099,238 ---------------------------------------------------------------------------------------- IntercontinentalExchange, Inc.(1) 47,530 5,871,856 ---------------------------------------------------------------------------------------- JPMorgan Chase & Co. 288,850 13,315,985 -------------- 28,287,079 ---------------------------------------------------------------------------------------- HEALTH CARE-12.9% ---------------------------------------------------------------------------------------- BIOTECHNOLOGY-0.9% Celgene Corp.(1) 181,670 10,451,475 ---------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES-2.4% Baxter International, Inc. 265,650 14,284,001 ---------------------------------------------------------------------------------------- Stryker Corp. 234,960 14,285,568 -------------- 28,569,569 ---------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES-1.8% Express Scripts, Inc.(1) 235,850 13,115,619 ---------------------------------------------------------------------------------------- Medco Health Solutions, Inc.(1) 164,190 9,220,910 -------------- 22,336,529 ---------------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES-2.3% Mettler-Toledo International, Inc.1 55,500 9,546,000 ---------------------------------------------------------------------------------------- Thermo Fisher Scientific, Inc.(1) 340,090 18,892,000 -------------- 28,438,000 ---------------------------------------------------------------------------------------- PHARMACEUTICALS-5.5% Allergan, Inc. 282,680 20,075,934 ---------------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 531,980 14,060,231 ---------------------------------------------------------------------------------------- Novo Nordisk AS, Cl. B 162,384 20,401,396 ---------------------------------------------------------------------------------------- Roche Holding AG 80,801 11,541,743 -------------- 66,079,304 ---------------------------------------------------------------------------------------- INDUSTRIALS-15.8% ---------------------------------------------------------------------------------------- AEROSPACE & DEFENSE-2.4% Goodrich Corp. 197,532 16,894,912 ---------------------------------------------------------------------------------------- United Technologies Corp. 150,200 12,714,430 -------------- 29,609,342 ---------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS-1.3% United Parcel Service, Inc., Cl. B 204,650 15,209,588 ---------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT-2.8% ABB Ltd. 587,710 14,115,278 ---------------------------------------------------------------------------------------- Emerson Electric Co. 345,010 20,158,934 -------------- 34,274,212 ---------------------------------------------------------------------------------------- MACHINERY-7.9% Caterpillar, Inc. 206,690 23,014,932 ----------------------------------------------------------------------------------------
2 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value ------------------------------------------------------------------------------------ MACHINERY CONTINUED ------------------------------------------------------------------------------------- Danaher Corp. 322,620 $16,743,978 ------------------------------------------------------------------------------------- Deere & Co. 144,480 13,998,667 ------------------------------------------------------------------------------------- Joy Global, Inc. 207,247 20,478,076 ------------------------------------------------------------------------------------- Parker-Hannifin Corp. 229,550 21,733,794 ------------ 95,969,447 ------------------------------------------------------------------------------------- ROAD & RAIL-1.4% Union Pacific Corp. 167,290 16,449,626 ------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY-28.8% ------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT-7.3% Cisco Systems, Inc. 993,180 17,033,037 ------------------------------------------------------------------------------------- Juniper Networks, Inc.(1) 591,620 24,895,370 ------------------------------------------------------------------------------------- QUALCOMM, Inc. 854,380 46,845,655 ------------ 88,774,062 ------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS-5.0% Apple, Inc.(1) 173,740 60,539,703 ------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS-1.5% Corning, Inc. 878,830 18,130,263 ------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES-4.7% eBay, Inc.(1) 504,700 15,665,888 ------------------------------------------------------------------------------------- Google, Inc., Cl. A(1) 71,440 41,878,842 ------------ 57,544,730 ------------------------------------------------------------------------------------- IT SERVICES-3.4% Cognizant Technology Solutions Corp.(1) 210,390 17,125,746 ------------------------------------------------------------------------------------- International Business Machines Corp. 71,560 11,669,289 ------------------------------------------------------------------------------------- Visa, Inc., Cl. A 168,257 12,387,080 ------------ 41,182,115 ------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT-1.5% Broadcom Corp., Cl. A 446,180 17,570,568 ------------------------------------------------------------------------------------- SOFTWARE-5.4% Intuit, Inc.(1) 313,680 16,656,408 ------------------------------------------------------------------------------------- Oracle Corp. 1,055,230 35,213,025 ------------------------------------------------------------------------------------- Vmware, Inc., Cl. A(1) 167,460 13,654,688 ------------ 65,524,121 ------------------------------------------------------------------------------------- MATERIALS-4.3% ------------------------------------------------------------------------------------- CHEMICALS-2.5% Ecolab, Inc. 234,840 11,981,537 ------------------------------------------------------------------------------------- Praxair, Inc. 184,402 18,735,243 ------------ 30,716,780 ------------------------------------------------------------------------------------- METALS & MINING-1.8% Barrick Gold Corp. 189,630 9,843,693 ------------------------------------------------------------------------------------- Freeport-McMoRan Copper & Gold, Inc., Cl. B(1) 215,140 11,951,027 ------------ 21,794,720
3 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value ---------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES-1.1% ---------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES-1.1% NII Holdings, Inc.(1) 313,060 13,045,210 --------------- Total Common Stocks (Cost $822,342,388) 1,202,788,105 ---------------------------------------------------------------------------------------------------------------------- INVESTMENT COMPANIES-0.5% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(2),(3) 433,377 $ 433,377 ---------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 0.20%(2),(4) 6,112,868 6,112,868 --------------- Total Investment Companies (Cost $6,546,245) 6,546,245 ---------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $828,888,633) 99.7% 1,209,334,350 ---------------------------------------------------------------------------------------------------------------------- Other Assets Net of Liabilities 0.3 3,473,879 ------------------------------ Net Assets 100.0% $1,212,808,229 ==============================
---------- Footnotes to Statement of Investments 1. Non-income producing security. 2. Rate shown is the 7-day yield as of March 31, 2011. 3. Interest rate is less than 0.0005%. 4. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2011, 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, 2010 ADDITIONS REDUCTIONS MARCH 31, 2011 -------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 72,534 29,613,137 23,572,803 6,112,868
VALUE INCOME -------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $6,112,868 $ 1,946
4 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation/VA STATEMENT OF INVESTMENTS March 31, 2011 (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 or liability (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 or liability). The table below categorizes amounts as of March 31, 2011 based on valuation input level:
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 $ 151,525,607 $ - $ - $ 151,525,607 Consumer Staples 89,400,114 - - 89,400,114 Energy 135,003,096 - - 135,003,096 Financials 64,649,924 - - 64,649,924 Health Care 155,874,877 - - 155,874,877 Industrials 191,512,215 - - 191,512,215 Information Technology 349,265,562 - - 349,265,562 Materials 52,511,500 - - 52,511,500 Telecommunication Services 13,045,210 - - 13,045,210 Investment Companies 6,546,245 - - 6,546,245 ------------------------------------------------------------------ Total Assets $1,209,334,350 $ - $ - $1,209,334,350 ------------------------------------------------------------------
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," observable market inputs other than unadjusted quoted prices 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. 5 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation/VA STATEMENT OF INVESTMENTS March 31, 2011 (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 current price quotation obtained from an independent pricing service or broker-dealer, 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. 6 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS The Fund's investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. MARKET RISK FACTORS. In accordance with its investment objectives, the Fund may use derivatives to increase or decrease its exposure to one or more of the following market risk factors: COMMODITY RISK. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products. CREDIT RISK. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds. EQUITY RISK. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. FOREIGN EXCHANGE RATE RISK. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency. INTEREST RATE RISK. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities. VOLATILITY RISK. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument's price over a defined time period. Large increases or decreases in a financial instrument's price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk. The Fund's actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below. RISKS OF INVESTING IN DERIVATIVES. The Fund's use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund's performance. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and 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. 7 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 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 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 International Swap and Derivatives Association, Inc. master agreements which govern certain positions in swaps, over-the-counter options and swaptions, and forward currency exchange contracts for each individual counterparty. 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 certain forward 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. During the period ended March 31, 2011, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $124,773 and $698,378, respectively. Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default. As of March 31, 2011, the Fund had 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 March 31, 2011 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 $ 834,379,120 ============= Gross unrealized appreciation $ 380,914,721 Gross unrealized depreciation (5,959,491) ------------- Net unrealized appreciation $ 374,955,230 =============
8 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- ASSET-BACKED SECURITIES-9.9% Ally Auto Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A2, 0.89%, 9/17/12 $ 376,741 $ 377,207 -------------------------------------------------------------------------------- Ally Auto Receivables Trust 2010-4, Automobile Receivables Nts., Series 2010-4, Cl. A3, 0.91%, 11/17/14 280,000 278,990 -------------------------------------------------------------------------------- Ally Master Owner Trust 2010-1, Asset- Backed Certificates, Series 2010-1, Cl. A, 2.005%, 1/15/15 (1,2) 480,000 488,863 -------------------------------------------------------------------------------- Ally Master Owner Trust 2010-3, Asset- Backed Certificates, Series 2010-3, Cl. A, 2.88%, 4/15/15 (1) 660,000 675,595 -------------------------------------------------------------------------------- AmeriCredit Automobile Receivables Trust 2009-1, Automobile Receivables- Backed Nts., Series 2009-1, Cl. A3, 3.04%, 10/15/13 35,000 35,494 -------------------------------------------------------------------------------- AmeriCredit Automobile Receivables Trust 2010-3, Automobile Receivables- Backed Nts., Series 2010-3, Cl. A2, 0.77%, 12/9/13 547,529 547,956 -------------------------------------------------------------------------------- AmeriCredit Automobile Receivables Trust 2010-4, Automobile Receivables- Backed Nts., Series 2010-4, Cl. D, 4.20%, 11/8/16 240,000 245,216 -------------------------------------------------------------------------------- AmeriCredit Automobile Receivables Trust 2011-1, Automobile Receivables- Backed Nts., Series 2011-1, Cl. D, 4.26%, 2/8/17 120,000 120,966 -------------------------------------------------------------------------------- AmeriCredit Prime Automobile Receivables Trust 2010-1, Automobile Receivables Nts., Series 2010-1, Cl. A2, 0.97%, 1/15/13 77,807 77,833 -------------------------------------------------------------------------------- AmeriCredit Prime Automobile Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A2, 1.22%, 10/8/13 165,501 165,937 -------------------------------------------------------------------------------- Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.35%, 9/25/36 (2) 20,510 7,266 -------------------------------------------------------------------------------- Bank of America Auto Trust 2010-2, Automobile Receivables, Series 2010-2, Cl. A2, 0.91%, 10/15/12 452,241 452,761 -------------------------------------------------------------------------------- Carrington Mortgage Loan Trust, Asset- Backed Pass-Through Certificates, Series 2006-FRE1, Cl. A2, 0.36%, 7/25/36 (2) 459,298 437,077 -------------------------------------------------------------------------------- Centre Point Funding LLC, Asset-Backed Nts., Series 2010-1A, Cl. 1, 5.43%, 7/20/15 (1) 129,098 136,601 -------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 310,000 328,578 -------------------------------------------------------------------------------- Citibank Omni Master Trust, Credit Card Receivables: Series 2009-A13, Cl. A13, 5.35%, 8/15/18(1) 420,000 457,366 Series 2009-A17, Cl. A17, 4.90%, 11/15/18(1) 420,000 449,589 Series 2009-A8, Cl. A8, 2.355%, 5/16/16(1,2) 620,000 629,540 -------------------------------------------------------------------------------- CNH Equipment Trust, Asset-Backed Certificates, Series 2009-B, Cl. A3, 2.97%, 3/15/13 27,512 27,538 -------------------------------------------------------------------------------- CNH Wholesale Master Note Trust 2011- 1, Equipment Nts., Series 2011-1, Cl. 1A, 1.055%, 1/20/41 (2) 465,000 466,249 -------------------------------------------------------------------------------- Countrywide Home Loans, Asset-Backed Certificates: Series 2002-4, Cl. A1, 0.99%, 2/25/33 (2) 21,719 20,540 Series 2005-16, Cl. 2AF2, 5.382%, 5/1/36 504,385 422,078 Series 2005-17, Cl. 1AF2, 5.363%, 5/1/36 279,150 226,399 -------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.37%, 6/25/47 (2) 40,000 37,066 --------------------------------------------------------------------------------
1 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- DSC Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2011-1, Cl. A, 3.91%, 3/15/16 $ 400,000 $ 400,000 -------------------------------------------------------------------------------- DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/15/15 (3) 570,000 569,823 -------------------------------------------------------------------------------- DT Auto Owner Trust, Automobile Receivable Nts., Series 2009-1, Cl. A1, 2.98%, 10/15/15 (1) 219,621 221,094 -------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 0.34%, 7/25/36 (2) 3,658 3,619 -------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.36%, 6/25/36 (2) 3,037 3,022 -------------------------------------------------------------------------------- First Investors Auto Owner Trust 2011- 1, Automobile Receivable Nts., Series 2011-1, Cl. A2, 1.47%, 3/16/15 480,000 479,986 -------------------------------------------------------------------------------- Ford Credit Auto Lease Trust, Automobile Receivable Nts., Series 2010-B, Cl. A2, 0.75%, 10/15/12 (1) 505,000 505,172 -------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Receivable Nts.: Series 2009-E, Cl. A2, 0.80%, 3/15/12 118,083 118,098 Series 2010-A, Cl. A4, 2.15%, 6/15/15 670,000 680,170 -------------------------------------------------------------------------------- Ford Credit Floorplan Master Owner Trust 2009-2, Asset-Backed Nts., Series 2009-2, Cl. A, 1.805%, 9/15/14 (2) 470,000 476,503 -------------------------------------------------------------------------------- Ford Credit Floorplan Master Owner Trust 2010-1, Asset-Backed Nts., Series 2010-1, Cl. A, 1.905%, 12/15/14 (1,2) 490,000 499,536 -------------------------------------------------------------------------------- Ford Credit Floorplan Master Owner Trust 2011-1, Asset-Backed Nts., Series 2011-1, Cl. A1, 2.12%, 2/15/16 490,000 491,126 -------------------------------------------------------------------------------- GMAC Mortgage Servicer Advance Funding Ltd., Asset-Backed Notes, Series 2011-1A, Cl. A, 3.72%, 2/15/23 (3) 445,000 447,327 -------------------------------------------------------------------------------- Hertz Vehicle Financing LLC, Automobile Receivable Nts., Series 2010-1A, Cl. A1, 2.60%, 2/25/15 (1) 495,000 501,921 -------------------------------------------------------------------------------- HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset- Backed Certificates, Series 2005-3, Cl. A1, 0.514%, 1/20/35 (2) 441,841 425,329 -------------------------------------------------------------------------------- HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset- Backed Certificates, Series 2006-4, Cl. A2V, 0.364%, 3/20/36 (2) 5,971 5,953 -------------------------------------------------------------------------------- Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.35%, 8/25/36 (2) 66,235 24,804 -------------------------------------------------------------------------------- Morgan Stanley Resecuritization Trust, Automobile Receivable Nts., Series 2010-F, Cl. A, 0.504%, 6/15/13 (1,2) 340,000 339,645 -------------------------------------------------------------------------------- Navistar Financial Dealer Note Master Owner Trust, Asset-Backed Nts., Series 2010-1, Cl. A, 1.90%, 1/26/15 (1,2) 790,000 795,416 -------------------------------------------------------------------------------- NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29 (3,4) 3,370,016 303,301 -------------------------------------------------------------------------------- Nissan Auto Lease Trust 2010-B, Automobile Asset-Backed Nts., Series 2010-B, Cl. A3, 1.12%, 12/15/13 440,000 440,436 -------------------------------------------------------------------------------- Nissan Master Owner Trust, Automobile Receivable Nts., Series 2010-AA, Cl. A, 1.405%, 1/15/15 (1,2) 485,000 490,488 -------------------------------------------------------------------------------- RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.35%, 9/25/36 (2) 5,196 5,164 --------------------------------------------------------------------------------
2 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- Santander Drive Auto Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A2, 0.95%, 8/15/13 $ 462,896 $ 463,329 -------------------------------------------------------------------------------- Santander Drive Auto Receivables Trust 2010-3, Automobile Receivables Nts., Series 2010-3, Cl. C, 3.06%, 11/15/17 485,000 480,338 -------------------------------------------------------------------------------- Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17 (3) 476,779 477,065 -------------------------------------------------------------------------------- Toyota Auto Receivable Owner Trust 2010-B, Automobile Receivable Nts., Series 2010-B, Cl. A2, 0.74%, 7/16/12 575,000 575,563 -------------------------------------------------------------------------------- Volkswagen Auto Lease Trust 2010-A, Automobile Receivable Nts., Series 2010-A, Cl. A3, 0.99%, 11/20/13 440,000 439,705 -------------------------------------------------------------------------------- World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2009-A, Cl. A, 4.60%, 9/15/15 465,000 474,545 ------------- Total Asset-Backed Securities (Cost $21,302,660) 18,251,183 -------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS-74.5% -------------------------------------------------------------------------------- GOVERNMENT AGENCY-61.5% -------------------------------------------------------------------------------- FHLMC/FNMA/FHLB/SPONSORED-61.1% Federal Home Loan Mortgage Corp.: 5%, 12/15/34 24,894 26,166 5.50%, 9/1/39 1,485,737 1,586,461 6%, 5/15/18-10/15/29 3,099,343 3,398,187 6%, 4/1/41 (5) 3,600,000 3,911,062 6.50%, 4/15/18-4/1/34 694,667 776,692 7%, 8/15/16-10/1/37 388,884 441,173 7%, 10/1/31 (6) 458,775 528,600 8%, 4/1/16 220,637 243,331 9%, 8/1/22-5/1/25 75,206 85,779 10.50%, 11/14/20 2,866 3,276 -------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 151, Cl. F, 9%, 5/15/21 17,201 19,553 Series 1674, Cl. Z, 6.75%, 2/15/24 56,456 62,422 Series 2006-11, Cl. PS, 23.652%, 3/25/36 (2) 450,277 638,012 Series 2034, Cl. Z, 6.50%, 2/15/28 6,348 7,205 Series 2042, Cl. N, 6.50%, 3/15/28 20,018 23,243 Series 2043, Cl. ZP, 6.50%, 4/15/28 726,584 749,331 Series 2046, Cl. G, 6.50%, 4/15/28 54,720 58,305 Series 2053, Cl. Z, 6.50%, 4/15/28 8,004 9,131 Series 2066, Cl. Z, 6.50%, 6/15/28 973,294 1,079,436 Series 2195, Cl. LH, 6.50%, 10/15/29 659,340 745,085 Series 2220, Cl. PD, 8%, 3/15/30 3,032 3,496 Series 2326, Cl. ZP, 6.50%, 6/15/31 193,062 224,297 Series 2461, Cl. PZ, 6.50%, 6/15/32 904,759 1,001,749 Series 2470, Cl. LF, 1.255%, 2/15/32 (2) 8,234 8,367 Series 2500, Cl. FD, 0.755%, 3/15/32 (2) 170,957 171,709 Series 2526, Cl. FE, 0.655%, 6/15/29 (2) 252,228 252,781 Series 2538, Cl. F, 0.855%, 12/15/32 (2) 1,088,923 1,097,110 Series 2551, Cl. FD, 0.655%, 1/15/33 (2) 170,632 171,026 Series 2638, Cl. KG, 4%, 11/1/27 399,297 400,448 Series 2648, Cl. JE, 3%, 2/1/30 3,916 3,916 Series 2663, Cl. BA, 4%, 8/1/16 288,379 292,728
3 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Series 2686, Cl. CD, 4.50%, 2/1/17 $ 212,651 $ 215,553 Series 2750, Cl. XG, 5%, 2/1/34 130,000 136,483 Series 2890, Cl. PE, 5%, 11/1/34 130,000 136,507 Series 2907, Cl. GC, 5%, 6/1/27 165,422 166,925 Series 2929, Cl. PC, 5%, 1/1/28 131,504 132,412 Series 2936, Cl. PE, 5%, 2/1/35 69,000 72,337 Series 2939, Cl. PE, 5%, 2/15/35 247,000 259,001 Series 2952, Cl. GJ, 4.50%, 12/1/28 56,422 56,765 Series 3019, Cl. MD, 4.75%, 1/1/31 371,473 380,472 Series 3025, Cl. SJ, 23.815%, 8/15/35 (2) 88,973 120,686 Series 3094, Cl. HS, 23.448%, 6/15/34 (2) 255,169 343,609 Series 3242, Cl. QA, 5.50%, 3/1/30 269,211 275,113 Series 3291, Cl. NA, 5.50%, 10/1/27 28,545 28,597 Series 3306, Cl. PA, 5.50%, 10/1/27 97,717 97,968 Series R001, Cl. AE, 4.375%, 4/1/15 141,710 143,621 -------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 205, Cl. IO, 11.505%, 9/1/29 (7) 21,967 4,700 Series 206, Cl. IO, 6.515%, 12/1/29 (7) 275,967 63,619 Series 2074, Cl. S, 62.414%, 7/17/28 (7) 4,752 921 Series 2079, Cl. S, 77.04%, 7/17/28 (7) 8,197 1,578 Series 2130, Cl. SC, 51.921%, 3/15/29 (7) 318,444 69,046 Series 243, Cl. 6, 5.277%, 12/15/32 (7) 324,093 70,899 Series 2526, Cl. SE, 41.305%, 6/15/29 (7) 11,391 2,142 Series 2527, Cl. SG, 0.912%, 2/15/32 (7) 483,698 19,257 Series 2531, Cl. ST, 48.622%, 2/15/30 (7) 209,646 12,814 Series 2796, Cl. SD, 68.321%, 7/15/26 (7) 527,845 109,550 Series 2802, Cl. AS, 81.389%, 4/15/33 (7) 347,861 32,390 Series 2819, Cl. S, 54.64%, 6/15/34 (7) 104,150 16,668 Series 2920, Cl. S, 66.331%, 1/15/35 (7) 1,889,345 310,864 Series 3004, Cl. SB, 99.999%, 7/15/35 (7) 111,567 15,463 Series 3110, Cl. SL, 99.999%, 2/15/26 (7) 295,594 35,318 Series 3451, Cl. SB, 25.903%, 5/15/38 (7) 344,163 39,178 -------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 3.947%, 6/1/26 (8) 121,049 103,775 -------------------------------------------------------------------------------- Federal National Mortgage Assn.: 3.50%, 4/1/26 (5) 5,850,000 5,866,450 4%, 4/1/26-4/1/41 (5) 4,460,000 4,409,116 4.002%, 10/1/36 (2) 215,865 226,672 4.50%, 4/1/26-4/1/41 (5) 15,770,000 16,136,729 5%, 2/25/22-7/25/22 19,589 20,848 5%, 4/1/41 (5) 13,273,000 13,886,876 5.50%, 4/1/26-4/1/41 (5) 16,756,000 17,927,196 6%, 12/1/34 1,986,678 2,186,551 6%, 4/1/40 (5) 6,445,000 7,009,943 6.50%, 5/25/17-1/1/34 1,150,468 1,264,567 6.50%, 4/1/41 (5) 2,816,000 3,156,561 6.50%, 8/25/17 (6) 196,486 215,981
4 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED 7%, 11/1/17-7/25/35 $ 636,549 $ 699,796 7.50%, 1/1/33 12,831 14,886 8.50%, 7/1/32 21,663 24,676 -------------------------------------------------------------------------------- Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Trust 1989-17, Cl. E, 10.40%, 4/25/19 15,196 17,625 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 658,106 723,978 Trust 1998-58, Cl. PC, 6.50%, 10/25/28 552,721 606,191 Trust 1998-61, Cl. PL, 6%, 11/25/28 285,109 314,011 Trust 1999-54, Cl. LH, 6.50%, 11/25/29 432,880 474,733 Trust 2001-44, Cl. QC, 6%, 9/25/16 26,499 28,463 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 33,372 37,630 Trust 2001-74, Cl. QE, 6%, 12/25/31 812,044 893,758 Trust 2002-12, Cl. PG, 6%, 3/25/17 13,761 14,825 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 3,964,000 4,345,178 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,932,835 2,055,703 Trust 2004-81, Cl. KC, 4.50%, 4/1/17 165,972 167,794 Trust 2004-9, Cl. AB, 4%, 7/1/17 540,817 553,963 Trust 2005-12, Cl. JC, 5%, 6/1/28 413,078 421,904 Trust 2005-22, Cl. EC, 5%, 10/1/28 164,683 168,431 Trust 2005-30, Cl. CU, 5%, 4/1/29 160,527 164,989 Trust 2006-110, Cl. PW, 5.50%, 5/25/28 33,145 33,597 Trust 2006-46, Cl. SW, 23.284%, 6/25/36 (2) 343,565 467,286 Trust 2006-50, Cl. KS, 23.285%, 6/25/36 (2) 538,569 735,989 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 155,368 155,535 Trust 2009-36, Cl. FA, 1.19%, 6/25/37 (2) 661,695 671,624 -------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 50.491%, 11/18/31 (7) 33,222 5,551 Trust 2001-63, Cl. SD, 42.444%, 12/18/31 (7) 10,176 1,655 Trust 2001-65, Cl. S, 50.864%, 11/25/31 (7) 833,527 140,893 Trust 2001-68, Cl. SC, 35.761%, 11/25/31 (7) 6,767 1,120 Trust 2001-81, Cl. S, 40.909%, 1/25/32 (7) 226,263 40,758 Trust 2002-28, Cl. SA, 43.586%, 4/25/32 (7) 5,850 1,241 Trust 2002-38, Cl. SO, 61.241%, 4/25/32 (7) 14,212 2,454 Trust 2002-39, Cl. SD, 47.026%, 3/18/32 (7) 9,397 1,765 Trust 2002-47, Cl. NS, 39.097%, 4/25/32 (7) 582,114 107,313 Trust 2002-48, Cl. S, 40.352%, 7/25/32 (7) 9,728 1,773 Trust 2002-51, Cl. S, 39.387%, 8/25/32 (7) 534,383 98,443 Trust 2002-52, Cl. SD, 45.25%, 9/25/32 (7) 661,415 125,512 Trust 2002-52, Cl. SL, 41.526%, 9/25/32 (7) 6,046 1,122 Trust 2002-53, Cl. SK, 46.098%, 4/25/32 (7) 32,743 6,217 Trust 2002-56, Cl. SN, 42.845%, 7/25/32 (7) 13,264 2,434 Trust 2002-60, Cl. SM, 50.073%, 8/25/32 (7) 111,029 17,072 Trust 2002-7, Cl. SK, 49.691%, 1/25/32 (7) 50,993 9,485 Trust 2002-77, Cl. BS, 40.595%, 12/18/32 (7) 67,519 11,387 Trust 2002-77, Cl. IS, 53.726%, 12/18/32 (7) 24,213 4,570 Trust 2002-77, Cl. JS, 36.909%, 12/18/32 (7) 110,044 18,349 Trust 2002-77, Cl. SA, 39.631%, 12/18/32 (7) 106,174 17,728
5 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Trust 2002-77, Cl. SH, 48.848%, 12/18/32 (7) $ 296,857 $ 55,828 Trust 2002-84, Cl. SA, 51.689%, 12/25/32 (7) 737,877 125,395 Trust 2002-9, Cl. MS, 39.354%, 3/25/32 (7) 11,116 2,072 Trust 2002-90, Cl. SN, 51.777%, 8/25/32 (7) 57,119 8,783 Trust 2002-90, Cl. SY, 54.987%, 9/25/32 (7) 36,929 5,731 Trust 2003-26, Cl. DI, 11.456%, 4/25/33 (7) 22,854 4,818 Trust 2003-33, Cl. SP, 51.243%, 5/25/33 (7) 790,514 131,682 Trust 2003-4, Cl. S, 47.87%, 2/25/33 (7) 514,236 91,547 Trust 2003-89, Cl. XS, 85.714%, 11/25/32 (7) 423,260 37,938 Trust 2004-54, Cl. DS, 55.025%, 11/25/30 (7) 472,246 79,627 Trust 2005-14, Cl. SE, 45.357%, 3/25/35 (7) 377,337 50,365 Trust 2005-40, Cl. SA, 67.624%, 5/25/35 (7) 1,062,901 196,485 Trust 2005-40, Cl. SB, 81.586%, 5/25/35 (7) 50,264 7,839 Trust 2005-71, Cl. SA, 69.809%, 8/25/25 (7) 1,285,470 187,682 Trust 2005-93, Cl. SI, 19.987%, 10/25/35 (7) 987,964 137,841 Trust 2006-129, Cl. SM, 16.863%, 1/25/37 (7) 452,485 62,216 Trust 2006-60, Cl. DI, 46.243%, 4/25/35 (7) 270,978 39,479 Trust 2008-55, Cl. SA, 18.885%, 7/25/38 (7) 177,435 18,353 Trust 2008-67, Cl. KS, 45.507%, 8/25/34 (7) 2,502,295 215,483 Trust 221, Cl. 2, 35.94%, 5/1/23 (7) 8,220 1,648 Trust 222, Cl. 2, 24.102%, 6/1/23 (7) 940,923 209,823 Trust 252, Cl. 2, 36.007%, 11/1/23 (7) 814,826 159,837 Trust 294, Cl. 2, 14.273%, 2/1/28 (7) 89,677 18,646 Trust 301, Cl. 2, 3.867%, 4/1/29 (7) 10,544 2,057 Trust 303, Cl. IO, 6.691%, 11/1/29 (7) 139,992 35,897 Trust 320, Cl. 2, 11.946%, 4/1/32 (7) 640,197 145,837 Trust 321, Cl. 2, 2.175%, 4/1/32 (7) 2,009,190 474,652 Trust 324, Cl. 2, 1.507%, 7/1/32 (7) 21,206 4,670 Trust 331, Cl. 5, 0%, 2/1/33(7,9) 28,183 6,229 Trust 331, Cl. 9, 14.781%, 2/1/33 (7) 516,882 128,885 Trust 334, Cl. 12, 0%, 2/1/33 (7,9) 49,931 10,841 Trust 334, Cl. 17, 22.675%, 2/1/33 (7) 358,771 75,339 Trust 339, Cl. 12, 0.086%, 7/1/33 (7) 696,849 150,133 Trust 339, Cl. 7, 0%, 7/1/33 (7,9) 1,673,253 338,901 Trust 343, Cl. 13, 0.75%, 9/1/33 (7) 637,332 134,402 Trust 343, Cl. 18, 0%, 5/1/34 (7,9) 182,310 31,727 Trust 345, Cl. 9, 0%, 1/1/34 (7,9) 820,299 166,936 Trust 351, Cl. 10, 0%, 4/1/34 (7,9) 250,680 47,430 Trust 351, Cl. 8, 0%, 4/1/34 (7,9) 392,982 74,208 Trust 356, Cl. 10, 0%, 6/1/35 (7,9) 324,208 63,276 Trust 356, Cl. 12, 0%, 2/1/35 (7,9) 162,525 29,553 Trust 362, Cl. 13, 0%, 8/1/35 (7,9) 581,526 127,122 Trust 364, Cl. 15, 0%, 9/1/35 (7,9) 35,450 7,578 Trust 364, Cl. 16, 0%, 9/1/35 (7,9) 690,337 131,776 Trust 365, Cl. 16, 0%, 3/1/36 (7,9) 1,059,726 212,969 --------------------------------------------------------------------------------
6 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 4.428%, 9/25/23 (8) $ 291,712 $ 256,095 ------------- 112,716,836 -------------------------------------------------------------------------------- GNMA/GUARANTEED-0.4% Government National Mortgage Assn.: 7%, 12/29/23-3/15/26 30,650 35,320 8.50%, 8/1/17-12/15/17 110,133 124,537 -------------------------------------------------------------------------------- Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/16/29 81,287 97,260 Series 2000-7, Cl. Z, 8%, 1/16/30 34,788 39,547 -------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 66.19%, 7/16/28 (7) 17,216 3,351 Series 2001-21, Cl. SB, 86.733%, 1/16/27 (7) 617,051 103,458 Series 2002-15, Cl. SM, 78.139%, 2/16/32 (7) 645,474 112,250 Series 2004-11, Cl. SM, 72.172%, 1/17/30 (7) 491,649 100,241 Series 2007-17, Cl. AI, 17.194%, 4/16/37 (7) 190,894 28,539 ------------- 644,503 -------------------------------------------------------------------------------- NON-AGENCY-13.0% -------------------------------------------------------------------------------- COMMERCIAL-9.7% Asset Securitization Corp., Commercial Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 0.17%, 4/14/29 (7) 7,701,806 224,653 -------------------------------------------------------------------------------- Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2006-1, Cl. AM, 5.421%, 9/1/45 1,280,000 1,320,092 Series 2007-1, Cl. A4, 5.451%, 1/1/49 710,000 748,117 Series 2007-1, Cl. AMFX, 5.482%, 1/1/49 900,000 893,086 -------------------------------------------------------------------------------- Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 0%, 6/22/24 (1,7,9) 4,369,933 200,248 -------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2005- 17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35 73,537 69,161 -------------------------------------------------------------------------------- Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 380,000 388,624 -------------------------------------------------------------------------------- Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Series 2010-C1, Cl. A1, 3.156%, 7/1/46 (1) 590,641 589,499 -------------------------------------------------------------------------------- Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 2010-C1, Cl. XPA, 4.737%, 9/1/20 (1,7) 4,765,000 417,590 -------------------------------------------------------------------------------- First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass- Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 542,111 549,555 -------------------------------------------------------------------------------- First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass- Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 213,295 155,102 --------------------------------------------------------------------------------
7 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- COMMERCIAL CONTINUED First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.034%, 11/1/37 (2) $ 419,094 $ 330,673 -------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2005- GG5, Commercial Mtg. Pass-Through Certificates, Series 2005-GG5, Cl. AM, 5.277%, 4/1/37 115,000 116,177 -------------------------------------------------------------------------------- GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2011-GC3, Cl. A1, 2.331%, 3/1/44 405,000 408,434 -------------------------------------------------------------------------------- Impac CMB Trust Series 2005-4, Collateralized Asset-Backed Bonds, Series 2005-4, Cl. 1A1A, 0.79%, 5/25/35 (2) 603,845 476,150 -------------------------------------------------------------------------------- IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 5.21%, 11/1/35 (2) 731,714 572,277 -------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2011-C3, Cl. A1, 1.875%, 2/1/46 (1) 445,000 443,029 Series 2010-C2, Cl. A2, 3.616%, 11/1/43(1) 710,000 682,400 Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49 (3) 2,310,000 2,333,271 -------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP7, Commercial Mtg. Pass-Through Certificates, Series 2006-LDP7, 5.863%, 4/1/45 (2) 1,175,000 1,216,084 -------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB19, Commercial Mtg. Pass-Through Certificates, Series 2007-CB19, Cl. AM, 5.738%, 2/1/49 (2) 115,000 114,326 -------------------------------------------------------------------------------- JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 7/1/37 708,452 583,528 -------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust 2006- C3, Commercial Mtg. Pass-Through Certificates, Series 2006-C3, Cl. AM, 5.712%, 3/11/39 85,000 87,050 -------------------------------------------------------------------------------- Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 0%, 2/18/30 (7,9) 3,613,908 76,817 -------------------------------------------------------------------------------- Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/1/24 (1) 155,982 118,125 -------------------------------------------------------------------------------- Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 999,011 1,024,691 -------------------------------------------------------------------------------- ML-CFC Commercial Mortgage Trust 2006- 3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AM, 5.456%, 7/12/46 1,000,000 1,013,267 -------------------------------------------------------------------------------- Morgan Stanley Capital I Trust 2007- IQ16, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ16, Cl. AM, 6.11%, 12/1/49 (2) 410,000 421,224 -------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, 0%, 5/18/32 (7,9) 44,567,244 155,041 -------------------------------------------------------------------------------- Structured Adjustable Rate Mortgage Loan Trust, Mtg. Pass-Through Certificates, 5.344%, 7/1/37 (2) 616,142 439,574 -------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass- Through Certificates, Series 2007-C34, Cl. A3, 5.678%, 5/1/46 520,000 552,277 --------------------------------------------------------------------------------
8 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- COMMERCIAL CONTINUED -------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A4, 2.67%, 12/1/35 (2) $ 397,352 $ 345,508 -------------------------------------------------------------------------------- Wells Fargo Commercial Mortgage Trust 2010-C1, Commercial Mtg. Pass-Through Certificates, Series 2010-C1, Cl. A1, 3.349%, 11/1/43 (1) 376,599 375,450 -------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2007-AR8 Trust, Mtg. Pass-Through Certificates, Series 2007-AR8, Cl. A1, 6.121%, 11/1/37 (2) 532,974 424,844 ------------- 17,865,944 -------------------------------------------------------------------------------- MULTIFAMILY-0.8% Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1A2A, 5.75%, 6/1/36 (2) 475,372 434,729 -------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Pass-Through Certificates, Series 2001-3, Cl. A2, 6.07%, 6/1/38 614,448 624,796 -------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.825%, 3/25/36 (2) 557,939 497,761 ------------- 1,557,286 -------------------------------------------------------------------------------- OTHER-0.0% Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.- Backed Security, Series 1987-3, Cl. B, 40.195%, 10/23/17 (7) 793 81 -------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series1987-3, Cl. A, 4.178%, 10/23/17 (8) 1,173 1,162 ------------- 1,243 -------------------------------------------------------------------------------- RESIDENTIAL-2.5% CHL Mortgage Pass-Through Trust 2005- 30, Mtg. Pass-Through Certificates, Series 2005-30, Cl. A5, 5.50%, 1/1/36 435,782 427,775 -------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2005- HYB7, Mtg. Pass-Through Certificates, Series 2005-HYB7, Cl. 6A1, 5.446%, 11/1/35 (2) 589,501 457,362 -------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2005- J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35 38,228 35,121 -------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36 547,539 535,950 -------------------------------------------------------------------------------- JPMorgan Alternative Loan Trust 2006- S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36 543,898 493,593 -------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 5.866%, 10/25/36 (2) 51,973 49,390 -------------------------------------------------------------------------------- RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 287,340 294,214 -------------------------------------------------------------------------------- RALI Series 2006-QS13 Trust: Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36 62,634 40,015
9 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- RESIDENTIAL CONTINUED -------------------------------------------------------------------------------- Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 $ 2,195 $ 1,402 -------------------------------------------------------------------------------- RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37 26,785 17,350 -------------------------------------------------------------------------------- Structured Adjustable Rate Mortgage Loan Trust, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 3A1, 2.588%, 5/1/34 (2) 257,054 246,121 -------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 4A1, 3.648%, 2/1/37 (2) 64,842 52,045 -------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 5.731%, 5/1/37 (2) 917,558 848,195 -------------------------------------------------------------------------------- Wells Fargo Alternative Loan 2007-PA5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-PA5, Cl. 1A1, 6.25%, 11/1/37 392,877 343,012 -------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 2.872%, 9/1/34 (2) 263,791 257,170 -------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.713%, 10/1/36 (2) 460,063 421,231 ------------- 4,519,946 ------------- Total Mortgage-Backed Obligations (Cost $133,695,530) 137,305,758 -------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS-1.7% Federal Home Loan Mortgage Corp. Nts.: 1.75%, 9/10/15 475,000 466,125 5%, 2/16/17 295,000 329,851 5.25%, 4/18/16 515,000 582,724 5.50%, 7/18/16 295,000 337,537 -------------------------------------------------------------------------------- Federal National Mortgage Assn. Nts.: 1.625%, 10/26/15 745,000 724,759 4.875%, 12/15/16 240,000 267,217 5%, 3/15/16 320,000 358,407 ------------- Total U.S. Government Obligations (Cost $3,063,950) 3,066,620 -------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES-36.5% -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY-4.9% -------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES-0.3% Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15 475,000 508,250 -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE-0.7% Hyatt Hotels Corp., 5.75% Sr. Unsec. Unsub. Nts., 8/15/15(1) 725,000 750,179 -------------------------------------------------------------------------------- Marriott International, Inc., 6.20% Sr. Unsec. Unsub. Nts., 6/15/16 526,000 585,628 ------------- 1,335,807 -------------------------------------------------------------------------------- HOUSEHOLD DURABLES-0.8% Fortune Brands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/14 370,000 405,714 -------------------------------------------------------------------------------- Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22 489,000 480,443 -------------------------------------------------------------------------------- Whirlpool Corp.: 5.50% Sr. Unsec. Unsub. Nts., 3/1/13 152,000 161,533
10 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- HOUSEHOLD DURABLES CONTINUED 8% Sr. Unsec. Nts., 5/1/12 $ 380,000 $ 404,913 ------------- 1,452,603 -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS-0.5% Mattel, Inc.: 5.625% Sr. Unsec. Nts., 3/15/13 395,000 422,362 6.125% Sr. Unsec. Nts., 6/15/11 455,000 459,200 ------------- 881,562 -------------------------------------------------------------------------------- MEDIA-1.9% Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22 292,000 395,412 -------------------------------------------------------------------------------- DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 6.375% Sr. Unsec. Nts., 3/1/41 739,000 745,668 -------------------------------------------------------------------------------- Interpublic Group of Cos., Inc. (The), 10% Sr. Unsec. Nts., 7/15/17 405,000 483,975 -------------------------------------------------------------------------------- Lamar Media Corp., 9.75% Sr. Unsec. Nts., 4/1/14 438,000 508,080 -------------------------------------------------------------------------------- Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33 257,000 315,048 -------------------------------------------------------------------------------- Viacom, Inc., 7.875% Sr. Unsec. Debs., 7/30/30 270,000 314,260 -------------------------------------------------------------------------------- Virgin Media Secured Finance plc: 5.25% Sr. Sec. Nts., 1/15/21 (1) 230,000 230,941 6.50% Sr. Sec. Nts., 1/15/18 555,000 609,113 ------------- 3,602,497 -------------------------------------------------------------------------------- MULTILINE RETAIL-0.3% Family Dollar Stores, Inc., 5% Sr. Unsec. Nts., 2/1/21 479,000 470,763 -------------------------------------------------------------------------------- SPECIALTY RETAIL-0.4% Staples, Inc., 7.75% Sr. Unsec. Unsub. Nts., 4/1/11 680,000 680,000 -------------------------------------------------------------------------------- CONSUMER STAPLES-1.2% -------------------------------------------------------------------------------- BEVERAGES-0.3% Constellation Brands, Inc., 8.375% Sr. Nts., 12/15/14 445,000 506,188 -------------------------------------------------------------------------------- FOOD PRODUCTS-0.5% Bunge Ltd. Finance Corp.: 5.35% Sr. Unsec. Unsub. Nts., 4/15/14 210,000 222,549 8.50% Sr. Unsec. Nts., 6/15/19 200,000 237,565 -------------------------------------------------------------------------------- TreeHouse Foods, Inc., 7.75% Sr. Unsec. Nts., 3/1/18 470,000 507,600 ------------- 967,714 -------------------------------------------------------------------------------- TOBACCO-0.4% Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39 337,000 479,521 -------------------------------------------------------------------------------- Lorillard Tobacco Co., 8.125% Sr. Unsec. Nts., 5/1/40 270,000 301,120 ------------- 780,641 -------------------------------------------------------------------------------- ENERGY-4.0% -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES-0.7% Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21 362,000 359,578 -------------------------------------------------------------------------------- Rowan Cos., Inc., 5% Sr. Unsec. Nts., 9/1/17 400,000 413,888 -------------------------------------------------------------------------------- Weatherford International Ltd., 6.50% Sr. Unsec. Bonds, 8/1/36 308,000 308,916 -------------------------------------------------------------------------------- Weatherford International Ltd. Bermuda, 5.125% Sr. Unsec. Unsub. Nts., 9/15/20 318,000 315,876 ------------- 1,398,258 -------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS-3.3% Cloud Peak Energy Resources LLC, 8.25% Sr. Unsec. Unsub. Nts., 12/15/17 445,000 487,275 --------------------------------------------------------------------------------
11 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS CONTINUED -------------------------------------------------------------------------------- Energy Transfer Partners LP, 5.65% Sr. Unsec. Unsub. Nts., 8/1/12 $ 179,000 $ 188,115 -------------------------------------------------------------------------------- Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 840,000 899,770 -------------------------------------------------------------------------------- Kinder Morgan Energy Partners LP, 6.50% Sr. Unsec. Unsub. Nts., 9/1/39 360,000 370,164 -------------------------------------------------------------------------------- Kinder Morgan Finance Co. LLC, 6% Sr. Sec. Nts., 1/15/18(1) 453,000 469,988 -------------------------------------------------------------------------------- Marathon Petroleum Corp., 6.50% Sr. Unsec. Nts., 3/1/41(1) 380,000 385,208 -------------------------------------------------------------------------------- Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37 466,000 466,606 -------------------------------------------------------------------------------- Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19 303,000 335,573 -------------------------------------------------------------------------------- Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/14(1) 270,000 290,850 -------------------------------------------------------------------------------- Rockies Express Pipeline LLC: 3.90% Sr. Unsec. Unsub. Nts., 4/15/15 (1) 532,000 526,428 5.625% Sr. Unsec. Unsub. Nts., 4/15/20(1) 326,000 324,173 -------------------------------------------------------------------------------- Southwestern Energy Co., 7.50% Sr. Nts., 2/1/18 465,000 529,519 -------------------------------------------------------------------------------- Woodside Finance Ltd., 4.50% Nts., 11/10/14 (1) 702,000 743,341 ------------- 6,017,010 -------------------------------------------------------------------------------- FINANCIALS-14.5% -------------------------------------------------------------------------------- CAPITAL MARKETS-2.8% Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/19 (1) 800,000 840,734 -------------------------------------------------------------------------------- Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 515,000 496,328 -------------------------------------------------------------------------------- Macquarie Bank Ltd., 6.625% Unsec. Sub. Nts., 4/7/21(1,5) 598,000 596,834 -------------------------------------------------------------------------------- Macquarie Group Ltd., 4.875% Sr. Unsec. Nts., 8/10/17 (1) 366,000 367,763 -------------------------------------------------------------------------------- Morgan Stanley: 5.50% Sr. Unsec. Unsub. Nts., 7/24/20 (1) 178,000 177,939 5.55% Sr. Unsec. Unsub. Nts., Series F, 4/27/17 1,205,000 1,267,750 -------------------------------------------------------------------------------- Nomura Holdings, Inc., 4.125% Sr. Unsec. Unsub. Nts., 1/19/16 433,000 428,345 -------------------------------------------------------------------------------- TD Ameritrade Holding Corp., 2.95% Sr. Unsec. Unsub. Nts., 12/1/12 475,000 484,702 -------------------------------------------------------------------------------- UBS AG Stamford, CT, 2.25% Sr. Unsec. Nts., 8/12/13 482,000 486,610 ------------- 5,147,005 -------------------------------------------------------------------------------- COMMERCIAL BANKS-4.4% ANZ National International Ltd., 2.375% Sr. Unsec. Nts., 12/21/12 (1) 507,000 513,486 -------------------------------------------------------------------------------- Barclays Bank plc, 6.278% Perpetual Bonds (10) 740,000 641,025 -------------------------------------------------------------------------------- BNP Paribas SA, 5.186% Sub. Perpetual Nts. (1,10) 515,000 498,263 -------------------------------------------------------------------------------- Fifth Third Cap Trust IV, 6.50% Jr. Unsec. Sub. Nts., 4/15/37 845,000 829,156 -------------------------------------------------------------------------------- HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 (2) 1,270,000 1,228,725 -------------------------------------------------------------------------------- Huntington BancShares, Inc., 7% Sub. Nts., 12/15/20 745,000 822,779 -------------------------------------------------------------------------------- KeyCorp, 5.10% Sr. Unsec. Unsub. Nts., 3/24/21 465,000 462,308 -------------------------------------------------------------------------------- Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/20 (1) 493,000 484,974 -------------------------------------------------------------------------------- Sanwa Bank Ltd. (The), 7.40% Sub. Nts., 6/15/11 465,000 471,026 -------------------------------------------------------------------------------- SunTrust Banks, Inc., 3.60% Sr. Unsec. Unsub. Nts., 4/15/16 462,000 459,161 -------------------------------------------------------------------------------- Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K (10) 1,010,000 1,111,000 --------------------------------------------------------------------------------
12 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- COMMERCIAL BANKS CONTINUED Zions Bancorp., 7.75% Sr. Unsec. Nts., 9/23/14 $ 447,000 $ 485,272 ------------- 8,007,175 -------------------------------------------------------------------------------- CONSUMER FINANCE-0.4% American Express Bank FSB, 5.55% Sr. Unsec. Nts., 10/17/12 446,000 472,543 -------------------------------------------------------------------------------- SLM Corp., 6.25% Sr. Nts., 1/25/16 233,000 243,154 ------------- 715,697 -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES-2.5% Bank of America Corp., 5.875% Sr. Unsec. Unsub. Nts., 1/5/21 140,000 146,239 -------------------------------------------------------------------------------- Citigroup, Inc.: 5.375% Sr. Unsec. Nts., 8/9/20 628,000 646,733 6.01% Sr. Unsec. Nts., 1/15/15 480,000 524,480 -------------------------------------------------------------------------------- Glen Meadow Pass-Through Trust, 6.505% Bonds, 2/12/67 (1,2) 535,000 476,150 -------------------------------------------------------------------------------- ING Groep NV, 5.775% Jr. Unsec. Sub. Perpetual Bonds (10) 535,000 497,550 -------------------------------------------------------------------------------- JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1 (10) 1,430,000 1,570,001 -------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38 709,000 816,560 ------------- 4,677,713 -------------------------------------------------------------------------------- INSURANCE-3.7% American International Group, Inc., 5.85% Sr. Unsec. Nts., Series G, 1/16/18 687,000 716,963 -------------------------------------------------------------------------------- CNA Financial Corp.: 5.75% Sr. Unsec. Unsub. Nts., 8/15/21 368,000 376,911 5.875% Sr. Unsec. Unsub. Bonds, 8/15/20 460,000 475,125 -------------------------------------------------------------------------------- Gulf South Pipeline Co. LP, 5.75% Sr. Unsec. Nts., 8/15/12 (1) 455,000 477,430 -------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The), 5.25% Sr. Unsec. Nts., 10/15/11 465,000 475,787 -------------------------------------------------------------------------------- Irish Life & Permanent Group Holdings plc, 3.60% Sr. Unsec. Unsub. Nts., 1/14/13 (1) 620,000 542,388 -------------------------------------------------------------------------------- Lincoln National Corp., 6.05% Jr. Unsec. Sub. Bonds, 4/20/67 945,000 893,025 -------------------------------------------------------------------------------- Manulife Financial Corp., 4.90% Sr. Unsec. Unsub. Nts., 9/17/20 564,000 552,507 -------------------------------------------------------------------------------- Prudential Financial, Inc., 3.625% Sr. Unsec. Unsub. Nts., 9/17/12 499,000 513,825 -------------------------------------------------------------------------------- Swiss Re Capital I LP, 6.854% Perpetual Bonds (1,10) 926,000 909,834 -------------------------------------------------------------------------------- Willis Group Holdings plc, 4.125% Sr. Unsec. Unsub. Nts., 3/15/16 463,000 460,535 -------------------------------------------------------------------------------- ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/37 (1,2) 454,000 457,405 ------------- 6,851,735 -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS-0.7% AvalonBay Communities, Inc., 6.625% Sr. Unsec. Unsub. Nts., 9/15/11 202,000 207,097 -------------------------------------------------------------------------------- Brandywine Operating Partnership LP, 5.75% Sr. Unsec. Unsub. Nts., 4/1/12 237,000 244,705 -------------------------------------------------------------------------------- Mack-Cali Realty LP, 5.25% Sr. Unsec. Unsub. Nts., 1/15/12 180,000 185,123 -------------------------------------------------------------------------------- Simon Property Group LP, 5% Sr. Unsec. Unsub. Nts., 3/1/12 470,000 479,735 -------------------------------------------------------------------------------- WCI Finance LLC/WEA Finance LLC, 5.40% Sr. Unsec. Unsub. Nts., 10/1/12 (1) 220,000 232,730 ------------- 1,349,390
13 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- HEALTH CARE-0.9% -------------------------------------------------------------------------------- BIOTECHNOLOGY-0.2% Celgene Corp., 5.70% Sr. Unsec. Nts., 10/15/40 $ 495,000 $ 481,559 -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES-0.4% McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41 237,000 246,261 -------------------------------------------------------------------------------- Quest Diagnostic, Inc., 5.75% Sr. Unsec. Nts., 1/30/40 520,000 502,571 ------------- 748,832 -------------------------------------------------------------------------------- PHARMACEUTICALS-0.3% Mylan, Inc., 6% Sr. Nts., 11/15/18 (1) 495,000 497,475 -------------------------------------------------------------------------------- INDUSTRIALS-2.8% AEROSPACE & DEFENSE-0.5% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 477,000 491,906 -------------------------------------------------------------------------------- BE Aerospace, Inc., 8.50% Sr. Unsec. Nts., 7/1/18 420,000 466,200 ------------- 958,106 -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES-0.7% Corrections Corp. of America, 7.75% Sr. Nts., 6/1/17 473,000 516,161 -------------------------------------------------------------------------------- R.R. Donnelley & Sons Co., 5.625% Sr. Unsec. Nts., 1/15/12 455,000 463,768 -------------------------------------------------------------------------------- Republic Services, Inc., 6.75% Sr. Unsec. Unsub. Nts., 8/15/11 295,000 300,366 ------------- 1,280,295 -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES-1.0% General Electric Capital Corp.: 4.25% Sr. Unsec. Nts., Series A, 6/15/12 460,000 476,228 5.25% Sr. Unsec. Nts., 10/19/12 28,000 29,688 6.375% Unsec. Sub. Bonds, 11/15/67 833,000 859,031 -------------------------------------------------------------------------------- Tyco International Ltd./Tyco International Finance SA, 6.875% Sr. Unsec. Unsub. Nts., 1/15/21 405,000 484,099 -------------- 1,849,046 -------------------------------------------------------------------------------- MACHINERY-0.3% SPX Corp., 7.625% Sr. Unsec. Nts., 12/15/14 510,000 564,188 -------------------------------------------------------------------------------- PROFESSIONAL SERVICES-0.3% FTI Consulting, Inc., 6.75% Sr. Nts., 10/1/20 (1) 482,000 490,435 -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY-2.3% -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT-0.9% Harris Corp., 6.15% Sr. Unsec. Nts., 12/15/40 871,000 901,853 -------------------------------------------------------------------------------- Juniper Networks, Inc., 5.95% Sr. Unsec. Unsub. Nts., 3/15/41 338,000 334,935 -------------------------------------------------------------------------------- Motorola, Inc., 8% Sr. Unsec. Nts., 11/1/11 450,000 467,479 -------------- 1,704,267 -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS-0.5% Arrow Electronics, Inc., 3.375% Sr. Unsec. Unsub. Nts., 11/1/15 875,000 861,133 -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT-0.4% KLA-Tencor Corp., 6.90% Sr. Unsec. Nts., 5/1/18 738,000 813,731 -------------------------------------------------------------------------------- SOFTWARE-0.5% Symantec Corp., 4.20% Sr. Unsec. Unsub. Nts., 9/15/20 903,000 850,096 -------------------------------------------------------------------------------- MATERIALS-2.8% -------------------------------------------------------------------------------- CHEMICALS-1.1% Agrium, Inc., 6.125% Sr. Unsec. Nts., 1/15/41 342,000 356,688 -------------------------------------------------------------------------------- Airgas, Inc., 3.25% Sr. Nts., 10/1/15 417,000 416,912 -------------------------------------------------------------------------------- Ashland, Inc., 9.125% Sr. Unsec. Nts., 6/1/17 440,000 507,100 -------------------------------------------------------------------------------- CF Industries, Inc., 6.875% Sr. Unsec. Unsub. Nts., 5/1/18 480,000 540,000 --------------------------------------------------------------------------------
14 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------- CHEMICALS CONTINUED Potash Corp. of Saskatchewan, Inc., 5.625% Sr. Unsec. Unsub. Nts., 12/1/40 $ 285,000 $ 286,042 ------------- 2,106,742 -------------------------------------------------------------------------------- CONTAINERS & PACKAGING-0.9% Ball Corp., 7.125% Sr. Unsec. Nts., 9/1/16 486,000 533,993 -------------------------------------------------------------------------------- Sealed Air Corp.: 6.875% Sr. Unsec. Bonds, 7/15/33(1) 220,000 219,471 -------------------------------------------------------------------------------- 7.875% Sr. Nts., 6/15/17 572,000 639,303 -------------------------------------------------------------------------------- Sonoco Products Co., 5.75% Sr. Unsec. Unsub. Nts., 11/1/40 243,000 236,756 ------------- 1,629,523 -------------------------------------------------------------------------------- METALS & MINING-0.8% Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17 698,000 770,459 -------------------------------------------------------------------------------- Vale Inco Ltd., 5.70% Sr. Unsec. Unsub. Nts., 10/15/15 28,000 30,369 -------------------------------------------------------------------------------- Xstrata Canada Corp.: 5.375% Sr. Unsec. Unsub. Nts., 6/1/15 245,000 262,269 6% Sr. Unsec. Unsub. Nts., 10/15/15 347,000 381,733 7.25% Sr. Unsec. Unsub. Nts., 7/15/12 49,000 52,417 ------------- 1,497,247 -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES-1.8% -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES-1.6% AT&T, Inc., 6.30% Sr. Unsec. Bonds, 1/15/38 440,000 444,567 -------------------------------------------------------------------------------- British Telecommunications plc, 9.875% Bonds, 12/15/30 298,000 413,001 -------------------------------------------------------------------------------- Embarq Corp., 6.738% Sr. Unsec. Nts., 6/1/13 440,000 477,260 -------------------------------------------------------------------------------- Frontier Communications Corp., 8.25% Sr. Unsec. Nts., 4/15/17 477,000 517,545 -------------------------------------------------------------------------------- Qwest Corp., 7.625% Sr. Unsec. Unsub. Nts., 6/15/15 447,000 516,285 -------------------------------------------------------------------------------- Telus Corp., 8% Nts., 6/1/11 266,000 269,185 -------------------------------------------------------------------------------- Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38 289,000 303,547 ------------- 2,941,390 -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES-0.2% American Tower Corp., 7% Sr. Unsec. Nts., 10/15/17 337,000 380,108 -------------------------------------------------------------------------------- UTILITIES-1.3% -------------------------------------------------------------------------------- ELECTRIC UTILITIES-1.3% Allegheny Energy Supply Co. LLC, 8.25% Bonds, 4/15/12(1) 428,000 453,819 -------------------------------------------------------------------------------- FirstEnergy Solutions Corp., 6.80% Sr. Unsec. Nts., 8/15/39 292,000 290,187 -------------------------------------------------------------------------------- Great Plains Energy, Inc., 2.75% Sr. Unsec. Unsub. Nts., 8/15/13 464,000 469,652 -------------------------------------------------------------------------------- Northeast Utilities, 7.25% Sr. Unsec. Nts., 4/1/12 470,000 495,151 -------------------------------------------------------------------------------- Texas-New Mexico Power Co., 9.50% Sec. Nts., 4/1/19(1) 510,000 647,466 ------------- 2,356,275 ------------- Total Corporate Bonds and Notes (Cost $64,769,908) 67,360,456
Shares -------------------------------------------------------------------------------- INVESTMENT COMPANIES-14.6% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(11,12) 1,348 1,348
15 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 0.20%(11,13) 26,955,437 $ 26,955,437 ------------- Total Investment Companies (Cost $26,956,785) 26,956,785 -------------------------------------------------------------------------------- Total Investments, at Value (Cost $249,788,833) 137.2% 252,940,802 -------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (37.2) (68,552,999) --------------------------------- Net Assets 100.0% $184,387,803 =================================
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 $21,622,871 or 11.73% of the Fund's net assets as of March 31, 2011. 2. Represents the current interest rate for a variable or increasing rate security. 3. Restricted security. The aggregate value of restricted securities as of March 31, 2011 was $4,130,787, which represents 2.24% of the Fund's net assets. See accompanying Notes. Information concerning restricted securities is as follows:
UNREALIZED ACQUISITION APPRECIATION SECURITY DATE COST VALUE (DEPRECIATION) ---------------------------------------------------------------------------------------------------- DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/15/15 2/2/11 $ 569,932 $ 569,823 $ (109) GMAC Mortgage Servicer Advance Funding Ltd., Asset-Backed Notes, Series 2011-1A, Cl. A, 3.72%, 2/15/23 3/11/11 444,995 447,327 2,332 JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49 7/14/10 2,281,125 2,333,271 52,146 NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29 8/10/10 3,281,116 303,301 (2,977,815) Santander Drive Auto Receivables Trust 2011- S1A, Automobile Receivables Nts., Series 2011- S1A, Cl. D, 3.10%, 5/15/17 2/4/11 476,748 477,065 317 -------------------------------------- $7,053,916 $4,130,787 $ (2,923,129) ======================================
4. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See accompanying Notes. 5. When-issued security or delayed delivery to be delivered and settled after March 31, 2011. See Note 1 of the accompanying Notes. 6. 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 $551,662. See accompanying Notes. 7. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $7,093,054 or 3.85% of the Fund's net assets as of March 31, 2011. 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 $361,032 or 0.20% of the Fund's net assets as of March 31, 2011. 9. 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. 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 March 31, 2011. 12. Interest rate is less than 0.0005%. 16 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 13. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2011, 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, 2010 ADDITIONS REDUCTIONS MARCH 31, 2011 ------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E 25,899,825 19,642,428 18,586,816 26,955,437
VALUE INCOME --------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $26,955,437 $13,570
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 or liability (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 or liability). The table below categorizes amounts as of March 31, 2011 based on valuation input level:
LEVEL 1- LEVEL 2- LEVEL 3- UNADJUSTED OTHER SIGNIFICANT QUOTED SIGNIFICANT UNOBSERVABLE PRICES OBSERVABLE INPUTS INPUTS VALUE ------------------------------------------------------------------------------------------------ ASSETS TABLE INVESTMENTS, AT VALUE: Asset-Backed Securities $ - $ 18,251,183 $ - $ 18,251,183 Mortgage-Backed Obligations - 137,305,758 - 137,305,758 U.S. Government Obligations - 3,066,620 - 3,066,620 Corporate Bonds and Notes - 67,360,456 - 67,360,456 Investment Companies 26,956,785 - - 26,956,785 ---------------------------------------------------------------- Total Investments, at Value 26,956,785 225,984,017 - 252,940,802 OTHER FINANCIAL INSTRUMENTS: Futures margins 10,524 - - 10,524 ---------------------------------------------------------------- Total Assets $ 26,967,309 $ 225,984,017 $ - $252,951,326 ---------------------------------------------------------------- LIABILITIES TABLE OTHER FINANCIAL INSTRUMENTS: Futures margins $ (9,692) $ - $ - $ (9,692) ---------------------------------------------------------------- Total Liabilities $ (9,692) $ - $ - $ (9,692) ----------------------------------------------------------------
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. 17 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) FUTURES CONTRACTS AS OF MARCH 31, 2011 ARE AS FOLLOWS:
NUMBER UNREALIZED OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) ------------------------------------------------------------------------------------ U.S. Treasury Long Bonds, 30 yr. Buy 103 6/21/11 $12,379,313 $ 25,545 U.S. Treasury Nts., 2 yr. Sell 110 6/30/11 23,993,750 (10,479) U.S. Treasury Nts., 5 yr. Sell 24 6/30/11 2,802,938 6,869 U.S. Treasury Nts., 10 yr. Sell 87 6/21/11 10,355,719 (15,394) U.S. Treasury Ultra Bonds Buy 6 6/21/11 741,375 4,420 --------------- $ 10,961 ===============
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," observable market inputs other than unadjusted quoted prices 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 current price quotation obtained from an independent pricing service or broker-dealer, 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 18 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 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 March 31, 2011, 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 $79,926,848 Sold securities 7,240,886
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. 19 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 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 that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of March 31, 2011 is as follows:
Cost $3,281,116 Market Value $ 303,301 Market Value as a % of Net Assets 0.16%
INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS The Fund's investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. MARKET RISK FACTORS. In accordance with its investment objectives, the Fund may use derivatives to increase or decrease its exposure to one or more of the following market risk factors: COMMODITY RISK. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products. CREDIT RISK. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds. EQUITY RISK. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. FOREIGN EXCHANGE RATE RISK. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency. INTEREST RATE RISK. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities. VOLATILITY RISK. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument's price over a defined time period. Large increases or decreases in a financial instrument's price over a relative 20 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 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. 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. During the period ended March 31, 2011, the Fund had an ending monthly average market value of $12,063,461 and $36,819,770 on futures contracts purchased and sold, respectively. 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. 21 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) RESTRICTED SECURITIES As of March 31, 2011, 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 March 31, 2011 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 $249,842,281 Federal tax cost of other investments (24,042,680) ------------ Total federal tax cost $225,799,601 ============ Gross unrealized appreciation $ 7,991,730 Gross unrealized depreciation (4,882,248) ------------ Net unrealized appreciation $ 3,109,482 ============
22 | Oppenheimer Core Bond Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
SHARES VALUE ---------- ---------------- COMMON STOCKS -- 99.4% CONSUMER DISCRETIONARY -- 16.4% AUTOMOBILES -- 1.6% Bayerische Motoren Werke (BMW) AG 72,186 $ 6,021,468 Bayerische Motoren Werke (BMW) AG, Preference 710,267 40,016,814 ---------------- 46,038,282 DIVERSIFIED CONSUMER SERVICES -- 0.0% Zee Learn Ltd.(1) 492,103 255,505 HOTELS, RESTAURANTS & LEISURE -- 3.5% Carnival Corp. 1,097,366 42,094,960 Lottomatica SpA 417,500 7,520,230 McDonald's Corp. 567,920 43,213,033 Shuffle Master, Inc.(1) 616,100 6,579,948 ---------------- 99,408,171 HOUSEHOLD DURABLES -- 1.4% Sony Corp. 1,288,800 40,875,431 MEDIA -- 3.8% Grupo Televisa SA, Sponsored GDR(1) 1,358,076 33,313,604 McGraw-Hill Cos., Inc. (The) 395,940 15,600,036 Walt Disney Co. (The) 1,146,310 49,394,498 Wire & Wireless India Ltd.(1) 2,281,600 483,487 Zee Entertainment Enterprises Ltd. 3,936,820 10,911,334 ---------------- 109,702,959 MULTILINE RETAIL -- 0.5% Pinault-Printemps-Redoute SA 96,690 14,819,625 SPECIALTY RETAIL -- 3.0% Industria de Diseno Textil SA 481,087 38,603,138 Tiffany & Co. 791,310 48,618,086 ---------------- 87,221,224 TEXTILES, APPAREL & LUXURY GOODS -- 2.6% LVMH Moet Hennessy Louis Vuitton SA 282,520 44,723,058 Tod's SpA 257,861 30,386,245 ---------------- 75,109,303 CONSUMER STAPLES -- 7.8% BEVERAGES -- 2.9% Companhia de Bebidas das Americas, Sponsored ADR, Preference 930,575 26,344,578 Fomento Economico Mexicano SA de CV, UBD 6,736,224 39,569,713 Grupo Modelo SA de CV, Series C 2,895,561 17,405,816 ---------------- 83,320,107 FOOD & STAPLES RETAILING -- 1.4% Shinsegae Co. Ltd. 63,415 15,088,486 Wal-Mart Stores, Inc. 487,420 25,370,211 ---------------- 40,458,697 FOOD PRODUCTS -- 2.2% Nestle SA 525,225 30,106,800 Unilever plc 1,126,403 34,332,740 ---------------- 64,439,540
1 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
SHARES VALUE ---------- ---------------- HOUSEHOLD PRODUCTS -- 1.3% Colgate-Palmolive Co. 478,210 $ 38,620,240 ENERGY -- 3.9% ENERGY EQUIPMENT & SERVICES -- 2.7% Technip SA 412,260 43,964,974 Transocean Ltd.(1) 443,212 34,548,375 ---------------- 78,513,349 OIL, GAS & CONSUMABLE FUELS -- 1.2% Total SA 585,890 35,666,371 FINANCIALS -- 17.2% CAPITAL MARKETS -- 4.9% 3i Group plc 2,576,148 12,352,583 Credit Suisse Group AG 1,473,595 62,617,760 Goldman Sachs Group, Inc. (The) 193,500 30,663,945 UBS AG(1) 2,085,366 37,416,257 ---------------- 143,050,545 COMMERCIAL BANKS -- 3.7% Banco Bilbao Vizcaya Argentaria SA 2,721,385 33,017,456 HSBC Holdings plc 2,914,573 30,631,203 Societe Generale SA, Cl. A 320,542 20,828,280 Sumitomo Mitsui Financial Group, Inc. 735,200 22,856,783 ---------------- 107,333,722 CONSUMER FINANCE -- 0.7% SLM Corp.(1) 1,273,580 19,485,774 DIVERSIFIED FINANCIAL SERVICES -- 1.8% BM&F BOVESPA SA 2,604,100 18,900,919 Investor AB, B Shares 1,386,451 33,651,403 ---------------- 52,552,322 INSURANCE -- 6.0% Aflac, Inc. 479,390 25,302,204 Allianz SE 305,932 43,092,006 Dai-ichi Life Insurance Co. 21,083 31,809,528 Fidelity National Financial, Inc., Cl. A 942,400 13,316,112 Prudential plc 2,589,007 29,343,132 XL Group plc 1,204,570 29,632,422 ---------------- 172,495,404 REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.1% DLF Ltd.(1) 375,730 2,262,637 HEALTH CARE -- 8.7% BIOTECHNOLOGY -- 2.0% Amgen, Inc.(1) 127,170 6,797,237 Amylin Pharmaceuticals, Inc.(1) 1,095,038 12,450,582 Basilea Pharmaceutica AG(1) 19,039 1,372,218 Dendreon Corp.(1) 207,690 7,773,837 Gilead Sciences, Inc.(1) 240,500 10,206,820 Regeneron Pharmaceuticals, Inc.(1) 96,552 4,339,047
2 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
SHARES VALUE ---------- ---------------- BIOTECHNOLOGY CONTINUED Theravance, Inc.(1) 569,100 $ 13,783,602 ---------------- 56,723,343 HEALTH CARE EQUIPMENT & SUPPLIES -- 1.1% Zimmer Holdings, Inc.(1) 537,690 32,546,376 HEALTH CARE PROVIDERS & SERVICES -- 2.7% Aetna, Inc. 1,013,500 37,935,305 WellPoint, Inc. 598,535 41,771,758 ---------------- 79,707,063 PHARMACEUTICALS -- 2.9% Allergan, Inc. 103,550 7,354,121 Bayer AG 355,486 27,658,203 Mitsubishi Tanabe Pharma Corp. 806,000 13,081,270 Pfizer, Inc. 391,820 7,957,864 Roche Holding AG 103,595 14,797,674 Teva Pharmaceutical Industries Ltd., Sponsored ADR 243,330 12,207,866 ---------------- 83,056,998 INDUSTRIALS -- 13.5% AEROSPACE & DEFENSE -- 2.4% Embraer SA, ADR 886,753 29,883,576 European Aeronautic Defense & Space Co.(1) 1,386,180 40,350,525 ---------------- 70,234,101 AIR FREIGHT & LOGISTICS -- 0.7% TNT NV 739,827 18,977,451 BUILDING PRODUCTS -- 1.6% Assa Abloy AB, Cl. B 1,580,496 45,447,492 COMMERCIAL SERVICES & SUPPLIES -- 0.6% Mulitplus SA(1) 117,200 2,060,951 Secom Co. Ltd. 349,900 16,162,207 ---------------- 18,223,158 ELECTRICAL EQUIPMENT -- 1.9% Emerson Electric Co. 443,340 25,904,356 Nidec Corp. 173,900 15,052,657 Prysmian SpA 679,000 14,568,833 ---------------- 55,525,846 INDUSTRIAL CONGLOMERATES -- 5.6% 3M Co. 390,020 36,466,870 Koninklijke Philips Electronics NV(1) 1,160,800 37,104,736 Siemens AG 640,211 87,772,473 ---------------- 161,344,079 MACHINERY -- 0.6% Fanuc Ltd. 114,600 17,226,831 ROAD & RAIL -- 0.1% All America Latina Logistica(1) 338,100 2,785,315 INFORMATION TECHNOLOGY -- 28.0% COMMUNICATIONS EQUIPMENT -- 6.2% Juniper Networks, Inc.(1) 1,327,230 55,849,838
3 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
SHARES VALUE ---------- ---------------- COMMUNICATIONS EQUIPMENT CONTINUED Telefonaktiebolaget LM Ericsson, B Shares 9,466,844 $ 122,087,026 ---------------- 177,936,864 ELECTRONIC EQUIPMENT & INSTRUMENTS -- 4.5% Corning, Inc. 1,383,320 28,537,892 Hoya Corp. 1,035,000 23,616,615 Keyence Corp. 95,274 24,152,736 Kyocera Corp. 166,700 16,894,458 Murata Manufacturing Co. Ltd. 529,800 38,152,224 ---------------- 131,353,925 INTERNET SOFTWARE & SERVICES -- 2.7% eBay, Inc.(1) 2,500,090 77,602,794 IT SERVICES -- 2.4% Automatic Data Processing, Inc. 571,840 29,341,110 Infosys Technologies Ltd. 554,168 40,278,613 ---------------- 69,619,723 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 5.2% Altera Corp. 1,472,220 64,807,124 Maxim Integrated Products, Inc. 1,415,335 36,232,576 MediaTek, Inc. 1,531,891 17,607,643 Taiwan Semiconductor Manufacturing Co. Ltd. 13,575,184 32,591,706 ---------------- 151,239,049 SOFTWARE -- 7.0% Adobe Systems, Inc.(1) 1,074,443 35,628,530 Intuit, Inc.(1) 1,038,730 55,156,563 Microsoft Corp. 1,598,970 40,549,879 Nintendo Co. Ltd. 60,600 16,370,305 SAP AG 912,028 55,836,866 ---------------- 203,542,143 MATERIALS -- 0.7% CHEMICALS -- 0.7% Linde AG 120,238 18,982,616 TELECOMMUNICATION SERVICES -- 2.3% WIRELESS TELECOMMUNICATION SERVICES -- 2.3% America Movil SAB de CV, ADR, Series L 121,380 7,052,178 KDDI Corp. 4,772 29,287,688 Vodafone Group plc 10,676,562 30,229,934 ---------------- 66,569,800 UTILITIES -- 0.9% ELECTRIC UTILITIES -- 0.9% Fortum OYJ(1) 786,400 26,702,962 ---------------- Total Common Stocks (Cost $2,076,007,004) 2,876,977,137 INVESTMENT COMPANIES -- 0.5% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(2,3) 353,427 353,427
4 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
SHARES VALUE ---------- ---------------- Oppenheimer Institutional Money Market Fund, Cl. E, 0.20%(2,4) 13,838,978 $ 13,838,978 ---------------- Total Investment Companies (Cost $14,192,405) 14,192,405 TOTAL INVESTMENTS, AT VALUE (COST $2,090,199,409) 99.9% 2,891,169,542 OTHER ASSETS NET OF LIABILITIES 0.1 3,938,797 ---------- ---------------- NET ASSETS 100.0% $ 2,895,108,339 ========== ================
FOOTNOTES TO STATEMENT OF INVESTMENTS (1.) Non-income producing security. (2.) Rate shown is the 7-day yield as of March 31, 2011. (3.) Interest rate is less than 0.0005%. (4.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2011, 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, 2010 ADDITIONS REDUCTIONS MARCH 31, 2011 ----------------- ----------- ----------- -------------- Oppenheimer Institutional Money Market Fund, Cl. E 32,313,050 52,112,026 70,586,098 13,838,978
VALUE INCOME ------------ -------- Oppenheimer Institutional Money Market Fund, Cl. E $13,838,978 $ 13,285
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 or liability (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 or liability). The table below categorizes amounts as of March 31, 2011 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 $ 432,299,564 $ 41,130,936 $ -- $ 473,430,500 Consumer Staples 226,838,584 -- -- 226,838,584 Energy 114,179,720 -- -- 114,179,720 Financials 497,180,404 -- -- 497,180,404 Health Care 252,033,780 -- -- 252,033,780 Industrials 356,375,235 33,389,038 -- 389,764,273 Information Technology 787,141,762 24,152,736 -- 811,294,498 Materials 18,982,616 -- -- 18,982,616 Telecommunication Services 37,282,112 29,287,688 -- 66,569,800 Utilities 26,702,962 -- -- 26,702,962 Investment Companies 14,192,405 -- -- 14,192,405 --------------- ----------------- ------------- --------------- Total Assets $ 2,763,209,144 $ 127,960,398 $ -- $ 2,891,169,542 --------------- ----------------- ------------- ---------------
5 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (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 TRANSFERS OUT OF TRANSFERS INTO TRANSFERS OUT OF LEVEL 1* LEVEL 1** LEVEL 2** LEVEL 2* --------------- ---------------- -------------- ---------------- ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Consumer Discretionary $ - $ (46,765,481) $ 46,765,481 $ - Industrials - (39,140,738) 39,140,738 - Information Technology 134,162,526 (27,600,006) 27,600,006 (134,162,526) Telecommunication Services 27,798,495 (27,565,809) 27,565,809 (27,798,495) Utilities 23,857,723 - - (23,857,723) --------------- ---------------- -------------- ---------------- Total Assets $ 185,818,744 $ (141,072,034) $ 141,072,034 $ (185,818,744) =============== ================ ============== ================
*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 Funds 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 $ 1,075,993,908 37.2% Japan 305,538,733 10.6 Germany 279,380,446 9.7 Sweden 201,185,921 7.0 France 200,352,833 6.9 Switzerland 146,310,709 5.1 United Kingdom 136,889,592 4.7 Mexico 97,341,311 3.4 Brazil 79,975,339 2.8 Spain 71,620,594 2.5 The Netherlands 56,082,187 1.9 India 54,191,576 1.9 Italy 52,475,308 1.8 Taiwan 50,199,349 1.7 Ireland 29,632,422 1.0 Finland 26,702,962 0.9 Korea, Republic of South 15,088,486 0.5 Israel 12,207,866 0.4 --------------- ------- Total $ 2,891,169,542 100.0% =============== =======
6 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED) NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," observable market inputs other than unadjusted quoted prices 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 current price quotation obtained from an independent pricing service or broker-dealer, 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 7 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED) 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. 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. 8 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED) 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. 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 International Swap and Derivatives Association, Inc. master agreements which govern certain positions in swaps, over-the-counter options and swaptions, and forward currency exchange contracts for each individual counterparty. 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 certain forward 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. During the period ended March 31, 2011, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $2,153,430 and $3,141,365, respectively. 9 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED) Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default. As of March 31, 2011, the Fund had 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 March 31, 2011 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 $ 2,121,551,776 =============== Gross unrealized appreciation $ 817,644,713 Gross unrealized depreciation (48,174,859) --------------- Net unrealized appreciation $ 769,469,854 ===============
10 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ----------- ----------- CORPORATE BONDS AND NOTES -- 88.7% CONSUMER DISCRETIONARY -- 19.0% AUTO COMPONENTS -- 1.6% Goodyear Tire & Rubber Co. (The), 8.25% Sr. Unsec. Unsub. Nts., 8/15/20 $ 650,000 $ 698,750 Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/17(1) 1,330,000 1,489,600 ----------- 2,188,350 AUTOMOBILES -- 0.4% Ford Motor Credit Co. LLC, 5.75% Sr. Unsec. Unsub. Nts., 2/1/21 595,000 587,779 HOTELS, RESTAURANTS & LEISURE -- 6.6% Equinox Holdings, Inc., 9.50% Sr. Sec. Nts., 2/1/16(2) 350,000 378,438 Harrah's Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18 2,433,000 2,232,278 HOA Restaurants Group LLC/HOA Finance Corp., 11.25% Sr. Sec. Nts., 4/1/17(2) 660,000 676,500 Isle of Capri Casinos, Inc.: 7% Sr. Unsec. Sub. Nts., 3/1/14 435,000 433,913 7.75% Sr. Unsec. Nts., 3/15/19(2) 675,000 675,000 Landry's Restaurants, Inc., 11.625% Sr. Sec. Nts., 12/1/15 455,000 492,538 Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15(2),(3) 1,505,000 158,025 MGM Mirage, Inc.: 5.875% Sr. Nts., 2/27/14 430,000 412,800 6.625% Sr. Unsec. Nts., 7/15/15 975,000 928,688 Mohegan Tribal Gaming Authority, 8% Sr. Sub. Nts., 4/1/12 1,070,000 960,325 Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/19 605,000 670,794 Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14(3) 2,595,000 260 Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16 750,000 703,125 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 7.75% Sec. Nts., 8/15/20 605,000 644,325 ----------- 9,367,009 HOUSEHOLD DURABLES -- 1.1% Beazer Homes USA, Inc.: 6.875% Sr. Unsec. Nts., 7/15/15 245,000 242,550 9.125% Sr. Nts., 5/15/19(2) 690,000 701,213 Reynolds Group Issuer, Inc. Trust/Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 8.50% Sr. Nts., 5/15/18(2) 320,000 325,600 Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 9% Sr. Nts., 4/15/19(2) 325,000 338,000 ----------- 1,607,363 LEISURE EQUIPMENT & PRODUCTS -- 1.7% Eastman Kodak Co., 9.75% Sr. Sec. Nts., 3/1/18(2) 2,355,000 2,325,563 MEDIA -- 6.7% Affinion Group Holdings, Inc., 11.625% Sr. Nts., 11/15/15(2) 420,000 429,450 Affinion Group, Inc., 7.875% Sr. Nts., 12/15/18(2) 760,000 718,200
1 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ---------- ----------- MEDIA CONTINUED Belo (A.H.) Corp.: 7.25% Sr. Unsec. Unsub. Bonds, 9/15/27 $ 115,000 $ 102,638 7.75% Sr. Unsec. Unsub. Debs., 6/1/27 719,000 657,885 CCO Holdings LLC/CCO Holdings Capital Corp.: 7% Sr. Nts., 1/15/19(2) 195,000 200,363 7% Sr. Unsec. Unsub. Nts., 1/15/19 155,000 159,650 Cengage Learning Acquisitions, Inc.: 10.50% Sr. Nts., 1/15/15(2) 825,000 845,625 13.25% Sr. Sub. Nts., 7/15/15(2) 355,000 374,525 Cequel Communications Holdings I LLC, 8.625% Sr. Unsec. Nts., 11/15/17(2) 620,000 649,450 Clear Channel Communications, Inc., 10.75% Sr. Unsec. Unsub. Nts., 8/1/16 745,000 713,338 Entravision Communications Corp., 8.75% Sr. Sec. Nts., 8/1/17 155,000 165,850 Gray Television, Inc., 10.50% Sr. Sec. Nts., 6/29/15 1,235,000 1,319,881 Interactive Data Corp., 10.25% Sr. Nts., 8/1/18(1) 230,000 255,300 Kabel BW Erste Beteiligungs GmbH/Kabel Baden-Wurttemberg GmbH & Co. KG, 7.50% Sr. Sec. Nts., 3/15/19(2) 395,000 406,850 Newport Television LLC/NTV Finance Corp., 13.509% Sr. Nts., 3/15/17(1),(4) 657,281 664,675 Nexstar Broadcasting, Inc./Mission Broadcasting, Inc., 8.875% Sec. Nts., 4/15/17 485,000 527,438 Sinclair Television Group, Inc., 8.375% Sr. Nts., 10/15/18(2) 650,000 690,625 Univision Communications, Inc., 7.875% Sr. Sec. Nts., 11/1/20(2) 115,000 122,188 Visant Corp., 10% Sr. Unsec. Nts., 10/1/17 145,000 157,325 WMG Holdings Corp., 9.50% Sr. Unsec. Nts., 12/15/14 360,000 369,000 ----------- 9,530,256 SPECIALTY RETAIL -- 0.5% Limited Brands, Inc., 6.625% Sr. Nts., 4/1/21(5) 695,000 714,113 TEXTILES, APPAREL & LUXURY GOODS -- 0.4% Jones Group, Inc. (The)/Jones Apparel Group Holdings, Inc./Jones Apparel Group USA, Inc./JAG Footwear, Accessories & Retail Corp., 6.875% Sr. Unsec. Unsub. Nts., 3/15/19 600,000 590,250 CONSUMER STAPLES -- 3.4% FOOD & STAPLES RETAILING -- 0.0% Real Time Data Co., 11% Nts., 5/31/09(1),(3),(4) 476,601 -- FOOD PRODUCTS -- 3.4% American Seafoods Group LLC, 10.75% Sr. Sub. Nts., 5/15/16(2) 925,000 1,008,250 ASG Consolidated LLC, 15% Sr. Nts., 5/15/17(2),(4) 1,040,591 1,136,846 Blue Merger Sub, Inc., 7.625% Sr. Nts., 2/15/19(2) 675,000 687,656 Bumble Bee Acquisition Corp., 9% Sr. Sec. Nts., 12/15/17(2) 695,000 726,275 Pilgrim's Pride Corp., 7.875% Sr. Nts., 12/15/18(2) 595,000 580,125 Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/15(1) 595,000 650,038 ----------- 4,789,190 ENERGY -- 9.4% ENERGY EQUIPMENT & SERVICES -- 1.8% Global Geophysical Services, Inc., 10.50% Sr. Unsec. Nts., 5/1/17 640,000 691,200
2 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ----------- ----------- ENERGY EQUIPMENT & SERVICES CONTINUED Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20(2) $ 565,000 $ 583,363 Thermon Industries, Inc., 9.50% Sr. Sec. Nts., 5/1/17 575,000 623,875 Vantage Drilling Co., 11.50% Sr. Sec. Nts., 8/1/15(2) 605,000 674,575 ----------- 2,573,013 OIL, GAS & CONSUMABLE FUELS -- 7.6% Antero Resources Finance Corp., 9.375% Sr. Unsec. Nts., 12/1/17 645,000 706,275 Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 355,000 369,422 ATP Oil & Gas Corp., 11.875% Sr. Sec. Nts., 5/1/15 1,165,000 1,229,075 Bill Barrett Corp., 9.875% Sr. Nts., 7/15/16 585,000 661,050 BreitBurn Energy Partners LP, 8.625% Sr. Unsec. Nts., 10/15/20(2) 665,000 699,913 Chaparral Energy, Inc.: 8.875% Sr. Unsec. Nts., 2/1/17 260,000 274,300 9.875% Sr. Nts., 10/1/20(2) 640,000 713,600 James River Coal Co., 7.875% Sr. Nts., 4/1/19(2) 160,000 166,400 Linn Energy LLC, 8.625% Sr. Unsec. Nts., 4/15/20(2) 1,145,000 1,276,675 MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/21(2),(5) 795,000 808,913 Murray Energy Corp., 10.25% Sr. Sec. Nts., 10/15/15(2) 1,575,000 1,701,000 Quicksilver Resources, Inc., 11.75% Sr. Nts., 1/1/16 615,000 719,550 Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19 95,000 105,213 SandRidge Energy, Inc.: 8.75% Sr. Unsec. Nts., 1/15/20 560,000 613,200 9.875% Sr. Unsec. Nts., 5/15/16(2) 305,000 340,075 Venoco, Inc., 8.875% Sr. Unsec. Nts., 2/15/19(2) 345,000 345,431 ----------- 10,730,092 FINANCIALS -- 7.5% CAPITAL MARKETS -- 4.0% Berry Plastics Holding Corp., 10.25% Sr. Unsec. Sub. Nts., 3/1/16 300,000 293,250 Edgen Murray Corp., 12.25% Sr. Sec. Nts., 1/15/15 360,000 355,050 Nationstar Mortgage LLC/Nationstar Capital Corp., 10.875% Sr. Nts., 4/1/15(2) 2,475,000 2,561,625 Nuveen Investments, Inc.: 5.50% Sr. Unsec. Nts., 9/15/15 535,000 472,138 10.50% Sr. Unsec. Unsub. Nts., 11/15/15 640,000 660,800 Pinafore LLC/Pinafore, Inc., 9% Sr. Sec. Nts., 10/1/18(2) 715,000 779,350 Springleaf Finance Corp., 6.90% Nts., Series J, 12/15/17 535,000 491,531 ----------- 5,613,744 COMMERCIAL BANKS -- 0.5% CIT Group, Inc., 7% Sr. Sec. Bonds, 5/1/17 645,000 647,419 CONSUMER FINANCE -- 0.4% TMX Finance LLC/TitleMax Finance Corp., 13.25% Sr. Sec. Nts., 7/15/15(2) 570,000 635,550 DIVERSIFIED FINANCIAL SERVICES -- 0.7% GMAC LLC, 8% Sr. Unsec. Nts., 11/1/31 375,000 410,625 ING Groep NV, 5.775% Jr. Unsec. Sub. Perpetual Bonds(6) 695,000 646,350 ----------- 1,056,975
3 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ----------- ---------- INSURANCE -- 0.7% International Lease Finance Corp.: 8.875% Sr. Nts., 9/15/15(2) $ 410,000 $ 452,025 8.875% Sr. Unsec. Nts., 9/1/17 70,000 79,275 9% Sr. Unsec. Unsub. Nts., 3/15/17(2) 350,000 394,625 ---------- 925,925 REAL ESTATE MANAGEMENT & DEVELOPMENT -- 1.2% Realogy Corp., 11.50% Sr. Unsec. Nts., 4/15/17(2),(7) 1,120,000 1,162,000 Wallace Theater Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/13(1),(7) 530,000 540,600 ---------- 1,702,600 HEALTH CARE -- 5.7% BIOTECHNOLOGY -- 0.3% Grifols SA/Giant Funding Corp., 8.25% Sr. Nts., 2/1/18(2) 195,000 201,094 STHI Holding Corp., 8% Sec. Nts., 3/15/18(2) 200,000 208,000 ---------- 409,094 HEALTH CARE EQUIPMENT & SUPPLIES -- 1.8% Accellent, Inc., 10% Sr. Sub. Nts., 11/1/17(2) 570,000 572,850 Alere, Inc., 8.625% Sr. Unsec. Sub. Nts., 10/1/18 245,000 260,619 Biomet, Inc.: 10.375% Sr. Unsec. Nts., 10/15/17(4) 460,000 507,725 11.625% Sr. Unsec. Sub. Nts., 10/15/17 275,000 308,000 DJO Finance LLC/DJO Finance Corp., 9.75% Sr. Sub. Nts., 10/15/17(2) 520,000 548,600 Inverness Medical Innovations, Inc., 7.875% Sr. Unsec. Unsub. Nts., 2/1/16 385,000 403,769 ---------- 2,601,563 HEALTH CARE PROVIDERS & SERVICES -- 2.6% Capella Healthcare, Inc., 9.25% Sr. Unsec. Nts., 7/1/17(2) 95,000 101,650 Catalent Pharma Solutions, Inc., 10.25% Sr. Unsec. Nts., 4/15/15(4) 495,151 510,624 Gentiva Health Services, Inc., 11.50% Sr. Unsec. Unsub. Nts., 9/1/18 575,000 653,344 HCA, Inc., 6.375% Nts., 1/15/15 380,000 389,500 inVentiv Health, Inc., 10% Sr. Unsec. Nts., 8/15/18(2) 600,000 625,500 Multiplan, Inc., 9.875% Sr. Nts., 9/1/18(2) 460,000 494,500 Oncure Holdings, Inc., 11.75% Sr. Sec. Nts., 5/15/17 265,000 266,988 Radiation Therapy Services, Inc., 9.875% Sr. Unsec. Sub. Nts., 4/15/17 235,000 240,875 US Oncology, Inc. (Escrow), 9.125% Sr. Sec. Nts., 8/15/17 435,000 4,350 Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18 375,000 385,781 ---------- 3,673,112 HEALTH CARE TECHNOLOGY -- 0.1% MedAssets, Inc., 8% Sr. Nts., 11/15/18(2) 225,000 231,188 PHARMACEUTICALS -- 0.9% Mylan, Inc., 6% Sr. Nts., 11/15/18(2) 200,000 201,000
4 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ---------- ---------- PHARMACEUTICALS CONTINUED Valeant Pharmaceuticals International, Inc., 6.875% Sr. Unsec. Nts., 12/1/18(2) $ 190,000 $ 187,150 Warner Chilcott Co. LLC, 7.75% Sr. Nts., 9/15/18(2) 800,000 842,000 ---------- 1,230,150 INDUSTRIALS -- 13.6% AEROSPACE & DEFENSE -- 4.6% BE Aerospace, Inc., 6.875% Sr. Nts., 10/1/20 220,000 228,800 DynCorp International, Inc., 10.375% Sr. Unsec. Nts., 7/1/17(2) 1,210,000 1,315,875 Hawker Beechcraft Acquisition Co. LLC: 8.50% Sr. Unsec. Nts., 4/1/15 1,405,000 1,197,763 9.75% Sr. Unsec. Sub. Nts., 4/1/17 240,000 177,000 Huntington Ingalls Industries, Inc.: 6.875% Sr. Unsec. Nts., 3/15/18(2) 200,000 209,750 7.125% Sr. Unsec. Nts., 3/15/21(2) 160,000 167,600 Kratos Defense & Security Solutions, Inc., 10% Sr. Sec. Nts., 6/1/17 235,000 260,263 Lanza Acquisition Co., 10% Sr. Sec. Nts., 6/1/17(2) 257,000 284,628 TransDigm, Inc., 7.75% Sr. Sub. Nts., 12/15/18(2) 1,585,000 1,709,819 Triumph Group, Inc., 8.625% Sr. Unsec. Nts., 7/15/18 895,000 991,213 ---------- 6,542,711 AIR FREIGHT & LOGISTICS -- 0.4% AMGH Merger Sub, Inc., 9.25% Sr. Sec. Nts., 11/1/18(2) 510,000 550,163 AIRLINES -- 0.7% Delta Air Lines, Inc., 12.25% Sr. Sec. Nts., 3/15/15(2) 915,000 1,029,375 BUILDING PRODUCTS -- 1.0% Associated Materials LLC, 9.125% Sr. Sec. Nts., 11/1/17(2) 265,000 284,213 Ply Gem Industries, Inc., 13.125% Sr. Unsec. Sub. Nts., 7/15/14 930,000 1,032,300 Roofing Supply Group LLC/Roofing Supply Finance, Inc., 8.625% Sr. Sec. Nts., 12/1/17(2) 75,000 79,313 ---------- 1,395,826 COMMERCIAL SERVICES & SUPPLIES -- 0.7% West Corp.: 7.875% Sr. Nts., 1/15/19(2) 305,000 311,481 8.625% Sr. Unsec. Nts., 10/1/18(2) 635,000 671,513 ---------- 982,994 INDUSTRIAL CONGLOMERATES -- 0.4% Sequa Corp., 11.75% Sr. Unsec. Nts., 12/1/15(2) 600,000 651,000 MACHINERY -- 2.2% Cleaver-Brooks, Inc., 12.25% Sr. Sec. Nts., 5/1/16(2) 590,000 622,450 Manitowoc Co., Inc. (The), 8.50% Sr. Unsec. Nts., 11/1/20 685,000 738,088 Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17 1,335,000 1,413,431 Thermadyne Holdings Corp., 9% Sr. Sec. Nts., 12/15/17(2) 335,000 355,519 ---------- 3,129,488 MARINE -- 0.7% Marquette Transportation Co., 10.875% Sr. Sec. Nts., 1/15/17(2) 725,000 759,438
5 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ---------- ---------- MARINE CONTINUED Navios Maritime Acquisition Corp., 8.625% Sr. Sec. Nts., 11/1/17 $ 175,000 $ 182,000 ---------- 941,438 PROFESSIONAL SERVICES -- 0.8% Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15(2) 855,000 910,575 TransUnion LLC/TransUnion Financing Corp., 11.375% Sr. Unsec. Nts., 6/15/18(2) 150,000 172,125 ---------- 1,082,700 ROAD & RAIL -- 1.7% Hertz Corp., 7.50% Sr. Unsec. Nts., 10/15/18(2) 1,285,000 1,336,400 Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/15(2) 1,100,000 1,067,000 ---------- 2,403,400 TRADING COMPANIES & DISTRIBUTORS -- 0.4% RSC Equipment Rental, Inc./RSC Holdings III LLC, 8.25% Sr. Unsec. Nts., 2/1/21(2) 200,000 209,000 United Rentals North America, Inc., 9.25% Sr. Unsec. Unsub. Nts., 12/15/19 275,000 307,313 ---------- 516,313 INFORMATION TECHNOLOGY -- 6.4% COMPUTERS & PERIPHERALS -- 0.5% Seagate HDD Cayman, 6.875% Sr. Unsec. Nts., 5/1/20(2) 650,000 651,625 ELECTRONIC EQUIPMENT & INSTRUMENTS -- 0.7% CDW LLC/CDW Finance Corp., 11% Sr. Unsec. Nts., 10/12/15 955,000 1,040,950 INTERNET SOFTWARE & SERVICES -- 1.7% ITC DeltaCom, Inc., 10.50% Sr. Sec. Nts., 4/1/16 1,245,000 1,378,838 Telcordia Technologies, Inc., 11% Sr. Sec. Nts., 5/1/18(2) 945,000 1,056,038 ---------- 2,434,876 IT SERVICES -- 1.9% Ceridian Corp., 11.25% Sr. Unsec. Nts., 11/15/15 535,000 559,075 First Data Corp.: 8.875% Sr. Sec. Nts., 8/15/20(2) 570,000 628,425 9.875% Sr. Unsec. Nts., 9/24/15 1,260,000 1,297,800 SunGard Data Systems, Inc., 7.625% Sr. Unsec. Nts., 11/15/20(2) 190,000 196,175 ---------- 2,681,475 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.6% Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 8/1/20 315,000 325,238 Amkor Technology, Inc., 7.375% Sr. Unsec. Nts., 5/1/18 345,000 358,800 Freescale Semiconductor, Inc.: 9.25% Sr. Sec. Nts., 4/15/18(2) 395,000 434,500 10.75% Sr. Unsec. Nts., 8/1/20(2) 1,065,000 1,200,788 ---------- 2,319,326 MATERIALS -- 12.9% CHEMICALS -- 4.6% Ferro Corp., 7.875% Sr. Unsec. Nts., 8/15/18 635,000 676,275 Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC: 8.875% Sr. Sec. Nts., 2/1/18 950,000 1,009,375
6 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ----------- ---------- CHEMICALS CONTINUED 9% Sr. Sec. Nts., 11/15/20(2) $ 350,000 $ 363,781 Huntsman International LLC: 8.625% Sr. Sub. Nts., 3/15/21(2) 70,000 76,650 8.625% Sr. Unsec. Sub. Nts., 3/15/20 860,000 941,700 Lyondell Chemical Co., 8% Sr. Sec. Nts., 11/1/17(2) 795,000 878,475 Momentive Performance Materials, Inc.: 9% Sec. Nts., 1/15/21(2) 695,000 720,194 11.50% Sr. Unsec. Sub. Nts., 12/1/16 605,000 651,888 Nalco Co., 6.625% Sr. Nts., 1/15/19(2) 120,000 124,050 Rhodia SA, 6.875% Sr. Nts., 9/15/20(2) 990,000 1,013,513 ---------- 6,455,901 CONSTRUCTION MATERIALS -- 0.4% Ply Gem Industries, Inc., 8.25% Sr. Sec. Nts., 2/15/18(2) 540,000 557,550 CONTAINERS & PACKAGING -- 1.5% Berry Plastics Corp., 9.75% Sr. Sec. Nts., 1/15/21(2) 940,000 935,300 Polymer Group, Inc., 7.75% Sr. Sec. Nts., 2/1/19(2) 515,000 533,669 Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 755,000 679,500 ---------- 2,148,469 METALS & MINING -- 0.9% Aleris International, Inc., 7.625% Sr. Nts., 2/15/18(2) 1,200,000 1,209,000 PAPER & FOREST PRODUCTS -- 5.5% ABI Escrow Corp., 10.25% Sr. Sec. Nts., 10/15/18(2) 535,000 593,850 Abitibi-Consolidated Co. of Canada (Escrow), 10.60% Sr. Unsec. Unsub. Nts., 1/15/11(3) 315,000 22,050 Ainsworth Lumber Co. Ltd., 11% Sr. Unsec. Unsub. Nts., 7/29/15(2),(4) 994,375 1,010,534 Appleton Papers, Inc., 10.50% Sr. Sec. Nts., 6/15/15(2) 1,325,000 1,401,188 Catalyst Paper Corp., 11% Sr. Sec. Nts., 12/15/16(2) 1,002,000 1,012,020 Mercer International, Inc., 9.50% Sr. Unsec. Nts., 12/1/17(2) 570,000 627,000 NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/14 1,165,000 1,172,281 Norske Skogindustrier ASA, 6.125% Unsec. Bonds, 10/15/15(2) 220,000 199,100 Verso Paper Holdings LLC, 11.375% Sr. Unsec. Sub. Nts., Series B, 8/1/16 1,085,000 1,155,525 Verso Paper Holdings LLC/Verso Paper, Inc., 8.75% Sr. Sec. Nts., 2/1/19(2) 625,000 653,125 ---------- 7,846,673 TELECOMMUNICATION SERVICES -- 6.0% DIVERSIFIED TELECOMMUNICATION SERVICES -- 3.7% Broadview Networks Holdings, Inc., 11.375% Sr. Sec. Nts., 9/1/12 340,000 334,900 Cincinnati Bell, Inc.: 8.25% Sr. Nts., 10/15/17 305,000 308,813 8.75% Sr. Unsec. Sub. Nts., 3/15/18 325,000 308,344 Intelsat Bermuda Ltd.: 11.25% Sr. Unsec. Nts., 2/4/17 635,000 696,913 12.50% Sr. Unsec. Nts., 2/4/17(4) 328,710 362,403
7 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ------------ ------------ DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED Intelsat Jackson Holdings SA, 7.25% Sr. Unsec. Nts., 10/15/20(2) $ 175,000 $ 175,875 Level 3 Financing, Inc.: 9.25% Sr. Unsec. Unsub. Nts., 11/1/14 870,000 893,925 9.375% Sr. Unsec. Unsub. Nts., 4/1/19(2) 900,000 875,250 PAETEC Holding Corp., 9.50% Sr. Unsec. Unsub. Nts., 7/15/15 965,000 1,015,663 Windstream Corp., 8.125% Sr. Unsec. Unsub. Nts., 9/1/18 305,000 327,113 Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10(3) 1,000,000 1 ------------ 5,299,200 WIRELESS TELECOMMUNICATION SERVICES -- 2.3% Cricket Communications, Inc., 7.75% Sr. Unsec. Nts., 10/15/20 1,310,000 1,323,100 MetroPCS Wireless, Inc.: 6.625% Sr. Unsec. Nts., 11/15/20 680,000 680,850 7.875% Sr. Unsec. Nts., 9/1/18 1,165,000 1,252,375 ------------ 3,256,325 UTILITIES -- 4.8% ELECTRIC UTILITIES -- 2.0% Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17 945,000 763,088 Energy Future Intermediate Holding Co. LLC, 10% Sr. Sec. Nts., 12/1/20 682,000 725,489 Texas Competitive Electric Holdings Co. LLC: 10.25% Sr. Unsec. Nts., Series A, 11/1/15 1,895,000 1,118,050 10.25% Sr. Unsec. Nts., Series B, 11/1/15 290,000 170,375 ------------ 2,777,002 ENERGY TRADERS -- 2.7% Energy Future Holdings Corp., 10% Sr. Sec. Nts., 1/15/20 730,000 776,550 Foresight Energy LLC, 9.625% Sr. Unsec. Nts., 8/15/17(2) 1,295,000 1,400,219 GenOn Escrow Corp.: 9.50% Sr. Unsec. Nts., 10/15/18(2) 355,000 370,975 9.875% Sr. Nts., 10/15/20(2) 355,000 372,750 United Maritime Group LLC, 11.75% Sr. Sec. Nts., 6/15/15 875,000 912,188 ------------ 3,832,682 GAS UTILITIES -- 0.1% Ferrellgas LP/Ferrellgas Finance Corp., 6.50% Sr. Nts., 5/1/21(2) 170,000 165,750 ------------ Total Corporate Bonds and Notes (Cost $121,144,924) 125,632,510
SHARES -------- PREFERRED STOCKS -- 2.1% Ally Financial, Inc., 7%, Non-Vtg.(2) 1,662 1,546,595 GMAC Capital Trust I, 8.125% Cum. 10,000 255,000 Greektown Superholdings, Inc., Series A-1(8) 11,550 1,226,957 ---------- Total Preferred Stocks (Cost $2,793,750) 3,028,552 COMMON STOCKS -- 2.7% AbitibiBowater, Inc.(8) 27,638 742,633 American Media Operations, Inc.(8) 58,065 754,845 Gaylord Entertainment Co., Cl. A(8) 9,507 329,703
8 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
SHARES VALUE -------- ---------- Global Aviation Holdings, Inc.(8) 300 $ 3,000 Greektown Superholdings, Inc.(8) 874 86,369 Kaiser Aluminum Corp. 458 22,557 LyondellBasell Industries NV, Cl. A(8) 18,740 741,167 Orbcomm, Inc.(8) 1,127 3,719 Visteon Corp.(8) 18,823 1,070,387 ---------- Total Common Stocks (Cost $5,317,773) 3,754,380
UNITS ----- RIGHTS, WARRANTS AND CERTIFICATES -- 0.1% ASG Warrant Corp. Wts., Strike Price $0.01, Exp. 5/15/18(1),(8) 1,030 128,750 MediaNews Group, Inc. Wts., Strike Price $0.001, Exp. 3/19/17(8) 11,017 396 ------- Total Rights, Warrants and Certificates (Cost $49,050) 129,146
PRINCIPAL AMOUNT ---------- LOAN PARTICIPATIONS -- 1.9% Brock Holdings III, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 2/15/18(5),(7) $ 155,000 158,100 Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan: Tranche B, 4.125%, 10/19/15(4),(5),(7) 860,018 645,013 Tranche B, 4.125%, 10/19/15(4),(7) 1,538,708 1,154,031 Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 12.50%, 7/20/15 696,875 749,141 --------- Total Loan Participations (Cost $2,212,899) 2,706,285
SHARES ---------- INVESTMENT COMPANIES -- 2.4% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(9),(10) 187,935 187,935 Oppenheimer Institutional Money Market Fund, Cl. E, 0.20%(9),(11) 3,221,908 3,221,908 ------------- Total Investment Companies (Cost $3,409,843) 3,409,843 TOTAL INVESTMENTS, AT VALUE (COST $134,928,239) 97.9% 138,660,716 OTHER ASSETS NET OF LIABILITIES 2.1 3,000,602 --------------------------- NET ASSETS 100.0% $ 141,661,318 ===========================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Restricted security. The aggregate value of restricted securities as of March 31, 2011 was $3,728,963, which represents 2.63% of the Fund's net assets. See accompanying Notes. Information concerning restricted securities is as follows: 9 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
UNREALIZED ACQUISITION APPRECIATION SECURITY DATES COST VALUE (DEPRECIATION) -------------------------------------------------------------- --------------- ---------- ---------- ------------- ASG Warrant Corp. Wts., Strike Price $0.01, Exp. 5/15/18 4/28/10-8/19/10 $ 49,050 $ 128,750 $ 79,700 Interactive Data Corp., 10.25% Sr. Nts., 8/1/18 7/20/10 230,000 255,300 25,300 Newport Television LLC/NTV Finance Corp., 13.509% Sr. Nts., 3/15/17 11/1/10-3/15/11 609,652 664,675 55,023 Real Time Data Co., 11% Nts., 5/31/09 6/30/99-5/31/01 365,810 - (365,810) Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/15 4/28/10-9/23/10 599,398 650,038 50,640 Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/17 8/13/10-12/31/10 1,306,947 1,489,600 182,653 Wallace Theater Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/13 9/30/10-10/6/10 537,934 540,600 2,666 -------------------------------------- $3,698,791 $3,728,963 $ 30,172 ======================================
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 $65,344,620 or 46.13% of the Fund's net assets as of March 31, 2011. 3. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See accompanying Notes. 4. Interest or dividend is paid-in-kind, when applicable. 5. When-issued security or delayed delivery to be delivered and settled after March 31, 2011. See accompanying Notes. 6. 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. 7. Represents the current interest rate for a variable or increasing rate security. 8. Non-income producing security. 9. Rate shown is the 7-day yield as of March 31, 2011. 10. Interest rate is less than 0.0005%. 11. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2011, 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, 2010 ADDITIONS REDUCTIONS MARCH 31, 2011 ----------------- ---------- ---------- -------------- Oppenheimer Institutional Money Market Fund, Cl. E 4,033,152 16,055,892 16,867,136 3,221,908
VALUE INCOME ----------------- ----------- Oppenheimer Institutional Money Market Fund, Cl. E $ 3,221,908 $ 2,814
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 or liability (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 or liability). The table below categorizes amounts as of March 31, 2011 based on valuation input level: 10 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
LEVEL 1 -- LEVEL 2 -- LEVEL 3 -- UNADJUSTED QUOTED OTHER SIGNIFICANT SIGNIFICANT PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS VALUE ----------------- ----------------- ------------------- ------------- ASSETS TABLE INVESTMENTS, AT VALUE: Corporate Bonds and Notes $ -- $125,632,509 $ 1 $125,632,510 Preferred Stocks -- 1,801,595 1,226,957 3,028,552 Common Stocks Consumer Discretionary 329,703 1,825,232 86,369 2,241,304 Industrials -- -- 3,000 3,000 Information Technology 3,719 -- -- 3,719 Materials 1,506,357 -- -- 1,506,357 Rights, Warrants and Certificates -- 128,750 396 129,146 Loan Participations -- 2,706,285 -- 2,706,285 Investment Companies 3,409,843 -- -- 3,409,843 --------------------------------------------------------------------------- Total Assets $ 5,249,622 $132,094,371 $ 1,316,723 $138,660,716 ---------------------------------------------------------------------------
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," observable market inputs other than unadjusted quoted prices 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. 11 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (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 current price quotation obtained from an independent pricing service or broker-dealer, 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 March 31, 2011, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS ------------------------------- Purchased securities $433,900
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 that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of March 31, 2011 is as follows: Cost $3,964,299 Market Value $ 180,336 Market Value as a % of Net Assets 0.13%
12 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED) INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. RESTRICTED SECURITIES As of March 31, 2011, 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 March 31, 2011 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 $ 135,356,668 ============= Gross unrealized appreciation $ 9,262,522 Gross unrealized depreciation (5,958,474) ------------- Net unrealized appreciation $ 3,304,048 =============
14 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
SHARES VALUE ------------ ------------ COMMON STOCKS--97.8% CONSUMER DISCRETIONARY--10.8% AUTOMOBILES--3.1% Ford Motor Co.(1) 3,392,610 $ 50,583,815 HOTELS, RESTAURANTS & LEISURE--2.2% Hyatt Hotels Corp., Cl. A(1) 551,688 23,744,652 McDonald's Corp. 172,366 13,115,329 ------------ 36,859,981 MEDIA--3.0% McGraw-Hill Cos., Inc. (The) 990,591 39,029,285 Washington Post Co. (The), Cl. B 23,328 10,207,400 ------------ 49,236,685 SPECIALTY RETAIL--2.5% AutoZone, Inc.(1) 87,300 23,881,788 TJX Cos., Inc. (The) 340,190 16,917,649 ------------ 40,799,437 CONSUMER STAPLES--10.7% BEVERAGES--2.0% Dr. Pepper Snapple Group, Inc. 883,940 32,847,210 FOOD PRODUCTS--4.7% General Mills, Inc. 906,910 33,147,561 Mead Johnson Nutrition Co., Cl. A 441,982 25,604,017 Sara Lee Corp. 1,042,720 18,424,862 ------------ 77,176,440 TOBACCO--4.0% Philip Morris International, Inc. 981,199 64,396,090 ENERGY--12.3% OIL, GAS & CONSUMABLE FUELS--12.3% Chevron Corp. 711,289 76,413,777 Enterprise Products Partners LP 447,470 19,268,058 Kinder Morgan, Inc.(1) 248,060 7,352,498 Noble Energy, Inc. 227,530 21,990,775 Occidental Petroleum Corp. 662,440 69,218,356 Plains All American Pipeline LP 98,141 6,254,526 ------------ 200,497,990 FINANCIALS--18.6% CAPITAL MARKETS--3.4% Goldman Sachs Group, Inc. (The) 139,400 22,090,718 State Street Corp. 739,432 33,230,074 ------------ 55,320,792 COMMERCIAL BANKS--6.7% CIT Group, Inc.(1) 1,336,890 56,884,670 Wells Fargo & Co. 1,666,500 52,828,050 ------------ 109,712,720 DIVERSIFIED FINANCIAL SERVICES--4.6% Bank of America Corp. 2,725,780 36,334,647
1 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
SHARES VALUE ------------ ------------ DIVERSIFIED FINANCIAL SERVICES CONTINUED Citigroup, Inc.(1) 8,678,680 $ 38,359,766 ------------ 74,694,413 INSURANCE--3.9% Aflac, Inc. 577,120 30,460,394 Progressive Corp. 1,587,850 33,551,271 ------------ 64,011,665 HEALTH CARE--11.1% BIOTECHNOLOGY--2.2% Celgene Corp.(1) 470,132 27,046,694 Human Genome Sciences, Inc.(1) 298,700 8,199,315 ------------ 35,246,009 HEALTH CARE EQUIPMENT & SUPPLIES--0.1% Intuitive Surgical, Inc.(1) 7,070 2,357,562 HEALTH CARE PROVIDERS & SERVICES--3.3% Express Scripts, Inc.(1) 335,640 18,664,940 WellPoint, Inc. 509,880 35,584,525 ------------ 54,249,465 LIFE SCIENCES TOOLS & SERVICES--0.3% Waters Corp.(1) 53,800 4,675,220 PHARMACEUTICALS--5.2% Abbott Laboratories 797,140 39,099,717 Merck & Co., Inc. 624,078 20,600,815 Teva Pharmaceutical Industries Ltd., Sponsored ADR 491,490 24,658,053 ------------ 84,358,585 INDUSTRIALS--8.7% AEROSPACE & DEFENSE--2.0% Boeing Co. (The) 225,280 16,654,950 Precision Castparts Corp. 112,030 16,488,575 ------------ 33,143,525 AIR FREIGHT & LOGISTICS--3.0% United Parcel Service, Inc., Cl. B 658,600 48,947,152 CONSTRUCTION & ENGINEERING--0.6% KBR, Inc. 245,214 9,261,733 INDUSTRIAL CONGLOMERATES--2.7% Tyco International Ltd. 988,160 44,239,923 ROAD & RAIL--0.4% Norfolk Southern Corp. 95,710 6,629,829 INFORMATION TECHNOLOGY--18.2% COMMUNICATIONS EQUIPMENT--2.7% QUALCOMM, Inc. 797,631 43,734,108 COMPUTERS & PERIPHERALS--5.1% Apple, Inc.(1) 220,422 76,806,046 Western Digital Corp.(1) 201,410 7,510,579 ------------ 84,316,625 INTERNET SOFTWARE & SERVICES--5.8% eBay, Inc.(1) 1,707,515 53,001,266
2 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
SHARES VALUE ------------ -------------- INTERNET SOFTWARE & SERVICES CONTINUED Google, Inc., Cl. A(1) 72,160 $ 42,300,914 -------------- 95,302,180 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.4% Marvell Technology Group Ltd.(1) 1,440,890 22,405,840 SOFTWARE--3.2% Check Point Software Technologies Ltd.(1) 281,160 14,353,218 Microsoft Corp. 1,473,907 37,378,282 -------------- 51,731,500 MATERIALS--1.7% CHEMICALS--1.7% Praxair, Inc. 278,280 28,273,248 TELECOMMUNICATION SERVICES--2.4% WIRELESS TELECOMMUNICATION SERVICES--2.4% America Movil SAB de CV, ADR, Series L 667,306 38,770,479 UTILITIES--3.3% ENERGY TRADERS--3.3% AES Corp. (The)(1) 4,108,110 53,405,430 -------------- Total Common Stocks (Cost $1,220,551,675) 1,597,185,651 INVESTMENT COMPANIES--2.2% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(2),(3) 48,925 48,925 Oppenheimer Institutional Money Market Fund, Cl. E, 0.20%(2),(4) 36,267,777 36,267,777 -------------- Total Investment Companies (Cost $36,316,702) 36,316,702 Total Investments, at Value (Cost $1,256,868,377) 100.0% 1,633,502,353 LIABILITIES IN EXCESS OF OTHER ASSETS 0.0 (237,183) ---------------------------- NET ASSETS 100.0% $1,633,265,170 ============================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Rate shown is the 7-day yield as of March 31, 2011. 3. Interest rate is less than 0.0005%. 4. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2011, 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, 2010 ADDITIONS REDUCTIONS MARCH 31, 2011 ----------------- ----------------- ----------------- ----------------- Oppenheimer Institutional Money Market Fund, Cl. E 21,709,488 100,092,839 85,534,550 36,267,777
VALUE INCOME ----------------- ----------------- Oppenheimer Institutional Money Market Fund, Cl. E $36,267,777 $11,539
3 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (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 or liability (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 or liability). The table below categorizes amounts as of March 31, 2011 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 $ 177,479,918 $ -- $ -- $ 177,479,918 Consumer Staples 174,419,740 -- -- 174,419,740 Energy 200,497,990 -- -- 200,497,990 Financials 303,739,590 -- -- 303,739,590 Health Care 180,886,841 -- -- 180,886,841 Industrials 142,222,162 -- -- 142,222,162 Information Technology 297,490,253 -- -- 297,490,253 Materials 28,273,248 -- -- 28,273,248 Telecommunication Services 38,770,479 -- -- 38,770,479 Utilities 53,405,430 -- -- 53,405,430 Investment Companies 36,316,702 -- -- 36,316,702 ----------------- ----------------- ----------------- ----------------- Total Assets $ 1,633,502,353 $ -- $ -- $ 1,633,502,353 ----------------- ----------------- ----------------- -----------------
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," observable market inputs other than unadjusted quoted prices 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 MARCH 31, 2011 (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 current price quotation obtained from an independent pricing service or broker-dealer, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2011 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 $ 1,261,711,416 ================
5 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED) Gross unrealized appreciation $ 378,600,669 Gross unrealized depreciation (6,809,732) ---------------- Net unrealized appreciation $ 371,790,937 ================
6 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS-97.4% -------------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY-14.6% -------------------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS-1.4% American Axle & Manufacturing Holdings, Inc.(1) 63,070 $ 794,051 -------------------------------------------------------------------------------------------------------------------------------- Autoliv, Inc. 5,280 391,934 -------------------------------------------------------------------------------------------------------------------------------- Cooper Tire & Rubber Co. 77,620 1,998,715 -------------------------------------------------------------------------------------------------------------------------------- Dana Holding Corp.(1) 309,910 5,389,335 -------------------------------------------------------------------------------------------------------------------------------- Federal-Mogul Corp.(1) 16,220 403,878 -------------------------------------------------------------------------------------------------------------------------------- Lear Corp.(1) 2,890 141,234 -------------------------------------------------------------------------------------------------------------------------------- TRW Automotive Holdings Corp.(1) 4,420 243,454 -------------------------------------------------------------------------------------------------------------------------------- Visteon Corp.(1) 78,470 4,903,590 ------------ 14,266,191 -------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTORS-0.4% Core-Mark Holding Co., Inc.(1) 1,900 62,795 -------------------------------------------------------------------------------------------------------------------------------- Pool Corp. 169,240 4,080,376 ------------ 4,143,171 -------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES-1.3% Apollo Group, Inc., Cl. A(1) 58,240 2,429,190 -------------------------------------------------------------------------------------------------------------------------------- Bridgepoint Education, Inc.(1) 28,890 494,019 -------------------------------------------------------------------------------------------------------------------------------- Capella Education Co.(1) 91,640 4,562,756 -------------------------------------------------------------------------------------------------------------------------------- Career Education Corp.(1) 89,610 2,035,939 -------------------------------------------------------------------------------------------------------------------------------- CPI Corp. 13,020 293,080 -------------------------------------------------------------------------------------------------------------------------------- DeVry, Inc. 3,550 195,499 -------------------------------------------------------------------------------------------------------------------------------- Hillenbrand, Inc. 14,650 314,975 -------------------------------------------------------------------------------------------------------------------------------- ITT Educational Services, Inc.(1) 23,800 1,717,170 -------------------------------------------------------------------------------------------------------------------------------- Lincoln Educational Services Corp. 52,710 837,562 -------------------------------------------------------------------------------------------------------------------------------- Sotheby's 330 17,358 ------------ 12,897,548 -------------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE-1.7% AFC Enterprises, Inc.(1) 18,602 281,448 -------------------------------------------------------------------------------------------------------------------------------- Bally Technologies, Inc.(1) 111,440 4,218,004 -------------------------------------------------------------------------------------------------------------------------------- Bob Evans Farms, Inc. 10,720 349,472 -------------------------------------------------------------------------------------------------------------------------------- Brinker International, Inc. 81,400 2,059,420 -------------------------------------------------------------------------------------------------------------------------------- CEC Entertainment, Inc. 25,979 980,188 -------------------------------------------------------------------------------------------------------------------------------- Cracker Barrel Old Country Store, Inc. 118,150 5,805,891 -------------------------------------------------------------------------------------------------------------------------------- Domino's Pizza, Inc.(1) 28,640 527,835 -------------------------------------------------------------------------------------------------------------------------------- Papa John's International, Inc.(1) 49,888 1,579,953 -------------------------------------------------------------------------------------------------------------------------------- Ruby Tuesday, Inc.(1) 19,250 252,368 -------------------------------------------------------------------------------------------------------------------------------- Speedway Motorsports, Inc. 35,459 566,635 ------------ 16,621,214 -------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES-0.3% American Greetings Corp., Cl. A 63,050 1,487,980 -------------------------------------------------------------------------------------------------------------------------------- CSS Industries, Inc. 12,110 228,274 -------------------------------------------------------------------------------------------------------------------------------- Helen of Troy Ltd.(1) 22,240 653,856 -------------------------------------------------------------------------------------------------------------------------------- Kid Brands, Inc.(1) 43,270 318,035 ------------ 2,688,145
1 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS-0.4% JAKKS Pacific, Inc.(1) 59,170 $ 1,144,940 -------------------------------------------------------------------------------------------------------------------------------- Polaris Industries, Inc. 10,400 905,008 -------------------------------------------------------------------------------------------------------------------------------- Sturm, Ruger & Co., Inc. 83,630 1,920,981 ----------- 3,970,929 -------------------------------------------------------------------------------------------------------------------------------- MEDIA-1.9% Dish Network Corp., Cl. A(1) 20,180 491,585 -------------------------------------------------------------------------------------------------------------------------------- Gannett Co., Inc. 123,920 1,887,302 -------------------------------------------------------------------------------------------------------------------------------- Harte-Hanks, Inc. 765 9,104 -------------------------------------------------------------------------------------------------------------------------------- Imax Corp.(1) 302,340 9,668,833 -------------------------------------------------------------------------------------------------------------------------------- Interpublic Group of Cos., Inc. (The) 78,480 986,494 -------------------------------------------------------------------------------------------------------------------------------- Journal Communications, Inc.(1) 56,260 337,560 -------------------------------------------------------------------------------------------------------------------------------- Lee Enterprises, Inc.(1) 147,860 399,222 -------------------------------------------------------------------------------------------------------------------------------- McClatchy Co., Cl. A(1) 56,050 190,570 -------------------------------------------------------------------------------------------------------------------------------- Meredith Corp. 16,610 563,411 -------------------------------------------------------------------------------------------------------------------------------- National CineMedia, Inc. 1,010 18,857 -------------------------------------------------------------------------------------------------------------------------------- Scholastic Corp. 41,210 1,114,318 -------------------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., Cl. A 156,363 1,960,792 -------------------------------------------------------------------------------------------------------------------------------- Valassis Communications, Inc.(1) 47,720 1,390,561 ------------ 19,018,609 -------------------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL-0.4% Big Lots, Inc.(1) 41,387 1,797,437 -------------------------------------------------------------------------------------------------------------------------------- Dillard's, Inc., Cl. A 62,860 2,521,943 ------------ 4,319,380 -------------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL-4.3% Aeropostale, Inc.(1) 66,335 1,613,267 -------------------------------------------------------------------------------------------------------------------------------- American Eagle Outfitters, Inc. 31,700 503,713 -------------------------------------------------------------------------------------------------------------------------------- AnnTaylor Stores Corp.(1) 8,740 254,421 -------------------------------------------------------------------------------------------------------------------------------- Ascena Retail Group, Inc.(1) 20,920 678,017 -------------------------------------------------------------------------------------------------------------------------------- Books-A-Million, Inc. 25,020 103,333 -------------------------------------------------------------------------------------------------------------------------------- Cato Corp., Cl. A 77,844 1,907,178 -------------------------------------------------------------------------------------------------------------------------------- Children's Place Retail Stores, Inc.(1) 245,610 12,238,746 -------------------------------------------------------------------------------------------------------------------------------- Collective Brands, Inc.(1) 18,600 401,388 -------------------------------------------------------------------------------------------------------------------------------- DSW, Inc., Cl. A(1) 37,380 1,493,705 -------------------------------------------------------------------------------------------------------------------------------- Express, Inc. 63,390 1,238,641 -------------------------------------------------------------------------------------------------------------------------------- Finish Line, Inc. (The), Cl. A 97,620 1,937,757 -------------------------------------------------------------------------------------------------------------------------------- Foot Locker, Inc. 51,600 1,017,552 -------------------------------------------------------------------------------------------------------------------------------- GameStop Corp., Cl. A(1) 46,460 1,046,279 -------------------------------------------------------------------------------------------------------------------------------- Jos. A. Banks Clothiers, Inc.(1) 29,445 1,498,162 -------------------------------------------------------------------------------------------------------------------------------- Kirkland's, Inc.(1) 99,933 1,542,966 -------------------------------------------------------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 18,420 498,445 -------------------------------------------------------------------------------------------------------------------------------- Pier 1 Imports, Inc.(1) 24,000 243,600 -------------------------------------------------------------------------------------------------------------------------------- Rent-A-Center, Inc. 63,130 2,203,868 -------------------------------------------------------------------------------------------------------------------------------- Sally Beauty Holdings, Inc.(1) 17,640 247,136 -------------------------------------------------------------------------------------------------------------------------------- Select Comfort Corp.(1) 77,130 930,188 -------------------------------------------------------------------------------------------------------------------------------- Signet Jewelers Ltd.(1) 39,050 1,797,081 --------------------------------------------------------------------------------------------------------------------------------
2 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL CONTINUED -------------------------------------------------------------------------------------------------------------------------------- Stage Stores, Inc. 23,129 $ 444,539 -------------------------------------------------------------------------------------------------------------------------------- Tractor Supply Co. 124,110 7,429,225 -------------------------------------------------------------------------------------------------------------------------------- Williams-Sonoma, Inc. 24,300 984,150 ------------ 42,253,357 -------------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS-2.5% Carter's, Inc.(1) 470 13,456 -------------------------------------------------------------------------------------------------------------------------------- Fossil, Inc.(1) 109,997 10,301,219 -------------------------------------------------------------------------------------------------------------------------------- Perry Ellis International, Inc.(1) 36,169 995,371 -------------------------------------------------------------------------------------------------------------------------------- Phillips/Van Heusen Corp. 117,890 7,666,387 -------------------------------------------------------------------------------------------------------------------------------- Timberland Co., Cl. A(1) 83,225 3,436,360 -------------------------------------------------------------------------------------------------------------------------------- True Religion Apparel, Inc.(1) 21,500 504,605 -------------------------------------------------------------------------------------------------------------------------------- Warnaco Group, Inc. (The)(1) 33,170 1,896,992 ------------ 24,814,390 -------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES-2.6% -------------------------------------------------------------------------------------------------------------------------------- BEVERAGES-0.2% Constellation Brands, Inc., Cl. A(1) 46,870 950,524 -------------------------------------------------------------------------------------------------------------------------------- Cott Corp.(1) 182,310 1,531,404 ------------ 2,481,928 -------------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING-0.1% Nash Finch Co. 12,660 480,320 -------------------------------------------------------------------------------------------------------------------------------- Safeway, Inc. 8,350 196,559 -------------------------------------------------------------------------------------------------------------------------------- Spartan Stores, Inc. 540 7,987 -------------------------------------------------------------------------------------------------------------------------------- Weis Markets, Inc. 3,030 122,594 ------------ 807,460 -------------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS-1.1% B&G Foods, Inc., Cl. A 11,200 210,224 -------------------------------------------------------------------------------------------------------------------------------- Cal-Maine Foods, Inc. 28,500 840,750 -------------------------------------------------------------------------------------------------------------------------------- Corn Products International, Inc. 19,550 1,013,081 -------------------------------------------------------------------------------------------------------------------------------- Flowers Foods, Inc. 7,100 193,333 -------------------------------------------------------------------------------------------------------------------------------- Fresh Del Monte Produce, Inc. 21,588 563,663 -------------------------------------------------------------------------------------------------------------------------------- Hormel Foods Corp.(1) 25,550 711,312 -------------------------------------------------------------------------------------------------------------------------------- Overhill Farms, Inc.(1) 40,110 244,270 -------------------------------------------------------------------------------------------------------------------------------- Smithfield Foods, Inc.(1) 20,820 500,929 -------------------------------------------------------------------------------------------------------------------------------- TreeHouse Foods, Inc.(1) 85,406 4,857,039 -------------------------------------------------------------------------------------------------------------------------------- Tyson Foods, Inc., Cl. A 70,960 1,361,722 ------------ 10,496,323 -------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS-0.8% Central Garden & Pet Co., Cl. A(1) 124,884 1,150,182 -------------------------------------------------------------------------------------------------------------------------------- Church & Dwight Co., Inc. 84,740 6,723,272 ------------ 7,873,454 -------------------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS-0.4% Herbalife Ltd. 22,520 1,832,227 -------------------------------------------------------------------------------------------------------------------------------- Inter Parfums, Inc. 10,280 190,283 -------------------------------------------------------------------------------------------------------------------------------- Nu Skin Asia Pacific, Inc., Cl. A 43,380 1,247,175 --------------------------------------------------------------------------------------------------------------------------------
3 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS CONTINUED Prestige Brands Holdings, Inc.(1) 101,630 $ 1,168,745 ------------ 4,438,430 -------------------------------------------------------------------------------------------------------------------------------- ENERGY-5.5% -------------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES-1.5% Atwood Oceanics, Inc.(1) 38,430 1,784,305 -------------------------------------------------------------------------------------------------------------------------------- Bolt Technology Corp.(1) 23,060 312,232 -------------------------------------------------------------------------------------------------------------------------------- Cal Dive International, Inc.(1) 80,660 563,007 -------------------------------------------------------------------------------------------------------------------------------- Compagnie Generale de Geophysique-Veritas, Sponsored ADR(1) 30,400 1,100,176 -------------------------------------------------------------------------------------------------------------------------------- Complete Production Services, Inc.(1) 51,640 1,642,668 -------------------------------------------------------------------------------------------------------------------------------- Helmerich & Payne, Inc. 3,940 270,639 -------------------------------------------------------------------------------------------------------------------------------- Nabors Industries Ltd.(1) 9,300 282,534 -------------------------------------------------------------------------------------------------------------------------------- Newpark Resources, Inc.(1) 117,890 926,615 -------------------------------------------------------------------------------------------------------------------------------- North American Energy Partners, Inc.(1) 1,450 17,879 -------------------------------------------------------------------------------------------------------------------------------- Oil States International, Inc.(1) 20,630 1,570,768 -------------------------------------------------------------------------------------------------------------------------------- Patterson-UTI Energy, Inc. 13,610 399,998 -------------------------------------------------------------------------------------------------------------------------------- Precision Drilling Corp.(1) 149,430 2,023,282 -------------------------------------------------------------------------------------------------------------------------------- RPC, Inc. 13,340 337,769 -------------------------------------------------------------------------------------------------------------------------------- Seacor Holdings, Inc. 2,310 213,583 -------------------------------------------------------------------------------------------------------------------------------- Superior Energy Services, Inc.(1) 46,740 1,916,340 -------------------------------------------------------------------------------------------------------------------------------- Tetra Technologies, Inc.(1) 58,610 902,594 ------------ 14,264,389 -------------------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS-4.0% Alpha Natural Resources, Inc.(1) 8,880 527,206 -------------------------------------------------------------------------------------------------------------------------------- Arch Coal, Inc. 41,680 1,502,147 -------------------------------------------------------------------------------------------------------------------------------- Callon Petroleum Co.(1) 63,070 490,054 -------------------------------------------------------------------------------------------------------------------------------- Cloud Peak Energy, Inc.(1) 84,410 1,822,412 -------------------------------------------------------------------------------------------------------------------------------- Contango Oil & Gas Co.(1) 8,380 529,951 -------------------------------------------------------------------------------------------------------------------------------- CVR Energy, Inc.(1) 62,164 1,439,718 -------------------------------------------------------------------------------------------------------------------------------- Dominion Resources Black Warrior Trust 16,920 234,850 -------------------------------------------------------------------------------------------------------------------------------- Gran Tierra Energy, Inc.(1) 127,820 1,031,507 -------------------------------------------------------------------------------------------------------------------------------- Green Plains Renewable Energy, Inc.(1) 6,630 79,693 -------------------------------------------------------------------------------------------------------------------------------- Holly Corp. 133,670 8,121,789 -------------------------------------------------------------------------------------------------------------------------------- International Coal Group, Inc.(1) 24,900 281,370 -------------------------------------------------------------------------------------------------------------------------------- James River Coal Co.(1) 37,610 909,034 -------------------------------------------------------------------------------------------------------------------------------- MarkWest Energy Partners LP 138,478 6,712,029 -------------------------------------------------------------------------------------------------------------------------------- PAA Natural Gas Storage LP 118,700 2,794,198 -------------------------------------------------------------------------------------------------------------------------------- Pengrowth Energy Corp. 124,970 1,728,335 -------------------------------------------------------------------------------------------------------------------------------- Petrobras Argentina SA, ADR 13,870 306,388 -------------------------------------------------------------------------------------------------------------------------------- PetroQuest Energy, Inc.(1) 126,570 1,184,695 -------------------------------------------------------------------------------------------------------------------------------- Plains All American Pipeline LP 60,100 3,830,173 -------------------------------------------------------------------------------------------------------------------------------- PrimeEnergy Corp.(1) 6,544 171,191 -------------------------------------------------------------------------------------------------------------------------------- Stone Energy Corp.(1) 78,230 2,610,535 -------------------------------------------------------------------------------------------------------------------------------- Teekay Offshore Partners LP 24,370 743,285 -------------------------------------------------------------------------------------------------------------------------------- Tesoro Corp.(1) 18,690 501,453 --------------------------------------------------------------------------------------------------------------------------------
4 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS CONTINUED -------------------------------------------------------------------------------------------------------------------------------- Ultrapar Participacoes SA, Sponsored ADR(1) 40,780 $ 691,221 -------------------------------------------------------------------------------------------------------------------------------- VAALCO Energy, Inc.(1) 70,600 547,856 -------------------------------------------------------------------------------------------------------------------------------- W&T Offshore, Inc. 52,650 1,199,894 ------------ 39,990,984 -------------------------------------------------------------------------------------------------------------------------------- FINANCIALS-20.2% -------------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS-1.4% American Capital Ltd.(1) 28,800 285,120 -------------------------------------------------------------------------------------------------------------------------------- Apollo Global Management LLC(1) 129,080 2,323,440 -------------------------------------------------------------------------------------------------------------------------------- Calamos Asset Management, Inc., Cl. A 20,410 338,602 -------------------------------------------------------------------------------------------------------------------------------- Federated Investors, Inc., Cl. B 41,940 1,121,895 -------------------------------------------------------------------------------------------------------------------------------- Gladstone Investment Corp. 51,370 398,631 -------------------------------------------------------------------------------------------------------------------------------- Janus Capital Group, Inc. 105,990 1,321,695 -------------------------------------------------------------------------------------------------------------------------------- MF Global Holdings Ltd.(1) 572,544 4,740,664 -------------------------------------------------------------------------------------------------------------------------------- Oppenheimer Holdings, Inc., Cl. A, Non-Vtg. 2,990 100,195 -------------------------------------------------------------------------------------------------------------------------------- Solar Capital Ltd. 16,860 402,617 -------------------------------------------------------------------------------------------------------------------------------- Stifel Financial Corp.(1) 23,280 1,671,271 -------------------------------------------------------------------------------------------------------------------------------- Triangle Capital Corp. 13,920 251,395 -------------------------------------------------------------------------------------------------------------------------------- Waddell & Reed Financial, Inc., Cl. A 14,090 572,195 ------------ 13,527,720 -------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS-1.8% Banco Latinoamericano de Exportaciones SA, Cl. E 43,840 765,446 -------------------------------------------------------------------------------------------------------------------------------- BBVA Banco Frances SA, ADR 44,433 487,430 -------------------------------------------------------------------------------------------------------------------------------- Century Bancorp, Inc., Cl. A 11,040 295,541 -------------------------------------------------------------------------------------------------------------------------------- City Holding Co. 5,170 182,811 -------------------------------------------------------------------------------------------------------------------------------- First Midwest Bancorp, Inc. 146,270 1,724,523 -------------------------------------------------------------------------------------------------------------------------------- FirstMerit Corp. 291,680 4,976,061 -------------------------------------------------------------------------------------------------------------------------------- Fulton Financial Corp. 8,540 94,879 -------------------------------------------------------------------------------------------------------------------------------- Grupo Financiero Galicia SA(1) 36,070 448,350 -------------------------------------------------------------------------------------------------------------------------------- IBERIABANK Corp. 104,122 6,260,856 -------------------------------------------------------------------------------------------------------------------------------- International Bancshares Corp. 21,429 393,008 -------------------------------------------------------------------------------------------------------------------------------- KeyCorp 43,510 386,369 -------------------------------------------------------------------------------------------------------------------------------- National Bankshares, Inc. 8,437 243,829 -------------------------------------------------------------------------------------------------------------------------------- Northrim BanCorp, Inc. 15,450 294,941 -------------------------------------------------------------------------------------------------------------------------------- Synovus Financial Corp. 670,560 1,609,344 ------------ 18,163,388 -------------------------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE-1.2% Advance America Cash Advance Centers, Inc. 182,920 969,476 -------------------------------------------------------------------------------------------------------------------------------- Cash America International, Inc. 56,347 2,594,779 -------------------------------------------------------------------------------------------------------------------------------- Credit Acceptance Corp.(1) 18,160 1,288,634 -------------------------------------------------------------------------------------------------------------------------------- EZCORP, Inc., Cl. A(1) 83,470 2,620,123 -------------------------------------------------------------------------------------------------------------------------------- First Cash Financial Services, Inc.(1) 36,922 1,425,189 -------------------------------------------------------------------------------------------------------------------------------- Nelnet, Inc., Cl. A 31,756 693,233 -------------------------------------------------------------------------------------------------------------------------------- World Acceptance Corp.(1) 36,918 2,407,054 ------------ 11,998,488 -------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES-1.7% Encore Capital Group, Inc.(1) 41,710 988,110 -------------------------------------------------------------------------------------------------------------------------------- Life Partners Holdings, Inc. 75,253 605,034 --------------------------------------------------------------------------------------------------------------------------------
5 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES CONTINUED -------------------------------------------------------------------------------------------------------------------------------- Moody's Corp. 95,280 $ 3,230,945 -------------------------------------------------------------------------------------------------------------------------------- MSCI, Inc., Cl. A(1) 323,730 11,919,739 ------------ 16,743,828 -------------------------------------------------------------------------------------------------------------------------------- INSURANCE-5.7% Allied World Assurance Holdings Ltd. 28,531 1,788,608 -------------------------------------------------------------------------------------------------------------------------------- American Equity Investment Life Holding Co. 120,880 1,585,946 -------------------------------------------------------------------------------------------------------------------------------- American Financial Group, Inc. 30,650 1,073,363 -------------------------------------------------------------------------------------------------------------------------------- American Safety Insurance Holdings Ltd.(1) 16,320 349,738 -------------------------------------------------------------------------------------------------------------------------------- Amerisafe, Inc.(1) 44,478 983,409 -------------------------------------------------------------------------------------------------------------------------------- AmTrust Financial Services, Inc. 82,868 1,580,293 -------------------------------------------------------------------------------------------------------------------------------- Arch Capital Group Ltd.(1) 28,420 2,818,980 -------------------------------------------------------------------------------------------------------------------------------- Aspen Insurance Holdings Ltd. 58,510 1,612,536 -------------------------------------------------------------------------------------------------------------------------------- Axis Capital Holdings Ltd. 20,700 722,844 -------------------------------------------------------------------------------------------------------------------------------- Berkley (W.R.) Corp. 165,430 5,328,500 -------------------------------------------------------------------------------------------------------------------------------- Brown & Brown, Inc. 120,460 3,107,868 -------------------------------------------------------------------------------------------------------------------------------- CNA Financial Corp. 6,640 196,212 -------------------------------------------------------------------------------------------------------------------------------- Delphi Financial Group, Inc., Cl. A 10,550 323,991 -------------------------------------------------------------------------------------------------------------------------------- EMC Insurance Group, Inc. 11,410 283,310 -------------------------------------------------------------------------------------------------------------------------------- Endurance Specialty Holdings Ltd. 48,520 2,368,746 -------------------------------------------------------------------------------------------------------------------------------- Enstar Group Ltd.(1) 11,220 1,120,654 -------------------------------------------------------------------------------------------------------------------------------- FBL Financial Group, Inc., Cl. A 38,750 1,190,400 -------------------------------------------------------------------------------------------------------------------------------- Fidelity National Financial, Inc., Cl. A 67,620 955,471 -------------------------------------------------------------------------------------------------------------------------------- First American Financial Corp. 31,620 521,730 -------------------------------------------------------------------------------------------------------------------------------- FPIC Insurance Group, Inc.(1) 35,950 1,362,505 -------------------------------------------------------------------------------------------------------------------------------- Hanover Insurance Group, Inc. 17,620 797,305 -------------------------------------------------------------------------------------------------------------------------------- Harleysville Group, Inc. 20,920 693,080 -------------------------------------------------------------------------------------------------------------------------------- Horace Mann Educators Corp. 67,489 1,133,815 -------------------------------------------------------------------------------------------------------------------------------- Infinity Property & Casualty Corp. 31,814 1,892,615 -------------------------------------------------------------------------------------------------------------------------------- Maiden Holdings Ltd. 47,170 353,303 -------------------------------------------------------------------------------------------------------------------------------- Meadowbrook Insurance Group, Inc. 91,410 946,094 -------------------------------------------------------------------------------------------------------------------------------- Montpelier Re Holdings Ltd. 53,430 944,108 -------------------------------------------------------------------------------------------------------------------------------- National Financial Partners Corp.(1) 42,000 619,500 -------------------------------------------------------------------------------------------------------------------------------- National Interstate Corp. 9,930 207,041 -------------------------------------------------------------------------------------------------------------------------------- National Western Life Insurance Co., Cl. A 2,690 436,453 -------------------------------------------------------------------------------------------------------------------------------- Navigators Group, Inc. (The)(1) 13,630 701,945 -------------------------------------------------------------------------------------------------------------------------------- OneBeacon Insurance Group Ltd. 52,770 713,978 -------------------------------------------------------------------------------------------------------------------------------- Primerica, Inc. 38,250 975,758 -------------------------------------------------------------------------------------------------------------------------------- ProAssurance Corp.(1) 17,382 1,101,497 -------------------------------------------------------------------------------------------------------------------------------- Protective Life Corp. 68,610 1,821,596 -------------------------------------------------------------------------------------------------------------------------------- Reinsurance Group of America, Inc. 25,680 1,612,190 -------------------------------------------------------------------------------------------------------------------------------- RenaissanceRe Holdings Ltd. 280 19,317 -------------------------------------------------------------------------------------------------------------------------------- RLI Corp. 7,130 411,045 -------------------------------------------------------------------------------------------------------------------------------- Selective Insurance Group, Inc. 30,480 527,304 -------------------------------------------------------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 37,572 1,732,821 -------------------------------------------------------------------------------------------------------------------------------- Symetra Financial Corp. 96,450 1,311,720 -------------------------------------------------------------------------------------------------------------------------------- Torchmark Corp. 55,580 3,694,958 -------------------------------------------------------------------------------------------------------------------------------- Tower Group, Inc. 19,650 472,190 -------------------------------------------------------------------------------------------------------------------------------- Transatlantic Holdings, Inc. 9,320 453,604 --------------------------------------------------------------------------------------------------------------------------------
6 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- INSURANCE CONTINUED -------------------------------------------------------------------------------------------------------------------------------- Unitrin, Inc. 67,610 $ 2,087,797 -------------------------------------------------------------------------------------------------------------------------------- UnumProvident Corp. 32,220 845,775 -------------------------------------------------------------------------------------------------------------------------------- Validus Holdings Ltd. 11,652 388,361 -------------------------------------------------------------------------------------------------------------------------------- XL Group plc 22,790 560,634 ------------ 56,730,908 -------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS-6.4% Associated Estates Realty Corp. 37,900 601,852 -------------------------------------------------------------------------------------------------------------------------------- BRE Properties, Inc., Cl. A 36,880 1,739,998 -------------------------------------------------------------------------------------------------------------------------------- Camden Property Trust 18,060 1,026,169 -------------------------------------------------------------------------------------------------------------------------------- CBL & Associates Properties, Inc. 110,890 1,931,704 -------------------------------------------------------------------------------------------------------------------------------- Chatham Lodging Trust 92,420 1,501,825 -------------------------------------------------------------------------------------------------------------------------------- Colonial Properties Trust 12,650 243,513 -------------------------------------------------------------------------------------------------------------------------------- Developers Diversified Realty Corp. 34,560 483,840 -------------------------------------------------------------------------------------------------------------------------------- Digital Realty Trust, Inc. 237,620 13,815,227 -------------------------------------------------------------------------------------------------------------------------------- Essex Property Trust, Inc. 8,240 1,021,760 -------------------------------------------------------------------------------------------------------------------------------- Extra Space Storage, Inc. 85,370 1,768,013 -------------------------------------------------------------------------------------------------------------------------------- Hatteras Financial Corp. 233,890 6,576,987 -------------------------------------------------------------------------------------------------------------------------------- Home Properties of New York, Inc. 16,610 979,160 -------------------------------------------------------------------------------------------------------------------------------- LaSalle Hotel Properties 194,790 5,259,330 -------------------------------------------------------------------------------------------------------------------------------- Mid-America Apartment Communities, Inc. 111,469 7,156,310 -------------------------------------------------------------------------------------------------------------------------------- Plum Creek Timber Co., Inc. 6,690 291,751 -------------------------------------------------------------------------------------------------------------------------------- Post Properties, Inc. 12,780 501,615 -------------------------------------------------------------------------------------------------------------------------------- PS Business Parks, Inc. 15,400 892,276 -------------------------------------------------------------------------------------------------------------------------------- Rayonier, Inc. 33,020 2,057,476 -------------------------------------------------------------------------------------------------------------------------------- Realty Income Corp. 2,780 97,161 -------------------------------------------------------------------------------------------------------------------------------- Sovran Self Storage, Inc. 580 22,939 -------------------------------------------------------------------------------------------------------------------------------- Starwood Property Trust, Inc. 230,000 5,129,000 -------------------------------------------------------------------------------------------------------------------------------- Strategic Hotels & Resorts, Inc.(1) 71,640 462,078 -------------------------------------------------------------------------------------------------------------------------------- Tanger Factory Outlet Centers, Inc. 248,640 6,524,314 -------------------------------------------------------------------------------------------------------------------------------- Taubman Centers, Inc. 33,450 1,792,251 -------------------------------------------------------------------------------------------------------------------------------- U-Store-It Real Estate Investment Trust 109,300 1,149,836 -------------------------------------------------------------------------------------------------------------------------------- UDR, Inc. 28,310 689,915 -------------------------------------------------------------------------------------------------------------------------------- Urstadt Biddle Properties, Inc., Cl. A 2,550 48,501 ------------ 63,764,801 -------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT-0.2% CB Richard Ellis Group, Inc., Cl. A(1) 29,030 775,101 -------------------------------------------------------------------------------------------------------------------------------- Jones Lang LaSalle, Inc. 9,040 901,650 ------------ 1,676,751 -------------------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE-1.8% BankUnited, Inc. 142,350 4,086,869 -------------------------------------------------------------------------------------------------------------------------------- Bofl Holding, Inc.(1) 15,450 239,784 -------------------------------------------------------------------------------------------------------------------------------- Federal Agricultural Mortgage Corp., Non-Vtg. 1,510 28,856 -------------------------------------------------------------------------------------------------------------------------------- First Defiance Financial Corp.(1) 30,900 440,325 -------------------------------------------------------------------------------------------------------------------------------- First Niagara Financial Group, Inc. 381,470 5,180,363 -------------------------------------------------------------------------------------------------------------------------------- MGIC Investment Corp.(1) 844,390 7,506,627 -------------------------------------------------------------------------------------------------------------------------------- Viewpoint Financial Group 17,570 228,410 ------------ 17,711,234
7 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE-11.7% -------------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY-0.4% Cephalon, Inc.(1) 2,510 $ 190,208 -------------------------------------------------------------------------------------------------------------------------------- Human Genome Sciences, Inc.(1) 60,390 1,657,706 -------------------------------------------------------------------------------------------------------------------------------- Indevus Pharmaceuticals, Inc.(1) 2,500 25 -------------------------------------------------------------------------------------------------------------------------------- Myriad Genetics, Inc.(1) 18,260 367,939 -------------------------------------------------------------------------------------------------------------------------------- PDL BioPharma, Inc. 231,352 1,341,842 ------------ 3,557,720 -------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES-2.7% Atrion Corp. 4,318 753,361 -------------------------------------------------------------------------------------------------------------------------------- China Medical Technologies, Inc., Sponsored ADR(1) 33,000 384,120 -------------------------------------------------------------------------------------------------------------------------------- Cooper Cos., Inc. (The) 8,850 614,633 -------------------------------------------------------------------------------------------------------------------------------- Cyberonics, Inc.(1) 1,400 44,534 -------------------------------------------------------------------------------------------------------------------------------- Dexcom, Inc.(1) 187,240 2,905,965 -------------------------------------------------------------------------------------------------------------------------------- Greatbatch, Inc.(1) 168,750 4,465,125 -------------------------------------------------------------------------------------------------------------------------------- Haemonetics Corp.(1) 4,980 326,389 -------------------------------------------------------------------------------------------------------------------------------- Hill-Rom Holdings, Inc. 18,427 699,857 -------------------------------------------------------------------------------------------------------------------------------- ICU Medical, Inc.(1) 7,250 317,405 -------------------------------------------------------------------------------------------------------------------------------- Immucor, Inc.(1) 1,200 23,736 -------------------------------------------------------------------------------------------------------------------------------- Integra LifeSciences Holdings(1) 24,400 1,157,048 -------------------------------------------------------------------------------------------------------------------------------- Invacare Corp. 61,801 1,923,247 -------------------------------------------------------------------------------------------------------------------------------- Kensey Nash Corp.(1) 35,618 887,244 -------------------------------------------------------------------------------------------------------------------------------- Kinetic Concepts, Inc.(1) 36,354 1,978,385 -------------------------------------------------------------------------------------------------------------------------------- Orthofix International NV(1) 83,050 2,695,803 -------------------------------------------------------------------------------------------------------------------------------- Sirona Dental Systems, Inc.(1) 29,560 1,482,730 -------------------------------------------------------------------------------------------------------------------------------- Steris Corp. 39,630 1,368,820 -------------------------------------------------------------------------------------------------------------------------------- Teleflex, Inc. 170 9,857 -------------------------------------------------------------------------------------------------------------------------------- Utah Medical Products, Inc. 8,570 248,016 -------------------------------------------------------------------------------------------------------------------------------- Volcano Corp.(1) 146,790 3,757,824 -------------------------------------------------------------------------------------------------------------------------------- Young Innovations, Inc. 9,580 300,812 ------------ 26,344,911 -------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES-4.5% Air Methods Corp.(1) 4,020 270,345 -------------------------------------------------------------------------------------------------------------------------------- Allied Healthcare International, Inc.(1) 85,530 217,246 -------------------------------------------------------------------------------------------------------------------------------- Almost Family, Inc.(1) 20,720 779,901 -------------------------------------------------------------------------------------------------------------------------------- Amedisys, Inc.(1) 12,850 449,750 -------------------------------------------------------------------------------------------------------------------------------- AMERIGROUP Corp.(1) 37,320 2,397,810 -------------------------------------------------------------------------------------------------------------------------------- AmSurg Corp.(1) 59,260 1,507,574 -------------------------------------------------------------------------------------------------------------------------------- Chemed Corp. 21,490 1,431,449 -------------------------------------------------------------------------------------------------------------------------------- Continucare Corp.(1) 81,650 436,828 -------------------------------------------------------------------------------------------------------------------------------- CorVel Corp.(1) 5,630 299,403 -------------------------------------------------------------------------------------------------------------------------------- Ensign Group, Inc. (The) 22,800 728,004 -------------------------------------------------------------------------------------------------------------------------------- Gentiva Health Services, Inc.(1) 47,706 1,337,199 -------------------------------------------------------------------------------------------------------------------------------- Hanger Orthopedic Group, Inc.(1) 21,380 556,521 -------------------------------------------------------------------------------------------------------------------------------- Health Management Associates, Inc., Cl. A(1) 682,920 7,443,828 --------------------------------------------------------------------------------------------------------------------------------
8 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED -------------------------------------------------------------------------------------------------------------------------------- Health Net, Inc.(1) 15,740 $ 514,698 -------------------------------------------------------------------------------------------------------------------------------- HEALTHSOUTH Corp.(1) 33,100 826,838 -------------------------------------------------------------------------------------------------------------------------------- Healthspring, Inc.(1) 176,258 6,586,761 -------------------------------------------------------------------------------------------------------------------------------- Healthways, Inc.(1) 9,850 151,395 -------------------------------------------------------------------------------------------------------------------------------- HMS Holdings Corp.(1) 67,100 5,492,135 -------------------------------------------------------------------------------------------------------------------------------- Kindred Healthcare, Inc.(1) 10,070 240,472 -------------------------------------------------------------------------------------------------------------------------------- LHC Group, Inc.(1) 54,510 1,635,300 -------------------------------------------------------------------------------------------------------------------------------- LifePoint Hospitals, Inc.(1) 38,811 1,559,426 -------------------------------------------------------------------------------------------------------------------------------- Lincare Holdings, Inc. 60,696 1,800,243 -------------------------------------------------------------------------------------------------------------------------------- Magellan Health Services, Inc.(1) 43,480 2,133,998 -------------------------------------------------------------------------------------------------------------------------------- MEDNAX, Inc.(1) 2,240 149,206 -------------------------------------------------------------------------------------------------------------------------------- Metropolitan Health Networks, Inc.(1) 116,130 549,295 -------------------------------------------------------------------------------------------------------------------------------- Owens & Minor, Inc. 5,870 190,658 -------------------------------------------------------------------------------------------------------------------------------- PharMerica Corp.(1) 4,260 48,734 -------------------------------------------------------------------------------------------------------------------------------- Providence Service Corp.(1) 13,950 208,971 -------------------------------------------------------------------------------------------------------------------------------- PSS World Medical, Inc.(1) 26,830 728,435 -------------------------------------------------------------------------------------------------------------------------------- Skilled Healthcare Group, Inc., Cl. A(1) 57,120 821,957 -------------------------------------------------------------------------------------------------------------------------------- Triple-S Management Corp., Cl. B(1) 41,327 850,510 -------------------------------------------------------------------------------------------------------------------------------- U.S. Physical Therapy, Inc. 34,435 769,278 -------------------------------------------------------------------------------------------------------------------------------- Universal American Corp. 66,740 1,529,013 -------------------------------------------------------------------------------------------------------------------------------- Universal Health Services, Inc., Cl. B 402 19,863 ------------ 44,663,044 -------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE TECHNOLOGY-1.2% Allscripts Healthcare Solutions, Inc.(1) 352,276 7,394,273 -------------------------------------------------------------------------------------------------------------------------------- SXC Health Solutions Corp.(1) 84,010 4,603,748 ------------ 11,998,021 -------------------------------------------------------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES-0.5% Bruker Corp.(1) 67,140 1,399,869 -------------------------------------------------------------------------------------------------------------------------------- Cambrex Corp.(1) 92,200 507,100 -------------------------------------------------------------------------------------------------------------------------------- eResearch Technology, Inc.(1) 50,130 339,380 -------------------------------------------------------------------------------------------------------------------------------- Harvard Bioscience, Inc.(1) 66,830 379,594 -------------------------------------------------------------------------------------------------------------------------------- Waters Corp.(1) 32,720 2,843,368 ------------ 5,469,311 -------------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS-2.4% Endo Pharmaceuticals Holdings, Inc.(1) 62,302 2,377,444 -------------------------------------------------------------------------------------------------------------------------------- Forest Laboratories, Inc.(1) 7,610 245,803 -------------------------------------------------------------------------------------------------------------------------------- Hi-Tech Pharmacal Co., Inc.(1) 25,900 521,367 -------------------------------------------------------------------------------------------------------------------------------- Impax Laboratories, Inc.(1) 62,310 1,585,790 -------------------------------------------------------------------------------------------------------------------------------- Medicines Co. (The)(1) 77,000 1,254,330 -------------------------------------------------------------------------------------------------------------------------------- Medicis Pharmaceutical Corp., Cl. A 58,996 1,890,232 -------------------------------------------------------------------------------------------------------------------------------- Par Pharmaceutical Cos., Inc.(1) 40,720 1,265,578 -------------------------------------------------------------------------------------------------------------------------------- Perrigo Co. 57,130 4,542,978 -------------------------------------------------------------------------------------------------------------------------------- Questcor Pharmaceuticals, Inc.(1) 146,868 2,116,368 --------------------------------------------------------------------------------------------------------------------------------
9 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS CONTINUED -------------------------------------------------------------------------------------------------------------------------------- Salix Pharmaceuticals Ltd.(1) 112,300 $ 3,933,869 -------------------------------------------------------------------------------------------------------------------------------- ViroPharma, Inc.(1) 83,960 1,670,804 -------------------------------------------------------------------------------------------------------------------------------- Warner Chilcott plc, Cl. A(1) 85,680 1,994,630 ------------ 23,399,193 -------------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS-16.8% -------------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE-1.8% AAR Corp.(1) 17,020 471,794 -------------------------------------------------------------------------------------------------------------------------------- BE Aerospace, Inc.(1) 211,258 7,505,997 -------------------------------------------------------------------------------------------------------------------------------- Ceradyne, Inc.(1) 6,010 270,931 -------------------------------------------------------------------------------------------------------------------------------- Cubic Corp. 30,500 1,753,750 -------------------------------------------------------------------------------------------------------------------------------- Ducommun, Inc. 16,110 385,029 -------------------------------------------------------------------------------------------------------------------------------- Esterline Technologies Corp.(1) 870 61,526 -------------------------------------------------------------------------------------------------------------------------------- LMI Aerospace, Inc.(1) 4,890 98,827 -------------------------------------------------------------------------------------------------------------------------------- Moog, Inc., Cl. A(1) 21,480 986,147 -------------------------------------------------------------------------------------------------------------------------------- National Presto Industries, Inc. 11,791 1,328,610 -------------------------------------------------------------------------------------------------------------------------------- Spirit Aerosystems Holdings, Inc., Cl. A(1) 166,040 4,262,247 -------------------------------------------------------------------------------------------------------------------------------- Teledyne Technologies, Inc.(1) 11,160 577,084 ------------ 17,701,942 -------------------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS-0.9% Atlas Air Worldwide Holdings, Inc.(1) 30,130 2,100,664 -------------------------------------------------------------------------------------------------------------------------------- Hub Group, Inc., Cl. A(1) 180,330 6,526,143 ------------ 8,626,807 -------------------------------------------------------------------------------------------------------------------------------- AIRLINES-1.0% Alaska Air Group, Inc.(1) 32,980 2,091,592 -------------------------------------------------------------------------------------------------------------------------------- Copa Holdings SA, Cl. A 5,670 299,376 -------------------------------------------------------------------------------------------------------------------------------- Hawaiian Holdings, Inc.(1) 169,008 1,015,738 -------------------------------------------------------------------------------------------------------------------------------- JetBlue Airways Corp.(1) 252,520 1,583,300 -------------------------------------------------------------------------------------------------------------------------------- Pinnacle Airlines Corp.(1) 34,960 201,020 -------------------------------------------------------------------------------------------------------------------------------- Republic Airways Holdings, Inc.(1) 122,310 786,453 -------------------------------------------------------------------------------------------------------------------------------- Southwest Airlines Co. 49,660 627,206 -------------------------------------------------------------------------------------------------------------------------------- Tam SA, Sponsored ADR(1) 33,390 659,119 -------------------------------------------------------------------------------------------------------------------------------- United Continental Holdings, Inc.(1) 69,740 1,603,323 -------------------------------------------------------------------------------------------------------------------------------- US Airways Group, Inc.(1) 122,330 1,065,494 ------------ 9,932,621 -------------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS-0.1% Quanex Building Products Corp. 21,000 412,230 -------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES-1.7% APAC Teleservices, Inc.(1) 32,030 192,500 -------------------------------------------------------------------------------------------------------------------------------- Avery-Dennison Corp. 12,000 503,520 -------------------------------------------------------------------------------------------------------------------------------- Brink's Co. (The) 32,310 1,069,784 -------------------------------------------------------------------------------------------------------------------------------- Consolidated Graphics, Inc.(1) 31,860 1,740,512 -------------------------------------------------------------------------------------------------------------------------------- Deluxe Corp. 101,386 2,690,784 -------------------------------------------------------------------------------------------------------------------------------- Ennis, Inc. 47,050 801,262 -------------------------------------------------------------------------------------------------------------------------------- G&K Services, Inc., Cl. A 19,610 652,033 -------------------------------------------------------------------------------------------------------------------------------- Knoll, Inc. 58,290 1,221,758 --------------------------------------------------------------------------------------------------------------------------------
10 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED -------------------------------------------------------------------------------------------------------------------------------- M&F Worldwide Corp.(1) 28,772 $ 722,753 -------------------------------------------------------------------------------------------------------------------------------- Pitney Bowes, Inc. 9,390 241,229 -------------------------------------------------------------------------------------------------------------------------------- R.R. Donnelley & Sons Co. 69,090 1,307,183 -------------------------------------------------------------------------------------------------------------------------------- Team, Inc.(1) 15,490 406,767 -------------------------------------------------------------------------------------------------------------------------------- UniFirst Corp. 15,694 831,939 -------------------------------------------------------------------------------------------------------------------------------- Waste Connections, Inc. 166,705 4,799,437 ------------ 17,181,461 -------------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING-2.5% Aecom Technology Corp.(1) 169,779 4,707,972 -------------------------------------------------------------------------------------------------------------------------------- Baker (Michael) Corp.(1) 24,733 718,988 -------------------------------------------------------------------------------------------------------------------------------- Chicago Bridge & Iron Co. NV 62,040 2,522,546 -------------------------------------------------------------------------------------------------------------------------------- Great Lakes Dredge & Dock Co. 160,060 1,221,258 -------------------------------------------------------------------------------------------------------------------------------- KBR, Inc. 241,000 9,102,570 -------------------------------------------------------------------------------------------------------------------------------- MasTec, Inc.(1) 33,120 688,896 -------------------------------------------------------------------------------------------------------------------------------- Sterling Construction Co., Inc.(1) 28,430 479,898 -------------------------------------------------------------------------------------------------------------------------------- Tutor Perini Corp. 169,643 4,132,503 -------------------------------------------------------------------------------------------------------------------------------- URS Corp.(1) 20,770 956,459 ------------ 24,531,090 -------------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT-1.6% Advanced Battery Technologies, Inc.(1) 89,240 173,126 -------------------------------------------------------------------------------------------------------------------------------- AZZ, Inc. 23,600 1,076,160 -------------------------------------------------------------------------------------------------------------------------------- Brady Corp., Cl. A 17,190 613,511 -------------------------------------------------------------------------------------------------------------------------------- Franklin Electric Co., Inc. 5,960 275,352 -------------------------------------------------------------------------------------------------------------------------------- Generac Holdings, Inc.(1) 182,680 3,706,577 -------------------------------------------------------------------------------------------------------------------------------- Hubbell, Inc., Cl. B 20,380 1,447,591 -------------------------------------------------------------------------------------------------------------------------------- Lihua International, Inc.(1) 42,950 377,101 -------------------------------------------------------------------------------------------------------------------------------- Regal-Beloit Corp. 80,350 5,932,241 -------------------------------------------------------------------------------------------------------------------------------- Thomas & Betts Corp.(1) 37,389 2,223,524 ------------ 15,825,183 -------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES-0.2% Seaboard Corp. 450 1,085,850 -------------------------------------------------------------------------------------------------------------------------------- Tredegar Corp. 55,444 1,196,482 ------------ 2,282,332 -------------------------------------------------------------------------------------------------------------------------------- MACHINERY-3.0% Alamo Group, Inc. 13,070 358,772 -------------------------------------------------------------------------------------------------------------------------------- Blount International, Inc.(1) 10,800 172,584 -------------------------------------------------------------------------------------------------------------------------------- Briggs & Stratton Corp. 67,130 1,520,495 -------------------------------------------------------------------------------------------------------------------------------- China Yuchai International Ltd.(1) 46,620 1,367,365 -------------------------------------------------------------------------------------------------------------------------------- Crane Co. 11,390 551,618 -------------------------------------------------------------------------------------------------------------------------------- Duoyuan Global Water, Inc., ADR(1) 23,810 143,574 -------------------------------------------------------------------------------------------------------------------------------- EnPro Industries, Inc.(1) 130 4,722 -------------------------------------------------------------------------------------------------------------------------------- Freightcar America, Inc.(1) 76,270 2,479,538 -------------------------------------------------------------------------------------------------------------------------------- Gardner Denver, Inc. 64,386 5,024,040 -------------------------------------------------------------------------------------------------------------------------------- L.B. Foster Co., Cl. A 1,630 70,269 -------------------------------------------------------------------------------------------------------------------------------- Mueller Industries, Inc. 14,390 526,962 -------------------------------------------------------------------------------------------------------------------------------- NACCO Industries, Inc., Cl. A 3,785 418,886 --------------------------------------------------------------------------------------------------------------------------------
11 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- MACHINERY CONTINUED -------------------------------------------------------------------------------------------------------------------------------- Navistar International Corp.(1) 10,940 $ 758,470 -------------------------------------------------------------------------------------------------------------------------------- Oshkosh Corp.(1) 55,100 1,949,438 -------------------------------------------------------------------------------------------------------------------------------- Robbins & Myers, Inc. 320 14,717 -------------------------------------------------------------------------------------------------------------------------------- Sauer-Danfoss, Inc.(1) 9,130 464,991 -------------------------------------------------------------------------------------------------------------------------------- Terex Corp.(1) 101,250 3,750,300 -------------------------------------------------------------------------------------------------------------------------------- Timken Co. 45,190 2,363,437 -------------------------------------------------------------------------------------------------------------------------------- Toro Co. (The) 33,770 2,236,249 -------------------------------------------------------------------------------------------------------------------------------- TriMas Corp.(1) 4,000 86,000 -------------------------------------------------------------------------------------------------------------------------------- Twin Disc, Inc. 1,440 46,397 -------------------------------------------------------------------------------------------------------------------------------- Wabtec Corp. 73,880 5,011,280 -------------------------------------------------------------------------------------------------------------------------------- Watts Water Technologies, Inc., Cl. A 4,430 169,182 ------------ 29,489,286 -------------------------------------------------------------------------------------------------------------------------------- MARINE-0.2% Diana Shipping, Inc.(1) 62,160 735,974 -------------------------------------------------------------------------------------------------------------------------------- Safe Bulkers, Inc. 120,970 1,095,988 ------------ 1,831,962 -------------------------------------------------------------------------------------------------------------------------------- PROFESSIONAL SERVICES-1.8% CBIZ, Inc.(1) 174,930 1,261,245 -------------------------------------------------------------------------------------------------------------------------------- Dolan Co. (The)(1) 94,190 1,143,467 -------------------------------------------------------------------------------------------------------------------------------- GP Strategies Corp.(1) 32,850 446,760 -------------------------------------------------------------------------------------------------------------------------------- Korn-Ferry International(1) 181,940 4,051,804 -------------------------------------------------------------------------------------------------------------------------------- Robert Half International, Inc. 367,800 11,254,680 ------------ 18,157,956 -------------------------------------------------------------------------------------------------------------------------------- ROAD & RAIL-1.7% Amerco(1) 17,050 1,653,850 -------------------------------------------------------------------------------------------------------------------------------- Avis Budget Group, Inc.(1) 1,110 19,880 -------------------------------------------------------------------------------------------------------------------------------- Genesee & Wyoming, Inc., Cl. A(1) 65,041 3,785,386 -------------------------------------------------------------------------------------------------------------------------------- Guangshen Railway Co. Ltd., Sponsored ADR 2,070 38,916 -------------------------------------------------------------------------------------------------------------------------------- Heartland Express, Inc. 22,240 390,534 -------------------------------------------------------------------------------------------------------------------------------- Old Dominion Freight Line, Inc.(1) 315,210 11,060,719 ------------ 16,949,285 -------------------------------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS-0.3% Aircastle Ltd. 42,150 508,751 -------------------------------------------------------------------------------------------------------------------------------- Applied Industrial Technologies, Inc. 52,760 1,754,798 -------------------------------------------------------------------------------------------------------------------------------- DXP Enterprises, Inc.(1) 14,677 338,745 -------------------------------------------------------------------------------------------------------------------------------- Fly Leasing Ltd., ADR 21,440 296,515 ------------ 2,898,809 -------------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY-15.8% -------------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT-1.8% Arris Group, Inc.(1) 92,450 1,177,813 -------------------------------------------------------------------------------------------------------------------------------- Black Box Corp. 20,715 728,132 -------------------------------------------------------------------------------------------------------------------------------- Blue Coat Systems, Inc.(1) 223,248 6,286,664 -------------------------------------------------------------------------------------------------------------------------------- Comtech Telecommunications Corp. 17,160 466,409 -------------------------------------------------------------------------------------------------------------------------------- Ituran Location & Control Ltd. 18,581 278,715 -------------------------------------------------------------------------------------------------------------------------------- Plantronics, Inc. 51,224 1,875,823 --------------------------------------------------------------------------------------------------------------------------------
12 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT CONTINUED Polycom, Inc.(1) 130,960 $ 6,790,276 ------------ 17,603,832 -------------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS-1.1% China Digital TV Holding Co. Ltd., ADR 40,220 287,171 -------------------------------------------------------------------------------------------------------------------------------- Lexmark International, Inc., Cl. A(1) 12,130 449,295 -------------------------------------------------------------------------------------------------------------------------------- Logitech International SA(1) 23,150 419,710 -------------------------------------------------------------------------------------------------------------------------------- QLogic Corp.(1) 73,990 1,372,515 -------------------------------------------------------------------------------------------------------------------------------- Synaptics, Inc.(1) 59,220 1,600,124 -------------------------------------------------------------------------------------------------------------------------------- Western Digital Corp.(1) 168,890 6,297,908 ------------ 10,426,723 -------------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS-1.4% Anixter International, Inc. 11,080 774,381 -------------------------------------------------------------------------------------------------------------------------------- AVX Corp. 111,980 1,669,622 -------------------------------------------------------------------------------------------------------------------------------- Brightpoint, Inc.(1) 23,780 257,775 -------------------------------------------------------------------------------------------------------------------------------- Celestica, Inc.(1) 41,090 440,485 -------------------------------------------------------------------------------------------------------------------------------- Coherent, Inc.(1) 15,960 927,436 -------------------------------------------------------------------------------------------------------------------------------- Dolby Laboratories, Inc., Cl. A(1) 62,967 3,098,606 -------------------------------------------------------------------------------------------------------------------------------- Insight Enterprises, Inc.(1) 94,246 1,605,009 -------------------------------------------------------------------------------------------------------------------------------- KEMET Corp.(1) 48,040 712,433 -------------------------------------------------------------------------------------------------------------------------------- Littlefuse, Inc. 9,870 563,577 -------------------------------------------------------------------------------------------------------------------------------- MTS Systems Corp. 330 15,032 -------------------------------------------------------------------------------------------------------------------------------- Multi-Fineline Electronix, Inc.(1) 37,672 1,063,104 -------------------------------------------------------------------------------------------------------------------------------- Newport Corp.(1) 5,320 94,856 -------------------------------------------------------------------------------------------------------------------------------- Power-One, Inc.(1) 59,390 519,663 -------------------------------------------------------------------------------------------------------------------------------- Vishay Intertechnology, Inc.(1) 135,230 2,398,980 ------------ 14,140,959 -------------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES-1.0% AOL, Inc.(1) 8,840 172,645 -------------------------------------------------------------------------------------------------------------------------------- EarthLink, Inc. 48,178 377,234 -------------------------------------------------------------------------------------------------------------------------------- j2 Global Communications, Inc.(1) 224,455 6,623,667 -------------------------------------------------------------------------------------------------------------------------------- Open Text Corp.(1) 24,100 1,501,912 -------------------------------------------------------------------------------------------------------------------------------- ValueClick, Inc.(1) 115,130 1,664,780 -------------------------------------------------------------------------------------------------------------------------------- Web.com Group, Inc.(1) 1,890 27,575 ------------ 10,367,813 -------------------------------------------------------------------------------------------------------------------------------- IT SERVICES-1.9% Acxiom Corp.(1) 95,030 1,363,681 -------------------------------------------------------------------------------------------------------------------------------- CACI International, Inc., Cl. A(1) 83,970 5,149,040 -------------------------------------------------------------------------------------------------------------------------------- Cardtronics, Inc.(1) 12,790 260,277 -------------------------------------------------------------------------------------------------------------------------------- CGI Group, Inc., Cl. A(1) 30,660 641,714 -------------------------------------------------------------------------------------------------------------------------------- Convergys Corp.(1) 90,167 1,294,798 -------------------------------------------------------------------------------------------------------------------------------- CSG Systems International, Inc.(1) 81,811 1,631,311 -------------------------------------------------------------------------------------------------------------------------------- DST Systems, Inc. 11,084 585,457 -------------------------------------------------------------------------------------------------------------------------------- Euronet Worldwide, Inc.(1) 6,900 133,377 -------------------------------------------------------------------------------------------------------------------------------- Global Cash Access, Inc.(1) 159,995 523,184 --------------------------------------------------------------------------------------------------------------------------------
13 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- IT SERVICES CONTINUED -------------------------------------------------------------------------------------------------------------------------------- Henry (Jack) & Associates, Inc. 4,890 $ 165,722 -------------------------------------------------------------------------------------------------------------------------------- ManTech International Corp.(1) 6,250 265,000 -------------------------------------------------------------------------------------------------------------------------------- Maximus, Inc. 21,360 1,733,791 -------------------------------------------------------------------------------------------------------------------------------- NeuStar, Inc., Cl. A(1) 115,872 2,964,006 -------------------------------------------------------------------------------------------------------------------------------- Patni Computer Systems Ltd., ADR 56,020 1,167,457 -------------------------------------------------------------------------------------------------------------------------------- Satyam Computer Services Ltd., ADR(1) 900 2,718 -------------------------------------------------------------------------------------------------------------------------------- TeleTech Holdings, Inc.(1) 42,761 828,708 -------------------------------------------------------------------------------------------------------------------------------- Unisys Corp.(1) 150 4,683 ------------ 18,714,924 -------------------------------------------------------------------------------------------------------------------------------- OFFICE ELECTRONICS-0.1% Zebra Technologies Corp., Cl. A(1) 11,840 464,602 -------------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT-5.8% Amkor Technology, Inc.(1) 103,870 700,084 -------------------------------------------------------------------------------------------------------------------------------- ASM International NV(1) 10,560 418,070 -------------------------------------------------------------------------------------------------------------------------------- Atmel Corp.(1) 29,700 404,811 -------------------------------------------------------------------------------------------------------------------------------- ATMI, Inc.(1) 20,520 387,418 -------------------------------------------------------------------------------------------------------------------------------- Avago Technologies Ltd. 12,340 383,774 -------------------------------------------------------------------------------------------------------------------------------- Brooks Automation, Inc.(1) 38,480 528,330 -------------------------------------------------------------------------------------------------------------------------------- Cabot Microelectronics Corp.(1) 25,260 1,319,835 -------------------------------------------------------------------------------------------------------------------------------- China Sunergy Co. Ltd., ADR(1) 193,300 796,396 -------------------------------------------------------------------------------------------------------------------------------- Cypress Semiconductor Corp.(1) 11,540 223,645 -------------------------------------------------------------------------------------------------------------------------------- Entegris, Inc.(1) 31,440 275,729 -------------------------------------------------------------------------------------------------------------------------------- Fairchild Semiconductor International, Inc., Cl. A(1) 151,610 2,759,302 -------------------------------------------------------------------------------------------------------------------------------- GT Solar International, Inc.(1) 221,190 2,357,885 -------------------------------------------------------------------------------------------------------------------------------- Hanwha SolarOne Co. Ltd., Sponsored ADR(1) 89,510 679,381 -------------------------------------------------------------------------------------------------------------------------------- Himax Technologies, Inc., ADR 214,960 509,455 -------------------------------------------------------------------------------------------------------------------------------- Integrated Device Technology, Inc.(1) 124,210 915,428 -------------------------------------------------------------------------------------------------------------------------------- International Rectifier Corp.(1) 22,150 732,279 -------------------------------------------------------------------------------------------------------------------------------- JA Solar Holdings Co. Ltd., ADS(1) 185,870 1,301,090 -------------------------------------------------------------------------------------------------------------------------------- Kulicke & Soffa Industries, Inc.(1) 85,690 801,202 -------------------------------------------------------------------------------------------------------------------------------- Lam Research Corp.(1) 15,860 898,628 -------------------------------------------------------------------------------------------------------------------------------- Lattice Semiconductor Corp.(1) 208,360 1,229,324 -------------------------------------------------------------------------------------------------------------------------------- LSI Corp.(1) 168,490 1,145,732 -------------------------------------------------------------------------------------------------------------------------------- Maxim Integrated Products, Inc. 60,870 1,558,272 -------------------------------------------------------------------------------------------------------------------------------- Micrel, Inc. 111,197 1,498,936 -------------------------------------------------------------------------------------------------------------------------------- Microsemi Corp.(1) 1,900 39,349 -------------------------------------------------------------------------------------------------------------------------------- MKS Instruments, Inc. 16,160 538,128 -------------------------------------------------------------------------------------------------------------------------------- Nanometrics, Inc.(1) 26,350 476,672 -------------------------------------------------------------------------------------------------------------------------------- National Semiconductor Corp. 109,100 1,564,494 -------------------------------------------------------------------------------------------------------------------------------- Netlogic Microsystems, Inc.(1) 123,070 5,171,401 -------------------------------------------------------------------------------------------------------------------------------- Novellus Systems, Inc.(1) 39,900 1,481,487 -------------------------------------------------------------------------------------------------------------------------------- ON Semiconductor Corp.(1) 111,810 1,103,565 -------------------------------------------------------------------------------------------------------------------------------- Photronics, Inc.(1) 36,640 328,661 -------------------------------------------------------------------------------------------------------------------------------- PMC-Sierra, Inc.(1) 72,750 545,625 --------------------------------------------------------------------------------------------------------------------------------
14 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED -------------------------------------------------------------------------------------------------------------------------------- RF Micro Devices, Inc.(1) 276,040 $ 1,769,416 -------------------------------------------------------------------------------------------------------------------------------- Semtech Corp.(1) 282,749 7,074,380 -------------------------------------------------------------------------------------------------------------------------------- Sigma Designs, Inc.(1) 33,250 430,588 -------------------------------------------------------------------------------------------------------------------------------- Skyworks Solutions, Inc.(1) 164,060 5,318,825 -------------------------------------------------------------------------------------------------------------------------------- Spansion, Inc., Cl. A(1) 7,090 132,370 -------------------------------------------------------------------------------------------------------------------------------- Standard Microsystems Corp.(1) 14,400 355,104 -------------------------------------------------------------------------------------------------------------------------------- Teradyne, Inc.(1) 139,650 2,487,167 -------------------------------------------------------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc.(1) 104,969 5,108,841 -------------------------------------------------------------------------------------------------------------------------------- Veeco Instruments, Inc.(1) 42,230 2,146,973 ------------ 57,898,052 -------------------------------------------------------------------------------------------------------------------------------- SOFTWARE-2.7% Actuate Corp.(1) 132,130 687,076 -------------------------------------------------------------------------------------------------------------------------------- Changyou.com Ltd., ADR(1) 40,470 1,303,134 -------------------------------------------------------------------------------------------------------------------------------- Check Point Software Technologies Ltd.(1) 101,274 5,170,038 -------------------------------------------------------------------------------------------------------------------------------- FactSet Research Systems, Inc. 63,452 6,645,328 -------------------------------------------------------------------------------------------------------------------------------- Fair Isaac Corp. 41,661 1,316,904 -------------------------------------------------------------------------------------------------------------------------------- Giant Interactive Group, Inc., ADR 60,220 448,639 -------------------------------------------------------------------------------------------------------------------------------- Manhattan Associates, Inc.(1) 57,555 1,883,200 -------------------------------------------------------------------------------------------------------------------------------- Monotype Imaging Holdings, Inc.(1) 30,770 446,165 -------------------------------------------------------------------------------------------------------------------------------- Net 1 UEPS Technologies, Inc.(1) 90,120 775,032 -------------------------------------------------------------------------------------------------------------------------------- NetScout Systems, Inc.(1) 760 20,763 -------------------------------------------------------------------------------------------------------------------------------- Shanda Games Ltd., Sponsored ADR(1) 201,980 1,282,573 -------------------------------------------------------------------------------------------------------------------------------- TIBCO Software, Inc.(1) 204,466 5,571,699 -------------------------------------------------------------------------------------------------------------------------------- Websense, Inc.(1) 45,340 1,041,460 ------------ 26,592,011 -------------------------------------------------------------------------------------------------------------------------------- MATERIALS-4.8% -------------------------------------------------------------------------------------------------------------------------------- CHEMICALS-2.1% Arch Chemicals, Inc. 810 33,688 -------------------------------------------------------------------------------------------------------------------------------- Cabot Corp. 11,980 554,554 -------------------------------------------------------------------------------------------------------------------------------- Cytec Industries, Inc. 118,416 6,438,278 -------------------------------------------------------------------------------------------------------------------------------- Eastman Chemical Co. 6,300 625,716 -------------------------------------------------------------------------------------------------------------------------------- Ferro Corp.(1) 15,090 250,343 -------------------------------------------------------------------------------------------------------------------------------- Hawkins, Inc. 25,440 1,045,075 -------------------------------------------------------------------------------------------------------------------------------- Innophos Holdings, Inc. 34,879 1,608,271 -------------------------------------------------------------------------------------------------------------------------------- Innospec, Inc.(1) 17,180 548,729 -------------------------------------------------------------------------------------------------------------------------------- KMG Chemicals, Inc. 19,860 390,448 -------------------------------------------------------------------------------------------------------------------------------- Koppers Holdings, Inc. 15,436 659,117 -------------------------------------------------------------------------------------------------------------------------------- Minerals Technologies, Inc. 24,464 1,676,273 -------------------------------------------------------------------------------------------------------------------------------- NewMarket Corp. 9,570 1,514,165 -------------------------------------------------------------------------------------------------------------------------------- OM Group, Inc.(1) 26,860 981,464 -------------------------------------------------------------------------------------------------------------------------------- PolyOne Corp. 16,420 233,328 -------------------------------------------------------------------------------------------------------------------------------- Solutia, Inc.(1) 21,450 544,830 -------------------------------------------------------------------------------------------------------------------------------- Stepan Co. 8,350 605,375 -------------------------------------------------------------------------------------------------------------------------------- TPC Group, Inc.(1) 8,100 233,847 -------------------------------------------------------------------------------------------------------------------------------- W.R. Grace & Co.(1) 46,490 1,780,102 --------------------------------------------------------------------------------------------------------------------------------
15 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- CHEMICALS CONTINUED Westlake Chemical Corp. 14,240 $ 800,288 ------------ 20,523,891 -------------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS-0.3% Eagle Materials, Inc. 113,660 3,439,352 -------------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING-1.1% Ball Corp. 12,910 462,824 -------------------------------------------------------------------------------------------------------------------------------- Bemis Co., Inc. 14,700 482,307 -------------------------------------------------------------------------------------------------------------------------------- Boise, Inc. 153,730 1,408,167 -------------------------------------------------------------------------------------------------------------------------------- Crown Holdings, Inc.(1) 250 9,645 -------------------------------------------------------------------------------------------------------------------------------- Packaging Corp. of America 224,950 6,498,806 -------------------------------------------------------------------------------------------------------------------------------- Rock-Tenn Co., Cl. A 30,109 2,088,059 ------------ 10,949,808 -------------------------------------------------------------------------------------------------------------------------------- METALS & MINING-0.6% Century Aluminum Co.(1) 13,980 261,146 -------------------------------------------------------------------------------------------------------------------------------- Compass Minerals International, Inc. 39,430 3,687,888 -------------------------------------------------------------------------------------------------------------------------------- Contango ORE, Inc.(1) 1,098 20,302 -------------------------------------------------------------------------------------------------------------------------------- Gulf Resources, Inc.(1) 8,790 54,410 -------------------------------------------------------------------------------------------------------------------------------- Redcorp Ventures Ltd., Legend Shares (1,2) 666,400 - -------------------------------------------------------------------------------------------------------------------------------- Steel Dynamics, Inc. 79,430 1,490,901 ------------ 5,514,647 -------------------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS-0.7% Buckeye Technologies, Inc. 98,330 2,677,526 -------------------------------------------------------------------------------------------------------------------------------- Domtar Corp. 22,600 2,074,228 -------------------------------------------------------------------------------------------------------------------------------- Glatfelter 77,250 1,028,970 -------------------------------------------------------------------------------------------------------------------------------- KapStone Paper & Packing Corp.(1) 53,560 919,625 -------------------------------------------------------------------------------------------------------------------------------- MeadWestvaco Corp. 24,760 750,971 ------------ 7,451,320 -------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES-0.9% -------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES-0.5% Cincinnati Bell, Inc.(1) 270,282 724,356 -------------------------------------------------------------------------------------------------------------------------------- IDT Corp., Cl. B 26,430 712,289 -------------------------------------------------------------------------------------------------------------------------------- Neutral Tandem, Inc.(1) 10,700 157,825 -------------------------------------------------------------------------------------------------------------------------------- Nortel Inversora SA, Sponsored ADR(1) 16,440 475,445 -------------------------------------------------------------------------------------------------------------------------------- Telecom Argentina SA, Sponsored ADR 39,460 978,608 -------------------------------------------------------------------------------------------------------------------------------- Telecom Corp. of New Zealand Ltd., Sponsored ADR 48,530 374,166 -------------------------------------------------------------------------------------------------------------------------------- Tim Participacoes SA, ADR(1) 18,670 814,946 -------------------------------------------------------------------------------------------------------------------------------- Vonage Holdings Corp.(1) 229,470 1,046,383 ------------ 5,284,018 -------------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES-0.4% Cellcom Israel Ltd. 43,650 1,445,688 -------------------------------------------------------------------------------------------------------------------------------- NTELOS Holdings Corp. 28,508 524,832 -------------------------------------------------------------------------------------------------------------------------------- USA Mobility, Inc. 94,032 1,362,524 ------------ 3,333,044 -------------------------------------------------------------------------------------------------------------------------------- UTILITIES-4.5% -------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES-1.3% Companhia Energetica de Minas Gerais, Sponsored ADR(1) 65,820 1,268,351 --------------------------------------------------------------------------------------------------------------------------------
16 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES CONTINUED -------------------------------------------------------------------------------------------------------------------------------- Companhia Paranaense de Energia-Copel, Sponsored A DR 71,071 $ 1,975,063 -------------------------------------------------------------------------------------------------------------------------------- DPL, Inc. 26,600 729,106 -------------------------------------------------------------------------------------------------------------------------------- El Paso Electric Co.(1) 54,970 1,671,088 -------------------------------------------------------------------------------------------------------------------------------- Empresa Distribuidora y Comercializadora Norte SA, ADR(1) 33,600 351,792 -------------------------------------------------------------------------------------------------------------------------------- NV Energy, Inc. 100,250 1,492,723 -------------------------------------------------------------------------------------------------------------------------------- UniSource Energy Corp. 29,690 1,072,700 -------------------------------------------------------------------------------------------------------------------------------- Westar Energy, Inc. 155,940 4,119,935 ------------ 12,680,758 -------------------------------------------------------------------------------------------------------------------------------- ENERGY TRADERS-1.1% AES Corp. (The)(1) 840,660 10,928,580 -------------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES-1.2% Atmos Energy Corp. 52,560 1,792,296 -------------------------------------------------------------------------------------------------------------------------------- Chesapeake Utilities Corp. 6,260 260,541 -------------------------------------------------------------------------------------------------------------------------------- Southwest Gas Corp. 48,120 1,875,236 -------------------------------------------------------------------------------------------------------------------------------- UGI Corp. 248,440 8,173,676 ------------ 12,101,749 -------------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES-0.7% Alliant Energy Corp. 29,410 1,144,931 -------------------------------------------------------------------------------------------------------------------------------- CMS Energy Corp. 104,320 2,048,845 -------------------------------------------------------------------------------------------------------------------------------- Integrys Energy Group, Inc. 23,690 1,196,582 -------------------------------------------------------------------------------------------------------------------------------- Teco Energy, Inc. 109,600 2,056,096 -------------------------------------------------------------------------------------------------------------------------------- Vectren Corp. 5,540 150,688 ------------ 6,597,142 -------------------------------------------------------------------------------------------------------------------------------- WATER UTILITIES-0.2% Aqua America, Inc. 108,450 2,482,421 ------------ Total Common Stocks (Cost $709,154,502) 964,411,830 -------------------------------------------------------------------------------------------------------------------------------- INVESTMENT COMPANIES-3.7% Ares Capital Corp. 530,560 8,966,464 -------------------------------------------------------------------------------------------------------------------------------- BlackRock Kelso Capital Corp. 102,170 1,034,982 -------------------------------------------------------------------------------------------------------------------------------- Gladstone Capital Corp. 83,658 946,172 -------------------------------------------------------------------------------------------------------------------------------- Hercules Technology Growth Capital, Inc. 19,377 213,147 -------------------------------------------------------------------------------------------------------------------------------- JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(3,4) 189,638 189,638 -------------------------------------------------------------------------------------------------------------------------------- MCG Capital Corp. 100,570 653,705 -------------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 0.20%(4,5) 24,135,823 24,135,823 -------------------------------------------------------------------------------------------------------------------------------- TICC Capital Corp. 64,870 705,116 -------------- Total Investment Companies (Cost $34,707,718) 36,845,047 -------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $743,862,220) 101.1% 1,001,256,877 -------------------------------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (1.1) (10,863,420) ------------------------------------ Net Assets 100.0% $ 990,393,457 ====================================
Footnotes to Statement of Investments ----------------- 1. Non-income producing security. 17 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 2. Restricted security. The aggregate value of restricted securities as of March 31, 2011 was $0. See accompanying Notes. Information concerning restricted securities is as follows:
ACQUISITIO UNREALIZED SECURITY DATE COST VALUE DEPRECIATION --------------------------------------------------------------------- Redcorp Ventures Ltd., Legend Shares 6/27/07 $311,300 $ - $ 311,300
3. Interest rate is less than 0.0005%. 4. Rate shown is the 7-day yield as of March 31, 2011. 5. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2011, 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 MARCH 31, 2010 ADDITIONS REDUCTIONS 2011 ------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 13,940,550 56,934,240 46,738,967 24,135,823
VALUE INCOME --------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $24,135,823 $ 6,593
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 or liability (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 or liability). The table below categorizes amounts as of March 31, 2011 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 $ 144,992,934 $ - $ - $144,992,934 Consumer Staples 26,097,595 - - 26,097,595 Energy 54,255,373 - - 54,255,373 Financials 200,317,118 - - 200,317,118 Health Care 115,432,175 - 25 115,432,200 Industrials 165,820,964 - - 165,820,964 Information Technology 156,208,916 - - 156,208,916 Materials 47,879,018 - - 47,879,018 Telecommunication Services 8,617,062 - - 8,617,062 Utilities 44,790,650 - - 44,790,650 Investment Companies 36,845,047 - - 36,845,047 ----------------------------------------------------------------------------------- Total Assets $1,001,256,852 $ - $ 25 $1,001,256,877 -----------------------------------------------------------------------------------
18 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. See the accompanying Notes for further discussion of the methods used in determining value of the Fund's investments, and a summary of changes to the valuation methodologies, if any, during the reporting period. NOTES TO STATEMENT OF INVESTMENTS Effective April 29, 2011, the Fund changed its name to Oppenheimer Main Street Small- & Mid- Cap Fund/VA from Oppenheimer Main Street Small Cap Fund/VA. SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," observable market inputs other than unadjusted quoted prices 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 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 current price quotation obtained from an independent pricing service or broker-dealer, 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 19 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Main Street Small- & Mid- Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 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. RESTRICTED SECURITIES As of March 31, 2011, 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 March 31, 2011 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 $752,440,666 ============= Gross unrealized appreciation $259,334,909 Gross unrealized depreciation (10,518,698) ------------- Net unrealized appreciation $ 248,816,211 =============
20 | Oppenheimer Main Street Small- & Mid-Cap Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Final Legal Maturity Maturity Principal Date* Date** Amount Value ----------------------------------------------------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT-27.8% ----------------------------------------------------------------------------------------------------------------------------- YANKEE CERTIFICATES OF DEPOSIT-27.8% Barclays Bank plc, New York: 0.65% (1) 4/19/11 7/19/11 $4,000,000 $4,000,000 0.71% 5/17/11 5/17/11 2,000,000 2,001,132 ----------------------------------------------------------------------------------------------------------------------------- BNP Paribas, New York: 0.49% (1) 5/16/11 8/15/11 2,700,000 2,700,000 0.50% 6/30/11 6/30/11 1,000,000 1,000,000 ----------------------------------------------------------------------------------------------------------------------------- Nordea Bank Finland plc, New York, 0.30% 4/15/11 4/15/11 2,000,000 2,000,000 ----------------------------------------------------------------------------------------------------------------------------- Rabobank Nederland NV, New York: 0.30% (1) 4/29/11 7/29/11 2,000,000 2,000,000 0.33% (1) 4/12/11 5/12/11 3,000,000 3,000,000 0.35% (1) 4/26/11 6/27/11 2,000,000 2,000,000 ----------------------------------------------------------------------------------------------------------------------------- Royal Bank of Canada, New York: 0.31% (1) 4/1/11 11/10/11 3,500,000 3,500,000 0.33% (1) 4/1/11 8/16/11 3,000,000 3,000,000 ----------------------------------------------------------------------------------------------------------------------------- Skandinaviska Enskilda Banken, New York, 0.35% 5/9/11 5/9/11 4,000,000 4,000,000 ----------------------------------------------------------------------------------------------------------------------------- Svenska Handelsbanken, New York, 0.28% 6/10/11 6/10/11 4,300,000 4,300,042 ----------------------------------------------------------------------------------------------------------------------------- Toronto Dominion Bank, New York, 0.34% (1) 4/12/11 1/12/12 1,000,000 1,000,000 ----------------------------------------------------------------------------------------------------------------------------- UBS AG, Stamford CT: 0.29% 5/26/11 5/26/11 3,100,000 3,100,000 0.30% 5/26/11 5/26/11 2,000,000 2,000,061 ------------------- Total Certificates of Deposit (Cost $39,601,235) 39,601,235 ----------------------------------------------------------------------------------------------------------------------------- DIRECT BANK OBLIGATIONS-18.3% Commonwealth Bank of Australia: 0.27% (2) 7/11/11 7/11/11 1,000,000 999,243 0.28% (2) 4/27/11 4/27/11 1,650,000 1,649,666 ----------------------------------------------------------------------------------------------------------------------------- Credit Agricole North America, Inc.: 0.25% 4/29/11 4/29/11 2,000,000 1,999,611 0.26% 4/4/11 4/4/11 3,500,000 3,499,924 ----------------------------------------------------------------------------------------------------------------------------- ING (US) Funding LLC, 0.27% 6/16/11 6/16/11 2,000,000 1,998,860 ----------------------------------------------------------------------------------------------------------------------------- Nordea North America, Inc., 0.36% 7/26/11 7/26/11 2,000,000 1,997,680 ----------------------------------------------------------------------------------------------------------------------------- Societe Generale North America, Inc.: 0.25% 4/8/11 4/8/11 1,000,000 999,951 0.34% 4/1/11 4/1/11 4,000,000 4,000,000 ----------------------------------------------------------------------------------------------------------------------------- Svenska Handelsbanken, Inc., 0.30% (2) 6/9/11 6/9/11 2,000,000 1,998,869 ----------------------------------------------------------------------------------------------------------------------------- Swedbank AB: 0.34% 6/1/11 6/1/11 2,580,000 2,578,514 0.43% 5/4/11 5/4/11 2,300,000 2,299,093 0.43% 5/9/11 5/9/11 2,000,000 1,999,092 ------------------- Total Direct Bank Obligations (Cost $26,020,503) 26,020,503 ----------------------------------------------------------------------------------------------------------------------------- SHORT-TERM NOTES-47.4% ----------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS-2.3% BNP Paribas Finance, Inc., 0.46% 6/17/11 6/17/11 3,300,000 3,296,753 ----------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES-2.8% Electricite De France, 0.22% (2) 4/7/11 4/7/11 4,000,000 3,999,838
1 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Final Legal Maturity Maturity Principal Date* Date** Amount Value ---------------------------------------------------------------------------------------------------------------------------------- LEASING & FACTORING-5.1% Toyota Motor Credit Corp.: 0.33% 4/5/11 4/5/11 $5,000,000 $ 4,999,817 0.35% 4/12/11 4/12/11 2,250,000 2,249,759 ------------- 7,249,576 ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL-15.4% Carroll Cnty., KY Solid Waste Disposal Revenue Bonds, North American Stainless Project, Series 2006, 0.29% (1) 4/7/11 4/7/11 4,300,000 4,300,000 ---------------------------------------------------------------------------------------------------------------------------------- Chicago, IL Industrial Development Revenue Bonds, Freedman Seating Co. Project, Series 1998, 0.41% (1) 4/7/11 4/7/11 1,275,000 1,275,000 ---------------------------------------------------------------------------------------------------------------------------------- Cobb Cnty., GA Development Authority Revenue Bonds, Presbyterian Village-Austell, Inc., 0.34% (1) 4/7/11 4/7/11 3,005,000 3,005,000 ---------------------------------------------------------------------------------------------------------------------------------- Health Care Revenue Bonds, SFO Associates Project, Series 1994, 0.32% (1) 4/7/11 4/7/11 1,900,000 1,900,000 ---------------------------------------------------------------------------------------------------------------------------------- IL Finance Authority, Freedman Seating Co. Project, Series 2005, 0.41% (1) 4/7/11 4/7/11 1,085,000 1,085,000 ---------------------------------------------------------------------------------------------------------------------------------- IN Health Facilities Financing Authority Hospital Revenue Bonds, Deaconess Hospital Obligation Project, Series 2004B, 0.25% (1) 4/7/11 4/7/11 4,025,000 4,025,000 ---------------------------------------------------------------------------------------------------------------------------------- Miami-Dade Cnty., FL Industrial Development Authority Bonds, Airbus Service Co., Inc. Project, Series 98, 0.29% (1) 4/7/11 4/7/11 1,000,000 1,000,000 ---------------------------------------------------------------------------------------------------------------------------------- San Antonio, TX Industrial Development Authority Revenue Bonds, Tindall Corp. Project, 0.36% (1) 4/7/11 4/7/11 3,200,000 3,200,000 ---------------------------------------------------------------------------------------------------------------------------------- St. Paul, MN Port Authority Revenue Refunding Bonds, Series 2009-12EE, 0.28% (1) 4/7/11 4/7/11 1,150,000 1,150,000 ---------------------------------------------------------------------------------------------------------------------------------- Valdosta-Lowndes Cnty., GA Industrial Authority, Steeda Autosports, Inc. Project, Series 2008, 0.46% (1) 4/7/11 4/7/11 880,000 880,000 ------------- 21,820,000 ---------------------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS-3.9% Reckitt Benckiser Treasury Services plc: 0.40% (2) 7/11/11 7/11/11 2,500,000 2,497,194 0.43% (2) 9/1/11 9/1/11 1,000,000 998,173 0.43% (2) 9/8/11 9/8/11 2,000,000 1,996,178 ------------- 5,491,545 ---------------------------------------------------------------------------------------------------------------------------------- RECEIVABLES FINANCE-7.4% Barton Capital Corp., 0.23% (2) 4/11/11 4/11/11 2,690,000 2,689,828 --------------------------------------------------------------------------------------------------------------------------------- Chariot Funding LLC, 0.18% (2) 4/20/11 4/20/11 1,000,000 999,905 ---------------------------------------------------------------------------------------------------------------------------------- Mont Blanc Capital Corp.: 0.13% (2) 4/1/11 4/1/11 1,800,000 1,800,000 0.26% (2) 4/11/11 4/11/11 2,190,000 2,189,848
2 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Final Legal Maturity Maturity Principal Date* Date** Amount Value ---------------------------------------------------------------------------------------------------------------------------------- 0.26% (2) 4/26/11 4/26/11 $1,800,000 $ 1,799,675 0.29% (2) 6/20/11 6/20/11 1,000,000 999,356 ------------- 10,478,612 ---------------------------------------------------------------------------------------------------------------------------------- SPECIAL PURPOSE FINANCIAL-10.5% Crown Point Capital Co.: 0.32% 5/3/11 5/3/11 1,000,000 999,716 0.32% 5/10/11 5/10/11 3,000,000 2,998,960 ---------------------------------------------------------------------------------------------------------------------------------- FCAR Owner Trust I, 0.29% 6/2/11 6/2/11 2,000,000 1,999,001 ---------------------------------------------------------------------------------------------------------------------------------- FCAR Owner Trust II, 0.26% 4/14/11 4/14/11 2,000,000 1,999,812 ---------------------------------------------------------------------------------------------------------------------------------- Lexington Parker Capital Co. LLC: 0.32% (2) 5/4/11 5/4/11 5,000,000 4,998,533 0.32% (2) 5/5/11 5/5/11 2,000,000 1,999,396 ------------- 14,995,418 ------------- Total Short-Term Notes (Cost $67,331,742) 67,331,742 ---------------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS-6.4% U.S. Treasury Nts.: 0.88% 4/30/11 4/30/11 1,000,000 1,000,271 1.13% 12/15/11 12/15/11 3,000,000 3,016,452 1.38% 2/15/12 2/15/12 2,000,000 2,018,303 4.50% 3/31/12 3/31/12 1,000,000 1,041,499 4.88% 7/31/11 7/31/11 1,000,000 1,014,912 5.13% 6/30/11 6/30/11 1,000,000 1,011,599 ------------- Total U.S. Government Obligations (Cost $9,103,036) 9,103,036 ---------------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $142,056,516) 99.9% 142,056,516 ---------------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.1 100,768 -------------------------- NET ASSETS 100.0% $ 142,157,284 ==========================
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. ---------- * The Maturity Date represents the date used to calculate the Fund's weighted average maturity as determined under Rule 2a-7. ** If different from the Maturity Date, the Final Legal Maturity Date includes any maturity date extensions which may be affected at the option of the issuer or unconditional payments of principal by the issuer which may be affected at the option of the Fund, and represents the date used to calculate the Fund's weighted average life. 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 $31,615,702 or 22.24% 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 March 31, 2011 (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 or liability (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 or liability). The table below categorizes amounts as of March 31, 2011 based on valuation input level:
LEVEL 2- LEVEL 1- OTHER LEVEL 3- UNADJUSTED SIGNIFICANT SIGNIFICANT QUOTED OBSERVABLE UNOBSERVABLE PRICES INPUTS INPUTS VALUE ------------------------------------------------------------------------------------------- ASSETS TABLE INVESTMENTS, AT VALUE: Certificates of Deposit $ - $ 39,601,235 $ - $ 39,601,235 Direct Bank Obligations - 26,020,503 - 26,020,503 Short-Term Notes - 67,331,742 - 67,331,742 U.S. Government Obligations - 9,103,036 - 9,103,036 ------------------------------------------------------------ Total Assets $ - $142,056,516 $ - $142,056,516 ------------------------------------------------------------
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," observable market inputs other than unadjusted quoted prices 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 current price quotation obtained from an independent pricing service or broker-dealer, 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 4 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. 5 | Oppenheimer Money Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES-1.6% Ally Auto Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A4, 2.09%, 5/15/15 $ 115,000 $ 116,069 -------------------------------------------------------------------------------------------------------------------------------- Ally Auto Receivables Trust 2010-4, Automobile Receivables Nts., Series 2010-4, Cl. A3, 0.91%, 11/17/14 140,000 139,495 -------------------------------------------------------------------------------------------------------------------------------- Ally Master Owner Trust, Asset-Backed Nts., Series 2011-1, Cl. A2, 2.15%, 1/15/16 845,000 845,697 -------------------------------------------------------------------------------------------------------------------------------- AmeriCredit Automobile Receivables Trust 2010-4, Automobile Receivables-Backed Nts., Series 2010-4, Cl. A3, 1.27%, 4/8/15 230,000 229,747 -------------------------------------------------------------------------------------------------------------------------------- AmeriCredit Prime Automobile Receivables Trust 2007-1, Automobile Receivables Nts., Series 2007-1, Cl. D, 5.62%, 9/8/14 1,319,000 1,354,936 -------------------------------------------------------------------------------------------------------------------------------- AmeriCredit Prime Automobile Receivables Trust 2010-1, Automobile Receivables Nts., Series 2010-1, Cl. A2, 0.97%, 1/15/13 255,651 255,738 -------------------------------------------------------------------------------------------------------------------------------- Argent Securities Trust 2004-W8, Asset-Backed Pass- Through Certificates, Series 2004-W8, Cl. A2, 1.21%, 5/25/34(1) 924,857 821,132 -------------------------------------------------------------------------------------------------------------------------------- Argent Securities Trust 2006-M3, Asset-Backed Pass- Through Certificates, Series 2006-M3, Cl. A2B, 0.35%, 9/25/36(1) 362,353 128,365 -------------------------------------------------------------------------------------------------------------------------------- Bank of America Auto Trust 2010-2, Automobile Receivables, Series 2010-2, Cl. A4, 1.94%, 6/15/17 60,000 60,603 -------------------------------------------------------------------------------------------------------------------------------- Capital Auto Receivables Asset Trust 2007-1, Automobile Asset-Backed Securities, Series 2007-1, Cl. B, 5.15%, 9/17/12 262,000 269,040 -------------------------------------------------------------------------------------------------------------------------------- Capital One Auto Finance Trust, Automobile Receivables, Series 2006-C, Cl. A4, 0.285%, 5/15/13(1) 506,439 504,795 -------------------------------------------------------------------------------------------------------------------------------- Citibank Omni Master Trust, Credit Card Receivables: Series 2009-A13, Cl. A13, 5.35%, 8/15/18(2) 535,000 582,598 Series 2009-A17, Cl. A17, 4.90%, 11/15/18(2) 535,000 572,690 Series 2009-A8, Cl. A8, 2.355%, 5/16/16(1,2) 205,000 208,155 -------------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2006-WFH3, Asset- Backed Pass-Through Certificates, Series 2006-WFH3, Cl. A2, 0.35%, 10/25/36(1) 7,502 7,495 -------------------------------------------------------------------------------------------------------------------------------- CNH Equipment Trust, Asset-Backed Certificates, Series 2009-B, Cl. A3, 2.97%, 3/15/13 57,776 57,831 -------------------------------------------------------------------------------------------------------------------------------- Countrywide Home Loans, Asset-Backed Certificates: Series 2005-16, Cl. 2AF2, 5.382%, 5/1/36 1,102,441 922,541 Series 2005-17, Cl. 1AF2, 5.363%, 5/1/36 151,712 123,043 -------------------------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2006-25, Asset- Backed Certificates, Series 2006-25, Cl. 2A2, 0.37%, 6/25/47(1) 5,320,000 4,929,839 -------------------------------------------------------------------------------------------------------------------------------- CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates: Series 2005-G, Cl. 2A, 0.485%, 12/15/35(1) 186,093 104,301 Series 2006-H, Cl. 2A1A, 0.405%, 11/15/36(1) 70,941 27,524 -------------------------------------------------------------------------------------------------------------------------------- DSC Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2011-1, Cl. A, 3.91%, 3/15/16 520,000 520,000 -------------------------------------------------------------------------------------------------------------------------------- DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/15/15(3) 720,000 719,777 -------------------------------------------------------------------------------------------------------------------------------- Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 0.656%, 8/15/25(3,4) 1,820,063 - --------------------------------------------------------------------------------------------------------------------------------
1 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 0.34%, 7/25/36(1) $ 73,153 $ 72,370 -------------------------------------------------------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.36%, 6/25/36(1) 43,536 43,313 -------------------------------------------------------------------------------------------------------------------------------- First Investors Auto Owner Trust 2011-1, Automobile Receivable Nts., Series 2011-1, Cl. A2, 1.47%, 3/16/15 605,000 604,982 -------------------------------------------------------------------------------------------------------------------------------- Ford Credit Auto Lease Trust, Automobile Receivable Nts., Series 2010-B, Cl. A2, 0.75%, 10/15/12(2) 620,000 620,211 -------------------------------------------------------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Receivable Nts., Series 2010-A, Cl. A4, 2.15%, 6/15/15 1,635,000 1,659,818 -------------------------------------------------------------------------------------------------------------------------------- Ford Credit Floorplan Master Owner Trust 2011-1, Asset-Backed Nts., Series 2011-1, Cl. A1, 2.12%, 2/15/16 625,000 626,436 -------------------------------------------------------------------------------------------------------------------------------- GE Capital Credit Card Master Note Trust, Asset-Backed Nts., Series 2009-2, Cl. A, 3.69%, 7/15/15 1,140,000 1,180,673 -------------------------------------------------------------------------------------------------------------------------------- GMAC Mortgage Servicer Advance Funding Ltd., Asset- Backed Nts., Series 2011-1A, Cl. A, 3.72%, 2/15/23(3) 580,000 583,033 -------------------------------------------------------------------------------------------------------------------------------- Harley-Davidson Motorcycle Trust 2010-1, Motorcycle Contract-Backed Nts., Series 2010-1, Cl. A3, 1.16%, 2/15/15 430,000 429,628 -------------------------------------------------------------------------------------------------------------------------------- Hertz Vehicle Financing LLC, Automobile Receivable Nts., Series 2010-1A, Cl. A1, 2.60%, 2/25/15(2) 310,000 314,334 -------------------------------------------------------------------------------------------------------------------------------- Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.863%, 6/1/35 1,046,000 551,375 -------------------------------------------------------------------------------------------------------------------------------- HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.514%, 1/20/35(1) 178,383 171,717 -------------------------------------------------------------------------------------------------------------------------------- HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.364%, 3/20/36(1) 105,093 104,764 -------------------------------------------------------------------------------------------------------------------------------- Hyundai Auto Receivables Trust 2010-A, Automobile Receivable Nts., Series 2010-A, Cl. A3, 1.50%, 10/15/14 625,000 630,680 -------------------------------------------------------------------------------------------------------------------------------- Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts.: Series 2007-1A, Cl. B, 2.165%, 8/15/22(1,3) 7,870,000 5,272,900 Series 2007-1A, Cl. C, 3.465%, 8/15/22(1,3) 5,270,000 3,372,800 Series 2007-1A, Cl. D, 5.465%, 8/15/22(1,3) 5,270,000 3,162,000 -------------------------------------------------------------------------------------------------------------------------------- Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.35%, 8/25/36(1) 1,239,537 464,187 -------------------------------------------------------------------------------------------------------------------------------- NC Finance Trust, Collateralized Mtg. Obligation Pass- Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29(3,4) 66,744 6,007 -------------------------------------------------------------------------------------------------------------------------------- Nissan Auto Lease Trust 2010-B, Automobile Asset- Backed Nts., Series 2010-B, Cl. A3, 1.12%, 12/15/13 550,000 550,545 -------------------------------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/1/36 213,357 193,832 -------------------------------------------------------------------------------------------------------------------------------- RASC Series 2006-KS7 Trust,, Home Equity Mtg. Asset- Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.35%, 9/25/36(1) 114,311 113,598 -------------------------------------------------------------------------------------------------------------------------------- Santander Drive Auto Receivables Trust 2010-3, Automobile Receivables Nts., Series 2010-3, Cl. A3, 1.20%, 6/16/14 340,000 340,754 --------------------------------------------------------------------------------------------------------------------------------
2 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17(3) $ 243,356 $ 243,502 -------------------------------------------------------------------------------------------------------------------------------- SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 0.71%, 6/15/39(1) 2,487,000 1,153,305 -------------------------------------------------------------------------------------------------------------------------------- Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 4.50%, 5/1/37(1,2,19) 179,364 53,961 -------------------------------------------------------------------------------------------------------------------------------- Toyota Auto Receivable Owner Trust 2010-B, Automobile Receivable Nts., Series 2010-B, Cl. A2, 0.74%, 7/16/12 690,000 690,676 -------------------------------------------------------------------------------------------------------------------------------- Volkswagen Auto Lease Trust 2010-A, Automobile Receivable Nts., Series 2010-A, Cl. A3, 0.99%, 11/20/13 545,000 544,635 -------------------------------------------------------------------------------------------------------------------------------- World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2009-A, Cl. A, 4.60%, 9/15/15 515,000 525,572 ----------- Total Asset-Backed Securities (Cost $46,674,216) 37,783,019 -------------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS-20.1% -------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY-7.3% -------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/FHLB/SPONSORED-7.0% Federal Home Loan Mortgage Corp.: 5%, 9/15/33 1,846,575 1,940,975 5.50%, 9/1/39 1,617,287 1,726,929 6%, 5/15/18-10/15/29 945,342 1,036,757 6%, 4/1/41(5) 4,455,000 4,839,939 6.50%, 3/15/18-8/15/32 2,063,452 2,294,400 7%, 10/1/31-10/1/37 537,724 615,544 7.50%, 1/1/32 802,911 930,032 -------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1360, Cl. PZ, 7.50%, 9/15/22 955,542 1,074,170 Series 151, Cl. F, 9%, 5/15/21 25,801 29,330 Series 1674, Cl. Z, 6.75%, 2/15/24 762,160 842,699 Series 1897, Cl. K, 7%, 9/15/26 1,727,343 1,921,920 Series 2006-11, Cl. PS, 23.652%, 3/25/36(1) 521,597 739,068 Series 2043, Cl. ZP, 6.50%, 4/15/28 645,852 666,072 Series 2106, Cl. FG, 0.705%, 12/15/28(1) 1,214,612 1,217,637 Series 2122, Cl. F, 0.705%, 2/15/29(1) 36,263 36,322 Series 2148, Cl. ZA, 6%, 4/15/29 1,026,787 1,104,333 Series 2195, Cl. LH, 6.50%, 10/15/29 527,121 595,671 Series 2326, Cl. ZP, 6.50%, 6/15/31 74,255 86,268 Series 2344, Cl. FP, 1.205%, 8/15/31(1) 360,855 365,349 Series 2368, Cl. PR, 6.50%, 10/15/31 295,821 322,273 Series 2412, Cl. GF, 1.205%, 2/15/32(1) 709,613 719,627 Series 2449, Cl. FL, 0.805%, 1/15/32(1) 461,082 463,912 Series 2451, Cl. FD, 1.255%, 3/15/32(1) 239,038 242,576 Series 2453, Cl. BD, 6%, 5/15/17 115,684 124,232 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,089,844 1,206,675 Series 2464, Cl. FI, 1.255%, 2/15/32(1) 227,807 230,812 Series 2470, Cl. AF, 1.255%, 3/15/32(1) 410,130 418,432 Series 2470, Cl. LF, 1.255%, 2/15/32(1) 233,128 236,883 Series 2471, Cl. FD, 1.255%, 3/15/32(1) 362,732 368,269 Series 2477, Cl. FZ, 0.805%, 6/15/31(1) 922,673 927,828
3 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Series 2500, Cl. FD, 0.755%, 3/15/32(1) $ 28,713 $ 28,839 Series 2517, Cl. GF, 1.255%, 2/15/32(1) 202,693 205,898 Series 2526, Cl. FE, 0.655%, 6/15/29(1) 55,734 55,856 Series 2551, Cl. FD, 0.655%, 1/15/33(1) 26,398 26,459 Series 2676, Cl. KY, 5%, 9/15/23 3,843,000 4,139,057 Series 2750, Cl. XG, 5%, 2/1/34 6,037,000 6,338,042 Series 2907, Cl. GC, 5%, 6/1/27 743,470 750,226 Series 3019, Cl. MD, 4.75%, 1/1/31 874,053 895,229 Series 3025, Cl. SJ, 23.815%, 8/15/35(1) 594,717 806,690 Series 3094, Cl. HS, 23.448%, 6/15/34(1) 340,226 458,146 -------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 192, Cl. IO, 14.375%, 2/1/28(6) 26,776 5,429 Series 205, Cl. IO, 11.492%, 9/1/29(6) 135,711 29,036 Series 2074, Cl. S, 62.022%, 7/17/28(6) 36,435 7,059 Series 2079, Cl. S, 76.895%, 7/17/28(6) 61,631 11,865 Series 2136, Cl. SG, 83.761%, 3/15/29(6) 1,671,505 356,197 Series 2399, Cl. SG, 76.769%, 12/15/26(6) 969,856 168,465 Series 243, Cl. 6, 5.285%, 12/15/32(6) 393,542 86,092 Series 2437, Cl. SB, 90.377%, 4/15/32(6) 2,883,078 583,835 Series 2526, Cl. SE, 40.295%, 6/15/29(6) 69,973 13,155 Series 2802, Cl. AS, 83.827%, 4/15/33(6) 455,532 42,415 Series 2920, Cl. S, 66.353%, 1/15/35(6) 615,721 101,308 Series 3110, Cl. SL, 17.819%, 2/15/26(6) 374,900 44,794 Series 3451, Cl. SB, 25.903%, 5/15/38(6) 1,189,870 135,448 -------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 3.50%, 4/1/26(5) 7,190,000 7,210,218 4%, 4/1/26-4/1/41(5) 4,935,000 4,870,448 4.002%, 10/1/36(1) 4,997,787 5,247,990 4.50%, 4/1/26-4/1/41(5) 19,055,000 19,509,705 5%, 11/25/21-7/25/33 2,645,247 2,793,698 5%, 4/1/41(5) 10,855,000 11,357,044 5.50%, 4/25/21-1/1/36 1,040,657 1,121,418 5.50%, 4/1/26-4/1/41(5) 21,013,000 22,488,518 6%, 10/25/16-1/25/19 613,880 669,678 6%, 4/1/40(5) 12,945,000 14,079,707 6.50%, 4/25/17-1/1/34 2,666,623 3,018,860 7%, 11/1/17-6/25/34 2,766,667 3,190,848 7.50%, 2/25/27-3/25/33 3,016,511 3,498,647 8.50%, 7/1/32 3,173 3,614 -------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Trust 1999-54, Cl. LH, 6.50%, 11/25/29 521,222 571,617 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 283,661 319,851 Trust 2001-69, Cl. PF, 1.25%, 12/25/31(1) 533,267 543,730 Trust 2001-80, Cl. ZB, 6%, 1/25/32 613,621 675,241 Trust 2002-12, Cl. PG, 6%, 3/25/17 372,932 401,770 Trust 2002-29, Cl. F, 1.25%, 4/25/32(1) 265,241 270,479
4 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Trust 2002-60, Cl. FH, 1.25%, 8/25/32(1) $ 544,107 $ 553,306 Trust 2002-64, Cl. FJ, 1.25%, 4/25/32(1) 81,676 83,289 Trust 2002-68, Cl. FH, 0.754%, 10/18/32(1) 187,203 188,308 Trust 2002-84, Cl. FB, 1.25%, 12/25/32(1) 1,100,070 1,121,869 Trust 2002-9, Cl. PC, 6%, 3/25/17 376,152 409,019 Trust 2002-9, Cl. PR, 6%, 3/25/17 460,580 496,235 Trust 2002-90, Cl. FH, 0.75%, 9/25/32(1) 615,492 619,200 Trust 2003-11, Cl. FA, 1.25%, 9/25/32(1) 1,100,095 1,121,894 Trust 2003-116, Cl. FA, 0.65%, 11/25/33(1) 82,699 82,901 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,786,037 1,899,574 Trust 2005-109, Cl. AH, 5.50%, 12/25/25 2,160,000 2,348,209 Trust 2005-12, Cl. JC, 5%, 6/1/28 914,516 934,055 Trust 2005-25, Cl. PS, 27.062%, 4/25/35(1) 545,596 842,188 Trust 2005-31, Cl. PB, 5.50%, 4/25/35 560,000 618,167 Trust 2005-71, Cl. DB, 4.50%, 8/25/25 480,000 510,141 Trust 2006-46, Cl. SW, 23.284%, 6/25/36(1) 905,661 1,231,796 Trust 2009-36, Cl. FA, 1.19%, 6/25/37(1) 452,238 459,023 Trust 2011-15, Cl. DA, 4%, 3/1/41 1,169,763 1,223,787 -------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 49.529%, 11/18/31(6) 305,228 51,005 Trust 2001-63, Cl. SD, 41.646%, 12/18/31(6) 73,082 11,889 Trust 2001-68, Cl. SC, 35.528%, 11/25/31(6) 48,495 8,024 Trust 2001-81, Cl. S, 40.969%, 1/25/32(6) 61,555 11,088 Trust 2002-28, Cl. SA, 43.335%, 4/25/32(6) 37,164 7,884 Trust 2002-38, Cl. SO, 61.001%, 4/25/32(6) 200,065 34,551 Trust 2002-48, Cl. S, 40.122%, 7/25/32(6) 58,742 10,707 Trust 2002-52, Cl. SL, 41.35%, 9/25/32(6) 37,344 6,929 Trust 2002-56, Cl. SN, 42.599%, 7/25/32(6) 80,720 14,810 Trust 2002-77, Cl. IS, 52.93%, 12/18/32(6) 340,852 64,330 Trust 2002-77, Cl. SH, 48.891%, 12/18/32(6) 85,245 16,031 Trust 2002-9, Cl. MS, 39.178%, 3/25/32(6) 78,114 14,562 Trust 2003-13, Cl. IO, 14.169%, 3/25/33(6) 638,733 137,580 Trust 2003-26, Cl. DI, 11.612%, 4/25/33(6) 463,489 97,711 Trust 2003-33, Cl. SP, 51.373%, 5/25/33(6) 515,136 85,810 Trust 2003-38, Cl. SA, 49.895%, 3/25/23(6) 812,183 101,132 Trust 2003-4, Cl. S, 47.948%, 2/25/33(6) 153,696 27,362 Trust 2004-56, Cl. SE, 21.643%, 10/25/33(6) 2,188,684 377,362 Trust 2005-14, Cl. SE, 45.464%, 3/25/35(6) 2,042,539 272,629 Trust 2005-40, Cl. SA, 67.773%, 5/25/35(6) 1,731,109 320,008 Trust 2005-40, Cl. SB, 97.09%, 5/25/35(6) 2,871,810 447,881 Trust 2005-63, Cl. SA, 81.201%, 10/25/31(6) 124,132 23,123 Trust 2005-71, Cl. SA, 69.95%, 8/25/25(6) 409,530 59,793 Trust 2006-129, Cl. SM, 16.867%, 1/25/37(6) 828,591 113,931 Trust 2006-51, Cl. SA, 23.027%, 6/25/36(6) 10,444,662 1,519,037 Trust 2006-60, Cl. DI, 46.363%, 4/25/35(6) 1,911,296 278,458
5 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/FHLB/SPONSORED CONTINUED Trust 2006-90, Cl. SX, 99.999%, 9/25/36(6) $ 1,745,374 $ 383,453 Trust 2007-88, Cl. XI, 26.313%, 6/25/37(6) 2,855,009 402,462 Trust 2008-55, Cl. SA, 18.89%, 7/25/38(6) 616,541 63,771 Trust 214, Cl. 2, 39.344%, 3/1/23(6) 434,658 84,299 Trust 221, Cl. 2, 35.837%, 5/1/23(6) 49,248 9,874 Trust 254, Cl. 2, 28.804%, 1/1/24(6) 806,205 157,147 Trust 2682, Cl. TQ, 99.999%, 10/15/33(6) 649,865 106,977 Trust 2981, Cl. BS, 99.999%, 5/15/35(6) 1,132,026 178,977 Trust 301, Cl. 2, 3.827%, 4/1/29(6) 193,128 37,675 Trust 313, Cl. 2, 31.452%, 6/1/31(6) 2,072,145 460,164 Trust 319, Cl. 2, 4.378%, 2/1/32(6) 934,612 203,800 Trust 321, Cl. 2, 7.356%, 4/1/32(6) 244,422 57,742 Trust 324, Cl. 2, 0.351%, 7/1/32(6) 258,886 57,010 Trust 328, Cl. 2, 0%, 12/1/32(6,7) 639,592 136,380 Trust 331, Cl. 5, 0%, 2/1/33(6,7) 921,895 203,747 Trust 332, Cl. 2, 0%, 3/1/33(6,7) 5,585,362 1,309,394 Trust 334, Cl. 12, 0%, 2/1/33(6,7) 802,114 174,148 Trust 339, Cl. 15, 7.016%, 7/1/33(6) 2,355,327 450,660 Trust 345, Cl. 9, 0%, 1/1/34(6,7) 1,148,514 233,729 Trust 351, Cl. 10, 0%, 4/1/34(6,7) 492,162 93,120 Trust 351, Cl. 8, 0%, 4/1/34(6,7) 800,815 151,221 Trust 356, Cl. 10, 0%, 6/1/35(6,7) 663,087 129,416 Trust 356, Cl. 12, 0%, 2/1/35(6,7) 333,176 60,583 Trust 362, Cl. 13, 0%, 8/1/35(6,7) 401,920 87,860 ------------ 168,547,752 -------------------------------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED-0.2% Government National Mortgage Assn.: 2.125%, 12/9/25(1) 5,573 5,751 7%, 3/29/28-7/29/28 251,491 290,863 7.50%, 3/1/27 13,425 15,605 8%, 11/29/25-5/29/26 94,669 109,679 -------------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/16/29 1,026,254 1,227,906 Series 2000-12,Cl. ZA, 8%, 2/16/30 2,343,614 2,669,366 -------------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 65.651%, 7/16/28(6) 129,263 25,158 Series 1998-6, Cl. SA, 75.701%, 3/16/28(6) 75,759 13,558 Series 2001-21, Cl. SB, 87.679%, 1/16/27(6) 577,680 96,857 Series 2007-17, Cl. AI, 17.194%, 4/16/37(6) 681,090 101,824 ------------ 4,556,567 -------------------------------------------------------------------------------------------------------------------------------- OTHER AGENCY-0.1% NCUA Guaranteed Notes Trust 2010-C1, Gtd. Nts.: Series 2010-C1, Cl. A1, 1.60%, 10/29/20 554,275 540,952 Series 2010-C1, Cl. A2, 2.90%, 10/29/20 805,000 784,937
6 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- OTHER AGENCY CONTINUED NCUA Guaranteed Notes Trust 2010-R1, Gtd. Nts., Series 2010-R1, Cl. 1A, 0.709%, 10/7/20(1) $ 1,172,755 $ 1,174,221 ------------ 2,500,110 -------------------------------------------------------------------------------------------------------------------------------- NON-AGENCY-12.8% -------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL-7.8% Banc of America Commercial Mortgage Trust 2006-5, Commercial Mtg. Pass-Through Certificates, Series 2006-5, Cl. AM, 5.448%, 9/1/47 6,000,000 5,955,927 -------------------------------------------------------------------------------------------------------------------------------- Banc of America Commercial Mortgage Trust 2007-5, Commercial Mtg. Pass-Through Certificates, Series 2007-5, Cl. AM, 5.772%, 2/1/51 8,515,000 8,532,895 -------------------------------------------------------------------------------------------------------------------------------- Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2007-1, Cl. AMFX, 5.482%, 1/1/49 4,159,386 4,127,432 Series 2008-1, Cl. AM, 6.245%, 2/10/51(1) 3,415,000 3,435,601 -------------------------------------------------------------------------------------------------------------------------------- Bear Stearns Commercial Mortgage Securities Trust 2006-PWR13, Commercial Mtg. Pass-Through Certificates, Series 2006-PWR13, Cl. AJ, 5.611%, 9/1/41 5,325,000 5,065,236 -------------------------------------------------------------------------------------------------------------------------------- Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, Commercial Mtg. Pass-Through Certificates: Series 2007-PWR17, Cl. AJ, 5.944%, 6/1/50(1) 7,400,000 6,745,104 Series 2007-PWR17, Cl. AM, 5.915%, 6/1/50 2,635,000 2,679,777 -------------------------------------------------------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass- Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35 3,437,847 3,233,259 -------------------------------------------------------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass- Through Certificates, Series 2005-HYB8, Cl. 4A1, 5.189%, 12/20/35(1) 179,190 148,958 -------------------------------------------------------------------------------------------------------------------------------- Citigroup Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates, Series 2007-C6, Cl. AM, 5.698%, 12/1/49(1) 610,000 617,438 -------------------------------------------------------------------------------------------------------------------------------- Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 5.822%, 12/1/49(1) 4,270,000 4,407,236 -------------------------------------------------------------------------------------------------------------------------------- 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 1,005,128 -------------------------------------------------------------------------------------------------------------------------------- DBUBS Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2011-LC1, Cl. E, 5.557%, 1/1/21(2) 2,515,000 2,390,116 -------------------------------------------------------------------------------------------------------------------------------- Deutsche Alt-A Securities, Inc., Mtg. Pass-Through Certificates, Series 2007-RS1, Cl. A2, 0.748%, 1/27/37(1,3) 1,416,317 391,700 -------------------------------------------------------------------------------------------------------------------------------- Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates: Series 2006-AB2, Cl. A1, 5.888%, 6/25/36 311,303 258,040 Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 744,123 440,245 -------------------------------------------------------------------------------------------------------------------------------- Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Series 2010-C1, Cl. A1, 3.156%, 7/1/46(2) 724,651 723,251 -------------------------------------------------------------------------------------------------------------------------------- Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 2010-C1, Cl. XPA, 4.737%, 9/1/20(2,6) 5,825,000 510,486
7 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED -------------------------------------------------------------------------------------------------------------------------------- First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007- FA2, Cl. 1A1, 5.50%, 4/25/37 $ 654,103 $ 475,647 -------------------------------------------------------------------------------------------------------------------------------- First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.034%, 11/1/37(1) 3,665,812 2,892,388 -------------------------------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 6.94%, 5/15/30(1) 1,567,000 1,565,382 -------------------------------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2005-GG5, Commercial Mtg. Pass-Through Certificates, Series 2005-GG5, Cl. AM, 5.277%, 4/1/37 1,160,000 1,171,877 -------------------------------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2006-GG7, Commercial Mtg. Pass-Through Certificates: Series 2006-GG7, Cl. AJ, 5.89%, 7/10/38(1) 6,150,000 5,948,203 Series 2006-GG7, Cl. AM, 5.89%, 7/1/38(1) 615,000 639,279 -------------------------------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. AM, 5.867%, 12/1/49 5,550,000 5,474,319 -------------------------------------------------------------------------------------------------------------------------------- GS Mortgage Securities Corp. II, Commercial Mtg. Obligations: Series 2006-GG8, Cl. A4, 5.56%, 11/1/39 775,000 834,592 Series 2011-GC3, Cl. A1, 2.331%, 3/1/44 525,000 529,451 Series 2011-GC3, Cl. D, 5.728%, 3/1/44 3,130,000 2,983,644 -------------------------------------------------------------------------------------------------------------------------------- Impac CMB Trust Series 2005-4, Collateralized Asset- Backed Bonds, Series 2005-4, Cl. 1A1A, 0.79%, 5/25/35(1) 5,615,144 4,427,712 -------------------------------------------------------------------------------------------------------------------------------- IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 5.21%, 11/1/35(1) 1,793,074 1,402,372 -------------------------------------------------------------------------------------------------------------------------------- IndyMac Index Mortgage Loan Trust 2005-AR31, Mtg. Pass-Through Certificates, Series 2005-AR31, Cl. 2 A2, 2.641%, 1/1/36(1, 19) 107,287 2,228 -------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2006-CIBC15, Cl. AM, 5.855%, 6/1/43 775,000 781,200 Series 2007-CB15, Cl. AJ, 5.502%, 6/1/47 7,216,000 6,352,827 Series 2007-CB18, Cl. A4, 5.44%, 6/1/47 2,315,000 2,444,386 Series 2007-CB18, Cl. AM, 5.466%, 6/1/47 6,400,000 6,331,759 Series 2007-LDP10, Cl. A3S, 5.317%, 1/1/49 1,405,000 1,430,597 Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49(3) 1,390,000 1,404,003 Series 2008-C2, Cl. A4, 6.068%, 2/1/51 7,075,000 7,284,321 Series 2008-C2, Cl. AM, 6.568%, 2/1/51(1) 4,990,000 4,765,000 Series 2010-C2, Cl. A2, 3.616%, 11/1/43(2) 860,000 826,569 Series 2011-C3, Cl. A1, 1.875%, 2/1/46(2) 575,000 572,453 -------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP7, Commercial Mtg. Pass-Through Certificates, Series 2006-LDP7, 5.863%, 4/1/45(1) 695,000 719,301 -------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB19, Commercial Mtg. Pass-Through Certificates, Series 2007-CB19, Cl. AM, 5.738%, 2/1/49(1) 6,465,000 6,427,125
8 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED -------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDP11, Commercial Mtg. Pass-Through Certificates, Series 2007-LDP11, Cl. ASB, 5.818%, 6/1/49(1) $ 570,000 $ 603,733 -------------------------------------------------------------------------------------------------------------------------------- JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 5.653%, 1/1/37(1) 387,346 285,626 -------------------------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust 2007-C2, Commercial Mtg. Pass-Through Certificates, Series 2007-C2, Cl. AM, 5.493%, 2/11/40 2,950,000 2,899,700 -------------------------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates, Series 2007-C6, Cl. AM, 6.114%, 7/11/40 5,855,000 5,846,647 -------------------------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.092%, 4/11/41(1) 2,610,000 2,663,329 -------------------------------------------------------------------------------------------------------------------------------- Lehman Structured Securities Corp., Mtg.-Backed Security, 6%, 5/1/29 92,480 20,412 -------------------------------------------------------------------------------------------------------------------------------- Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 286,517 293,882 -------------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.659%, 5/1/39(1) 3,845,000 3,810,429 -------------------------------------------------------------------------------------------------------------------------------- ML-CFC Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AJ, 5.485%, 7/1/46 2,890,000 2,648,047 -------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital I Trust 2006-IQ12, Commercial Mtg. Pass-Through Certificates, Series 2006-IQ12, Cl. AJ, 5.399%, 12/1/43 5,609,000 5,075,819 -------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital I Trust 2007-IQ15, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ15, Cl. AM, 6/1/49(1) 5,875,000 5,860,193 -------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital I Trust 2007-IQ16, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ16, Cl. AM, 6.11%, 12/1/49(1) 525,000 539,373 -------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital I Trust, Commercial Mtg. Pass- Through Certificates, Series 2006-HQ10, Cl. AM, 5.36%, 11/1/41 8,500,000 8,704,842 -------------------------------------------------------------------------------------------------------------------------------- RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass- Through Certificates, Series 2005-QA4, Cl. A32, 3.271%, 4/25/35(1) 123,970 21,391 -------------------------------------------------------------------------------------------------------------------------------- Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36 783,760 590,216 -------------------------------------------------------------------------------------------------------------------------------- STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.824%, 2/1/37(1) 10,540,673 8,039,877 -------------------------------------------------------------------------------------------------------------------------------- Structured Adjustable Rate Mortgage Loan Trust, Mtg. Pass-Through Certificates, 5.344%, 7/1/37(1) 7,281,681 5,194,962 -------------------------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2006-C23, Cl. AJ, 5.515%, 1/1/45 4,510,000 4,502,629 Series 2006-C25, Cl. AJ, 5.738%, 5/1/43(1) 4,220,000 4,167,039 -------------------------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2006-AR15 Trust, Mtg. Pass-Through Certificates, Series 2006- AR15, Cl. 1A, 1.152%, 11/1/46(1) 1,267,416 900,393
9 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED -------------------------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 2.734%, 4/1/47(1) $ 895,791 $ 544,751 -------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 2.762%, 11/1/34(1) 1,063,809 179,474 -------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.739%, 2/1/35(1) 4,149,697 3,752,268 -------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 1A3, 2.854%, 4/25/36(1) 2,648,535 2,502,548 ----------- 188,002,044 -------------------------------------------------------------------------------------------------------------------------------- MULTIFAMILY-0.6% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2006-2, Cl. AJ, 5.775%, 5/1/45(1) 4,295,000 4,257,263 -------------------------------------------------------------------------------------------------------------------------------- Citigroup Commercial Mortgage Trust 2006-C5, Commercial Mtg. Pass-Through Certificates, Series 2006-C5, Cl. AJ, 5.482%, 10/1/49 5,792,000 5,485,525 -------------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1 A2A, 5.75%, 6/1/36(1) 1,637,681 1,497,664 -------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, Commercial Mtg. Pass-Through Certificates, Series 2006-CIBC16, Cl. AM, 5.593%, 5/1/45 395,000 393,401 -------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005- AR15, Cl. 1A2, 5.055%, 9/1/35(1) 490,580 480,611 -------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.825%, 3/25/36(1) 3,640,552 3,247,887 ----------- 15,362,351 -------------------------------------------------------------------------------------------------------------------------------- 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 2,453,617 -------------------------------------------------------------------------------------------------------------------------------- RESIDENTIAL-4.3% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-4, Cl. AM, 5.809%, 2/1/51(1) 3,960,000 3,994,048 -------------------------------------------------------------------------------------------------------------------------------- Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 2.833%, 5/1/34(1) 3,472,386 3,054,559 -------------------------------------------------------------------------------------------------------------------------------- Bear Stearns ARM Trust 2004-9, Mtg. Pass-Through Certificates, Series 2004-9, Cl. 23A1, 4.976%, 11/1/34(1) 1,218,143 1,218,618 -------------------------------------------------------------------------------------------------------------------------------- Chase Mortgage Finance Trust 2007-A1, Multiclass Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 9A1, 3.573%, 2/1/37(1) 1,566,221 1,590,659 -------------------------------------------------------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2005-HYB7, Mtg. Pass- Through Certificates, Series 2005-HYB7, Cl. 6A1, 5.446%, 11/1/35(1) 7,517,336 5,832,291
10 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- RESIDENTIAL CONTINUED -------------------------------------------------------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass- Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35 $ 2,016,549 $ 1,852,656 -------------------------------------------------------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass- Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36 948,746 915,735 -------------------------------------------------------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass- Through Certificates, Series 2007-HY3, Cl. 1A1, 3.41%, 6/1/47(1) 2,248,942 1,465,996 -------------------------------------------------------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2007-HY4, Mtg. Pass- Through Certificates, Series 2007-HY4, Cl. 1A1, 5.783%, 9/1/47(1) 2,049,565 1,486,262 -------------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass- Through Certificates, Series 2005-2, Cl. 1A3, 4.96%, 5/1/35(1) 2,735,604 2,494,981 -------------------------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass- Through Certificates, Series 2005-3, Cl. 2A4, 5.111%, 8/1/35(1) 5,470,787 4,485,168 -------------------------------------------------------------------------------------------------------------------------------- Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AMFX, 5.366%, 12/1/49 6,060,000 5,724,969 -------------------------------------------------------------------------------------------------------------------------------- CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 2A1, 5.50%, 10/1/21 1,772,210 1,737,136 -------------------------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl. 1A10, 6%, 2/1/37 10,915,579 7,506,567 -------------------------------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 2A1, 2.895%, 5/1/34(1) 3,471,694 3,151,691 -------------------------------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 4A1, 5.269%, 11/1/35(1) 3,596,171 3,032,382 -------------------------------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36 1,522,347 1,490,126 -------------------------------------------------------------------------------------------------------------------------------- JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass- Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36 318,042 288,626 -------------------------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.166%, 9/11/45(1) 10,430,000 10,624,755 -------------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 5.866%, 10/25/36(1) 1,945,046 1,848,382 -------------------------------------------------------------------------------------------------------------------------------- RALI Series 2006-QS13 Trust: Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36 2,196,382 1,403,188 Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 43,903 28,048 -------------------------------------------------------------------------------------------------------------------------------- RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass- Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37 1,044,612 676,632 -------------------------------------------------------------------------------------------------------------------------------- Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35 3,629,608 3,131,584 -------------------------------------------------------------------------------------------------------------------------------- Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35 4,905,592 4,419,671 -------------------------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2007- AR12, Cl. 1A8, 2.725%, 10/1/35(1) 2,632,004 2,266,339
11 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- RESIDENTIAL CONTINUED -------------------------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006- AR10, Cl. 1A2, 5.846%, 9/1/36(1) $ 1,604,790 $ 1,429,786 -------------------------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates: Series 2007-HY1, Cl. 4A1, 3.648%, 2/1/37(1) 15,121,137 12,136,852 Series 2007-HY1, Cl. 5A1, 5.485%, 2/1/37(1) 9,077,416 7,592,610 -------------------------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007- HY5, Cl. 3A1, 5.731%, 5/1/37(1) 1,189,958 1,100,003 -------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust, Mtg. Pass-Through Certificates, Series 2005- AR16, Cl. 2A1, 2.759%, 10/1/35(1) 1,609,503 1,504,892 -------------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006- AR14, Cl. 1A2, 5.713%, 10/1/36(1) 4,186,365 3,833,009 ------------ 103,318,221 ------------ Total Mortgage-Backed Obligations (Cost $476,024,280) 484,740,662 -------------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS-3.1% Federal Home Loan Mortgage Corp. Nts.: 1.125%, 7/27/12 17,545,000 17,685,342 5%, 2/16/17 6,500,000 7,267,910 5.125%, 11/17/17 4,000,000 4,506,248 -------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Nts.: 1.125%, 7/30/12 16,180,000 16,303,502 4.375%, 10/15/15(8) 4,000,000 4,363,012 5.375%, 6/12/17 6,500,000 7,410,436 -------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bills, 0.13%, 6/2/11(8,9) 16,800,000 16,798,354 -------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, STRIPS, 4.833%, 2/15/16(9,10) 2,116,000 1,895,081 ------------ Total U.S. Government Obligations (Cost $75,896,533) 76,229,885 -------------------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS-21.3% -------------------------------------------------------------------------------------------------------------------------------- ARGENTINA-0.8% Argentina (Republic of) Bonds: 2.50%, 12/31/38(1) 4,155,000 1,813,658 7%, 10/3/15 10,135,000 9,552,238 Series VII, 7%, 9/12/13 2,950,000 2,994,414 -------------------------------------------------------------------------------------------------------------------------------- Argentina (Republic of) Sr. Unsec. Nts., 13.692%, 1/30/14(1) 1,280,000 ARP 301,963 -------------------------------------------------------------------------------------------------------------------------------- Argentina (Republic of) Sr. Unsec. Unsub. Nts., 9.083%, 12/31/33(1) 12,683,841 ARP 4,165,186 -------------------------------------------------------------------------------------------------------------------------------- Provincia de Buenos Aires Sr. Unsec. Unsub. Nts., 10.875%, 1/26/21(3) 1,675,000 1,560,263 ------------ 20,387,722 -------------------------------------------------------------------------------------------------------------------------------- AUSTRALIA-0.3% Australia (Commonwealth of) Sr. Unsec. Bonds: Series 119, 6.25%, 4/15/15 730,000 AUD 786,132 Series 120, 6%, 2/15/17 435,000 AUD 465,641 --------------------------------------------------------------------------------------------------------------------------------
12 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- New South Wales Treasury Corp. Sr. Unsec. Unsub. Nts., Series 16, 6%, 4/1/16 3,910,000 AUD $ 4,114,011 -------------------------------------------------------------------------------------------------------------------------------- Queensland Treasury Corp. Sr. Unsec. Unsub. Nts., Series 16, 6%, 4/21/16 895,000 AUD 936,951 ------------ 6,302,735 -------------------------------------------------------------------------------------------------------------------------------- AUSTRIA-0.1% Austria (Republic of) Bonds, 4.35%, 3/15/19(2) 615,000 EUR 917,324 -------------------------------------------------------------------------------------------------------------------------------- Austria (Republic of) Sr. Unsec. Unsub. Bonds, Series 2, 4.65%, 1/15/18 645,000 EUR 981,926 ------------ 1,899,250 -------------------------------------------------------------------------------------------------------------------------------- BELGIUM-0.1% Belgium (Kingdom of) Sr. Bonds, Series 40, 5.50%, 9/28/17 1,920,000 EUR 2,973,246 -------------------------------------------------------------------------------------------------------------------------------- BELIZE-0.0% Belize (Government of) Unsec. Unsub. Bonds, 6%, 2/20/29(1,2) 500,000 421,250 -------------------------------------------------------------------------------------------------------------------------------- BRAZIL-2.4% Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.: 10%, 1/1/17 61,453,000 BRR 33,371,559 10%, 1/1/21 33,538,000 BRR 17,426,109 11.879%, 5/15/45(11) 6,470,000 BRR 8,250,758 ------------ 59,048,426 -------------------------------------------------------------------------------------------------------------------------------- CANADA-0.3% Canada (Government of) Nts.: 3%, 12/1/15 4,645,000 CAD 4,863,284 3.75%, 6/1/19 1,185,000 CAD 1,269,386 4%, 6/1/17 1,735,000 CAD 1,898,138 ------------ 8,030,808 -------------------------------------------------------------------------------------------------------------------------------- COLOMBIA-0.5% Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28(2) 3,058,000,000 COP 1,899,833 -------------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Bonds, 7.375%, 9/18/37 1,925,000 2,295,563 -------------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19 1,980,000 2,385,900 -------------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Sr. Unsec. Bonds, 6.125%, 1/18/41 3,050,000 3,126,250 -------------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Sr. Unsec. Unsub. Bonds, 7.75%, 4/14/21 1,503,000,000 COP 870,238 -------------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17 1,340,000 1,587,900 ------------ 12,165,684 -------------------------------------------------------------------------------------------------------------------------------- DENMARK-0.0% Denmark (Kingdom of) Bonds, 4%, 11/15/19 4,755,000 DKK 943,022 -------------------------------------------------------------------------------------------------------------------------------- DOMINICAN REPUBLIC-0.1% Dominican Republic Bonds, 7.50%, 5/6/21(2) 1,700,000 1,738,250 -------------------------------------------------------------------------------------------------------------------------------- FINLAND-0.0% Finland (Republic of) Sr. Unsec. Unsub. Nts., 3.875%, 9/15/17 455,000 EUR 670,157 -------------------------------------------------------------------------------------------------------------------------------- FRANCE-0.0% France (Government of) Bonds, 4%, 4/25/60 390,000 EUR 529,932 -------------------------------------------------------------------------------------------------------------------------------- GERMANY-0.7% Germany (Federal Republic of) Bonds: 0.50%, 6/15/12 1,455,000 EUR 2,038,835
13 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- 3.50%, 7/4/19 2,755,000 EUR $ 3,984,103 Series 07, 4.25%, 7/4/39 775,000 EUR 1,177,620 Series 08, 4.25%, 7/4/18 3,145,000 EUR 4,790,462 Series 157, 2.25%, 4/10/15 2,920,000 EUR 4,112,912 ------------ 16,103,932 -------------------------------------------------------------------------------------------------------------------------------- GHANA-0.1% Ghana (Republic of) Bonds, 8.50%, 10/4/17(2) 1,375,000 1,560,625 -------------------------------------------------------------------------------------------------------------------------------- GREECE-0.4% Hellenic Republic Bonds: 4.30%, 3/20/12 2,655,000 EUR 3,469,162 4.60%, 5/20/13 245,000 EUR 281,006 -------------------------------------------------------------------------------------------------------------------------------- Hellenic Republic Sr. Unsec. Unsub. Bonds: 30 yr., 4.50%, 9/20/37 5,280,000 EUR 4,146,957 30 yr., 4.60%, 9/20/40 2,330,000 EUR 1,830,332 ------------ 9,727,457 -------------------------------------------------------------------------------------------------------------------------------- HUNGARY-0.8% Hungary (Republic of) Bonds: Series 15/A, 8%, 2/12/15 831,310,000 HUF 4,628,604 Series 16/C, 5.50%, 2/12/16 848,300,000 HUF 4,281,701 Series 17/B, 6.75%, 2/24/17 299,200,000 HUF 1,577,562 Series 19/A, 6.50%, 6/24/19 675,000,000 HUF 3,461,859 -------------------------------------------------------------------------------------------------------------------------------- Hungary (Republic of) Sr. Unsec. Unsub. Nts., 6.375%, 3/29/21 5,865,000 5,892,354 ------------ 19,842,080 -------------------------------------------------------------------------------------------------------------------------------- INDONESIA-0.5% Indonesia (Republic of) Nts., 6.875%, 1/17/18(2) 5,270,000 6,020,975 -------------------------------------------------------------------------------------------------------------------------------- Indonesia (Republic of) Sr. Unsec. Nts., 7.75%, 1/17/38(2) 2,540,000 3,054,350 -------------------------------------------------------------------------------------------------------------------------------- Indonesia (Republic of) Sr. Unsec. Unsub. Bonds, 6.625% 2/17/37(2) 1,360,000 1,475,600 -------------------------------------------------------------------------------------------------------------------------------- Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35(2) 2,030,000 2,633,925 ------------ 13,184,850 -------------------------------------------------------------------------------------------------------------------------------- ITALY-0.5% Italy (Republic of) Bonds: 3.75%, 3/1/21 1,820,000 EUR 2,379,848 4%, 9/1/20 2,815,000 EUR 3,787,237 5%, 9/1/40 615,000 EUR 799,050 -------------------------------------------------------------------------------------------------------------------------------- Italy (Republic of) Treasury Bonds, 3.75%, 12/15/13 3,075,000 EUR 4,419,904 ------------ 11,386,039 -------------------------------------------------------------------------------------------------------------------------------- IVORY COAST-0.0% Ivory Coast (Republic of) Sr. Unsec. Bonds, 2.50%, 12/31/32(2,4) 1,160,000 548,100 -------------------------------------------------------------------------------------------------------------------------------- JAPAN-2.6% Japan (Government of) Bonds, 20 yr., Series 112, 2.10%, 6/20/29 754,000,000 JPY 9,242,365 -------------------------------------------------------------------------------------------------------------------------------- Japan (Government of) Sr. Unsec. Bonds: 2 yr., 0.20%, 1/15/12 918,000,000 JPY 11,040,037 5 yr., 0.50%, 12/20/14 933,000,000 JPY 11,275,347 10 yr., Series 308, 1.30%, 6/20/20 822,000,000 JPY 10,023,765
14 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- Japan (Government of) Sr. Unsec. Unsub. Bonds: 5 yr., Series 91, 0.40%, 9/20/15 1,184,000,000 JPY $14,211,573 10yr., Series 311, 0.80%, 9/20/20 589,000,000 JPY 6,847,029 ------------ 62,640,116 -------------------------------------------------------------------------------------------------------------------------------- KOREA, REPUBLIC OF SOUTH-1.2% Korea (Republic of) Sr. Unsec. Bonds, Series 2006, 5%, 6/10/20 11,491,000,000 KRW 10,928,816 -------------------------------------------------------------------------------------------------------------------------------- Korea (Republic of) Sr. Unsec. Monetary Stabilization Bonds: Series 1208, 3.81%, 8/2/12 10,222,000,000 KRW 9,357,163 Series 1210, 3.28%, 10/2/12 4,948,000,000 KRW 4,494,906 -------------------------------------------------------------------------------------------------------------------------------- Korea (Republic of) Sr. Unsec. Unsub. Nts.: 5.125%, 12/7/16 1,635,000 1,752,279 7.125%, 4/16/19 1,520,000 1,795,384 ------------ 28,328,548 -------------------------------------------------------------------------------------------------------------------------------- MALAYSIA-0.4% 1Malaysia Sukuk Global Bhd Sr. Unsec. Unsub. Nts., 3.928%, 6/4/15(2) 2,470,000 2,577,727 -------------------------------------------------------------------------------------------------------------------------------- Malaysia (Government of) Bonds, Series 0110, 3.835%, 8/12/15 2,995,000 MYR 999,675 -------------------------------------------------------------------------------------------------------------------------------- Malaysia (Government of) Sr. Unsec. Bonds, Series 0309, 2.711%, 2/14/12 20,900,000 MYR 6,897,431 ------------ 10,474,833 -------------------------------------------------------------------------------------------------------------------------------- MEXICO-1.8% United Mexican States Bonds: 5.625%, 1/15/17 3,705,000 4,105,140 Series M, 6.50%, 6/10/21(1) 58,270,000 MXN 4,507,367 Series M20, 7.50%, 6/3/27 129,280,000 MXN 10,274,404 Series M10, 7.75%, 12/14/17 11,130,000 MXN 968,200 Series M10, 8%, 12/17/15 44,000,000 MXN 3,859,750 Series M20, 10%, 12/5/24 181,400,000 MXN 18,055,434 -------------------------------------------------------------------------------------------------------------------------------- United Mexican States Sr. Nts., 5.75%, 10/12/2110 1,170,000 1,060,020 ------------ 42,830,315 -------------------------------------------------------------------------------------------------------------------------------- NORWAY-0.0% Norway (Kingdom of) Bonds, Series 471, 5%, 5/15/15 1,515,000 NOK 291,705 -------------------------------------------------------------------------------------------------------------------------------- PANAMA-0.3% Panama (Republic of) Bonds: 7.25%, 3/15/15 2,740,000 3,198,950 8.875%, 9/30/27 110,000 149,050 9.375%, 4/1/29 1,100,000 1,556,500 -------------------------------------------------------------------------------------------------------------------------------- Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26 1,175,000 1,400,013 ------------ 6,304,513 -------------------------------------------------------------------------------------------------------------------------------- PERU-0.1% Peru (Republic of) Sr. Unsec. Nts., 7.84%, 8/12/20(2) 6,530,000 PEN 2,411,480 -------------------------------------------------------------------------------------------------------------------------------- PHILIPPINES-0.0% Philippines (Republic of the) Sr. Unsec. Unsub. Nts., 4.95%, 1/15/21 40,000,000 PHP 905,924 -------------------------------------------------------------------------------------------------------------------------------- POLAND-1.6% Poland (Republic of) Bonds: Series 0415, 5.50%, 4/25/15 59,585,000 PLZ 20,888,974
15 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- Series 0416, 5%, 4/25/16 32,995,000 PLZ $11,300,137 Series 1015, 6.25%, 10/24/15 16,725,000 PLZ 6,024,876 Series 1017, 5.25%, 10/25/17 380,000 PLZ 128,820 ------------ 38,342,807 -------------------------------------------------------------------------------------------------------------------------------- QATAR-0.1% Qatar (State of) Sr. Nts., 5.25%, 1/20/20(2) 1,595,000 1,663,585 -------------------------------------------------------------------------------------------------------------------------------- Qatar (State of) Sr. Unsec. Nts., 6.40%, 1/20/40(2) 750,000 793,125 ------------ 2,456,710 -------------------------------------------------------------------------------------------------------------------------------- SOUTH AFRICA-1.7% South Africa (Republic of) Bonds: 5.50%, 3/9/20 1,795,000 1,909,431 Series R208, 6.75%, 3/31/21 33,370,000 ZAR 4,320,081 Series R207, 7.25%, 1/15/20 115,470,000 ZAR 15,637,915 Series R204, 8%, 12/21/18 44,800,000 ZAR 6,397,917 Series R186, 10.50%, 12/21/26 69,680,000 ZAR 11,608,183 ------------ 39,873,527 -------------------------------------------------------------------------------------------------------------------------------- SPAIN-0.2% Spain (Kingdom of) Bonds, 5.50%, 7/30/17 2,010,000 EUR 2,972,613 -------------------------------------------------------------------------------------------------------------------------------- Spain (Kingdom of) Sr. Unsub. Bonds, 4.10%, 7/30/18 1,485,000 EUR 2,018,688 ------------ 4,991,301 -------------------------------------------------------------------------------------------------------------------------------- SRI LANKA-0.1% Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts., 6.25%, 10/4/20(2) 1,330,000 1,300,075 -------------------------------------------------------------------------------------------------------------------------------- SWEDEN-0.0% Sweden (Kingdom of) Bonds, Series 1051, 3.75%, 8/12/17 4,580,000 SEK 747,306 -------------------------------------------------------------------------------------------------------------------------------- THE NETHERLANDS-0.1% Netherlands (Kingdom of the) Bonds, 4%, 7/15/18 1,020,000 EUR 1,509,180 -------------------------------------------------------------------------------------------------------------------------------- Netherlands (Kingdom of the) Nts., 4.50%, 7/15/17 775,000 EUR 1,181,956 ------------ 2,691,136 -------------------------------------------------------------------------------------------------------------------------------- TURKEY-1.4% Turkey (Republic of) Bonds: 6.75%, 4/3/18 3,440,000 3,852,800 6.875%, 3/17/36 2,645,000 2,812,958 7%, 3/11/19 1,360,000 1,543,600 10.50%, 1/15/20(1) 1,935,000 TRY 1,342,801 11%, 8/6/14 10,610,000 TRY 7,283,831 Series CPI, 14.419%, 8/14/13(1) 6,930,000 TRY 6,553,825 -------------------------------------------------------------------------------------------------------------------------------- Turkey (Republic of) Nts.: 7%, 6/5/20 1,225,000 1,390,375 7.50%, 7/14/17 1,780,000 2,073,700 -------------------------------------------------------------------------------------------------------------------------------- Turkey (Republic of) Sr. Unsec. Nts., 7.50%, 11/7/19 2,120,000 2,480,400 -------------------------------------------------------------------------------------------------------------------------------- Turkey (Republic of) Unsec. Nts.: 6%, 1/14/41 2,440,000 2,293,600 6.75%, 5/30/40 1,745,000 1,819,163 7.25%, 3/5/38 1,180,000 1,308,325 ------------ 34,755,378
16 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- UKRAINE-0.4% Financing of Infrastructural Projects State Enterprise Gtd. Nts., 8.375%, 11/3/17(3) $ 1,980,000 $ 2,088,900 -------------------------------------------------------------------------------------------------------------------------------- Ukraine (Republic of) Sr. Unsec. Nts., 7.95%, 2/23/21(2) 1,800,000 1,865,250 -------------------------------------------------------------------------------------------------------------------------------- Ukraine (Republic of) Bonds, 7.75%, 9/23/20(2) 2,010,000 2,082,863 -------------------------------------------------------------------------------------------------------------------------------- Ukraine (Republic of) Sr. Unsec. Nts., 6.75%, 11/14/17(2) 510,000 519,690 -------------------------------------------------------------------------------------------------------------------------------- Ukraine (Republic of) Sr. Unsec. Unsub. Bonds, 6.58%, 11/21/16(2) 55,000 56,169 -------------------------------------------------------------------------------------------------------------------------------- Ukraine (Republic of) Unsec. Bonds, 6.385%, 6/26/12(2) 2,910,000 3,036,585 ------------ 9,649,457 -------------------------------------------------------------------------------------------------------------------------------- UNITED KINGDOM-0.4% United Kingdom Treasury Bonds: 2.25%, 3/7/14 1,410,000 GBP 2,290,101 4.75%, 3/7/20 2,095,000 GBP 3,657,233 4.75%, 12/7/38 1,510,000 GBP 2,583,828 ------------ 8,531,162 -------------------------------------------------------------------------------------------------------------------------------- URUGUAY-0.4% Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36 2,325,000 2,790,000 -------------------------------------------------------------------------------------------------------------------------------- Uruguay (Oriental Republic of) Sr. Nts., 6.875%, 9/28/25 1,950,000 2,252,250 -------------------------------------------------------------------------------------------------------------------------------- Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22 3,475,000 4,343,750 ------------ 9,386,000 -------------------------------------------------------------------------------------------------------------------------------- VENEZUELA-0.9% Venezuela (Republic of) Bonds, 9%, 5/7/23 2,800,000 1,932,000 -------------------------------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Nts.: 8.25%, 10/13/24 1,160,000 752,840 8.50%, 10/8/14 1,875,000 1,719,375 -------------------------------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Sr. Unsec. Unsub. Nts.: 7.75%, 10/13/19 4,635,000 3,205,103 12.75%, 8/23/22 390,000 339,300 -------------------------------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Unsec. Bonds: 7%, 3/31/38 2,860,000 1,623,050 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(2) 5,465,000 5,273,725 ------------ 20,490,481 ------------ Total Foreign Government Obligations (Cost $489,582,079) 514,866,339 -------------------------------------------------------------------------------------------------------------------------------- LOAN PARTICIPATIONS-0.5% Brock Holdings III, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 2/15/18(1,5) 620,000 632,400 -------------------------------------------------------------------------------------------------------------------------------- Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan: Tranche B, 4.125%, 10/19/15(1,5,12) 3,607,583 2,705,687 Tranche B, 4.125%, 10/19/15(1,12) 6,246,478 4,684,859 --------------------------------------------------------------------------------------------------------------------------------
17 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 12.50%, 7/20/15 $ 3,186,875 $ 3,425,891 ------------ Total Loan Participations (Cost $9,466,192) 11,448,837 -------------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES-30.3% -------------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY-4.5% -------------------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS-0.3% Goodyear Tire & Rubber Co. (The), 8.25% Sr. Unsec. Unsub. Nts., 8/15/20 2,710,000 2,913,250 -------------------------------------------------------------------------------------------------------------------------------- Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/17(3) 5,372,000 6,016,640 ------------ 8,929,890 -------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES-0.1% Ford Motor Credit Co. LLC, 5.75% Sr. Unsec. Unsub. Nts., 2/1/21 2,385,000 2,356,056 -------------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE-1.6% Grupo Posadas SAB de CV, 9.25% Sr. Unsec. Nts., 1/15/15(2) 1,285,000 1,249,663 -------------------------------------------------------------------------------------------------------------------------------- Harrah's Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18 9,717,000 8,915,348 -------------------------------------------------------------------------------------------------------------------------------- HOA Restaurants Group LLC/HOA Finance Corp., 11.25% Sr. Sec. Nts., 4/1/17(2) 2,635,000 2,700,875 -------------------------------------------------------------------------------------------------------------------------------- Isle of Capri Casinos, Inc.: 7% Sr. Unsec. Sub. Nts., 3/1/14 1,815,000 1,810,463 7.75% Sr. Unsec. Nts., 3/15/19(2) 2,715,000 2,715,000 -------------------------------------------------------------------------------------------------------------------------------- Landry's Restaurants, Inc., 11.625% Sr. Sec. Nts., 12/1/15 2,500,000 2,706,250 -------------------------------------------------------------------------------------------------------------------------------- Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15(2,4) 6,335,000 665,175 -------------------------------------------------------------------------------------------------------------------------------- MGM Mirage, Inc.: 5.875% Sr. Nts., 2/27/14 1,885,000 1,809,600 6.625% Sr. Unsec. Nts., 7/15/15 3,885,000 3,700,463 -------------------------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority, 8% Sr. Sub. Nts., 4/1/12 4,275,000 3,836,813 -------------------------------------------------------------------------------------------------------------------------------- Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/19 2,510,000 2,782,963 -------------------------------------------------------------------------------------------------------------------------------- Premier Cruise Ltd., 11% Sr. Nts., 3/15/08(3,4) 250,000 - -------------------------------------------------------------------------------------------------------------------------------- Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14(4) 10,465,000 1,047 -------------------------------------------------------------------------------------------------------------------------------- Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16 2,545,000 2,385,938 -------------------------------------------------------------------------------------------------------------------------------- Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 7.75% Sec. Nts., 8/15/20 2,545,000 2,710,425 ------------ 37,990,023 -------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES-0.3% Beazer Homes USA, Inc.: 6.875% Sr. Unsec. Nts., 7/15/15 1,060,000 1,049,400 9.125% Sr. Nts., 5/15/19(2) 2,800,000 2,845,500 -------------------------------------------------------------------------------------------------------------------------------- Reynolds Group Issuer, Inc. Trust/Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 8.50% Sr. Nts., 5/15/18(2) 995,000 1,012,413 -------------------------------------------------------------------------------------------------------------------------------- Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 9% Sr. Nts., 4/15/19(2) 1,635,000 1,700,400 ------------ 6,607,713
18 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS-0.4% Eastman Kodak Co., 9.75% Sr. Sec. Nts., 3/1/18(2) $ 9,580,000 $ 9,460,250 -------------------------------------------------------------------------------------------------------------------------------- MEDIA-1.6% Affinion Group Holdings, Inc., 11.625% Sr. Nts., 11/15/15(2) 1,770,000 1,809,825 -------------------------------------------------------------------------------------------------------------------------------- Affinion Group, Inc., 7.875% Sr. Nts., 12/15/18(2) 3,055,000 2,886,975 -------------------------------------------------------------------------------------------------------------------------------- Belo (A.H.) Corp.: 7.25% Sr. Unsec. Unsub. Bonds, 9/15/27 465,000 415,013 7.75% Sr. Unsec. Unsub. Debs., 6/1/27 2,983,000 2,729,445 -------------------------------------------------------------------------------------------------------------------------------- CCO Holdings LLC/CCO Holdings Capital Corp.: 7% Sr. Nts., 1/15/19(2) 800,000 822,000 7% Sr. Unsec. Unsub. Nts., 1/15/19 640,000 659,200 -------------------------------------------------------------------------------------------------------------------------------- Cengage Learning Acquisitions, Inc., 10.50% Sr. Nts., 1/15/15(2) 5,325,000 5,458,125 -------------------------------------------------------------------------------------------------------------------------------- Cequel Communications Holdings I LLC, 8.625% Sr. Unsec. Nts., 11/15/17(2) 2,350,000 2,461,625 -------------------------------------------------------------------------------------------------------------------------------- Clear Channel Communications, Inc., 10.75% Sr. Unsec. Unsub. Nts., 8/1/16 3,610,000 3,456,575 -------------------------------------------------------------------------------------------------------------------------------- Entravision Communications Corp., 8.75% Sr. Sec. Nts., 8/1/17 640,000 684,800 -------------------------------------------------------------------------------------------------------------------------------- Gray Television, Inc., 10.50% Sr. Sec. Nts., 6/29/15 4,980,000 5,322,375 -------------------------------------------------------------------------------------------------------------------------------- Interactive Data Corp., 10.25% Sr. Nts., 8/1/18(3) 965,000 1,071,150 -------------------------------------------------------------------------------------------------------------------------------- Kabel BW Erste Beteiligungs GmbH/Kabel Baden- Wurttemberg GmbH & Co. KG, 7.50% Sr. Sec. Nts., 3/15/19(2) 1,595,000 1,642,850 -------------------------------------------------------------------------------------------------------------------------------- Newport Television LLC/NTV Finance Corp., 13.509% Sr. Nts., 3/15/17(3,12) 2,666,531 2,696,529 -------------------------------------------------------------------------------------------------------------------------------- Nexstar Broadcasting, Inc./Mission Broadcasting, Inc., 8.875% Sec. Nts., 4/15/17 1,780,000 1,935,750 -------------------------------------------------------------------------------------------------------------------------------- Sinclair Television Group, Inc., 8.375% Sr. Nts., 10/15/18(2) 2,630,000 2,794,375 -------------------------------------------------------------------------------------------------------------------------------- Univision Communications, Inc., 7.875% Sr. Sec. Nts., 11/1/20(2) 460,000 488,750 -------------------------------------------------------------------------------------------------------------------------------- Visant Corp., 10% Sr. Unsec. Nts., 10/1/17 600,000 651,000 ------------ 37,986,362 -------------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL-0.1% Limited Brands, Inc., 6.625% Sr. Nts., 4/1/21(5) 2,790,000 2,866,725 -------------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS-0.1% Jones Group, Inc. (The)/Jones Apparel Group Holdings, Inc./Jones Apparel Group USA, Inc./JAG Footwear, Accessories & Retail Corp., 6.875% Sr. Unsec. Unsub. Nts., 3/15/19 2,390,000 2,351,163 -------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES-1.2% -------------------------------------------------------------------------------------------------------------------------------- BEVERAGES-0.1% AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/17(1) 2,080,000 BRR 1,251,707 -------------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING-0.1% Cencosud SA, 5.50% Sr. Unsec. Nts., 1/20/21(2) 2,065,000 2,041,756 -------------------------------------------------------------------------------------------------------------------------------- Real Time Data Co., 11% Nts., 5/31/09(3,4,12) 142,981 - ------------ 2,041,756 -------------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS-1.0% American Seafoods Group LLC, 10.75% Sr. Sub. Nts., 5/15/16(2) 3,850,000 4,196,500 -------------------------------------------------------------------------------------------------------------------------------- Arcor, 7.25% Sr. Unsec. Nts., 11/9/17(2) 785,000 832,100 -------------------------------------------------------------------------------------------------------------------------------- ASG Consolidated LLC, 15% Sr. Nts., 5/15/17(2,12) 4,340,291 4,741,768 -------------------------------------------------------------------------------------------------------------------------------- Blue Merger Sub, Inc., 7.625% Sr. Nts., 2/15/19(2) 2,705,000 2,755,719
19 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS CONTINUED -------------------------------------------------------------------------------------------------------------------------------- Bumble Bee Acquisition Corp., 9% Sr. Sec. Nts., 12/15/17(2) $ 2,830,000 $ 2,957,350 -------------------------------------------------------------------------------------------------------------------------------- MHP SA, 10.25% Sr. Unsec. Nts., 4/29/15(2) 3,798,000 4,082,850 -------------------------------------------------------------------------------------------------------------------------------- Pilgrim's Pride Corp., 7.875% Sr. Nts., 12/15/18(2) 2,425,000 2,364,375 -------------------------------------------------------------------------------------------------------------------------------- Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/15(3) 2,540,000 2,774,950 ------------ 24,705,612 -------------------------------------------------------------------------------------------------------------------------------- ENERGY-4.9% -------------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES-0.3% Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20(2) 2,295,000 2,369,588 -------------------------------------------------------------------------------------------------------------------------------- Thermon Industries, Inc., 9.50% Sr. Sec. Nts., 5/1/17 2,440,000 2,647,400 -------------------------------------------------------------------------------------------------------------------------------- Vantage Drilling Co., 11.50% Sr. Sec. Nts., 8/1/15(2) 2,565,000 2,859,975 ------------ 7,876,963 -------------------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS-4.6% Afren plc, 11.50% Sr. Sec. Nts., 2/1/16(2) 1,705,000 1,803,038 -------------------------------------------------------------------------------------------------------------------------------- Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/15(2) 1,500,000 1,638,900 -------------------------------------------------------------------------------------------------------------------------------- Antero Resources Finance Corp., 9.375% Sr. Unsec. Nts., 12/1/17 2,955,000 3,235,725 -------------------------------------------------------------------------------------------------------------------------------- Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 2,285,000 2,377,828 -------------------------------------------------------------------------------------------------------------------------------- ATP Oil & Gas Corp., 11.875% Sr. Sec. Nts., 5/1/15 5,090,000 5,369,950 -------------------------------------------------------------------------------------------------------------------------------- Bill Barrett Corp., 9.875% Sr. Nts., 7/15/16 2,365,000 2,672,450 -------------------------------------------------------------------------------------------------------------------------------- BreitBurn Energy Partners LP, 8.625% Sr. Unsec. Nts., 10/15/20(2) 2,805,000 2,952,263 -------------------------------------------------------------------------------------------------------------------------------- Chaparral Energy, Inc.: 8.875% Sr. Unsec. Nts., 2/1/17 885,000 933,675 9.875% Sr. Nts., 10/1/20(2) 2,715,000 3,027,225 -------------------------------------------------------------------------------------------------------------------------------- Empresa Nacional del Petroleo, 5.25% Unsec. Nts., 8/10/20(2) 815,000 814,941 -------------------------------------------------------------------------------------------------------------------------------- Gaz Capital SA: 6.212% Sr. Unsec. Unsub. Nts., 11/22/16(2) 1,910,000 2,095,270 7.288% Sr. Sec. Nts., 8/16/37(2) 5,105,000 5,538,925 8.125% Nts., 7/31/14(2) 1,030,000 1,181,925 8.146% Sr. Sec. Nts., 4/11/18(2) 2,680,000 3,172,316 8.625% Sr. Sec. Nts., 4/28/34(2) 1,680,000 2,089,416 9.25% Sr. Unsec. Unsub. Nts., 4/23/19(2) 3,175,000 3,964,623 -------------------------------------------------------------------------------------------------------------------------------- James River Coal Co., 7.875% Sr. Nts., 4/1/19(2) 640,000 665,600 -------------------------------------------------------------------------------------------------------------------------------- KazMunayGaz National Co., 6.375% Sr. Unsec. Bonds, 4/9/21(2) 1,775,000 1,846,000 -------------------------------------------------------------------------------------------------------------------------------- KMG Finance Sub BV: 7% Sr. Unsec. Bonds, 5/5/20(2) 1,150,000 1,244,875 9.125% Sr. Unsec. Unsub. Nts., 7/2/18(2) 3,580,000 4,349,700 -------------------------------------------------------------------------------------------------------------------------------- Linn Energy LLC, 8.625% Sr. Unsec. Nts., 4/15/20(2) 4,015,000 4,476,725 -------------------------------------------------------------------------------------------------------------------------------- Lukoil International Finance BV: 6.125% Sr. Unsec. Nts., 11/9/20(2) 3,560,000 3,649,000 6.656% Sr. Unsec. Unsub. Bonds, 6/7/22(2) 610,000 640,500 7.25% Sr. Unsec. Unsub. Nts., 11/5/19(2) 595,000 658,189 -------------------------------------------------------------------------------------------------------------------------------- MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/21(2,5) 3,195,000 3,250,913 -------------------------------------------------------------------------------------------------------------------------------- Murray Energy Corp., 10.25% Sr. Sec. Nts., 10/15/15(2) 6,535,000 7,057,800 -------------------------------------------------------------------------------------------------------------------------------- Nak Naftogaz Ukraine, 9.50% Unsec. Nts., 9/30/14 4,360,000 4,817,800
20 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS CONTINUED Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/21(2) $ 1,190,000 $ 1,259,913 -------------------------------------------------------------------------------------------------------------------------------- Pan American Energy LLC, 7.875% Sr. Unsec. Nts., 5/7/21(2) 2,685,000 2,903,291 -------------------------------------------------------------------------------------------------------------------------------- Pemex Project Funding Master Trust: 6.625% Sr. Unsec. Unsub. Nts., 6/15/38 1,510,000 1,510,005 6.625% Unsec. Unsub. Bonds, 6/15/35 1,860,000 1,873,749 -------------------------------------------------------------------------------------------------------------------------------- Petrobras International Finance Co.: 5.75% Sr. Unsec. Unsub. Nts., 1/20/20 1,120,000 1,159,760 7.875% Sr. Unsec. Nts., 3/15/19 1,590,000 1,872,934 -------------------------------------------------------------------------------------------------------------------------------- Petroleos de Venezuela SA, 8.50% Sr. Nts., 11/2/17 4,555,000 3,243,160 -------------------------------------------------------------------------------------------------------------------------------- Petroleos Mexicanos: 5.50% Sr. Unsec. Unsub. Nts., 1/21/21 1,650,000 1,683,000 6% Sr. Unsec. Unsub. Nts., 3/5/20 1,380,000 1,471,770 -------------------------------------------------------------------------------------------------------------------------------- Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/19(2) 2,380,000 2,897,650 -------------------------------------------------------------------------------------------------------------------------------- Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11(2) 175,591 175,438 -------------------------------------------------------------------------------------------------------------------------------- PT Adaro Indonesia, 7.625% Nts., 10/22/19(2) 2,060,000 2,286,600 -------------------------------------------------------------------------------------------------------------------------------- Quicksilver Resources, Inc., 11.75% Sr. Nts., 1/1/16 2,260,000 2,644,200 -------------------------------------------------------------------------------------------------------------------------------- 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 2,801,975 -------------------------------------------------------------------------------------------------------------------------------- SandRidge Energy, Inc.: 8.75% Sr. Unsec. Nts., 1/15/20 2,925,000 3,202,875 9.875% Sr. Unsec. Nts., 5/15/16(2) 1,290,000 1,438,350 -------------------------------------------------------------------------------------------------------------------------------- Tengizchevroil LLP, 6.124% Nts., 11/15/14(2) 1,068,156 1,132,246 -------------------------------------------------------------------------------------------------------------------------------- Venoco, Inc., 8.875% Sr. Unsec. Nts., 2/15/19(2) 1,375,000 1,376,719 ------------ 111,550,607 -------------------------------------------------------------------------------------------------------------------------------- FINANCIALS-4.7% -------------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS-0.9% Banco de Credito del Peru, 9.75% Jr. Sub. Nts., 11/6/69(2) 800,000 928,000 -------------------------------------------------------------------------------------------------------------------------------- Berry Plastics Holding Corp., 10.25% Sr. Unsec. Sub. Nts., 3/1/16 900,000 879,750 -------------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston International, Export- Import Bank of Ukraine, 7.65% Sr. Sec. Bonds, 9/7/11 700,000 710,458 -------------------------------------------------------------------------------------------------------------------------------- Edgen Murray Corp., 12.25% Sr. Sec. Nts., 1/15/15 1,420,000 1,400,475 -------------------------------------------------------------------------------------------------------------------------------- Nationstar Mortgage LLC/Nationstar Capital Corp., 10.875% Sr. Nts., 4/1/15(2) 7,205,000 7,457,175 -------------------------------------------------------------------------------------------------------------------------------- Nuveen Investments, Inc.: 5.50% Sr. Unsec. Nts., 9/15/15 1,095,000 966,338 10.50% Sr. Unsec. Unsub. Nts., 11/15/15 2,565,000 2,648,363 -------------------------------------------------------------------------------------------------------------------------------- Pinafore LLC/Pinafore, Inc., 9% Sr. Sec. Nts., 10/1/18(2) 3,005,000 3,275,450 -------------------------------------------------------------------------------------------------------------------------------- Springleaf Finance Corp., 6.90% Nts., Series J, 12/15/17 3,375,000 3,100,781 ------------ 21,366,790 -------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS-2.3% Akbank TAS, 5.125% Sr. Unsec. Nts., 7/22/15(3) 2,050,000 2,068,040 -------------------------------------------------------------------------------------------------------------------------------- Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/17(2) 1,610,000 1,710,625 -------------------------------------------------------------------------------------------------------------------------------- Banco BMG SA: 9.15% Nts., 1/15/16(2) 2,660,000 2,806,300
21 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS CONTINUED -------------------------------------------------------------------------------------------------------------------------------- 9.95% Unsec. Unsub. Nts., 11/5/19(2) $ 1,150,000 $ 1,224,750 -------------------------------------------------------------------------------------------------------------------------------- Banco Cruzeiro do Sul SA, 8.25% Sr. Unsec. Nts., 1/20/16(2) 830,000 825,850 -------------------------------------------------------------------------------------------------------------------------------- Banco de Credito del Peru: 5.375% Sr. Nts., 9/16/20(2) 480,000 456,000 6.95% Sub. Nts., 11/7/21(1,2) 1,510,000 1,585,500 -------------------------------------------------------------------------------------------------------------------------------- Banco do Brasil SA: 5.375% Unsec. Sub. Nts., 1/15/21(2) 955,000 931,125 8.50% Jr. Sub. Perpetual Bonds(2,13) 1,195,000 1,375,744 -------------------------------------------------------------------------------------------------------------------------------- Banco PanAmericano SA, 8.50% Sr. Unsec. Sub. Nts., 4/23/20(2) 900,000 949,500 -------------------------------------------------------------------------------------------------------------------------------- Banco Votorantim SA, 5.25% Sr. Unsec. Unsub. Nts., 2/11/16(2) 830,000 856,975 -------------------------------------------------------------------------------------------------------------------------------- Bancolombia SA, 4.25% Sr. Unsec. Nts., 1/12/16(2) 1,630,000 1,617,775 -------------------------------------------------------------------------------------------------------------------------------- Bank of Scotland plc: 4.375% Sr. Sec. Nts., 7/13/16 2,105,000 EUR 2,988,803 4.50% Sr. Sec. Nts., 7/13/21 1,439,000 EUR 1,963,268 -------------------------------------------------------------------------------------------------------------------------------- CIT Group, Inc., 7% Sr. Sec. Bonds, 5/1/17 5,635,000 5,656,131 -------------------------------------------------------------------------------------------------------------------------------- Halyk Savings Bank of Kazakhstan JSC: 7.25% Unsec. Unsub. Nts., 5/3/17(2) 710,000 741,027 9.25% Sr. Nts., 10/16/13(2) 8,420,000 9,367,250 -------------------------------------------------------------------------------------------------------------------------------- ICICI Bank Ltd.: 5.50% Sr. Unsec. Nts., 3/25/15(2) 3,050,000 3,179,473 6.375% Bonds, 4/30/22(1,2) 3,060,000 3,052,283 -------------------------------------------------------------------------------------------------------------------------------- Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/04(3,4) 90,000 - -------------------------------------------------------------------------------------------------------------------------------- PrivatBank JSC/UK SPV Credit Finance plc, 8% Sr. Sec. Nts., 2/6/12(2) 1,240,000 1,256,275 -------------------------------------------------------------------------------------------------------------------------------- Salisbury International Investments Ltd., 4.453% Sec. Nts., Series 2006-003, Tranche E, 7/22/11(1,3) 1,100,000 1,042,030 -------------------------------------------------------------------------------------------------------------------------------- Turkiye Is Bankasi (Isbank), 5.10% Sr. Unsec. Nts., 2/1/16(2) 1,240,000 1,235,738 -------------------------------------------------------------------------------------------------------------------------------- VEB Finance Ltd., 6.902% Sr. Unsec. Unsub. Nts., 7/9/20(2) 3,530,000 3,807,811 -------------------------------------------------------------------------------------------------------------------------------- VTB Capital SA: 6.315% Nts., 2/22/18(2) 2,080,000 2,133,768 6.465% Sr. Sec. Unsub. Nts., 3/4/15(2) 1,560,000 1,678,872 6.551% Sr. Unsec. Nts., 10/13/20(2) 1,560,000 1,589,172 ------------ 56,100,085 -------------------------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE-0.2% JSC Astana Finance, 9.16% Nts., 3/14/12(4) 7,200,000 906,480 -------------------------------------------------------------------------------------------------------------------------------- TMX Finance LLC/TitleMax Finance Corp., 13.25% Sr. Sec. Nts., 7/15/15(2) 2,410,000 2,687,150 ------------ 3,593,630 -------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES-0.7% Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26(3) 2,809,723 2,486,604 -------------------------------------------------------------------------------------------------------------------------------- BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17 420,000 EUR 589,627 -------------------------------------------------------------------------------------------------------------------------------- Banco Invex SA, 29.593% Mtg.-Backed Certificates, Series 062U, 3/13/34(1,11) 4,830,734 MXN 899,930 -------------------------------------------------------------------------------------------------------------------------------- BM&F BOVESPA SA, 5.50% Sr. Unsec. Nts., 7/16/20(2) 835,000 857,360 -------------------------------------------------------------------------------------------------------------------------------- GMAC LLC, 8% Sr. Unsec. Nts., 11/1/31 2,785,000 3,049,575
22 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES CONTINUED ING Groep NV, 5.775% Jr. Unsec. Sub. Perpetual Bonds(13) $ 2,935,000 $ 2,729,550 -------------------------------------------------------------------------------------------------------------------------------- JPMorgan Hipotecaria su Casita: 7.812% Sec. Nts., 8/26/35(3) 5,808,600 MXN 499,966 27.987% Mtg.-Backed Certificates, Series 06U, 9/25/35(1) 1,830,721 MXN 292,588 -------------------------------------------------------------------------------------------------------------------------------- Korea Development Bank (The), 4% Sr. Unsec. Unsub. Nts., 9/6/16 1,465,000 1,482,085 -------------------------------------------------------------------------------------------------------------------------------- Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97(2,14) 6,360,000 3,841,930 -------------------------------------------------------------------------------------------------------------------------------- TNK-BP Finance SA, 7.25% Sr. Unsec. Unsub. Bonds, 2/2/20(2) 900,000 994,500 ------------ 17,723,715 -------------------------------------------------------------------------------------------------------------------------------- INSURANCE-0.1% International Lease Finance Corp.: 8.875% Sr. Unsec. Nts., 9/1/17 295,000 334,088 9% Sr. Unsec. Unsub. Nts., 3/15/17(2) 1,475,000 1,663,063 ------------ 1,997,151 -------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT-0.3% Realogy Corp., 11.50% Sr. Unsec. Nts., 4/15/17(1,2) 4,385,000 4,549,438 -------------------------------------------------------------------------------------------------------------------------------- Wallace Theater Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/13(1,3) 2,230,000 2,274,600 ------------ 6,824,038 -------------------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE-0.2% Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16(2) 785,000 812,475 -------------------------------------------------------------------------------------------------------------------------------- WM Covered Bond Program: 4% Sec. Mtg. Nts., Series 2, 9/27/16 2,770,000 EUR 3,915,529 4.375% Sec. Nts., 5/19/14 350,000 EUR 508,860 ------------ 5,236,864 -------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE-1.3% -------------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY-0.1% Grifols SA/Giant Funding Corp., 8.25% Sr. Nts., 2/1/18(2) 800,000 825,000 -------------------------------------------------------------------------------------------------------------------------------- STHI Holding Corp., 8% Sec. Nts., 3/15/18(2) 795,000 826,800 ------------ 1,651,800 -------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES-0.3% Accellent, Inc., 10% Sr. Sub. Nts., 11/1/17(2) 2,305,000 2,316,525 -------------------------------------------------------------------------------------------------------------------------------- Alere, Inc., 8.625% Sr. Unsec. Sub. Nts., 10/1/18 1,040,000 1,106,300 -------------------------------------------------------------------------------------------------------------------------------- Biomet, Inc., 11.625% Sr. Unsec. Sub. Nts., 10/15/17 1,911,000 2,140,320 -------------------------------------------------------------------------------------------------------------------------------- DJO Finance LLC/DJO Finance Corp., 9.75% Sr. Sub. Nts., 10/15/17(2) 735,000 775,425 -------------------------------------------------------------------------------------------------------------------------------- Inverness Medical Innovations, Inc., 7.875% Sr. Unsec. Unsub. Nts., 2/1/16 1,630,000 1,709,463 ------------ 8,048,033 -------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES-0.6% Capella Healthcare, Inc., 9.25% Sr. Unsec. Nts., 7/1/17(2) 405,000 433,350 -------------------------------------------------------------------------------------------------------------------------------- Catalent Pharma Solutions, Inc., 10.25% Sr. Unsec. Nts., 4/15/15(12) 2,603,400 2,684,756 -------------------------------------------------------------------------------------------------------------------------------- Gentiva Health Services, Inc., 11.50% Sr. Unsec. Unsub. Nts., 9/1/18 2,405,000 2,732,681 -------------------------------------------------------------------------------------------------------------------------------- HCA, Inc., 6.375% Nts., 1/15/15 2,260,000 2,316,500 -------------------------------------------------------------------------------------------------------------------------------- inVentiv Health, Inc., 10% Sr. Unsec. Nts., 8/15/18(2) 1,120,000 1,167,600 --------------------------------------------------------------------------------------------------------------------------------
23 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED -------------------------------------------------------------------------------------------------------------------------------- Multiplan, Inc., 9.875% Sr. Nts., 9/1/18(2) $ 1,920,000 $ 2,064,000 -------------------------------------------------------------------------------------------------------------------------------- Oncure Holdings, Inc., 11.75% Sr. Sec. Nts., 5/15/17 1,095,000 1,103,213 -------------------------------------------------------------------------------------------------------------------------------- Radiation Therapy Services, Inc., 9.875% Sr. Unsec. Sub. Nts., 4/15/17 1,065,000 1,091,625 -------------------------------------------------------------------------------------------------------------------------------- US Oncology, Inc. (Escrow), 9.125% Sr. Sec. Nts., 8/15/17 1,730,000 17,300 -------------------------------------------------------------------------------------------------------------------------------- Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18 1,595,000 1,640,856 ------------ 15,251,881 -------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE TECHNOLOGY-0.1% MedAssets, Inc., 8% Sr. Nts., 11/15/18(2) 920,000 945,300 -------------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS-0.2% Mylan, Inc., 6% Sr. Nts., 11/15/18(2) 810,000 814,050 -------------------------------------------------------------------------------------------------------------------------------- Valeant Pharmaceuticals International, Inc., 6.875% Sr. Unsec. Nts., 12/1/18(2) 765,000 753,525 -------------------------------------------------------------------------------------------------------------------------------- Warner Chilcott Co. LLC, 7.75% Sr. Nts., 9/15/18(2) 3,340,000 3,515,350 ------------ 5,082,925 -------------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS-3.2% -------------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE-0.9% BE Aerospace, Inc., 6.875% Sr. Nts., 10/1/20 925,000 962,000 -------------------------------------------------------------------------------------------------------------------------------- DynCorp International, Inc., 10.375% Sr. Unsec. Nts., 7/1/17(2) 4,910,000 5,339,625 -------------------------------------------------------------------------------------------------------------------------------- Hawker Beechcraft Acquisition Co. LLC: 8.50% Sr. Unsec. Nts., 4/1/15 5,615,000 4,786,788 9.75% Sr. Unsec. Sub. Nts., 4/1/17 955,000 704,313 -------------------------------------------------------------------------------------------------------------------------------- Huntington Ingalls Industries, Inc.: 6.875% Sr. Unsec. Nts., 3/15/18(2) 795,000 833,756 7.125% Sr. Unsec. Nts., 3/15/21(2) 640,000 670,400 -------------------------------------------------------------------------------------------------------------------------------- Lanza Acquisition Co., 10% Sr. Sec. Nts., 6/1/17(2) 1,040,000 1,151,800 -------------------------------------------------------------------------------------------------------------------------------- TransDigm, Inc., 7.75% Sr. Sub. Nts., 12/15/18(2) 6,480,000 6,990,300 ------------ 21,438,982 -------------------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS-0.0% AMGH Merger Sub, Inc., 9.25% Sr. Sec. Nts., 11/1/18(2) 770,000 830,638 -------------------------------------------------------------------------------------------------------------------------------- AIRLINES-0.2% Delta Air Lines, Inc., 12.25% Sr. Sec. Nts., 3/15/15(2) 3,845,000 4,325,625 -------------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS-0.3% Associated Materials LLC, 9.125% Sr. Sec. Nts., 11/1/17(2) 1,105,000 1,185,113 -------------------------------------------------------------------------------------------------------------------------------- Ply Gem Industries, Inc., 13.125% Sr. Unsec. Sub. Nts., 7/15/14 3,945,000 4,378,950 -------------------------------------------------------------------------------------------------------------------------------- Roofing Supply Group LLC/Roofing Supply Finance, Inc., 8.625% Sr. Sec. Nts., 12/1/17(2) 1,100,000 1,163,250 ------------ 6,727,313 -------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES-0.2% West Corp.: 7.875% Sr. Nts., 1/15/19(2) 1,220,000 1,245,925 8.625% Sr. Unsec. Nts., 10/1/18(2) 2,665,000 2,818,238 ------------ 4,064,163 -------------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING-0.2% IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24(2) 3,876,077 4,341,207 --------------------------------------------------------------------------------------------------------------------------------
24 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING CONTINUED Odebrecht Finance Ltd., 7% Sr. Unsec. Nts., 4/21/20(2) $ 780,000 $ 856,830 ------------ 5,198,037 -------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES-0.1% Sequa Corp., 11.75% Sr. Unsec. Nts., 12/1/15(2) 2,525,000 2,739,625 -------------------------------------------------------------------------------------------------------------------------------- MACHINERY-0.5% Cleaver-Brooks, Inc., 12.25% Sr. Sec. Nts., 5/1/16(2) 2,540,000 2,679,700 -------------------------------------------------------------------------------------------------------------------------------- Manitowoc Co., Inc. (The), 8.50% Sr. Unsec. Nts., 11/1/20 2,805,000 3,022,388 -------------------------------------------------------------------------------------------------------------------------------- Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17 5,275,000 5,584,906 -------------------------------------------------------------------------------------------------------------------------------- Thermadyne Holdings Corp., 9% Sr. Sec. Nts., 12/15/17(2) 1,325,000 1,406,156 ------------ 12,693,150 -------------------------------------------------------------------------------------------------------------------------------- MARINE-0.2% Marquette Transportation Co., 10.875% Sr. Sec. Nts., 1/15/17(2) 2,930,000 3,069,175 -------------------------------------------------------------------------------------------------------------------------------- Navios Maritime Acquisition Corp., 8.625% Sr. Sec. Nts., 11/1/17 735,000 764,400 -------------------------------------------------------------------------------------------------------------------------------- Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc., 8.875% Sr. Sec. Nts., 11/1/17 1,240,000 1,350,050 ------------ 5,183,625 -------------------------------------------------------------------------------------------------------------------------------- PROFESSIONAL SERVICES-0.2% Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15(2) 3,515,000 3,743,475 -------------------------------------------------------------------------------------------------------------------------------- TransUnion LLC/TransUnion Financing Corp., 11.375% Sr. Unsec. Nts., 6/15/18(2) 660,000 757,350 ------------ 4,500,825 -------------------------------------------------------------------------------------------------------------------------------- ROAD & RAIL-0.3% Hertz Corp., 7.50% Sr. Unsec. Nts., 10/15/18(2) 5,060,000 5,262,400 -------------------------------------------------------------------------------------------------------------------------------- Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/20(2) 785,000 822,209 -------------------------------------------------------------------------------------------------------------------------------- Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/26(2) 1,425,760 1,290,028 -------------------------------------------------------------------------------------------------------------------------------- Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/15(2) 320,000 310,400 ------------ 7,685,037 -------------------------------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS-0.1% RSC Equipment Rental, Inc., 10% Sr. Sec. Nts., 7/15/17(2) 470,000 538,150 -------------------------------------------------------------------------------------------------------------------------------- RSC Equipment Rental, Inc./RSC Holdings III LLC, 8.25% Sr. Unsec. Nts., 2/1/21(2) 800,000 836,000 -------------------------------------------------------------------------------------------------------------------------------- United Rentals North America, Inc., 9.25% Sr. Unsec. Unsub. Nts., 12/15/19 1,020,000 1,139,850 ------------ 2,514,000 -------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE-0.0% Aeropuertos Argentina 2000 SA, 10.75% Sr. Sec. Nts., 12/1/20(2) 405,900 440,402 -------------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY-1.6% -------------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS-0.1% Seagate HDD Cayman, 6.875% Sr. Unsec. Nts., 5/1/20(2) 2,740,000 2,746,850 -------------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS-0.2% CDW LLC/CDW Finance Corp., 11% Sr. Unsec. Nts., 10/12/15 3,755,000 4,092,950 -------------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES-0.4% ITC DeltaCom, Inc., 10.50% Sr. Sec. Nts., 4/1/16 5,135,000 5,687,013 --------------------------------------------------------------------------------------------------------------------------------
25 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES CONTINUED Telcordia Technologies, Inc., 11% Sr. Sec. Nts., 5/1/18(2) $ 3,970,000 $ 4,436,475 ------------ 10,123,488 -------------------------------------------------------------------------------------------------------------------------------- IT SERVICES-0.5% Ceridian Corp., 11.25% Sr. Unsec. Nts., 11/15/15 2,145,000 2,241,525 -------------------------------------------------------------------------------------------------------------------------------- First Data Corp.: 8.875% Sr. Sec. Nts., 8/15/20(2) 2,390,000 2,634,975 9.875% Sr. Unsec. Nts., 9/24/15 6,510,000 6,705,300 -------------------------------------------------------------------------------------------------------------------------------- SunGard Data Systems, Inc., 7.625% Sr. Unsec. Nts., 11/15/20(2) 765,000 789,863 ------------ 12,371,663 -------------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT-0.4% Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 8/1/20 1,340,000 1,383,550 -------------------------------------------------------------------------------------------------------------------------------- Amkor Technology, Inc., 7.375% Sr. Unsec. Nts., 5/1/18 1,445,000 1,502,800 -------------------------------------------------------------------------------------------------------------------------------- Freescale Semiconductor, Inc.: 9.25% Sr. Sec. Nts., 4/15/18(2) 1,710,000 1,881,000 10.75% Sr. Unsec. Nts., 8/1/20(2) 4,430,000 4,994,825 ------------ 9,762,175 -------------------------------------------------------------------------------------------------------------------------------- MATERIALS-3.9% -------------------------------------------------------------------------------------------------------------------------------- CHEMICALS-1.1% Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/18(2) 2,135,000 2,359,175 -------------------------------------------------------------------------------------------------------------------------------- Braskem SA, 7% Sr. Unsec. Nts., 5/7/20(2) 1,150,000 1,253,500 -------------------------------------------------------------------------------------------------------------------------------- Ferro Corp., 7.875% Sr. Unsec. Nts., 8/15/18 2,650,000 2,822,250 -------------------------------------------------------------------------------------------------------------------------------- Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC: 8.875% Sr. Sec. Nts., 2/1/18 3,845,000 4,085,313 9% Sr. Sec. Nts., 11/15/20(2) 1,410,000 1,465,519 -------------------------------------------------------------------------------------------------------------------------------- Huntsman International LLC, 8.625% Sr. Sub. Nts., 3/15/21(2) 300,000 328,500 -------------------------------------------------------------------------------------------------------------------------------- Lyondell Chemical Co., 8% Sr. Sec. Nts., 11/1/17(2) 3,180,000 3,513,900 -------------------------------------------------------------------------------------------------------------------------------- Momentive Performance Materials, Inc.: 9% Sec. Nts., 1/15/21(2) 2,815,000 2,917,044 11.50% Sr. Unsec. Sub. Nts., 12/1/16 2,455,000 2,645,263 -------------------------------------------------------------------------------------------------------------------------------- Nalco Co., 6.625% Sr. Nts., 1/15/19(2) 485,000 501,369 -------------------------------------------------------------------------------------------------------------------------------- Rhodia SA, 6.875% Sr. Nts., 9/15/20(2) 3,960,000 4,054,050 ------------ 25,945,883 -------------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS-0.3% CEMEX Espana SA, 9.25% Sr. Sec. Nts., 5/12/20(2) 872,000 907,970 -------------------------------------------------------------------------------------------------------------------------------- CEMEX Finance LLC, 9.50% Sr. Sec. Bonds, 12/14/16(2) 1,275,000 1,380,188 -------------------------------------------------------------------------------------------------------------------------------- CEMEX SAB de CV, 9% Sr. Sec. Nts., 1/11/18(2) 1,295,000 1,364,606 -------------------------------------------------------------------------------------------------------------------------------- Ply Gem Industries, Inc., 8.25% Sr. Sec. Nts., 2/15/18(2) 2,130,000 2,199,225 -------------------------------------------------------------------------------------------------------------------------------- Rearden G Holdings Eins GmbH, 7.875% Sr. Unsec. Nts., 3/30/20(2) 990,000 1,079,100 -------------------------------------------------------------------------------------------------------------------------------- West China Cement Ltd., 7.50% Sr. Nts., 1/25/16(2) 1,075,000 1,092,415 ------------ 8,023,504 -------------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING-0.3% Berry Plastics Corp., 9.75% Sr. Sec. Nts., 1/15/21(2) 3,830,000 3,810,850 -------------------------------------------------------------------------------------------------------------------------------- Polymer Group, Inc., 7.75% Sr. Sec. Nts., 2/1/19(2) 2,075,000 2,150,219 --------------------------------------------------------------------------------------------------------------------------------
26 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING CONTINUED Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 $ 3,140,000 $ 2,826,000 ------------ 8,787,069 -------------------------------------------------------------------------------------------------------------------------------- METALS & MINING-0.9% Aleris International, Inc., 7.625% Sr. Nts., 2/15/18(2) 4,775,000 4,810,813 -------------------------------------------------------------------------------------------------------------------------------- Alrosa Finance SA, 7.75% Nts., 11/3/20(2) 1,580,000 1,701,660 -------------------------------------------------------------------------------------------------------------------------------- CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/19(2) 750,000 836,250 -------------------------------------------------------------------------------------------------------------------------------- Ferrexpo Finance plc, 7.875% Sr. Unsec. Bonds, 4/7/16(2,5) 1,330,000 1,330,000 -------------------------------------------------------------------------------------------------------------------------------- JSC Severstal, 6.70% Nts., 10/25/17(2) 1,940,000 1,988,500 -------------------------------------------------------------------------------------------------------------------------------- Metinvest BV, 8.75% Sr. Unsec. Unsub. Nts., 2/14/18(2) 1,665,000 1,731,600 -------------------------------------------------------------------------------------------------------------------------------- Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/18(2) 7,715,000 8,486,500 ------------ 20,885,323 -------------------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS-1.3% ABI Escrow Corp., 10.25% Sr. Sec. Nts., 10/15/18(2) 2,255,000 2,503,050 -------------------------------------------------------------------------------------------------------------------------------- Abitibi-Consolidated Co. of Canada (Escrow), 10.60% Sr. Unsec. Unsub. Nts., 1/15/11(4) 2,760,000 193,200 -------------------------------------------------------------------------------------------------------------------------------- Ainsworth Lumber Co. Ltd., 11% Sr. Unsec. Unsub. Nts., 7/29/15(2,12) 4,074,875 4,141,092 -------------------------------------------------------------------------------------------------------------------------------- Appleton Papers, Inc., 10.50% Sr. Sec. Nts., 6/15/15(2) 5,210,000 5,509,575 -------------------------------------------------------------------------------------------------------------------------------- Catalyst Paper Corp., 11% Sr. Sec. Nts., 12/15/16(2) 4,011,000 4,051,110 -------------------------------------------------------------------------------------------------------------------------------- Mercer International, Inc., 9.50% Sr. Unsec. Nts., 12/1/17(2) 2,290,000 2,519,000 -------------------------------------------------------------------------------------------------------------------------------- NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/14 4,670,000 4,699,188 -------------------------------------------------------------------------------------------------------------------------------- Norske Skogindustrier ASA, 6.125% Unsec. Bonds, 10/15/15(2) 880,000 796,400 -------------------------------------------------------------------------------------------------------------------------------- Verso Paper Holdings LLC, 11.375% Sr. Unsec. Sub. Nts., Series B, 8/1/16 4,465,000 4,755,225 -------------------------------------------------------------------------------------------------------------------------------- Verso Paper Holdings LLC/Verso Paper, Inc., 8.75% Sr. Sec. Nts., 2/1/19(2) 2,495,000 2,607,275 ------------ 31,775,115 -------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES-2.3% -------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES-1.3% Axtel SAB de CV, 9% Sr. Unsec. Nts., 9/22/19(2) 2,490,000 2,402,850 -------------------------------------------------------------------------------------------------------------------------------- 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 1,326,375 8.75% Sr. Unsec. Sub. Nts., 3/15/18 2,020,000 1,916,475 -------------------------------------------------------------------------------------------------------------------------------- Intelsat Bermuda Ltd.: 11.25% Sr. Unsec. Nts., 2/4/17 2,755,000 3,023,613 12.50% Sr. Unsec. Nts., 2/4/17(12) 1,424,414 1,570,416 -------------------------------------------------------------------------------------------------------------------------------- Intelsat Jackson Holdings SA, 7.25% Sr. Unsec. Nts., 10/15/20(2) 755,000 758,775 -------------------------------------------------------------------------------------------------------------------------------- Level 3 Financing, Inc.: 9.25% Sr. Unsec. Unsub. Nts., 11/1/14 3,705,000 3,806,888 9.375% Sr. Unsec. Unsub. Nts., 4/1/19(2) 3,585,000 3,486,413 -------------------------------------------------------------------------------------------------------------------------------- PAETEC Holding Corp., 9.50% Sr. Unsec. Unsub. Nts., 7/15/15 3,880,000 4,083,700 -------------------------------------------------------------------------------------------------------------------------------- Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/20(2) 4,162,000 4,109,975 -------------------------------------------------------------------------------------------------------------------------------- Wind Acquisition Finance SA, 7.25% Sr. Sec. Nts., 2/15/18(2) 1,190,000 1,246,525 -------------------------------------------------------------------------------------------------------------------------------- Windstream Corp., 8.125% Sr. Unsec. Unsub. Nts., 9/1/18 1,295,000 1,388,888 --------------------------------------------------------------------------------------------------------------------------------
27 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10(4) $ 250,000 $ - ------------ 30,583,618 -------------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES-1.0% America Movil SAB de CV: 6.125% Sr. Unsec. Unsub. Nts., 3/30/40 925,000 971,297 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36 52,700,000 MXN 3,868,120 -------------------------------------------------------------------------------------------------------------------------------- Cricket Communications, Inc., 7.75% Sr. Unsec. Nts., 10/15/20 5,335,000 5,388,350 -------------------------------------------------------------------------------------------------------------------------------- MetroPCS Wireless, Inc.: 6.625% Sr. Unsec. Nts., 11/15/20 2,755,000 2,758,444 7.875% Sr. Unsec. Nts., 9/1/18 2,520,000 2,709,000 -------------------------------------------------------------------------------------------------------------------------------- MTS International Funding Ltd., 8.625% Sr. Unsec. Nts., 6/22/20(2) 2,335,000 2,682,215 -------------------------------------------------------------------------------------------------------------------------------- Vimpel Communications/VIP Finance Ireland Ltd. OJSC, 7.748% Nts., 2/2/21(2) 1,245,000 1,313,475 -------------------------------------------------------------------------------------------------------------------------------- VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18(2) 4,190,000 4,789,170 ------------ 24,480,071 -------------------------------------------------------------------------------------------------------------------------------- UTILITIES-2.7% -------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES-1.6% Centrais Eletricas Brasileiras SA, 6.875% Sr. Unsec. Unsub. Nts., 7/30/19(2) 2,185,000 2,458,125 -------------------------------------------------------------------------------------------------------------------------------- Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17 3,935,000 3,177,513 -------------------------------------------------------------------------------------------------------------------------------- Empresa Distribuidora y Comercializadora Norte SA, 9.75% Nts., 10/25/22(2) 840,000 869,400 -------------------------------------------------------------------------------------------------------------------------------- Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/19(2) 1,435,000 1,643,075 -------------------------------------------------------------------------------------------------------------------------------- Energy Future Intermediate Holding Co. LLC, 10% Sr. Sec. Nts., 12/1/20 2,817,000 2,996,632 -------------------------------------------------------------------------------------------------------------------------------- Eskom Holdings Ltd.: 5.75% Sr. Unsec. Bonds., 1/26/21(2) 2,900,000 2,954,375 9.25% Bonds, Series ES18, 4/20/18 10,000,000 ZAR 1,482,667 10% Nts., Series ES23, 1/25/23 44,000,000 ZAR 6,780,728 -------------------------------------------------------------------------------------------------------------------------------- Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19(2) 4,550,000 4,836,368 -------------------------------------------------------------------------------------------------------------------------------- Majapahit Holding BV: 7.75% Nts., 10/17/16(2) 2,250,000 2,542,500 8% Sr. Unsec. Nts., 8/7/19(2) 1,150,000 1,311,000 -------------------------------------------------------------------------------------------------------------------------------- National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16 109,600,000 PHP 2,681,478 -------------------------------------------------------------------------------------------------------------------------------- Texas Competitive Electric Holdings Co. LLC: 10.25% Sr. Unsec. Nts., Series A, 11/1/15 8,875,000 5,236,250 10.25% Sr. Unsec. Nts., Series B, 11/1/15 1,520,000 893,000 ------------ 39,863,111 -------------------------------------------------------------------------------------------------------------------------------- ENERGY TRADERS-0.9% Colbun SA, 6% Sr. Unsec. Nts., 1/21/20(2) 1,640,000 1,684,906 -------------------------------------------------------------------------------------------------------------------------------- Energy Future Holdings Corp., 10% Sr. Sec. Nts., 1/15/20 2,880,000 3,063,649 -------------------------------------------------------------------------------------------------------------------------------- Foresight Energy LLC, 9.625% Sr. Unsec. Nts., 8/15/17(2) 5,395,000 5,833,344 -------------------------------------------------------------------------------------------------------------------------------- GenOn Escrow Corp.: 9.50% Sr. Unsec. Nts., 10/15/18(2) 1,505,000 1,572,725 9.875% Sr. Nts., 10/15/20(2) 1,500,000 1,575,000 --------------------------------------------------------------------------------------------------------------------------------
28 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- ENERGY TRADERS CONTINUED Power Sector Assets & Liabilities Management Corp.: 7.25% Sr. Gtd. Unsec. Nts., 5/27/19(2) $ 1,280,000 $ 1,465,600 7.39% Sr. Gtd. Unsec. Nts., 12/2/24(2) 1,270,000 1,454,150 -------------------------------------------------------------------------------------------------------------------------------- PT Cikarang Listindo/Listindo Capital BV, 9.25% Sr. Nts., 1/29/15(2) 1,150,000 1,273,286 -------------------------------------------------------------------------------------------------------------------------------- United Maritime Group LLC, 11.75% Sr. Sec. Nts., 6/15/15 3,645,000 3,799,883 ------------ 21,722,543 -------------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES-0.1% Ferrellgas LP/Ferrellgas Finance Corp., 6.50% Sr. Nts., 5/1/21(2) 680,000 663,000 -------------------------------------------------------------------------------------------------------------------------------- TGI International Ltd., 9.50% Nts., 10/3/17(2) 1,442,000 1,622,250 ------------ 2,285,250 -------------------------------------------------------------------------------------------------------------------------------- WATER UTILITIES-0.1% Cia de Saneamento Basico do Estado de Sao Paulo, 6.25% Sr. Unsec. Nts., 12/16/20(2) 1,475,000 1,522,938 ------------ Total Corporate Bonds and Notes (Cost $699,029,907) 733,110,012 Shares -------------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS-0.5% Ally Financial, Inc., 7%, Non-Vtg.(2) 6,800 6,327,825 -------------------------------------------------------------------------------------------------------------------------------- GMAC Capital Trust I, 8.125% Cum. 30,000 765,000 -------------------------------------------------------------------------------------------------------------------------------- Greektown Superholdings, Inc., Series A-1(15) 45,600 4,844,088 ------------ Total Preferred Stocks (Cost $11,157,175) 11,936,913 -------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS-0.8% AbitibiBowater, Inc. (15) 143,327 3,851,196 -------------------------------------------------------------------------------------------------------------------------------- American Media Operations, Inc. (15) 161,731 2,102,503 -------------------------------------------------------------------------------------------------------------------------------- Arco Capital Corp. Ltd. (3,15) 690,638 1,381,276 -------------------------------------------------------------------------------------------------------------------------------- Gaylord Entertainment Co., Cl. A (15) 37,736 1,308,684 -------------------------------------------------------------------------------------------------------------------------------- Global Aviation Holdings, Inc. (15) 100 1,000 -------------------------------------------------------------------------------------------------------------------------------- Greektown Superholdings, Inc. (15) 3,450 340,929 -------------------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum Corp. 229 11,278 -------------------------------------------------------------------------------------------------------------------------------- LyondellBasell Industries NV, Cl. A (15) 74,839 2,959,882 -------------------------------------------------------------------------------------------------------------------------------- MHP SA, GDR (2,15) 56,610 1,073,892 -------------------------------------------------------------------------------------------------------------------------------- Orbcomm, Inc. (15) 375 1,238 -------------------------------------------------------------------------------------------------------------------------------- Premier Holdings Ltd. (15) 18,514 -- -------------------------------------------------------------------------------------------------------------------------------- Visteon Corp. (15) 98,473 5,599,756 ------------ Total Common Stocks (Cost $28,762,611) 18,631,634 Units -------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES-0.0% ASG Warrant Corp. Wts., Strike Price $0.01, Exp. 5/15/18(3,15) 4,275 534,375 -------------------------------------------------------------------------------------------------------------------------------- MediaNews Group, Inc. Wts., Strike Price $0.001, Exp. 3/19/17(15) 11,668 420 ------------ Total Rights, Warrants and Certificates (Cost $189,000) 534,795
29 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- STRUCTURED SECURITIES-6.3% Barclays Bank plc: Indonesia (Republic of) Total Return Linked Bonds, 10.50%, 8/19/30 10,440,000,000 IDR $ 1,322,020 Indonesia (Republic of) Total Return Linked Bonds, 10.50%, 8/19/30 13,870,000,000 IDR 1,756,362 Indonesia (Republic of) Total Return Linked Bonds, Series 22, 11%, 9/17/25 10,380,000,000 IDR 1,394,381 Indonesia (Republic of) Total Return Linked Nts., 10%, 9/18/24 9,240,000,000 IDR 1,159,271 Indonesia (Republic of) Total Return Linked Nts., 10%, 9/18/24 15,630,000,000 IDR 1,960,974 Indonesia (Republic of) Total Return Linked Nts., Series 51, 10.50%, 8/19/30 2,650,000,000 IDR 335,570 Indonesia (Republic of) Total Return Linked Nts., Series 51, 11%, 9/17/25 2,650,000,000 IDR 355,983 Russian Federation Total Return Linked Bonds, 7.15%, 1/25/13(1) 57,980,000 RUR 2,093,292 Russian Federation Total Return Linked Bonds, 6.70%, 2/8/13(1) 59,410,000 RUR 2,128,204 -------------------------------------------------------------------------------------------------------------------------------- Citigroup Funding, Inc.: ALROSA Russia Corporate Bond Credit Linked Unsec. Nts., 8.25%, 6/25/15(1,3) 19,220,000 RUR 689,519 Indonesia (Republic of) Credit Linked Nts., 10%, 9/19/24 12,730,000,000 IDR 1,597,134 Indonesia (Republic of) Credit Linked Nts., Series 23, 11%, 9/17/25 6,920,000,000 IDR 929,587 Indonesia (Republic of) Total Return Linked Nts., 11%, 9/17/25 2,100,000,000 IDR 282,100 Instituto Costarricense De Eletricidad Total Return Linked Nts., 2.303%, 10/25/11(1) 1,960,000 1,972,478 Russian Federation Credit Linked Bonds, 6.70%, 2/8/13(1,3) 39,820,000 RUR 1,416,081 Ukraine (Republic of) Credit Linked Nts., 5.50%, 9/1/15(1,3) 17,586,000 UAH 1,978,466 -------------------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc.: Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18(3) 3,255,000,000 COP 2,021,596 Colombia (Republic of) Credit Linked Nts., 13.661%, 2/26/15(3,11) 2,199,000,000 COP 2,514,192 Colombia (Republic of) Credit Linked Nts., Series 01, 13.661%, 2/26/15(3,11) 811,000,000 COP 927,244 Colombia (Republic of) Credit Linked Nts., Series 02, 13.661%, 2/26/15(3,11) 1,345,000,000 COP 1,537,785 Colombia (Republic of) Total Return Linked Bonds, 7.25%, 6/16/16 4,510,000,000 COP 2,355,707 Colombia (Republic of) Total Return Linked Bonds, Series 2, 11%, 7/27/20 2,665,000,000 COP 1,664,447 Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12(3) 49,300,000 DOP 1,346,987 -------------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston International: Moitk Total Return Linked Nts., 21%, 3/30/11(4) 53,910,000 RUR 5,688 Russian Oreniz Total Return Linked Nts., 9.24%, 2/24/12(1) 81,784,500 RUR 2,833,635 -------------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/20/10(4) 97,250,000 RUR 342 -------------------------------------------------------------------------------------------------------------------------------- Credit Suisse Group AG, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/27/12 74,550,000 RUR 2,566,983
30 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- Credit Suisse International: OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(1) 41,550,000 RUR $ 1,587,791 OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(1) 30,880,000 RUR 1,180,048 OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(1) 44,460,000 RUR 1,698,994 -------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.01%, 4/30/25(3,10) 1,966,981 1,270,039 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.064%, 4/30/25(2,10) 2,506,237 1,618,225 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.103%, 4/30/25(2,10) 2,163,734 1,397,078 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.138%, 4/30/25(2,10) 1,934,106 1,248,812 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.191%, 4/30/25(2,10) 2,408,118 1,554,872 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.242%, 4/30/25(2,10) 2,748,501 1,774,650 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.269%, 4/30/25(2,10) 2,195,731 1,417,738 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.346%, 4/30/25(2,10) 2,063,894 1,332,614 Coriolanus Ltd. Sec. Credit Linked Nts., 11.417%, 12/31/17(3,11) 17,990,000 BRR 9,679,313 Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, 9%, 4/26/11(1,3) 655,000 767,595 Indonesia (Republic of) Credit Linked Nts., 10.50%, 8/23/30 40,660,000,000 IDR 5,148,786 Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/22/21 11,690,000,000 IDR 1,774,092 Indonesia (Republic of) Credit Linked Nts., Series 02, 12.80%, 6/22/21 7,100,000,000 IDR 1,077,506 Indonesia (Republic of) Credit Linked Nts., Series 03, 11%, 9/17/25 6,740,000,000 IDR 905,407 JSC Gazprom Credit Linked Nts., Series 4, 13.12%, 6/28/12(1) 45,990,000 RUR 1,757,461 JSC Gazprom Total Return Linked Nts., 13.12%, 6/28/12(1) 38,600,000 RUR 1,475,060 Opic Reforma I Credit Linked Nts., Cl. 2A, 8.315%, 5/22/15(1,3) 1,417,014 MXN 118,748 Opic Reforma I Credit Linked Nts., Cl. 2B, 8.315%, 5/22/15(1,3) 2,479,100 MXN 207,753 Opic Reforma I Credit Linked Nts., Cl. 2C, 8.315%, 5/22/15(1,3) 37,378,810 MXN 3,132,414 Opic Reforma I Credit Linked Nts., Cl. 2D, 8.315%, 5/22/15(1,3) 2,724,116 MXN 228,286 Opic Reforma I Credit Linked Nts., Cl. 2E, 8.315%, 5/22/15(1,3) 1,979,122 MXN 165,854 Opic Reforma I Credit Linked Nts., Cl. 2F, 8.315%, 5/22/15(1,3) 1,263,966 MXN 105,923 Opic Reforma I Credit Linked Nts., Cl. 2G, 8.315%, 5/22/15(1,3) 232,771 MXN 19,507 Ukraine (Republic of) 6 yr. Total Return Linked Nts., 4.05%, 8/30/11 885,000 797,394 Ukraine (Republic of) 6.5 yr. Total Return Linked Nts., 4.05%, 2/29/12 885,000 703,283 Ukraine (Republic of) 7 yr. Total Return Linked Nts., 4.05%, 8/30/12 885,000 629,208 -------------------------------------------------------------------------------------------------------------------------------- Eirles Two Ltd. Sec. Nts.: Series 324, 3.653%, 4/30/12(1,3) 4,100,000 3,774,870 Series 335, 2.103%, 4/30/12(1,3) 6,300,000 6,051,780 -------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17(2,10) 21,980,000 TRY 7,031,436 -------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37(3,10) 63,720,800,000 COP 1,259,775 -------------------------------------------------------------------------------------------------------------------------------- Hallertau SPC Credit Linked Nts.: Series 2007-01, 2.51%, 12/20/17(1,3) 6,250,000 5,765,625 Series 2008-01, 9.888%, 8/2/10(3,4,10) 14,337,604 BRR 878,180
31 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Principal Amount Value -------------------------------------------------------------------------------------------------------------------------------- Series 2008-2A, 7.91%, 9/17/13(1,3) $ 12,143,750 $12,397,554 -------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co.: Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20(3) 1,315,000,000 COP 821,532 Indonesia (Republic of) Credit Linked Bonds, 8.25%, 7/19/21(2) 13,410,000,000 IDR 1,555,264 Indonesia (Republic of) Credit Linked Bonds, Series 04, 11%, 9/17/25(2) 2,650,000,000 IDR 355,983 Indonesia (Republic of) Credit Linked Nts., Series 04, 10.50%, 8/19/30(2) 6,700,000,000 IDR 848,423 Indonesia (Republic of) Total Return Linked Nts., 10.50%, 8/19/30(2) 1,190,000,000 IDR 150,690 Indonesia (Republic of) Total Return Linked Nts., Series 53, 11%, 9/17/25(2) 2,100,000,000 IDR 282,100 -------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank NA: Indonesia (Republic of) Credit Linked Nts., Series 2, 10.50%, 8/19/30(2) 24,100,000,000 IDR 3,051,789 Indonesia (Republic of) Credit Linked Nts., Series 2, 11%, 9/17/25(2) 15,710,000,000 IDR 2,110,378 Indonesia (Republic of) Credit Linked Nts., Series 3, 11%, 9/17/25(2) 7,420,000,000 IDR 996,754 Russian Federation Credit Linked Bonds, 6.70%, 2/8/13(1,3) 39,840,000 RUR 1,427,581 Russian Federation Credit Linked Bonds, 10%, 9/30/11(1,2) 130,790,000 RUR 4,731,450 Russian Federation Credit Linked Bonds, Series 2, 7.15%, 1/25/13(1,3) 48,970,000 RUR 1,768,859 -------------------------------------------------------------------------------------------------------------------------------- LB Peru Trust II Certificates, Series 1998-A, 4.534%, 2/28/16(4,10) 363,871 36,387 -------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Treasury Co. BV, Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/12(3) 2,058,126 1,296,620 -------------------------------------------------------------------------------------------------------------------------------- Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16(3) 1,784,000,000 COP 1,024,740 -------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley: Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17(2) 4,885,000 PEN 1,449,946 Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34 71,904,743 RUR 1,193,914 -------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Credit Linked Nts., 12.551%, 1/5/22(2,10) 28,914,000 BRR 2,433,547 GISAD Sr. Unsec. Credit Linked Nts., 166.572%, 4/2/13(10) 6,386,000 EUR 452,510 United Mexican States Credit Linked Nts., 5.64%, 11/20/15(3) 2,000,000 1,817,250 -------------------------------------------------------------------------------------------------------------------------------- Standard Bank Group Ltd., Ghana (Republic of) Credit Linked Bonds, 11.155%, 9/21/11(2,10) 1,305,000 GHS 817,521 -------------------------------------------------------------------------------------------------------------------------------- Standard Charter Bank: Kenya (Republic of) Credit Linked Bonds, 11.441%, 9/1/11(3,10) 1,020,000 GHS 644,988 Kenya (Republic of) Credit Linked Bonds, 11.44%, 9/8/11(3,10) 1,920,000 GHS 1,211,481 -------------------------------------------------------------------------------------------------------------------------------- UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11(3) 1,222,052 GHS 819,287 ------------ Total Structured Securities (Cost $166,316,158) 152,378,693
32 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Strike Expiration Date Price Contracts Value -------------------------------------------------------------------------------------------------- OPTIONS PURCHASED-0.0% Japanese Yen (JPY) Call(15) 4/25/11 $ 76.00 299,000,000 $ 374 -------------------------------------------------------------------------------------------------- Japanese Yen (JPY) Call(15) 4/25/11 76.00 299,000,000 314 -------------------------------------------------------------------------------------------------- Japanese Yen (JPY) Call(15) 4/25/11 76.00 299,000,000 296 -------------------------------------------------------------------------------------------------- Japanese Yen (JPY) Call(15) 4/26/11 76.30 280,000,000 454 ------- Total Options Purchased (Cost $48,153) 1,438
Shares ------------------------------------------------------------------------------------------------- INVESTMENT COMPANIES-17.9% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(16,17) 1,665,948 1,665,948 ------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 0.20%17,(18) 28,327,114 28,327,114 ------------------------------------------------------------------------------------------------- Oppenheimer Master Event -Linked Bond Fund, LLC(18) 4,827,322 51,608,534 ------------------------------------------------------------------------------------------------- Oppenheimer Master Loan Fund, LLC(18) 29,466,809 350,660,859 ----------------- Total Investment Companies (Cost $426,007,559) 432,262,455 ------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $2,429,153,863) 102.4% 2,473,924,682 ------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (2.4) (57,920,527) ------------------------------------------------ Net Assets 100.0% $ 2,416,004,155 ================================================
Footnotes to Statement of Investments PRINCIPAL AMOUNT IS REPORTED IN U.S. DOLLARS, EXCEPT FOR THOSE DENOTED IN THE FOLLOWING CURRENCIES: ARP Argentine Peso AUD Australian Dollar BRR Brazilian Real CAD Canadian Dollar COP Colombian Peso DKK Danish Krone DOP Dominican Republic Peso EUR Euro GBP British Pound Sterling GHS Ghana Cedi HUF Hungarian Forint IDR Indonesia Rupiah 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 33 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) ZAR South African Rand 1. Represents the current interest rate for a variable or increasing rate security. 2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $518,769,389 or 21.47% of the Fund's net assets as of March 31, 2011. 3. Restricted security. The aggregate value of restricted securities as of March 31, 2011 was $110,738,469, which represents 4.58% of the Fund's net assets. See accompanying Notes. Information concerning restricted securities is as follows:
UNREALIZED ACQUISITION APPRECIATION SECURITY DATES COST VALUE (DEPRECIATION) ------------------------------------------------------------------------------------------------------------------- Akbank TAS, 5.125% Sr. Unsec. Nts., 7/22/15 7/15/10 $ 2,038,336 $ 2,068,040 $ 29,704 Arco Capital Corp. Ltd. 2/27/07 10,359,570 1,381,276 (8,978,294) ASG Warrant Corp. Wts., Strike Price $0.01, Exp. 5/15/18 4/28/10-8/19/10 189,000 534,375 345,375 Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26 11/21/06-10/20/09 2,610,428 2,486,604 (123,824) Citigroup Funding, Inc., ALROSA Russia Corporate Bond Credit Linked Unsec. Nts., 8.25%, 6/25/15 3/1/11 681,056 689,519 8,463 Citigroup Funding, Inc., Russian Federation Credit Linked Bonds, 6.70%, 2/8/13 3/2/11 1,416,386 1,416,081 (305) Citigroup Funding, Inc., Ukraine (Republic of) Credit Linked Nts., 5.50%, 9/1/15 9/7/10 1,831,886 1,978,466 146,580 Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18 12/9/08 1,374,031 2,021,596 647,565 Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., 13.661%, 2/26/15 7/18/08 1,870,625 2,514,192 643,567 Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 01,13.661%, 2/26/15 7/31/08 697,845 927,244 229,399 Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 02, 13.661%, 2/26/15 8/8/08 1,165,383 1,537,785 372,402 Citigroup Global Markets Holdings, Inc., Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12 3/7/07 1,479,820 1,346,987 (132,833) Deutsche Alt-A Securities, Inc., Mtg. Pass-Through Certificates,Series 2007-RS1, Cl. A2, 0.748%, 1/27/37 5/29/08 1,025,996 391,700 (634,296) Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128,3.01%, 4/30/25 10/8/10 1,295,758 1,270,039 (25,719) Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Nts., Series 113,9%, 4/26/11 12/8/08 654,664 767,595 112,931 Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Nts., 11.417%, 12/31/17 9/19/07 7,722,101 9,679,313 1,957,212 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 8.315%, 5/22/15 5/21/08 136,622 118,748 (17,874) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 8.315%, 5/22/15 6/12/08 239,007 207,753 (31,254) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 8.315%, 5/22/15 6/18/08 3,626,317 3,132,414 (493,903) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 8.315%, 5/22/15 7/8/08 264,086 228,286 (35,800) Deutsche Bank AG, Opic Reforma I Credit Linked Nts. Cl. 2E, 8.315%, 5/22/15 7/15/08 192,185 165,854 (26,331) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 8.315%, 5/22/15 8/8/08 124,426 105,923 (18,503) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 8.315%, 5/22/15 8/22/08 22,959 19,507 (3,452) DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/15/15 2/2/11 719,915 719,777 (138) Eirles Two Ltd. Sec. Nts., Series 324,3.652%, 4/30/12 4/17/07 4,102,910 3,774,870 (328,040) Eirles Two Ltd. Sec. Nts., Series 335, 2.103%, 4/30/12 9/17/07 6,242,571 6,051,780 (190,791) Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 0.656%, 8/15/25 8/17/00 1,820,063 - (1,820,063) Financing of Infrastructural Projects State Enterprise Gtd. Nts., 8.375%, 11/3/17 10/29/10 2,007,389 2,088,900 81,511 GMAC Mortgage Servicer Advance Funding Ltd., Asset-Backed Nts., Series 2011-1A, Cl. A, 3.72%, 2/15/23 3/11/11 579,993 583,033 3,040 Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37 1/18/07 5,543,897 1,259,775 (4,284,122) Hallertau SPC Credit Linked Nts., Series 2007-01, 2.51%, 12/20/17 12/13/07 6,250,000 5,765,625 (484,375)
34 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
UNREALIZED ACQUISITION APPRECIATION SECURITY DATES COST VALUE (DEPRECIATION) ------------------------------------------------------------------------------------------------------------------- Hallertau SPC Credit Linked Nts., Series 2008-01, 9.888%, 8/2/10 4/18/08-10/1/08 7,188,001 878,180 (6,309,821) Hallertau SPC Credit Linked Nts., Series 2008-2A, 7.91%, 9/17/13 10/23/08 12,243,913 12,397,554 153,641 Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007- 1A, Cl. B, 2.165%, 8/15/22 11/6/07 6,964,427 5,272,900 (1,691,527) Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007- 1A, Cl. C, 3.465%, 8/15/22 6/8/07 5,270,000 3,372,800 (1,897,200) Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007- 1A, Cl. D, 5.465%, 8/15/22 6/8/07 5,270,000 3,162,000 (2,108,000) Interactive Data Corp., 10.25% Sr. Nts., 8/1/18 7/20/10 965,000 1,071,150 106,150 JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20 8/24/10 913,538 821,532 (92,006) JPMorgan Chase Bank NA, Russian Federation Credit Linked Bonds, 6.70%, 2/8/13 3/1/11 1,399,692 1,427,581 27,889 JPMorgan Chase Bank NA, Russian Federation Credit Linked Bonds, Series 2, 7.15%, 1/25/13 2/28/11 1,726,321 1,768,859 42,538 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 1,404,003 31,378 JPMorgan Hipotecaria su Casita, 7.812% Sec. Nts.,8/26/35 3/21/07 526,714 499,966 (26,748) Lehman Brothers Treasury Co. BV, Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/12 6/20/07 2,066,297 1,296,620 (769,677) Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16 10/20/06 762,393 1,024,740 262,347 Morgan Stanley Capital Services, Inc., United Mexican States Credit Linked Nts., 5.64%, 11/20/15 11/3/05 2,000,000 1,817,250 (182,750) NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29 8/10/10 66,025 6,007 (60,018) Newport Television LLC/NTV Finance Corp., 13.509% Sr. Nts., 3/15/17 11/1/10-3/15/11 2,473,055 2,696,529 223,474 Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/04 6/30/09 89,593 - (89,593) Premier Cruise Ltd., 11% Sr. Nts., 3/15/08 3/6/98 242,675 - (242,675) Provincia de Buenos Aires Sr. Unsec. Unsub. Nts.,10.875%, 1/26/21 1/19/11 1,640,442 1,560,263 (80,179) Real Time Data Co., 11% Nts., 5/31/09 6/30/99-5/31/01 110,538 - (110,538) Salisbury International Investments Ltd., 4.453% Sec. Nts., Series 2006-003, Tranche E, 7/22/11 7/12/06 1,100,000 1,042,030 (57,970) Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17 2/4/11 243,340 243,502 162 Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/15 9/22/10-9/23/10 2,699,242 2,774,950 75,708 Standard Charter Bank, Kenya (Republic of) Credit Linked Bonds, 11.441%, 9/1/11 3/3/11 639,740 644,988 5,248 Standard Charter Bank, Kenya (Republic of) Credit Linked Bonds, 11.44%, 9/8/11 3/8/11 1,202,626 1,211,481 8,855 Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/17 8/13/10-12/31/10 5,261,514 6,016,640 755,126 UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11 12/22/06 1,335,119 819,287 (515,832) Wallace Theater Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/13 9/30/10-10/6/10 2,263,382 2,274,600 11,218 --------------------------------------------- $136,321,437 $110,738,469 $ (25,582,968) =============================================
4. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See accompanying Notes. 5. When-issued security or delayed delivery to be delivered and settled after March 31, 2011. 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 $11,680,217 or 0.48% of the Fund's net assets as of March 31, 2011. 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. 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 $2,573,342. See accompanying Notes. 35 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 9. 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 $11,790,212. See accompanying Notes. 10. Zero coupon bond reflects effective yield on the date of purchase. 11. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index. 12. Interest or dividend is paid-in-kind, when applicable. 13. 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. 14. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 15. Non-income producing security. 16. Interest rate is less than 0.0005%. 17. Rate shown is the 7-day yield as of March 31, 2011. 18. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2011, 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, 2010 ADDITIONS REDUCTIONS MARCH 31, 2011 ----------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 83,436,389 162,026,486 217,135,761 28,327,114 Oppenheimer Master Event-Linked Bond Fund, LLC 1,103,918 3,723,404 - 4,827,322 Oppenheimer Master Loan Fund, LLC 29,466,809 - - 29,466,809
REALIZED VALUE INCOME GAIN (LOSS) -------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 28,327,114 $ 29,921 $ - Oppenheimer Master Event-Linked Bond Fund, LLC 51,608,534 755,330 (a) (139,470) Oppenheimer Master Loan Fund, LLC 350,660,859 6,936,549 (b) 1,182,694 ---------------------------------------------- $430,596,507 $7,721,800 $ 1,043,224 ==============================================
---------- a. Represents the amount allocated to the Fund from Oppenheimer Master Event-Linked Bond Fund, LLC. b. Represents the amount allocated to the Fund from Oppenheimer Master Loan Fund, LLC 19. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the original contractual interest rate. 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 or liability (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 or liability). The table below categorizes amounts as of March 31, 2011 based on valuation input level:
LEVEL 2- LEVEL 1- OTHER LEVEL 3- UNADJUSTED SIGNIFICANT SIGNIFICANT QUOTED OBSERVABLE UNOBSERVABLE PRICES INPUTS INPUTS VALUE ---------------------------------------------------------------------------------------------- ASSETS TABLE INVESTMENTS, AT VALUE: Asset-Backed Securities $ - $ 25,975,319 $ 11,807,700 $ 37,783,019 Mortgage-Backed Obligations - 483,003,526 1,737,136 484,740,662 U.S. Government Obligations - 76,229,885 - 76,229,885 Foreign Government Obligations - 514,866,339 - 514,866,339 Loan Participations - 11,448,837 - 11,448,837 Corporate Bonds and Notes - 733,110,012 - 733,110,012
36 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
LEVEL 2- LEVEL 1- OTHER LEVEL 3- UNADJUSTED SIGNIFICANT SIGNIFICANT QUOTED OBSERVABLE UNOBSERVABLE PRICES INPUTS INPUTS VALUE ----------------------------------------------------------------------------------------------------------- Preferred Stocks - 7,092,825 4,844,088 11,936,913 Common Stocks 9,206,170 9,083,535 341,929 18,631,634 Rights, Warrants and Certificates - 534,375 420 534,795 Structured Securities - 150,394,668 1,984,025 152,378,693 Options Purchased - 1,438 - 1,438 Investment Companies 432,262,455 - - 432,262,455 ------------------------------------------------------------------ Total Investments, at Value 441,468,625 2,011,740,759 20,715,298 2,473,924,682 OTHER FINANCIAL INSTRUMENTS: Appreciated swaps, at value - 4,238,310 - 4,238,310 Depreciated swaps, at value - 67,556 - 67,556 Futures margins 236,703 - - 236,703 Foreign currency exchange contracts - 14,196,142 - 14,196,142 ------------------------------------------------------------------ Total Assets $441,705,328 $2,030,242,767 $20,715,298 $2,492,663,393 ------------------------------------------------------------------ LIABILITIES TABLE OTHER FINANCIAL INSTRUMENTS: Appreciated swaps, at value $ - $ (1,796,861) $ - $ (1,796,861) Depreciated swaps, at value - (6,652,389) - (6,652,389) Appreciated options written, at value - (17,328) - (17,328) Futures margins (246,859) - - (246,859) Foreign currency exchange contracts - (3,146,082) - (3,146,082) ------------------------------------------------------------------ Total Liabilities $ (246,859) $ (11,612,660) $ - $ (11,859,519) ------------------------------------------------------------------
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. DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
Geographic Holdings Value Percent --------------------------------------------------- United States $1,526,019,432 61.7 % Brazil 114,284,831 4.6 Russia 78,341,329 3.2 Mexico 69,001,752 2.8 Japan 62,641,554 2.5 South Africa 51,091,297 2.1 Indonesia 49,948,790 2.0 Turkey 45,543,102 1.8 Poland 38,342,807 1.6 Colombia 31,175,802 1.3 Korea, Republic of South 29,810,633 1.2 Ukraine 28,760,683 1.2 Canada 26,641,432 1.1 Argentina 26,245,390 1.1 Supranational 23,973,000 1.0 Venezuela 23,733,641 1.0 Peru 22,822,548 0.9 Kazakhstan 20,409,787 0.8 Hungary 19,842,080 0.8
37 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Geographic Holdings Value Percent --------------------------------------------------- Germany 17,746,782 0.7 Philippines 16,114,707 0.7 India 14,718,256 0.6 United Kingdom 13,483,233 0.5 Italy 12,632,564 0.5 Malaysia 10,474,833 0.4 Greece 9,727,457 0.4 Uruguay 9,386,000 0.4 The Netherlands 8,380,568 0.3 Panama 7,594,541 0.3 Australia 6,302,735 0.3 Spain 5,816,301 0.2 Dominican Republic 5,571,841 0.2 Ghana 5,053,902 0.2 Israel 4,836,368 0.2 Luxembourg 4,594,029 0.2 France 4,583,982 0.2 Chile 4,541,603 0.2 Belgium 2,973,246 0.1 Trinidad & Tobago 2,897,650 0.1 Cayman Islands 2,746,850 0.1 Qatar 2,456,710 0.1 Costa Rica 1,972,478 0.1 Austria 1,899,250 0.1 Nigeria 1,803,038 0.1 Sri Lanka 1,300,075 0.1 China 1,092,415 - Norway 1,088,105 - Denmark 943,022 - Sweden 747,306 - Finland 670,157 - Ivory Coast 548,100 - Belize 421,250 - Egypt 175,438 - --------------------------------- Total $2,473,924,682 100.0 % =================================
FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF MARCH 31, 2011 ARE AS FOLLOWS:
CONTRACT COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION -------------------------------------------------------------------------------------------------------------------------------- BANC OF AMERICA: Argentine Peso (ARP) Buy 32,870 ARP 4/28/11-6/29/11 $ 8,028,988 $ - $ 10,801 Australian Dollar (AUD) Sell 4,825 AUD 4/15/11 4,981,536 - 160,879 Canadian Dollar (CAD) Buy 530 CAD 5/24/11 546,020 7,852 - Canadian Dollar (CAD) Sell 1,980 CAD 5/24/11 2,039,849 - 26,443 Chinese Renminbi (Yuan) (CNY) Buy 49,300 CNY 6/7/11 7,554,944 250,407 - Chinese Renminbi (Yuan) (CNY) Sell 10,345 CNY 5/24/11 1,584,033 - 2,471 Euro (EUR) Sell 6,205 EUR 4/6/11 8,792,713 - 301,854 Indonesia Rupiah (IDR) Buy 7,230,000 IDR 5/18/11-6/1/11 823,178 16,010 987 Indonesia Rupiah (IDR) Sell 2,300,000 IDR 5/18/11-6/1/11 261,583 - 3,281 New Turkish Lira (TRY) Buy 15,225 TRY 4/25/11 9,818,236 169,885 - New Turkish Lira (TRY) Sell 7,650 TRY 4/1/11 4,954,503 - 148,381 Polish Zloty (PLZ) Buy 109,800 PLZ 5/9/11 38,536,017 416,973 -
38 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
CONTRACT COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION ------------------------------------------------------------------------------------------------------------------------------- South African Rand (ZAR) Sell 33,600 ZAR 4/4/11 4,963,924 - 169,198 South Korean Won (KRW) Sell 7,623,000 KRW 5/3/11 6,935,398 - 150,351 --------------------------- 861,127 974,646 ------------------------------------------------------------------------------------------------------------------------------- BANK PARIBAS ASIA - FGN South African Rand (ZAR) Buy 4,840 ZAR 5/24/11 709,653 12,142 - ------------------------------------------------------------------------------------------------------------------------------- BARCLAY'S CAPITAL: Colombian Peso (COP) Sell 1,270,000 COP 7/5/11 682,178 - 9,508 Euro (EUR) Buy 4,020 EUR 4/27/11-5/24/11 5,693,621 175,281 - Euro (EUR) Sell 850 EUR 4/11/11 1,204,370 - 45,990 Hungarian Forint (HUF) Buy 775,000 HUF 4/11/11 4,125,220 56,768 - Japanese Yen (JPY) Buy 297,000 JPY 4/7/11 3,570,710 - 34,096 Japanese Yen (JPY) Sell 359,000 JPY 4/27/11 4,316,595 56,409 - Mexican Nuevo Peso (MXN) Buy 10,100 MXN 5/24/11 844,760 12,814 - Mexican Nuevo Peso (MXN) Sell 3,300 MXN 5/24/11 276,011 - 3,277 Russian Ruble (RUR) Buy 101,480 RUR 4/29/11 3,560,805 67,517 - South African Rand (ZAR) Buy 305,900 ZAR 4/4/11-5/9/11 44,985,961 3,130,212 - South African Rand (ZAR) Sell 7,000 ZAR 4/6/11 1,033,857 - 84,190 South Korean Won (KRW) Buy 606,000 KRW 5/11/11 551,011 11,865 - South Korean Won (KRW) Sell 3,891,000 KRW 5/2/11 3,540,289 - 4,537 --------------------------- 3,510,866 181,598 ------------------------------------------------------------------------------------------------------------------------------- CITIGROUP: Australian Dollar (AUD) Buy 1,650 AUD 5/24/11 1,694,826 41,210 - Australian Dollar (AUD) Sell 230 AUD 5/24/11 236,248 - 5,931 Colombian Peso (COP) Buy 1,270,000 COP 7/5/11 682,178 8,438 - Euro (EUR) Buy 21,500 EUR 4/7/11-6/22/11 30,444,471 351,192 - Euro (EUR) Sell 425 EUR 5/10/11 601,847 - 23,993 Indian Rupee (INR) Buy 216,000 INR 5/24/11 4,793,794 49,149 - Indonesia Rupiah (IDR) Buy 53,000 IDR 6/1/11 6,021 32 - Indonesia Rupiah (IDR) Sell 24,000 IDR 6/1/11 2,727 - 15 Japanese Yen (JPY) Sell 198,000 JPY 4/27/11 2,380,741 28,048 - New Taiwan Dollar (TWD) Sell 142,000 TWD 5/24/11 4,834,520 5,289 - New Turkish Lira (TRY) Buy 8,270 TRY 4/1/11-6/14/11 5,350,860 10,851 - New Turkish Lira (TRY) Sell 7,650 TRY 6/1/11 4,901,663 611 - New Zealand Dollar (NZD) Buy 1,330 NZD 5/24/11 1,011,077 32,879 - South African Rand (ZAR) Buy 3,850 ZAR 5/24/11 564,497 31,092 - South African Rand (ZAR) Sell 3,950 ZAR 5/24/11 579,159 - 14,233 --------------------------- 558,791 44,172 ------------------------------------------------------------------------------------------------------------------------------- CITIGROUP EM: Chilean Peso (CLP) Buy 334,000 CLP 6/30/11 692,871 3,785 - Chilean Peso (CLP) Sell 302,000 CLP 6/1/11 628,443 1,550 4,925 Colombian Peso (COP) Buy 4,705,720 COP 4/5/11 2,515,758 25,959 - Colombian Peso (COP) Sell 12,359,219 COP 4/1/11-4/18/11 6,610,223 - 55,833 Egyptian Pounds (EGP) Buy 9,535 EGP 5/5/11 1,577,441 - 14,352 Indonesia Rupiah (IDR) Buy 336,000 IDR 6/1/11 38,173 433 - Indonesia Rupiah (IDR) Sell 340,000 IDR 6/1/11 38,627 - 296 --------------------------- 31,727 75,406 ------------------------------------------------------------------------------------------------------------------------------- CREDIT SUISSE: British Pound Sterling (GBP) Buy 1,490 GBP 6/22/11 2,387,467 - 13,966 Malaysian Ringgit (MYR) Buy 18,925 MYR 7/5/11 6,207,002 - 37,491
39 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
CONTRACT COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION -------------------------------------------------------------------------------------------------------------------------------- New Turkish Lira (TRY) Buy 67,965 TRY 4/11/11-5/9/11 43,762,416 1,111,593 - New Turkish Lira (TRY) Sell 13,180 TRY 4/4/11-4/11/11 8,525,624 - 313,588 Swedish Krona (SEK) Buy 4,400 SEK 5/24/11 695,077 2,879 31 Swedish Krona (SEK) Sell 3,400 SEK 5/24/11 537,105 - 6,581 ------------------------ 1,114,472 371,657 -------------------------------------------------------------------------------------------------------------------------------- DEUTSCHE BANK CAPITAL CORP.: Australian Dollar (AUD) Buy 601 AUD 4/7/11 621,110 14,236 - British Pound Sterling (GBP) Buy 1,495 GBP 4/7/11 2,398,105 - 34,192 British Pound Sterling (GBP) Sell 290 GBP 5/24/11 464,885 5,831 - Canadian Dollar (CAD) Buy 2,375 CAD 4/7/11 2,449,339 13,097 - Chinese Renminbi (Yuan) (CNY) Buy 51,980 CNY 1/6/12 8,049,753 - 18,404 Chinese Renminbi (Yuan) (CNY) Sell 51,090 CNY 4/11/11-6/20/11 7,829,006 - 8,642 Euro (EUR) Buy 3,190 EUR 4/27/11 4,518,599 157,774 - Japanese Yen (JPY) Sell 358,000 JPY 4/27/11 4,304,571 64,165 - Polish Zloty (PLZ) Buy 14,100 PLZ 4/15/11 4,959,078 123,671 - Polish Zloty (PLZ) Sell 14,100 PLZ 4/26/11 4,954,378 - 5,203 Swiss Franc (CHF) Buy 2,731 CHF 4/7/11-5/24/11 2,974,219 65,305 3,776 Swiss Franc (CHF) Sell 1,800 CHF 5/24/11 1,960,438 - 52,386 ------------------------ 444,079 122,603 -------------------------------------------------------------------------------------------------------------------------------- DEUTSCHE BANK EM: Chinese Renminbi (Yuan) (CNY) Sell 950 CNY 4/11/11 145,157 - 340 Malaysian Ringgit (MYR) Buy 54,530 MYR 4/18/11 17,982,770 172,984 - Mexican Nuevo Peso (MXN) Sell 41,100 MXN 4/19/11 3,449,247 - 91,678 Russian Ruble (RUR) Buy 13,010 RUR 6/2/11 455,287 4,975 - Russian Ruble (RUR) Sell 56,700 RUR 4/11/11 1,992,449 324 24,650 ---------------------- 178,283 116,668 -------------------------------------------------------------------------------------------------------------------------------- GOLDMAN SACHS EM: Brazilian Real (BRR) Buy 10,320 BRR 5/3/11 6,280,402 93,722 - Brazilian Real (BRR) Sell 32,445 BRR 5/3/11 19,744,926 - 294,653 Chilean Peso (CLP) Buy 200,000 CLP 6/1/11 416,187 - 2,004 Chinese Renminbi (Yuan) (CNY) Buy 46,400 CNY 2/16/12 7,199,986 852 8,181 Hungarian Forint (HUF) Buy 472,000 HUF 4/11/11 2,512,392 8,613 - Malaysian Ringgit (MYR) Buy 19,720 MYR 4/18/11 6,503,213 32,335 - Mexican Nuevo Peso (MXN) Buy 220,680 MXN 4/18/11-4/19/11 18,521,409 339,249 - Mexican Nuevo Peso (MXN) Sell 72,710 MXN 4/18/11 6,102,634 - 99,497 ------------------------ 474,771 404,335 -------------------------------------------------------------------------------------------------------------------------------- GOLDMAN, SACHS & CO.: Euro (EUR) Buy 28,135 EUR 5/9/11 39,843,095 1,631,264 - Hungarian Forint (HUF) Buy 778,000 HUF 4/11/11 4,141,189 102,379 - Japanese Yen (JPY) Sell 83,000 JPY 5/24/11 998,166 12,705 437 ------------------------ 1,746,348 437 -------------------------------------------------------------------------------------------------------------------------------- HONG KONG & SHANGHAI BANK CORP. New Turkish Lira (TRY) Buy 1,740 TRY 4/4/11 1,126,135 12,742 - -------------------------------------------------------------------------------------------------------------------------------- HSBC EM: Brazilian Real (BRR) Sell 14,120 BRR 5/3/11 8,592,953 - 123,155 New Turkish Lira (TRY) Buy 8,950 TRY 4/4/11 5,792,476 274,358 - ------------------------ 274,358 123,155 -------------------------------------------------------------------------------------------------------------------------------- JP MORGAN CHASE:
40 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
CONTRACT COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION -------------------------------------------------------------------------------------------------------------------------------- Chilean Peso (CLP) Sell 373,000 CLP 6/1/11 776,189 - 6,439 Chinese Renminbi (Yuan) (CNY) Sell 21,155 CNY 5/24/11 3,239,267 - 5,299 Czech Koruna (CZK) Sell 80,145 CZK 5/18/11 4,627,024 4,678 19,083 Euro (EUR) Buy 2,390 EUR 4/27/11 3,385,408 116,964 - Indian Rupee (INR) Buy 11,190 INR 4/11/11 250,407 6,641 - Japanese Yen (JPY) Sell 269,000 JPY 4/27/11 3,234,440 47,316 - Malaysian Ringgit (MYR) Sell 1,340 MYR 5/10/11 441,206 - 3,869 Mexican Nuevo Peso (MXN) Sell 2,460 MXN 4/18/11 206,471 - 3,221 New Taiwan Dollar (TWD) Buy 4,610 TWD 4/11/11 156,803 539 - New Turkish Lira (TRY) Buy 9,225 TRY 4/11/11 5,963,298 165,135 - New Zealand Dollar (NZD) Sell 920 NZD 5/24/11 699,392 - 26,661 Norwegian Krone (NOK) Buy 233,450 NOK 5/9/11-5/24/11 42,123,300 1,866,938 - Norwegian Krone (NOK) Sell 3,300 NOK 5/24/11 594,905 - 20,792 Philippines Peso (PHP) Sell 209,000 PHP 6/1/11 4,801,765 11,685 - Singapore Dollar (SGD) Buy 6,635 SGD 4/25/11-5/10/11 5,263,972 9,463 1,868 Singapore Dollar (SGD) Sell 6,075 SGD 4/25/11 4,819,675 - 12,162 ------------------------ 2,229,359 99,394 -------------------------------------------------------------------------------------------------------------------------------- JP MORGAN EM: Australian Dollar (AUD) Buy 4,825 AUD 4/15/11 4,981,536 146,018 - Chilean Peso (CLP) Buy 342,000 CLP 6/1/11 711,680 4,411 - Chinese Renminbi (Yuan) (CNY) Buy 101,000 CNY 6/20/11-2/17/12 15,649,882 19,361 50,480 Chinese Renminbi (Yuan) (CNY) Sell 3,410 CNY 6/7/11 522,563 604 - Czech Koruna (CZK) Buy 80,145 CZK 5/18/11 4,627,024 52,381 - Egyptian Pounds (EGP) Buy 17,365 EGP 6/6/11 2,832,656 - 18,740 Hong Kong Dollar (HKD) Sell 37,400 HKD 5/24/11 4,810,419 - 11,672 Indian Rupee (INR) Buy 6,400 INR 4/11/11 143,218 2,682 - Indonesia Rupiah (IDR) Buy 45,324,000 IDR 4/18/11 5,190,187 122,040 - New Taiwan Dollar (TWD) Sell 4,610 TWD 4/11/11 156,803 - 902 Philippines Peso (PHP) Buy 361,000 PHP 5/2/11 8,304,356 24,539 - Polish Zloty (PLZ) Buy 1,410 PLZ 4/4/11 496,378 - 1,591 Polish Zloty (PLZ) Sell 16,475 PLZ 6/6/11 5,767,819 19,381 - Russian Ruble (RUR) Buy 101,990 RUR 4/25/11 3,579,866 78,063 - South Korean Won (KRW) Sell 7,661,000 KRW 5/2/11 6,970,483 - 43,718 ------------------------ 469,480 127,103 -------------------------------------------------------------------------------------------------------------------------------- NOMURA SECURITIES: Chinese Renminbi (Yuan) (CNY) Buy 22,440 CNY 2/19/13 3,540,244 - 11,794 Japanese Yen (JPY) Sell 1,124,000 JPY 6/22/11 13,520,304 236,218 - New Zealand Dollar (NZD) Buy 880 NZD 5/24/11 668,983 6,066 - New Zealand Dollar (NZD) Sell 2,130 NZD 5/24/11 1,619,244 - 23,728 ---------------------- 242,284 35,522 -------------------------------------------------------------------------------------------------------------------------------- RBS GREENWICH CAPITAL: Japanese Yen (JPY) Sell 389,000 JPY 4/25/11 4,677,261 127,581 - Swedish Krona (SEK) Buy 261,130 SEK 5/9/11 41,288,733 959,776 - Swiss Franc (CHF) Buy 595 CHF 5/10/11 647,965 30,104 - ------------------------ 1,117,461 - -------------------------------------------------------------------------------------------------------------------------------- SANTANDER EM Colombian Peso (COP) Sell 4,502,000 COP 4/15/11 2,409,425 11,656 - -------------------------------------------------------------------------------------------------------------------------------- STANDARD CHARTERED BANK EM Malaysian Ringgit (MYR) Buy 20,957 MYR 4/5/11 6,917,195 - 20,031 --------------------------------------------------------------------------------------------------------------------------------
41 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
CONTRACT COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION -------------------------------------------------------------------------------------------------------------------------------- STANDARD NY EM South African Rand (ZAR) Sell 49,640 ZAR 4/6/11 7,331,525 - 426,000 -------------------------------------------------------------------------------------------------------------------------------- STATE STREET: British Pound Sterling (GBP) Buy 140 GBP 5/24/11 224,427 - 4,830 British Pound Sterling (GBP) Sell 390 GBP 5/24/11 625,190 4,622 - Hungarian Forint (HUF) Buy 3,098,000 HUF 4/11/11 16,490,236 893,397 - Polish Zloty (PLZ) Sell 1,410 PLZ 4/4/11 496,378 - 18,525 South African Rand (ZAR) Buy 1,470 ZAR 6/1/11 215,266 8,177 - -------------------------- 906,196 23,355 -------------------------- Total unrealized appreciation and depreciation $14,196,142 $3,146,082 ==========================
FUTURES CONTRACTS AS OF MARCH 31, 2011 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) ---------------------------------------------------------------------------------------------------------------------- DAX Index Buy 16 6/17/11 $ 4,012,641 $ (802) Euro-Bundesobligation Buy 67 6/8/11 11,515,773 (8,817) Japan (Government of) Bonds, 10 yr. Buy 3 6/9/11 5,033,061 37,178 Japan (Government of) Mini Bonds, 10 yr. Buy 42 6/8/11 7,047,295 (4,662) NASDAQ 100 E-Mini Index Buy 177 6/17/11 8,270,325 277,651 New Financial Times Stock Exchange 100 Index Sell 60 6/17/11 5,663,982 (277,121) NIKKEI 225 Index Sell 49 6/9/11 5,749,459 458,992 NIKKEI 225 Index Sell 14 6/9/11 817,985 (94,055) Standard & Poor's 500 E-Mini Index Sell 403 6/17/11 26,618,150 (1,354,769) U.S. Treasury Long Bonds, 30 yr. Buy 1,129 6/21/11 135,691,688 384,737 U.S. Treasury Nts., 2 yr. Buy 91 6/30/11 19,849,375 8,866 U.S. Treasury Nts., 2 yr. Sell 431 6/30/11 94,011,875 (14,059) U.S. Treasury Nts., 5 yr. Sell 459 6/30/11 53,606,180 (44,284) U.S. Treasury Nts., 5 yr. Buy 21 6/30/11 2,452,570 13,685 U.S. Treasury Nts., 10 yr. Sell 402 6/21/11 47,850,563 98,824 U.S. Treasury Nts., 10 yr. Buy 1,844 6/21/11 219,493,625 418,743 U.S. Treasury Ultra Bonds Buy 50 6/21/11 6,178,125 26,923 United Kingdom Long Gilt Sell 7 6/28/11 1,315,757 1,735 ------------- $ (71,235) =============
WRITTEN OPTIONS AS OF MARCH 31, 2011 ARE AS FOLLOWS:
NUMBER OF EXERCISE EXPIRATION PREMIUMS UNREALIZED DESCRIPTION TYPE CONTRACTS PRICE DATE RECEIVED VALUE APPRECIATION ----------------------------------------------------------------------------------------------------------------- Japanese Yen (JPY) Call 140,000,000 $ 83 4/6/11 $ 10,837 $(10,170) $ 667 Japanese Yen (JPY) Put 140,000,000 83 4/6/11 10,837 (7,158) 3,679 --------------------------------------- $ 21,674 $(17,328) $ 4,346 =======================================
CREDIT DEFAULT SWAP CONTRACTS AS OF MARCH 31, 2011 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) ----------------------------------------------------------------------------------------------------------------- ALCOA, INC. Merrill Lynch Capital Services, Inc. Sell $ 4,780 1.00% 3/20/16 $149,559 $(149,373) $186 ---------- ---------------------------------------- Total 4,780 149,559 (149,373) 186 ----------------------------------------------------------------------------------------------------------------
42 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
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 INTERNATIONAL GROUP, INC. JPMorgan Chase Bank NA, NY Branch Sell 4,770 1.00 3/20/16 186,670 (169,859) 16,811 ------- --------------------------------------- Total 4,770 186,670 (169,859) 16,811 ----------------------------------------------------------------------------------------------------------------------------------- AMGEN, INC. Barclays Bank plc Buy 4,780 1.00 3/20/16 137,058 (128,262) 8,796 ------- --------------------------------------- Total 4,780 137,058 (128,262) 8,796 ----------------------------------------------------------------------------------------------------------------------------------- BRISTOL-MYERS SQUIBB CO. Citibank NA, New York Buy 4,830 1.00 3/20/16 157,336 (148,405) 8,931 ------- --------------------------------------- Total 4,830 157,336 (148,405) 8,931 ----------------------------------------------------------------------------------------------------------------------------------- CAMPBELL SOUP CO. Credit Suisse International Buy 4,770 1.00 3/20/16 125,232 (50,417) 74,815 ------- --------------------------------------- Total 4,770 125,232 (50,417) 74,815 ----------------------------------------------------------------------------------------------------------------------------------- CBS CORP. Barclays Bank plc Sell 4,830 1.00 3/20/16 (39,381) 30,617 (8,764) ------- --------------------------------------- Total 4,830 (39,381) 30,617 (8,764) ----------------------------------------------------------------------------------------------------------------------------------- CDX EMERGING MARKETS INDEX, SERIES 15: Barclays Bank plc Buy 10,525 5.00 6/20/16 1,422,337 (1,508,656) (86,319) Merrill Lynch International Buy 10,735 5.00 6/20/16 1,448,569 (1,538,757) (90,188) ------- ----------------------------------------- Total 21,260 2,870,906 (3,047,413) (176,507) ----------------------------------------------------------------------------------------------------------------------------------- CDX NORTH AMERICA HIGH YIELD INDEX, SERIES 15 Credit Suisse International Sell 5,250 5.00 12/20/15 (198,698) 261,065 62,367 JPMorgan Chase Bank NA, NY Branch Sell 5,250 5.00 12/20/15 (195,417) 261,065 65,648 JPMorgan Chase Bank NA, NY Branch Sell 6,300 5.00 12/20/15 (238,438) 313,278 74,840 UBS AG Sell 6,300 5.00 12/20/15 (239,093) 313,278 74,185 ------- --------------------------------------- Total 23,100 (871,646) 1,148,686 277,040 ----------------------------------------------------------------------------------------------------------------------------------- CISCO SYSTEMS, INC. Barclays Bank plc Buy 4,770 1.00 3/20/16 114,374 (111,846) 2,528 ------- -------------------------------------- Total 4,770 114,374 (111,846) 2,528 ----------------------------------------------------------------------------------------------------------------------------------- FEDERATIVE REPUBLIC OF BRAZIL: Barclays Bank plc Sell 2,060 1.00 3/20/16 9,382 (13,648) (4,266) Credit Suisse International Sell 1,680 1.00 6/20/16 11,493 (11,582) (89) ------- -------------------------------------- Total 3,740 20,875 (25,230) (4,355) ----------------------------------------------------------------------------------------------------------------------------------- ISTANBUL BOND CO. SA FOR FINANSBANK AS Merrill Lynch Capital Services, Inc. Sell 3,100 1.30 3/24/13 - (182,818) (182,818) ------- -------------------------------------- Total 3,100 - (182,818) (182,818) ----------------------------------------------------------------------------------------------------------------------------------- PETROLEOS DE VENEZUELA SA Barclays Bank plc Sell 4,140 5.00 7/20/11 107,030 (29,162) 77,868 ------- -------------------------------------- Total 4,140 107,030 (29,162) 77,868 ----------------------------------------------------------------------------------------------------------------------------------- REPUBLIC OF HUNGARY: Barclays Bank plc Sell 1,250 1.00 3/20/16 105,216 (94,147) 11,069 Barclays Bank plc Sell 2,370 1.00 6/20/16 191,125 (185,420) 5,705 HSBC Bank USA Sell 2,090 1.00 3/20/16 182,236 (157,414) 24,822 JPMorgan Chase Bank NA, NY Branch Sell 1,670 1.00 3/20/16 139,178 (125,781) 13,397 Merrill Lynch Capital Services, Inc. Sell 2,090 1.00 3/20/16 182,236 (157,414) 24,822 UBS AG Sell 2,090 1.00 3/20/16 181,992 (157,414) 24,578 ------- -------------------------------------- Total 11,560 981,983 (877,590) 104,393 -----------------------------------------------------------------------------------------------------------------------------------
43 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
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) -------------------------------------------------------------------------------------------------------------------------------- REPUBLIC OF PERU: Citibank NA, New York Buy 10,000 1.00 9/20/15 11,275 101,480 112,755 Deutsche Bank AG Buy 1,900 1.71 12/20/16 - (54,405) (54,405) -------- -------------------------------------------- Total 11,900 11,275 47,075 58,350 -------------------------------------------------------------------------------------------------------------------------------- REPUBLIC OF THE PHILIPPINES: Barclays Bank plc Buy 3,270 1.76 12/20/14 - (68,988) (68,988) JPMorgan Chase Bank NA, London Branch Buy 4,900 1.74 12/20/14 - (99,871) (99,871) -------- -------------------------------------------- Total 8,170 - (168,859) (168,859) -------------------------------------------------------------------------------------------------------------------------------- SLM CORP.: Citibank NA, New York Sell 3,735 5.00 3/20/16 (315,191) 370,863 55,672 UBS AG Sell 1,035 5.00 3/20/16 (87,342) 102,769 15,427 -------- -------------------------------------------- Total 4,770 (402,533) 473,632 71,099 -------------------------------------------------------------------------------------------------------------------------------- STATE OF QATAR: Barclays Bank plc Buy 1,960 1.00 3/20/16 (13,738) 9,138 (4,600) HSBC Bank USA Buy 3,915 1.00 3/20/16 (25,613) 18,252 (7,361) JPMorgan Chase Bank NA, NY Branch Buy 1,960 1.00 6/20/16 (14,553) 9,549 (5,004) -------- -------------------------------------------- Total 7,835 (53,904) 36,939 (16,965) -------------------------------------------------------------------------------------------------------------------------------- UNITED MEXICAN STATES: Goldman Sachs Bank USA Sell 2,275 1.00 6/20/16 8,885 (9,153) (268) HSBC Bank USA Sell 2,090 1.00 3/20/16 2,150 (8,093) (5,943) Merrill Lynch Capital Services, Inc. Sell 2,090 1.00 3/20/16 2,948 (8,093) (5,145) -------- -------------------------------------------- Total 6,455 13,983 (25,339) (11,356) -------------------------------------------------------------------------------------------------------------------------------- VALERO ENERGY CORP. Credit Suisse International Sell 4,830 1.00 3/20/16 30,651 (49,632) (18,981) -------- -------------------------------------------- Total 4,830 30,651 (49,632) (18,981) -------------------------------------------------------------------------------------------------------------------------------- WAL-MART STORES, INC. Credit Suisse International Buy 4,830 1.00 3/20/16 142,520 (131,947) 10,573 -------- -------------------------------------------- Total 4,830 142,520 (131,947) 10,573 -------------------------------------------- Grand Total Buys 3,504,797 (3,703,135) (198,338) Grand Total Sells 177,191 143,932 321,123 -------------------------------------------- Total Credit Default Swaps $ 3,681,988 $ (3,559,203) $ 122,785 ============================================
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 TYPE OF REFERENCE ASSET ON WHICH THE PAYMENTS FOR SELLING CREDIT REFERENCE ASSET FUND SOLD PROTECTION PROTECTION (UNDISCOUNTED) AMOUNT RECOVERABLE* RATING RANGE** --------------------------------------------------------------------------------------------------------------------------- Investment Grade Corporate Debt Indexes $ 23,100,000 $ - AA to AA- Investment Grade Single Name Corporate Debt 26,070,000 - A- to BBB- Investment Grade Sovereign Debt 22,765,000 - BBB to BBB- Non-Investment Grade Sovereign Debt 4,140,000 - BB- ----------------------------------------------------- Total $ 76,075,000 $ - =====================================================
---------- * The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event. 44 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) ** The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor's rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund. INTEREST RATE SWAP CONTRACTS AS OF MARCH 31, 2011 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 $ 62,364 Goldman Sachs Group, Inc. (The) 10,600 BRR BZDI 11.390 1/5/15 (100,009) Goldman Sachs Group, Inc. (The) 5,190 BRR BZDI 12.800 1/2/17 167,101 Goldman Sachs Group, Inc. (The) 9,900 BRR BZDI 11.420 1/3/14 (78,906) JPMorgan Chase Bank NA 15,800 BRR BZDI 13.900 1/2/17 808,682 ---------- -------- Total 51,360 BRR 859,232 -------------------------------------------------------------------------------------------------------------------------- MXN TIIE BANXICO: MXN TIIE Bank of America Merrill Lynch 87,500 MXN BANXICO 5.875 12/6/12 (9,416) MXN TIIE Bank of America Merrill Lynch 220,000 MXN BANXICO 5.735 11/29/12 (34,183) MXN TIIE Bank of America Merrill Lynch 134,500 MXN BANXICO 5.750 12/5/12 (18,641) MXN TIIE Barclays Bank plc 86,300 MXN BANXICO 5.630 1/21/13 (7,262) MXN TIIE Citibank NA 86,000 MXN BANXICO 5.640 1/16/13 (7,423) MXN TIIE Deutsche Bank AG 179,500 MXN BANXICO 5.890 1/10/13 (16,582) MXN TIIE Goldman Sachs Group, Inc. (The) 216,900 MXN BANXICO 5.880 12/14/12 (21,496) ---------- -------- Total 1,010,700 MXN (115,003) -------------------------------------------------------------------------------------------------------------------------- SIX-MONTH AUD BBR BBSW Six-Month AUD BBR Westpac Banking Corp 11,685 AUD 6.098% BBSW 1/5/21 (116,237) -------------------------------------------------------------------------------------------------------------------------- SIX-MONTH CZK PRIBOR PRBO: Six-Month CZK PRIBOR Morgan Stanley 173,300 CZK 3.060 PRBO 12/16/15 77,276 Six-Month CZK PRIBOR Barclays Bank plc 183,000 CZK 3.200 PRBO 12/21/15 55,662 ---------- -------- Total 356,300 CZK 132,938 -------------------------------------------------------------------------------------------------------------------------- SIX-MONTH EUR EURIBOR: Six- Month EUR Barclays Bank plc 7,120 EUR EURIBOR 3.580 2/21/15 (25,220) Six- Month EUR Morgan Stanley 6,910 EUR EURIBOR 3.410 12/16/15 (53,380) ---------- -------- Total 14,030 EUR (78,600) -------------------------------------------------------------------------------------------------------------------------- SIX-MONTH GBP BBA LIBOR Six- Month GBP Barclays Bank plc 7,695 GBP BBA LIBOR 3.605 1/4/21 (145,369) -------------------------------------------------------------------------------------------------------------------------- SIX-MONTH JPY BBA LIBOR Six-Month JPMorgan Chase Bank NA 987,000 JPY 1.233 JPY BBA LIBOR 1/7/21 44,936 -------------------------------------------------------------------------------------------------------------------------- THREE-MONTH USD BBA LIBOR Three- Month USD Barclays Bank plc 11,900 BBA LIBOR 3.371 1/6/21 (141,732)
45 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
NOTIONAL INTEREST RATE/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE --------------------------------------------------------------------------------------------------------------------------- THREE-MONTH ZAR JIBAR SAFEX: Barclays Bank plc 45,590 ZAR 7.040 Three-Month ZAR JIBAR SAFEX 1/21/14 1,045 Barclays Bank plc 45,140 ZAR 7.050 Three-Month ZAR JIBAR SAFEX 1/24/14 1,034 ------- -------- Total where Fund pays a fixed rate 90,730 ZAR 2,079 ------- -------- Three-Month ZAR Barclays Bank plc 17,830 ZAR JIBAR SAFEX 8.350 1/24/21 (19,944) Three-Month ZAR Barclays Bank plc 17,990 ZAR JIBAR SAFEX 8.310 1/21/21 (19,985) Three-Month ZAR Goldman Sachs Group, Inc. (The) 145,500 ZAR JIBAR SAFEX 8.700 3/11/14 1,269 Three-Month ZAR JPMorgan Chase Bank NA 114,930 ZAR JIBAR SAFEX 8.650 3/4/14 1,002 Three-Month ZAR JPMorgan Chase Bank NA 146,780 ZAR JIBAR SAFEX 8.480 3/1/14 1,237 Three-Month ZAR JPMorgan Chase Bank NA 146,690 ZAR JIBAR SAFEX 8.390 3/2/14 1,214 ------- --------- Total where Fund pays a variable rate 589,720 ZAR (35,207) ------- --------- Total 680,450 ZAR (33,128) -------- Total Interest Rate Swaps $407,037 ========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real CZK Czech Koruna EUR Euro GBP British Pounds Sterling JPY Japanese Yen MXN Mexican Nuevo Peso ZAR South African Rand Abbreviations/Definitions are as follows: BANIXCO Banco de Mexico BBA LIBOR British Bankers' Association London-Interbank Offered Rate BBR BBSW Bank Bill Swap Reference Rate (Australian Financial Market) BZDI Brazil Interbank Deposit Rate EURIBOR Euro Interbank Offered Rate JIBAR South Africa Johannesburg Interbank Agreed Rate PRIBOR PRBO Prague Interbank Offering Rate SAFEX South African Futures Exchange TIIE Interbank Equilibrium Interest Rate TOTAL RETURN SWAP CONTRACTS AS OF MARCH 31, 2011 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ---------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES SELECT SECTOR INDEX: One-Month USD BBA LIBOR plus 15 basis points and If if negative, the positive, absolute value of the Total the Total Return Return of the Consumer of the Consumer Staples Select Staples Select Sector Index Morgan Stanley $ 2,001 Sector Index 3/6/12 $ 32,410
46 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ---------------------------------------------------------------------------------------------------------------- One-Month USD BBA LIBOR plus 15 If basis points and positive, if negative, the the Total absolute value of Return of the Total Return the Consumer of the Consumer Staples Staples Select Select Morgan Stanley 1 Sector Index Sector Index 9/14/11 17 --------- Reference Entity Total 32,427 ---------------------------------------------------------------------------------------------------------------- CUSTOM BASKET OF SECURITIES: One-Month CHF BBA LIBOR plus 30 basis points and if negative, the If positive, absolute value of the Total the Total Return Return of a of a custom custom basket of basket Citibank NA 1,243 CHF securities of securities 1/11/12 22,532 One-Month EURIBOR plus 30 basis points and If if negative, the positive, absolute value of the total the Total Return return of a of a custom custom basket of basket of Citibank NA 2,789 EUR securities securities 1/11/12 62,494 One-Month GBP BBA LIBOR plus 30 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of a custom of a custom basket of basket of Citibank NA 2,129 GBP securities securities 1/11/12 (47,769) One-Month SEK STIBOR SIDE plus 30 basis points and if negative, the absolute If positive, the value of the Total Return Total Return of a of a custom custom basket of basket of Citibank NA 4,843 SEK securities securities 1/11/12 29,608 One-Month JPY BBA LIBOR plus 53 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of a custom of a custom basket of basket of Citibank NA, New York 546,118 JPY securities securities 4/14/11 (583,136) One-Month USD BBA LIBOR plus 18 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of a custom of a custom Goldman Sachs basket of basket of Group, Inc. (The) 24,377 securities securities 9/9/11 (68,688) One-Month GBP BBA LIBOR plus 50 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of a custom of a custom basket of basket of Morgan Stanley 4,433 GBP securities securities 1/16/12 (186,290) --------- Reference Entity Total (771,249) ---------------------------------------------------------------------------------------------------------------- CUSTOM BASKET OF SECURITIES REPLICATING STATOIL ASA ORDINARY SHARES One-Month NOK NIBOR plus 30 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of a custom of a custom basket of basket of securities securities replicating replicating STATOIL ASA STATOIL ASA Citibank NA 1,069 NOK ordinary shares ordinary shares 1/12/12 7,131 ---------------------------------------------------------------------------------------------------------------- ENERGY SELECT SECTOR INDEX
47 | Oppenheimer Global Strategic Income Fund/V/A Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ---------------------------------------------------------------------------------------------------------------- One-Month USD BBA LIBOR plus 10 basis points and if negative, the absolute value of the Total Return If positive, the of the Energy Total Return Goldman Sachs Select Sector of the Energy Select Group, Inc. (The) 1,990 Index Sector Index 2/8/12 32,349 ---------------------------------------------------------------------------------------------------------------- HEALTH CARE SELECT SECTOR INDEX One-Month USD BBA LIBOR plus 8 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of the Health of the Care Select Health Care UBS AG 1,965 Sector Index Select Sector Index 11/4/11 48,011 ---------------------------------------------------------------------------------------------------------------- MSCI DAILY GROSS TR EUROPE EURO INDEX: One-Month EUR EURIBOR minus 20 basis points and if negative, the absolute value of the If positive, the Total Return Total Return of of the MSCI the MSCI Daily Daily Gross Gross Europe EURO Europe EURO Citibank NA 2,112 EUR Index Index 1/6/12 46,599 One-Month EURIBOR and if negative, the absolute value of the If positive, the Total Return Total Return of of the MSCI the MSCI Daily Daily Gross Goldman Sachs Gross Europe EURO Europe EURO Group, Inc. (The) 4,696 EUR Index Index 1/12/12 116,791 One-Month EURIBOR and if negative, the absolute value of the If positive, the Total Return Total Return of of the MSCI the MSCI Daily Daily Gross Goldman Sachs Gross Europe EURO Europe EURO Group, Inc. (The) 204 EUR Index Index 1/12/12 5,030 --------- Reference Entity Total 168,420 ---------------------------------------------------------------------------------------------------------------- MSCI DAILY TR GROSS EAFE USD INDEX: One-Month USD BBA LIBOR plus 15 basis points and if negative, the absolute value of the If positive, the Total Return Total Return of of the MSCI the MSCI Daily Daily Gross Gross EAFE USD EAFE USD Citibank NA 523 Index Index 10/7/11 13,177 One-Month USD BBA LIBOR plus 15 basis points and if negative, the Total If positive, the Return of Total Return of the MSCI the MSCI Daily Daily Gross Gross EAFE USD EAFE USD Citibank NA 2,246 Index Index 1/9/12 52,578
48 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ----------------------------------------------------------------------------------------------------------------------------------- One-Month USD BBA LIBOR plus 15 basis If positive, the points and if Total Return of negative, the Total the MSCI Daily Return of the MSCI Gross EAFE USD Daily Gross EAFE Citibank NA 301 Index USD Index 1/9/12 6,773 One-Month USD LIBOR minus 5 basis points and if negative, the If positive, the absolute value of Total Return of the Total Return of the MSCI Daily the MSCI Daily Gross EAFE USD Gross EAFE USD Goldman Sachs Group, Inc. (The) 120 Index Index 7/8/11 2,077 One-Month USD BBA LIBOR plus 10 basis points and if negative, the If positive, the absolute value of Total Return of the Total Return of the MSCI Daily the MSCI Daily Gross EAFE USD Gross EAFE USD Goldman Sachs Group, Inc. (The) 1,655 Index Index 5/11/11 32,078 One-Month USD LIBOR minus 5 basis points and if negative, the If positive, the absolute value of Total Return of the Total Return of the MSCI Daily the MSCI Daily Gross EAFE USD Gross EAFE USD Goldman Sachs Group, Inc. (The) 563 Index Index 7/8/11 10,706 One-Month USD BBA LIBOR minus 10 basis points and if negative, the If positive, the absolute value of Total Return of the Total Return of the MSCI Daily the MSCI Daily Gross EAFE USD Gross EAFE USD UBS AG 6,935 Index Index 10/7/11 170,353 -------- Reference Entity Total 287,742 ----------------------------------------------------------------------------------------------------------------------------------- MSCI DAILY TR NET BELGIUM USD INDEX One-Month USD BBA LIBOR minus 37 basis points and if negative, the absolute value of the Total Return If positive, the of the MSCI Daily Total Return of the Net Belgium USD MSCI Daily Net Nomura International 2,441 Index Belgium USD Index 3/6/12 22,638 ----------------------------------------------------------------------------------------------------------------------------------- MSCI DAILY TR NET FRANCE USD INDEX One-Month USD BBA LIBOR minus 57 basis points and if negative, the absolute value of the Total Return If positive, the of the MSCI Daily Total Return of the Net France USD MSCI Daily Net Citibank NA 2,234 Index France USD Index 1/9/12 (1,676) ----------------------------------------------------------------------------------------------------------------------------------- MSCI DAILY TR NET ITALY USD INDEX One-Month USD BBA LIBOR minus 25 basis points and If positive, the if negative, the absolute value of absolute value of the Total Return of the MSCI Daily Net the MSCI Daily Net Goldman Sachs Group, Inc. (The) 2,435 Italy USD Index Italy USD Index 3/6/12 11,120 -----------------------------------------------------------------------------------------------------------------------------------
49 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE -------------------------------------------------- -------------------------------------------------------------------------------- MSCI DAILY TR NET NETHERLANDS USD INDEX One-Month USD BBA LIBOR plus 20 basis points and if negative, the If positive, the absolute value of Total Return of the the MSCI Daily Net MSCI Daily Net Netherlands USD Netherlands USD Deutsche Bank AG 2,417 Index Index 3/6/12 47,125 ----------------------------------------------------------------------------------------------------------------------------------- MSCI DAILY TR NET SPAIN USD INDEX One-Month USD BBA LIBOR minus 33 basis points and if negative, the absolute value of the Total Return If positive, the of the MSCI Daily Total Return of the Net Spain USD MSCI Daily Net Nomura International 2,399 Index Spain USD Index 3/6/12 84,910 ----------------------------------------------------------------------------------------------------------------------------------- S&P 500 GROWTH INDEX One-Month USD BBA LIBOR plus 6 basis points and if negative, the If positive, the absolute value of Total Return of the Total Return of the S&P 500 Growth the S&P 500 Growth Goldman Sachs Group, Inc. (The) 6,134 Index Index 3/9/12 (694) ----------------------------------------------------------------------------------------------------------------------------------- S&P SMALLCAP 600 INDEX One-Month USD BBA LIBOR minus 13 basis points and if negative, the absolute value of If positive, the the Total Return Total Return of the of the S&P S&P SMALLCAP 600 UBS AG 6,018 SMALLCAP 600 Index Index 2/9/12 288,136 -------- Total of Total Return Swaps $256,390 ========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: CHF Swiss Franc EUR Euro GBP British Pounds Sterling JPY Japanese Yen NOK Norwegian Krone SEK Swedish Krona Abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate EAFE Europe, Australasia, Far East EURIBOR Euro Interbank Offered Rate LIBOR London Interbank Offered Rate MSCI Morgan Stanley Capital International NIBOR Norwegian Interbank Offered Rate TR Total Return S&P Standard & Poor's STIBOR SIDE Stockholm Interbank Offered Rate 50 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) CURRENCY SWAPS AS OF MARCH 31, 2011 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ----------------------------------------------------------------------------------------------------------------------------- EACH OF JSC "RUSHYDRO" (OPEN JOINT STOCK COMPANY, FEDERAL HYDROGENERATION COMPANY) AND OJSC SARATOVSKAYA HPP AND ANY SUCCESSOR(S) TO THESE REFERENCE ENTITIES. 7.75% from Debt Three-Month Obligations of JSC Morgan Stanley Capital USD BBA Rushydro and OJSC Services, Inc. 271,430 RUR LIBOR Saratovskaya HPP 12/26/13 $(902,121) Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currency: RUR Russian Ruble Abbreviations/Definitions are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate
VOLATILITY SWAPS AS OF MARCH 31, 2011 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE --------------------------------------------------------------------------------------------------------------------------- AUD/CAD SPOT EXCHANGE RATE The Historic Volatility of the mid AUD/CAD Spot Exchange rate during the Observation Citibank NA 13 AUD Period 9.15% 4/7/11 $ 4,549 ---------------------------------------------------------------------------------------------------------------------------- AUD/JPY SPOT EXCHANGE RATE: The Historic Volatility of the mid AUD/JPY Spot Exchange rate during the Observation Citibank NA 13 AUD Period 9.75 4/11/11 (160,298) The Historic Volatility of the mid AUD/JPY Spot Exchange rate during the Observation Credit Suisse International 13 AUD Period 9.50 4/11/11 (171,421) -------- Reference Entity Total (331,719) --------------------------------------------------------------------------------------------------------------------------- AUD/USD SPOT EXCHANGE RATE The Historic Volatility of the mid AUD/USD Spot Exchange rate during the Observation JPMorgan Chase Bank NA 13 Period 9.75 4/11/11 (29,026)
51 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ---------------------------------------------------------------------------------------------------------------------- CHF/JPY SPOT EXCHANGE RATE: The Historic Volatility of the mid CHF/JPY spot Exchange rate during the Observation Barclays Bank plc 12 CHF Period 11.55 4/18/11 (12,100) The Historic Volatility of the mid CHF/JPY spot exchange rate during the Observation Deutsche Bank AG 11 CHF Period 14.10 4/26/11 19,289 The Historic Volatility of the mid CHF/JPY spot exchange rate during the Observation JPMorgan Chase Bank NA 12 CHF Period 11.15 4/18/11 (14,109) --------- Reference Entity Total (6,920) ----------------------------------------------------------------------------------------------------------------------- GBP/NZD SPOT EXCHANGE RATE: The Historic Volatility of the mid GBP/NZD spot exchange rate during the Bank of America Observation Merrill Lynch 8 GBP Period 10.70 4/28/11 9,995 The Historic Volatility of the mid GBP/NZD spot exchange rate during the Bank of America Observation Merrill Lynch 8 GBP 11.00% Period 4/28/11 (13,177) --------- Reference Entity Total (3,182) ----------------------------------------------------------------------------------------------------------------------- GBP/SEK SPOT EXCHANGE RATE: The Historic Volatility of the mid GBP/SEK spot exchange rate during the Observation Citibank NA 8 GBP Period 8.75 4/14/11 (12,252) The Historic Volatility of the mid GBP/SEK spot exchange rate during the Observation Credit Suisse International 8 GBP Period 8.9 4/15/11 (10,150) The Historic Volatility of the mid GBP/SEK spot exchange rate during the Observation Deutsche Bank AG 8 GBP Period 8.6 4/18/11 (17,292) --------- Reference Entity Total (39,694)
52 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ---------------------------------------------------------------------------------------------------------------------- NZD/CHF SPOT EXCHANGE RATE The Historic Volatility of the mid NZD/CHF spot exchange rate during the Observation Credit Suisse International 17 NZD 12.50 Period 4/8/11 75,147 ----------------------------------------------------------------------------------------------------------------------- NZD/JPY SPOT EXCHANGE RATE: The Historic Volatility of the mid NZD/JPY spot exchange rate during the Bank of America Observation Merrill Lynch 17 NZD 12.85 Period 4/28/11 13,740 The Historic Volatility of the mid NZD/JPY spot exchange rate during the Bank of America Observation Merrill Lynch 17 NZD 14.80 Period 4/26/11 (10,313) The Historic Volatility of the mid NZD/JPY spot exchange rate during the Observation Barclays Bank plc 17 NZD 13.10 Period 4/28/11 8,680 The Historic Volatility of the mid NZD/JPY spot exchange rate during the Observation Citibank NA 17 NZD 16.25 Period 4/26/11 (30,778) The Historic Volatility of the mid NZD/JPY spot exchange rate during the Observation Citibank NA 17 NZD 15.05 Period 4/26/11 (11,618) The Historic Volatility of the mid NZD/JPY spot exchange rate during the Observation Deutsche Bank AG 17 NZD 13.75 Period 4/26/11 15,647 --------- Reference Entity Total (14,642) --------- Total Volatility Swaps $(345,487) =========
53 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 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 NZD New Zealand Dollar SEK Swedish Krona
The following table aggregates, as of period end, the amount receivable from/(payable to) each counterparty with whom the Fund has entered into a swap agreement. Swaps are individually disclosed in the preceding tables. SWAP SUMMARY AS OF MARCH 31, 2011 IS AS FOLLOWS:
NOTIONAL SWAP TYPE FROM AMOUNT SWAP COUNTERPARTY FUND PERSPECTIVE (000'S) VALUE -------------------------------------------------------------------------------------------------- Banco Santander SA, Inc. Interest Rate 9,870 BRR $ 62,364 -------------------------------------------------------------------------------------------------- Bank of America Merrill Lynch: Interest Rate 442,000 MXN (62,240) Volatility 16 GBP (3,182) Volatility 34 NZD 3,427 ---------- (61,995) -------------------------------------------------------------------------------------------------- Barclays Bank plc: Credit Default Buy Protection 25,305 (1,808,614) Credit Default Sell Protection 14,650 (291,760) Interest Rate 183,000 CZK 55,662 Interest Rate 7,120 EUR (25,220) Interest Rate 7,695 GBP (145,369) Interest Rate 86,300 MXN (7,262) Interest Rate 11,900 (141,732) Interest Rate 126,550 ZAR (37,850) Volatility 12 CHF (12,100) Volatility 17 NZD 8,680 ---------- (2,405,565) -------------------------------------------------------------------------------------------------- Citibank NA: Interest Rate 86,000 MXN (7,423) Total Return 1,243 CHF 22,532 Total Return 4,901 EUR 109,093 Total Return 2,129 GBP (47,769) Total Return 1,069 NOK 7,131 Total Return 4,843 SEK 29,608 Total Return 5,304 70,852 Volatility 26 AUD (155,749) Volatility 8 GBP (12,252) Volatility 34 NZD (42,396) --------- (26,373) -------------------------------------------------------------------------------------------------- Citibank NA, New York: Credit Default Buy Protection 14,830 (46,925)
54 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
NOTIONAL SWAP TYPE FROM AMOUNT SWAP COUNTERPARTY FUND PERSPECTIVE (000'S) VALUE -------------------------------------------------------------------------------------------------- Credit Default Sell Protection 3,735 370,863 Total Return 546,118 JPY (583,136) --------- (259,198) -------------------------------------------------------------------------------------------------- Credit Suisse International: Credit Default Buy Protection 9,600 (182,364) Credit Default Sell Protection 11,760 199,851 Volatility 13 AUD (171,421) Volatility 8 GBP (10,150) Volatility 17 NZD 75,147 --------- (88,937) -------------------------------------------------------------------------------------------------- Deutsche Bank AG: Credit Default Buy Protection 1,900 (54,405) Interest Rate 179,500 MXN (16,582) Total Return 2,417 47,125 Volatility 11 CHF 19,289 Volatility 8 GBP (17,292) Volatility 17 NZD 15,647 --------- (6,218) -------------------------------------------------------------------------------------------------- Credit Default Sell Goldman Sachs Bank USA Protection 2,275 (9,153) -------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The): Interest Rate 25,690 BRR (11,814) Interest Rate 216,900 MXN (21,496) Interest Rate 145,500 ZAR 1,269 Total Return 4,900 EUR 121,821 Total Return 37,274 18,948 --------- 108,728 -------------------------------------------------------------------------------------------------- HSBC Bank USA: Credit Default Buy Protection 3,915 18,252 Credit Default Sell Protection 4,180 (165,507) --------- (147,255) -------------------------------------------------------------------------------------------------- JPMorgan Chase Bank NA: Interest Rate 15,800 BRR 808,682 Interest Rate 987,000 JPY 44,936 Interest Rate 408,400 ZAR 3,453 Volatility 12 CHF (14,109) Volatility 13 (29,026) --------- 813,936 -------------------------------------------------------------------------------------------------- JPMorgan Chase Bank NA, Credit Default Buy London Branch Protection 4,900 (99,871) -------------------------------------------------------------------------------------------------- JPMorgan Chase Bank NA, NY Branch: Credit Default Buy Protection 1,960 9,549 Credit Default Sell Protection 17,990 278,703 --------- 288,252 --------------------------------------------------------------------------------------------------
55 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
NOTIONAL SWAP TYPE FROM AMOUNT SWAP COUNTERPARTY FUND PERSPECTIVE (000'S) VALUE ----------------------------------------------------------------------------------------------------- Credit Default Sell Merrill Lynch Capital Services, Inc. Protection 12,060 (497,698) ----------------------------------------------------------------------------------------------------- Credit Default Buy Merrill Lynch International Protection 10,735 (1,538,757) ----------------------------------------------------------------------------------------------------- Morgan Stanley: Interest Rate 173,300 CZK 77,276 Interest Rate 6,910 EUR (53,380) Total Return 4,433 GBP (186,290) Total Return 2,002 32,427 ---------- (129,967) ----------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc. Currency 271,430 RUR (902,121) ----------------------------------------------------------------------------------------------------- Nomura International Total Return 4,840 107,548 ----------------------------------------------------------------------------------------------------- UBS AG: Credit Default Sell Protection 9,425 258,633 Total Return 14,918 506,500 ---------- 765,133 ----------------------------------------------------------------------------------------------------- Westpac Banking Corp Interest Rate 11,685 AUD (116,237) ---------- Total Swaps $(4,143,384) ===========
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 CZK Czech Koruna EUR Euro GBP British Pounds Sterling JPY Japanese Yen MXN Mexican Nuevo Peso NOK Norwegian Krone NZD New Zealand Dollar RUR Russian Ruble SEK Swedish Krona ZAR South African Rand 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," observable market inputs other than unadjusted quoted prices 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. 56 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and "money market-type" debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the "bid" and "asked" prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities. Structured securities are valued utilizing price quotations obtained from broker-dealers or independent pricing services. Values are determined based upon market inputs which typically include the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events. Swap contracts are valued utilizing price quotations obtained from broker-dealer counterparties or independent pricing services. Values are determined based on relevant market information on the underlying reference assets which may include credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures and forward currency rates. Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from independent pricing services. "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 current price quotation obtained from an independent pricing service or broker-dealer, 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. 57 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 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. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2011, 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 $ 97,724,282 Sold securities 8,069,599
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 that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of March 31, 2011 is as follows:
Cost $30,513,397 Market Value $ 3,240,606 Market Value as a % of Net Assets 0.13%
58 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. 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. 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. 59 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 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 March 31, 2011, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $19,835,176, 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. 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 $8,413,128 as of March 31, 2011. 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 International Swap and Derivatives Association, Inc. master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund. As of March 31, 2011 the Fund has required certain counterparties to post collateral of $2,963,061. 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 60 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 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 International Swap and Derivatives Association, Inc. 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 March 31, 2011, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $4,911,028 for which the Fund has posted collateral of $2,573,342. If a contingent feature would have been triggered as of March 31, 2011, 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 certain forward 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 Fund. 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 Fund. During the period ended March 31, 2011, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $816,554,041 and $283,553,692, respectively. 61 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default. 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. During the period ended March 31, 2011, the Fund had an ending monthly average market value of $421,431,534 and $234,056,710 on futures contracts purchased and sold, respectively. 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 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. 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. 62 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 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. During the period ended March 31, 2011, the Fund had an average market value of $14,739 and $210,621 on purchased call options and purchased put options, respectively. 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 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. 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. During the period ended March 31, 2011, the Fund had an ending monthly average market value of $2,542 and $1,790 on written call options and written put options, respectively. Additional associated risks to the Fund include counterparty credit risk for over-the-counter options and liquidity risk. Written option activity for the period ended March 31, 2011 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, 2010 - $ - - $ - Options written 825,000,000 83,902 825,000,000 83,902 Options closed or expired (537,000,000) (57,247) (148,000,000) (15,818) Options exercised (148,000,000) (15,818) (537,000,000) (57,247) ---------------------------------------------------------- Options outstanding as of March 31, 2011 140,000,000 $ 10,837 140,000,000 $ 10,837 ==========================================================
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 63 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) 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. For the period ended March 31, 2011, the Fund had ending monthly average notional amounts of $66,553,750 and $55,036,250 on credit default swaps to buy protection and credit default swaps to sell protection, respectively. 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. 64 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (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. For the period ended March 31, 2011, the Fund, had ending monthly average notional amounts of $63,408,022 and $178,878,876 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively. 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 securities or 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 securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract. The Fund has entered into total return swaps on various equity securities or 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 securities or 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 securities or index multiplied by the notional amount of the contract. For the period ended March 31, 2011, the Fund had ending monthly average notional amounts of $72,739,270 and $27,031,695 on total return swaps which are long the reference asset and total return swaps which are short the reference asset, respectively. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. CURRENCY SWAPS. A currency swap is an agreement between counterparties to exchange different currencies equivalent to the notional value at contract inception and reverse the exchange of the same notional values of those currencies at contract termination. The contract may also include periodic exchanges of cash flows based on a specified index or interest rate. The Fund has entered into currency swap contracts with the obligation to pay an interest rate on the dollar notional amount and receive an interest rate on various foreign currency notional amounts in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts seek to increase exposure to foreign exchange rate risk. The Fund has entered into currency swap contracts with the obligation to pay an interest rate 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. 65 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited) For the period ended March 31, 2011, the Fund had ending monthly average notional amounts of $9,235,650 on currency swaps. 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. 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. For the period ended March 31, 2011, the Fund had ending monthly average notional amounts of $39,056 and $204,831 on volatility swaps which pay volatility and volatility swaps which receive volatility, respectively. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. RESTRICTED SECURITIES As of March 31, 2011, 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 March 31, 2011 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. 66 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Strategic Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Federal tax cost of securities $2,432,104,449 Federal tax cost of other investments 181,171,017 -------------- Total federal tax cost $2,613,275,466 ============== Gross unrealized appreciation $ 182,066,112 Gross unrealized depreciation (140,836,128) -------------- Net unrealized appreciation $ 41,229,984 ==============
67 | Oppenheimer Global Strategic Income Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------- COMMON STOCKS-97.8% -------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY-10.4% -------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS-1.7% Lear Corp.(1) 2,860 $139,768 -------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES-2.0% Mohawk Industries, Inc.(1) 2,640 161,436 -------------------------------------------------------------------------------------------------------------- MEDIA-4.3% Comcast Corp., Cl. A 6,610 163,399 -------------------------------------------------------------------------------------------------------------- Viacom, Inc., Cl. B 3,980 185,150 -------- 348,549 -------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL-1.8% Target Corp. 3,010 150,530 -------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL-0.6% Talbots, Inc. (The)(1) 8,100 48,924 -------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES-6.2% -------------------------------------------------------------------------------------------------------------- BEVERAGES-2.7% Coca-Cola Co. (The) 3,290 218,292 -------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING-1.3% Walgreen Co. 2,754 110,546 -------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS-2.2% Church & Dwight Co., Inc. 2,240 177,722 -------------------------------------------------------------------------------------------------------------- ENERGY-15.1% -------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES-3.4% Halliburton Co. 5,590 278,606 -------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS-11.7% Apache Corp. 700 91,644 -------------------------------------------------------------------------------------------------------------- Chevron Corp. 3,840 412,531 -------------------------------------------------------------------------------------------------------------- Exxon Mobil Corp. 2,064 173,644 -------------------------------------------------------------------------------------------------------------- Penn West Petroleum Ltd. 3,080 85,316 -------------------------------------------------------------------------------------------------------------- Royal Dutch Shell plc, ADR 2,610 190,165 -------- 953,300 -------------------------------------------------------------------------------------------------------------- FINANCIALS-21.7% -------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS-3.6% E*TRADE Financial Corp.(1) 2,491 38,934 -------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 470 74,481 -------------------------------------------------------------------------------------------------------------- State Street Corp. 4,110 184,703 -------- 298,118 -------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS-9.9% CIT Group, Inc.(1) 3,280 139,564 -------------------------------------------------------------------------------------------------------------- M&T Bank Corp. 1,860 164,554 -------------------------------------------------------------------------------------------------------------- PNC Financial Services Group, Inc. 1,890 119,051 -------------------------------------------------------------------------------------------------------------- U.S. Bancorp 4,790 126,600 -------------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 8,080 256,136 -------- 805,905 -------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES-3.2% JPMorgan Chase & Co. 5,610 258,621 -------------------------------------------------------------------------------------------------------------- INSURANCE-5.0% ACE Ltd. 2,550 164,985 --------------------------------------------------------------------------------------------------------------
1 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------- INSURANCE CONTINUED MetLife, Inc. 5,380 $240,647 -------- 405,632 -------------------------------------------------------------------------------------------------------------- HEALTH CARE-14.0% -------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY-4.9% Amgen, Inc.(1) 3,540 189,213 -------------------------------------------------------------------------------------------------------------- Gilead Sciences, Inc.(1) 4,830 204,985 -------- 394,198 -------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES-6.6% HCA Holdings, Inc.(1) 4,500 152,415 -------------------------------------------------------------------------------------------------------------- Humana, Inc.(1) 3,150 220,311 -------------------------------------------------------------------------------------------------------------- WellPoint, Inc. 2,380 166,100 -------- 538,826 -------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS-2.5% Teva Pharmaceutical Industries Ltd., Sponsored ADR 4,080 204,694 -------------------------------------------------------------------------------------------------------------- INDUSTRIALS-9.0% -------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE-1.4% AerCap Holdings NV(1) 8,930 112,250 -------------------------------------------------------------------------------------------------------------- AIRLINES-1.5% United Continental Holdings, Inc.(1) 5,300 121,847 -------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT-3.2% Babcock & Wilcox Co.(1) 3,360 112,157 -------------------------------------------------------------------------------------------------------------- Cooper Industries plc 2,330 151,217 -------- 263,374 -------------------------------------------------------------------------------------------------------------- MACHINERY-2.9% Ingersoll-Rand plc 4,900 236,719 -------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY-5.3% -------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT-3.0% National Semiconductor Corp. 10,970 157,310 -------------------------------------------------------------------------------------------------------------- Xilinx, Inc. 2,560 83,968 -------- 241,278 -------------------------------------------------------------------------------------------------------------- SOFTWARE-2.3% Microsoft Corp. 7,380 187,157 -------------------------------------------------------------------------------------------------------------- MATERIALS-7.4% -------------------------------------------------------------------------------------------------------------- CHEMICALS-4.6% Celanese Corp., Series A 4,050 179,699 -------------------------------------------------------------------------------------------------------------- LyondellBasell Industries NV, Cl. A(1) 5,000 197,750 -------- 377,449 -------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING-1.6% Rock-Tenn Co., Cl. A 1,820 126,217 -------------------------------------------------------------------------------------------------------------- METALS & MINING-1.2% Allegheny Technologies, Inc. 1,470 99,548 -------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES-3.0% -------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES-2.0% AT&T, Inc. 5,402 165,301 -------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES-1.0% Vodafone Group plc, Sponsored ADR 2,800 80,500
2 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
Shares Value -------------------------------------------------------------------------------------------------------------- UTILITIES-5.7% -------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES-5.3% American Electric Power Co., Inc. 2,080 $ 73,091 -------------------------------------------------------------------------------------------------------------- Edison International, Inc. 4,680 171,241 -------------------------------------------------------------------------------------------------------------- Entergy Corp. 2,720 182,811 -------- 427,143 -------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES-0.4% NiSource, Inc. 1,870 35,867 -------- Total Common Stocks (Cost $6,744,733) 7,968,317 -------------------------------------------------------------------------------------------------------------- INVESTMENT COMPANIES-2.6% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(2,3) 1,701 1,701 -------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 0.20%(2,4) 209,400 209,400 -------- Total Investment Companies (Cost $211,101) 211,101 -------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $6,955,834) 100.4% 8,179,418 -------------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (0.4) (28,968) ------------------------------------ Net Assets 100.0% $8,150,450 ====================================
Footnotes to Statement of Investments --------------------- 1. Non-income producing security. 2. Rate shown is the 7-day yield as of March 31, 2011. 3. Interest rate is less than 0.0005%. 4. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2011, 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, 2010 ADDITIONS REDUCTIONS MARCH 31, 2011 ----------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 230,823 1,311,900 1,333,323 209,400 VALUE INCOME ------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E $ 209,400 $ 150
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 or liability (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 or liability). The table below categorizes amounts as of March 31, 2011 based on valuation input level: 3 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (Unaudited)
LEVEL 2- LEVEL 1- OTHER LEVEL 3- UNADJUSTED SIGNIFICANT SIGNIFICANT QUOTED OBSERVABLE UNOBSERVABE PRICES INPUTS INPUTS VALUE --------------------------------------------------------------------------------------------------------------------------- ASSETS TABLE INVESTMENTS, AT VALUE: Common Stocks Consumer Discretionary $ 849,207 $ - $ - $ 849,207 Consumer Staples 506,560 - - 506,560 Energy 1,231,906 - - 1,231,906 Financials 1,768,276 - - 1,768,276 Health Care 1,137,718 - - 1,137,718 Industrials 734,190 - - 734,190 Information Technology 428,435 - - 428,435 Materials 603,214 - - 603,214 Telecommunication Services 245,801 - - 245,801 Utilities 463,010 - - 463,010 Investment Companies 211,101 - - 211,101 ------------------------------------------------------------------------ Total Assets $ 8,179,418 $ - $ - $8,179,418 ------------------------------------------------------------------------
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," observable market inputs other than unadjusted quoted prices 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. 4 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2011 (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 current price quotation obtained from an independent pricing service or broker-dealer, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. There have been no significant changes to the fair valuation methodologies of the Fund during the period. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2011 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.
Federal tax cost of securities $7,053,224 ========== Gross unrealized appreciation $1,184,220 Gross unrealized depreciation (58,026) ---------- Net unrealized appreciation $1,126,194 ==========
5 | Oppenheimer Value Fund/VA ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 03/31/2011, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Exhibits attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Variable Account Funds By: /s/ William F. Glavin, Jr. ------------------------------------ William F. Glavin, Jr. Principal Executive Officer Date: 05/10/2011 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ William F. Glavin, Jr. ------------------------------------ William F. Glavin, Jr. Principal Executive Officer Date: 05/10/2011 By: /s/ Brian W. Wixted ------------------------------------ Brian W. Wixted Principal Financial Officer Date: 05/10/2011 EX-99.CERT 2 g58639exv99wcert.txt EX-99.CERT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, William F. Glavin, Jr., certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Variable Account Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ William F. Glavin, Jr. ---------------------------------------- William F. Glavin, Jr. Principal Executive Officer Date: 05/10/2011 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Variable Account Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Brian W. Wixted ---------------------------------------- Brian W. Wixted Principal Financial Officer Date: 05/10/2011