N-Q 1 p14312nvq.txt N-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-4108 Oppenheimer Variable Account Funds (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: December 31 Date of reporting period: 03/31/2009 Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ---------- ------------ COMMON STOCKS--94.8% CONSUMER DISCRETIONARY--16.4% DIVERSIFIED CONSUMER SERVICES--3.1% DeVry, Inc. 98,600 $ 4,750,548 ITT Educational Services, Inc.(1) 30,300 3,679,026 Strayer Education, Inc. 31,700 5,701,879 ------------ 14,131,453 ------------ HOTELS, RESTAURANTS & LEISURE--3.8% Burger King Holdings, Inc. 653,800 15,004,710 Darden Restaurants, Inc. 63,000 2,158,380 ------------ 17,163,090 ------------ MEDIA--3.4% Cablevision Systems Corp. New York Group, Cl. A 779,600 10,088,024 Liberty Media Corp.-Entertainment, Series A(1) 271,600 5,418,420 ------------ 15,506,444 ------------ MULTILINE RETAIL--1.7% Dollar Tree, Inc.(1) 167,100 7,444,305 ------------ SPECIALTY RETAIL--3.3% GameStop Corp., Cl. A(1) 284,700 7,977,294 O'Reilly Automotive, Inc.(1) 128,900 4,512,789 Urban Outfitters, Inc.(1) 153,100 2,506,247 ------------ 14,996,330 ------------ TEXTILES, APPAREL & LUXURY GOODS--1.1% Polo Ralph Lauren Corp., Cl. A 116,800 4,934,800 ------------ CONSUMER STAPLES--1.9% FOOD PRODUCTS--1.4% Flowers Foods, Inc. 271,000 6,363,080 ------------ PERSONAL PRODUCTS--0.5% Chattem, Inc.(1) 40,700 2,281,235 ------------ ENERGY--9.7% ENERGY EQUIPMENT & SERVICES--3.5% Cameron International Corp.(1) 264,600 5,802,678 IHS, Inc., Cl. A(1) 242,300 9,977,914 ------------ 15,780,592 ------------ OIL, GAS & CONSUMABLE FUELS--6.2% Concho Resources, Inc.(1) 83,600 2,139,324 Petrohawk Energy Corp.(1) 572,900 11,016,867 Range Resources Corp. 356,200 14,661,192 ------------ 27,817,383 ------------ FINANCIALS--9.0% CAPITAL MARKETS--4.5% Affiliated Managers Group, Inc.(1) 140,800 5,872,768 Eaton Vance Corp. 227,700 5,202,945 Lazard Ltd., Cl. A 312,300 9,181,620 ------------ 20,257,333 ------------
1 | Oppenheimer MidCap Fund/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ---------- ------------ DIVERSIFIED FINANCIAL SERVICES--2.4% IntercontinentalExchange, Inc.(1) 72,700 $ 5,413,969 MSCI, Inc., Cl. A(1) 317,900 5,375,689 ------------ 10,789,658 ------------ INSURANCE--1.3% RenaissanceRe Holdings Ltd. 118,600 5,863,584 ------------ THRIFTS & MORTGAGE FINANCE--0.8% Hudson City Bancorp, Inc. 303,900 3,552,591 ------------ HEALTH CARE--19.0% BIOTECHNOLOGY--4.4% Alexion Pharmaceuticals, Inc.(1) 247,300 9,313,318 Cephalon, Inc.(1) 99,800 6,796,380 Myriad Genetics, Inc.(1) 85,400 3,883,138 ------------ 19,992,836 ------------ HEALTH CARE EQUIPMENT & SUPPLIES--8.2% Bard (C.R.), Inc. 152,700 12,173,244 Edwards Lifesciences Corp.(1) 185,000 11,216,550 Haemonetics Corp.(1) 66,100 3,640,788 IDEXX Laboratories, Inc.(1) 101,200 3,499,496 NuVasive, Inc.(1) 203,100 6,373,278 ------------ 36,903,356 ------------ HEALTH CARE PROVIDERS & SERVICES--1.1% Schein (Henry), Inc.(1) 122,500 4,901,225 ------------ LIFE SCIENCES TOOLS & SERVICES--2.7% Covance, Inc.(1) 99,100 3,530,933 Illumina, Inc.(1) 225,231 8,387,602 ------------ 11,918,535 ------------ PHARMACEUTICALS--2.6% Perrigo Co. 204,500 5,077,735 Shire Ltd., ADR 187,200 6,727,968 ------------ 11,805,703 ------------ INDUSTRIALS--12.8% AEROSPACE & DEFENSE--1.3% Curtiss-Wright Corp. 100,700 2,824,635 Rockwell Collins, Inc. 97,400 3,179,136 ------------ 6,003,771 ------------ AIR FREIGHT & LOGISTICS--2.9% C.H. Robinson Worldwide, Inc. 185,200 8,446,972 Expeditors International of Washington, Inc. 155,300 4,393,437 ------------ 12,840,409 ------------ COMMERCIAL SERVICES & SUPPLIES--7.3% Clean Harbors, Inc.(1) 114,000 5,472,000 Copart, Inc.(1) 71,500 2,120,690 FTI Consulting, Inc.(1) 109,100 5,398,268 Stericycle, Inc.(1) 308,100 14,705,613
2 | Oppenheimer MidCap Fund/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ---------- ------------ COMMERCIAL SERVICES & SUPPLIES CONTINUED Waste Connections, Inc.(1) 198,100 $ 5,091,170 ------------ 32,787,741 ------------ CONSTRUCTION & ENGINEERING--1.3% Quanta Services, Inc.(1) 277,900 5,960,955 ------------ INFORMATION TECHNOLOGY--20.1% COMPUTERS & PERIPHERALS--1.4% NetApp, Inc.(1) 412,400 6,120,016 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--3.3% Amphenol Corp., Cl. A 367,200 10,461,528 FLIR Systems, Inc.(1) 207,000 4,239,360 ------------ 14,700,888 ------------ INTERNET SOFTWARE & SERVICES--2.2% Baidu, Inc., ADR(1) 12,200 2,154,520 Equinix, Inc.(1) 140,753 7,903,281 ------------ 10,057,801 ------------ IT SERVICES--4.1% Cognizant Technology Solutions Corp.(1) 318,500 6,621,615 SAIC, Inc.(1) 642,500 11,995,475 ------------ 18,617,090 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.4% Lam Research Corp.(1) 180,600 4,112,262 MEMC Electronic Materials, Inc.(1) 127,300 2,099,177 ------------ 6,211,439 ------------ SOFTWARE--7.7% Ansys, Inc.(1) 376,600 9,452,660 FactSet Research Systems, Inc. 149,050 7,451,010 Macrovision Solutions Corp.(1) 590,209 10,499,818 Salesforce.com, Inc.(1) 226,300 7,406,799 ------------ 34,810,287 ------------ MATERIALS--2.4% CHEMICALS--2.4% Airgas, Inc. 98,000 3,313,380 Intrepid Potash, Inc.(1) 142,720 2,633,184 Lubrizol Corp. (The) 140,300 4,771,603 ------------ 10,718,167 ------------ TELECOMMUNICATION SERVICES--2.2% WIRELESS TELECOMMUNICATION SERVICES--2.2% American Tower Corp.(1) 217,200 6,609,396 SBA Communications Corp.(1) 151,300 3,525,290 ------------ 10,134,686 ------------ UTILITIES--1.3% GAS UTILITIES--1.3% Questar Corp. 194,500 5,724,135 ------------ Total Common Stocks (Cost $484,830,821) 427,090,918 ------------
3 | Oppenheimer MidCap Fund/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ---------- ------------ INVESTMENT COMPANY--4.9% Oppenheimer Institutional Money Market Fund, Cl. E, 0.80% (2, 3) (Cost $21,921,822) 21,921,822 $ 21,921,822 Total Investments, at Value (Cost $506,752,643) 99.7% 449,012,740 Other Assets Net of Liabilities 0.3 1,424,233 ---------- ------------ Net Assets 100.0% $450,436,973 ---------- ------------
Footnotes to Statement of Investments (1.) Non-income producing security. (2.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2009, 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, 2008 ADDITIONS REDUCTIONS 2009 ------------ ---------- ---------- ---------- Oppenheimer Institutional Money Market Fund, Cl. E 28,742,391 60,883,294 67,703,863 21,921,822
VALUE INCOME ----------- ------- Oppenheimer Institutional Money Market Fund, Cl. E $21,921,822 $77,352
(3.) Rate shown is the 7-day yield as of March 31, 2009. 4 | Oppenheimer MidCap Fund/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of March 31, 2009:
OTHER INVESTMENTS FINANCIAL VALUATION DESCRIPTION IN SECURITIES INSTRUMENTS* --------------------- ------------- ------------ Level 1--Quoted Prices $449,012,740 $-- Level 2--Other Significant Observable Inputs -- -- Level 3--Significant Unobservable Inputs -- -- ------------ --- Total $449,012,740 $-- ============ ===
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. 5 | Oppenheimer MidCap Fund/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. 6 | Oppenheimer MidCap Fund/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. 7 | Oppenheimer MidCap Fund/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / 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. 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 TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2009 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 $519,493,145 ============ Gross unrealized appreciation $ 24,720,074 Gross unrealized depreciation (95,200,479) ------------ Net unrealized depreciation $(70,480,405) ============
8 | Oppenheimer MidCap Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------- ------------- COMMON STOCKS--51.1% CONSUMER DISCRETIONARY--5.9% MEDIA--5.9% Cablevision Systems Corp. New York Group, Cl. A 193,360 $ 2,502,078 Cinemark Holdings, Inc. 2,100 19,719 Jupiter Telecommunications Co. Ltd. 4,088 2,717,486 Liberty Global, Inc., Series A(1) 257,738 3,752,665 Liberty Global, Inc., Series C(1) 171,460 2,422,730 National CineMedia, Inc. 89,760 1,183,037 ------------- 12,597,715 CONSUMER STAPLES--3.5% FOOD PRODUCTS--1.4% Nestle SA 87,780 2,967,385 ------------- TOBACCO--2.1% Altria Group, Inc. 83,010 1,329,820 Lorillard, Inc. 50,660 3,127,748 ------------- 4,457,568 ENERGY--3.8% OIL, GAS & CONSUMABLE FUELS--3.8% Exxon Mobil Corp. 96,370 6,562,797 Petroleo Brasileiro SA, ADR 52,490 1,599,370 ------------- 8,162,167 FINANCIALS--4.0% CAPITAL MARKETS--0.2% Julius Baer Holding AG 21,539 529,818 ------------- DIVERSIFIED FINANCIAL SERVICES--1.0% JPMorgan Chase & Co. 78,000 2,073,240 ------------- INSURANCE--2.8% Assurant, Inc. 51,500 1,121,670 Everest Re Group Ltd. 68,430 4,844,844 ------------- 5,966,514 HEALTH CARE--5.5% BIOTECHNOLOGY--0.7% Amicus Therapeutics, Inc.(1) 95,449 871,449 Human Genome Sciences, Inc.(1) 256,420 212,829 Orexigen Therapeutics, Inc.(1) 153,170 399,774 ------------- 1,484,052 HEALTH CARE EQUIPMENT & SUPPLIES--0.7% Beckman Coulter, Inc. 32,120 1,638,441 ------------- HEALTH CARE PROVIDERS & SERVICES--1.6% Aetna, Inc. 51,240 1,246,669 Medco Health Solutions, Inc.(1) 53,320 2,204,249 ------------- 3,450,918 PHARMACEUTICALS--2.5% Abbott Laboratories 48,410 2,309,157 Wyeth 69,000 2,969,760 ------------- 5,278,917
1 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------- ------------- INDUSTRIALS--1.9% AEROSPACE & DEFENSE--0.4% Orbital Sciences Corp.(1) 65,404 $ 777,654 ------------- MACHINERY--1.1% Joy Global, Inc. 57,780 1,230,714 Navistar International Corp.(1) 35,050 1,172,773 ------------- 2,403,487 TRADING COMPANIES & DISTRIBUTORS--0.4% Aircastle Ltd. 168,100 781,665 ------------- INFORMATION TECHNOLOGY--24.1% COMMUNICATIONS EQUIPMENT--6.5% QUALCOMM, Inc. 184,560 7,181,230 Research in Motion Ltd.(1) 154,780 6,666,375 ------------- 13,847,605 COMPUTERS & PERIPHERALS--1.0% Apple, Inc.(1) 19,600 2,060,352 ------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.0% CalAmp Corp.(1) 19 10 ------------- INTERNET SOFTWARE & SERVICES--4.0% eBay, Inc.(1) 271,900 3,415,064 Google, Inc., Cl. A(1) 14,510 5,050,351 ------------- 8,465,415 SOFTWARE--12.6% Microsoft Corp. 344,800 6,333,976 Novell, Inc.(1) 337,980 1,439,795 Synopsys, Inc.(1) 114,640 2,376,487 Take-Two Interactive Software, Inc. 1,714,376 14,315,040 THQ, Inc.(1) 853,300 2,594,032 ------------- 27,059,330 MATERIALS--2.0% CHEMICALS--1.5% Lubrizol Corp. (The) 60,140 2,045,361 Potash Corp. of Saskatchewan, Inc. 15,100 1,220,231 ------------- 3,265,592 METALS & MINING--0.5% Companhia Vale do Rio Doce, ADR 77,700 1,033,400 ------------- TELECOMMUNICATION SERVICES--0.0% DIVERSIFIED TELECOMMUNICATION SERVICES--0.0% XO Holdings, Inc.(1) 85 17 ------------- UTILITIES--0.4% ENERGY TRADERS--0.4% NRG Energy, Inc.(1) 50,540 889,504 ------------- Total Common Stocks (Cost $146,965,408) 109,190,766 ------------- PREFERRED STOCKS--4.4% Mylan, Inc., 6.50% Cv., Non-Vtg. 4,800 4,091,712 Petroleo Brasileiro SA, Preference 120,540 1,487,167
2 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------- ------------- Schering-Plough Corp., 6% Cv. 18,800 $ 3,957,400 ------------- Total Preferred Stocks (Cost $6,066,144) 9,536,279
Units ------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% XO Communications, Inc.: Series A Wts., Strike Price $6.25, Exp. 1/16/10(1, 2) 171 1 Series B Wts., Strike Price $7.50, Exp. 1/16/10(1, 2) 128 1 Series C Wts., Strike Price $10, Exp. 1/16/10(1, 2) 128 -- ------------- Total Rights, Warrants and Certificates (Cost $0) 2
Principal Amount ------------- ASSET-BACKED SECURITIES--2.3% Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.002%, 5/25/34(3) $ 830,484 459,635 Capital One Prime Auto Receivables Trust, Automobile Asset-Backed Certificates, Series 2005-1, Cl. A4, 0.576%, 4/15/11(3) 1,048,623 1,035,263 Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 180,000 103,110 Countrywide Home Loans, Asset-Backed Certificates: Series 2002-4, Cl. A1, 1.262%, 2/25/33(3) 18,836 8,110 Series 2005-11, Cl. AF2, 4.657%, 2/25/36 41,568 40,849 Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36(3) 360,000 291,294 Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36(3) 213,688 166,580 CWABS, Inc. Asset-Backed Certificates Trust, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.642%, 6/25/47(3) 480,000 318,243 HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Nts., Series 2005-3, Cl. A1, 0.805%, 1/20/35(3) 285,706 196,738 HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.655%, 3/20/36(3) 180,000 151,977 Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35(3) 76,736 75,971 MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 1.906%, 3/15/16(3) 1,710,000 753,564 Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 0.622%, 7/1/36(3) 834,022 603,490 RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.622%, 9/25/36(3) 560,561 498,957 Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-BNC3, Cl. A2, 0.562%, 9/25/36(3) 144,728 133,368 ------------- Total Asset-Backed Securities (Cost $7,027,459) 4,837,149
3 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value ------------- ------------- MORTGAGE-BACKED OBLIGATIONS--28.0% GOVERNMENT AGENCY--18.3% FHLMC/FNMA/SPONSORED--18.1% Federal Home Loan Mortgage Corp., 7%, 10/1/37 $ 2,602,720 $ 2,757,298 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2006-11, Cl. PS, 22.653%, 3/25/36(3) 307,502 371,592 Series 3025, Cl. SJ, 22.71%, 8/15/35(3) 98,178 119,261 Series 3094, Cl. HS, 22.344%, 6/15/34(3) 189,023 220,262 Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 11.11%, 6/1/26(4) 165,583 22,188 Series 183, Cl. IO, 9.338%, 4/1/27(4) 267,648 35,739 Series 184, Cl. IO, 15.508%, 12/1/26(4) 288,567 39,271 Series 192, Cl. IO, 8%, 2/1/28(4) 78,252 10,199 Series 200, Cl. IO, 7.782%, 1/1/29(4) 96,751 12,333 Series 2130, Cl. SC, 43.47%, 3/15/29(4) 208,220 19,791 Series 216, Cl. IO, 3.439%, 12/1/31(4) 151,207 20,421 Series 224, Cl. IO, 0.359%, 3/1/33(4) 482,444 63,860 Series 243, Cl. 6, 14.681%, 12/15/32(4) 291,015 34,748 Series 2527, Cl. SG, 52.018%, 2/15/32(4) 193,296 11,592 Series 2531, Cl. ST, 53.085%, 2/15/30(4) 224,560 13,732 Series 2796, Cl. SD, 61.082%, 7/15/26(4) 297,837 28,841 Series 2802, Cl. AS, 99.999%, 4/15/33(4) 410,795 34,303 Series 2920, Cl. S, 71.858%, 1/15/35(4) 1,647,802 133,402 Series 3000, Cl. SE, 99.999%, 7/15/25(4) 1,687,472 158,080 Series 3110, Cl. SL, 99.999%, 2/15/26(4) 249,208 20,110 Series 3146, Cl. SA, 47.625%, 4/15/36(4) 1,559,375 162,859 Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security: Series 176, Cl. PO, 4.897%, 6/1/26(5) 72,872 65,262 Series 192, Cl. PO, 7.622%, 2/1/28(5) 78,252 63,644 Federal National Mortgage Assn.: 4.50%, 4/1/24(6) 4,057,000 4,177,444 5%, 4/1/24-4/1/39(6) 8,923,000 9,230,718 5.50%, 9/25/20 19,009 19,878 5.50%, 4/1/24-4/1/39(6) 5,438,000 5,651,787 6%, 3/1/37 1,779,489 1,862,156 6%, 4/1/24-4/1/39(6) 5,838,000 6,104,162 6.50%, 4/1/39(6) 3,277,000 3,451,605 7%, 11/1/17(7) 384,448 400,860 7.50%, 1/1/33(7) 294,898 320,202 8.50%, 7/1/32 12,961 14,233 Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1998-61, Cl. PL, 6%, 11/25/28 263,108 278,076 Trust 2006-46, Cl. SW, 22.286%, 6/25/36(3) 229,227 272,937
4 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value ------------- ------------- FHLMC/FNMA/SPONSORED CONTINUED Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-65, Cl. S, 50.503%, 11/25/31(4) $ 772,896 $ 75,178 Trust 2001-81, Cl. S, 35.02%, 1/25/32(4) 164,610 15,677 Trust 2002-47, Cl. NS, 33.367%, 4/25/32(4) 368,399 42,252 Trust 2002-51, Cl. S, 33.686%, 8/25/32(4) 338,277 39,908 Trust 2002-52, Cl. SD, 35.058%, 9/25/32(4) 377,660 41,806 Trust 2002-77, Cl. SH, 40.557%, 12/18/32(4) 220,729 25,099 Trust 2002-84, Cl. SA, 51.959%, 12/25/32(4) 686,493 68,160 Trust 2002-9, Cl. MS, 33.723%, 3/25/32(4) 247,586 28,313 Trust 2003-33, Cl. SP, 42.249%, 5/25/33(4) 777,900 80,004 Trust 2003-4, Cl. S, 47.631%, 2/25/33(4) 445,376 46,542 Trust 2003-46, Cl. IH, (6.667)%, 6/1/33(4) 2,572,809 245,670 Trust 2003-89, Cl. XS, 51.13%, 11/25/32(4) 370,808 22,624 Trust 2004-54, Cl. DS, 45.463%, 11/25/30(4) 318,711 28,346 Trust 2005-40, Cl. SA, 70.15%, 5/25/35(4) 929,886 76,671 Trust 2005-6, Cl. SE, 82.822%, 2/25/35(4) 1,234,986 94,077 Trust 2005-71, Cl. SA, 72.628%, 8/25/25(4) 1,062,664 113,368 Trust 222, Cl. 2, 14.706%, 6/1/23(4) 599,402 85,860 Trust 233, Cl. 2, 15.917%, 8/1/23(4) 496,391 88,512 Trust 240, Cl. 2, 15.489%, 9/1/23(4) 959,764 126,402 Trust 252, Cl. 2, 17.091%, 11/1/23(4) 456,110 68,560 Trust 273, Cl. 2, 12.263%, 8/1/26(4) 126,036 16,528 Trust 319, Cl. 2, 5.079%, 2/1/32(4) 165,384 21,038 Trust 331, Cl. 9, 21.959%, 2/1/33(4) 474,395 58,733 Trust 334, Cl. 17, 28.917%, 2/1/33(4) 272,427 43,403 Trust 334, Cl. 3, 4.407%, 7/1/33(4) 70,117 8,055 Trust 339, Cl. 12, 9.477%, 7/1/33(4) 482,272 65,302 Trust 339, Cl. 7, 5.359%, 7/1/33(4) 1,816,645 211,524 Trust 339, Cl. 8, 6.366%, 8/1/33(4) 39,692 4,627 Trust 342, Cl. 2, 3.778%, 9/1/33(4) 15,613 2,020 Trust 343, Cl. 13, 10.72%, 9/1/33(4) 395,590 51,331 Trust 345, Cl. 9, 8.568%, 1/1/34(4) 688,071 82,475 Trust 351, Cl. 10, 9.127%, 4/1/34(4) 67,134 7,524 Trust 351, Cl. 11, 9.585%, 11/1/34(4) 68,336 7,783 Trust 351, Cl. 8, 9.503%, 4/1/34(4) 206,261 23,035 Trust 356, Cl. 10, 9.215%, 6/1/35(4) 175,519 19,304 Trust 356, Cl. 12, 9.365%, 2/1/35(4) 95,156 10,375 Trust 362, Cl. 12, 10.897%, 8/1/35(4) 1,141,367 152,923 Trust 362, Cl. 13, 10.881%, 8/1/35(4) 631,537 84,391 Trust 364, Cl. 16, 12.012%, 9/1/35(4) 499,670 72,503 Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 5.571%, 9/25/23(5) 214,459 181,907 ------------- 38,740,656
5 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value ------------- ------------- GNMA/GUARANTEED--0.2% Government National Mortgage Assn., 8%, 4/15/23 $ 131,090 $ 141,323 Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, 73.439%, 1/16/27(4) 342,071 39,848 Series 2002-15, Cl. SM, 65.247%, 2/16/32(4) 408,093 41,537 Series 2002-76, Cl. SY, 65.112%, 12/16/26(4) 868,256 88,987 Series 2004-11, Cl. SM, 46.742%, 1/17/30(4) 277,936 32,321 ------------- 344,016 NON-AGENCY--9.7% COMMERCIAL--3.7% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2006-1, Cl. AM, 5.421%, 9/1/45 1,800,000 882,229 ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 0.622%, 9/25/36(3) 85,109 83,720 Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.096%, 12/1/49(3) 780,000 356,296 CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 2006-A5, Cl. 1A1, 0.922%, 10/25/36(3) 1,301,667 536,573 Series 2006-A5, Cl. 1A13, 0.972%, 10/25/36(3) 686,205 232,451 Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 577,956 341,569 First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 345,451 292,293 First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37(8) 391,290 369,491 GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2005-C4, Cl. AM, 5.332%, 11/1/45(3) 355,000 171,544 JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-LDP4, Cl. AM, 4.999%, 10/1/42 450,000 225,430 JPMorgan Chase Commercial Mortgage Securities Trust, Commercial Mtg. Pass-Through Certificates: Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 235,000 188,822 Series 2007-LD11, Cl. A2, 5.804%, 6/15/49(3) 270,000 216,258 LB-UBS Commercial Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates: Series 2006-C1, Cl. A2, 5.084%, 2/11/31 345,000 316,297 Series 2006-C1, Cl. AM, 5.217%, 2/11/31(3) 1,010,000 487,363 LB-UBS Commercial Mortgage Trust 2007-C1, Commercial Mtg. Pass-Through Certificates, Series 2007-C1, Cl. A4, 5.424%, 2/11/40 900,000 613,976 Mastr Adjustable Rate Mortgages Trust 2004-13, Mtg. Pass-Through Certificates, Series 2004-13, Cl. 2A2, 4.552%, 4/1/34(3) 351,247 292,167
6 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value ------------- ------------- COMMERCIAL CONTINUED Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 $ 728,704 $ 616,456 Merrill Lynch/Countrywide Commercial Mortgage Trust 2007-9, Commercial Mtg. Pass-Through Certificates, Series 2007-9, Cl. A4, 5.70%, 9/1/17 900,000 578,348 Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 5,164 5,163 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A114, 5.75%, 4/25/37 576,368 239,761 Residential Asset Securitization Trust 2006-A9CB, Mtg. Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 761,762 354,231 WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 1A2, 5.695%, 2/25/37(2,3) 336,783 60,621 WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 2A2, 5.66%, 3/1/37(3) 838,471 212,280 WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 2A3, 5.647%, 5/1/37(3) 226,395 129,884 Wells Fargo Mortgage-Backed Securities 2004-U Trust, Mtg. Pass-Through Certificates, Series 2004-U, Cl. A1, 5.004%, 10/1/34(3) 67,966 49,358 ------------- 7,852,581 MANUFACTURED HOUSING--0.4% Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.097%, 9/25/36(3) 1,363,294 858,277 ------------- 858,277 MULTIFAMILY--2.5% CHL Mortgage Pass-Through Trust 2005-HYB1, Mtg. Pass-Through Certificates, Series 2005-HYB1, Cl. 5A1, 4.982%, 3/25/35(3) 1,151,670 596,169 CWALT Alternative Loan Trust 2005-85CB, Mtg. Pass-Through Certificates, Series 2005-85CB, Cl. 2A3, 5.50%, 2/25/36 860,000 628,258 GMAC Mortgage Corp. Loan Trust, Mtg. Pass-Through Certificates, Series 2004-J4, Cl. A7, 5.50%, 9/25/34 800,000 643,230 GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 3A1, 5.143%, 11/25/35(3) 1,861,407 1,241,827 Wells Fargo Mortgage-Backed Securities 2004-AA Trust, Mtg. Pass-Through Certificates, Series 2004-AA, Cl. 2A, 4.985%, 12/25/34(3) 382,171 267,495 Wells Fargo Mortgage-Backed Securities 2004-S Trust, Mtg. Pass-Through Certificates, Series 2004-S, Cl. A1, 3.734%, 9/25/34(3) 316,600 260,892 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates: Series 2006-AR10, Cl. 4A1, 5.557%, 7/25/36(3) 804,669 441,363 Series 2006-AR10, Cl. 2A1, 5.627%, 7/25/36(3) 1,565,397 876,135
7 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value ------------- ------------- MULTIFAMILY CONTINUED Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A6, 5.084%, 3/25/36(3) $ 317,542 $ 77,697 Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.093%, 3/25/36(3) 400,591 260,336 ------------- 5,293,402 RESIDENTIAL--3.1% Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. A4, 6.096%, 12/1/49(3) 1,200,000 893,433 CWALT Alternative Loan Trust 2004-24CB, Mtg. Pass-Through Certificates, Series 2004-24CB, Cl. 1A1, 6%, 11/1/34 629,016 563,752 CWALT Alternative Loan Trust 2004-28CB, Mtg. Pass-Through Certificates, Series 2004-28CB, Cl. 3A1, 6%, 1/1/35 510,243 416,302 CWALT Alternative Loan Trust 2005-18CB, Mtg. Pass-Through Certificates, Series 2005-18CB, Cl. A8, 5.50%, 5/25/36 1,170,000 758,689 LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.166%, 9/11/45(3) 550,000 250,512 Morgan Stanley Mortgage Loan Trust 2006-AR, Mtg. Pass-Through Certificates, Series 2006-AR, Cl. 5A3, 5.416%, 6/25/36(3) 530,000 369,292 RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 278,919 268,081 RALI Series 2004-QS10 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2004-QS10, Cl. A3, 1.022%, 7/25/34(3) 102,979 82,481 RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 330,032 295,229 RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 5/1/36 121,351 110,523 WaMu Mortgage Pass-Through Certificates 2003-AR9 Trust, Mtg. Pass-Through Certificates, Series 2003-AR9, Cl. 2A, 4.485%, 9/25/33(3) 468,356 386,840 WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 6.123%, 8/25/36(3) 1,520,097 881,507 WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates, Series 2007-HY2, Cl. 2A1, 6.617%, 11/1/36(3) 91,937 49,159 Washington Mutual Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 1A8, 6%, 2/25/37 1,699,837 1,213,522 Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 4.372%, 9/1/34(3) 85,621 67,559 Wells Fargo Mortgage-Backed Securities 2006-AR5 Trust, Mtg. Pass-Through Certificates, Series 2006-AR5, Cl. 2A2, 5.538%, 4/1/36(2,3) 666,845 120,032 ------------- 6,726,913 ------------- Total Mortgage-Backed Obligations (Cost $70,774,096) 59,815,845
8 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
PRINCIPAL AMOUNT VALUE ------------- ------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES--9.6% ABN Amro Bank NV (NY Branch), 7.125% Sub. Nts., Series B, 10/15/93 $ 400,000 $ 298,916 American International Group, Inc., 6.25% Jr. Sub. Bonds, 3/15/37 560,000 56,000 Axa SA, 6.379% Sub. Perpetual Bonds(9,10) 2,135,000 782,947 Bank of America Corp.: 8% Unsec. Perpetual Bonds, Series K(10) 1,025,000 411,005 8.125% Perpetual Bonds, Series M(10) 225,000 92,552 Barclays Bank plc, 6.278% Perpetual Bonds(2, 10) 2,600,000 889,538 Buckeye Partners LP, 4.625% Sr. Nts., 7/15/13 310,000 289,694 Capmark Financial Group, Inc.: 1.891% Sr. Unsec. Nts., 5/10/10(3) 375,000 101,719 5.875% Sr. Unsec. Nts., 5/10/12(3) 585,000 115,967 Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 485,000 480,150 CIT Group Funding Co. of Canada, 4.65% Sr. Unsec. Nts., 7/1/10 670,000 556,318 Citigroup, Inc.: 8.30% Jr. Sub. Bonds, 12/21/57(3) 1,520,000 733,519 8.40% Perpetual Bonds, Series E(10) 760,000 430,456 Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 710,000 145,550 Coca-Cola Co. (The), 7.375% Unsec. Debs., 7/29/93 360,000 387,165 Energy Transfer Partners LP, 5.65% Sr. Unsec. Unsub. Nts., 8/1/12 195,000 185,644 Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 2,030,000 1,670,483 GMAC LLC, 8% Sr. Unsec. Unsub. Nts., 11/1/31 859,000 414,356 Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 1,850,000 1,095,638 HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35(3) 2,530,000 506,936 JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1(10) 1,205,000 775,961 Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 830,000 727,249 Lehman Brothers Holdings, Inc., 7.50% Sub. Nts., 5/11/38(11) 2,910,000 291 Lloyds Banking Group plc, 6.413% Perpetual Bonds(9, 10) 3,100,000 713,645 MBIA, Inc., 5.70% Sr. Unsec. Unsub. Nts., 12/1/34 510,000 185,740 Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38 1,335,000 794,628 MetLife Capital Trust X, 9.25% Sec. Bonds, 4/8/38(3) 300,000 168,257 MetLife, Inc., 6.40% Jr. Unsec. Sub. Bonds, 12/15/36(3) 1,710,000 719,416 MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 925,000 504,125 Monongahela Power Co., 7.36% Unsec. Nts., Series A, 1/15/10 680,000 682,329 NCR Corp., 7.125% Sr. Unsec. Unsub. Nts., 6/15/09 425,000 427,486 PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13(9) 232,223 245,786 Popular North America, Inc., 4.70% Nts., 6/30/09 845,000 836,363 Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23(9) 1,285,000 1,107,908 Prudential Insurance Co. of America, 8.30% Nts., 7/1/25(9) 1,110,000 945,423 TEPPCO Partners LP, 6.125% Nts., 2/1/13 490,000 476,003 Valero Logistics Operations LP, 6.05% Nts., 3/15/13 210,000 181,432 Washington Mutual Bank NV, Sr. Unsec. Nts., 5/1/09(11) 970,000 257,050 Westar Energy, Inc., 7.125% Sr. Unsec. Nts., 8/1/09 685,000 685,647
9 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value ------------- ------------- Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 $ 565,000 $ 429,400 ------------- Total Non-Convertible Corporate Bonds and Notes (Cost $36,720,654) 20,508,692 CONVERTIBLE CORPORATE BONDS AND NOTES--0.8% Theravance, Inc., 3% Cv. Sub. Nts., 1/15/15 (Cost $1,859,842) 2,247,000 1,761,086
Shares ------------- INVESTMENT COMPANY--16.2% Oppenheimer Institutional Money Market Fund, Cl E, 0.80%(12,13) (Cost $34,727,873) 34,727,873 34,727,873 Total Investments, at Value (Cost $304,141,476) 112.4% 240,377,692 Liabilities in Excess of Other Assets (12.4) (26,537,884) ------------- ------------- Net Assets 100.0% $ 213,839,808 ============= =============
Footnotes to Statement of Investments 1. Non-income producing security. 2. Illiquid security. The aggregate value of illiquid securities as of March 31, 2009 was $1,070,193, which represents 0.50% of the Fund's net assets. See accompanying Notes. 3. Represents the current interest rate for a variable or increasing rate security. 4. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $3,380,065 or 1.58% of the Fund's net assets as of March 31, 2009. 10 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited 5. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $310,813 or 0.15% of the Fund's net assets as of March 31, 2009. 6. When-issued security or delayed delivery to be delivered and settled after March 31, 2009. See accompanying Notes. 7. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $721,062. See accompanying Notes. 8. A sufficient amount of liquid assets has been designated to cover outstanding written put options. See accompanying Notes. 9. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $3,795,709 or 1.78% of the Fund's net assets as of March 31, 2009. 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. Issue is in default. See accompanying Notes. 12. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2009, 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, 2008 ADDITIONS REDUCTIONS 2009 ------------ ---------- ---------- ---------- Oppenheimer Institutional Money Market Fund, Cl. E 8,646,429 54,055,107 27,973,663 34,727,873
VALUE INCOME ----------- ---------- Oppenheimer Institutional Money Market Fund, Cl. E $34,727,873 $56,423
13. Rate shown is the 7-day yield as of March 31, 2009. 11 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of March 31, 2009:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* --------------------- -------------- ---------------- Level 1--Quoted Prices $149,497,520 $(53,448) Level 2--Other Significant Observable Inputs 90,819,551 772,093 Level 3--Significant Unobservable Inputs 60,621 -- ------------ -------- Total $240,377,692 $718,645 ============ ========
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. FUTURES CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) -------------------------- -------- --------- ---------- ----------- -------------- U.S. Treasury Long Bonds Buy 63 6/19/09 $ 8,171,297 $ 250,453 U.S. Treasury Nts., 2 yr. Sell 53 6/30/09 11,548,203 (38,142) U.S. Treasury Nts., 10 yr. Sell 19 6/19/09 2,357,484 (1,627) --------- $ 210,684 =========
12 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited WRITTEN OPTIONS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
NUMBER OF EXERCISE EXPIRATION PREMIUMS DESCRIPTION TYPE CONTRACTS PRICE DATE RECEIVED VALUE ----------- ---- --------- -------- ---------- -------- -------- Aetna, Inc. Put 494 $17.50 7/20/09 $104,769 $(44,460) Electronic Arts, Inc. Put 494 12.50 9/21/09 72,618 (37,050) -------- -------- $177,387 $(81,510) ======== ========
CREDIT DEFAULT SWAP CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
PAY/ UPFRONT BUY/SELL NOTIONAL RECEIVE PAYMENT SWAP CREDIT AMOUNT FIXED TERMINATION RECEIVED/ REFERENCE ENTITY COUNTERPARTY PROTECTION (000'S) RATE DATE (PAID) VALUE ----------------------------- ---------------------- ---------- -------- ------- ----------- --------- --------- Capmark Financial Group, Inc. Goldman Sachs Bank USA Sell $ 450 0.95% 6/20/12 $ -- $(362,066) ------ ------ --------- Total 450 -- (362,066) CDX North America Investment Grade Index, Series 7 Deutsche Bank AG Buy 4,587 0.40 12/20/11 (483) 294,780 ------ ------ --------- Total 4,587 (483) 294,780
Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Countrywide Home Loans, Inc. Morgan Stanley Capital Services, Inc. Sell 1,615 0.42 6/20/09 -- (2,837) ------ ------ --------- Total 1,615 -- (2,837) Inco Ltd.: Morgan Stanley Capital Services, Inc. Buy 545 0.70 3/20/17 -- 55,294 Morgan Stanley Capital Services, Inc. Buy 550 0.63 3/20/17 -- 58,270 ------ ------ --------- Total 1,095 -- 113,564 Merrill Lynch & Co., Inc.: Barclays Bank plc Sell 1,080 4.15 9/20/09 -- (7,007) Credit Suisse International Sell 540 4.15 9/20/09 -- (3,503) ------ ------ --------- Total 1,620 -- (10,510) Vale Overseas: Morgan Stanley Capital Services, Inc. Sell 545 1.17 3/20/17 -- (87,813) Morgan Stanley Capital Services, Inc. Sell 550 1.10 3/20/17 -- (90,843) ------ ------ --------- Total 1,095 -- (178,656) ------ ------ --------- Grand Total Buys (483) 408,344 Grand Total Sells -- (554,069) --------- Total Credit Default Swaps $(483) $(145,725) =========
The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:
TOTAL MAXIMUM POTENTIAL PAYMENTS REFERENCE FOR SELLING CREDIT ASSET TYPE OF REFERENCE ASSET ON WHICH PROTECTION AMOUNT RATING THE FUND SOLD PROTECTION (UNDISCOUNTED) RECOVERABLE* RANGE** -------------------------------- ------------------ ------------ --------- Investment Grade Single Name Corporate Debt $4,330,000 $-- A to BBB+ Non-Investment Grade Single Name Corporate Debt 450,000 -- D ---------- --- Total $4,780,000 $-- ========== ===
* The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event. ** The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor's rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund. 13 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited INTEREST RATE SWAP CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) PAID BY THE FUND THE FUND DATE VALUE ----------------- -------- ------------------------- ----------- ----------- -------- USD BBA LIBOR Deutsche Bank AG $4,300 Three-Month USD BBA LIBOR 0.055% 8/10/17 $917,818
Abbreviation/Definition is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate SWAP SUMMARY AS OF MARCH 31, 2009 IS AS FOLLOWS: 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.
NOTIONAL SWAP TYPE FROM AMOUNT SWAP COUNTERPARTY FUND PERSPECTIVE (000'S) VALUE -------------------------------------- ------------------------------ ----------- -------- Barclays Bank plc Credit Default Sell Protection $1,080 $ (7,007) Credit Suisse International Credit Default Sell Protection 540 (3,503) Deutsche Bank AG: Credit Default Buy Protection 4,587 294,780 Interest Rate 4,300 917,818 Goldman Sachs Bank USA Credit Default Sell Protection 450 (362,066) Morgan Stanley Capital Services, Inc.: Credit Default Buy Protection 1,095 113,564 Credit Default Sell Protection 2,710 (181,493) -------- (67,929) -------- Total Swaps $772,093 ========
NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at 14 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting 15 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2009, 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 $33,683,239 Sold securities 5,348,814
16 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / 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 in default, and is not obligated to dispose of securities whose issuers subsequently default. As of March 31, 2009, securities with an aggregate market value of $257,341, representing 0.12% of the Fund's net assets, were in default. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. 17 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / 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 affecting a similar response to market factors. MARKET RISK FACTORS In pursuit of its investment objectives, the Fund may seek to use derivatives to increase or decrease its exposure to the following market risk factors: 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. 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. FOREIGN EXCHANGE RATE RISK Foreign exchange rate risk relates to the change in 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. EQUITY RISK Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. 18 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited RISKS OF INVESTING IN DERIVATIVES The Fund's use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund's performance. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow. COUNTERPARTY CREDIT RISK Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the manager believes to be creditworthy at the time of the transaction. As of March 31, 2009, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $1,212,598, which represents the gross unrealized appreciation on these derivative contracts. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund's ISDA master agreements, which allow the Fund to net unrealized appreciation and depreciation for positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. The amount of loss that the Fund would incur taking into account these master netting arrangements would be $1,212,598 as of March 31, 2009. CREDIT RELATED CONTINGENT FEATURES The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features 19 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited 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. ("ISDA") master agreements which govern positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. As of March 31, 2009, the total value of derivative positions with credit related contingent features in a net liability position was $522,014. If a contingent feature would have been triggered as of March 31, 2009, the Fund could have been required to pay this amount in cash to its counterparties. The Fund did not hold or post collateral for its derivative transactions. 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. Futures contracts are exposed to the market risk factor of the specific underlying financial instrument. During the period ended March 31, 2009, the Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk. In 20 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited addition, the Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk. Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. OPTION ACTIVITY The Fund may buy and sell put and call options, or write put and covered call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports. Securities designated to cover outstanding call or put options are noted in the Statement of Investments where applicable. Options written are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. Options contracts are exposed to the market risk factor of the specific underlying financial instrument. The Fund has written put contracts on common stocks to increase exposure to equity risk. 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. Additional associated risks to the Fund include counterparty credit risk for over-the-counter options and liquidity risk. 21 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Written option activity for the period ended March 31, 2009 was as follows:
PUT OPTIONS --------- NUMBER OF AMOUNT OF CONTRACTS PREMIUMS --------- --------- Options outstanding as of December 31, 2008 -- $ -- Options written 988 177,387 --- -------- Options outstanding as of March 31, 2009 988 $177,387 === ========
SWAP CONTRACTS The Fund may enter into privately negotiated agreements with a counterparty to exchange or "swap" payments at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. As derivative contracts, swaps typically do not have an associated cost at contract inception. At initiation, contract terms are typically set at market value such that the value of the swap is $0. If a counterparty specifies terms that would result in the contract having a value other than $0 at initiation, one counterparty will pay the other an upfront payment to equalize the contract. Subsequent changes in market value are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. Contract types may include credit default, interest rate, total return, and currency swaps. Swaps are marked to market daily using quotations primarily from pricing services, counterparties or brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. The unrealized appreciation (depreciation) is comprised of the change in the valuation of the swap combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. Any payment received or paid to initiate a contract is recorded as a cost of the swap in the Statement of Assets and Liabilities in the annual and semiannual reports and as a component of unrealized gain or loss on the Statement of Operations in the annual and semiannual reports until contract termination; upon contract termination, this amount is recorded as realized gain or loss on the Statement of Operations in the annual and semiannual reports. Excluding amounts paid at contract initiation as described above, the Fund also records any periodic payments received from (paid to) the counterparty, including at termination, as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. 22 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Swap contract agreements are exposed to the market risk factor of the specific underlying reference asset. Swap contracts are typically more attractive 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. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. Liquidity risk is the risk that the Fund may be unable to close the contract prior to its termination. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer's failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security or a basket of securities (the "reference asset"). The buyer of protection pays a periodic fee 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. 23 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited The Fund has sold credit protection through credit default swaps to gain 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. The Fund has also engaged in pairs trades by purchasing protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer. The intent of a pairs trade is to realize gains from the pricing differences of the two issuers who are expected to have similar market risks. Pairs trades attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. In addition, the Fund has engaged in spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curve trades attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads. 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. The Fund has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. Typically, if relative interest rates rise, payments received by the Fund under the swap agreement will be greater than the payments made by the Fund. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between counterparties to exchange periodic payments based on asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate or index) and the other on the total return of a reference asset 24 | Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited (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 instruments. 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 to increase exposure to the credit risk of various indexes or basket of securities. These credit risk related total return swaps require the fund to pay, or receive payments, to, or from, the counterparty based on the movement of credit spreads of the related indexes. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. As of March 31, 2009, the Fund had no such outstanding total return swap agreements. ILLIQUID SECURITIES As of March 31, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2009 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 $306,066,665 Federal tax cost of other investments (6,121,977) ------------ Total federal tax cost $299,944,688 ============ Gross unrealized appreciation $ 14,233,033 Gross unrealized depreciation (78,843,837) ------------ Net unrealized depreciation $(64,610,804) ============
25 | Oppenheimer Balanced Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ---------- -------------- COMMON STOCKS--97.3% CONSUMER DISCRETIONARY--5.9% DIVERSIFIED CONSUMER SERVICES--0.9% Apollo Group, Inc., Cl. A(1) 133,100 $ 10,425,723 -------------- HOTELS, RESTAURANTS & LEISURE--0.5% Burger King Holdings, Inc. 231,970 5,323,712 -------------- MEDIA--1.7% Cablevision Systems Corp. New York Group, Cl. A 658,935 8,526,619 McGraw-Hill Cos., Inc. (The) 268,400 6,138,308 Walt Disney Co. (The) 246,100 4,469,176 -------------- 19,134,103 -------------- SPECIALTY RETAIL--0.9% Staples, Inc. 525,010 9,507,931 -------------- TEXTILES, APPAREL & LUXURY GOODS--1.9% Coach, Inc.(1) 598,510 9,995,117 Nike, Inc., Cl. B 110,900 5,200,101 Polo Ralph Lauren Corp., Cl. A 133,200 5,627,700 -------------- 20,822,918 -------------- CONSUMER STAPLES--8.6% BEVERAGES--2.1% PepsiCo, Inc. 446,200 22,970,376 -------------- FOOD & STAPLES RETAILING--2.0% Wal-Mart Stores, Inc. 421,700 21,970,570 -------------- FOOD PRODUCTS--2.8% Cadbury plc 1,140,170 8,621,540 Nestle SA 678,038 22,920,937 -------------- 31,542,477 -------------- HOUSEHOLD PRODUCTS--1.0% Colgate-Palmolive Co. 181,800 10,722,564 -------------- PERSONAL PRODUCTS--0.1% Mead Johnson Nutrition Co., Cl. A(1) 34,260 989,086 -------------- TOBACCO--0.6% Philip Morris International, Inc. 178,600 6,354,588 -------------- ENERGY--8.8% ENERGY EQUIPMENT & SERVICES--2.7% Cameron International Corp.(1) 373,900 8,199,627 Schlumberger Ltd. 397,400 16,142,388 Transocean Ltd.(1) 91,100 5,360,324 -------------- 29,702,339 -------------- OIL, GAS & CONSUMABLE FUELS--6.1% Apache Corp. 108,100 6,928,129 Occidental Petroleum Corp. 374,800 20,857,620 Range Resources Corp. 479,180 19,723,049 XTO Energy, Inc. 627,630 19,218,031 -------------- 66,726,829 -------------- FINANCIALS--8.1% CAPITAL MARKETS--4.3% Charles Schwab Corp. (The) 607,700 9,419,350 Credit Suisse Group AG 319,670 9,695,916
1 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ---------- -------------- CAPITAL MARKETS CONTINUED Goldman Sachs Group, Inc. (The) 101,400 $ 10,750,428 Julius Baer Holding AG 130,984 3,221,956 Northern Trust Corp. 144,990 8,673,302 T. Rowe Price Group, Inc. 179,100 5,168,826 -------------- 46,929,778 -------------- DIVERSIFIED FINANCIAL SERVICES--3.4% BM&F BOVESPA SA 1,889,000 5,740,899 IntercontinentalExchange, Inc.(1) 240,000 17,872,800 JPMorgan Chase & Co. 185,700 4,935,906 MSCI, Inc., Cl. A(1) 504,899 8,537,842 -------------- 37,087,447 -------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.4% Jones Lang LaSalle, Inc. 214,610 4,991,829 -------------- HEALTH CARE--19.5% BIOTECHNOLOGY--4.5% Amgen, Inc.(1) 150,100 7,432,952 Celgene Corp.(1) 340,420 15,114,648 Gilead Sciences, Inc.(1) 483,630 22,401,742 Vertex Pharmaceuticals, Inc.(1) 162,350 4,664,316 -------------- 49,613,658 -------------- HEALTH CARE EQUIPMENT & SUPPLIES--4.9% Bard (C.R.), Inc. 73,190 5,834,707 Baxter International, Inc. 505,400 25,886,588 Dentsply International, Inc. 405,700 10,893,045 Intuitive Surgical, Inc.(1) 43,800 4,176,768 Stryker Corp. 188,100 6,402,924 -------------- 53,194,032 -------------- HEALTH CARE PROVIDERS & SERVICES--2.6% Express Scripts, Inc.(1) 378,200 17,461,494 Medco Health Solutions, Inc.(1) 100,100 4,138,134 Schein (Henry), Inc.(1) 183,490 7,341,435 -------------- 28,941,063 -------------- LIFE SCIENCES TOOLS & SERVICES--3.5% Covance, Inc.(1) 152,727 5,441,663 Illumina, Inc.(1) 307,100 11,436,404 Thermo Fisher Scientific, Inc.(1) 609,880 21,754,420 -------------- 38,632,487 -------------- PHARMACEUTICALS--4.0% Abbott Laboratories 194,300 9,268,110 Allergan, Inc. 264,930 12,653,057 Novo Nordisk AS, Cl. B 67,800 3,247,086 Roche Holding AG 84,916 11,652,358 Shire plc 598,090 7,295,806 -------------- 44,116,417 --------------
2 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ---------- -------------- INDUSTRIALS--6.2% AEROSPACE & DEFENSE--3.2% General Dynamics Corp. 147,100 $ 6,117,889 Goodrich Corp. 87,002 3,296,506 Lockheed Martin Corp. 290,020 20,020,081 United Technologies Corp. 137,100 5,892,558 -------------- 35,327,034 -------------- CONSTRUCTION & ENGINEERING--0.5% Quanta Services, Inc.(1) 281,400 6,036,030 -------------- ELECTRICAL EQUIPMENT--1.5% ABB Ltd. 1,200,114 16,752,887 -------------- MACHINERY--0.5% Joy Global, Inc. 248,217 5,287,022 -------------- ROAD & RAIL--0.5% Burlington Northern Santa Fe Corp. 87,700 5,275,155 -------------- INFORMATION TECHNOLOGY--31.4% COMMUNICATIONS EQUIPMENT--8.6% Cisco Systems, Inc.(1) 852,325 14,293,490 F5 Networks, Inc.(1) 268,860 5,632,617 Juniper Networks, Inc.(1) 447,900 6,745,374 QUALCOMM, Inc. 1,086,210 42,264,431 Research in Motion Ltd.(1) 597,600 25,738,632 -------------- 94,674,544 -------------- COMPUTERS & PERIPHERALS--4.0% Apple, Inc.(1) 336,400 35,362,368 NetApp, Inc.(1) 613,730 9,107,753 -------------- 44,470,121 -------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.5% FLIR Systems, Inc.(1) 258,878 5,301,821 -------------- INTERNET SOFTWARE & SERVICES--4.3% eBay, Inc.(1) 549,300 6,899,208 Google, Inc., Cl. A(1) 115,000 40,026,900 -------------- 46,926,108 -------------- IT SERVICES--5.1% Accenture Ltd., Cl. A 317,900 8,739,071 MasterCard, Inc., Cl. A 123,660 20,710,577 SAIC, Inc.(1) 480,300 8,967,201 Visa, Inc., Cl. A 314,830 17,504,548 -------------- 55,921,397 -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.2% Applied Materials, Inc. 441,800 4,749,350 Broadcom Corp., Cl. A(1) 769,800 15,380,604 MEMC Electronic Materials, Inc.(1) 262,500 4,328,625 NVIDIA Corp.(1) 1,212,300 11,953,278 Texas Instruments, Inc. 599,150 9,891,967 -------------- 46,303,824 --------------
3 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ---------- -------------- SOFTWARE--4.7% Adobe Systems, Inc.(1) 455,100 $ 9,734,589 CA, Inc. 268,600 4,730,046 Microsoft Corp. 697,700 12,816,749 Nintendo Co. Ltd. 35,600 10,442,723 Oracle Corp.(1) 314,600 5,684,822 Salesforce.com, Inc.(1) 269,085 8,807,152 -------------- 52,216,081 -------------- MATERIALS--6.4% CHEMICALS--6.4% Ecolab, Inc. 144,700 5,025,431 Monsanto Co. 450,600 37,444,860 Potash Corp. of Saskatchewan, Inc. 106,300 8,590,103 Praxair, Inc. 282,032 18,977,933 -------------- 70,038,327 -------------- TELECOMMUNICATION SERVICES--2.4% WIRELESS TELECOMMUNICATION SERVICES--2.4% Crown Castle International Corp.(1) 856,300 17,477,083 NII Holdings, Inc.(1) 631,970 9,479,547 26,956,630 -------------- Total Common Stocks (Cost $1,164,777,642) 1,071,186,908 -------------- OTHER SECURITIES--0.0% Seagate Technology International, Inc. (1, 2, 3) (Cost $0) 325,000 32,500 -------------- INVESTMENT COMPANY--2.4% Oppenheimer Institutional Money Market Fund, Cl. E, 0.80% (4, 5) (Cost $26,294,119) 26,294,119 26,294,119 Total Investments, at Value (Cost $1,191,071,761) 99.7% 1,097,513,527 Other Assets Net of Liabilities 0.3 3,786,064 ---------- -------------- Net Assets 100.0% $1,101,299,591 ========== ==============
4 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Footnotes to Statement of Investments (1.) Non-income producing security. (2.) Illiquid security. The aggregate value of illiquid securities as of March 31, 2009 was $32,500, which represents less than 0.005% of the Fund's net assets. See accompanying Notes. (3.) Escrow shares received as the result of issuer reorganization. (4.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2009, 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, 2008 ADDITIONS REDUCTIONS 2009 ------------ ---------- ---------- ---------- Oppenheimer Institutional Money Market Fund, Cl. E 22,383,442 58,401,331 54,490,654 26,294,119
VALUE INCOME ----------- ------- Oppenheimer Institutional Money Market Fund, Cl. E $26,294,119 $84,083
(5.) Rate shown is the 7-day yield as of March 31, 2009. VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of March 31, 2009: 5 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
INVESTMENTS OTHER FINANCIAL VALUATION DESCRIPTION IN SECURITIES INSTRUMENTS* --------------------- -------------- --------------- Level 1--Quoted Prices $1,070,046,582 $-- Level 2--Other Significant Observable Inputs 27,466,945 -- Level 3--Significant Unobservable Inputs -- -- -------------- --- Total $1,097,513,527 $-- ============== ===
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. 6 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / 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 traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. 7 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. FOREIGN CURRENCY EXCHANGE CONTRACTS The Fund may enter into current and forward foreign currency exchange contracts for the purchase or sale of a foreign currency at a negotiated rate at a future date. 8 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Foreign currency exchange contracts are reported on a schedule following the Statement of Investments. These contracts will be valued daily based upon the closing prices of the currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports. During the period ended March 31, 2009, the Fund has purchased and sold foreign currency exchange contracts of different currencies in order to acquire currencies to pay for related foreign securities purchase transactions, or to convert foreign currencies to U.S. dollars from related foreign securities sale transactions. These foreign currency exchange contracts are negotiated at the current spot exchange rate with settlement typically within two business days thereafter. Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. As of March 31, 2009, the Fund had no outstanding forward contracts. ILLIQUID SECURITIES As of March 31, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2009 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. 9 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Federal tax cost of securities $1,215,109,163 ============== Gross unrealized appreciation $ 106,908,268 Gross unrealized depreciation (224,503,904) -------------- Net unrealized depreciation $ (117,595,636) ============== 10 | Oppenheimer Capital Appreciation Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited
Principal Amount Value --------------- --------------- ASSET-BACKED SECURITIES--3.8% Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.002%, 5/25/34(1) $ 1,538,283 $ 851,370 --------------- --------------- Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.622%, 9/25/36(1) 30,000 21,091 --------------- --------------- Argent Securities Trust 2006-W5, Asset-Backed Pass-Through Certificates, Series 2006-W5, Cl. A2B, 0.622%, 5/26/36(1) 18,010 17,151 --------------- --------------- Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 0.622%, 5/16/36(1) 17,647 16,825 --------------- --------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 310,000 177,578 --------------- --------------- Countrywide Home Loans, Asset-Backed Certificates: Series 2002-4, Cl. A1, 1.262%, 2/25/33(1) 35,747 15,390 Series 2005-11, Cl. AF2, 4.657%, 2/25/36 83,136 81,699 Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36(1) 700,000 566,405 Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36(1) 409,568 319,278 --------------- --------------- CWABS, Inc. Asset-Backed Certificates Trust, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.642%, 6/25/47(1) 40,000 26,520 --------------- --------------- First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 0.612%, 7/25/36(1) 50,000 42,115 --------------- --------------- First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.632%, 7/7/36(1) 30,000 24,667 --------------- --------------- HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Nts., Series 2005-3, Cl. A1, 0.805%, 1/20/35(1) 567,884 391,046 --------------- ---------------
1 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.655%, 3/20/36(1) 25,000 21,108 --------------- --------------- Lehman XS Trust, Mtg. Pass-Through Certificates: Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35(1) 5,553 5,498 Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 229,078 212,183 --------------- --------------- Litigation Settlement Monetized Fee Trust, Asset-Backed Certificates, Series 2001-1A, Cl. A1, 8.33%, 4/25/31(2) 1,248,666 1,223,693 --------------- --------------- Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.622%, 8/25/36(1) 70,000 21,515 --------------- --------------- NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 2.945%, 1/25/29(1,2) 3,370,016 429,677 --------------- --------------- Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 0.622%, 7/1/36(1) 947,752 685,784 --------------- --------------- Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36(1) 657,350 582,840 --------------- --------------- RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.622%, 9/25/36(1) 42,042 37,422 --------------- --------------- Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-BNC3, Cl. A2, 0.562%, 9/25/36(1) 293,754 270,697
Principal Amount Value --------------- --------------- Tobacco Settlement Authority, Asset-Backed Securities, Series 2001-A, 6.79%, 6/1/10 $ 660,000 $ 664,237 --------------- --------------- Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 0.622%, 7/25/36(1) 31,528 29,998 --------------- Total Asset-Backed Securities (Cost $11,333,016) 6,735,787
2 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited MORTGAGE-BACKED OBLIGATIONS--102.6% GOVERNMENT AGENCY--69.9% FHLMC/FNMA/SPONSORED--69.0% Federal Home Loan Mortgage Corp.: 5%, 8/15/33-12/15/34 3,779,817 3,914,658 6%, 5/15/18-10/15/29 5,942,456 6,264,699 6.50%, 4/15/18-4/1/34 1,167,932 1,236,866 7%, 8/15/16-10/1/37 1,037,660 1,098,952 7%, 10/1/31(3) 665,498 717,490 8%, 4/1/16 408,075 435,869 9%, 8/1/22-5/1/25 118,043 129,986 10.50%, 11/14/20 4,878 5,588 --------------- --------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 151, Cl. F, 9%, 5/15/21 25,104 25,116 Series 1674, Cl. Z, 6.75%, 2/15/24 82,537 87,393 Series 2006-11, Cl. PS, 22.653%, 3/25/36(1) 591,242 714,470 Series 2034, Cl. Z, 6.50%, 2/15/28 11,112 11,862 Series 2042, Cl. N, 6.50%, 3/15/28 31,296 32,607 Series 2043, Cl. ZP, 6.50%, 4/15/28 941,600 993,857 Series 2046, Cl. G, 6.50%, 4/15/28 94,811 100,330 Series 2053, Cl. Z, 6.50%, 4/15/28 13,518 14,357 Series 2066, Cl. Z, 6.50%, 6/15/28 1,799,746 1,818,640 Series 2195, Cl. LH, 6.50%, 10/15/29 1,053,464 1,110,948 Series 2220, Cl. PD, 8%, 3/15/30 4,462 4,791 Series 2326, Cl. ZP, 6.50%, 6/15/31 344,352 363,217 Series 2435, Cl. EQ, 6%, 5/15/31 33,404 34,040 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,491,622 1,594,021 Series 2470, Cl. LF, 1.556%, 2/15/32(1) 16,042 16,058 Series 2500, Cl. FD, 1.056%, 3/15/32(1) 263,806 257,339 Series 2526, Cl. FE, 0.956%, 6/15/29(1) 423,139 410,301 Series 2538, Cl. F, 1.156%, 12/15/32(1) 2,515,203 2,478,312 Series 2551, Cl. FD, 0.956%, 1/15/33(1) 318,337 311,431 Series 2641, Cl. CE, 3.50%, 9/15/25 13,520 13,554 Series 2727, Cl. UA, 3.50%, 10/15/22 1,250 1,249 Series 2750, Cl. XG, 5%, 2/1/34 130,000 136,303 Series 2777, Cl. PJ, 4%, 5/15/24 1,923 1,922 Series 2890, Cl. PE, 5%, 11/1/34 130,000 136,412 Series 2936, Cl. PE, 5%, 2/1/35 69,000 72,565 Series 2939, Cl. PE, 5%, 2/15/35 247,000 259,637 Series 3025, Cl. SJ, 22.71%, 8/15/35(1) 124,359 151,063 Series 3035, Cl. DM, 5.50%, 11/15/25 43,816 44,601 Series 3094, Cl. HS, 22.344%, 6/15/34(1) 348,965 406,637
Principal Amount Value --------------- --------------- FHLMC/FNMA/SPONSORED CONTINUED Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 11.193%, 6/1/26(4) $ 447,159 $ 59,918
3 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited Series 183, Cl. IO, 9.407%, 4/1/27(4) 697,346 93,118 Series 184, Cl. IO, 15.578%, 12/1/26(4) 759,563 103,367 Series 192, Cl. IO, 8.066%, 2/1/28(4) 186,851 24,354 Series 200, Cl. IO, 7.846%, 1/1/29(4) 230,891 29,431 Series 202, Cl. IO, (3.611)%, 4/1/29(4) 1,570,077 201,952 Series 205, Cl. IO, 8.207%, 9/1/29(4) 35,602 4,572 Series 206, Cl. IO, (8.938)%, 12/1/29(4) 428,198 69,949 Series 2074, Cl. S, 43.987%, 7/17/28(4) 7,054 989 Series 2079, Cl. S, 53.773%, 7/17/28(4) 11,719 1,666 Series 2130, Cl. SC, 45.776%, 3/15/29(4) 487,830 46,367 Series 216, Cl. IO, 3.438%, 12/1/31(4) 304,728 41,154 Series 224, Cl. IO, 0.338%, 3/1/33(4) 943,911 124,943 Series 243, Cl. 6, 14.681%, 12/15/32(4) 568,495 67,880 Series 2526, Cl. SE, 38.944%, 6/15/29(4) 19,110 2,294 Series 2527, Cl. SG, 52.018%, 2/15/32(4) 565,658 33,922 Series 2531, Cl. ST, 53.085%, 2/15/30(4) 658,597 40,273 Series 2796, Cl. SD, 61.009%, 7/15/26(4) 775,999 75,143 Series 2802, Cl. AS, 99.999%, 4/15/33(4) 806,233 67,323 Series 2819, Cl. S, 49.504%, 6/15/34(4) 157,699 14,545 Series 2920, Cl. S, 71.939%, 1/15/35(4) 2,941,451 238,132 Series 3000, Cl. SE, 99.999%, 7/15/25(4) 3,488,430 326,790 Series 3004, Cl. SB, 99.999%, 7/15/35(4) 176,905 22,693 Series 3110, Cl. SL, 99.999%, 2/15/26(4) 498,417 40,220 --------------- --------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security: Series 176, Cl. PO, 4.887%, 6/1/26(5) 182,179 163,154 Series 192, Cl. PO, 7.622%, 2/1/28(5) 186,851 151,970 --------------- --------------- Federal National Mortgage Assn.: 4.50%, 4/1/24(6) 11,152,000 11,483,081 5%, 2/25/22-7/25/22 43,949 45,642 5%, 4/1/24-4/1/39(6) 21,404,000 22,149,522 5.296%, 10/1/36 472,616 487,958 5.50%, 4/1/24-4/1/39(6) 15,165,000 15,757,213 6%, 4/1/24-4/1/39(6) 9,129,000 9,545,096 6.50%, 3/25/11-1/1/34 2,132,351 2,238,755 6.50%, 8/25/17(3) 342,889 359,633 6.50%, 4/1/39(6) 9,566,000 10,075,696 7%, 11/25/13-7/25/35 1,297,700 1,364,439 7.50%, 1/1/33 18,845 20,462 8.50%, 7/1/32 47,524 52,188 --------------- --------------- Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1989-17, Cl. E, 10.40%, 4/25/19 34,492 37,481 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 1,058,697 1,123,148
4 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited
Principal Amount Value --------------- --------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 1998-58, Cl. PC, 6.50%, 10/25/28 $ 892,042 $ 950,866 Trust 1998-61, Cl. PL, 6%, 11/25/28 495,262 523,438 Trust 1999-54, Cl. LH, 6.50%, 11/25/29 718,581 759,992 Trust 2001-44, Cl. QC, 6%, 9/25/16 52,185 55,406 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 51,642 55,698 Trust 2001-74, Cl. QE, 6%, 12/25/31 1,478,624 1,562,878 Trust 2002-12, Cl. PG, 6%, 3/25/17 25,356 26,939 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 3,964,000 4,221,811 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,975,000 2,088,352 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 1,160,000 1,234,817 Trust 2005-117, Cl. LA, 5.50%, 12/25/27 111,150 113,464 Trust 2006-110, Cl. PW, 5.50%, 5/25/28 154,437 158,392 Trust 2006-46, Cl. SW, 22.286%, 6/25/36(1) 446,737 531,921 Trust 2006-50, Cl. KS, 22.286%, 6/25/36(1) 1,007,623 1,183,534 --------------- --------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 53.894%, 11/18/31(4) 60,020 5,778 Trust 2001-63, Cl. SD, 39.445%, 12/18/31(4) 17,880 1,674 Trust 2001-65, Cl. S, 50.503%, 11/25/31(4) 1,505,898 146,475 Trust 2001-68, Cl. SC, 31.138%, 11/25/31(4) 12,337 1,203 Trust 2001-81, Cl. S, 35.276%, 1/25/32(4) 372,448 35,470 Trust 2002-28, Cl. SA, 38.35%, 4/25/32(4) 9,637 983 Trust 2002-38, Cl. SO, 53.072%, 4/25/32(4) 21,209 2,252 Trust 2002-39, Cl. SD, 37.909%, 3/18/32(4) 14,024 1,525 Trust 2002-47, Cl. NS, 33.367%, 4/25/32(4) 958,924 109,980 Trust 2002-48, Cl. S, 34.928%, 7/25/32(4) 16,029 1,808 Trust 2002-51, Cl. S, 33.686%, 8/25/32(4) 880,296 103,851 Trust 2002-52, Cl. SD, 34.64%, 9/25/32(4) 987,026 109,261 Trust 2002-52, Cl. SL, 36.075%, 9/25/32(4) 9,960 1,089
5 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited
Trust 2002-53, Cl. SK, 35.584%, 4/25/32(4) 48,863 5,566 Trust 2002-56, Cl. SN, 37.764%, 7/25/32(4) 21,855 2,404 Trust 2002-60, Cl. SM, 52.856%, 8/25/32(4) 208,848 19,224 Trust 2002-7, Cl. SK, 53.208%, 1/25/32(4) 97,570 8,214 Trust 2002-77, Cl. BS, 42.476%, 12/18/32(4) 124,042 13,212 Trust 2002-77, Cl. IS, 45.844%, 12/18/32(4) 36,133 4,041 Trust 2002-77, Cl. JS, 41.336%, 12/18/32(4) 210,559 22,017 Trust 2002-77, Cl. SA, 43.243%, 12/18/32(4) 199,715 21,286 Trust 2002-77, Cl. SH, 40.594%, 12/18/32(4) 460,739 52,391 Trust 2002-84, Cl. SA, 51.959%, 12/25/32(4) 1,340,383 133,083 Trust 2002-9, Cl. MS, 34.044%, 3/25/32(4) 18,395 2,104 Trust 2002-90, Cl. SN, 55.378%, 8/25/32(4) 107,442 11,131 Trust 2002-90, Cl. SY, 56.121%, 9/25/32(4) 67,084 6,923 Trust 2003-26, Cl. DI, 8.104%, 4/25/33(4) 36,878 4,091 Trust 2003-33, Cl. SP, 42.249%, 5/25/33(4) 1,429,454 147,013 Trust 2003-4, Cl. S, 47.651%, 2/25/33(4) 937,910 98,012 Trust 2003-89, Cl. XS, 51.13%, 11/25/32(4) 1,088,009 66,383 Trust 2004-54, Cl. DS, 45.463%, 11/25/30(4) 708,652 63,026
Principal Amount Value --------------- --------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 2005-40, Cl. SA, 70.174%, 5/25/35(4) $ 1,676,184 $ 138,204 Trust 2005-40, Cl. SB, 84.282%, 5/25/35(4) 75,366 7,993 Trust 2005-6, Cl. SE, 82.982%, 2/25/35(4) 2,157,317 164,336 Trust 2005-71, Cl. SA, 72.661%, 8/25/25(4) 2,193,262 233,983 Trust 2005-87, Cl. SE, 99.999%, 10/25/35(4) 4,277,950 316,964 Trust 2005-87, Cl. SG, 99.999%, 10/25/35(4) 4,300,387 301,384
6 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited Trust 221, Cl. 2, 17.133%, 5/1/23(4) 12,104 1,833 Trust 222, Cl. 2, 15.435%, 6/1/23(4) 1,513,665 216,821 Trust 240, Cl. 2, 18.458%, 9/1/23(4) 1,857,744 244,667 Trust 252, Cl. 2, 17.201%, 11/1/23(4) 1,193,235 179,361 Trust 273, Cl. 2, 12.37%, 8/1/26(4) 340,382 44,637 Trust 294, Cl. 2, 6.284%, 2/1/28(4) 133,854 17,127 Trust 301, Cl. 2, (0.725)%, 4/1/29(4) 16,365 2,065 Trust 303, Cl. IO, (4.046)%, 11/1/29(4) 199,058 33,109 Trust 319, Cl. 2, 5.16%, 2/1/32(4) 333,388 42,410 Trust 321, Cl. 2, 0.432%, 4/1/32(4) 3,638,432 471,183 Trust 324, Cl. 2, (0.773)%, 7/1/32(4) 62,171 7,946 Trust 331, Cl. 5, 9.073%, 2/1/33(4) 51,453 6,062 Trust 331, Cl. 9, 22.038%, 2/1/33(4) 836,655 103,583 Trust 334, Cl. 12, 5.098%, 2/1/33(4) 89,290 12,411 Trust 334, Cl. 17, 29.042%, 2/1/33(4) 575,112 91,627 Trust 334, Cl. 3, 4.407%, 7/1/33(4) 430,371 49,438 Trust 334, Cl. 5, 4.482%, 5/1/33(4) 61,454 7,192 Trust 338, Cl. 2, (6.229)%, 7/1/33(4) 1,792,316 198,025 Trust 339, Cl. 12, 9.477%, 7/1/33(4) 1,156,617 156,612 Trust 339, Cl. 7, 6.362%, 7/1/33(4) 3,056,594 355,900 Trust 339, Cl. 8, 6.366%, 8/1/33(4) 240,985 28,090 Trust 342, Cl. 2, 1.429%, 9/1/33(4) 18,389 2,379 Trust 343, Cl. 13, 10.72%, 9/1/33(4) 943,865 122,473 Trust 343, Cl. 18, 11.424%, 5/1/34(4) 290,021 47,203 Trust 345, Cl. 9, 8.61%, 1/1/34(4) 1,308,245 156,811 Trust 351, Cl. 10, 9.127%, 4/1/34(4) 406,533 45,559 Trust 351, Cl. 11, 9.585%, 11/1/34(4) 209,279 23,836 Trust 351, Cl. 8, 9.503%, 4/1/34(4) 627,910 70,124 Trust 355, Cl. 6, 11.161%, 12/1/33(4) 237,933 27,189 Trust 355, Cl. 7, 8.839%, 11/1/33(4) 178,836 20,840 Trust 356, Cl. 10, 9.215%, 6/1/35(4) 554,140 60,945 Trust 356, Cl. 12, 9.365%, 2/1/35(4) 285,469 31,125 Trust 362, Cl. 12, 10.897%, 8/1/35(4) 1,687,018 226,031 Trust 362, Cl. 13, 10.881%, 8/1/35(4) 933,454 124,735 Trust 364, Cl. 15, 13.807%, 9/1/35(4) 64,659 8,222 Trust 364, Cl. 16, 12.012%, 9/1/35(4) 1,199,790 174,092 Trust 365, Cl. 16, 17.675%, 3/1/36(4) 1,881,393 188,175
Principal Amount Value --------------- --------------- FHLMC/FNMA/SPONSORED CONTINUED Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security: Trust 1993-184, Cl. M, 5.555%, 9/25/23(5) $ 453,770 $ 384,894
7 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited Trust 324, Cl. 1, 7.993%, 7/1/32(5) 15,524 14,442 --------------- 122,024,590 --------------- GNMA/GUARANTEED--0.9% Government National Mortgage Assn.: 7%, 5/29/09-3/15/26 45,179 48,369 8.50%, 8/1/17-12/15/17 189,269 204,125 --------------- --------------- Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/16/29 109,847 120,242 Series 2000-7, Cl. Z, 8%, 1/16/30 50,102 52,924 --------------- --------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 39.275%, 7/16/28(4) 23,316 3,274 Series 2001-21, Cl. SB, 73.90%, 1/16/27(4) 882,736 102,830 Series 2002-15, Cl. SM, 65.247%, 2/16/32(4) 946,086 96,295 Series 2004-11, Cl. SM, 46.752%, 1/17/30(4) 634,666 73,805 Series 2006-47, Cl. SA, 83.756%, 8/16/36(4) 8,529,586 902,610 --------------- 1,604,474 --------------- NON-AGENCY--32.7% COMMERCIAL--14.2% Asset Securitization Corp., Commercial Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 1.992%, 4/14/29(4) 9,843,470 350,256 --------------- --------------- Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2006-1, Cl. AM, 5.421%, 9/1/45 4,070,000 1,994,817 --------------- --------------- Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, (6.509)%, 6/22/24(4) 8,624,894 238,851 --------------- --------------- ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 0.622%, 9/25/36(1) 6,167 6,067 --------------- --------------- CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35 80,000 65,193 --------------- --------------- Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.096%, 12/1/49(1) 1,920,000 877,037 --------------- ---------------
8 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 1,630,000 1,311,072 --------------- --------------- CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 2006-A5, Cl. 1A1, 0.922%, 10/25/36(1) 2,702,373 1,113,973 Series 2006-A5, Cl. 1A13, 0.972%, 10/25/36(1) 1,407,781 476,885 --------------- --------------- CWALT Alternative Loan Trust 2007-8CB, Mtg. 133,916 92,430 Pass-Through Certificates, Series 2007-8CB, Cl. A1, 5.50%, 5/25/37
Principal Amount Value --------------- --------------- COMMERCIAL CONTINUED Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 $ 44,458 $ 26,275 --------------- --------------- First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 713,932 604,073 --------------- --------------- First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 756,052 713,932 --------------- --------------- First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.13%, 11/1/37(1) 623,687 336,781 --------------- --------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2004-C3, Cl. A2, 4.433%, 7/10/39 39,465 39,309 --------------- --------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP4, Cl. AM, 4.999%, 10/1/42 1,110,000 556,061 Series 2008-C2, Cl. A4, 6.068%, 2/1/51 3,760,000 1,821,422 --------------- --------------- JPMorgan Chase Commercial Mortgage Securities Trust, Commercial Mtg. Pass-Through Certificates: Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 3,950,000 3,173,824 Series 2007-LD11, Cl. A2, 5.804%, 6/15/49(1) 110,000 88,105 Series 2007-LD12, Cl. A2, 5.827%, 2/15/51 1,080,000 913,106 --------------- ---------------
9 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited LB-UBS Commercial Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates: Series 2006-C1, Cl. A2, 5.084%, 2/11/31 2,320,000 2,126,984 Series 2006-C1, Cl. AM, 5.217%, 2/11/31(1) 2,300,000 1,109,838 --------------- --------------- Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, (0.369)%, 2/18/30(4) 4,686,951 122,688 --------------- --------------- Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/26/24(2) 239,477 190,520 --------------- --------------- Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 1,402,359 1,186,343 --------------- --------------- Mastr Asset Securitization Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 0.972%, 10/25/36(1) 141,140 90,051 --------------- --------------- Merrill Lynch Mortgage Investors Trust 2005-A9, Mtg. Asset-Backed Certificates, Series 2005-A9, Cl. 4A1, 5.494%, 12/1/35(1) 1,910,835 1,236,673 --------------- --------------- Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 397 397 --------------- --------------- RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A114, 5.75%, 4/25/37 1,101,665 458,277 --------------- --------------- Residential Asset Securitization Trust 2006-A9CB, Mtg. Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 1,502,655 698,757 --------------- --------------- Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, 4.574%, 5/18/32(4) 76,943,966 270,635 --------------- --------------- Structured Asset Securities Corp., Mtg. Pass-Through Certificates, Series 2002-AL1, Cl. B2, 3.45%, 2/25/32 2,125,339 996,962
10 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited
Principal Amount Value --------------- --------------- COMMERCIAL CONTINUED Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.275%, 11/15/48 $ 370,000 $ 321,967 --------------- --------------- WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 1A2, 5.695%, 2/25/37(1,2) 783,215 140,979 --------------- --------------- WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 2A2, 5.66%, 3/1/37(1) 1,982,554 501,933 --------------- --------------- WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 2A3, 5.647%, 5/1/37(1) 1,148,148 658,696 --------------- --------------- Wells Fargo Mortgage-Backed Securities 2004-U Trust, Mtg. Pass-Through Certificates, Series 2004-U, Cl. A1, 5.004%, 10/1/34(1) 380,226 276,126 --------------- 25,187,295 --------------- --------------- MANUFACTURED HOUSING--2.1% Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.097%, 9/25/36(1) 2,857,675 1,799,081 --------------- --------------- Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.084%, 3/25/36(1) 3,417,029 1,965,211 --------------- 3,764,292 --------------- --------------- MULTIFAMILY--5.7% CHL Mortgage Pass-Through Trust 2003-46, Mtg. Pass-Through Certificates, Series 2003-46, Cl. 1A2, 5.145%, 1/19/34(1) 1,181,521 922,431 --------------- --------------- CHL Mortgage Pass-Through Trust 2005-HYB1, Mtg. Pass-Through Certificates, Series 2005-HYB1, Cl. 5A1, 4.982%, 3/25/35(1) 2,351,578 1,217,309 --------------- --------------- CWALT Alternative Loan Trust 2005-85CB, Mtg. Pass-Through Certificates, Series 2005-85CB, Cl. 2A3, 5.50%, 2/25/36 1,790,000 1,307,652 --------------- --------------- GMAC Mortgage Corp. Loan Trust, Mtg. Pass-Through Certificates, Series 2004-J4, Cl. A7, 5.50%, 9/25/34 1,660,000 1,334,703 --------------- ---------------
11 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited
Principal Amount Value --------------- --------------- GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 3A1, 5.143%, 11/25/35(1) 3,831,952 2,556,465 --------------- --------------- Wells Fargo Mortgage-Backed Securities 2004-AA Trust, Mtg. Pass-Through Certificates, Series 2004-AA, Cl. 2A, 4.985%, 12/25/34(1) 786,824 550,725 --------------- --------------- Wells Fargo Mortgage-Backed Securities 2004-S Trust, Mtg. Pass-Through Certificates, Series 2004-S, Cl. A1, 3.734%, 9/25/34(1) 645,377 531,818 --------------- --------------- Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 4A1, 5.557%, 7/25/36(1) 1,666,814 914,251 --------------- --------------- Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A6, 5.084%, 3/25/36(1) 648,890 158,771
Principal Amount Value --------------- --------------- MULTIFAMILY CONTINUED Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.093%, 3/25/36(1) $ 828,810 $ 538,626 --------------- 10,032,751 --------------- --------------- OTHER--0.0% JPMorgan Mortgage Trust 2005-S2, Mtg. Pass-Through Certificates, Series 2005-S2, Cl. 3A1, 6.726%, 2/25/32(1) 71,063 54,443 --------------- --------------- Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. B, 63.591%, 10/23/17(4) 3,624 381 --------------- --------------- Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series1987-3, Cl. A, 4.05%, 10/23/17(5) 5,364 4,346 --------------- 59,170 --------------- --------------- RESIDENTIAL--10.7% CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35 40,000 30,549 --------------- --------------- CWALT Alternative Loan Trust 2004-24CB, Mtg. Pass-Through Certificates, Series 2004-24CB, Cl. 1A1, 6%, 11/1/34 1,408,138 1,262,036 --------------- --------------- CWALT Alternative Loan Trust 2004-28CB, Mtg. Pass-Through Certificates, Series 2004-28CB, Cl. 3A1, 6%, 1/1/35 1,120,466 914,176 --------------- ---------------
12 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited CWALT Alternative Loan Trust 2005-18CB, Mtg. Pass-Through Certificates, Series 2005-18CB, Cl. A8, 5.50%, 5/25/36 2,420,000 1,569,255 --------------- --------------- CWALT Alternative Loan Trust 2005-J1, Mtg. Pass-Through Certificates, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 1,797,968 1,589,832 --------------- --------------- CWALT Alternative Loan Trust 2005-J3, Mtg. Pass-Through Certificates, Series 2005-J3, Cl. 3A1, 6.50%, 9/25/34 1,593,591 1,434,388 --------------- --------------- JP Morgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 5A3, 5.137%, 11/1/33(1) 1,375,373 952,273 --------------- --------------- Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36 580,558 442,680 --------------- --------------- Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 6.078%, 10/25/36(1) 94,641 66,961 --------------- --------------- Morgan Stanley Mortgage Loan Trust 2006-AR, Mtg. Pass-Through Certificates, Series 2006-AR, Cl. 5A3, 5.416%, 6/25/36(1) 1,110,000 773,424 --------------- --------------- RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 556,026 534,421 --------------- --------------- RALI Series 2004-QS10 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2004-QS10, Cl. A3, 1.022%, 7/25/34(1) 1,299,763 1,041,043 --------------- --------------- RALI Series 2006-QS13 Trust: Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36 96,943 58,437 Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 26,118 23,363 --------------- --------------- RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 5/1/36 236,213 215,137 --------------- --------------- RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37 36,479 16,496 --------------- --------------- STARM Mortgage Loan Trust 2007-S1, Mtg. Pass-Through Certificates, Series 2007-S1, Cl. 3A1, 5.009%, 8/1/22(1,2) 3,796,864 2,581,868
13 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited
Principal Amount Value --------------- --------------- RESIDENTIAL CONTINUED WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 6.123%, 8/25/36(1) $ 3,160,202 $ 1,832,607 --------------- --------------- WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 4A1, 5.414%, 2/1/37(1) 81,105 44,288 --------------- --------------- WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates, Series 2007-HY2, Cl. 2A1, 6.617%, 11/1/36(1) 1,141,103 610,149 --------------- --------------- Washington Mutual Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 1A8, 6%, 2/25/37 3,142,811 2,243,668 --------------- --------------- Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 4.372%, 9/1/34(1) 428,107 337,795 --------------- --------------- Wells Fargo Mortgage-Backed Securities 2006-AR5 Trust, Mtg. Pass-Through Certificates, Series 2006-AR5, Cl. 2A2, 5.538%, 4/1/36(1,2) 1,493,989 268,918 --------------- 18,843,764 --------------- Total Mortgage-Backed Obligations (Cost $211,289,187) 181,516,336 --------------- --------------- U.S. GOVERNMENT OBLIGATIONS--0.3% Resolution Funding Corp. Bonds, Residual Funding STRIPS, 5.218%, 1/15/21(7) (Cost $449,842) 825,000 508,574 --------------- --------------- CORPORATE BONDS AND NOTES--26.3% CONSUMER DISCRETIONARY--3.9% AUTOMOBILES--1.9% Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 4,080,000 3,357,424 --------------- --------------- HOTELS, RESTAURANTS & LEISURE--1.3% MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 2,215,000 1,207,175 --------------- --------------- Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10 350,000 141,750 --------------- --------------- Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14(8) 1,340,000 1,018,400 --------------- 2,367,325 --------------- HOUSEHOLD DURABLES--0.5% Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 910,000 900,900 --------------- ---------------
14 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited MEDIA--0.2% Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 1,370,000 280,850 --------------- --------------- ENERGY--2.7% OIL, GAS & CONSUMABLE FUELS--2.7% Buckeye Partners LP, 4.625% Sr. Nts., 7/15/13 745,000 696,200 --------------- --------------- Energy Transfer Partners LP, 5.65% Sr. Unsec. Unsub. Nts., 8/1/12 430,000 409,369 --------------- --------------- Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 1,560,000 1,366,878 --------------- --------------- PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13(9) 832,351 880,962 --------------- --------------- TEPPCO Partners LP, 6.125% Nts., 2/1/13 900,000 874,291 --------------- --------------- Valero Logistics Operations LP, 6.05% Nts., 3/15/13 540,000 466,539 --------------- 4,694,239
Principal Amount Value --------------- --------------- FINANCIALS--16.9% CAPITAL MARKETS--1.2% Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 $ 3,595,000 $ 2,129,092 --------------- --------------- Lehman Brothers Holdings, Inc., 7.50% Sub. Nts., 5/11/38(10) 7,200,000 720 --------------- 2,129,812 --------------- --------------- COMMERCIAL BANKS--4.0% Barclays Bank plc, 6.278% Perpetual Bonds(2,11) 5,830,000 1,994,618 --------------- --------------- HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35(1) 5,920,000 1,186,190 --------------- --------------- Lloyds Banking Group plc, 6.413% Perpetual Bonds(9,11) 6,600,000 1,519,373 --------------- --------------- Popular North America, Inc., 4.70% Nts., 6/30/09 2,485,000 2,459,601 --------------- 7,159,782 --------------- --------------- DIVERSIFIED FINANCIAL SERVICES--6.7% Bank of America Corp.: 8% Unsec. Perpetual Bonds, Series K(11) 3,050,000 1,222,989 8.125% Perpetual Bonds, Series M(11) 515,000 211,840 --------------- --------------- Capmark Financial Group, Inc.: 1.891% Sr. Unsec. Nts., 5/10/10(1) 700,000 189,875 5.875% Sr. Unsec. Nts., 5/10/12(1) 1,470,000 291,405 --------------- --------------- CIT Group Funding Co. of Canada, 4.65% Sr. Unsec. Nts., 7/1/10 1,235,000 1,025,453 --------------- --------------- Citigroup, Inc.: 8.30% Jr. Sub. Bonds, 12/21/57(1) 4,485,000 2,164,362 8.40% Perpetual Bonds, Series E(11) 1,730,000 979,855 --------------- ---------------
15 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited GMAC LLC, 8% Sr. Unsec. Unsub. Nts., 11/1/31 1,955,000 943,033 --------------- --------------- JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1(11) 3,255,000 2,096,061 --------------- --------------- Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38 4,490,000 2,672,569 --------------- --------------- 11,797,442 --------------- --------------- INSURANCE--4.6% American International Group, Inc., 6.25% Jr. Sub. Bonds, 3/15/37 1,290,000 129,000 --------------- --------------- Axa SA, 6.379% Sub. Perpetual Bonds(9,11) 5,205,000 1,908,778 --------------- --------------- MBIA, Inc., 5.70% Sr. Unsec. Unsub. Nts., 12/1/34 955,000 347,808 --------------- --------------- MetLife Capital Trust X, 9.25% Sec. Bonds, 4/8/38(1) 700,000 392,600 --------------- --------------- MetLife, Inc., 6.40% Jr. Unsec. Sub. Bonds, 12/15/36(1) 3,875,000 1,630,255 --------------- --------------- Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23(9) 2,400,000 2,069,244 --------------- --------------- Prudential Insurance Co. of America, 8.30% Nts., 7/1/25(9) 2,035,000 1,733,275 --------------- --------------- 8,210,960 --------------- --------------- THRIFTS & MORTGAGE FINANCE--0.4% Washington Mutual Bank NV, Sr. Unsec. Nts., 5/1/09(10) 2,380,000 630,700 --------------- --------------- INFORMATION TECHNOLOGY--0.7% --------------- --------------- COMPUTERS & PERIPHERALS--0.7% NCR Corp., 7.125% Sr. Unsec. Unsub. Nts., 6/15/09 1,285,000 1,292,516 --------------- --------------- UTILITIES--2.1% --------------- --------------- ELECTRIC UTILITIES--2.1% Monongahela Power Co., 7.36% Unsec. Nts., Series A, 1/15/10 1,925,000 1,931,593 --------------- --------------- Westar Energy, Inc., 7.125% Sr. Unsec. Nts., 8/1/09 1,820,000 1,821,720 --------------- --------------- 3,753,313
Value --------------- Total Corporate Bonds and Notes (Cost $85,009,148) 6,575,263
Units --------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Pathmark Stores, Inc. Wts., Strike Price $22.31, Exp. 9/19/10 (2,12) (Cost $14,872) 5,408 $ 189
16 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited
Shares --------------- INVESTMENT COMPANY--4.8% Oppenheimer Institutional Money Market Fund, Cl. E, 0.80%(13,14) (Cost $8,515,713) 8,515,713 8,515,713 --------------- --------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $316,611,778) 243,851,862 INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--0.5%(15) OFI Liquid Assets Fund, LLC, 0.92%(13,14) (Cost $785,000) 785,000 785,000 --------------- --------------- Total Investments, at Value (Cost $317,396,778) 138.3% 244,636,862 --------------- --------------- Liabilities in Excess of Other Assets (38.3) (67,684,494) --------------- --------------- Net Assets 100.0% $ 176,952,368
Footnotes to Statement of Investments 1. Represents the current interest rate for a variable or increasing rate security. 2. Illiquid security. The aggregate value of illiquid securities as of March 31, 2009 was $6,830,462, which represents 3.86% of the Fund's net assets. See accompanying Notes. 3. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $815,265. See accompanying Notes. 4. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $9,856,792 or 5.57% of the Fund's net assets as of March 31, 2009. 5. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $718,806 or 0.41% of the Fund's net assets as of March 31, 2009. 6. When-issued security or delayed delivery to be delivered and settled after March 31, 2009. See accompanying Notes. 7. Zero coupon bond reflects effective yield on the date of purchase. 8. Partial or fully-loaned security. See accompanying Notes. 9. 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 $8,111,632 or 4.58% of the Fund's net assets as of March 31, 2009. 10. Issue is in default. See accompanying Notes. 11. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. 12. Non-income producing security. 17 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited 13. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2009, 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, 2008 ADDITIONS REDUCTIONS MARCH 31, 2009 ----------------- ---------- ----------- -------------- OFI Liquid Assets Fund, LLC -- 800,000 15,000 785,000 Oppenheimer Institutional Money Market Fund, Cl. E 13,605,218 58,824,365 63,913,870 8,515,713
VALUE INCOME ----------- ---------- OFI Liquid Assets Fund, LLC $ 785,000 $ 523(a) Oppenheimer Institutional Money Market Fund, Cl. E 8,515,713 30,458 ----------- ---------- $ 9,300,713 $ 30,981 =========== ==========
a. Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties. 14. Rate shown is the 7-day yield as of March 31, 2009. 15. The security/securities have been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See accompanying Notes. VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of March 31, 2009:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* --------------------- -------------- --------------- Level 1--Quoted Prices $ 9,300,713 $ 96,052
18 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited Level 2--Other Significant Observable Inputs 235,194,981 (3,026,686) Level 3--Significant Unobservable Inputs 141,168 -- ----------------------------- Total $244,636,862 $(2,930,634) =============================
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. FUTURES CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY CONTRACTS DATE VALUE (DEPRECIATION) -------------------------- --- --------- ---------- ----------- -------------- U.S. Treasury Long Bonds Buy 82 6/19/09 $10,635,656 $211,089 U.S. Treasury Nts., 2 yr. Buy 68 6/30/09 14,816,563 31,982 U.S. Treasury Nts., 10 yr. Buy 52 6/19/09 6,452,063 (10,433) -------- $232,638 ========
CREDIT DEFAULT SWAP CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
PAY/ UPFRONT BUY/SELL NOTIONAL RECEIVE PAYMENT SWAP CREDIT AMOUNT FIXED TERMINATION RECEIVED/ REFERENCE ENTITY COUNTERPARTY PROTECTION (000S) RATE DATE (PAID) VALUE ----------------------- ----------------- ---------- -------- ------- ----------- --------- ----------- ABX-HE-AAA 06-2 Index: Deutsche Bank AG Sell $ 40 0.11% 5/25/46 $ - $ (27,684) Deutsche Bank AG Sell 40 0.11 5/25/46 - (27,684) Morgan Stanley Capital Services, Inc. Sell 20 0.11 5/25/46 - (13,842) ------ ----- -----------
19 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited Total 100 - (69,210) Capmark Financial Goldman Sachs Bank Sell 865 0.95 6/20/12 - (695,971) Group, Inc. USA ------ ----- ----------- Total 865 - (695,971) CDX North America Deutsche Bank AG Buy 3,514 0.40 12/20/11 (370) 225,789 Investment Grade Index, Series 7 ------ ----- ----------- Total 3,514 (370) 225,789 Countrywide Home Loans, Morgan Stanley Sell 3,070 0.42 6/20/09 - (5,392) Inc. Capital Services, Inc. ------ ----- ----------- Total 3,070 - (5,392) Inco Ltd.: Morgan Stanley Capital Services, Inc. Buy 1,015 0.63 3/20/17 - 107,535 Morgan Stanley Capital Services, Inc. Buy 1,030 0.70 3/20/17 - 104,501 ------ ----- ----------- Total 2,045 - 212,036 Merrill Lynch & Co., Inc.: Barclays Bank plc Sell 2,575 4.15 9/20/09 - (16,706) Credit Suisse International Sell 1,285 4.15 9/20/09 - (8,337) ------ ----- ----------- Total 3,860 - (25,043) Vale Overseas: Morgan Stanley Capital Services, Inc. Sell 1,015 1.10 3/20/17 - (167,646) Morgan Stanley Capital Services, Inc. Sell 1,030 1.17 3/20/17 - (165,959) ------ ------- ------------ Total 2,045 - (333,605) ------- ------------ Grand Total Buys (370) 437,825 Grand Total Sells - (1,129,221) ------- ------------ Total Credit Default Swaps $(370) $ (691,396) ===== =============
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 PAYMENTS FOR SELLING CREDIT AMOUNT REFERENCE ASSET THE FUND SOLD PROTECTION PROTECTION (UNDISCOUNTED) RECOVERABLE* RATING RANGE** ----------------------------------------------- --------------------------- ------------ --------------- Investment Grade Asset-Backed Indexes $ 100,000 $-- AAA Investment Grade Single Name Corporate Debt 8,975,000 -- A to BBB+ Non-Investment Grade Single Name Corporate Debt 865,000 -- D ---------- --- Total $9,940,000 $-- ========== ===
20 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited * The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event. ** The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor's rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund. INTEREST RATE SWAP CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ------------------------------------- -------- ------------- ------------- ----------- ----------- USD BBA LIBOR: Three-Month Credit Suisse International $ 690 4.353% USD BBA LIBOR 10/21/16 $ (92,305) Three-Month Credit Suisse International 2,740 2.225 USD BBA LIBOR 11/20/10 (51,051) Three-Month Goldman Sachs Group, Inc. (The) 20,000 4.488 USD BBA LIBOR 10/17/16 (2,880,555) Three-Month Goldman Sachs Group, Inc. (The) 60,000 2.820 USD BBA LIBOR 10/29/10 (1,645,099) Three-Month Goldman Sachs Group, Inc. (The) 1,810 4.358 USD BBA LIBOR 10/21/16 (242,800) Three-Month Goldman Sachs Group, Inc. (The) 13,640 2.233 USD BBA LIBOR 11/20/10 (256,167) Three-Month Goldman Sachs International 12,000 4.275 USD BBA LIBOR 9/5/16 (1,324,047) Three-Month UBS AG 3,620 2.230 USD BBA LIBOR 11/20/10 (67,806) -------- ----------- Total where Fund pays a fixed rate 114,500 (6,559,830) -------- ----------- Credit Suisse International 4,580 Three-Month 5.428% 8/7/17 942,143 USD BBA LIBOR
21 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited Three-Month Deutsche Bank AG 3,870 USD BBA LIBOR 5.445 8/8/17 801,202 Three-Month Goldman Sachs Group, Inc. (The) 25,000 USD BBA LIBOR 2.823 12/4/16 391,825 Three-Month Goldman Sachs Group, Inc. (The) 10,000 USD BBA LIBOR 4.543 10/21/28 2,089,370 -------- ----------- Total where Fund pays a variable rate 43,450 4,224,540 -------- ----------- Reference Entity Total $157,950 (2,335,290) ----------- Total Interest Rate Swaps $(2,335,290) ===========
Abbreviation/Definition are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate SWAP SUMMARY AS OF MARCH 31, 2009 IS AS FOLLOWS: 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.
NOTIONAL SWAP TYPE FROM AMOUNT SWAP COUNTERPARTY FUND PERSPECTIVE (000'S) VALUE ------------------------------- ------------------- -------- ----------- Barclays Bank plc Credit Default Sell $ 2,575 $ (16,706) Protection Credit Suisse International: Credit Default Sell Protection 1,285 (8,337) Interest Rate 8,010 798,787 ----------- 790,450 Deutsche Bank AG: Credit Default Buy Protection 3,514 225,789 Credit Default Sell Protection 80 (55,368) Interest Rate 3,870 801,202 ----------- 971,623 Credit Default Sell Goldman Sachs Bank USA Protection 865 (695,971) Goldman Sachs Group, Inc. (The) Interest Rate 130,450 (2,543,426) Goldman Sachs International Interest Rate 12,000 (1,324,047) Morgan Stanley Capital Services, Inc.:
22 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited Credit Default Buy Protection 2,045 212,036 Credit Default Sell Protection 5,135 (352,839) ----------- (140,803) UBS AG Interest Rate 3,620 (67,806) ----------- Total Swaps $(3,026,686) ===========
NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the 23 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. 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 24 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2009, 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 $80,939,099 Sold securities 12,614,577
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. To assure its future payment of the purchase price, the Fund maintains internally designated assets with a market value equal to or greater than the payment obligation under the roll. 25 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / 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 in default, and is not obligated to dispose of securities whose issuers subsequently default. As of March 31, 2009, securities with an aggregate market value of $631,420, representing 0.36% of the Fund's net assets, were in default. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. INVESTMENT IN OFI LIQUID ASSETS FUND, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund's Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC ("LAF") is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. When applicable, the Fund's investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. 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 26 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited direct purchases or sales of securities capable of affecting a similar response to market factors. MARKET RISK FACTORS In pursuit of its investment objectives, the Fund may seek to use derivatives to increase or decrease its exposure to the following market risk factors: 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. 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. FOREIGN EXCHANGE RATE RISK Foreign exchange rate risk relates to the change in 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. EQUITY RISK Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. 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 27 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited 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, 2009, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $1,969,134, which represents the gross unrealized appreciation on these derivative contracts. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund's ISDA master agreements, which allow the Fund to net unrealized appreciation and depreciation for positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. The amount of loss that the Fund would incur taking into account these master netting arrangements would be $1,762,072 as of March 31, 2009. CREDIT RELATED CONTINGENT FEATURES The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund's net assets and or a percentage decrease in the Fund's Net Asset Value or NAV. The contingent features are established within the Fund's International Swap and Derivatives Association, Inc. ("ISDA") master agreements which govern positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. As of March 31, 2009, the total value of derivative positions with credit related contingent features in a net liability position was $4,788,760. If a contingent feature would have been triggered as of March 31, 2009, the Fund could have been required to pay this amount in cash to its counterparties. The Fund did not hold or post collateral for its derivative transactions. 28 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited 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. Futures contracts are exposed to the market risk factor of the specific underlying financial instrument. During the period ended March 31, 2009, the Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk. In addition, the Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk. Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. SWAP CONTRACTS The Fund may enter into privately negotiated agreements with a counterparty to exchange or "swap" payments at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. As derivative 29 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited contracts, swaps typically do not have an associated cost at contract inception. At initiation, contract terms are typically set at market value such that the value of the swap is $0. If a counterparty specifies terms that would result in the contract having a value other than $0 at initiation, one counterparty will pay the other an upfront payment to equalize the contract. Subsequent changes in market value are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. Contract types may include credit default, interest rate, total return, and currency swaps. Swaps are marked to market daily using quotations primarily from pricing services, counterparties or brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. The unrealized appreciation (depreciation) is comprised of the change in the valuation of the swap combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. Any payment received or paid to initiate a contract is recorded as a cost of the swap in the Statement of Assets and Liabilities in the annual and semiannual reports and as a component of unrealized gain or loss on the Statement of Operations in the annual and semiannual reports until contract termination; upon contract termination, this amount is recorded as realized gain or loss on the Statement of Operations in the annual and semiannual reports. Excluding amounts paid at contract initiation as described above, the Fund also records any periodic payments received from (paid to) the counterparty, including at termination, as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Swap contract agreements are exposed to the market risk factor of the specific underlying reference asset. Swap contracts are typically more attractive 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. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. Liquidity risk is the risk that the Fund may be unable to close the contract prior to its termination. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer's failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The 30 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited Fund may enter into credit default swaps either by buying or selling protection on a single security or a basket of securities (the "reference asset"). The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of debt securities underlying the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection. The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract. If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the reference asset less the market value of the reference asset. Upon exercise of the contract the difference between the value of the underlying reference asset and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. The Fund has sold credit protection through credit default swaps to increase exposure to the credit risk of individual securities and, or, indexes that are either unavailable or considered to be less attractive in the bond market. The Fund has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and, or, indexes. The Fund has also engaged in pairs trades by purchasing protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer. The intent of a pairs trade is to realize gains from the pricing differences of the two issuers who are expected to have similar market risks. Pairs trades attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. In addition, the Fund has engaged in spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curve trades attempt to gain 31 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads. 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. The Fund has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. Typically, if relative interest rates rise, payments received by the Fund under the swap agreement will be greater than the payments made by the Fund. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between counterparties to exchange periodic payments based on asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate or index) and the other on the total return of a reference asset (such as a security or a basket of securities). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument, or instruments. 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 to increase exposure to the credit risk of various indexes or basket of securities. These credit risk related total return swaps require the fund to pay, or receive payments, to, or from, the counterparty based on the movement of credit spreads of the related indexes. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. As of March 31, 2009, the Fund had no outstanding total return swap agreements. 32 | Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, (2009) / Unaudited ILLIQUID SECURITIES As of March 31, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of March 31, 2009, the Fund had on loan securities valued at $777,083. Collateral of $785,000 was received for the loans, all of which was received in cash and subsequently invested in approved instruments. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2009 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 $317,411,291 Federal tax cost of other investments 31,672,013 ------------ Total federal tax cost $349,083,304 ============ Gross unrealized appreciation $ 9,475,955 Gross unrealized depreciation (85,044,802) ------------ Net unrealized depreciation $(75,568,847) ============
33 | Oppenheimer Core Bond Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ----------- -------------- COMMON STOCKS--96.8% CONSUMER DISCRETIONARY--15.9% AUTOMOBILES--1.5% Bayerische Motoren Werke (BMW) AG 452,872 $ 13,056,615 Toyota Motor Corp. 482,100 15,462,291 -------------- 28,518,906 HOTELS, RESTAURANTS & LEISURE--3.5% Aristocrat Leisure Ltd. 486,264 1,153,005 Carnival Corp. 1,236,626 26,711,122 International Game Technology 437,800 4,036,516 McDonald's Corp. 596,200 32,534,634 Shuffle Master, Inc.(1) 610,200 1,751,274 -------------- 66,186,551 HOUSEHOLD DURABLES--1.6% Sony Corp. 1,446,000 29,649,192 -------------- MEDIA--3.2% Dish TV India Ltd.(1) 2,654,022 1,269,338 Grupo Televisa SA, Sponsored GDR 1,737,696 23,702,173 Sirius XM Radio, Inc.(1) 13,465,610 4,712,964 Walt Disney Co. (The) 1,364,600 24,781,136 Wire & Wireless India Ltd.(1) 2,410,450 589,762 Zee Entertainment Enterprises Ltd. 3,163,110 6,610,529 -------------- 61,665,902 SPECIALTY RETAIL--2.7% Hennes & Mauritz AB, Cl. B 121,500 4,567,669 Industria de Diseno Textil SA 699,500 27,276,662 Tiffany & Co. 912,000 19,662,720 -------------- 51,507,051 TEXTILES, APPAREL & LUXURY GOODS--3.4% Bulgari SpA 1,932,918 8,500,350 Burberry Group plc 1,571,688 6,299,944 LVMH Moet Hennessey Louis Vuitton 583,820 36,681,212 Tod's SpA 292,997 12,484,108 -------------- 63,965,614 CONSUMER STAPLES--9.6% BEVERAGES--2.3% Diageo plc 994,565 11,223,712 Fomento Economico Mexicano SA de CV, UBD 8,011,600 20,338,661 Grupo Modelo SA de CV, Series C 3,736,500 11,316,333 -------------- 42,878,706 FOOD & STAPLES RETAILING--3.7% Seven & I Holdings Co. Ltd. 429,553 9,483,971 Tesco plc 4,822,925 23,071,759 Wal-Mart Stores, Inc. 709,100 36,944,110 -------------- 69,499,840 FOOD PRODUCTS--1.1% Cadbury plc 2,179,281 16,478,909 --------------
1 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ----------- -------------- FOOD PRODUCTS CONTINUED Unilever plc 284,670 $ 5,383,463 -------------- 21,862,372 HOUSEHOLD PRODUCTS--2.5% Colgate-Palmolive Co. 401,600 23,686,368 Reckitt Benckiser Group plc 625,738 23,514,332 -------------- 47,200,700 ENERGY--5.1% ENERGY EQUIPMENT & SERVICES--2.3% Technip SA 599,180 21,116,977 Transocean Ltd.(1) 385,072 22,657,636 -------------- 43,774,613 OIL, GAS & CONSUMABLE FUELS--2.8% BP plc, ADR 379,869 15,232,747 Husky Energy, Inc. 865,630 18,365,801 Total SA 377,280 18,759,488 -------------- 52,358,036 FINANCIALS--11.0% CAPITAL MARKETS--2.9% 3i Group plc 1,118,490 4,349,166 Credit Suisse Group AG 1,111,208 33,704,068 State Street Corp. 63,500 1,954,530 UBS AG(1) 1,533,747 14,570,305 -------------- 54,578,069 COMMERCIAL BANKS--2.7% HSBC Holdings plc 3,788,573 21,163,957 Societe Generale, Cl. A 263,640 10,333,054 Sumitomo Mitsui Financial Group, Inc. 542,200 19,126,446 -------------- 50,623,457 CONSUMER FINANCE--0.7% SLM Corp.(1) 2,889,650 14,303,768 -------------- DIVERSIFIED FINANCIAL SERVICES--1.1% Investor AB, B Shares(2) 1,588,654 20,149,546 -------------- INSURANCE--3.4% AFLAC, Inc. 623,800 12,076,768 Allianz SE 307,444 25,974,682 Prudential plc 2,899,667 13,972,410 Sony Financial Holdings, Inc. 1,542 4,129,117 XL Capital Ltd., Cl. A 1,533,200 8,371,272 -------------- 64,524,249 THRIFTS & MORTGAGE FINANCE--0.2% Housing Development Finance Corp. Ltd. 109,400 3,071,924 -------------- HEALTH CARE--7.7% BIOTECHNOLOGY--1.5% Basilea Pharmaceutica AG(1) 30,816 1,922,108 InterMune, Inc.(1) 324,300 5,331,492 NicOx SA(1) 234,290 2,726,800
2 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ----------- -------------- BIOTECHNOLOGY CONTINUED Regeneron Pharmaceuticals, Inc.(1) 200,802 $ 2,783,116 Seattle Genetics, Inc.(1) 758,728 7,481,058 Theravance, Inc.(1) 509,600 8,663,200 -------------- 28,907,774 HEALTH CARE EQUIPMENT & SUPPLIES--0.2% Zimmer Holdings, Inc.(1) 67,900 2,478,350 -------------- HEALTH CARE PROVIDERS & SERVICES--1.8% Aetna, Inc. 929,400 22,612,302 WellPoint, Inc.(1) 304,435 11,559,397 -------------- 34,171,699 PHARMACEUTICALS--4.2% Roche Holding AG 391,463 53,717,404 Sanofi-Aventis SA 354,375 19,886,771 Schering-Plough Corp. 80,700 1,900,485 Shionogi & Co. Ltd. 255,000 4,384,080 -------------- 79,888,740 INDUSTRIALS--12.7% AEROSPACE & DEFENSE--3.6% Boeing Co. 247,100 8,791,818 Embraer-Empresa Brasileira de Aeronautica SA, ADR 889,383 11,802,112 European Aeronautic Defense & Space Co. 1,443,000 16,794,452 Lockheed Martin Corp. 188,000 12,977,640 Raytheon Co. 444,100 17,293,254 -------------- 67,659,276 AIR FREIGHT & LOGISTICS--0.8% TNT NV 921,100 15,762,244 -------------- BUILDING PRODUCTS--1.3% Assa Abloy AB, Cl. B 2,644,385 24,772,811 -------------- COMMERCIAL SERVICES & SUPPLIES--0.8% Secom Co. Ltd. 398,700 14,758,669 -------------- ELECTRICAL EQUIPMENT--1.1% Emerson Electric Co. 484,800 13,855,584 Mitsubishi Electric Corp. 1,677,000 7,633,026 -------------- 21,488,610 INDUSTRIAL CONGLOMERATES--4.6% 3M Co. 505,300 25,123,516 Koninklijke (Royal) Philips Electronics NV(2) 1,231,900 18,134,710 Siemens AG 763,559 43,865,560 -------------- 87,123,786 MACHINERY--0.5% Fanuc Ltd. 129,000 8,841,056 -------------- INFORMATION TECHNOLOGY--30.8% COMMUNICATIONS EQUIPMENT--8.3% Corning, Inc. 1,843,100 24,457,937 Juniper Networks, Inc.(1) 2,357,000 35,496,420 Tandberg ASA 668,650 9,860,304
3 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ----------- -------------- COMMUNICATIONS EQUIPMENT CONTINUED Telefonaktiebolaget LM Ericsson, B Shares 10,731,980 $ 87,210,274 -------------- 157,024,935 ELECTRONIC EQUIPMENT & INSTRUMENTS--4.2% Hoya Corp. 1,033,800 20,463,963 Keyence Corp. 96,074 18,066,605 Kyocera Corp. 160,900 10,762,267 Murata Manufacturing Co. Ltd. 586,600 22,679,157 Nidec Corp. 170,300 7,724,487 -------------- 79,696,479 INTERNET SOFTWARE & SERVICES--1.5% eBay, Inc.(1) 2,264,900 28,447,144 -------------- IT SERVICES--3.3% Automatic Data Processing, Inc. 870,800 30,617,328 Infosys Technologies Ltd. 1,215,826 31,726,265 -------------- 62,343,593 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5.0% Altera Corp. 1,330,400 23,348,520 Linear Technology Corp. 378,496 8,697,838 Maxim Integrated Products, Inc. 1,346,865 17,792,087 MediaTek, Inc. 2,445,238 23,151,521 Taiwan Semiconductor Manufacturing Co. Ltd. 14,071,942 21,427,442 -------------- 94,417,408 SOFTWARE--8.5% Adobe Systems, Inc.(1) 1,321,063 28,257,538 Intuit, Inc.(1) 1,531,700 41,355,900 Microsoft Corp. 1,982,700 36,422,199 Nintendo Co. Ltd. 61,100 17,922,764 SAP AG 1,024,696 36,594,827 -------------- 160,553,228 TELECOMMUNICATION SERVICES--3.0% WIRELESS TELECOMMUNICATION SERVICES--3.0% KDDI Corp. 5,685 26,826,346 Turkcell Iletisim Hizmetleri AS, ADR 844,300 10,376,447 Vodafone Group plc 11,016,952 19,246,565 -------------- 56,449,358 UTILITIES--1.0% ELECTRIC UTILITIES--1.0% Fortum Oyj 947,700 18,068,338 -------------- Total Common Stocks (Cost $2,379,783,618) 1,829,171,994 PREFERRED STOCKS--1.4% Bayerische Motoren Werke AG, Preference 483,072 8,388,472 Companhia de Bebidas das Americas, Sponsored ADR, Preference 376,115 17,959,491 -------------- Total Preferred Stocks (Cost $21,677,916) 26,347,963
4 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value ----------- -------------- CONVERTIBLE CORPORATE BONDS AND NOTES--0.1% Theravance, Inc., 3% Cv. Sub. Nts., 1/15/15 (Cost $2,882,000) $ 2,882,000 $ 2,258,768
Shares ----------- INVESTMENT COMPANY--1.6% Oppenheimer Institutional Money Market Fund, Cl. E, 0.80%(3, 4) (Cost $30,046,719) 30,046,719 30,046,719 INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--2.0%(5) OFI Liquid Assets Fund, LLC, 0.92%(3, 4) (Cost $38,608,544) 38,608,544 38,608,544 Total Investments, at Value (Cost $2,472,998,797) 101.9% 1,926,433,988 Liabilities in Excess of Other Assets (1.9) (36,455,549) ----------- -------------- Net Assets 100.0% $1,889,978,439
Footnotes to Statement of Investments (1.) Non-income producing security. (2.) Partial or fully-loaned security. See accompanying Notes. (3.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2009, 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, 2008 ADDITIONS REDUCTIONS MARCH 31, 2009 ----------------- ----------- ----------- -------------- OFI LIQUID ASSETS FUND, LLC -- 152,810,475 114,201,931 38,608,544 OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND, CL. E 24,247,807 102,546,482 96,747,570 30,046,719
VALUE INCOME ----------- -------- OFI LIQUID ASSETS FUND, LLC $38,608,544 $238,984(a) OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND, CL. E 30,046,719 67,889 ----------- -------- $68,655,263 $306,873 =========== ========
(a.) Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties. (4.) Rate shown is the 7-day yield as of March 31, 2009. (5.) The security/securities have been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See accompanying Notes. VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of March 31, 2009: 5 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
INVESTMENTS OTHER FINANCIAL VALUATION DESCRIPTION IN SECURITIES INSTRUMENTS* --------------------- -------------- --------------- Level 1--Quoted Prices $1,392,969,996 $ -- Level 2--Other Significant Observable Inputs 533,463,992 11,440 Level 3--Significant Unobservable Inputs -- -- -------------- ------- Total $1,926,433,988 $11,440 ============== =======
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS: FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
CONTRACT CONTRACT BUY/ AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION SELL (000S) DATE VALUE APPRECIATION DEPRECIATION ------------------- ---- -------- ------------- ---------- ------------ ------------ British Pound Sterling (GBP) Buy 408 GBP 4/1/09 $ 584,827 $ 1,933 $ -- Euro (EUR) Sell 314 EUR 4/1/09 416,960 -- 2,951 Euro (EUR) Buy 189 EUR 4/1/09 250,931 1,776 -- Japanese Yen (JPY) Sell 109,551 JPY 4/1/09-4/2/09 1,106,744 10,682 -- ------- ------ Total unrealized appreciation and depreciation $14,391 $2,951 ======= ======
Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings Value Percent ------------------- -------------- ------- United States $ 712,471,700 37.0% Japan 237,913,437 12.4 United Kingdom 159,936,964 8.3 Sweden 136,700,300 7.1 Germany 127,880,156 6.6 France 126,298,754 6.6 Switzerland 103,913,885 5.4 Mexico 55,357,167 2.9
6 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Taiwan 44,578,963 2.3 India 43,267,818 2.2 The Netherlands 33,896,954 1.8 Brazil 29,761,603 1.5 Spain 27,276,662 1.4 Italy 20,984,458 1.1 Canada 18,365,801 1.0 Finland 18,068,338 0.9 Turkey 10,376,447 0.5 Norway 9,860,304 0.5 Cayman Islands 8,371,272 0.4 Australia 1,153,005 0.1 -------------- ----- Total $1,926,433,988 100.0% ============== =====
NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose 7 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. 8 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. INVESTMENT IN OFI LIQUID ASSETS FUND, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund's Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC ("LAF") is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. When applicable, the Fund's investment in LAF is 9 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. FOREIGN CURRENCY EXCHANGE CONTRACTS The Fund may enter into current and forward foreign currency exchange contracts for the purchase or sale of a foreign currency at a negotiated rate at a future date. Foreign currency exchange contracts are reported on a schedule following the Statement of Investments. These contracts will be valued daily based upon the closing prices of the currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports. During the period ended March 31, 2009, the Fund has purchased and sold foreign currency exchange contracts of different currencies in order to acquire currencies to pay for related foreign securities purchase transactions, or to convert foreign currencies to U.S. dollars from related foreign securities sale transactions. These foreign currency exchange contracts are negotiated at the current spot exchange rate with settlement typically within two business days thereafter. Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the gain or loss in the fair 10 | Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of March 31, 2009, the Fund had on loan securities valued at $36,021,360. Collateral of $38,608,544 was received for the loans, of which all was received in cash and subsequently invested in approved instruments. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2009 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 $2,509,725,919 Federal tax cost of other investments 667,738 -------------- Total federal tax cost $2,510,393,657 ============== Gross unrealized appreciation $ 152,809,511 Gross unrealized depreciation (736,021,802) -------------- Net unrealized depreciation $ (583,212,291) ==============
11 | Oppenheimer Global Securities Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value ------------------- ------------- ASSET-BACKED SECURITIES--0.3% Ameriquest Mortgage Securities, Inc., Home Equity Mtg. Obligations, Series 2005-R10, Cl. A2B, 0.742%, 12/25/35(1) $ 242,293 $ 192,121 Mastr Asset-Backed Securities Trust 2005-WF1, Mtg. Pass-Through Certificates, Series 2005-WF1, Cl. A2C, 0.762%, 6/25/35(1) 112,660 100,651 ------------- Total Asset-Backed Securities (Cost $351,988) 292,772 MORTGAGE-BACKED OBLIGATIONS--8.2% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2008-1, Cl. AJ, 6.208%, 1/1/18(1) 1,290,000 311,803 Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AJ, 5.398%, 12/1/49 1,110,000 238,328 CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment 311,268 128,311 Conduit Pass-Through Certificates: Series 2006-A5, Cl. 1A1, 0.922%, 10/25/36(1) Series 2006-A5, Cl. 1A13, 0.972%, 10/25/36(1) 162,708 55,117 CWALT Alternative Loan Trust 2005-18CB, Mtg. Pass-Through Certificates, Series 2005-18CB, Cl. A8, 5.50%, 5/25/36 280,000 181,567 CWALT Alternative Loan Trust 2005-85CB, . Pass-Through Certificates, Series 2005-85CB, Cl. 2A3, 5.50%, 2/25/36 210,000 153,412 CWALT Alternative Loan Trust 2005-J1, Mtg. Pass-Through Certificates, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 246,544 218,004 Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 2520, Cl. SE, 57.199%, 5/15/22(2) 262,340 21,446 Series 2527, Cl. SG, 52.018%, 2/15/32(2) 244,288 14,650 Series 2531, Cl. ST, 53.085%, 2/15/30(2) 283,214 17,318 Series 2574, Cl. IN, (13.882)%, 12/15/22(2) 1,382,535 123,338 Federal National Mortgage Assn., 5.50%, 11/1/33 88,185 91,926
1 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2002-7, Cl. SK, 53.208%, 1/25/32(2) 265,097 22,317 Trust 2002-77, Cl. BS, 42.476%, 12/18/32(2, 3) 413,473 44,041 Trust 2002-90, Cl. SN, 55.378%, 8/25/32(2) 357,717 37,059 Trust 2002-90, Cl. SY, 56.121%, 9/25/32(2, 3) 183,363 18,923 Trust 2003-14, Cl. OI, 7.975%, 3/25/33(2) 266,960 29,752 Trust 2003-23, Cl. ES, 78.514%, 10/25/22(2) 565,210 46,717 Trust 2003-52, Cl. NS, 67.354%, 6/25/23(2) 615,888 55,082 Trust 2003-89, Cl. XS, 51.13%, 11/25/32(2) 468,469 28,583 Trust 2005-86, Cl. AI, 0.185%, 10/1/35(2) 265,287 36,912 Trust 331, Cl. 18, 4.199%, 2/1/33(2) 751,959 83,705 Trust 334, Cl. 3, 4.407%, 7/1/33(2) 268,377 30,829 Trust 334, Cl. 4, 4.547%, 7/1/33(2) 422,019 48,472 Trust 339, Cl. 12, 9.477%, 7/1/33(2) 119,002 16,114 Trust 339, Cl. 17, 14.994%, 8/1/33(2) 1,181,736 181,590 Trust 339, Cl. 8, 6.366%, 8/1/33(2) 150,261 17,515 Trust 342, Cl. 2, (1.847)%, 9/1/33(2, 3) 79,812 10,326
Principal Amount Value ------------------- ------------- Trust 343, Cl. 13, 10.72%, 9/1/33(2) $ 97,163 $ 12,608 Trust 343, Cl. 18, 11.424%, 5/1/34(2, 3) 280,020 45,575 Trust 343, Cl. 20, 13.575%, 10/1/33(2) 1,105,861 169,094 Trust 351, Cl. 10, 9.127%, 4/1/34(2) 253,617 28,422 Trust 355, Cl. 6, 11.161%, 12/1/33(2) 226,037 25,829 Trust 355, Cl. 7, 8.839%, 11/1/33(2) 174,677 20,355 Trust 364, Cl. 16, 12.012%, 9/1/35(2) 124,918 18,126 First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 82,908 70,150 GMAC Mortgage Corp. Loan Trust, Mtg. Pass-Through Certificates, Series 2004-J4, Cl. A7, 5.50%, 9/25/34 190,000 152,767 GSR Mortgage Loan Trust 2005-4F, Mtg. Pass-Through Certificates, Series 2005-4F, Cl. 6A1, 6.50%, 2/25/35 200,285 188,478
2 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 3A1, 5.143%, 11/25/35(1) 1,267,212 845,413 JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2007-CB15, Cl. AJ, 5.502%, 6/1/47 430,000 100,399 Series 2008-C2, Cl. AJ, 6.579%, 2/1/51(1) 2,170,000 392,673 LB-UBS Commercial Mortgage Trust 2003-C5, Commercial Mtg. Pass-Through Certificates, Series 2003-C5, Cl. A2, 3.478%, 7/15/27 3,090 3,085 Mastr Asset Securitization Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 0.972%, 10/25/36(1) 3,849,266 2,455,934 Merrill Lynch Mortgage Investors Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 1A1, 5.807%, 9/1/37(1) 138,636 114,020 Merrill Lynch Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.657%, 5/1/39(1) 890,000 248,899 Morgan Stanley Mortgage Loan Trust 2006-AR, Mtg. Pass-Through Certificates, Series 2006-AR, Cl. 5A3, 5.416%, 6/25/36(1) 130,000 90,581 WaMu Mortgage Pass-Through Certificates 2006-AR14 Trust, Mtg. Pass-Through Certificates: Series 2006-AR14, Cl. 1A7, 5.609%, 11/1/36(1) 1,607,662 363,963 Series 2006-AR14, Cl. 2A4, 5.748%, 11/1/36(1, 4) 436,796 100,461 WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 6.123%, 8/25/36(1) 364,468 211,355 WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates: Series 2007-HY1, Cl. 1A2, 5.695%, 2/25/37(1, 4) 78,322 14,098 Series 2007-HY1, Cl. 2A4, 5.845%, 2/1/37(1) 717,576 288,983
3 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates, Series 2007-HY2, Cl. 1A2, 5.588%, 12/1/36(1, 4) 1,721,425 425,940 WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 2A2, 5.66%, 3/1/37(1) 203,741 51,582
Principal Amount Value ------------------- ------------- WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through $ 145,540 $ 83,497 Certificates, Series 2007-HY5, Cl. 2A3, 5.647%, 5/1/37(1) Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 4.372%, 9/1/34(1) 64,216 50,669 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 4A1, 5.557%, 7/25/36(1) 193,983 106,400 Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through 327,715 206,317 Certificates, Series 2006-AR12, Cl. 2A1, 6.097%, 9/25/36(1) ------------- Total Mortgage-Backed Obligations (Cost $18,441,857) 9,148,830 CORPORATE BONDS AND NOTES--63.9% CONSUMER DISCRETIONARY--23.3% AUTO COMPONENTS--1.2% Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 370,000 305,250 9% Sr. Unsec. Nts., 7/1/15 255,000 197,625 Lear Corp., 8.75% Sr. Unsec. Nts., Series B, 12/1/16 4,090,000 858,900 ------------- 1,361,775 AUTOMOBILES--2.7% Case New Holland, Inc., 7.125% Sr. Unsec. Nts., 3/1/14 2,040,000 1,509,600 Ford Motor Co.: 435,000 128,325 6.50% Sr. Unsec. Unsub. Nts., 8/1/18 7.45% Bonds, 7/16/31 1,935,000 624,038 Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 490,000 403,220 General Motors Corp., 8.375% Sr. Unsec. Debs., 7/15/33 2,475,000 309,375 ------------- 2,974,558 DIVERSIFIED CONSUMER SERVICES--0.2% Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15 285,000 252,225
4 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited HOTELS, RESTAURANTS & LEISURE--5.6% CCM Merger, Inc., 8% Unsec. Nts., 8/1/13(5) 1,015,000 421,225 Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13(5, 6, 7) 1,350,000 74,250 Harrah's Operating Co., Inc., 10.75% Sr. Unsec. Nts., 2/1/16 2,055,000 400,725 Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14 1,480,000 880,600 Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15(5) 1,770,000 309,750 MGM Mirage, Inc., 8.375% Sr. Unsec. Sub. Nts., 2/1/11 1,515,000 166,650 Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 810,000 352,350 8% Sr. Sub. Nts., 4/1/12 1,825,000 547,500 Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10 1,445,000 585,225 Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 885,000 778,800 Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14(5) 445,000 371,575 Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14(6) 3,660,000 201,300 Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15(6) 715,000 60,775
Principal Amount Value ------------------- ------------- HOTELS, RESTAURANTS & LEISURE CONTINUED Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 $ 1,450,000 $ 1,102,000 ------------- 6,252,725 HOUSEHOLD DURABLES--2.4% Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 970,000 960,300 Jarden Corp., 7.50% Sr. Unsec. Sub. Nts., 5/1/17 650,000 526,500 K. Hovnanian Enterprises, Inc.: 7.75% Sr. Unsec. Sub. Nts., 5/15/13 285,000 75,525 8.875% Sr. Sub. Nts., 4/1/12 825,000 292,875 Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 560,000 546,000 William Lyon Homes, Inc.: 7.50% Sr. Unsec. Nts., 2/15/14 220,000 38,500 10.75% Sr. Nts., 4/1/13 1,510,000 264,250 ------------- 2,703,950 LEISURE EQUIPMENT & PRODUCTS--0.4% Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13(4) 575,000 485,875
5 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited MEDIA--8.2% Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 485,000 181,875 AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14 245,000 202,125 American Media Operations, Inc.: 9% Sr. Unsec. Nts., 5/1/13(4) 1,735 868 14% Sr. Sub. Nts., 11/1/13(4) 496,507 248,254 CCH I LLC/CCH I Capital Corp., 11% Sr. Sec. Nts., 10/1/15(6) 1,455,000 163,688 Cinemark, Inc., 0%/9.75% Sr. Unsec. Nts., 3/15/14(8) 540,000 511,650 CSC Holdings, Inc., 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 690,000 688,275 EchoStar DBS Corp., 6.375% Sr. Unsec. Nts., 10/1/11 1,010,000 977,175 Idearc, Inc., 8% Sr. Unsec. Nts., 11/15/16(6) 3,045,000 95,156 Lamar Media Corp., 7.25% Sr. Unsec. Sub. Nts., 1/1/13 915,000 792,619 Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 1,160,000 609,000 Marquee Holdings, Inc., 9.505% Sr. Nts., 8/15/14(1) 580,000 408,900 MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14(4) 1,460,000 40,150 6.875% Sr. Unsec. Sub. Nts., 10/1/13(4) 2,510,000 69,025 NTL Cable plc, 9.125% Sr. Nts., 8/15/16 675,000 631,125 R.H. Donnelley Corp.: 6.875% Sr. Nts., 1/15/13 1,780,000 106,800 6.875% Sr. Nts., Series A-2, 1/15/13 1,960,000 117,600 Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 430,000 137,600 Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12(5) 275,000 276,375 Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 1,640,000 897,900 Videotron Ltee: 9.125% Sr. Nts., 4/15/18(5) 625,000 638,281 9.125% Sr. Nts., 4/15/18(5) 35,000 35,744 Virgin Media Finance plc, 8.75% Sr. Unsec. Nts., 4/15/14 425,000 403,750 Warner Music Group Corp., 7.375% Sr. Sub. Bonds, 4/15/14(4) 455,000 315,088 WMG Holdings Corp., 0%/9.50% Sr. Nts., 12/15/14(8) 1,425,000 520,125 ------------- 9,069,148
6 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value ------------------- ------------- SPECIALTY RETAIL--1.9% Claire's Stores, Inc., 10.50% Sr. Unsec. Sub. Nts., 6/1/17 $ 3,220,000 $ 853,300 GameStop Corp., 8% Sr. Unsec. Nts., 10/1/12 475,000 482,125 Sally Holdings LLC: 9.25% Sr. Unsec. Nts., 11/15/14 450,000 428,625 10.50% Sr. Unsec. Sub. Nts., 11/15/16 330,000 290,400 ------------- 2,054,450 TEXTILES, APPAREL & LUXURY GOODS--0.7% Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 895,000 774,175 CONSUMER STAPLES--4.7% BEVERAGES--0.2% Constellation Brands, Inc., 8.125% Sr. Sub. Nts., 1/15/12(4) 245,000 246,225 FOOD & STAPLES RETAILING--1.8% Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 1,160,000 954,100 Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 1,010,000 1,077,193 Real Time Data Co., 11% Nts., 5/31/09(4, 6, 7, 9) 476,601 -- ------------- 2,031,293 FOOD PRODUCTS--2.2% Dean Foods Co., 7% Sr. Unsec. Unsub. Nts., 6/1/16 570,000 544,350 Dole Food Co., Inc., 8.875% Sr. Unsec. Nts., 3/15/11 176,000 150,920 Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 10.625% Sr. Sub. Nts., 4/1/17 2,015,000 1,420,575 Smithfield Foods, Inc., 7% Sr. Nts., 8/1/11 360,000 279,000 ------------- 2,394,845 PERSONAL PRODUCTS--0.5% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 730,000 521,950 ENERGY--5.9% ENERGY EQUIPMENT & SERVICES--1.2% Helix Energy Solutions Group, Inc., 9.50% Sr. Unsec. Nts., 1/15/16(5) 1,395,000 830,025 Key Energy Services, Inc., 8.375% Sr. Unsec. Nts., 12/1/14 815,000 517,525 ------------- 1,347,550 OIL, GAS & CONSUMABLE FUELS--4.7% Atlas Energy Resources LLC, 10.75% Sr. Nts., 2/1/18(5) 1,010,000 742,350
7 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 555,000 319,125 Berry Petroleum Co., 8.25% Sr. Sub. Nts., 11/1/16 470,000 260,850 Denbury Resources, Inc., 7.50% Sr. Sub. Nts., 12/15/15 895,000 783,125 Enterprise Products Operating LLP, 8.375% Jr. Sub. Nts., 8/1/66(1) 2,415,000 1,619,992 Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 625,000 566,902 Massey Energy Co., 6.875% Sr. Unsec. Nts., 12/15/13 235,000 205,625 Quicksilver Resources, Inc.: 965,000 463,200 7.125% Sr. Sub. Nts., 4/1/16 8.25% Sr. Unsec. Nts., 8/1/15 335,000 217,750 ------------- 5,178,919 FINANCIALS--4.4% CAPITAL MARKETS--1.0% Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14 1,085,000 613,025
Principal Amount Value ------------------- ------------- CAPITAL MARKETS CONTINUED Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 $ 559,000 $ 331,060 Lehman Brothers Holdings, Inc., 7.50% Sub. Nts., 5/11/38(6, 10) 5,341,000 534 Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16 650,000 195,000 ------------- 1,139,619 COMMERCIAL BANKS--1.3% Barclays Bank plc, 6.278% Perpetual Bonds(4, 10) 1,630,000 557,672 HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35(1) 3,600,000 721,332 Lloyds Banking Group plc, 6.413% Perpetual Bonds(5) 900,000 207,187 ------------- 1,486,191 CONSUMER FINANCE--0.8% SLM Corp., 4.50% Nts., Series A, 7/26/10 1,195,000 896,561 DIVERSIFIED FINANCIAL SERVICES--1.0% AAC Group Holding Corp., 0%/10.25% Sr. Unsec. Nts., 10/1/12(8) 200,000 114,000 GMAC LLC, 8% Sr. Unsec. Unsub. Nts., 11/1/31 1,925,000 928,562 ------------- 1,042,562 INSURANCE--0.3% Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23(5) 210,000 181,059
8 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Prudential Insurance Co. of America, 8.30% Nts., 7/1/25(5) 160,000 136,277 ------------- 317,336 HEALTH CARE--6.0% HEALTH CARE EQUIPMENT & SUPPLIES--0.9% Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/15(1) 1,320,000 534,600 Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/15(9) 500,000 447,500 ------------- 982,100 HEALTH CARE PROVIDERS & SERVICES--4.6% Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/15(9) 1,470,000 360,150 Community Health Systems, Inc., 8.875% Sr. Unsec. Nts., 7/15/15 540,000 513,000 DaVita, Inc., 6.625% Sr. Unsec. Nts., 3/15/13 610,000 594,750 Fresenius Medical Care Capital Trust IV, 7.875% Sr. Sub. Nts., 6/15/11 265,000 269,638 HCA, Inc., 6.375% Nts., 1/15/15 1,145,000 755,700 HEALTHSOUTH Corp., 10.75% Sr. Unsec. Nts., 6/15/16 535,000 526,975 Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15(4) 915,000 597,038 US Oncology Holdings, Inc., 6.904% Sr. Unsec. Nts., 3/15/12(1, 9) 704,979 426,512 US Oncology, Inc., 9% Sr. Unsec. Nts., 8/15/12 405,000 394,875 Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Nts., 10/1/15(8) 785,000 655,475 ------------- 5,094,113 PHARMACEUTICALS--0.5% DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14 740,000 553,150 INDUSTRIALS--5.1% AEROSPACE & DEFENSE--1.5% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 235,000 224,425
Principal Amount Value ------------------- ------------- AEROSPACE & DEFENSE CONTINUED BE Aerospace, Inc., 8.50% Sr. Unsec. Nts., 7/1/18 $ 305,000 $ 255,056 Bombardier, Inc., 6.30% Sr. Unsec. Unsub. Nts., 5/1/14(5) 250,000 177,500 L-3 Communications Corp., 5.875% Sr. Sub. Nts., 1/15/15 1,060,000 988,450 ------------- 1,645,431
9 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited BUILDING PRODUCTS--0.1% Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 890,000 93,450 COMMERCIAL SERVICES & SUPPLIES--1.4% Allied Waste North America, Inc., 7.375% Sr. Sec. Nts., Series B, 4/15/14 1,095,000 1,038,579 American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/05(4, 6, 7) 200,000 -- Iron Mountain, Inc., 8.625% Sr. Unsec. Sub. Nts., 4/1/13 475,000 477,375 -------------- 1,515,954 ELECTRICAL EQUIPMENT--0.1% Baldor Electric Co., 8.625% Sr. Nts., 2/15/17 110,000 87,725 ROAD & RAIL--1.3% Avis Budget Car Rental LLC, 7.625% Sr. Unsec. Unsub. Nts., 5/15/14 2,560,000 652,800 Hertz Corp., 10.50% Sr. Unsec. Sub. Nts., 1/1/16 1,940,000 853,600 -------------- 1,506,400 TRADING COMPANIES & DISTRIBUTORS--0.7% United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 1,490,000 759,900 INFORMATION TECHNOLOGY--0.2% COMMUNICATIONS EQUIPMENT--0.0% Orion Network Systems, Inc., 12.50% Sr. Unsub. Nts., 1/15/07(4, 6, 7) 1,150,000 12 ELECTRONIC EQUIPMENT & INSTRUMENTS--0.2% RBS Global & Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16 420,000 258,300 INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09(4, 6, 7) 844,866 EUR -- NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10(4, 6, 7) 240,208 -- ------------- -- MATERIALS--4.9% CHEMICALS--0.7% Momentive Performance Materials, Inc., 11.50% Sr. Unsec. Sub. Nts., 12/1/16 2,645,000 509,163 Nalco Co., 7.75% Sr. Unsec. Nts., 11/15/11 365,000 361,350 ------------- 870,513 CONSTRUCTION MATERIALS--0.1% NTK Holdings, Inc., 0%/10.75% Sr. Unsec. Nts., 3/1/14(8) 1,200,000 78,000 CONTAINERS & PACKAGING--2.0% Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15 810,000 818,100
10 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Graham Packaging Co., Inc., 9.875% Sr. Unsec. Sub. Nts., 10/15/14 950,000 617,500 Graphic Packaging International Corp., 8.50% Sr. Nts., 8/15/11 890,000 774,300 ------------- 2,209,900
Principal Amount Value ------------------- ------------- METALS & MINING--1.6% Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17 $ 1,400,000 $ 1,310,847 Steel Dynamics, Inc., 7.375% Sr. Unsec. Unsub. Nts., 11/1/12 610,000 478,850 ------------- 1,789,697 PAPER & FOREST PRODUCTS--0.5% NewPage Corp., 10% Sr. Sec. Nts., 5/1/12 1,555,000 548,138 TELECOMMUNICATION SERVICES--6.3% DIVERSIFIED TELECOMMUNICATION SERVICES--3.5% Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 1,365,000 1,243,856 FairPoint Communications, Inc., 13.125% Sr. Nts., 4/1/18 1,505,000 293,475 Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12 1,225,000 1,215,813 Teligent, Inc., 11.50% Sr. Nts., 12/1/08(4,6,7) 400,000 -- Windstream Corp.: 670,000 663,300 8.125% Sr. Unsec. Unsub. Nts., 8/1/13 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 435,000 429,563 Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10(4,6,7) 1,000,000 -- ------------- 3,846,007 WIRELESS TELECOMMUNICATION SERVICES--2.8% American Tower Corp., 7.50% Sr. Nts., 5/1/12 480,000 484,800 Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 1,590,000 850,650 Sprint Capital Corp., 8.75% Nts., 3/15/32 2,725,000 1,839,375 ------------- 3,174,825 UTILITIES--3.1% ELECTRIC UTILITIES--1.6% Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17 920,000 676,200 Energy Future Holdings Corp., 10.875% Sr. Unsec. Nts., 11/1/17 885,000 575,250 Texas Competitive Electric Holdings Co. LLC, 10.25% Sr. Unsec. Nts., Series 990,000 499,950 A, 11/1/15 ------------- 1,751,400
11 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited ENERGY TRADERS--1.5% AES Corp. (The), 8.75% Sr. Sec. Nts., 5/15/13(5) 265,000 262,350 Mirant North America LLC, 7.375% Sr. Unsec. Nts., 12/31/13 430,000 391,300 NRG Energy, Inc.: 440,000 410,300 7.375% Sr. Nts., 1/15/17 7.375% Sr. Nts., 2/1/16 565,000 526,863 Reliant Energy, Inc., 7.625% Sr. Unsec. Unsub. Nts., 6/15/14 110,000 89,645 ------------- 1,680,458 ------------- Total Corporate Bonds and Notes (Cost $128,628,798) 70,977,405
Shares --------------- PREFERRED STOCKS--0.2% AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg.(4, 7, 9) 13,764 -- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg.(4, 7) 8,000 -- ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg.(4, 7, 9) 342 --
Shares Value ------------------- ------------- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A(4) 375 $ 230,156 ------------- Total Preferred Stocks (Cost $1,421,967) 230,156 COMMON STOCKS--0.0% American Media, Inc.(4, 7) 9,424 9,424 Global Aero Logistics, Inc.(4, 7) 4,647 4,647 ------------- Total Common Stocks (Cost $260,031) 14,071
Units ------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Global Aero Logistics, Inc. Wts., Strike Price $10, Exp. 2/28/11 (4, 7) (Cost $4,339) 570 6
Shares ------------------- INVESTMENT COMPANY--29.5% Oppenheimer Institutional Money Market Fund, Cl. E, 0.80%(11,12) (Cost $32,754,503) 32,754,503 32,754,503
12 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Total Investments, at Value (Cost $181,863,483) 102.1% 113,417,743 Liabilities in Excess of Other Assets (2.1) (2,344,937) --------------- ------------- Net Assets 100.0% $ 111,072,806 =============== =============
Footnotes to Statement of Investments Principal amount is reported in U.S. Dollars, except for those denoted in the following currency: EUR Euro (1.) Represents the current interest rate for a variable or increasing rate security. (2.) Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $1,204,698 or 1.08% of the Fund's net assets as of March 31, 2009. (3.) All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $118,865. See accompanying Notes. (4.) Illiquid security. The aggregate value of illiquid securities as of March 31, 2009 was $3,344,939, which represents 3.01% of the Fund's net assets. See accompanying Notes. (5.) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $4,663,948 or 4.20% of the Fund's net assets as of March 31, 2009. (6.) Issue is in default. See accompanying Notes. (7.) Non-income producing security. (8.) Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. (9.) Interest or dividend is paid-in-kind, when applicable. (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.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2009, 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, 2008 ADDITIONS REDUCTIONS 2009 ------------ ---------- ----------- ---------- Oppenheimer Institutional Money Market Fund, Cl. E 76,839,590 83,437,766 127,522,853 32,754,503
VALUE INCOME ----------- -------- Oppenheimer Institutional Money Market Fund, Cl. E $32,754,503 $205,360
13 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of March 31, 2009:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* --------------------- -------------- --------------- Level 1--Quoted Prices $ 32,754,503 $ 1,027 Level 2--Other Significant Observable Inputs 80,644,489 (3,171,572) Level 3--Significant Unobservable Inputs 18,751 -- ------------ ------------ Total $113,417,743 $ (3,170,545) ============ ============
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. FUTURES CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) -------------------- -------- --------- ---------- ---------- -------------- U.S. Treasury Long Bonds Buy 8 6/19/09 $1,037,625 $ 4,444 U.S. Treasury Nts., 2 yr Sell 45 6/30/09 9,805,078 (38,899)
14 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited U.S. Treasury Nts., 10 yr Buy 29 6/19/09 3,598,266 43,928 -------- $ 9,473 ========
15 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited CREDIT DEFAULT SWAP CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
PAY/ BUY/SELL NOTIONAL RECEIVE SWAP CREDIT AMOUNT FIXED TERMINATION REFERENCE ENTITY COUNTERPARTY PROTECTION (000'S) RATE DATE VALUE ---------------- ------------ ---------- -------- ------- ----------- ----------- Capmark Financial Group, Inc.: Citibank NA, New York Sell $1,485 9.700% 12/20/12 $(1,194,817) Citibank NA, New York Sell 1,840 7.125 12/20/12 (1,480,447) ------ ----------- Total 3,325 (2,675,264) ----------- Grand Total Buys -- Grand Total Sells (2,675,264) ----------- Total Credit Default Swaps $(2,675,264) ===========
The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:
TOTAL MAXIMUM POTENTIAL PAYMENTS FOR TYPE OF REFERENCE ASSET ON WHICH SELLING CREDIT PROTECTION REFERENCE ASSET RATING THE FUND SOLD PROTECTION (UNDISCOUNTED) AMOUNT RECOVERABLE* RANGE** -------------------------------- ------------------------- ------------------- ---------------------- Non-Investment Grade Single Name Corporate Debt $3,325,000 $-- D
* The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event. ** The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor's rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund. INTEREST RATE SWAP CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND RECEIVED BY THE FUND DATE VALUE ----------------- -------- -------- -------------------- ----------- --------- USD BBA LIBOR Credit Suisse International $3,710 4.353% Three-Month USD BBA LIBOR 10/21/16 $(496,308) --------- Total Interest Rate Swap $(496,308) =========
16 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Abbreviation/Definition is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate SWAP SUMMARY AS OF MARCH 31, 2009 IS AS FOLLOWS: 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.
NOTIONAL SWAP TYPE FROM AMOUNT SWAP COUNTERPARTY FUND PERSPECTIVE (000'S) VALUE ----------------- ---------------- -------- ----------- Citibank NA, New York Credit Default Sell Protection $3,325 $(2,675,264) Credit Suisse International Interest Rate 3,710 (496,308) ----------- Total Swaps $(3,171,572) ===========
NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing 17 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. 18 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of March 31, 2009, securities with an aggregate market value of $595,715, representing 0.54% of the Fund's net assets, were in default. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an 19 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited 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 affecting a similar response to market factors. MARKET RISK FACTORS In pursuit of its investment objectives, the Fund may seek to use derivatives to increase or decrease its exposure to the following market risk factors: 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. 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. FOREIGN EXCHANGE RATE RISK Foreign exchange rate risk relates to the change in 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. EQUITY RISK 20 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. 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, 2009, all of the Fund's derivative positions are in an unrealized depreciation position and therefore not currently subject to loss if the counterparties to its derivative transactions failed to perform. If the Fund's derivative positions were in an unrealized appreciation position, the Fund would be subject to counterparty credit risk. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund's ISDA master agreements, which allow the Fund to net unrealized appreciation and depreciation for positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. CREDIT RELATED CONTINGENT FEATURES The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment 21 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited 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. ("ISDA") master agreements which govern positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. As of March 31, 2009, the total value of derivative positions with credit related contingent features in a net liability position was $3,171,572. If a contingent feature would have been triggered as of March 31, 2009, the Fund could have been required to pay this amount in cash to its counterparties. The Fund did not hold or post collateral for its derivative transactions. 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. Futures contracts are exposed to the market risk factor of the specific underlying financial instrument. 22 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited During the period ended March 31, 2009, the Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk. In addition, the Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk. During the period ended March 31, 2009, the Fund has purchased futures contracts on various equity indexes to increase exposure to equity risk. In addition, the Fund has sold futures contracts on various equity indexes to decrease exposure to equity risk. Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. SWAP CONTRACTS The Fund may enter into privately negotiated agreements with a counterparty to exchange or "swap" payments at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. As derivative contracts, swaps typically do not have an associated cost at contract inception. At initiation, contract terms are typically set at market value such that the value of the swap is $0. If a counterparty specifies terms that would result in the contract having a value other than $0 at initiation, one counterparty will pay the other an upfront payment to equalize the contract. Subsequent changes in market value are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. Contract types may include credit default, interest rate, total return, and currency swaps. Swaps are marked to market daily using quotations primarily from pricing services, counterparties or brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets in the annual and semiannual reports. The unrealized appreciation (depreciation) is comprised of the change in the valuation of the swap combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. Any payment received or paid to initiate a contract is recorded as a cost of the swap in the Statement of Assets and Liabilities in the annual and semiannual reports and as a component of unrealized gain or loss on the Statement of Operations in the annual and semiannual reports until contract termination; upon contract termination, this amount is recorded as realized gain or loss on the Statement of Operations in the annual and semiannual reports. Excluding amounts paid at contract initiation as described above, the Fund also records any periodic payments received from (paid to) the counterparty, including at 23 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited termination, 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 attractive 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. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. Liquidity risk is the risk that the Fund may be unable to close the contract prior to its termination. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer's failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security or a basket of securities (the "reference asset"). The buyer of protection pays a periodic fee 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 24 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited 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 gain 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. The Fund has also engaged in pairs trades by purchasing protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer. The intent of a pairs trade is to realize gains from the pricing differences of the two issuers who are expected to have similar market risks. Pairs trades attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. In addition, the Fund has engaged in spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curve trades attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads. 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. The Fund has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. Typically, if relative interest rates rise, payments received by the Fund under the swap agreement will be greater than the payments made by the Fund. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. 25 | Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited 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 instruments. 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 to increase exposure to the credit risk of various indexes or basket of securities. These credit risk related total return swaps require the fund to pay, or receive payments, to, or from, the counterparty based on the movement of credit spreads of the related indexes. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. As of March 31, 2009, the Fund had no outstanding total return swap agreements. ILLIQUID SECURITIES As of March 31, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2009 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 $182,640,476 Federal tax cost of other investments (5,178,661) ------------ Total federal tax cost $177,461,815 ============ Gross unrealized appreciation $ 489,321 Gross unrealized depreciation (72,874,153) ------------ Net unrealized depreciation $(72,384,832) ============
26 | Oppenheimer High Income Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- COMMON STOCKS--98.9% CONSUMER DISCRETIONARY--8.7% AUTO COMPONENTS--0.4% Autoliv, Inc. 49,900 $ 926,643 BorgWarner, Inc.(1) 42,700 866,810 Exide Technologies(2) 5,300 15,900 Federal-Mogul Corp.(2) 500 3,340 Gentex Corp. 52,900 526,884 Goodyear Tire & Rubber Co. (The)(1, 2) 53,673 335,993 Johnson Controls, Inc. 132,500 1,590,000 Lear Corp.(2) 3,700 2,775 TRW Automotive Holdings Corp.(2) 95,500 307,510 WABCO Holdings, Inc. 59,900 737,369 --------------- 5,313,224 --------------- AUTOMOBILES--0.1% Thor Industries, Inc. 43,700 682,594 --------------- DIVERSIFIED CONSUMER SERVICES--0.2% Brink's Home Security Holdings, Inc.(2) 11,200 253,120 Career Education Corp.(1, 2) 41,531 995,083 Corinthian Colleges, Inc.(1, 2) 21,530 418,759 Hillenbrand, Inc. 410 6,564 Regis Corp. 14,000 202,300 Service Corp. International 67,200 234,528 --------------- 2,110,354 --------------- HOTELS, RESTAURANTS & LEISURE--0.9% Ameristar Casinos, Inc.(1) 8,800 110,704 Bally Technologies, Inc.(2) 8,000 147,360 Bob Evans Farms, Inc. 23,900 535,838 Boyd Gaming Corp.(1) 90,600 337,938 Brinker International, Inc.(1) 69,500 1,049,450 Carnival Corp. 91,600 1,978,560 CEC Entertainment, Inc.(2) 31,300 810,044 Chipotle Mexican Grill, Inc., Cl. B(2) 619 35,475 International Game Technology 11,400 105,108 International Speedway Corp., Cl. A 7,400 163,244 Interval Leisure Group, Inc.(2) 14,240 75,472 Jack in the Box, Inc.(2) 9,900 230,571 Life Time Fitness, Inc.(2) 15,900 199,704 McDonald's Corp. 65,049 3,549,724 Papa John's International, Inc.(1, 2) 6,000 137,220 Royal Caribbean Cruises Ltd.(1) 37,900 303,579 Sonic Corp.(2) 20,100 201,402 Speedway Motorsports, Inc. 12,700 150,114 Vail Resorts, Inc.(1, 2) 20,200 412,686 WMS Industries, Inc.(1, 2) 35,900 750,669
1 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- HOTELS, RESTAURANTS & LEISURE CONTINUED Wyndham Worldwide Corp. 105,300 $ 442,260 --------------- 11,727,122 --------------- HOUSEHOLD DURABLES--0.4% American Greetings Corp., Cl. A(1) 35,677 180,526 Centex Corp. 44,000 330,000 Harman International Industries, Inc. 52,100 704,913 Jarden Corp.(2) 8,500 107,695 KB Home(1) 20,400 268,872 Lennar Corp., Cl. A(1) 66,500 499,415 Meritage Homes Corp.(1, 2) 10,600 121,052 Ryland Group, Inc. (The)(1) 27,900 464,814 Snap-On, Inc.(1) 24,900 624,990 Stanley Works (The) 24,364 709,480 Tempur-Pedic International, Inc.(1) 46,500 339,450 Whirlpool Corp.(1) 3,600 106,524 --------------- 4,457,731 --------------- INTERNET & CATALOG RETAIL--0.3% Expedia, Inc.(1, 2) 111,600 1,013,328 HSN, Inc.(2) 16,840 86,558 Liberty Media Corp.-Interactive, Series A(2) 195,611 567,272 NetFlix.com, Inc.(1, 2) 28,500 1,223,220 Priceline.com, Inc.(1, 2) 16,615 1,308,930 Ticketmaster Entertainment, Inc.(2) 16,840 62,140 --------------- 4,261,448 --------------- LEISURE EQUIPMENT & PRODUCTS--0.1% Brunswick Corp.(1) 94,900 327,405 Callaway Golf Co. 67,100 481,778 Eastman Kodak Co.(1) 21,406 81,343 Polaris Industries, Inc.(1) 13,100 280,864 --------------- 1,171,390 --------------- MEDIA--3.1% Cablevision Systems Corp. New York Group, Cl. A 56,680 733,439 CBS Corp., Cl. B(1) 479,600 1,841,664 Central European Media Enterprises Ltd., Cl. A(1, 2) 4,000 45,840 Clear Channel Outdoor Holdings, Inc., Cl. A(1, 2) 32,200 118,174 Comcast Corp., Cl. A 44,200 602,888 Cox Radio, Inc., Cl. A(1, 2) 18,096 74,194 DirecTV Group, Inc. (The)(1, 2) 160,291 3,653,032 Dish Network Corp., Cl. A(2) 99,461 1,105,012 DreamWorks Animation SKG, Inc., Cl. A(2) 21,600 467,424 Gannett Co., Inc.(1) 81,893 180,165 Harte-Hanks, Inc. 13,200 70,620 Hearst-Argyle Television, Inc. 200 832 Lamar Advertising Co., Cl. A(1, 2) 20,200 196,950
2 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- MEDIA CONTINUED Liberty Media Corp.-Entertainment, Series A(2) 52,870 $ 1,054,757 Liberty Media Holding Corp.-Capital, Series A(2) 17,100 119,358 McGraw-Hill Cos., Inc. (The) 100,500 2,298,435 Meredith Corp.(1) 52,700 876,928 News Corp., Inc., Cl. A 670,669 4,439,829 Scholastic Corp. 24,800 373,736 Time Warner Cable, Inc.(1) 137,614 3,412,827 Time Warner, Inc. 484,900 9,358,570 Viacom, Inc., Cl. B(2) 87,590 1,522,314 Walt Disney Co. (The) 340,421 6,182,045 Warner Music Group Corp.(2) 16,600 39,010 --------------- 38,768,043 --------------- MULTILINE RETAIL--0.3% Big Lots, Inc.(2) 15,700 326,246 Dillard's, Inc., Cl. A(1) 94,200 536,940 Kohl's Corp.(2) 47,489 2,009,734 Nordstrom, Inc.(1) 52,951 886,929 --------------- 3,759,849 --------------- SPECIALTY RETAIL--2.3% Aaron Rents, Inc.(1) 14,421 384,464 Abercrombie & Fitch Co., Cl. A(1) 45,415 1,080,877 Aeropostale, Inc.(2) 61,600 1,636,096 American Eagle Outfitters, Inc. 88,452 1,082,652 AnnTaylor Stores Corp.(2) 107,400 558,480 AutoNation, Inc.(2) 91,100 1,264,468 Barnes & Noble, Inc.(1) 48,700 1,041,206 bebe stores, inc. 15,600 104,052 Best Buy Co., Inc. 66,792 2,535,424 Buckle, Inc. (The)(1) 28,500 910,005 Chico's FAS, Inc.(2) 7,600 40,812 Children's Place Retail Stores, Inc.(1, 2) 42,500 930,325 Dress Barn, Inc. (The)(1, 2) 60,700 746,003 Foot Locker, Inc. 71,000 744,080 Gap, Inc. (The) 434,700 5,646,753 Guess?, Inc. 29,930 630,924 Gymboree Corp.(2) 13,200 281,820 Home Depot, Inc. (The)(1) 71,047 1,673,867 Limited Brands, Inc. 111,811 972,756 Lowe's Cos., Inc. 54,136 987,982 Men's Wearhouse, Inc. (The)(1) 49,400 747,916 Office Depot, Inc.(2) 194,600 254,926 OfficeMax, Inc. 11,300 35,256 Penske Automotive Group, Inc.(1) 34,600 322,818 RadioShack Corp. 52,800 452,496 Rent-A-Center, Inc.(2) 45,900 889,083
3 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- SPECIALTY RETAIL CONTINUED Ross Stores, Inc. 12,524 $ 449,361 Sally Beauty Holdings, Inc.(1, 2) 61,800 351,024 Signet Jewelers Ltd. 906 10,374 Talbots, Inc. (The)(1) 35,700 125,307 Tractor Supply Co.(1, 2) 19,500 703,170 Urban Outfitters, Inc.(2) 16,639 272,380 Williams-Sonoma, Inc.(1) 112,900 1,138,032 Zale Corp.(2) 39,140 76,323 --------------- 29,081,512 --------------- TEXTILES, APPAREL & LUXURY GOODS--0.6% Carter's, Inc.(2) 27,217 511,952 Coach, Inc.(1, 2) 76,935 1,284,815 Fossil, Inc.(2) 38,200 599,740 Jones Apparel Group, Inc. 81,100 342,242 Liz Claiborne, Inc. 155,200 383,344 Nike, Inc., Cl. B 9,400 440,766 Phillips/Van Heusen Corp. 40,502 918,585 Polo Ralph Lauren Corp., Cl. A 18,015 761,134 Quicksilver, Inc.(2) 66,300 84,864 Skechers USA, Inc., Cl. A(2) 19,206 128,104 Timberland Co., Cl. A(2) 46,900 559,986 UniFirst Corp. 4,100 114,144 Warnaco Group, Inc. (The)(2) 62,100 1,490,400 Wolverine World Wide, Inc. 9,600 149,568 --------------- 7,769,644 --------------- CONSUMER STAPLES--6.0% BEVERAGES--1.3% Coca-Cola Co. (The) 219,710 9,656,255 PepsiCo, Inc. 132,473 6,819,710 --------------- 16,475,965 --------------- FOOD & STAPLES RETAILING--2.2% Casey's General Stores, Inc. 22,110 589,453 CVS Caremark Corp. 81,075 2,228,752 Kroger Co. (The) 151,800 3,221,196 Safeway, Inc. 388,700 7,847,853 SUPERVALU, Inc. 27,000 385,560 Sysco Corp. 42,300 964,440 Wal-Mart Stores, Inc. 233,166 12,147,949 Weis Markets, Inc. 2,300 71,392 Winn-Dixie Stores, Inc.(2) 4,006 38,297 --------------- 27,494,892 --------------- FOOD PRODUCTS--0.2% Bunge Ltd. 4,500 254,925 Darling International, Inc.(2) 15,600 57,876 Del Monte Foods Co. 23,400 170,586 Fresh Del Monte Produce, Inc.(2) 410 6,732
4 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- FOOD PRODUCTS CONTINUED Kraft Foods, Inc., Cl. A 59,400 $ 1,324,026 --------------- 1,814,145 --------------- HOUSEHOLD PRODUCTS--1.4% Kimberly-Clark Corp. 9,800 451,878 Procter & Gamble Co. (The) 362,099 17,051,242 --------------- 17,503,120 --------------- PERSONAL PRODUCTS--0.1% Herbalife Ltd. 51,000 763,980 NBTY, Inc.(2) 200 2,816 Nu Skin Asia Pacific, Inc., Cl. A 16,100 168,889 --------------- 935,685 --------------- TOBACCO--0.8% Altria Group, Inc. 88,611 1,419,548 Philip Morris International, Inc. 243,721 8,671,593 Universal Corp. 1,500 44,880 --------------- 10,136,021 --------------- ENERGY--20.0% ENERGY EQUIPMENT & SERVICES--3.4% Baker Hughes, Inc. 172,600 4,927,730 Basic Energy Services, Inc.(2) 15,000 97,050 Complete Production Services, Inc.(2) 71,200 219,296 Diamond Offshore Drilling, Inc.(1) 29,053 1,826,272 Dresser-Rand Group, Inc.(2) 48,860 1,079,806 Dril-Quip, Inc.(2) 12,400 380,680 ENSCO International, Inc. 34,206 903,038 Exterran Holdings, Inc.(1, 2) 22,400 358,848 Gulfmark Offshore, Inc.(2) 10,300 245,758 Halliburton Co. 268,889 4,159,713 Helix Energy Solutions Group, Inc.(2) 47,049 241,832 Helmerich & Payne, Inc.(1) 26,200 596,574 Hercules Offshore, Inc.(2) 3,800 6,004 ION Geophysical Corp.(2) 3,600 5,616 Key Energy Services, Inc.(2) 130,400 375,552 Nabors Industries Ltd.(1, 2) 63,300 632,367 National Oilwell Varco, Inc.(2) 147,001 4,220,399 Noble Corp. 261,000 6,287,490 Oceaneering International, Inc.(2) 23,515 866,998 Oil States International, Inc.(2) 55,045 738,704 Parker Drilling Co.(2) 68,500 126,040 Precision Drilling Trust 6,799 18,221 Pride International, Inc.(2) 41,515 746,440 Schlumberger Ltd.(1) 130,797 5,312,974 Seacor Holdings, Inc.(1, 2) 12,300 717,213 Superior Energy Services, Inc.(2) 50,200 647,078 Tetra Technologies, Inc.(2) 10,400 33,800
5 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- ENERGY EQUIPMENT & SERVICES CONTINUED Tidewater, Inc.(1) 19,815 $ 735,731 Transocean Ltd.(2) 68,211 4,013,535 Unit Corp.(2) 34,755 727,075 Weatherford International Ltd.(2) 149,010 1,649,541 --------------- 42,897,375 --------------- OIL, GAS & CONSUMABLE FUELS--16.6% Anadarko Petroleum Corp.(1) 322,200 12,530,358 Apache Corp. 196,218 12,575,612 Arena Resources, Inc.(2) 7,700 196,196 Berry Petroleum Co., Cl. A(1) 21,300 233,448 Bill Barrett Corp.(1, 2) 20,300 451,472 BPZ Resources, Inc.(1, 2) 2,100 7,770 Chesapeake Energy Corp. 113,540 1,936,992 Chevron Corp. 468,229 31,483,718 Cimarex Energy Co.(1) 28,400 521,992 ConocoPhillips 487,383 19,085,918 Contango Oil & Gas Co.(1, 2) 900 35,280 CVR Energy, Inc.(2) 13,600 75,344 Denbury Resources, Inc.(1, 2) 64,410 957,133 Devon Energy Corp. 82,267 3,676,512 Encore Acquisition Co.(2) 23,700 551,499 Exxon Mobil Corp. 858,385 58,456,019 Foundation Coal Holdings, Inc. 15,100 216,685 Frontier Oil Corp. 73,200 936,228 Frontline Ltd.(1) 20,532 357,051 Hess Corp. 131,378 7,120,688 Holly Corp.(1) 18,700 396,440 International Coal Group, Inc.(1, 2) 6,200 9,982 Marathon Oil Corp. 324,200 8,523,218 Mariner Energy, Inc.(2) 44,200 342,550 Massey Energy Co. 47,800 483,736 McMoRan Exploration Co.(1, 2) 7,000 32,900 Murphy Oil Corp. 155,000 6,939,350 Noble Energy, Inc. 102,300 5,511,924 Occidental Petroleum Corp. 345,900 19,249,335 Overseas Shipholding Group, Inc. 25,600 580,352 Plains Exploration & Production Co.(2) 39,500 680,585 Rosetta Resources, Inc.(2) 30,000 148,500 St. Mary Land & Exploration Co. 9,900 130,977 Stone Energy Corp.(2) 57,145 190,293 Swift Energy Co.(2) 18,000 131,400 Tesoro Corp.(1) 58,600 789,342 Valero Energy Corp. 464,000 8,305,600 W&T Offshore, Inc.(1) 38,100 234,315
6 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- OIL, GAS & CONSUMABLE FUELS CONTINUED XTO Energy, Inc. 106,782 $ 3,269,665 --------------- 207,356,379 --------------- FINANCIALS--7.1% CAPITAL MARKETS--1.7% Affiliated Managers Group, Inc.(2) 5,500 229,405 Ameriprise Financial, Inc. 46,226 947,171 BlackRock, Inc.(1) 15,215 1,978,559 Cohen & Steers, Inc. 800 8,928 Eaton Vance Corp. 6,400 146,240 Franklin Resources, Inc. 62,505 3,367,144 GAMCO Investors, Inc., Cl. A(1) 3,300 107,745 Goldman Sachs Group, Inc. (The) 55,420 5,875,628 Greenhill & Co., Inc. 5,100 376,635 Investment Technology Group, Inc.(2) 11,300 288,376 Janus Capital Group, Inc. 79,700 530,005 Jefferies Group, Inc.(1) 15,424 212,851 Knight Capital Group, Inc., Cl. A(2) 45,800 675,092 Morgan Stanley 65,900 1,500,543 Piper Jaffray Cos., Inc.(2) 1,200 30,948 SEI Investments Co. 28,030 342,246 T. Rowe Price Group, Inc.(1) 82,200 2,372,292 TD Ameritrade Holding Corp.(2) 173,600 2,397,416 Teton Advisors, Inc.(2,3) 49 112 Virtus Investment Partners, Inc.(2) 1,630 10,611 Waddell & Reed Financial, Inc., Cl. A 4,700 84,929 --------------- 21,482,876 --------------- COMMERCIAL BANKS--0.6% Cathay Bancorp, Inc. 600 6,258 First Horizon National Corp. 2,778 29,836 Pacific Capital Bancorp(1) 26,700 180,759 PacWest Bancorp(1) 12,311 176,417 Popular, Inc.(1) 143,700 313,266 Regions Financial Corp. 184,578 786,302 U.S. Bancorp 193,986 2,834,135 United Community Banks, Inc.(2) 4,796 19,951 Webster Financial Corp.(1) 20,900 88,825 Wells Fargo & Co. 245,322 3,493,385 --------------- 7,929,134 --------------- CONSUMER FINANCE--0.2% AmeriCredit Corp.(1, 2) 69,800 409,028 Capital One Financial Corp. 11,200 137,088 Cash America International, Inc. 28,000 438,480 Discover Financial Services(1) 146,029 921,443 Nelnet, Inc., Cl. A(2) 7,800 68,952
7 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- CONSUMER FINANCE CONTINUED Student Loan Corp. (The) 2,600 $ 112,944 --------------- 2,087,935 --------------- DIVERSIFIED FINANCIAL SERVICES--1.2% Bank of America Corp.(1) 624,196 4,257,017 CIT Group, Inc.(1) 158,500 451,725 Interactive Brokers Group, Inc., Cl. A(2) 38,100 614,553 JPMorgan Chase & Co. 340,390 9,047,566 NYSE Euronext 30,855 552,305 PHH Corp.(2) 24,200 340,010 Pico Holdings, Inc.(2) 400 12,028 --------------- 15,275,204 --------------- INSURANCE--3.3% Allied World Assurance Holdings Ltd. 24,200 920,326 Allstate Corp. 90,661 1,736,158 American Financial Group, Inc. 53,617 860,553 American National Insurance Co. 500 26,205 Aspen Insurance Holdings Ltd. 44,200 992,732 Assurant, Inc. 12,000 261,360 Assured Guaranty Ltd.(1) 22,315 151,073 Axis Capital Holdings Ltd. 20,300 457,562 Berkley (W.R.) Corp. 51,700 1,165,835 Berkshire Hathaway, Inc., Cl. B(1, 2) 1,462 4,122,840 Brown & Brown, Inc. 59,500 1,125,145 Chubb Corp. 111,838 4,732,984 Cincinnati Financial Corp. 24,419 558,463 CNA Financial Corp. 53,910 493,816 CNA Surety Corp.(2) 4,600 84,824 Conseco, Inc.(2) 33,300 30,636 Delphi Financial Group, Inc., Cl. A 32,300 434,758 Employers Holdings, Inc. 19,200 183,168 Endurance Specialty Holdings Ltd. 8,900 221,966 FBL Financial Group, Inc., Cl. A 1,500 6,225 First American Corp. 5,610 148,721 Genworth Financial, Inc., Cl. A 122,800 233,320 Hanover Insurance Group, Inc. 18,012 519,106 Harleysville Group, Inc. 5,100 162,231 Hartford Financial Services Group, Inc. (The) 54,374 426,836 HCC Insurance Holdings, Inc. 20,017 504,228 Infinity Property & Casualty Corp. 1,100 37,323 IPC Holdings Ltd. 35,200 951,808 Lincoln National Corp. 51,239 342,789 Loews Corp. 204,733 4,524,599 Max Capital Group Ltd. 36,600 630,984 MetLife, Inc. 57,500 1,309,275 Montpelier Re Holdings Ltd. 5,058 65,552 Navigators Group, Inc. (The)(2) 4,700 221,746 Odyssey Re Holdings Corp. 23,900 906,527 Old Republic International Corp. 38,114 412,393
8 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- INSURANCE CONTINUED OneBeacon Insurance Group Ltd. 11,200 $ 108,192 Phoenix Cos., Inc. (The) 13,600 15,912 Platinum Underwriters Holdings Ltd. 18,200 516,152 ProAssurance Corp.(2) 11,900 554,778 Protective Life Corp. 71,000 372,750 Prudential Financial, Inc. 140,210 2,666,794 Reinsurance Group of America, Inc. 3,800 123,082 RLI Corp. 10,500 527,100 Selective Insurance Group, Inc. 20,100 244,416 StanCorp Financial Group, Inc. 25,012 569,773 State Auto Financial Corp. 2,300 40,480 Torchmark Corp. 4,300 112,789 Transatlantic Holdings, Inc. 6,200 221,154 Travelers Cos., Inc. (The) 92,711 3,767,775 United Fire & Casualty Co. 3,800 83,448 Unitrin, Inc. 30,200 422,196 Validus Holdings Ltd. 1,906 45,134 XL Capital Ltd., Cl. A(1) 76,010 415,015 --------------- 40,771,007 --------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.1% CB Richard Ellis Group, Inc., Cl. A(2) 57,800 232,934 Forest City Enterprises, Inc., Cl. A(1) 30,800 110,880 Jones Lang LaSalle, Inc. 7,800 181,428 --------------- 525,242 --------------- THRIFTS & MORTGAGE FINANCE--0.0% Hudson City Bancorp, Inc. 11,100 129,759 Provident Financial Services, Inc. 20,100 217,281 Tree.com, Inc.(2) 2,806 12,964 --------------- 360,004 --------------- HEALTH CARE--10.4% BIOTECHNOLOGY--0.8% Amgen, Inc.(2) 150,804 7,467,814 Facet Biotech Corp.(2) 11,740 111,530 Gilead Sciences, Inc.(2) 43,800 2,028,816 Martek Biosciences Corp.(1) 16,500 301,125 PDL BioPharma, Inc. 6,300 44,604 --------------- 9,953,889 --------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.8% Analogic Corp. 1,100 35,222 Bard (C.R.), Inc. 5,700 454,404 Baxter International, Inc. 19,800 1,014,156 Becton, Dickinson & Co. 6,500 437,060 Hill-Rom Holdings, Inc. 22,527 222,792 Inverness Medical Innovations, Inc.(1, 2) 10,600 282,278 Kinetic Concepts, Inc.(1, 2) 1,000 21,120 Medtronic, Inc. 64,042 1,887,318 Sirona Dental Systems, Inc.(1, 2) 14,100 201,912
9 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED Steris Corp. 10,000 $ 232,800 Stryker Corp. 53,400 1,817,736 Zimmer Holdings, Inc.(2) 86,600 3,160,900 --------------- 9,767,698 --------------- HEALTH CARE PROVIDERS & SERVICES--2.7% Aetna, Inc. 424,200 10,320,786 AMERIGROUP Corp.(2) 45,200 1,244,808 Brookdale Senior Living, Inc.(1) 38,700 195,435 Cardinal Health, Inc. 12,318 387,771 Centene Corp.(2) 35,000 630,700 Chemed Corp. 8,700 338,430 CIGNA Corp. 79,396 1,396,576 Community Health Systems, Inc.(1, 2) 12,700 194,818 Coventry Health Care, Inc.(2) 44,717 578,638 Health Net, Inc.(2) 74,900 1,084,552 Healthspring, Inc.(2) 11,300 94,581 Kindred Healthcare, Inc.(2) 30,800 460,460 LifePoint Hospitals, Inc.(2) 1,153 24,052 Lincare Holdings, Inc.(1, 2) 28,300 616,940 Magellan Health Services, Inc.(2) 1,712 62,385 McKesson Corp. 30,700 1,075,728 MEDNAX, Inc.(2) 13,800 406,686 Omnicare, Inc. 24,517 600,421 UnitedHealth Group, Inc. 72,300 1,513,239 Universal American Corp.(2) 14,900 126,203 Universal Health Services, Inc., Cl. B 20,600 789,804 VCA Antech, Inc.(2) 1,106 24,940 WellCare Health Plans, Inc.(2) 23,600 265,500 WellPoint, Inc.(2) 298,400 11,330,248 --------------- 33,763,701 --------------- HEALTH CARE TECHNOLOGY--0.0% IMS Health, Inc. 11,406 142,233 --------------- LIFE SCIENCES TOOLS & SERVICES--0.3% Thermo Fisher Scientific, Inc.(2) 89,355 3,187,293 Varian, Inc.(2) 5,500 130,570 --------------- 3,317,863 --------------- PHARMACEUTICALS--5.8% Abbott Laboratories 108,180 5,160,186 Allergan, Inc. 23,200 1,108,032 Bristol-Myers Squibb Co. 163,700 3,588,304 Eli Lilly & Co. 181,300 6,057,233 Endo Pharmaceuticals Holdings, Inc.(2) 40,446 715,085 Forest Laboratories, Inc.(2) 72,540 1,592,978 Johnson & Johnson 425,072 22,358,787 K-V Pharmaceutical Co., Cl. A(2) 2,900 4,785
10 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- PHARMACEUTICALS CONTINUED King Pharmaceuticals, Inc.(2) 131,531 $ 929,924 Medicis Pharmaceutical Corp., Cl. A 55,100 681,587 Merck & Co., Inc. 295,000 7,891,250 Pfizer, Inc.(1) 1,380,300 18,799,686 Sepracor, Inc.(2) 22,400 328,384 Warner Chilcott Ltd., Cl. A(2) 2,406 25,311 Watson Pharmaceuticals, Inc.(2) 28,817 896,497 Wyeth 60,371 2,598,368 --------------- 72,736,397 --------------- INDUSTRIALS--12.8% AEROSPACE & DEFENSE--4.0% BE Aerospace, Inc.(2) 40,200 348,534 Boeing Co. 129,814 4,618,782 Ceradyne, Inc.(2) 36,400 659,932 Cubic Corp. 3,000 75,990 DynCorp International, Inc., Cl. A(2) 1,400 18,662 Esterline Technologies Corp.(2) 30,700 619,833 General Dynamics Corp. 160,651 6,681,475 Goodrich Corp. 31,324 1,186,866 Honeywell International, Inc. 195,112 5,435,820 L-3 Communications Holdings, Inc. 68,500 4,644,300 Lockheed Martin Corp. 17,826 1,230,529 Northrop Grumman Corp. 243,200 10,613,248 Precision Castparts Corp. 45,946 2,752,165 Raytheon Co. 147,300 5,735,862 Spirit Aerosystems Holdings, Inc., Cl. A(1, 2) 28,314 282,291 Triumph Group, Inc. 18,002 687,676 United Technologies Corp. 106,138 4,561,811 --------------- 50,153,776 --------------- AIR FREIGHT & LOGISTICS--0.2% FedEx Corp. 57,200 2,544,828 Pacer International, Inc. 9,700 33,950 UTi Worldwide, Inc. 16,684 199,374 --------------- 2,778,152 --------------- AIRLINES--0.0% SkyWest, Inc. 40,300 501,332 --------------- BUILDING PRODUCTS--0.1% Ameron International Corp. 700 36,862 Armstrong World Industries, Inc.(2) 22,800 251,028 Lennox International, Inc. 30,212 799,410 Owens Corning, Inc.(1, 2) 42,600 385,104 Simpson Manufacturing Co., Inc.(1) 5,212 93,920 --------------- 1,566,324 --------------- COMMERCIAL SERVICES & SUPPLIES--1.0% American Reprographics Co.(2) 700 2,478 Copart, Inc.(1, 2) 18,118 537,380
11 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED Corporate Executive Board Co. (The) 5,000 $ 72,500 CoStar Group, Inc.(1, 2) 12,700 384,175 Deluxe Corp. 64,600 622,098 EnergySolutions, Inc. 2,600 22,490 Equifax, Inc. 36,726 897,951 First Advantage Corp., Cl. A(2) 4,094 56,415 HNI Corp. 46,171 480,178 Interface, Inc., Cl. A 39,100 116,909 Korn-Ferry International(2) 44,800 405,888 Manpower, Inc.(1) 33,318 1,050,517 Miller (Herman), Inc. 41,700 444,522 Monster Worldwide, Inc.(1, 2) 71,300 581,095 MPS Group, Inc.(1, 2) 120,300 715,785 Pitney Bowes, Inc. 48,100 1,123,135 R.R. Donnelley & Sons Co. 78,300 573,939 Resources Connection, Inc.(2) 37,964 572,497 Robert Half International, Inc.(1) 69,216 1,234,121 Steelcase, Inc., Cl. A 115,700 579,657 Sykes Enterprises, Inc.(2) 7,100 118,073 TrueBlue, Inc.(2) 21,300 175,725 United Stationers, Inc.(2) 2,200 61,776 Viad Corp. 5,000 70,600 Waste Management, Inc. 54,575 1,397,120 Watson Wyatt & Co. Holdings 9,340 461,116 --------------- 12,758,140 --------------- CONSTRUCTION & ENGINEERING--0.5% Chicago Bridge & Iron Co. NV 68,200 427,614 EMCOR Group, Inc.(2) 68,300 1,172,711 Fluor Corp. 83,269 2,876,944 Granite Construction, Inc.(1) 26,000 974,480 Perini Corp.(1, 2) 50,300 618,690 Shaw Group, Inc. (The)(2) 20,900 572,869 --------------- 6,643,308 --------------- ELECTRICAL EQUIPMENT--1.0% Acuity Brands, Inc.(1) 37,300 840,742 Baldor Electric Co.(1) 58,500 847,665 Belden, Inc. 52,900 661,779 Brady Corp., Cl. A 12,100 213,323 Cooper Industries Ltd., Cl. A 22,030 569,696 Emerson Electric Co. 173,100 4,947,198 GrafTech International Ltd.(2) 148,000 911,680 Hubbell, Inc., Cl. B 21,800 587,728 Rockwell Automation, Inc. 34,321 749,571 Smith (A.O.) Corp. 20,700 521,226 Thomas & Betts Corp.(2) 34,600 865,692
12 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- ELECTRICAL EQUIPMENT CONTINUED Woodward Governor Co. 25,915 $ 289,730 --------------- 12,006,030 --------------- INDUSTRIAL CONGLOMERATES--1.6% 3M Co.(1) 75,127 3,735,314 General Electric Co.(1) 1,556,121 15,732,383 Tyco International Ltd. 22,838 446,711 --------------- 19,914,408 --------------- MACHINERY--3.5% Actuant Corp., Cl. A 12,900 133,257 AGCO Corp.(2) 19,406 380,358 Barnes Group, Inc. 14,900 159,281 Briggs & Stratton Corp.(1) 26,900 443,850 Bucyrus International, Inc., Cl. A(1) 10,115 153,546 Caterpillar, Inc.(1) 210,876 5,896,093 Chart Industries, Inc.(2) 9,600 75,648 CIRCOR International, Inc. 15,100 340,052 Crane Co. 34,200 577,296 Cummins, Inc. 207,675 5,285,329 Danaher Corp. 7,800 422,916 Deere & Co. 41,771 1,373,013 Dover Corp. 50,336 1,327,864 EnPro Industries, Inc.(2) 22,452 383,929 Flowserve Corp. 4,406 247,265 Gardner Denver, Inc.(2) 48,585 1,056,238 Graco, Inc. 8,900 151,923 Harsco Corp. 38,018 842,859 IDEX Corp. 39,564 865,265 Illinois Tool Works, Inc. 136,600 4,214,110 Ingersoll-Rand Co. Ltd., Cl. A 207,100 2,857,980 Joy Global, Inc. 33,026 703,454 Kennametal, Inc. 63,500 1,029,335 Lincoln Electric Holdings, Inc.(1) 21,700 687,673 Manitowoc Co., Inc. (The) 111,100 363,297 Mueller Industries, Inc. 33,400 724,446 Mueller Water Products, Inc., Cl. A 56,700 187,110 Navistar International Corp.(2) 22,400 749,504 Nordson Corp.(1) 23,000 653,890 Oshkosh Corp. 79,400 535,156 Paccar, Inc. 17,500 450,800 Parker-Hannifin Corp. 171,200 5,817,376 Robbins & Myers, Inc. 34,200 518,814 Sauer-Danfoss, Inc. 1,700 4,148 Terex Corp.(1, 2) 25,100 232,175 Timken Co. 73,500 1,026,060 Titan International, Inc.(1) 40,800 205,224 Toro Co. (The)(1) 35,700 863,226 Trinity Industries, Inc.(1) 57,500 525,550
13 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- MACHINERY CONTINUED Watts Water Technologies, Inc., Cl. A(1) 28,200 $ 551,592 --------------- 43,016,902 --------------- MARINE--0.1% Alexander & Baldwin, Inc. 12,610 239,968 Genco Shipping & Trading Ltd.(1) 34,300 423,262 Kirby Corp.(2) 7,400 197,136 TBS International Ltd., Cl. A(1, 2) 1,600 11,760 --------------- 872,126 --------------- ROAD & RAIL--0.6% Amerco(1, 2) 1,600 53,648 Arkansas Best Corp.(1) 26,700 507,834 Avis Budget Group, Inc.(2) 49,500 45,045 CSX Corp. 36,614 946,472 Hertz Global Holdings, Inc.(1, 2) 134,000 526,620 Norfolk Southern Corp.(1) 112,300 3,790,125 Ryder Systems, Inc. 2,406 68,114 Union Pacific Corp. 30,100 1,237,411 --------------- 7,175,269 --------------- TRADING COMPANIES & DISTRIBUTORS--0.2% Applied Industrial Technologies, Inc. 13,400 226,058 MSC Industrial Direct Co., Inc., Cl. A(1) 15,418 479,037 RSC Holdings, Inc.(2) 2,300 12,098 Textainer Group Holdings Ltd. 1,400 9,450 United Rentals, Inc.(1, 2) 94,012 395,791 Watsco, Inc. 12,412 422,380 WESCO International, Inc.(2) 55,200 1,000,224 --------------- 2,545,038 --------------- INFORMATION TECHNOLOGY--24.5% COMMUNICATIONS EQUIPMENT--3.8% 3Com Corp.(2) 221,200 683,508 ADTRAN, Inc. 50,800 823,468 Avocent Corp.(1, 2) 55,400 672,556 Brocade Communications Systems, Inc.(2) 302,500 1,043,625 Ciena Corp.(1, 2) 90,600 704,868 Cisco Systems, Inc.(2) 1,503,300 25,210,341 CommScope, Inc.(2) 65,800 747,488 Corning, Inc. 299,432 3,973,463 EchoStar Holding Corp.(2) 30,666 454,777 Emulex Corp.(2) 122,600 616,678 F5 Networks, Inc.(1, 2) 28,774 602,815 Harris Corp. 28,700 830,578 InterDigital, Inc.(1, 2) 26,800 691,976 JDS Uniphase Corp.(2) 285,200 926,900 Plantronics, Inc. 65,700 792,999
14 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- COMMUNICATIONS EQUIPMENT CONTINUED Polycom, Inc.(1, 2) 32,100 $ 494,019 QUALCOMM, Inc. 161,527 6,285,016 Sonus Networks, Inc.(2) 4,400 6,908 Starent Networks Corp.(1, 2) 6,500 102,765 Tekelec, Inc.(1, 2) 18,200 240,786 Tellabs, Inc.(2) 302,800 1,386,824 ViaSat, Inc.(2) 3,600 74,952 --------------- 47,367,310 --------------- COMPUTERS & PERIPHERALS--5.8% Apple, Inc.(2) 87,429 9,190,536 Avid Technology, Inc.(1, 2) 15,400 140,756 Dell, Inc.(2) 78,507 744,246 Electronics for Imaging, Inc.(2) 10,800 105,840 EMC Corp.(2) 372,694 4,248,712 Hewlett-Packard Co. 698,000 22,377,880 Intermec, Inc.(1, 2) 9,200 95,680 International Business Machines Corp.(1) 260,445 25,234,516 Lexmark International, Inc., Cl. A(1, 2) 20,839 351,554 NCR Corp.(2) 22,200 176,490 QLogic Corp.(2) 109,600 1,218,752 SanDisk Corp.(2) 90,800 1,148,620 Seagate Technology(1) 414,255 2,489,673 Sun Microsystems, Inc.(2) 229,431 1,679,435 Synaptics, Inc.(1, 2) 41,000 1,097,160 Teradata Corp.(2) 51,400 833,708 Western Digital Corp.(2) 74,100 1,433,094 --------------- 72,566,652 --------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--1.2% Agilent Technologies, Inc.(2) 117,011 1,798,459 Amphenol Corp., Cl. A 23,300 663,817 Anixter International, Inc.(1, 2) 25,000 792,000 Arrow Electronics, Inc.(2) 59,000 1,124,540 Avnet, Inc.(2) 46,899 821,201 AVX Corp. 27,400 248,792 Benchmark Electronics, Inc. 80,800 904,960 Coherent, Inc.(2) 14,767 254,731 Dolby Laboratories, Inc., Cl. A(2) 22,700 774,297 Ingram Micro, Inc., Cl. A(2) 89,366 1,129,586 Itron, Inc.(1, 2) 9,010 426,624 Jabil Circuit, Inc. 121,896 677,742 L-1 Identity Solutions, Inc.(1, 2) 10,100 51,611 Littlefuse, Inc.(2) 500 5,495 Molex, Inc. 71,027 975,911
15 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED National Instruments Corp.(1) 28,200 $ 525,930 Plexus Corp.(2) 14,700 203,154 Rofin-Sinar Technologies, Inc.(2) 11,600 186,992 ScanSource, Inc.(2) 2,800 52,024 SYNNEX Corp.(1, 2) 14,100 277,347 Tech Data Corp.(2) 18,475 402,386 Technitrol, Inc. 5,700 9,747 Trimble Navigation Ltd.(1, 2) 52,270 798,686 Tyco Electronics Ltd. 76,000 839,040 Vishay Intertechnology, Inc.(2) 182,500 635,100 --------------- 14,580,172 --------------- INTERNET SOFTWARE & SERVICES--1.1% Akamai Technologies, Inc.(2) 72,114 1,399,012 Digital River, Inc.(1, 2) 16,400 489,048 EarthLink, Inc.(2) 4,700 30,879 eBay, Inc.(1, 2) 210,805 2,647,711 Google, Inc., Cl. A(2) 14,132 4,918,784 IAC/InterActiveCorp(2) 1,325 20,180 j2 Global Communications, Inc.(1, 2) 51,600 1,129,524 Open Text Corp.(1, 2) 19,100 657,804 Sohu.com, Inc.(1, 2) 15,712 649,063 ValueClick, Inc.(2) 100,400 854,404 VeriSign, Inc.(2) 4,188 79,028 VistaPrint Ltd.(1, 2) 12,100 332,629 --------------- 13,208,066 --------------- IT SERVICES--0.9% Accenture Ltd., Cl. A 14,100 387,609 Acxiom Corp.(1) 84,500 625,300 Affiliated Computer Services, Inc., Cl. A(2) 5,110 244,718 Broadridge Financial Solutions, Inc. 56,400 1,049,604 Computer Sciences Corp.(2) 32,630 1,202,089 Convergys Corp.(2) 149,700 1,209,576 CSG Systems International, Inc.(2) 8,800 125,664 DST Systems, Inc.(2) 8,715 301,713 Euronet Worldwide, Inc.(1, 2) 1,100 14,366 Fidelity National Information Services, Inc. 17,734 322,759 Gartner, Inc.(1, 2) 27,700 304,977 Heartland Payment Systems, Inc. 6,400 42,304 Hewitt Associates, Inc.(2) 27,912 830,661 NeuStar, Inc., Cl. A(1, 2) 37,300 624,775 Perot Systems Corp., Cl. A(2) 66,200 852,656 Sapient Corp.(2) 86,000 384,420 Syntel, Inc. 3,400 69,972
16 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- IT SERVICES CONTINUED TeleTech Holdings, Inc.(2) 45,000 $ 490,050 Total System Services, Inc. 58,670 810,233 Unisys Corp.(2) 107,900 57,187 Western Union Co. 157,100 1,974,747 --------------- 11,925,380 --------------- OFFICE ELECTRONICS--0.4% Xerox Corp. 977,000 4,445,350 Zebra Technologies Corp., Cl. A(2) 11,400 216,828 --------------- 4,662,178 --------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5 4% Amkor Technology, Inc.(2) 196,872 527,617 Analog Devices, Inc. 67,339 1,297,623 Applied Materials, Inc.(1) 829,900 8,921,425 Atmel Corp.(2) 158,700 576,081 Broadcom Corp., Cl. A(1, 2) 153,182 3,060,576 Cabot Microelectronics Corp.(1, 2) 6,200 148,986 Cymer, Inc.(2) 6,676 148,608 Entegris, Inc.(2) 31,300 26,918 Fairchild Semiconductor International, Inc., Cl. A(2) 165,000 615,450 Integrated Device Technology, Inc.(2) 183,800 836,290 Intel Corp. 1,563,300 23,527,665 International Rectifier Corp.(2) 30,100 406,651 KLA-Tencor Corp. 8,746 174,920 LSI Corp.(2) 294,800 896,192 Marvell Technology Group Ltd.(2) 157,405 1,441,830 MEMC Electronic Materials, Inc.(2) 78,796 1,299,346 Microsemi Corp.(2) 17,557 203,661 MKS Instruments, Inc.(2) 58,800 862,596 National Semiconductor Corp. 68,514 703,639 Novellus Systems, Inc.(1, 2) 53,200 884,716 NVIDIA Corp.(1, 2) 133,750 1,318,775 ON Semiconductor Corp.(2) 70,600 275,340 RF Micro Devices, Inc.(2) 76,800 102,144 Semtech Corp.(2) 66,200 883,770 Silicon Laboratories, Inc.(1, 2) 28,900 762,960 Skyworks Solutions, Inc.(2) 79,100 637,546 Teradyne, Inc.(2) 230,200 1,008,276 Tessera Technologies, Inc.(2) 17,915 239,524 Texas Instruments, Inc. 836,800 13,815,568 Varian Semiconductor Equipment Associates, Inc.(2) 32,100 695,286 Verigy Ltd.(2) 33,000 272,250 Xilinx, Inc. 67,991 1,302,708 --------------- 67,874,937 ---------------
17 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- SOFTWARE--5.9% Adobe Systems, Inc.(2) 49,834 $ 1,065,949 Advent Software, Inc.(1, 2) 2,200 73,282 Amdocs Ltd.(2) 69,100 1,279,732 Ansys, Inc.(2) 24,141 605,939 Autodesk, Inc.(2) 65,936 1,108,384 Blackbaud, Inc. 100 1,161 CA, Inc. 156,600 2,757,726 Cadence Design Systems, Inc.(2) 67,900 285,180 Compuware Corp.(2) 175,317 1,155,339 FactSet Research Systems, Inc.(1) 18,218 910,718 Fair Isaac Corp. 63,200 889,224 Henry (Jack) & Associates, Inc. 19,306 315,074 Lawson Software, Inc.(2) 47,400 201,450 Mentor Graphics Corp.(2) 35,600 158,064 MICROS Systems, Inc.(2) 41,000 768,750 Microsoft Corp.(1) 1,606,800 29,516,916 Net 1 UEPS Technologies, Inc.(2) 34,800 529,308 Nuance Communications, Inc.(1, 2) 56,416 612,678 Oracle Corp.(2) 768,667 13,889,813 Parametric Technology Corp.(2) 84,900 847,302 Progress Software Corp.(2) 15,500 269,080 Quest Software, Inc.(2) 27,000 342,360 Solera Holdings, Inc.(2) 11,812 292,701 Sybase, Inc.(2) 47,900 1,450,891 Symantec Corp.(2) 750,700 11,215,458 Synopsys, Inc.(2) 51,823 1,074,291 Take-Two Interactive Software, Inc. 53,500 446,725 THQ, Inc.(2) 15,900 48,336 TIBCO Software, Inc.(2) 212,100 1,245,027 Wind River Systems, Inc.(2) 54,100 346,240 --------------- 73,703,098 --------------- MATERIALS--5.3% CHEMICALS--1.8% Air Products & Chemicals, Inc. 8,615 484,594 Ashland, Inc. 86,658 895,177 Cabot Corp. 7,800 81,978 CF Industries Holdings, Inc. 16,624 1,182,465 Cytec Industries, Inc. 24,000 360,480 Dow Chemical Co. (The) 64,631 544,839 E.I. du Pont de Nemours & Co. 27,136 605,947 Eastman Chemical Co. 22,358 599,194 Ferro Corp. 28,200 40,326 Fuller (H.B.) Co. 24,500 318,500 Minerals Technologies, Inc. 3,800 121,790 Monsanto Co. 62,455 5,190,011
18 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- CHEMICALS CONTINUED Mosaic Co. (The) 183,100 $ 7,686,538 Nalco Holding Co. 19,100 249,637 NewMarket Corp. 10,000 443,000 NOVA Chemicals Corp. 53,000 305,280 Olin Corp. 27,400 390,998 OM Group, Inc.(2) 1,100 21,252 Rockwood Holdings, Inc.(2) 23,200 184,208 RPM International, Inc. 54,300 691,239 Terra Industries, Inc. 52,500 1,474,725 Valhi, Inc. 2,900 27,202 Valspar Corp. (The)(1) 38,100 760,857 Westlake Chemical Corp.(1) 17,000 248,710 --------------- 22,908,947 --------------- CONTAINERS & PACKAGING--0.3% Owens-Illinois, Inc.(2) 52,270 754,779 Packaging Corp. of America 25,000 325,500 Rock-Tenn Co., Cl. A(1) 17,400 470,670 Sealed Air Corp. 51,400 709,320 Sonoco Products Co. 38,700 811,926 Temple-Inland, Inc.(1) 163,100 875,847 --------------- 3,948,042 --------------- METALS & MINING--3.1% AK Steel Holding Corp. 107,300 763,976 Alcoa, Inc. 411,062 3,017,195 Allegheny Technologies, Inc.(1) 35,621 781,169 Carpenter Technology Corp. 55,000 776,600 Century Aluminum Co.(1, 2) 62,100 131,031 Cliffs Natural Resources, Inc. 4,706 85,461 Commercial Metals Co. 75,145 867,925 Freeport-McMoRan Copper & Gold, Inc., Cl. B 261,770 9,976,055 Kaiser Aluminum Corp. 9,000 208,080 Nucor Corp. 195,500 7,462,235 Olympic Steel, Inc. 2,500 37,925 Reliance Steel & Aluminum Co. 41,500 1,092,695 RTI International Metals, Inc.(1, 2) 1,700 19,890 Schnitzer Steel Industries, Inc.(1) 32,600 1,023,314 Southern Copper Corp.(1) 609,700 10,620,974 United States Steel Corp.(1) 38,436 812,153 Worthington Industries, Inc. 46,000 400,660 --------------- 38,077,338 --------------- PAPER & FOREST PRODUCTS--0.1% Domtar Corp.(2) 358,400 340,480 International Paper Co. 15,507 109,169 Louisiana-Pacific Corp. 28,900 64,447 MeadWestvaco Corp. 24,200 290,158 --------------- 804,254 ---------------
19 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- TELECOMMUNICATION SERVICES--3.6% DIVERSIFIED TELECOMMUNICATION SERVICES--3.1% AT&T, Inc. 872,128 $ 21,977,626 Cincinnati Bell, Inc.(2) 19,000 43,700 Embarq Corp. 40,500 1,532,925 Global Crossing Ltd.(2) 1,300 9,100 NTELOS Holdings Corp. 11,800 214,052 Premiere Global Services, Inc.(2) 30,900 272,538 Qwest Communications International, Inc.(1) 363,515 1,243,221 tw telecom, Inc.(2) 103,500 905,625 Verizon Communications, Inc.(1) 404,381 12,212,306 Windstream Corp. 118,500 955,110 --------------- 39,366,203 --------------- WIRELESS TELECOMMUNICATION SERVICES--0.5% Centennial Communications Corp.(2) 35,800 295,708 NII Holdings, Inc.(2) 43,234 648,510 Sprint Nextel Corp.(2) 823,494 2,939,874 Syniverse Holdings, Inc.(2) 45,000 709,200 Telephone & Data Systems, Inc. 39,000 1,033,890 United States Cellular Corp.(1, 2) 16,300 543,442 --------------- 6,170,624 --------------- UTILITIES--0.5% ELECTRIC UTILITIES--0.4% American Electric Power Co., Inc. 16,400 414,264 Duke Energy Corp. 323,200 4,628,224 --------------- 5,042,488 --------------- ENERGY TRADERS--0.0% Reliant Energy, Inc.(2) 101,724 324,500 --------------- MULTI-UTILITIES--0.1% Avista Corp. 20,700 285,246 Integrys Energy Group, Inc. 7,815 203,490 --------------- 488,736 --------------- Total Common Stocks (Cost $1,640,132,995) 1,234,779,406 OTHER SECURITIES--0.0% Seagate Technology International, Inc.(2,3,4) (Cost $0) 31,000 3,100 --------------- PREFERRED STOCKS--0.0% Wells Fargo & Co., Dividend Equalization Preferred Shares(2,3) (Cost $0) 6 1 ---------------
Units --------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Dime Bancorp, Inc. Wts., Strike Price $1, Exp. 1/2/10(2) 31,900 479 Progress Energy, Inc., Contingent Value Obligation(2, 3) 32,000 3,570 --------------- Total Rights, Warrants and Certificates (Cost $0) 4,049
20 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- INVESTMENT COMPANY--1.0% Oppenheimer Institutional Money Market Fund, Cl. E, 0.80%(5,6) (Cost $12,286,250) 12,286,250 $ 12,286,250 Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $1,652,419,245) 1,247,072,806
Principal Amount/Shares --------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--14.8%(7) GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 0.61%, 4/27/09 $ 455,780 366,658 OFI Liquid Assets Fund, LLC, 0.92%(5,6) 184,107,658 184,107,658 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $184,563,438) 184,474,316 --------------- Total Investments, at Value (Cost $1,836,982,683) 114.7% 1,431,547,122 Liabilities in Excess of Other Assets (14.7) (183,832,808) --------------- ---------------- Net Assets 100.0% $ 1,247,714,314 ===============
Footnotes to Statement of Investments (1.) Partial or fully-loaned security. See accompanying Notes. (2.) Non-income producing security. (3.) Illiquid security. The aggregate value of illiquid securities as of March 31, 2009 was $6,783, which represents less than 0.005% of the Fund's net assets. See accompanying Notes. (4.) Escrow shares received as the result of issuer reorganization. (5.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2009, 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: 21 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
SHARES GROSS GROSS SHARES DECEMBER 31, 2008 ADDITIONS REDUCTIONS MARCH 31, 2009 ----------------- ----------- ----------- -------------- OFI Liquid Assets Fund, LLC 93,229,008 356,216,542 265,337,892 184,107,658 Oppenheimer Institutional Money Market Fund, Cl. E 7,043,996 80,005,713 74,763,459 12,286,250
VALUE INCOME ------------ -------- OFI Liquid Assets Fund, LLC $184,107,658 $413,123(a) Oppenheimer Institutional Money Market Fund, Cl. E 12,286,250 24,054 ------------ -------- $196,393,908 $437,177 ============ ========
(a.) Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties. (6.) Rate shown is the 7-day yield as of March 31, 2009. (7.) The security/securities have been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See accompanying Notes. VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of March 31, 2009:
INVESTMENTS OTHER FINANCIAL VALUATION DESCRIPTION IN SECURITIES INSTRUMENTS* --------------------- -------------- --------------- Level 1--Quoted Prices $1,431,173,203 $-- Level 2--Other Significant Observable Inputs 370,237 -- Level 3--Significant Unobservable Inputs 3,682 -- -------------- --- Total $1,431,547,122 $-- ============== ===
22 | Oppenheimer Main Street Fund/VA * Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which 23 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. 24 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. INVESTMENT IN OFI LIQUID ASSETS FUND, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund's Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC ("LAF") is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. When applicable, the Fund's investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject 25 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited to its proportional share of LAF's expenses, including its management fee of 0.08%. ILLIQUID SECURITIES As of March 31, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of March 31, 2009, the Fund had on loan securities valued at $182,421,507. Collateral of $184,563,594 was received for the loans, all of which was received in cash and subsequently invested in approved instruments or held as cash. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2009 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 $1,883,396,205 ============== Gross unrealized appreciation $ 72,483,823 Gross unrealized depreciation (524,332,906) -------------- Net unrealized depreciation $ (451,849,083) ==============
26 | Oppenheimer Main Street Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- COMMON STOCKS--98.6% CONSUMER DISCRETIONARY--18.1% AUTO COMPONENTS--1.0% American Axle & Manufacturing Holdings, Inc.(1) 99,600 $ 131,472 Amerigon, Inc.(1, 2) 2,800 10,360 ArvinMeritor, Inc. 157,971 124,797 Autoliv, Inc. 66,100 1,227,477 Cooper Tire & Rubber Co. 159,676 645,091 Drew Industries, Inc.(1, 2) 42,900 372,372 Exide Technologies(2) 72,600 217,800 Federal-Mogul Corp.(2) 1,691 11,296 Fuel Systems Solutions, Inc.(1, 2) 18,879 254,489 Gentex Corp. 8,200 81,672 Goodyear Tire & Rubber Co. (The)(1, 2) 66,800 418,168 Lear Corp.(2) 146,400 109,800 Modine Manufacturing Co. 24,474 61,185 Shiloh Industries, Inc.(2) 2,700 5,535 Stoneridge, Inc.(2) 44,487 93,868 Superior Industries International, Inc. 24,600 291,510 Tenneco, Inc.(2) 136,400 222,332 TRW Automotive Holdings Corp.(2) 181,400 584,108 WABCO Holdings, Inc. 81,735 1,006,158 --------------- 5,869,490 --------------- AUTOMOBILES--0.3% Thor Industries, Inc. 89,200 1,393,304 Winnebago Industries, Inc. 35,600 189,036 --------------- 1,582,340 --------------- DISTRIBUTORS--0.0% Core-Mark Holding Co., Inc.(2) 5,500 100,210 DIVERSIFIED CONSUMER SERVICES--0.6% Career Education Corp.(1, 2) 34,500 826,620 Hillenbrand, Inc. 7,300 116,873 Noah Education Holdings Ltd., ADR(1) 19,500 58,695 Pre-Paid Legal Services, Inc.(1, 2) 3,305 95,944 Regis Corp. 88,960 1,285,472 Service Corp. International 53,600 187,064 Steiner Leisure Ltd.(2) 24,738 603,855 Stewart Enterprises, Inc.(1) 97,800 316,872 Universal Technical Institute, Inc.(1, 2) 7,400 88,800 --------------- 3,580,195 --------------- HOTELS, RESTAURANTS & LEISURE--2.8% AFC Enterprises, Inc.(2) 5,200 23,452 Ameristar Casinos, Inc.(1) 13,200 166,056 Bally Technologies, Inc.(2) 26,300 484,446 BJ's Restaurants, Inc.(1, 2) 18,855 262,273 Bob Evans Farms, Inc.(1) 73,814 1,654,910
1 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- HOTELS, RESTAURANTS & LEISURE CONTINUED Boyd Gaming Corp.(1) 172,217 $ 642,369 Brinker International, Inc.(1) 103,320 1,560,132 Buffalo Wild Wings, Inc.(2) 2,100 76,818 California Pizza Kitchen, Inc.(2) 37,800 494,424 CEC Entertainment, Inc.(2) 43,170 1,117,240 Cheesecake Factory, Inc. (The)(1, 2) 12,742 145,896 Churchill Downs, Inc. 3,400 102,204 CKE Restaurants, Inc. 67,800 569,520 Cracker Barrel Old Country Store, Inc.(1) 34,650 992,376 Denny's Corp.(2) 175,200 292,584 DineEquity, Inc.(1) 17,000 201,620 Dover Downs Gaming & Entertainment, Inc. 2,100 6,447 Gaylord Entertainment Co., Cl. A(2) 14,900 124,117 International Game Technology 14,000 129,080 International Speedway Corp., Cl. A 20,400 450,024 Interval Leisure Group, Inc.(2) 12,620 66,886 Isle of Capri Casinos, Inc.(1, 2) 16,500 87,285 Jack in the Box, Inc.(2) 15,800 367,982 Krispy Kreme Doughnuts, Inc.(1, 2) 57,700 92,320 Life Time Fitness, Inc.(2) 32,921 413,488 Marcus Corp. (The) 18,000 153,000 Morgans Hotel Group Co.(2) 3,500 10,885 O'Charley's, Inc. 5,400 16,254 Orient-Express Hotel Ltd., Cl. A(1) 63,400 259,940 Panera Bread Co., Cl. A(1, 2) 5,100 285,090 Papa John's International, Inc.(1, 2) 5,000 114,350 Pinnacle Entertainment, Inc.(1, 2) 61,900 435,776 Red Robin Gourmet Burgers, Inc.(1, 2) 33,662 593,461 Royal Caribbean Cruises Ltd.(1) 46,700 374,067 Ruby Tuesday, Inc.(2) 52,000 151,840 Shuffle Master, Inc.(2) 31,996 91,829 Sonic Corp.(2) 15,400 154,308 Speedway Motorsports, Inc. 35,479 419,362 Steak n Shake Co. (The)(1, 2) 29,500 223,315 Texas Roadhouse, Inc., Cl. A(2) 7,700 73,381 Town Sports International Holdings, Inc.(1, 2) 9,300 27,807 Vail Resorts, Inc.(1, 2) 30,000 612,900 WMS Industries, Inc.(1, 2) 48,314 1,010,246 Wyndham Worldwide Corp. 143,543 602,881 --------------- 16,134,641 --------------- HOUSEHOLD DURABLES--1.8% American Greetings Corp., Cl. A(1) 163,355 826,576 Beazer Homes USA, Inc.(1, 2) 60,100 60,701 Blyth, Inc. 26,774 699,605
2 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- HOUSEHOLD DURABLES CONTINUED Brookfield Homes Corp.(1) 3,300 $ 11,385 Cavco Industries, Inc.(1, 2) 3,700 87,320 Centex Corp.(1) 48,500 363,750 Champion Enterprises, Inc.(2) 132,900 63,792 CSS Industries, Inc.(1) 12,750 216,750 Ethan Allen Interiors, Inc.(1) 20,700 233,082 Furniture Brands International, Inc.(1) 81,300 119,511 Garmin Ltd.(1) 2,800 59,388 Harman International Industries, Inc. 73,200 990,396 Helen of Troy Ltd.(2) 43,299 595,361 Hooker Furniture Corp. 20,210 170,572 Hovnanian Enterprises, Inc., Cl. A(1, 2) 164,798 257,085 Jarden Corp.(2) 46,000 582,820 KB Home(1) 35,300 465,254 La-Z-Boy, Inc. 98,749 123,436 Lennar Corp., Cl. A(1) 143,100 1,074,681 M/I Homes, Inc.(1) 29,836 208,554 Meritage Homes Corp.(1, 2) 53,300 608,686 Mohawk Industries, Inc.(2) 1,700 50,779 National Presto Industries, Inc. 8,500 518,585 Palm Harbor Homes, Inc.(1, 2) 6,600 14,718 Ryland Group, Inc. (The)(1) 52,000 866,320 Sealy Corp.(2) 59,220 88,238 Standard Pacific Corp.(2) 31,500 27,720 Tempur-Pedic International, Inc.(1) 40,200 293,460 Tupperware Brands Corp. 29,200 496,108 Whirlpool Corp.(1) 5,200 153,868 --------------- 10,328,501 --------------- INTERNET & CATALOG RETAIL--0.9% 1-800-FLOWERS.com, Inc.(2) 79,700 164,979 Bidz.com, Inc.(1, 2) 4,100 16,482 Blue Nile, Inc.(1, 2) 19,600 590,940 Expedia, Inc.(1, 2) 55,900 507,572 Gaiam, Inc.(1, 2) 8,300 27,224 HSN, Inc.(2) 19,820 101,875 Liberty Media Corp.-Interactive, Series A(2) 80,500 233,450 NetFlix.com, Inc.(1, 2) 35,000 1,502,200 NutriSystem, Inc.(1) 49,020 699,515 Orbitz Worldwide, Inc.(2) 35,400 45,666 Overstock.com, Inc.(1, 2) 33,289 304,594 PetMed Express, Inc.(1, 2) 24,700 407,056 Shutterfly, Inc.(2) 19,200 179,904 Stamps.com, Inc.(2) 39,783 385,895
3 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- INTERNET & CATALOG RETAIL CONTINUED Ticketmaster Entertainment, Inc.(2) 43,620 $ 160,958 --------------- 5,328,310 --------------- LEISURE EQUIPMENT & PRODUCTS--0.7% Brunswick Corp.(1) 277,300 956,685 Callaway Golf Co. 154,200 1,107,156 Eastman Kodak Co.(1) 84,280 320,264 JAKKS Pacific, Inc.(2) 56,000 691,600 Leapfrog Enterprises, Inc.(2) 79,800 110,124 Polaris Industries, Inc. 36,200 776,128 RC2 Corp.(2) 15,500 81,685 Smith & Wesson Holding Corp.(2) 11,700 70,434 Steinway Musical Instruments, Inc.(2) 10,627 127,205 --------------- 4,241,281 --------------- MEDIA--1.1% Arbitron, Inc. 9,000 135,090 Ascent Media Corp., Cl. A(2) 3,300 82,500 Belo Corp., Cl. A 139,600 85,156 CBS Corp., Cl. B 25,100 96,384 Central European Media Enterprises Ltd., Cl. A(1, 2) 10,600 121,476 Clear Channel Outdoor Holdings, Inc., Cl. A(2) 25,600 93,952 Cox Radio, Inc., Cl. A(1, 2) 56,885 233,229 CTC Media, Inc.(2) 4,600 20,976 Cumulus Media, Inc., Cl. A(2) 24,100 24,341 Discovery Communications, Inc.(2) 3,600 57,672 Dish Network Corp., Cl. A(2) 20,400 226,644 Entercom Communications Corp. 10,300 11,330 Entravision Communications Corp.(2) 133,515 34,714 EW Scripps Co. (The), Cl. A(1) 60,700 81,945 Fisher Communications, Inc. 900 8,784 Gannett Co., Inc.(1) 15,400 33,880 Global Sources Ltd.(2) 51,189 199,125 Harte-Hanks, Inc.(1) 38,700 207,045 Hearst-Argyle Television, Inc. 4,100 17,056 Journal Communications, Inc. 22,100 16,575 Knology, Inc.(2) 15,400 63,448 Liberty Media Holding Corp.-Capital, Series A(2) 18,600 129,828 Lin TV Corp., Cl. A(2) 27,500 30,800 Live Nation, Inc.(2) 68,600 183,162 McClatchy Co., Cl. A(1) 71,300 34,937 Media General, Inc., Cl. A(1) 19,553 37,542 Mediacom Communications Corp.(2) 52,800 212,784 Meredith Corp.(1) 94,100 1,565,824 National CineMedia, Inc. 37,510 494,382 Scholastic Corp.(1) 75,300 1,134,771
4 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- MEDIA CONTINUED Scripps Networks Interactive, Cl. A 2,700 $ 60,777 Sinclair Broadcast Group, Inc., Cl. A 125,199 128,955 Valassis Communications, Inc.(2) 9,000 14,130 Warner Music Group Corp.(2) 85,000 199,750 --------------- 6,078,964 --------------- MULTILINE RETAIL--0.6% Big Lots, Inc.(1, 2) 60,100 1,248,878 Dillard's, Inc., Cl. A(1) 211,186 1,203,760 Family Dollar Stores, Inc. 1,800 60,066 Fred's, Inc.(1) 91,498 1,032,097 Retail Ventures, Inc.(2) 3,200 4,864 Sears Holdings Corp.(1, 2) 1,400 63,994 --------------- 3,613,659 --------------- SPECIALTY RETAIL--6.2% Aaron Rents, Inc. 800 21,328 Abercrombie & Fitch Co., Cl. A(1) 17,400 414,120 Aeropostale, Inc.(2) 59,600 1,582,976 America's Car-Mart, Inc.(1, 2) 19,530 265,413 American Eagle Outfitters, Inc. 15,700 192,168 AnnTaylor Stores Corp.(1, 2) 238,400 1,239,680 Asbury Automotive Group, Inc. 61,400 264,634 AutoNation, Inc.(1, 2) 43,600 605,168 Barnes & Noble, Inc.(1) 59,000 1,261,420 bebe stores, inc. 56,100 374,187 Big 5 Sporting Goods Corp. 2,826 16,589 Blockbuster, Inc., Cl. A(2) 71,500 51,480 Books-A-Million, Inc. 3,100 14,260 Borders Group, Inc.(2) 69,792 43,969 Brown Shoe Co., Inc.(1) 140,775 527,906 Buckle, Inc. (The)(1) 62,800 2,005,204 Cabela's, Inc.(1, 2) 26,100 237,771 Cato Corp., Cl. A 29,400 537,432 Charlotte Russe Holding, Inc.(2) 29,300 238,795 Charming Shoppes, Inc.(1, 2) 117,227 164,118 Chico's FAS, Inc.(2) 84,700 454,839 Children's Place Retail Stores, Inc.(1, 2) 78,300 1,713,987 Christopher & Banks Corp. 53,864 220,304 Citi Trends, Inc.(1, 2) 45,927 1,051,269 Coldwater Creek, Inc.(2) 98,800 247,988 Collective Brands, Inc.(2) 35,300 343,822 Conn's, Inc.(1, 2) 24,671 346,381 Dress Barn, Inc. (The)(1, 2) 140,904 1,731,710 Finish Line, Inc. (The), Cl. A 123,200 815,584 Foot Locker, Inc. 74,900 784,952
5 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- SPECIALTY RETAIL CONTINUED GameStop Corp., Cl. A(2) 4,600 $ 128,892 Genesco, Inc.(1, 2) 52,700 992,341 Group 1 Automotive, Inc.(1) 64,489 900,911 Guess?, Inc. 8,700 183,396 Gymboree Corp.(1, 2) 14,700 313,845 Haverty Furniture Cos., Inc.(1) 59,000 621,270 hhgregg, Inc.(2) 13,900 196,685 Hibbett Sports, Inc.(1, 2) 18,400 353,648 Hot Topic, Inc.(1, 2) 85,820 960,326 Jo-Ann Stores, Inc.(2) 41,817 683,290 Limited Brands, Inc. 24,500 213,150 Lumber Liquidators, Inc.(1, 2) 7,100 90,525 Men's Wearhouse, Inc. (The)(1) 89,700 1,358,058 Monro Muffler Brake, Inc. 3,980 108,773 New York & Co., Inc.(2) 96,086 341,105 Office Depot, Inc.(2) 318,100 416,711 OfficeMax, Inc. 99,000 308,880 Pacific Sunwear of California, Inc.(2) 122,000 202,520 Penske Automotive Group, Inc.(1) 101,300 945,129 Pep Boys-Manny, Moe & Jack(1) 81,188 358,039 RadioShack Corp. 10,100 86,557 Rent-A-Center, Inc.(2) 97,200 1,882,764 Sally Beauty Holdings, Inc.(1, 2) 138,100 784,408 Signet Jewelers Ltd. 2,050 23,473 Sonic Automotive, Inc.(1) 56,300 90,080 Stage Stores, Inc. 97,788 985,703 Systemax, Inc.(1, 2) 45,300 585,276 Talbots, Inc. (The)(1) 115,100 404,001 Tractor Supply Co.(1, 2) 34,505 1,244,250 Tween Brands, Inc.(2) 45,600 97,584 Ulta Salon, Cosmetics & Fragrance, Inc.(2) 2,500 16,550 Wet Seal, Inc., Cl. A(1, 2) 208,700 701,232 Williams-Sonoma, Inc.(1) 145,500 1,466,640 Zale Corp.(1, 2) 74,400 145,080 Zumiez, Inc.(1, 2) 24,200 234,740 --------------- 36,195,286 --------------- TEXTILES, APPAREL & LUXURY GOODS--2.1% American Apparel, Inc.(1, 2) 11,500 33,580 Carter's, Inc.(2) 23,600 443,916 Coach, Inc.(1, 2) 22,200 370,740 Crocs, Inc.(2) 36,900 43,911 FGX International Holdings Ltd.(2) 500 5,810 Fossil, Inc.(2) 14,700 230,790
6 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- TEXTILES, APPAREL & LUXURY GOODS CONTINUED Iconix Brand Group, Inc.(2) 4,760 $ 42,126 Jones Apparel Group, Inc. 218,939 923,923 K-Swiss, Inc., Cl. A 12,100 103,334 Kenneth Cole Productions, Inc., Cl. A 11,200 71,568 Liz Claiborne, Inc. 372,303 919,588 Maidenform Brands, Inc.(2) 27,600 252,816 Movado Group, Inc. 16,088 121,304 Oxford Industries, Inc. 25,300 156,101 Perry Ellis International, Inc.(2) 35,100 121,446 Phillips/Van Heusen Corp. 72,000 1,632,960 Polo Ralph Lauren Corp., Cl. A 3,900 164,775 Quicksilver, Inc.(2) 300,200 384,256 Skechers USA, Inc., Cl. A(2) 84,000 560,280 Steven Madden Ltd.(2) 28,400 533,352 Timberland Co., Cl. A(2) 98,600 1,177,284 True Religion Apparel, Inc.(1, 2) 10,200 120,462 Unifi, Inc.(2) 65,400 41,856 UniFirst Corp. 15,354 427,455 Volcom, Inc.(2) 11,500 111,550 Warnaco Group, Inc. (The)(2) 85,704 2,056,896 Wolverine World Wide, Inc. 66,150 1,030,617 --------------- 12,082,696 --------------- CONSUMER STAPLES--2.3% BEVERAGES--0.1% Boston Beer Co., Inc., Cl. A(1, 2) 7,200 150,192 Central European Distribution Corp.(2) 16,551 178,089 Coca-Cola Bottling Co. Consolidated 100 5,205 Hansen Natural Corp.(2) 1,600 57,600 --------------- 391,086 --------------- FOOD & STAPLES RETAILING--0.6% Andersons, Inc. (The) 7,700 108,878 Arden Group, Inc., Cl. A 1,405 164,160 Casey's General Stores, Inc. 9,100 242,606 Great Atlantic & Pacific Tea Co., Inc. (The)(2) 15,444 82,008 Ingles Markets, Inc., Cl. A 9,100 135,863 Nash Finch Co.(1) 18,500 519,665 Pantry, Inc. (The)(2) 52,600 926,286 PriceSmart, Inc. 1,000 18,010 Ruddick Corp. 1,000 22,450 Spartan Stores, Inc. 13,700 211,117 SUPERVALU, Inc. 16,000 228,480 Weis Markets, Inc. 789 24,491 Whole Foods Market, Inc.(1) 45,500 764,400 Winn-Dixie Stores, Inc.(2) 12,300 117,588 --------------- 3,566,002 ---------------
7 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- FOOD PRODUCTS--0.6% Agria Corp., ADR(2) 965 $ 1,090 Bunge Ltd. 2,200 124,630 Chiquita Brands International, Inc.(1, 2) 85,453 566,553 ConAgra Foods, Inc. 3,700 62,419 Darling International, Inc.(2) 217,900 808,409 Del Monte Foods Co. 35,400 258,066 Diamond Foods, Inc.(1) 16,200 452,466 Fresh Del Monte Produce, Inc.(2) 15,300 251,226 J&J Snack Foods Corp. 3,400 117,606 Lancaster Colony Corp. 1,700 70,516 Omega Protein Corp.(2) 36,622 96,682 Ralcorp Holdings, Inc.(2) 5,700 307,116 Reddy Ice Holdings, Inc. 5,400 7,938 Smithfield Foods, Inc.(2) 17,400 164,604 --------------- 3,289,321 --------------- HOUSEHOLD PRODUCTS--0.1% Central Garden & Pet Co., Cl. A(2) 70,863 532,890 WD-40 Co. 14,086 340,036 --------------- 872,926 --------------- PERSONAL PRODUCTS--0.7% American Oriental Bioengineering, Inc.(1, 2) 138,700 535,382 Bare Escentuals, Inc.(2) 58,900 241,490 Elizabeth Arden, Inc.(2) 28,235 164,610 Herbalife Ltd. 83,800 1,255,324 Inter Parfums, Inc. 27,450 160,034 NBTY, Inc.(2) 87,300 1,229,184 Nu Skin Asia Pacific, Inc., Cl. A 15,200 159,448 Prestige Brands Holdings, Inc.(2) 73,900 382,802 --------------- 4,128,274 --------------- TOBACCO--0.2% Universal Corp. 36,200 1,083,104 ENERGY--6.8% ENERGY EQUIPMENT & SERVICES--3.4% Allis-Chalmers Energy, Inc.(1, 2) 57,800 111,554 Basic Energy Services, Inc.(1, 2) 69,100 447,077 BJ Services Co.(1) 27,000 268,650 Bristow Group, Inc.(1, 2) 3,400 72,862 Bronco Drilling Co., Inc.(2) 19,434 102,223 Complete Production Services, Inc.(2) 121,600 374,528 Dawson Geophysical Co.(2) 13,700 184,950 Dresser-Rand Group, Inc.(2) 22,800 503,880 Dril-Quip, Inc.(2) 33,900 1,040,730 ENGlobal Corp.(2) 37,100 168,434 ENSCO International, Inc. 13,165 347,556 Exterran Holdings, Inc.(1, 2) 69,900 1,119,798
8 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- ENERGY EQUIPMENT & SERVICES CONTINUED Forbes Energy Services Ltd.(2) 23,600 $ 9,921 Forbes Energy Services Ltd., Legend Shares(2, 3) 101,800 42,793 Global Industries Ltd.(2) 158,200 607,488 Gulf Island Fabrication, Inc. 42,674 341,819 Gulfmark Offshore, Inc.(2) 37,074 884,586 Helix Energy Solutions Group, Inc.(2) 195,100 1,002,814 Helmerich & Payne, Inc.(1) 3,700 84,249 Hercules Offshore, Inc.(2) 96,558 152,562 Hornbeck Offshore Services, Inc.(2) 26,900 409,956 ION Geophysical Corp.(2) 60,500 94,380 Key Energy Services, Inc.(2) 258,700 745,056 Matrix Service Co.(1, 2) 38,500 316,470 NATCO Group, Inc., Cl. A(2) 18,628 352,628 Natural Gas Services Group(2) 17,200 154,800 Newpark Resources, Inc.(2) 132,297 334,711 Noble Corp. 2,900 69,861 North American Energy Partners, Inc.(2) 18,900 57,645 Oceaneering International, Inc.(2) 7,400 272,838 Oil States International, Inc.(2) 104,100 1,397,022 Parker Drilling Co.(2) 228,400 420,256 Patterson-UTI Energy, Inc.(1) 45,400 406,784 Pioneer Drilling Co.(2) 66,600 218,448 Precision Drilling Trust 242,467 649,812 Pride International, Inc.(2) 13,200 237,336 RPC, Inc.(1) 8,600 57,018 Seacor Holdings, Inc.(2) 23,000 1,341,130 Superior Energy Services, Inc.(2) 78,200 1,007,998 Superior Well Services, Inc.(2) 3,700 18,981 T-3 Energy Services, Inc.(2) 23,700 279,186 Technicoil Corp.(2) 126,700 32,157 Technicoil Corp., Legend Shares(2) 7,100 1,802 Tetra Technologies, Inc.(2) 159,650 518,863 Tidewater, Inc. 5,000 185,650 Union Drilling, Inc.(2) 30,948 117,602 Unit Corp.(2) 47,600 995,792 Weatherford International Ltd.(2) 26,800 296,676 Willbros Group, Inc.(2) 77,350 750,295 --------------- 19,609,627 --------------- OIL, GAS & CONSUMABLE FUELS--3.4% Abraxas Petroleum Corp.(2) 14,300 14,729 Alberta Clipper Energy, Inc.(2) 3,287 1,304 Alpha Natural Resources, Inc.(2) 11,000 195,250 Arena Resources, Inc.(2) 1,500 38,220
9 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- OIL, GAS & CONSUMABLE FUELS CONTINUED ATP Oil & Gas Corp.(1, 2) 74,700 $ 383,211 Berry Petroleum Co., Cl. A(1) 125,500 1,375,480 Bill Barrett Corp.(2) 28,800 640,512 BPZ Resources, Inc.(1, 2) 26,100 96,570 Brigham Exploration Co.(1, 2) 75,900 144,210 Callon Petroleum Co.(2) 49,004 53,414 Cano Petroleum, Inc.(2) 6,500 2,795 Carrizo Oil & Gas, Inc.(1, 2) 8,600 76,368 Celtic Exploration Ltd., Legend Shares(2) 2,800 30,492 Cimarex Energy Co.(1) 34,600 635,948 Clean Energy Fuels Corp.(1, 2) 9,600 58,464 Contango Oil & Gas Co.(1, 2) 7,600 297,920 Crosstex Energy, Inc. 50,300 82,492 CVR Energy, Inc.(1, 2) 94,100 521,314 Delek US Holdings, Inc. 50,980 528,153 Delphi Energy Corp., Legend Shares(2) 3,700 2,406 Denbury Resources, Inc.(1, 2) 31,300 465,118 Encore Acquisition Co.(2) 25,736 598,877 Energy Partners Ltd.(2) 33,632 3,027 EXCO Resources, Inc.(2) 10,700 107,000 Foundation Coal Holdings, Inc. 54,500 782,075 Frontier Oil Corp. 64,900 830,071 Frontline Ltd.(1) 4,300 74,777 Galleon Energy, Inc., Cl. A(2) 66,550 190,550 Galleon Energy, Inc., Subscription Receipts, Legend Shares(2) 11,250 32,212 Gasco Energy, Inc.(2) 89,600 34,944 General Maritime Corp. 35,686 249,802 GeoResources, Inc.(2) 8,400 56,448 Gran Tierra Energy, Inc.(2) 16,400 41,164 Great Plains Exploration, Inc.(2) 32,360 5,390 Gulfport Energy Corp.(2) 9,724 22,560 Holly Corp.(1) 38,100 807,720 Houston American Energy Corp. 1,600 2,976 International Coal Group, Inc.(1, 2) 31,500 50,715 Jura Energy Corp., Legend Shares(2) 110,300 12,248 Knightsbridge Tankers Ltd. 28,300 411,765 Mariner Energy, Inc.(2) 147,400 1,142,350 Massey Energy Co. 37,000 374,440 McMoRan Exploration Co.(1, 2) 60,700 285,290 Meridian Resource Corp. (The)(2) 44,200 9,282 Midnight Oil Exploration Ltd.(2) 45,050 28,585 Overseas Shipholding Group, Inc. 25,703 582,687 Paramount Resources Ltd., Cl. A(2) 4,500 21,522 Penn Virginia Corp. 20,200 221,796
10 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- OIL, GAS & CONSUMABLE FUELS CONTINUED Petroleum Development Corp.(2) 6,847 $ 80,863 PetroQuest Energy, Inc.(1, 2) 82,800 198,720 Quicksilver Resources, Inc.(1, 2) 81,000 448,740 Rentech, Inc.(2) 11,700 6,435 Rosetta Resources, Inc.(2) 127,000 628,650 SandRidge Energy, Inc.(2) 62,700 413,193 St. Mary Land & Exploration Co.(1) 29,685 392,733 Stone Energy Corp.(2) 107,084 356,590 Swift Energy Co.(1, 2) 68,600 500,780 Teekay Corp. 7,686 109,372 Teekay Tankers Ltd., Cl. A 20,500 194,955 Tesoro Corp.(1) 13,421 180,781 Tristar Oil & Gas Ltd.(2) 4,800 35,140 Tusk Energy Corp.(2) 38,312 64,724 Tusk Energy Corp., Legend Shares(2, 4) 21,300 35,984 Tusk Energy Corp., Legend Shares(2) 77,900 131,605 USEC, Inc.(1, 2) 47,400 227,520 VAALCO Energy, Inc.(2) 140,400 742,716 Venoco, Inc.(1, 2) 7,500 24,600 Vero Energy, Inc.(2) 50,382 131,070 W&T Offshore, Inc.(1) 98,300 604,545 Walter Industries, Inc. 10,200 233,274 Warren Resources, Inc.(2) 25,700 24,672 Western Refining, Inc.(1) 84,300 1,006,542 Westmoreland Coal Co.(2) 3,800 27,246 Whiting Petroleum Corp.(2) 8,700 224,895 Williams (Clayton) Energy, Inc.(2) 1,900 55,556 --------------- 19,706,544 --------------- FINANCIALS--13.3% CAPITAL MARKETS--1.3% Affiliated Managers Group, Inc.(2) 5,300 221,063 Ameriprise Financial, Inc. 14,000 286,860 BGC Partners, Inc., Cl. A 4,400 9,724 Cohen & Steers, Inc.(1) 21,318 237,909 E*TRADE Financial Corp.(1, 2) 356,000 455,680 Eaton Vance Corp. 6,400 146,240 Evercore Partners, Inc., Cl. A 2,700 41,715 GAMCO Investors, Inc., Cl. A(1) 8,640 282,096 GFI Group, Inc. 33,300 106,893 Invesco Ltd. 4,600 63,756 Investment Technology Group, Inc.(2) 19,000 484,880 Janus Capital Group, Inc. 68,000 452,200 KBW, Inc.(2) 9,400 191,290 Knight Capital Group, Inc., Cl. A(2) 43,142 635,913
11 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- CAPITAL MARKETS CONTINUED LaBranche & Co., Inc.(2) 141,100 $ 527,714 MF Global Ltd.(2) 23,400 98,982 NGP Capital Resources Co. 5,200 25,844 Penson Worldwide, Inc.(2) 25,900 166,537 Piper Jaffray Cos., Inc.(1, 2) 10,200 263,058 Sanders Morris Harris Group, Inc. 5,700 22,230 SEI Investments Co. 9,700 118,437 Stifel Financial Corp.(1, 2) 19,550 846,711 SWS Group, Inc. 63,856 991,684 Teton Advisors, Inc.(2, 4) 131 298 thinkorswim Group, Inc.(2) 23,300 201,312 Thomas Weisel Partners Group, Inc.(2) 4,600 16,468 Tradestation Group, Inc.(2) 7,400 48,840 U.S. Global Investors, Inc., Cl. A 1,200 5,844 Virtus Investment Partners, Inc.(1, 2) 4,349 28,312 Waddell & Reed Financial, Inc., Cl. A 41,500 749,905 --------------- 7,728,395 --------------- COMMERCIAL BANKS--2.7% 1st Source Corp. 1,864 33,645 Amcore Financial, Inc. 6,534 10,454 BancFirst Corp. 3,600 131,040 Banco Latinoamericano de Exportaciones SA, Cl. E 4,900 45,913 Boston Private Financial Holdings, Inc.(1) 32,478 113,998 CapitalSource, Inc. 189,080 230,678 Capitol Bancorp Ltd.(1) 2,860 11,869 Cascade Bancorp(1) 6,900 11,247 Cathay Bancorp, Inc.(1) 29,600 308,728 Central Pacific Financial Corp.(1) 59,600 333,760 Chemical Financial Corp.(1) 11,700 243,477 Citizens Republic Bancorp, Inc.(2) 49,100 76,105 City Bank(1) 4,100 13,530 City Holding Co. 23,800 649,502 CoBiz Financial, Inc.(1) 9,500 49,875 Colonial BancGroup, Inc. (The)(1) 132,700 119,430 Columbia Banking System, Inc.(1) 11,900 76,160 Community Bank System, Inc.(1) 39,500 661,625 Community Trust Bancorp, Inc. 15,500 414,625 East West Bancorp, Inc.(1) 86,918 397,215 First Community Bancshares, Inc. 6,500 75,855 First Financial Bancorp 15,600 148,668 First Horizon National Corp.(1) 32,377 347,729 First Merchants Corp. 21,700 234,143 First Midwest Bancorp, Inc.(1) 42,100 361,639 First Security Group, Inc. 14,300 48,191 FirstMerit Corp. 10,900 198,380
12 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- COMMERCIAL BANKS CONTINUED Frontier Financial Corp.(1) 61,570 $ 67,727 Greene Bankshares, Inc.(1) 8,450 74,360 Guaranty Bancorp(2) 11,100 19,425 Hancock Holding Co. 1,900 59,432 Hanmi Financial Corp. 16,100 20,930 Huntington Bancshares, Inc. 50,000 83,000 IBERIABANK Corp.(1) 2,200 101,068 Independent Bank Corp.(1) 3,856 56,876 International Bancshares Corp.(1) 27,600 215,280 MainSource Financial Group, Inc. 9,800 78,792 MB Financial, Inc. 8,200 111,520 National Penn Bancshares, Inc.(1) 90,600 751,980 NBT Bancorp, Inc.(1) 11,600 251,024 Old National Bancorp(1) 35,890 400,891 Old Second Bancorp, Inc.(1) 600 3,810 Oriental Financial Group, Inc. 31,100 151,768 Pacific Capital Bancorp(1) 102,000 690,540 PacWest Bancorp(1) 42,200 604,726 Park National Corp. 400 22,300 Popular, Inc.(1) 178,800 389,784 Porter Bancorp, Inc. 2,520 28,728 Prosperity Bancshares, Inc. 100 2,735 Provident Bankshares Corp.(1) 76,100 536,505 Regions Financial Corp. 68,200 290,532 Renasant Corp. 7,700 96,712 Republic Bancorp, Inc., Cl. A(1) 8,700 162,429 Sandy Spring Bancorp, Inc.(1) 9,100 101,556 Santander BanCorp 8,300 65,404 Simmons First National Corp. 10,500 264,495 South Financial Group, Inc. (The)(1) 84,500 92,950 Southside Bancshares, Inc. 9,300 175,770 Sterling Bancorp 38,700 383,130 Sterling Financial Corp., Western US(1) 41,600 86,112 Susquehanna Bancshares, Inc.(1) 76,500 713,745 Tompkins Financial Corp.(1) 9,630 414,090 TowneBank(1) 8,100 132,273 UCBH Holdings, Inc.(1) 95,600 144,356 UMB Financial Corp. 2,500 106,225 Umpqua Holdings Corp.(1) 11,400 103,284 United Bankshares, Inc.(1) 8,200 141,368 United Community Banks, Inc.(1, 2) 43,036 179,030 Webster Financial Corp.(1) 84,500 359,125 WesBanco, Inc.(1) 17,200 392,676 West Coast Bancorp 4,208 9,342 Westamerica Bancorp 3,600 164,016
13 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- COMMERCIAL BANKS CONTINUED Western Alliance Bancorp(1, 2) 19,308 $ 88,044 Whitney Holding Corp.(1) 36,000 412,200 Wintrust Financial Corp.(1) 26,500 325,950 Zions Bancorp 17,200 169,076 --------------- 15,644,572 --------------- CONSUMER FINANCE--0.7% Advance America Cash Advance Centers, Inc. 3,500 5,915 Advanta Corp., Cl. B 38,250 25,245 AmeriCredit Corp.(1, 2) 148,200 868,452 Capital One Financial Corp. 5,200 63,648 Cash America International, Inc. 65,282 1,022,316 Discover Financial Services 44,500 280,795 Dollar Financial Corp.(1, 2) 17,285 164,553 EZCORP, Inc., Cl. A(2) 13,090 151,451 First Cash Financial Services, Inc.(1, 2) 15,600 232,752 First Marblehead Corp. (The)(2) 42,200 54,438 Nelnet, Inc., Cl. A(2) 18,200 160,888 Student Loan Corp. (The) 3,044 132,231 World Acceptance Corp.(1, 2) 46,100 788,310 --------------- 3,950,994 --------------- DIVERSIFIED FINANCIAL SERVICES--0.7% Asset Acceptance Capital Corp.(2) 23,000 122,130 CIT Group, Inc. 258,987 738,113 Encore Capital Group, Inc.(2) 4,600 20,838 Financial Federal Corp.(1) 33,886 717,705 Interactive Brokers Group, Inc., Cl. A(2) 33,200 535,516 Life Partners Holdings, Inc.(1) 9,100 155,246 MarketAxess Holdings, Inc.(2) 17,400 132,936 NewStar Financial, Inc.(2) 3,500 8,120 PHH Corp.(1, 2) 109,436 1,537,576 Pico Holdings, Inc.(2) 6,000 180,420 --------------- 4,148,600 --------------- INSURANCE--4.3% Alleghany Corp.(2) 204 55,249 Allied World Assurance Holdings Ltd. 18,440 701,273 American Equity Investment Life Holding Co.(1) 91,700 381,472 American Financial Group, Inc. 13,000 208,650 American National Insurance Co. 2,100 110,061 American Physicians Capital, Inc. 19,250 787,710 Amerisafe, Inc.(2) 52,500 804,300 AmTrust Financial Services, Inc. 57,500 549,125 Aspen Insurance Holdings Ltd. 71,300 1,601,398 Assurant, Inc. 15,200 331,056 Assured Guaranty Ltd.(1) 8,600 58,222 Berkley (W.R.) Corp. 2,500 56,375
14 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- INSURANCE CONTINUED Citizens, Inc.(2) 3,900 $ 28,353 CNA Financial Corp.(1) 23,300 213,428 CNA Surety Corp.(2) 38,900 717,316 Conseco, Inc.(2) 263,000 241,960 Delphi Financial Group, Inc., Cl. A 76,137 1,024,804 eHealth, Inc.(2) 2,700 43,227 EMC Insurance Group, Inc. 1,192 25,115 Employers Holdings, Inc. 54,100 516,114 Endurance Specialty Holdings Ltd. 11,600 289,304 FBL Financial Group, Inc., Cl. A(1) 31,010 128,692 Fidelity National Title Group, Inc., Cl. A 2,900 56,579 First American Corp. 2,200 58,322 FPIC Insurance Group, Inc.(1, 2) 15,900 588,777 Genworth Financial, Inc., Cl. A 96,800 183,920 Hallmark Financial Services, Inc.(2) 7,400 51,282 Hanover Insurance Group, Inc. 1,900 54,758 Harleysville Group, Inc. 16,300 518,503 Horace Mann Educators Corp. 67,309 563,376 Infinity Property & Casualty Corp. 20,800 705,744 IPC Holdings Ltd. 54,600 1,476,384 Lincoln National Corp. 11,000 73,590 Maiden Holdings Ltd. 2,080 9,298 Max Capital Group Ltd. 118,900 2,049,836 Meadowbrook Insurance Group, Inc. 34,705 211,701 Mercury General Corp. 2,100 62,370 National Financial Partners Corp. 27,000 86,400 National Interstate Corp.(1) 10,000 169,100 National Western Life Insurance Co., Cl. A 400 45,200 Navigators Group, Inc. (The)(2) 12,700 599,186 NYMAGIC, Inc. 500 6,100 Old Republic International Corp. 4,800 51,936 OneBeacon Insurance Group Ltd. 32,580 314,723 Phoenix Cos., Inc. (The) 98,294 115,004 Platinum Underwriters Holdings Ltd. 45,900 1,301,724 PMA Capital Corp., Cl. A(2) 14,900 62,133 Presidential Life Corp. 11,977 93,301 Principal Financial Group, Inc. (The)(1) 8,100 66,258 ProAssurance Corp.(1, 2) 12,100 564,102 Protective Life Corp. 179,600 942,900 Reinsurance Group of America, Inc. 1,800 58,302 RLI Corp.(1) 7,900 396,580 Safety Insurance Group, Inc. 19,200 596,736 Seabright Insurance Holdings, Inc.(2) 30,891 323,120 Selective Insurance Group, Inc. 45,072 548,076 StanCorp Financial Group, Inc. 38,391 874,547 State Auto Financial Corp. 4,300 75,680 Stewart Information Services Corp. 14,774 288,093
15 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- INSURANCE CONTINUED Transatlantic Holdings, Inc. 3,600 $ 128,412 United America Indemnity Ltd., Cl. A(2) 35,473 142,601 United Fire & Casualty Co. 7,100 155,916 Unitrin, Inc.(1) 62,500 873,750 UnumProvident Corp. 21,400 267,500 White Mountains Insurance Group Ltd. 300 51,573 XL Capital Ltd., Cl. A(1) 36,900 201,474 --------------- 24,938,071 --------------- REAL ESTATE INVESTMENT TRUSTS--2.5% Acadia Realty Trust 5,892 62,514 Agree Realty Corp. 9,000 141,210 Alexander's, Inc.(1) 300 51,114 Alexandria Real Estate Equities, Inc.(1) 13,300 484,120 American Campus Communities, Inc. 4,900 85,064 Arbor Realty Trust, Inc.(1) 3,800 2,736 Ashford Hospitality Trust 55,500 85,470 Associated Estates Realty Corp. 6,500 36,920 BioMed Realty Trust, Inc. 55,730 377,292 Brandywine Realty Trust 33,914 96,655 Capital Lease Funding, Inc.(1) 16,900 33,293 CBL & Associates Properties, Inc.(1) 18,400 43,424 Cedar Shopping Centers, Inc. 11,900 20,706 Colonial Properties Trust(1) 11,100 42,291 Corporate Office Properties Trust 12,000 297,960 DCT Industrial Trust, Inc. 12,800 40,576 DiamondRock Hospitality Co. 99,200 397,792 EastGroup Properties, Inc. 15,300 429,471 Entertainment Properties Trust(1) 36,140 569,566 Equity Lifestyle Properties, Inc. 3,400 129,540 Equity One, Inc.(1) 4,200 51,198 Extra Space Storage, Inc. 87,100 479,921 FelCor Lodging Trust, Inc. 82,300 111,928 First Industrial Realty Trust, Inc.(1) 49,400 121,030 First Potomac Realty Trust 5,500 40,425 Glimcher Realty Trust 4,800 6,720 Healthcare Realty Trust, Inc.(1) 41,200 617,588 Hersha Hospitality Trust 11,800 22,420 Highwoods Properties, Inc. 31,000 664,020 Home Properties of New York, Inc.(1) 20,980 643,037 Inland Real Estate Corp.(1) 52,000 368,680 Kite Realty Group Trust 25,200 61,740 LaSalle Hotel Properties(1) 34,900 203,816 Lexington Realty Trust 43,400 103,292 LTC Properties, Inc. 16,700 292,918 Medical Properties Trust, Inc.(1) 67,900 247,835 Mid-America Apartment Communities, Inc. 20,800 641,264 National Health Investors, Inc. 2,400 64,488
16 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- REAL ESTATE INVESTMENT TRUSTS CONTINUED National Retail Properties, Inc.(1) 46,900 $ 742,896 Nationwide Health Properties, Inc.(1) 29,400 652,386 Omega Healthcare Investors, Inc.(1) 31,460 442,957 Parkway Properties, Inc. 13,800 142,140 Pennsylvania Real Estate Investment Trust(1) 27,000 95,850 Post Properties, Inc. 5,600 56,784 Potlatch Corp. 16,010 371,272 PS Business Parks, Inc. 7,500 276,375 Ramco-Gershenson Properties Trust 7,400 47,730 Realty Income Corp.(1) 26,800 504,376 Saul Centers, Inc.(1) 3,500 80,395 Senior Housing Properties Trust(1) 72,400 1,015,048 SL Green Realty Corp.(1) 67,500 729,000 Sovran Self Storage, Inc. 17,000 341,360 Strategic Hotels & Resorts, Inc.(1) 39,700 27,393 Sunstone Hotel Investors, Inc.(1) 50,325 132,355 Tanger Factory Outlet Centers, Inc. 6,690 206,453 Taubman Centers, Inc. 10,300 175,512 Universal Health Realty Income Trust 600 17,538 Urstadt Biddle Properties, Inc., Cl. A 1,400 18,788 Washington Real Estate Investment Trust 15,900 275,070 --------------- 14,521,712 --------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.3% Avatar Holdings, Inc.(1, 2) 2,746 41,135 CB Richard Ellis Group, Inc., Cl. A(2) 71,200 286,936 Consolidated-Tomoka Land Co. 500 14,850 Forest City Enterprises, Inc., Cl. A(1) 60,800 218,880 Forestar Group, Inc.(1, 2) 21,600 165,240 Jones Lang LaSalle, Inc. 36,600 851,316 Tejon Ranch Co.(2) 800 16,536 --------------- 1,594,893 --------------- THRIFTS & MORTGAGE FINANCE--0.8% Anchor BanCorp Wisconsin, Inc.(1) 10,500 14,175 Bank Mutual Corp. 34,600 313,476 BankFinancial Corp. 1,584 15,792 Dime Community Bancshares, Inc. 55,600 521,528 Encore Bancshares, Inc.(2) 8,400 74,508 First Niagara Financial Group, Inc. 12,300 134,070 First Place Financial Corp. 4,648 15,617 Flagstar Bancorp, Inc.(2) 15,900 11,925 Flushing Financial Corp. 30,200 181,804 Hudson City Bancorp, Inc. 22,300 260,687 MGIC Investment Corp.(1) 228,599 324,611 NewAlliance Bancshares, Inc. 11,400 133,836 OceanFirst Financial Corp. 4,800 49,056 Ocwen Financial Corp.(1, 2) 72,000 822,960
17 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- THRIFTS & MORTGAGE FINANCE CONTINUED PMI Group, Inc. (The) 164,500 $ 101,990 Provident Financial Services, Inc. 55,700 602,117 Provident New York Bancorp 36,000 307,800 Radian Group, Inc.(1) 177,400 322,868 TierOne Corp. 8,100 17,334 Tree.com, Inc.(2) 1,386 6,403 Trustco Bank Corp. NY 6,200 37,324 WSFS Financial Corp. 4,500 100,620 --------------- 4,370,501 --------------- HEALTH CARE--8.6% BIOTECHNOLOGY--1.8% Acorda Therapeutics, Inc.(1, 2) 16,500 326,865 Alexion Pharmaceuticals, Inc.(1, 2) 16,700 628,922 Allos Therapeutics, Inc.(2) 38,270 236,509 Alnylam Pharmaceuticals, Inc.(2) 9,900 188,496 Anadys Pharmaceuticals, Inc.(2) 7,100 48,209 ArQule, Inc.(2) 5,600 23,184 Array BioPharma, Inc.(2) 18,400 48,576 Celldex Therapeutics, Inc.(2) 10,475 68,192 Cepheid, Inc.(1, 2) 14,500 100,050 Cubist Pharmaceuticals, Inc.(2) 52,800 863,808 CV Therapeutics, Inc.(2) 38,500 765,380 Dendreon Corp.(1, 2) 20,200 84,840 Emergent Biosolutions, Inc.(1, 2) 36,010 486,495 Enzon Pharmaceuticals, Inc.(1, 2) 74,500 452,215 Facet Biotech Corp.(2) 26,020 247,190 Geron Corp.(1, 2) 57,400 256,578 GTx, Inc.(1, 2) 13,900 147,062 Human Genome Sciences, Inc.(2) 137,500 114,125 ImmunoGen, Inc.(2) 4,700 33,370 Incyte Corp.(1, 2) 67,900 158,886 Indevus Pharmaceuticals, Inc.(2) 2,500 25 InterMune, Inc.(2) 9,000 147,960 Isis Pharmaceuticals, Inc.(1, 2) 5,600 84,056 Ligand Pharmaceuticals, Inc., Cl. B(2) 24,700 73,606 MannKind Corp.(1, 2) 24,392 84,884 Martek Biosciences Corp.(1) 34,419 628,147 Momenta Pharmaceuticals, Inc.(1, 2) 48,900 538,389 Myriad Genetics, Inc.(2) 22,500 1,023,075 Nabi Biopharmaceuticals, Inc.(2) 7,800 28,860 NPS Pharmaceuticals, Inc.(2) 12,900 54,180 OSI Pharmaceuticals, Inc.(1, 2) 11,000 420,860 Osiris Therapeutics, Inc.(1, 2) 16,900 233,220
18 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- BIOTECHNOLOGY CONTINUED PDL BioPharma, Inc. 112,000 $ 792,960 Progenics Pharmaceuticals, Inc.(1, 2) 26,589 175,222 Rigel Pharmaceuticals, Inc.(2) 21,500 132,010 RXi Pharmaceuticals Corp.(1, 2) 3,885 19,775 Sangamo BioSciences, Inc.(1, 2) 5,300 22,419 Savient Pharmaceuticals, Inc.(1, 2) 97,485 482,551 Theravance, Inc.(2) 7,700 130,900 ZymoGenetics, Inc.(1, 2) 24,100 96,159 --------------- 10,448,210 --------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.8% Abaxis, Inc.(1, 2) 11,490 198,088 Align Technology, Inc.(1, 2) 21,100 167,323 American Medical Systems Holdings, Inc.(2) 9,000 100,350 Analogic Corp. 34,700 1,111,094 AngioDynamics, Inc.(2) 13,800 155,112 Cardiac Science Corp.(2) 1,398 4,208 ConMed Corp.(2) 26,800 386,188 Cooper Cos., Inc. (The) 4,700 124,268 CryoLife, Inc.(2) 60,600 313,908 Cyberonics, Inc.(1, 2) 42,503 564,015 ev3, Inc.(1, 2) 4,200 29,820 Exactech, Inc.(2) 12,500 143,625 Haemonetics Corp.(2) 2,000 110,160 Hill-Rom Holdings, Inc. 29,355 290,321 Immucor, Inc.(2) 2,300 57,845 Invacare Corp. 2,100 33,663 Inverness Medical Innovations, Inc.(1, 2) 7,300 194,399 IRIS International, Inc.(2) 7,500 86,475 Kensey Nash Corp.(2) 30,100 640,227 Kinetic Concepts, Inc.(1, 2) 14,500 306,240 Masimo Corp.(2) 2,200 63,756 Merit Medical Systems, Inc.(2) 40,200 490,842 Natus Medical, Inc.(2) 39,800 338,698 Orthofix International NV(2) 15,800 292,616 Palomar Medical Technologies, Inc.(2) 9,700 70,422 Quidel Corp.(2) 38,800 357,736 RTI Biologics, Inc.(2) 3,400 9,690 Sirona Dental Systems, Inc.(1, 2) 7,900 113,128 Somanetics Corp.(2) 25,300 384,054 SonoSite, Inc.(1, 2) 16,317 291,748 Spectranetics Corp. (The)(2) 1,700 4,301 Stereotaxis, Inc.(1, 2) 4,200 16,758 Steris Corp. 62,000 1,443,360
19 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED Symmetry Medical, Inc.(2) 9,500 $ 59,945 Synovis Life Technologies, Inc.(2) 17,300 239,432 Thoratec Corp.(1, 2) 10,900 280,021 Varian Medical Systems, Inc.(2) 1,800 54,792 VNUS Medical Technologies, Inc.(2) 17,460 371,374 Volcano Corp.(2) 6,200 90,210 Zimmer Holdings, Inc.(2) 3,000 109,500 Zoll Medical Corp.(2) 35,800 514,088 --------------- 10,613,800 --------------- HEALTH CARE PROVIDERS & SERVICES--3.3% Alliance HealthCare Services, Inc.(2) 38,700 263,160 Almost Family, Inc.(1, 2) 4,800 91,632 AMERIGROUP Corp.(2) 52,500 1,445,850 AMN Healthcare Services, Inc.(2) 41,200 210,120 Assisted Living Concepts, Inc.(2) 386 5,234 Brookdale Senior Living, Inc.(1) 64,100 323,705 Catalyst Health Solutions, Inc.(2) 20,748 411,225 Centene Corp.(2) 83,900 1,511,878 Chemed Corp. 9,560 371,884 Chindex International, Inc.(2) 4,750 23,608 CIGNA Corp. 20,600 362,354 Community Health Systems, Inc.(1, 2) 16,800 257,712 CorVel Corp.(2) 6,100 123,342 Coventry Health Care, Inc.(2) 17,400 225,156 Cross Country Healthcare, Inc.(2) 23,500 153,925 Enstar Group, Inc. (The) 900 13,914 Gentiva Health Services, Inc.(2) 23,300 354,160 Hanger Orthopedic Group, Inc.(2) 45,300 600,225 Health Management Associates, Inc., Cl. A(2) 162,200 418,476 Health Net, Inc.(1, 2) 48,900 708,072 HEALTHSOUTH Corp.(1, 2) 3,700 32,856 Healthspring, Inc.(2) 79,000 661,230 Healthways, Inc.(2) 45,937 402,867 HMS Holdings Corp.(2) 9,300 305,970 Humana, Inc.(2) 2,300 59,984 InVentiv Health, Inc.(2) 44,182 360,525 Kindred Healthcare, Inc.(2) 80,500 1,203,475 Landauer, Inc. 14,900 755,132 LHC Group, Inc.(2) 8,500 189,380 LifePoint Hospitals, Inc.(1, 2) 76,600 1,597,876 Lincare Holdings, Inc.(1, 2) 35,100 765,180 MedCath Corp.(2) 16,300 118,501 MEDNAX, Inc.(2) 26,000 766,220
20 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED Molina Healthcare, Inc.(2) 32,900 $ 625,758 MWI Veterinary Supply, Inc.(2) 3,100 88,288 Odyssey Healthcare, Inc.(2) 21,100 204,670 PharMerica Corp.(1, 2) 48,700 810,368 Providence Service Corp.(2) 4,400 30,272 RehabCare Group, Inc.(2) 40,900 713,296 Res-Care, Inc.(2) 23,656 344,431 Skilled Healthcare Group, Inc., Cl. A(2) 8,200 67,322 Sun Healthcare Group, Inc.(2) 8,792 74,204 Universal American Corp.(2) 40,386 342,069 Universal Health Services, Inc., Cl. B 1,600 61,344 WellCare Health Plans, Inc.(2) 78,209 879,851 --------------- 19,336,701 --------------- HEALTH CARE TECHNOLOGY--0.1% Allscripts-Misys Healthcare Solutions, Inc.(1) 38,000 391,020 Computer Programs & Systems, Inc. 3,400 113,118 IMS Health, Inc. 5,200 64,844 Omnicell, Inc.(2) 21,587 168,810 --------------- 737,792 --------------- LIFE SCIENCES TOOLS & SERVICES--0.8% Albany Molecular Research, Inc.(2) 43,600 411,148 AMAG Pharmaceuticals, Inc.(1, 2) 1,400 51,478 Bio-Rad Laboratories, Inc., Cl. A(2) 3,500 230,650 Bruker Corp.(2) 16,400 101,024 Charles River Laboratories International, Inc.(2) 2,100 57,141 Dionex Corp.(2) 8,000 378,000 Enzo Biochem, Inc.(2) 2,700 10,854 eResearch Technology, Inc.(2) 60,000 315,600 Kendle International, Inc.(2) 4,700 98,512 Life Sciences Research, Inc.(2) 6,600 47,322 Luminex Corp.(1, 2) 27,600 500,112 Medivation, Inc.(1, 2) 25,600 467,712 Nektar Therapeutics(2) 17,400 93,786 Parexel International Corp.(2) 78,400 762,832 Pharmaceutical Product Development, Inc. 3,200 75,904 Sequenom, Inc.(1, 2) 18,700 265,914 Techne Corp. 1,100 60,181 Varian, Inc.(2) 15,100 358,474 --------------- 4,286,644 --------------- PHARMACEUTICALS--0.8% Adolor Corp.(2) 47,440 96,778 Akorn, Inc.(2) 4,900 4,214 Auxilium Pharmaceuticals, Inc.(2) 19,200 532,224
21 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- PHARMACEUTICALS CONTINUED BioMimetic Therapeutics, Inc.(1, 2) 4,500 $ 31,950 CPEX Pharmaceuticals, Inc.(2) 350 2,559 Cypress Bioscience, Inc.(2) 15,100 107,361 Durect Corp.(1, 2) 3,498 7,801 Endo Pharmaceuticals Holdings, Inc.(2) 3,600 63,648 Forest Laboratories, Inc.(2) 16,120 353,995 K-V Pharmaceutical Co., Cl. A(2) 7,313 12,066 King Pharmaceuticals, Inc.(2) 3,200 22,624 Medicines Co. (The)(2) 2,700 29,268 Medicis Pharmaceutical Corp., Cl. A(1) 74,536 922,010 MiddleBrook Pharmaceuticals, Inc.(1, 2) 20,000 27,200 Noven Pharmaceuticals, Inc.(2) 42,477 402,682 Obagi Medical Products, Inc.(2) 1,200 6,456 Optimer Pharmaceuticals, Inc.(2) 4,800 63,312 Pain Therapeutics, Inc.(2) 31,501 132,304 Par Pharmaceutical Cos., Inc.(2) 13,200 125,004 Pozen, Inc.(2) 16,800 102,816 Questcor Pharmaceuticals, Inc.(2) 34,200 168,264 Salix Pharmaceuticals Ltd.(2) 23,300 221,350 Valeant Pharmaceuticals International, Inc.(1, 2) 33,000 587,070 ViroPharma, Inc.(1, 2) 13,000 68,250 Vivus, Inc.(1, 2) 56,000 241,920 --------------- 4,333,126 --------------- INDUSTRIALS--19.1% AEROSPACE & DEFENSE--1.4% AAR Corp.(2) 24,000 300,960 Aerovironment, Inc.(2) 1,668 34,861 Applied Signal Technology, Inc. 1,100 22,253 Argon ST, Inc.(2) 17,900 339,563 Astronics Corp., Cl. B(2) 812 8,323 Axsys Technologies, Inc.(2) 213 8,955 BE Aerospace, Inc.(2) 112,600 976,242 Ceradyne, Inc.(1, 2) 68,940 1,249,882 Cubic Corp. 28,630 725,198 Ducommun, Inc. 38,100 553,974 DynCorp International, Inc., Cl. A(2) 38,900 518,537 Esterline Technologies Corp.(2) 62,500 1,261,875 Gencorp, Inc.(2) 54,700 115,964 Goodrich Corp. 7,200 272,808 Herley Industries, Inc.(2) 2,700 32,292 Ladish Co., Inc.(2) 7,700 55,902 Precision Castparts Corp. 6,000 359,400 Taser International, Inc.(2) 33,044 154,646
22 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- AEROSPACE & DEFENSE CONTINUED Triumph Group, Inc.(1) 30,900 $ 1,180,380 --------------- 8,172,015 --------------- AIR FREIGHT & LOGISTICS--0.2% Air Transport Services Group, Inc.(2) 11,100 8,547 Atlas Air Worldwide Holdings, Inc.(2) 39,300 681,855 Pacer International, Inc. 97,100 339,850 UTi Worldwide, Inc. 11,926 142,516 --------------- 1,172,768 --------------- AIRLINES--0.5% Continental Airlines, Inc., Cl. B(2) 26,310 231,791 Hawaiian Holdings, Inc.(2) 97,300 362,929 Republic Airways Holdings, Inc.(2) 79,700 516,456 SkyWest, Inc. 82,600 1,027,544 Southwest Airlines Co. 10,100 63,933 US Airways Group, Inc.(1, 2) 179,000 452,870 --------------- 2,655,523 --------------- BUILDING PRODUCTS--1.2% Aaon, Inc.(1) 28,800 521,856 American Woodmark Corp.(1) 10,935 192,019 Ameron International Corp. 23,114 1,217,183 Apogee Enterprises, Inc. 66,524 730,434 Armstrong World Industries, Inc.(2) 57,200 629,772 Gibraltar Industries, Inc. 88,700 418,664 Griffon Corp.(1, 2) 44,119 330,893 Insteel Industries, Inc.(1) 60,300 419,688 Lennox International, Inc. 6,300 166,698 NCI Building Systems, Inc.(1, 2) 56,100 124,542 Owens Corning, Inc.(2) 23,300 210,632 Quanex Building Products Corp. 89,130 677,388 Trex Co., Inc.(1, 2) 37,360 285,057 Universal Forest Products, Inc. 38,220 1,017,034 USG Corp.(2) 10,806 82,234 --------------- 7,024,094 --------------- COMMERCIAL SERVICES & SUPPLIES--4.7% Acco Brands Corp.(2) 46,013 45,093 Administaff, Inc. 28,000 591,640 Advisory Board Co. (The)(2) 4,900 81,242 American Ecology Corp. 40,900 570,146 American Reprographics Co.(2) 60,400 213,816 AMREP Corp.(2) 1,676 26,313 ATC Technology Corp.(2) 28,800 322,560 Bowne & Co., Inc.(2) 42,099 135,138 Brink's Co. (The) 13,200 349,272 Casella Waste Systems, Inc., Cl. A(2) 10,475 17,912 CBIZ, Inc.(1, 2) 90,100 627,997
23 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED CDI Corp. 62,587 $ 608,346 Cenveo, Inc.(1, 2) 59,600 193,700 Comfort Systems USA, Inc. 94,400 978,928 COMSYS IT Partners, Inc.(2) 9,500 20,995 Consolidated Graphics, Inc.(2) 46,500 591,480 Copart, Inc.(1, 2) 7,300 216,518 Cornell Corrections, Inc.(2) 25,000 409,250 Corporate Executive Board Co. (The) 12,300 178,350 CoStar Group, Inc.(1, 2) 18,200 550,550 Courier Corp. 4,424 67,112 CRA International, Inc.(2) 24,200 456,896 Deluxe Corp. 140,000 1,348,200 EnergySolutions, Inc. 44,500 384,925 EnerNOC, Inc.(1, 2) 2,700 39,258 Ennis, Inc. 27,000 239,220 Equifax, Inc. 8,300 202,935 Exponent, Inc.(2) 39,680 1,005,094 First Advantage Corp., Cl. A(2) 17,300 238,394 Fuel-Tech, Inc. NV(2) 2,046 21,401 G&K Services, Inc., Cl. A 24,900 470,859 Heidrick & Struggles International, Inc.(1) 26,200 464,788 Hill International, Inc.(2) 46,300 140,752 HNI Corp.(1) 82,900 862,160 Hudson Highland Group, Inc.(2) 29,000 32,190 ICF International, Inc.(2) 16,800 385,896 Interface, Inc., Cl. A 170,200 508,898 Kelly Services, Inc., Cl. A(1) 51,185 412,039 Kforce, Inc.(2) 30,926 217,410 Kimball International, Inc., Cl. B 25,300 165,968 Knoll, Inc. 70,778 433,869 Korn-Ferry International(2) 112,500 1,019,250 M&F Worldwide Corp.(2) 6,041 70,740 Manpower, Inc. 12,400 390,972 McGrath Rentcorp 10,541 166,126 Metalico, Inc.(1, 2) 37,700 64,090 Miller (Herman), Inc. 125,000 1,332,500 Monster Worldwide, Inc.(1, 2) 95,940 781,911 MPS Group, Inc.(2) 255,000 1,517,250 On Assignment, Inc.(2) 39,800 107,858 PRG-Schultz International, Inc.(2) 1,300 3,692 R.R. Donnelley & Sons Co. 42,600 312,258 Resources Connection, Inc.(2) 87,800 1,324,024 Robert Half International, Inc. 3,400 60,622 Schawk, Inc. 30,100 181,804 School Specialty, Inc.(1, 2) 28,900 508,351
24 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED Spherion Corp.(2) 53,700 $ 111,696 Standard Parking Corp.(2) 5,300 86,920 Standard Register Co. (The) 51,010 233,626 Steelcase, Inc., Cl. A 223,600 1,120,236 Sykes Enterprises, Inc.(2) 21,600 359,208 Team, Inc.(2) 22,634 265,270 TrueBlue, Inc.(2) 127,400 1,051,050 United Stationers, Inc.(2) 21,388 600,575 Viad Corp. 50,500 713,060 Volt Information Sciences, Inc.(2) 8,500 56,525 Waste Services, Inc.(2) 11,500 49,220 --------------- 27,316,344 --------------- CONSTRUCTION & ENGINEERING--1.5% Baker (Michael) Corp.(2) 20,400 530,400 Chicago Bridge & Iron Co. NV(1) 90,380 566,683 Dycom Industries, Inc.(2) 130,700 756,753 EMCOR Group, Inc.(2) 110,400 1,895,568 Fluor Corp. 7,600 262,580 Furmanite Corp.(2) 8,800 27,368 Granite Construction, Inc.(1) 13,896 520,822 Insituform Technologies, Inc., Cl. A(1, 2) 29,100 455,124 Integrated Electrical Services, Inc.(1, 2) 16,186 147,616 Layne Christensen Co.(2) 18,570 298,420 MasTec, Inc.(2) 71,400 863,226 Northwest Pipe Co.(2) 20,700 589,329 Orion Marine Group, Inc.(2) 6,800 89,080 Perini Corp.(1, 2) 100,271 1,233,333 Pike Electric Corp.(1, 2) 39,206 362,656 Shaw Group, Inc. (The)(2) 10,500 287,805 --------------- 8,886,763 --------------- ELECTRICAL EQUIPMENT--1.8% Acuity Brands, Inc.(1) 67,600 1,523,704 Advanced Battery Technologies, Inc.(2) 7,000 14,980 AZZ, Inc.(1, 2) 18,064 476,709 Baldor Electric Co.(1) 93,790 1,359,017 Belden, Inc. 109,100 1,364,841 Brady Corp., Cl. A 20,300 357,889 C&D Technologies, Inc.(1, 2) 19,000 35,150 Day4 Energy, Inc., Legend Shares(2) 82,300 42,429 Encore Wire Corp.(1) 43,700 936,491 EnerSys, Inc.(2) 36,300 439,956 FuelCell Energy, Inc.(2) 22,500 54,000 Fushi Copperweld, Inc.(2) 2,100 10,080
25 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- ELECTRICAL EQUIPMENT CONTINUED GrafTech International Ltd.(2) 248,700 $ 1,531,992 Hubbell, Inc., Cl. B 4,500 121,320 LSI Industries, Inc. 14,900 77,033 Plug Power, Inc.(2) 3,900 3,393 Polypore International, Inc.(2) 14,234 57,221 Powell Industries, Inc.(2) 23,100 815,661 Smith (A.O.) Corp. 34,900 878,782 Thomas & Betts Corp.(2) 7,900 197,658 Valence Technology, Inc.(1, 2) 51,700 110,121 Vicor Corp. 17,370 84,939 Woodward Governor Co. 13,800 154,284 --------------- 10,647,650 --------------- INDUSTRIAL CONGLOMERATES--0.3% Raven Industries, Inc. 18,100 376,118 Standex International Corp. 12,200 112,240 Textron, Inc. 30,300 173,922 Tredegar Corp. 59,627 973,709 --------------- 1,635,989 --------------- MACHINERY--5.1% 3D Systems Corp.(2) 600 3,954 Actuant Corp., Cl. A(1) 87,539 904,278 AGCO Corp.(2) 12,100 237,160 Altra Holdings, Inc.(2) 42,350 164,318 American Railcar Industries, Inc. 3,500 26,705 Ampco-Pittsburgh Corp. 29,300 388,518 Badger Meter, Inc.(1) 33,020 953,948 Barnes Group, Inc. 87,700 937,513 Blount International, Inc.(2) 76,500 353,430 Briggs & Stratton Corp.(1) 54,200 894,300 Bucyrus International, Inc., Cl. A 3,500 53,130 Cascade Corp. 10,546 185,926 Chart Industries, Inc.(2) 88,600 698,168 CIRCOR International, Inc. 46,199 1,040,401 Colfax Corp.(2) 27,700 190,299 Columbus McKinnon Corp.(2) 60,370 526,426 Commercial Vehicle Group, Inc.(2) 3,600 1,980 Crane Co. 41,900 707,272 Cummins, Inc. 19,300 491,185 Dover Corp. 11,800 311,284 Dynamic Materials Corp. 6,100 55,876 Energy Recovery, Inc.(2) 2,500 19,000 EnPro Industries, Inc.(2) 60,400 1,032,840 Federal Signal Corp. 108,300 570,741 Force Protection, Inc.(2) 25,600 122,880 Gardner Denver, Inc.(2) 93,300 2,028,342
26 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- MACHINERY CONTINUED Gorman-Rupp Co. (The)(1) 30,443 $ 602,771 Graco, Inc. 18,100 308,967 Graham Corp. 12,500 112,125 Greenbrier Cos., Inc.(1) 6,000 21,960 Harsco Corp. 16,800 372,456 Hurco Cos., Inc.(1, 2) 5,076 53,958 IDEX Corp. 8,100 177,147 Ingersoll-Rand Co. Ltd., Cl. A 23,900 329,820 John Bean Technologies Corp. 17,513 183,186 K-Tron International, Inc.(2) 1,400 84,938 Kadant, Inc.(2) 35,500 408,960 Kennametal, Inc.(1) 71,600 1,160,636 L.B. Foster Co., Cl. A(2) 16,300 404,729 Lincoln Electric Holdings, Inc. 10,400 329,576 Lindsay Manufacturing Co.(1) 9,000 243,000 Lydall, Inc.(2) 16,100 47,817 Manitowoc Co., Inc. (The) 210,478 688,263 McCoy Corp., Legend Shares(3) 46,600 29,938 Met-Pro Corp. 2,400 19,560 Mueller Industries, Inc. 56,500 1,225,485 Mueller Water Products, Inc., Cl. A 167,600 553,080 NACCO Industries, Inc., Cl. A 8,000 217,440 Navistar International Corp.(2) 11,000 368,060 NN, Inc. 11,000 13,860 Nordson Corp. 9,000 255,870 Oshkosh Corp.(1) 183,800 1,238,812 Parker-Hannifin Corp. 5,400 183,492 RBC Bearings, Inc.(2) 1,200 18,336 Robbins & Myers, Inc. 68,249 1,035,337 Sauer-Danfoss, Inc. 44,037 107,450 Sun Hydraulics Corp.(1) 44,550 650,876 Tecumseh Products Co., Cl. A(2) 45,600 206,112 Tennant Co. 15,800 148,046 Terex Corp.(1, 2) 49,240 455,470 Thermadyne Holdings Corp.(2) 5,800 12,296 Timken Co. 108,845 1,519,476 Titan International, Inc.(1) 114,949 578,193 Toro Co. (The)(1) 58,000 1,402,440 TriMas Corp.(2) 600 1,050 Trinity Industries, Inc.(1) 78,800 720,232 Twin Disc, Inc. 4,400 30,448 Wabash National Corp. 41,000 50,430 Wabtec Corp. 2,100 55,398 Watts Water Technologies, Inc., Cl. A(1) 5,913 115,658 Xerium Technologies, Inc.(2) 34,952 23,418 --------------- 29,666,446 ---------------
27 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- MARINE--0.6% American Commercial Lines, Inc.(1, 2) 94,858 $ 300,700 Eagle Bulk Shipping, Inc. 39,300 167,025 Excel Maritime Carriers Ltd.(1) 28,400 128,368 Genco Shipping & Trading Ltd.(1) 66,500 820,610 Horizon Lines, Inc., Cl. A 11,700 35,451 Kirby Corp.(2) 28,200 751,248 Safe Bulkers, Inc.(1) 62,800 198,448 Star Bulk Carriers Corp.(1) 56,693 125,858 TBS International Ltd., Cl. A(1, 2) 79,200 582,120 Ultrapetrol Ltd. (Bahamas)(2) 2,500 6,750 --------------- 3,116,578 --------------- ROAD & RAIL--0.7% Amerco(1, 2) 4,500 150,885 Arkansas Best Corp.(1) 57,900 1,101,258 Avis Budget Group, Inc.(2) 220,400 200,564 Celadon Group, Inc.(2) 15,900 88,245 Hertz Global Holdings, Inc.(1, 2) 143,900 565,527 Marten Transport Ltd.(2) 39,100 730,388 Ryder Systems, Inc. 7,494 212,155 Werner Enterprises, Inc.(1) 54,700 827,064 YRC Worldwide, Inc.(2) 14,600 65,554 --------------- 3,941,640 --------------- TRADING COMPANIES & DISTRIBUTORS--1.1% Applied Industrial Technologies, Inc. 40,975 691,248 Beacon Roofing Supply, Inc.(1, 2) 57,149 765,225 BlueLinx Holdings, Inc.(1, 2) 3,600 9,396 DXP Enterprises, Inc.(2) 10,800 111,564 GATX Corp.(1) 23,028 465,856 H&E Equipment Services, Inc.(2) 34,567 226,414 Houston Wire & Cable Co. 40,000 310,000 Interline Brands, Inc.(2) 7,300 61,539 Kaman Corp. 4,700 58,938 MSC Industrial Direct Co., Inc., Cl. A(1) 3,600 111,852 Rush Enterprises, Inc., Cl. A(2) 65,700 586,044 TAL International Group, Inc. 3,011 22,041 Textainer Group Holdings Ltd. 9,468 63,909 Titan Machinery, Inc.(2) 2,000 17,980 United Rentals, Inc.(1, 2) 169,043 711,671 Watsco, Inc. 5,900 200,777 WESCO International, Inc.(2) 104,700 1,897,164 --------------- 6,311,618 --------------- TRANSPORTATION INFRASTRUCTURE--0.0% CAI International, Inc.(2) 33,400 94,522
28 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- INFORMATION TECHNOLOGY--22.9% COMMUNICATIONS EQUIPMENT--3.4% 3Com Corp.(2) 451,130 $ 1,393,992 Acme Packet, Inc.(2) 31,700 192,419 ADC Telecommunications, Inc.(2) 34,900 153,211 ADTRAN, Inc. 50,800 823,468 Aruba Networks, Inc.(2) 5,800 18,212 Avocent Corp.(1, 2) 109,400 1,328,116 Bel Fuse, Inc., Cl. A 4,800 59,664 BigBand Networks, Inc.(2) 30,850 202,068 Black Box Corp. 16,920 399,481 Blue Coat Systems, Inc.(2) 16,700 200,567 Brocade Communications Systems, Inc.(2) 401,800 1,386,210 Ciena Corp.(1, 2) 136,100 1,058,858 Cogo Group, Inc.(2) 9,000 60,120 CommScope, Inc.(2) 93,800 1,065,568 Comtech Telecommunications Corp.(2) 3,100 76,787 Digi International, Inc.(2) 22,400 171,808 EchoStar Holding Corp.(2) 10,100 149,783 EMS Technologies, Inc.(2) 29,100 508,086 Emulex Corp.(2) 212,138 1,067,054 Extreme Networks, Inc.(2) 24,320 36,966 Finisar Corp.(2) 113,100 49,764 Harris Stratex Networks, Inc., Cl. A(2) 16,685 64,237 Hughes Communications, Inc.(2) 4,300 51,729 InterDigital, Inc.(1, 2) 52,906 1,366,033 Ixia(2) 67,400 348,458 JDS Uniphase Corp.(2) 433,114 1,407,621 Loral Space & Communications Ltd.(2) 400 8,544 Netgear, Inc.(2) 12,400 149,420 Oplink Communications, Inc.(2) 7,164 55,163 ParkerVision, Inc.(1, 2) 15,500 26,195 Performance Technologies, Inc.(2) 3,200 8,288 Plantronics, Inc.(1) 118,000 1,424,260 Polycom, Inc.(1, 2) 24,900 383,211 Powerwave Technologies, Inc.(2) 230,900 137,155 SeaChange International, Inc.(2) 35,355 202,231 ShoreTel, Inc.(1, 2) 13,600 58,616 Sonus Networks, Inc.(1, 2) 96,100 150,877 Starent Networks Corp.(1, 2) 33,400 528,054 Symmetricom, Inc.(2) 1,400 4,900 Tekelec, Inc.(1, 2) 64,453 852,713 Tellabs, Inc.(2) 327,866 1,501,626 UTStarcom, Inc.(2) 138,792 108,258
29 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- COMMUNICATIONS EQUIPMENT CONTINUED ViaSat, Inc.(2) 15,100 $ 314,382 --------------- 19,554,173 --------------- COMPUTERS & PERIPHERALS--1.7% 3PAR, Inc.(1, 2) 22,350 146,840 Adaptec, Inc.(2) 119,300 286,320 Avid Technology, Inc.(1, 2) 49,000 447,860 Electronics for Imaging, Inc.(2) 78,000 764,400 Hutchinson Technology, Inc.(1, 2) 9,800 25,480 Hypercom Corp.(2) 1,900 1,824 Imation Corp.(1) 44,500 340,425 Intermec, Inc.(2) 6,109 63,534 Lexmark International, Inc., Cl. A(1, 2) 13,900 234,493 NCR Corp.(2) 23,500 186,825 Netezza Corp.(2) 46,400 315,520 Novatel Wireless, Inc.(2) 15,400 86,548 QLogic Corp.(2) 166,550 1,852,036 Rackable Systems, Inc.(2) 10,400 42,224 Seagate Technology(1) 101,600 610,616 STEC, Inc.(1, 2) 102,500 755,425 Sun Microsystems, Inc.(2) 77,600 568,032 Synaptics, Inc.(1, 2) 59,750 1,598,910 Teradata Corp.(2) 10,900 176,798 Western Digital Corp.(2) 66,600 1,288,044 Xyratex Ltd.(2) 14,200 31,240 --------------- 9,823,394 --------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--3.8% Acacia Research Corp.(1, 2) 16,300 66,504 Agilent Technologies, Inc.(2) 30,600 470,322 Agilysys, Inc. 4,734 20,356 Amphenol Corp., Cl. A 9,400 267,806 Anixter International, Inc.(1, 2) 42,020 1,331,194 Arrow Electronics, Inc.(2) 54,000 1,029,240 Avnet, Inc.(2) 6,500 113,815 AVX Corp. 5,300 48,124 Benchmark Electronics, Inc. 161,309 1,806,661 Brightpoint, Inc.(2) 82,100 351,388 Checkpoint Systems, Inc.(2) 3,600 32,292 China Security & Surveillance Technology, Inc.(2) 21,400 82,176 Cogent, Inc.(1, 2) 9,450 112,455 Cognex Corp. 34,400 459,240 Coherent, Inc.(2) 36,600 631,350 CPI International, Inc.(2) 100 940 CTS Corp. 76,900 277,609
30 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED Daktronics, Inc.(1) 35,200 $ 230,560 Dolby Laboratories, Inc., Cl. A(2) 1,700 57,987 DTS, Inc.(1, 2) 31,600 760,296 Echelon Corp.(2) 6,900 55,821 Electro Scientific Industries, Inc.(2) 28,400 168,128 FARO Technologies, Inc.(2) 3,200 43,008 Gerber Scientific, Inc.(2) 9,700 23,183 Ingram Micro, Inc., Cl. A(2) 26,700 337,488 Insight Enterprises, Inc.(2) 59,700 182,682 IPG Photonics Corp.(2) 5,400 45,468 Itron, Inc.(1, 2) 2,900 137,315 Jabil Circuit, Inc. 174,150 968,274 L-1 Identity Solutions, Inc.(1, 2) 12,912 65,980 Littlefuse, Inc.(2) 35,163 386,441 Maxwell Technologies, Inc.(2) 4,900 34,055 Measurement Specialties, Inc.(2) 300 1,227 Methode Electronics, Inc. 92,590 331,472 Molex, Inc. 22,800 313,272 MTS Systems Corp. 20,500 466,375 Multi-Fineline Electronix, Inc.(1, 2) 53,234 896,461 NAM TAI Electronics, Inc. 15,700 58,404 National Instruments Corp. 5,900 110,035 Newport Corp.(2) 31,600 139,672 OSI Systems, Inc.(2) 26,500 404,390 Park Electrochemical Corp. 24,800 428,544 PC Connection, Inc.(2) 7,100 26,980 Plexus Corp.(2) 52,390 724,030 RadiSys Corp.(2) 3,609 21,871 Rofin-Sinar Technologies, Inc.(2) 69,800 1,125,176 Rogers Corp.(2) 9,700 183,136 Sanmina-SCI Corp.(2) 417,400 127,307 ScanSource, Inc.(2) 36,510 678,356 SYNNEX Corp.(1, 2) 62,200 1,223,474 Tech Data Corp.(2) 76,568 1,667,651 Technitrol, Inc. 58,900 100,719 Trimble Navigation Ltd.(1, 2) 10,200 155,856 TTM Technologies, Inc.(1, 2) 136,400 791,120 Tyco Electronics Ltd. 5,400 59,616 Universal Display Corp.(2) 500 4,585 Vishay Intertechnology, Inc.(2) 344,540 1,198,999 Zygo Corp.(2) 1,500 6,885 --------------- 21,843,771 --------------- INTERNET SOFTWARE & SERVICES--2.1% Akamai Technologies, Inc.(2) 18,000 349,200
31 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- INTERNET SOFTWARE & SERVICES CONTINUED Art Technology Group, Inc.(2) 84,100 $ 214,455 AsiaInfo Holdings, Inc.(2) 51,800 872,830 comScore, Inc.(2) 7,000 84,630 DealerTrack Holdings, Inc.(2) 8,770 114,887 Digital River, Inc.(1, 2) 48,300 1,440,306 EarthLink, Inc.(2) 138,164 907,737 Imergent, Inc. 12,700 57,150 Internap Network Services Corp.(2) 4,100 11,029 j2 Global Communications, Inc.(2) 56,000 1,225,840 Knot, Inc. (The)(2) 9,600 78,720 Limelight Networks, Inc.(2) 1,300 4,355 Liquidity Services, Inc.(2) 3,500 24,465 LoopNet, Inc.(1, 2) 34,800 211,584 Marchex, Inc., Cl. B(1) 39,537 136,007 Mercadolibre, Inc.(1, 2) 8,600 159,530 ModusLink Global Solutions, Inc.(2) 32,210 83,424 Move, Inc.(2) 26,100 37,845 National Information Consortium, Inc. 33,800 175,760 NaviSite, Inc.(2) 11,700 4,680 Open Text Corp.(1, 2) 28,300 974,652 Perficient, Inc.(2) 6,900 37,260 RealNetworks, Inc.(2) 31,472 73,330 S1 Corp.(2) 125,700 647,355 Savvis, Inc.(1, 2) 2,900 17,951 Sohu.com, Inc.(1, 2) 12,200 503,982 SonicWALL, Inc.(2) 81,060 361,528 SoundBite Communications, Inc.(2) 17,200 24,940 TheStreet.com, Inc.(1) 16,150 31,816 United Online, Inc. 121,642 542,523 ValueClick, Inc.(2) 175,500 1,493,505 Vignette Corp.(2) 49,640 331,595 VistaPrint Ltd.(1, 2) 22,950 630,896 Vocus, Inc.(2) 20,500 272,445 Zix Corp.(1, 2) 12,600 12,978 --------------- 12,151,190 --------------- IT SERVICES--2.3% Acxiom Corp. 180,100 1,332,740 CIBER, Inc.(2) 182,973 499,516 Cognizant Technology Solutions Corp.(2) 2,700 56,133 Computer Sciences Corp.(2) 4,800 176,832 Convergys Corp.(2) 267,167 2,158,709 CSG Systems International, Inc.(2) 64,107 915,448 Euronet Worldwide, Inc.(2) 11,889 155,270
32 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- IT SERVICES CONTINUED Exlservice Holdings, Inc.(2) 14,500 $ 124,990 Fiserv, Inc.(2) 1,700 61,982 Forrester Research, Inc.(2) 15,374 316,089 Gartner, Inc.(2) 56,700 624,267 Global Cash Access, Inc.(1, 2) 63,612 242,998 Hackett Group, Inc. (The)(2) 3,700 7,474 Heartland Payment Systems, Inc. 39,440 260,698 Hewitt Associates, Inc.(2) 8,300 247,008 iGate Corp. 35,556 115,201 infoGROUP, Inc.(2) 16,300 67,808 Integral Systems, Inc.(1, 2) 40,854 351,344 Mastech Holdings, Inc.(2) 540 1,096 NCI, Inc., Cl. A(2) 3,980 103,480 Ness Technologies, Inc.(2) 22,000 64,900 NeuStar, Inc., Cl. A(1, 2) 62,300 1,043,525 Online Resources & Communications Corp.(2) 1,000 4,210 Perot Systems Corp., Cl. A(2) 90,100 1,160,488 RightNow Technologies, Inc.(2) 63,070 477,440 Sapient Corp.(2) 199,800 893,106 Syntel, Inc. 9,000 185,220 TeleTech Holdings, Inc.(2) 113,500 1,236,015 Total System Services, Inc. 12,400 171,244 Unisys Corp.(2) 304,500 161,385 VeriFone Holdings, Inc.(1, 2) 23,300 158,440 Wright Express Corp.(2) 1,300 23,686 --------------- 13,398,742 --------------- OFFICE ELECTRONICS--0.1% Xerox Corp. 46,700 212,485 Zebra Technologies Corp., Cl. A(2) 31,900 606,738 --------------- 819,223 --------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--6.0% Actel Corp.(2) 50,440 510,453 Advanced Analogic Technologies, Inc.(2) 2,300 8,280 Advanced Energy Industries, Inc.(2) 91,700 690,501 Advanced Micro Devices, Inc.(1, 2) 28,200 86,010 Amkor Technology, Inc.(2) 414,000 1,109,520 Analog Devices, Inc. 11,100 213,897 Applied Micro Circuits Corp.(2) 119,900 582,714 Atmel Corp.(2) 393,900 1,429,857 ATMI, Inc.(2) 69,600 1,073,928 Broadcom Corp., Cl. A(1, 2) 23,000 459,540 Brooks Automation, Inc.(2) 120,691 556,386 Cabot Microelectronics Corp.(1, 2) 46,600 1,119,798
33 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Cavium Networks, Inc.(2) 18,600 $ 214,644 Cirrus Logic, Inc.(2) 124,455 467,951 Cohu, Inc. 20,200 145,440 Conexant Systems, Inc.(2) 16,820 10,933 Cymer, Inc.(2) 5,200 115,752 Diodes, Inc.(2) 16,800 178,248 DSP Group, Inc.(2) 17,301 74,740 Entegris, Inc.(2) 323,800 278,468 Exar Corp.(2) 47,200 294,528 Fairchild Semiconductor International, Inc., Cl. A(2) 311,500 1,161,895 FEI Co.(2) 7,500 115,725 Integrated Device Technology, Inc.(2) 350,500 1,594,775 Intellon Corp.(2) 17,600 38,720 International Rectifier Corp.(2) 57,900 782,229 Intersil Corp., Cl. A 37,000 425,500 IXYS Corp. 27,200 219,232 Kulicke & Soffa Industries, Inc.(2) 19,600 51,352 Lattice Semiconductor Corp.(2) 224,489 309,795 LSI Corp.(2) 210,200 639,008 Marvell Technology Group Ltd.(2) 36,400 333,424 Mattson Technology, Inc.(2) 10,700 8,999 MEMC Electronic Materials, Inc.(2) 23,900 394,111 Micrel, Inc. 120,300 846,912 Micron Technology, Inc.(2) 16,400 66,584 Microsemi Corp.(2) 4,200 48,720 Microtune, Inc.(2) 15,500 28,210 MKS Instruments, Inc.(2) 109,900 1,612,233 Monolithic Power Systems, Inc.(2) 55,900 866,450 National Semiconductor Corp. 15,100 155,077 Netlogic Microsystems, Inc.(1, 2) 9,500 261,060 Novellus Systems, Inc.(2) 43,300 720,079 NVIDIA Corp.(1, 2) 32,700 322,422 OmniVision Technologies, Inc.(1, 2) 99,100 665,952 ON Semiconductor Corp.(2) 75,400 294,060 Pericom Semiconductor Corp.(2) 89,408 653,572 PMC-Sierra, Inc.(1, 2) 187,100 1,193,698 RF Micro Devices, Inc.(2) 329,600 438,368 Rudolph Technologies, Inc.(2) 5,200 15,756 Semtech Corp.(1, 2) 71,600 955,860 Sigma Designs, Inc.(1, 2) 12,700 157,988 Silicon Image, Inc.(2) 195,800 469,920 Silicon Laboratories, Inc.(1, 2) 29,400 776,160 Silicon Storage Technology, Inc.(2) 63,100 104,115
34 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Skyworks Solutions, Inc.(2) 263,800 $ 2,126,228 Standard Microsystems Corp.(2) 25,300 470,580 Supertex, Inc.(2) 20,966 484,315 Techwell, Inc.(2) 6,200 39,122 Teradyne, Inc.(2) 355,096 1,555,320 Tessera Technologies, Inc.(2) 15,800 211,246 TriQuint Semiconductor, Inc.(2) 105,600 260,832 Ultra Clean Holdings, Inc.(2) 4,100 4,387 Ultratech, Inc.(1, 2) 59,775 746,590 Varian Semiconductor Equipment Associates, Inc.(2) 40,500 877,230 Veeco Instruments, Inc.(2) 85,500 570,285 Verigy Ltd.(2) 40,200 331,650 Volterra Semiconductor Corp.(2) 62,300 525,812 Zoran Corp.(2) 19,936 175,437 --------------- 34,728,583 --------------- SOFTWARE--3.5% ACI Worldwide, Inc.(2) 4,500 84,375 Advent Software, Inc.(1, 2) 8,800 293,128 ArcSight, Inc.(2) 1,900 24,263 Aspen Technology, Inc.(2) 96,400 673,836 Autodesk, Inc.(2) 20,000 336,200 Blackbaud, Inc. 8,200 95,202 Bottomline Technologies, Inc.(2) 9,300 61,194 Cadence Design Systems, Inc.(2) 221,874 931,871 Commvault Systems, Inc.(2) 7,210 79,094 Compuware Corp.(2) 71,700 472,503 Double-Take Software, Inc.(2) 8,320 56,243 Epicor Software Corp.(2) 6,000 22,860 EPIQ Systems, Inc.(1, 2) 18,276 329,516 FactSet Research Systems, Inc.(1) 3,700 184,963 Fair Isaac Corp. 114,200 1,606,794 FalconStor Software, Inc.(2) 12,500 29,875 Henry (Jack) & Associates, Inc. 6,900 112,608 i2 Technologies, Inc.(1, 2) 5,700 45,030 Interactive Intelligence, Inc.(1, 2) 12,400 112,344 JDA Software Group, Inc.(2) 52,200 602,910 Kenexa Corp.(2) 25,300 136,367 Lawson Software, Inc.(2) 16,619 70,631 Manhattan Associates, Inc.(2) 48,040 832,053 Mentor Graphics Corp.(1, 2) 124,800 554,112 MICROS Systems, Inc.(2) 37,700 706,875 MicroStrategy, Inc., Cl. A(2) 14,900 509,431 MSC.Software Corp.(2) 12,600 71,064
35 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- SOFTWARE CONTINUED Net 1 UEPS Technologies, Inc.(2) 96,400 $ 1,466,244 NetScout Systems, Inc.(2) 26,900 192,604 Parametric Technology Corp.(2) 135,300 1,350,294 Pegasystems, Inc. 2,300 42,711 Phoenix Technologies Ltd.(2) 3,800 6,156 Progress Software Corp.(2) 33,800 586,768 PROS Holdings, Inc.(2) 3,250 15,113 Quest Software, Inc.(2) 79,600 1,009,328 Radiant Systems, Inc.(2) 36,300 160,083 Smith Micro Software, Inc.(2) 11,000 57,530 Solera Holdings, Inc.(2) 3,300 81,774 SPSS, Inc.(2) 18,200 517,426 Sybase, Inc.(2) 13,700 414,973 Symyx Technologies, Inc.(2) 8,200 36,490 Synchronoss Technologies, Inc.(1, 2) 32,600 399,676 Synopsys, Inc.(2) 6,600 136,818 Take-Two Interactive Software, Inc. 108,900 909,315 Taleo Corp., Cl. A(2) 35,490 419,492 TIBCO Software, Inc.(2) 335,200 1,967,624 Tyler Technologies, Inc.(2) 38,600 564,718 Ultimate Software Group, Inc. (The)(1, 2) 11,245 194,089 Wind River Systems, Inc.(2) 136,400 872,960 --------------- 20,437,528 --------------- MATERIALS--5.3% CHEMICALS--2.5% Arch Chemicals, Inc. 300 5,688 Ashland, Inc. 150,659 1,556,307 Balchem Corp. 8,130 204,307 Cabot Corp. 25,000 262,750 Celanese Corp., Series A 5,000 66,850 CF Industries Holdings, Inc. 5,400 384,102 Cytec Industries, Inc. 33,000 495,660 Eastman Chemical Co. 5,000 134,000 Ferro Corp. 86,038 123,034 Fuller (H.B.) Co. 58,800 764,400 GenTek, Inc.(1, 2) 2,300 40,227 ICO, Inc.(2) 32,600 67,156 Innophos Holdings, Inc. 36,900 416,232 Innospec, Inc. 37,888 142,838 Koppers Holdings, Inc. 41,900 608,388 Landec Corp.(2) 23,900 133,123 LSB Industries, Inc.(1, 2) 28,600 282,854 Minerals Technologies, Inc. 16,700 535,235 NewMarket Corp. 21,200 939,160 NOVA Chemicals Corp. 133,300 767,808
36 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- CHEMICALS CONTINUED Olin Corp. 83,680 $ 1,194,114 OM Group, Inc.(2) 52,940 1,022,801 Penford Corp. 1,500 5,445 PolyOne Corp.(2) 166,100 383,691 Quaker Chemical Corp. 17,700 140,538 Rockwood Holdings, Inc.(2) 61,552 488,723 Schulman (A.), Inc. 39,111 529,954 ShengdaTech, Inc.(2) 482 1,494 Spartech Corp. 44,800 110,208 Stepan Co. 10,400 283,920 Terra Industries, Inc. 36,000 1,011,240 Valhi, Inc. 2,900 27,202 Valspar Corp. (The)(1) 23,600 471,292 W.R. Grace & Co.(2) 1,900 12,008 Zep, Inc. 42,900 438,867 Zoltek Cos., Inc.(1, 2) 39,600 269,676 --------------- 14,321,292 --------------- CONSTRUCTION MATERIALS--0.1% Headwaters, Inc.(1, 2) 106,000 332,840 Texas Industries, Inc.(1) 5,000 125,000 --------------- 457,840 --------------- CONTAINERS & PACKAGING--0.5% Bway Holding Co.(2) 2,300 18,147 Myers Industries, Inc. 47,500 291,650 Packaging Corp. of America 29,800 387,996 Rock-Tenn Co., Cl. A 7,900 213,695 Sealed Air Corp. 7,800 107,640 Sonoco Products Co. 10,100 211,898 Temple-Inland, Inc.(1) 303,143 1,627,878 --------------- 2,858,904 --------------- METALS & MINING--1.9% A. M. Castle & Co. 44,127 393,613 AK Steel Holding Corp. 168,400 1,199,008 Allegheny Technologies, Inc.(1) 17,600 385,968 Amerigo Resources Ltd. 118,700 27,303 Brush Engineered Materials, Inc.(2) 47,100 653,277 Carpenter Technology Corp. 89,100 1,258,092 Century Aluminum Co.(1, 2) 113,900 240,329 Cliffs Natural Resources, Inc. 6,600 119,856 Commercial Metals Co. 6,300 72,765 Farallon Resources Ltd.(2) 156,700 21,750 General Steel Holdings, Inc.(1, 2) 13,700 36,031 Haynes International, Inc.(2) 27,300 486,486 Hecla Mining Co.(1, 2) 98,200 196,400 Horsehead Holding Corp.(2) 8,855 48,703 Kaiser Aluminum Corp. 11,643 269,186
37 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- METALS & MINING CONTINUED Olympic Steel, Inc. 39,227 $ 595,074 Redcorp Ventures Ltd., Legend Shares(2, 3) 666,400 5,286 Reliance Steel & Aluminum Co. 32,700 860,991 RTI International Metals, Inc.(1, 2) 73,900 864,630 Schnitzer Steel Industries, Inc.(1) 46,355 1,455,083 Sims Metal Management Ltd., Sponsored ADR 63,425 756,026 Stillwater Mining Co.(2) 76,542 283,205 Sutor Technology Group Ltd.(2) 1,400 1,960 Titanium Metals Corp.(1) 49,700 271,859 United States Steel Corp. 6,300 133,119 Universal Stainless & Alloy Products, Inc.(2) 4,700 45,449 Worthington Industries, Inc. 64,498 561,778 Yamana Gold, Inc. 2,011 18,773 --------------- 11,262,000 --------------- PAPER & FOREST PRODUCTS--0.3% Buckeye Technologies, Inc.(2) 47,027 100,168 Clearwater Paper Corp.(2) 4,060 32,602 Deltic Timber Corp. 1,700 66,997 Domtar Corp.(2) 251,100 238,545 Glatfelter 57,300 357,552 Louisiana-Pacific Corp. 91,270 203,532 MeadWestvaco Corp. 8,700 104,313 Mercer International, Inc.(1, 2) 12,300 8,118 Neenah Paper, Inc. 11,800 42,834 Schweitzer-Mauduit International, Inc. 12,150 224,289 Verso Paper Corp. 3,700 2,368 Wausau Paper Corp. 82,400 433,424 Weyerhaeuser Co. 2,100 57,897 --------------- 1,872,639 --------------- TELECOMMUNICATION SERVICES--1.9% DIVERSIFIED TELECOMMUNICATION SERVICES--1.3% Alaska Communications Systems Group, Inc.(1) 23,100 154,770 Atlantic Tele-Network, Inc. 18,400 352,912 Cbeyond, Inc.(1, 2) 20,400 384,132 CenturyTel, Inc. 2,100 59,052 Cincinnati Bell, Inc.(2) 489,400 1,125,620 Cogent Communications Group, Inc.(1, 2) 61,971 446,191 Embarq Corp. 10,200 386,070 General Communication, Inc., Cl. A(2) 13,000 86,840 Global Crossing Ltd.(1, 2) 19,544 136,808 Iowa Telecommunications Services, Inc.(1) 41,237 472,576 NTELOS Holdings Corp. 54,400 986,816 PAETEC Holding Corp.(2) 9,600 13,824 Premiere Global Services, Inc.(2) 174,000 1,534,680 Qwest Communications International, Inc.(1) 24,800 84,816
38 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED tw telecom, Inc.(1, 2) 172,700 $ 1,511,125 --------------- 7,736,232 --------------- WIRELESS TELECOMMUNICATION SERVICES--0.6% Centennial Communications Corp.(2) 174,100 1,438,066 ICO Global Communication Holdings Ltd.(2) 8,200 2,870 iPCS, Inc.(2) 17,534 170,255 NII Holdings, Inc.(2) 9,500 142,500 Syniverse Holdings, Inc.(2) 55,700 877,832 Telephone & Data Systems, Inc. 5,700 151,107 United States Cellular Corp.(2) 6,000 200,040 USA Mobility, Inc. 28,500 262,485 --------------- 3,245,155 --------------- UTILITIES--0.3% ENERGY TRADERS--0.0% Canadian Hydro Developers, Inc., Legend Shares(2) 14,000 26,539 Reliant Energy, Inc.(2) 25,600 81,664 --------------- 108,203 --------------- GAS UTILITIES--0.0% Laclede Group, Inc. (The) 3,300 128,634 Northwest Natural Gas Co.(1) 1,280 55,578 --------------- 184,212 --------------- MULTI-UTILITIES--0.2% Avista Corp. 30,300 417,534 CH Energy Group, Inc. 11,048 518,151 DTE Energy Co. 2,100 58,170 PNM Resources, Inc. 17,871 147,614 --------------- 1,141,469 --------------- WATER UTILITIES--0.1% Cascal NV 46,800 146,946 SJW Corp.(1) 16,600 422,138 --------------- 569,084 --------------- Total Common Stocks (Cost $864,074,028) 571,592,052
Units --------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Redcorp Ventures Ltd. Wts., Strike Price 0.65CAD, Exp. 7/5/09(2, 4) 333,200 -- United America Indemnity Ltd., Cl. A Rts., Strike Price $3.50, Exp. 4/6/09(2) 35,473 18,202 --------------- Total Rights, Warrants and Certificates (Cost $131,806) 18,202
Shares --------------- INVESTMENT COMPANIES--1.1% Allied Capital Corp. 52,500 83,475 Apollo Investment Corp. 84,100 292,668
39 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value --------------- --------------- Capital Southwest Corp. 200 $ 15,278 Oppenheimer Institutional Money Market Fund, Cl. E, 0.80%(5, 6) 5,995,458 5,995,458 --------------- Total Investment Companies (Cost $6,293,839) 6,386,879 --------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $870,499,673) 577,997,133 ---------------
Principal Amount/Shares --------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--22.0%(7) GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 0.61%, 4/27/09 $ 455,780 366,658 OFI Liquid Assets Fund, LLC, 0.92%(5, 6) 127,328,089 127,328,089 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $127,783,869) 127,694,747 Total Investments, at Value (Cost $998,283,542) 121.7% 705,691,880 Liabilities in Excess of Other Assets (21.7) (125,633,213) --------------- --------------- Net Assets 100.0% $ 580,058,667 =============== ===============
Footnotes to Statement of Investments STRIKE PRICE IS REPORTED IN U.S. DOLLARS, EXCEPT FOR THOSE DENOTED IN THE FOLLOWING CURRENCY: CAD Canadian Dollar (1.) Partial or fully-loaned security. See accompanying Notes. (2.) Non-income producing security. (3.) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $78,017 or 0.01% of the Fund's net assets as of March 31, 2009. (4.) Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2009 was $36,282, which represents 0.01% of the Fund's net assets, of which $35,984 is considered restricted. See accompanying Notes. Information concerning restricted securities is as follows:
ACQUISITION UNREALIZED SECURITY DATE COST VALUE DEPRECIATION -------- ----------- ------- ------- ------------ Tusk Energy Corp., Legend Shares 11/15/04 $38,148 $35,984 $2,164
40 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited (5.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2009, 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, 2008 ADDITIONS REDUCTIONS 2009 ------------ ----------- ----------- ----------- OFI Liquid Assets Fund, LLC 65,710,173 176,996,440 115,378,524 127,328,089 Oppenheimer Institutional Money Market Fund, Cl. E 6,344,806 32,667,120 33,016,468 5,995,458
VALUE INCOME ------------ -------- OFI Liquid Assets Fund, LLC $127,328,089 $514,417(a) Oppenheimer Institutional Money Market Fund, Cl. E 5,995,458 16,902 ------------ -------- $133,323,547 $531,319 ============ ========
(a.) Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties. (6.) Rate shown is the 7-day yield as of March 31, 2009. (7.) The security/securities have been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See accompanying Notes. VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of March 31, 2009:
INVESTMENTS OTHER FINANCIAL VALUATION DESCRIPTION IN SECURITIES INSTRUMENTS* --------------------- ------------- --------------- Level 1--Quoted Prices $705,305,601 $ -- Level 2--Other Significant Observable Inputs 385,956 -- Level 3--Significant Unobservable Inputs 323 -- ------------ ---- Total $705,691,880 $ -- ============ ====
41 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited * Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices 42 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. 43 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited CONCENTRATION OF RISKS. The Fund from time to time may have elements of concentration risk due to the value of certain securities held compared to the overall net investments value of the Fund. Such concentrations may subject the Fund to additional risks. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. INVESTMENT IN OFI LIQUID ASSETS FUND, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund's Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC ("LAF") is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment 44 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. When applicable, the Fund's investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. ILLIQUID OR RESTRICTED SECURITIES As of March 31, 2009, investments in securities included issues that are illiquid or restricted. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid and restricted securities. Certain restricted securities, eligible for resale to qualified institutional purchasers, may not be subject to that limitation. Securities that are illiquid or restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of March 31, 2009, the Fund had on loan securities valued at $124,853,106. Collateral of $127,785,043 was received for the loans, all of which was received in cash and subsequently invested in approved instruments or held as cash. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2009 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. 45 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Federal tax cost of securities $1,023,063,936 ============== Gross unrealized appreciation $ 21,700,596 Gross unrealized depreciation (339,072,652) -------------- Net unrealized depreciation $ (317,372,056) ==============
46 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value ----------- ------------ CERTIFICATES OF DEPOSIT--30.9% DOMESTIC CERTIFICATES OF DEPOSIT--1.2% Chase Bank USA NA: 0.55%, 6/8/09 $ 1,600,000 $ 1,600,000 0.55%, 6/15/09 1,300,000 1,300,000 ------------ 2,900,000 ------------ YANKEE CERTIFICATES OF DEPOSIT--29.7% Bank of Nova Scotia, Houston, TX: 0.55%, 4/22/09 2,150,000 2,150,000 1.516%, 9/4/09(1) 3,000,000 3,000,000 1.571%, 9/8/09(1) 3,000,000 3,000,000 BNP Paribas, New York: 0.79%, 6/22/09 1,500,000 1,500,000 0.80%, 6/5/09 3,400,000 3,400,000 1%, 5/12/09 2,000,000 2,000,000 1%, 5/20/09 5,000,000 5,000,000 Calyon, New York: 0.50%, 4/6/09 2,500,000 2,500,000 0.52%, 4/2/09 5,000,000 5,000,000 0.55%, 4/13/09 2,000,000 2,000,000 National Australia Funding (Delaware), Inc., 0.85%, 4/7/09 4,000,000 4,000,000 Nordea Bank Finland plc, New York, 0.90%, 4/3/09 1,500,000 1,500,000 Rabobank Nederland NV, New York: 0.70%, 5/4/09 3,500,000 3,500,000 0.75%, 6/24/09 2,000,000 2,000,000 0.80%, 7/7/09 2,000,000 2,000,000 1.25%, 6/16/09 4,000,000 4,000,000 Royal Bank of Canada, New York: 0.75%, 7/27/09 3,500,000 3,500,000 1.441%, 8/7/09(1) 5,000,000 5,000,000 Societe Generale North America, Inc.: 0.75%, 4/16/09 5,000,000 5,000,000 0.75%, 4/20/09 4,500,000 4,500,000 Toronto Dominion Bank, New York: 0.90%, 9/30/09 2,000,000 2,000,000 1.47%, 11/12/09 5,000,000 5,000,000 1.50%, 11/3/09 1,500,000 1,500,000 ------------ 73,050,000 ------------ Total Certificates of Deposit (Cost $75,950,000) 75,950,000 ------------ DIRECT BANK OBLIGATIONS--16.8% Bank of America NA, 1.63%, 7/6/09(1) 2,000,000 1,996,513 Bank of Nova Scotia, Houston, TX, 0.55%, 5/4/09 1,000,000 999,496 Calyon North America, Inc., 0.55%, 4/20/09 2,000,000 1,999,419 Danske Corp., 1.20%, 4/8/09(2) 4,500,000 4,498,950 HSBC USA, Inc.,1.64%, 8/14/09(1) 8,000,000 7,984,483 National Australia Funding (Delaware), Inc., 0.72%, 4/7/09(2) 1,600,000 1,599,808 Nordea North America, Inc.: 0.55%, 6/17/09 2,000,000 1,997,305 0.67%, 6/10/09 2,000,000 1,997,394
1 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value ----------- ------------ 0.73%, 6/8/09 $ 1,100,000 $ 1,098,483 0.78%, 6/3/09 5,000,000 4,993,175 Royal Bank of Canada, 1.29%, 7/15/09(1) 3,000,000 3,000,000 Societe Generale North America, Inc., 0.85%, 4/14/09 2,000,000 1,999,386 Toronto Dominion Bank, New York, 0.90%, 9/14/09 3,100,000 3,100,000 US Bank NA, 0.90%, 8/21/09 4,000,000 4,000,000 ------------ Total Direct Bank Obligations (Cost $41,264,412) 41,264,412 ------------ SHORT-TERM NOTES--48.7% DIVERSIFIED FINANCIAL SERVICES--4.7% General Electric Capital Services: 0.20%, 4/29/09 4,500,000 4,497,375 0.75%, 4/23/09 4,000,000 3,998,167 0.75%, 4/28/09 3,000,000 2,998,313 ------------ 11,493,855 ------------ INSURANCE--3.5% Jackson National Life Global Funding, Series 2004-6, 0.65%, 8/15/09(1, 3) 2,500,000 2,500,000 MetLife Funding, Inc., 0.50%, 4/9/09 2,000,000 1,999,778 Security Life of Denver, 3.03%, 9/8/09(1, 3) 2,000,000 2,000,000 United of Omaha Life Insurance Co., 1%, 12/28/09(1) 2,000,000 2,000,000 ------------ 8,499,778 ------------ LEASING & FACTORING--1.6% American Honda Finance Corp.: 1.364%, 5/5/09(1, 4) 3,000,000 3,000,000 1.459%, 9/18/09(1, 4) 1,000,000 1,000,000 ------------ 4,000,000 ------------ MUNICIPAL--5.7% Hayward, CA Multifamily Housing Revenue Bonds, Lord Tennyson Apts. Project, Series A-T, 1.25%, 4/1/09(1) 710,000 710,000 Health Care Revenue Bonds, SFO Associates Project, Series 1994, 0.90%, 4/1/09(1) 1,535,000 1,535,000 Laurel Grocery Project Nts., Series 1999, 3%, 4/1/09(1) 1,445,000 1,445,000 Rock Springs Club Nts., Series 2001-1, 1.60%, 4/1/09(1) 1,100,000 1,100,000 San Antonio, TX Industrial Development Authority Revenue Bonds, Tindall Corp. Project, Series 2008, 2%, 4/1/09(1) 3,900,000 3,900,000 Southwest Ohio Water Co. Nts., Series 2006A, 1.60%, 4/1/09(1) 2,255,000 2,255,000 Wake Cnty, NC Industrial Facilities & Pollution Control Finance Authority Bonds, Bob Barker Co., Series A, 2%, 4/1/09(1) 1,700,000 1,700,000 Wright Brothers, Inc. Nts., Series 2005, 3%, 4/1/09(1) 1,285,000 1,285,000 ------------ 13,930,000 ------------ OIL, GAS & CONSUMABLE FUELS--0.4% Shell International Finance BV, 0.40%, 4/3/09(2) 1,000,000 999,978
2 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value ----------- ------------ PERSONAL PRODUCTS--6.1% Procter & Gamble International Funding SCA, 1.49%, 2/8/10(1, 2) $ 3,000,000 $ 3,000,000 Reckitt Benckiser Treasury Services plc: 1.23%, 4/9/09(2) 4,000,000 3,998,907 1.23%, 6/3/09(2) 3,000,000 2,993,543 1.24%, 5/1/09(2) 2,000,000 1,997,933 1.27%, 6/12/09(2) 1,000,000 997,460 1.30%, 6/9/09(2) 2,000,000 1,995,017 ------------ 14,982,860 ------------ PHARMACEUTICALS--2.0% Roche Holdings, Inc., 2.25%, 2/25/10(1) 5,000,000 5,000,000 RECEIVABLES FINANCE--22.6% Barton Capital Corp., 0.65%, 5/1/09(2) 5,000,000 4,997,292 Chariot Funding LLC: 0.45%, 5/26/09(4) 3,000,000 2,997,479 0.55%, 6/4/09(4) 1,700,000 1,698,338 Fairway Finance Corp., 0.61%, 6/17/09(2) 1,500,000 1,498,043 Falcon Asset Securitization Co. LLC, 0.55%, 5/11/09(2) 5,100,000 5,096,883 Gemini Securitization Corp., 0.87%, 6/8/09(2) 3,000,000 2,995,070 Kitty Hawk Funding Corp., 0.70%, 6/2/09(2) 3,500,000 3,495,781 Legacy Capital LLC: 0.85%, 4/1/09 2,000,000 2,000,000 0.85%, 4/27/09 3,000,000 2,998,158 Lexington Parker Capital Co. LLC: 0.85%, 4/15/09(2) 2,000,000 1,999,339 0.85%, 4/17/09(2) 3,000,000 2,998,867 0.85%, 4/21/09(2) 5,000,000 4,997,639 Mont Blanc Capital Corp.: 0.56%, 4/13/09(2) 2,000,000 1,999,627 0.56%, 4/20/09(2) 2,000,000 1,999,409 0.60%, 4/6/09(2) 3,000,000 2,999,763 Ranger Funding Co. LLC: 0.58%, 4/6/09(4) 1,500,000 1,499,879 0.67%, 5/18/09(4) 4,300,000 4,296,183 0.67%, 5/20/09(4) 2,000,000 1,998,176 Thunder Bay Funding LLC: 0.38%, 4/15/09(4) 1,000,000 999,852 0.40%, 5/1/09(4) 2,000,000 1,999,333 ------------ 55,565,111 ------------ SPECIAL PURPOSE FINANCIAL--2.1% GOVCO, Inc.: 0.40%, 4/7/09(2) 2,200,000 2,199,853 0.45%, 4/13/09(2) 1,000,000 999,850
3 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value ----------- ------------ Ticonderoga Funding LLC, 0.42%, 4/28/09 $ 2,000,000 $ 1,999,370 ------------ 5,199,073 ------------ Total Short-Term Notes (Cost $119,670,655) 119,670,655 ------------ U.S. GOVERNMENT AGENCIES--3.2% Federal Home Loan Bank: 0.84%, 3/12/10(1) 4,000,000 4,000,000 2.83%, 4/27/09 4,000,000 3,992,053 ------------ Total U.S. Government Agencies (Cost $7,992,053) 7,992,053 ------------ Total Investments, at Value (Cost $244,877,120) 99.6% 244,877,120 Other Assets Net of Liabilities 0.4 948,193 ----------- ------------ Net Assets 100.0% $245,825,313 ----------- ------------
Footnotes to Statement of Investments 4 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Short-term notes and direct bank obligations are generally traded on a discount basis; the interest rate shown is the discount rate received by the Fund at the time of purchase. Other securities normally bear interest at the rates shown. (1.) Represents the current interest rate for a variable or increasing rate security. (2.) Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $60,359,012, or 24.55% of the Fund's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. (3.) Illiquid security. The aggregate value of illiquid securities as of March 31, 2009 was $4,500,000, which represents 1.83% of the Fund's net assets. See accompanying Notes. (4.) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $19,489,240 or 7.93% of the Fund's net assets as of March 31, 2009. Valuation Inputs Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of March 31, 2009:
INVESTMENTS OTHER FINANCIAL VALUATION DESCRIPTION IN SECURITIES INSTRUMENTS* --------------------- ------------- --------------- Level 1--Quoted Prices $ -- $-- Level 2--Other Significant Observable Inputs 244,877,120 -- Level 3--Significant Unobservable Inputs -- -- ------------ --- Total $244,877,120 $-- ============ ===
5 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited * Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. Securities are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures approved by the Fund's Board of Trustees. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. "Money market-type" instruments are typically designated as Level 2. In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing 6 | Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. ILLIQUID SECURITIES As of March 31, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments. 7 | Oppenheimer Money Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- ASSET-BACKED SECURITIES--0.6% AmeriCredit Prime Automobile Receivables Trust 2007-1, Automobile Receivables Nts., Series 2007-1, Cl. D, 5.62%, 9/8/14(1) $ 1,319,000 $ 744,082 Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.002%, 5/25/34(2) 924,857 511,867 Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.622%, 9/25/36(2) 530,000 372,606 Argent Securities Trust 2006-W5, Asset-Backed Pass-Through Certificates, Series 2006-W5, Cl. A2B, 0.622%, 5/26/36(2) 291,760 277,854 Capital Auto Receivables Asset Trust 2007-1, Automobile Asset-Backed Securities, Series 2007-1, Cl. B, 5.15%, 9/17/12 262,000 204,023 Capital One Auto Finance Trust, Automobile Receivables, Series 2006-C, Cl. A4, 0.586%, 5/15/13(2) 1,312,000 963,282 Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 0.622%, 5/16/36(2) 347,061 330,899 Citigroup Mortgage Loan Trust, Inc. 2006-WFH3, Asset-Backed Pass-Through Certificates, Series 2006-WFH3, Cl. A2, 0.622%, 10/25/36(2) 497,286 440,278 Countrywide Home Loans, Asset-Backed Certificates: Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36(2) 1,530,000 1,238,000 Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36(2) 222,591 173,521 CWABS, Inc. Asset-Backed Certificates Trust, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.642%, 6/25/47(2) 1,050,000 696,157 CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates: Series 2005-G, Cl. 2A, 0.786%, 12/15/35(2) 261,434 102,809 Series 2006-H, Cl. 2A1A, 0.706%, 11/15/36(2) 90,412 23,439 Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/25(1,3,4) 1,820,063 -- First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 0.612%, 7/25/36(2) 1,000,000 842,307 First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.632%, 7/7/36(2) 430,000 353,559 First Franklin Mortgage Loan Trust 2006-FFA, Mtg. Pass-Through Certificates, Series 2006-FFA, Cl. A3, 0.642%, 9/25/36(2) 992,869 205,938 Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.363%, 6/1/35 1,046,000 309,405 Home Equity Mortgage Trust 2006-5, Mtg. Pass-Through Certificates, Series 2006-5, Cl. A1, 5.50%, 1/25/37 436,322 66,959 HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Nts., Series 2005-3, Cl. A1, 0.805%, 1/20/35(2) 229,270 157,876 HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.655%, 3/20/36(2) 440,000 371,498 Ice Em CLO, Collateralized Loan Obligations: Series 2007-1A, Cl. B, 3.424%, 8/15/22(1,2) 7,870,000 3,148,000
1 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- Series 2007-1A, Cl. C, 4.724%, 8/15/22(1,2) $ 5,270,000 $ 842,146 Series 2007-1A, Cl. D, 6.724%, 8/15/22(1,2) 5,270,000 724,098 Lehman XS Trust, Mtg. Pass-Through Certificates: Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35(2) 51,494 50,980 Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 86,070 79,722 Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.622%, 8/25/36(2) 1,310,000 402,645 NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 2.945%, 1/25/29(1,2) 66,744 8,510 Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 0.622%, 7/1/36(2) 2,638,541 1,909,222 Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36(2) 365,194 323,800 RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.622%, 9/25/36(2) 924,925 823,279 Securitized Asset-Backed Receivables LLC Trust 2007-BR2, Asset-Backed Securities, Series 2007-BR2, Cl. A2, 0.752%, 2/25/37(2) 741,375 331,707 SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 2.396%, 6/15/39(2) 2,487,000 690,925 Specialty Underwriting & Residential Finance Trust, Home Equity Asset-Backed Obligations, Series 2006-BC1, Cl. A2B, 0.672%, 12/25/36(2) 612,329 591,365 Start CLO Ltd., Asset-Backed Credit Linked Securities, Series 2006-3A, Cl. F, 18.284%, 6/7/11(1,2) 1,630,000 1,059,500 Taganka Car Loan Finance plc, Automobile Asset-Backed Certificates, Series 2006-1A, Cl. C, 3.857%, 11/14/13(1,2) 297,886 238,308 Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 4.50%, 5/1/37 211,342 49,722 Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 0.622%, 7/25/36(2) 630,552 599,953 -------------- Total Asset-Backed Securities (Cost $40,902,949) 20,260,241 -------------- MORTGAGE-BACKED OBLIGATIONS--20.1% GOVERNMENT AGENCY--10.8% FHLMC/FNMA/SPONSORED--10.6% Federal Home Loan Mortgage Corp.: 5%, 8/15/33-9/15/33 3,915,229 4,054,901 6%, 5/15/18-3/15/33 2,559,624 2,696,932 6.50%, 3/15/18-6/15/35 4,845,041 5,150,853 7%, 12/1/23-10/1/37 1,483,598 1,579,816 7.50%, 4/25/36 1,218,434 1,329,350 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Participation Certificates, Series 1897, Cl. K, 7%, 9/15/26 2,775,308 3,003,617 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1360, Cl. PZ, 7.50%, 9/15/22 1,473,548 1,563,521
2 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- ---------------- FHLMC/FNMA/SPONSORED CONTINUED Series 151, Cl. F, 9%, 5/15/21 $ 37,656 $ 37,674 Series 1674, Cl. Z, 6.75%, 2/15/24 1,114,245 1,179,803 Series 2006-11, Cl. PS, 22.653%, 3/25/36(2) 684,891 827,637 Series 2043, Cl. ZP, 6.50%, 4/15/28 836,978 883,428 Series 2106, Cl. FG, 1.006%, 12/15/28(2) 1,948,826 1,923,423 Series 2122, Cl. F, 1.006%, 2/15/29(2) 63,370 62,555 Series 2135, Cl. OH, 6.50%, 3/15/29 1,100,440 1,170,620 Series 2148, Cl. ZA, 6%, 4/15/29 1,855,016 1,959,705 Series 2195, Cl. LH, 6.50%, 10/15/29 842,210 888,167 Series 2326, Cl. ZP, 6.50%, 6/15/31 132,443 139,699 Series 2344, Cl. FP, 1.506%, 8/15/31(2) 587,059 582,773 Series 2368, Cl. PR, 6.50%, 10/15/31 557,608 593,156 Series 2412, Cl. GF, 1.506%, 2/15/32(2) 1,356,397 1,346,554 Series 2415, Cl. ZA, 6.50%, 2/15/32 1,582,815 1,684,712 Series 2435, Cl. EQ, 6%, 5/15/31 1,002,130 1,021,214 Series 2449, Cl. FL, 1.106%, 1/15/32(2) 782,238 767,768 Series 2451, Cl. FD, 1.556%, 3/15/32(2) 429,536 426,973 Series 2453, Cl. BD, 6%, 5/15/17 221,219 234,831 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,796,762 1,920,108 Series 2464, Cl. FI, 1.556%, 2/15/32(2) 443,820 441,383 Series 2470, Cl. AF, 1.556%, 3/15/32(2) 737,234 741,162 Series 2470, Cl. LF, 1.556%, 2/15/32(2) 454,185 454,645 Series 2471, Cl. FD, 1.556%, 3/15/32(2) 824,172 826,413 Series 2477, Cl. FZ, 1.106%, 6/15/31(2) 1,661,926 1,635,492 Series 2500, Cl. FD, 1.056%, 3/15/32(2) 44,307 43,221 Series 2517, Cl. GF, 1.556%, 2/15/32(2) 394,891 394,751 Series 2526, Cl. FE, 0.956%, 6/15/29(2) 62,788 60,883 Series 2551, Cl. FD, 0.956%, 1/15/33(2) 48,536 47,483 Series 2641, Cl. CE, 3.50%, 9/15/25 392,085 393,075 Series 2676, Cl. KY, 5%, 9/15/23 3,843,000 4,084,168 Series 2727, Cl. UA, 3.50%, 10/15/22 36,559 36,527 Series 2750, Cl. XG, 5%, 2/1/34 6,037,000 6,329,709 Series 2777, Cl. PJ, 4%, 5/15/24 61,057 61,038 Series 2857, Cl. MG, 5%, 9/1/34 2,045,000 2,146,181 Series 2890, Cl. PE, 5%, 11/1/34 6,120,000 6,421,875 Series 2934, Cl. NA, 5%, 4/15/24 493,473 499,716 Series 2936, Cl. PE, 5%, 2/1/35 4,858,000 5,108,978 Series 2947, Cl. HE, 5%, 3/1/35 1,650,000 1,734,163 Series 3025, Cl. SJ, 22.71%, 8/15/35(2) 831,240 1,009,740 Series 3035, Cl. DM, 5.50%, 11/15/25 1,849,046 1,882,172 Series 3094, Cl. HS, 22.344%, 6/15/34(2) 465,287 542,182 Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 177, Cl. IO, 11.658%, 7/1/26(5) 161,274 21,785 Series 192, Cl. IO, 7.901%, 2/1/28(5) 42,052 5,481 Series 200, Cl. IO, 7.684%, 1/1/29(5) 52,147 6,647 Series 205, Cl. IO, 8.131%, 9/1/29(5) 219,947 28,246 Series 2074, Cl. S, 42.552%, 7/17/28(5) 54,079 7,581 Series 2079, Cl. S, 51.955%, 7/17/28(5) 88,106 12,527
3 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- FHLMC/FNMA/SPONSORED CONTINUED Series 208, Cl. IO, (21.052)%, 6/1/30(5) $ 239,998 $ 29,826 Series 2136, Cl. SG, 86.139%, 3/15/29(5) 2,380,877 221,061 Series 216, Cl. IO, 3.439%, 12/1/31(5) 236,839 31,986 Series 2177, Cl. S, 73.539%, 8/15/29(5) 2,619,215 309,957 Series 224, Cl. IO, 1.231%, 3/1/33(5) 1,605,349 212,496 Series 2399, Cl. SG, 74.19%, 12/15/26(5) 1,420,538 137,640 Series 243, Cl. 6, 14.681%, 12/15/32(5) 690,315 82,425 Series 2437, Cl. SB, 87.212%, 4/15/32(5) 4,098,916 447,288 Series 2526, Cl. SE, 37.556%, 6/15/29(5) 117,387 14,090 Series 2802, Cl. AS, 99.999%, 4/15/33(5) 1,055,781 88,161 Series 2920, Cl. S, 71.581%, 1/15/35(5) 958,593 77,605 Series 3000, Cl. SE, 99.999%, 7/15/25(5) 1,105,245 103,537 Series 3110, Cl. SL, 99.999%, 2/15/26(5) 632,139 51,011 Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 192, Cl. PO, 7.622%, 2/1/28(6) 42,052 34,202 Federal National Mortgage Assn.: 4.50%, 4/1/24(7) 24,345,000 25,067,754 5%, 11/25/21-11/1/33 37,044,862 38,358,575 5%, 4/1/24(7) 23,703,000 24,580,746 5.296%, 10/1/36 10,942,180 11,297,383 5.50%, 4/25/21-7/1/22 1,140,136 1,190,327 5.50%, 4/1/24-4/1/39(7) 55,503,000 57,619,158 6%, 10/25/16-9/25/21 2,137,965 2,246,608 6%, 4/1/24-4/1/39(7) 34,795,000 36,368,701 6.50%, 3/25/17-1/1/34 9,545,564 10,082,023 6.50%, 4/1/39(7) 7,011,000 7,384,560 7%, 11/1/17-6/25/34 9,392,461 10,123,895 7.50%, 2/25/27-3/25/33 4,334,336 4,703,603 8.50%, 7/1/32 6,961 7,644 Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1999-54, Cl. LH, 6.50%, 11/25/29 865,230 915,093 Trust 2001-44, Cl. QC, 6%, 9/25/16 1,559,398 1,655,674 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 438,960 473,434 Trust 2001-69, Cl. PF, 1.522%, 12/25/31(2) 997,294 991,893 Trust 2001-74, Cl. QE, 6%, 12/25/31 5,142,081 5,435,082 Trust 2001-80, Cl. ZB, 6%, 1/25/32 1,062,835 1,122,535 Trust 2002-12, Cl. PG, 6%, 3/25/17 687,150 730,035 Trust 2002-29, Cl. F, 1.522%, 4/25/32(2) 487,286 484,566 Trust 2002-56, Cl. KW, 6%, 4/25/23 2,980,872 3,042,233 Trust 2002-60, Cl. FH, 1.522%, 8/25/32(2) 1,023,476 1,018,056 Trust 2002-64, Cl. FJ, 1.522%, 4/25/32(2) 150,051 148,574 Trust 2002-68, Cl. FH, 1.056%, 10/18/32(2) 338,211 332,561 Trust 2002-71, Cl. UB, 5%, 11/25/15 1,559,843 1,570,438 Trust 2002-84, Cl. FB, 1.522%, 12/25/32(2) 1,998,321 1,987,734 Trust 2002-9, Cl. PC, 6%, 3/25/17 706,266 750,527 Trust 2002-9, Cl. PR, 6%, 3/25/17 864,789 918,984 Trust 2002-90, Cl. FH, 1.022%, 9/25/32(2) 1,118,066 1,096,991
4 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 2003-11, Cl. FA, 1.522%, 9/25/32(2) $ 1,998,367 $ 1,987,780 Trust 2003-116, Cl. FA, 0.922%, 11/25/33(2) 125,927 122,464 Trust 2003-81, Cl. PW, 4%, 3/25/25 391,696 392,245 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,825,000 1,929,743 Trust 2004-52, Cl. JR, 4.50%, 7/25/24 558,040 558,192 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 571,000 607,828 Trust 2005-109, Cl. AH, 5.50%, 12/25/25 2,160,000 2,302,946 Trust 2005-25, Cl. PS, 25.864%, 4/25/35(2) 711,124 847,109 Trust 2005-31, Cl. PB, 5.50%, 4/25/35 560,000 583,575 Trust 2005-71, Cl. DB, 4.50%, 8/25/25 480,000 501,133 Trust 2006-46, Cl. SW, 22.286%, 6/25/36(2) 1,177,629 1,402,179 Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 52.374%, 11/18/31(5) 551,443 53,086 Trust 2001-63, Cl. SD, 38.38%, 12/18/31(5) 128,408 12,022 Trust 2001-68, Cl. SC, 30.803%, 11/25/31(5) 88,413 8,624 Trust 2001-81, Cl. S, 35.251%, 1/25/32(5) 101,325 9,650 Trust 2002-28, Cl. SA, 37.956%, 4/25/32(5) 61,221 6,243 Trust 2002-38, Cl. SO, 52.554%, 4/25/32(5) 298,556 31,698 Trust 2002-48, Cl. S, 34.563%, 7/25/32(5) 96,790 10,917 Trust 2002-52, Cl. SL, 35.778%, 9/25/32(5) 61,517 6,727 Trust 2002-56, Cl. SN, 37.364%, 7/25/32(5) 133,002 14,629 Trust 2002-77, Cl. IS, 44.723%, 12/18/32(5) 508,652 56,881 Trust 2002-77, Cl. SH, 40.558%, 12/18/32(5) 132,305 15,045 Trust 2002-9, Cl. MS, 33.752%, 3/25/32(5) 129,262 14,782 Trust 2003-117, Cl. KS, 56.404%, 8/25/33(5) 10,287,733 812,232 Trust 2003-13, Cl. IO, 7.465%, 3/25/33(5) 952,929 110,334 Trust 2003-26, Cl. DI, 8.157%, 4/25/33(5) 747,900 82,974 Trust 2003-33, Cl. SP, 42.249%, 5/25/33(5) 931,498 95,800 Trust 2003-38, Cl. SA, 35.283%, 3/25/23(5) 1,679,800 171,051 Trust 2003-4, Cl. S, 47.631%, 2/25/33(5) 280,325 29,294 Trust 2005-40, Cl. SA, 70.15%, 5/25/35(5) 2,729,942 225,088 Trust 2005-40, Cl. SB, 97.447%, 5/25/35(5) 4,305,992 456,693 Trust 2005-63, Cl. SA, 99.999%, 10/25/31(5) 210,118 17,827 Trust 2005-71, Cl. SA, 72.635%, 8/25/25(5) 698,738 74,543 Trust 2005-85, Cl. SA, 99.999%, 10/25/35(5) 10,893,185 1,307,866 Trust 2005-87, Cl. SE, 99.999%, 10/25/35(5) 10,586,964 784,414 Trust 2005-87, Cl. SG, 99.999%, 10/25/35(5) 2,841,995 199,175 Trust 2006-90, Cl. SX, 99.999%, 9/25/36(5) 2,642,950 238,025 Trust 214, Cl. 2, 22.133%, 3/1/23(5) 666,844 113,443 Trust 221, Cl. 2, 17.019%, 5/1/23(5) 72,521 10,985 Trust 240, Cl. 2, 19.153%, 9/1/23(5) 140,409 18,492 Trust 254, Cl. 2, 10.49%, 1/1/24(5) 1,153,083 199,684 Trust 2682, Cl. TQ, 99.999%, 10/15/33(5) 1,037,461 95,586 Trust 2981, Cl. BS, 99.999%, 5/15/35(5) 1,860,089 146,672 Trust 301, Cl. 2, (0.778)%, 4/1/29(5) 299,746 37,817
5 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 313, Cl. 2, 28.562%, 6/1/31(5) $ 3,410,916 $ 447,484 Trust 319, Cl. 2, 5.006%, 2/1/32(5) 98,608 12,544 Trust 321, Cl. 2, 5.036%, 4/1/32(5) 442,735 57,335 Trust 324, Cl. 2, (1.203)%, 7/1/32(5) 760,674 97,218 Trust 328, Cl. 2, (6.09)%, 12/1/32(5) 7,094,792 925,579 Trust 331, Cl. 5, 9.072%, 2/1/33(5) 1,683,053 198,307 Trust 334, Cl. 12, 5.097%, 2/1/33(5) 1,434,395 199,374 Trust 334, Cl. 3, 4.407%, 7/1/33(5) 846,234 97,210 Trust 334, Cl. 5, 4.481%, 5/1/33(5) 996,406 116,603 Trust 339, Cl. 15, 17.207%, 7/1/33(5) 3,799,091 555,602 Trust 339, Cl. 7, 5.656%, 7/1/33(5) 6,954,800 809,794 Trust 339, Cl. 8, 6.366%, 8/1/33(5) 473,465 55,189 Trust 342, Cl. 2, 1.452%, 9/1/33(5) 119,264 15,430 Trust 344, Cl. 2, 0.888%, 12/1/33(5) 4,174,422 532,255 Trust 345, Cl. 9, 8.568%, 1/1/34(5) 1,831,695 219,554 Trust 351, Cl. 10, 9.127%, 4/1/34(5) 798,147 89,446 Trust 351, Cl. 11, 9.585%, 11/1/34(5) 424,965 48,402 Trust 351, Cl. 8, 9.503%, 4/1/34(5) 1,279,550 142,899 Trust 351, Cl. 9, 8.559%, 10/1/34(5) 15,818,359 1,748,846 Trust 356, Cl. 10, 9.215%, 6/1/35(5) 1,133,354 124,647 Trust 356, Cl. 12, 9.365%, 2/1/35(5) 585,211 63,807 Trust 362, Cl. 12, 10.90%, 8/1/35(5) 1,083,484 145,168 Trust 362, Cl. 13, 10.884%, 8/1/35(5) 645,154 86,210 Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security: Trust 322, Cl. 1, 8.176%, 4/1/32(6) 5,545,269 5,115,777 Trust 324, Cl. 1, 7.986%, 7/1/32(6) 189,946 176,704 -------------- 354,338,563 -------------- GNMA/GUARANTEED--0.2% Government National Mortgage Assn.: 4.125%, 12/9/25(2) 6,876 6,914 7%, 3/29/28-7/29/28 361,129 387,631 7.50%, 3/1/27 15,476 16,686 8%, 11/29/25-5/29/26 101,563 110,262 Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/16/29 1,386,824 1,518,049 Series 2000-12, Cl. ZA, 8%, 2/16/30 3,240,931 3,423,578 Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 37.972%, 7/16/28(5) 175,069 24,580 Series 1998-6, Cl. SA, 57.789%, 3/16/28(5) 108,407 13,483 Series 2001-21, Cl. SB, 73.591%, 1/16/27(5) 826,412 96,269 Series 2006-47, Cl. SA, 76.336%, 8/16/36(5) 4,179,593 442,289 -------------- 6,039,741
6 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- NON-AGENCY--9.3% COMMERCIAL--3.3% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2007-1, Cl. AMFX, 5.482%, 1/1/49 $ 3,900,000 $ 1,746,822 Series 2008-1, Cl. A4, 6.165%, 12/1/17(2) 3,670,000 2,684,937 Series 2008-1, Cl. AJ, 6.208%, 1/1/18(2) 940,000 227,205 Series 2008-1, Cl. AM, 6.208%, 1/1/18(2) 2,920,000 1,321,613 ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 0.622%, 9/25/36(2) 112,246 110,414 CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35 3,740,000 3,047,787 CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 5.55%, 12/20/35(2) 209,610 114,025 Citigroup Commercial Mortgage Trust 2006-C4, Commercial Mtg. Pass-Through Certificates, Series 2006-C4, Cl. A3, 5.725%, 3/1/49(2) 2,940,000 2,214,049 Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 9,170,000 7,375,786 Series 2007-CD4, Cl. AJ, 5.398%, 12/1/49 2,680,000 575,424 CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 1A13, 0.972%, 10/25/36(2) 2,369,882 802,796 Credit Suisse Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-C3, Cl. A4, 5.723%, 6/1/39(2) 1,560,000 941,283 CWALT Alternative Loan Trust 2007-8CB, Mtg. Pass-Through Certificates, Series 2007-8CB, Cl. A1, 5.50%, 5/25/37 4,768,891 3,291,533 Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates: Series 2006-AB1, Cl. A2A, 5.50%, 2/25/36 666,525 594,852 Series 2006-AB2, Cl. A1, 5.888%, 6/25/36 1,187,349 1,050,960 Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 1,584,616 936,501 Series 2007-RS1, Cl. A2, 1.02%, 1/27/37(1,2) 1,636,422 419,844 First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 1,067,757 1,008,272 First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.13%, 11/1/37(2) 5,455,385 2,945,819 GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2004-C3, Cl. A2, 4.433%, 7/10/39 1,685,147 1,678,490 GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 7.005%, 5/15/30(1,2) 1,567,000 1,562,901 Greenwich Capital Commercial Mortgage 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. A4, 5.736%, 8/1/17 7,325,000 5,291,655
7 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- COMMERCIAL CONTINUED GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2006-GG8, Cl. A4, 5.56%, 11/1/39 $ 1,960,000 $ 1,477,713 GSR Mortgage Loan Trust 2005-4F, Mtg. Pass-Through Certificates, Series 2005-4F, Cl. 6A1, 6.50%, 2/25/35 2,980,790 2,805,065 Indymac Index Mortgage Loan Trust 2005-AR31, Mtg. Pass-Through Certificates, Series 2005-AR31, Cl. 2 A2, 5.294%, 1/1/36(2) 589,160 178,978 JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2007-CB15, Cl. AJ, 5.502%, 6/1/47 630,000 147,096 Series 2007-CB18, Cl. A4, 5.44%, 6/1/47 5,600,000 3,632,508 Series 2007-CB18, Cl. AM, 5.466%, 6/1/47 6,380,000 2,854,767 Series 2008-C2, Cl. A4, 6.068%, 2/1/51 8,390,000 4,064,291 Series 2008-C2, Cl. AJ, 6.579%, 2/1/51(2) 3,210,000 580,866 Series 2008-C2, Cl. AM, 6.579%, 2/1/51 4,990,000 1,205,747 JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDPX, Commercial Mtg. Pass-Through Certificates, Series 2007-LDPX, Cl. A3, 5.42%, 1/15/49 4,410,000 2,994,065 JPMorgan Chase Commercial Mortgage Securities Trust, Commercial Mtg. Pass-Through Certificates: Series 2007-LD12, Cl. A2, 5.827%, 2/15/51 5,682,000 4,803,954 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 2,380,000 1,912,329 JPMorgan Commercial Mortgage Finance Corp., Mtg. Pass-Through Certificates, Series 2000-C9, Cl. A2, 7.77%, 10/15/32 2,018,502 2,030,465 JPMorgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 3A4, 5.678%, 4/1/36(2) 2,790,949 812,082 JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 5.798%, 1/1/37(2) 1,027,918 584,717 LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.15%, 4/11/41(2) 2,610,000 1,238,398 Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 402,198 340,244 Mastr Asset Securitization Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 0.972%, 10/25/36(2) 6,062,594 3,868,096 Merrill Lynch Mortgage Investors Trust 2005-A9, Mtg. Asset-Backed Certificates, Series 2005-A9, Cl. 4A1, 5.494%, 12/1/35(2) 3,125,795 2,022,983 Merrill Lynch Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.657%, 5/1/39(2) 1,175,000 328,602 Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ16, Cl. A4, 5.809%, 12/1/49 3,420,000 2,390,268 Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 168,317 168,280 RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 5.38%, 4/25/35(2) 157,711 35,639 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A114, 5.75%, 4/25/37 1,510,229 628,234 Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36 1,120,608 638,818
8 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- COMMERCIAL CONTINUED Residential Asset Securitization Trust 2006-A9CB, Mtg. Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 $ 986,117 $ 458,559 STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.825%, 2/1/37(2) 13,745,799 7,251,470 Structured Asset Mortgage Investments, Inc., Mtg. Pass-Through Certificates, Series 2002-AR3, Cl. A2, 1.306%, 9/19/32(1,2) 669,377 381,545 Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.275%, 11/15/48 2,997,000 2,607,929 Wachovia Bank Commercial Mortgage Trust 2007-C33, Commercial Mtg. Pass-Through Certificates, Series 2007-C33, Cl. A4, 5.902%, 2/1/51(2) 5,790,000 3,573,155 Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. AJ, 5.952%, 5/1/46(2) 2,610,000 525,342 WaMu Mortgage Pass-Through Certificates 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A7, 5.609%, 11/1/36(2) 1,679,990 380,338 WaMu Mortgage Pass-Through Certificates 2006-AR15 Trust, Mtg. Pass-Through Certificates, Series 2006-AR15, Cl. 1A, 2.662%, 11/1/46(1,2) 1,543,998 480,956 WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates: Series 2007-HY1, Cl. 1A2, 5.695%, 2/25/37(1,2) 2,631,603 473,689 Series 2007-HY1, Cl. 2A4, 5.845%, 2/1/37(2) 655,849 264,125 WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 2A2, 5.66%, 3/1/37(2) 3,784,875 958,235 WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 2A3, 5.647%, 5/1/37(2) 751,956 431,400 WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 1.772%, 4/1/47(1,2) 1,077,455 294,684 Wells Fargo Mortgage-Backed Securities 2004-U Trust, Mtg. Pass-Through Certificates, Series 2004-U, Cl. A1, 5.004%, 10/1/34(2) 1,087,459 789,730 Wells Fargo Mortgage-Backed Securities 2004-V Trust, Mtg. Pass-Through Certificates, Series 2004-V, Cl. 1A1, 4.008%, 10/1/34(2) 3,507,236 2,729,781 Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 4.542%, 11/1/34(2) 1,214,326 551,227 Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 4.544%, 2/1/35(2) 6,127,576 4,722,495
9 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- COMMERCIAL CONTINUED Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 1A3, 5.068%, 4/25/36(2) $ 3,817,834 $ 2,495,894 -------------- 111,057,727 -------------- MANUFACTURED HOUSING--0.2% Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.097%, 9/25/36(2) 6,429,768 4,047,932 Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.084%, 3/25/36(2) 1,822,415 1,048,113 -------------- 5,096,045 -------------- MULTIFAMILY--0.3% CHL Mortgage Pass-Through Trust 2003-46, Mtg. Pass-Through Certificates, Series 2003-46, Cl. 1A2, 5.145%, 1/19/34(2) 3,620,850 2,826,852 Merrill Lynch Mortgage Investors Trust 2005-A2, Mtg. Pass-Through Certificates, Series 2005-A2, Cl. A2, 4.485%, 2/1/35(2) 1,404,407 962,530 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 2A1, 5.627%, 7/25/36(2) 4,512,805 2,525,765 Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.093%, 3/25/36(2) 2,645,284 1,719,114 -------------- 8,034,261 -------------- OTHER--0.0% JPMorgan Mortgage Trust 2005-S2, Mtg. Pass-Through Certificates, Series 2005-S2, Cl. 3A1, 6.726%, 2/25/32(2) 1,488,822 1,140,622 RESIDENTIAL--5.5% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-4, Cl. AM, 5.812%, 8/1/17(2) 6,560,000 2,668,203 Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 4.301%, 5/1/34(1,2) 5,023,778 3,290,575 Bear Stearns ARM Trust 2004-9, Mtg. Pass-Through Certificates, Series 2004-9, Cl. 23A1, 5.017%, 11/1/34(2) 3,094,250 2,397,055 Chase Mortgage Finance Trust 2006-S3, Multiclass Mtg. Pass-Through Certificates, Series 2006-S3, Cl. 1A2, 6%, 11/1/36 4,210,000 2,171,030 Chase Mortgage Finance Trust 2007-A1, Multiclass Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 9A1, 4.567%, 2/1/37(2) 3,735,668 3,026,129 CHL Mortgage Pass-Through Trust 2005-26, Mtg. Pass-Through Certificates, Series 2005-26, Cl. 1A8, 5.50%, 11/1/35 3,588,617 3,375,165 CHL Mortgage Pass-Through Trust 2005-27, Mtg. Pass-Through Certificates, Series 2005-27, Cl. 2A1, 5.50%, 12/1/35 3,243,179 2,402,984 CHL Mortgage Pass-Through Trust 2005-31, Mtg. Pass-Through Certificates, Series 2005-31, Cl. 2A4, 5.473%, 1/1/36(1,2) 1,400,537 359,011 CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35 2,110,000 1,611,481
10 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- RESIDENTIAL CONTINUED CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 5.617%, 6/1/47(1,2) $ 3,217,656 $ 1,576,652 CHL Mortgage Pass-Through Trust 2007-HY4, Mtg. Pass-Through Certificates: Series 2007-HY4, Cl. 1A1, 6.08%, 9/1/47(2) 17,771,727 9,050,490 Series 2007-HY4, Cl. 1A2, 6.08%, 9/1/47(1,2) 3,833,455 575,018 Series 2007-HY4, Cl. 2A2, 6.237%, 11/1/37(1,2) 826,888 124,033 Series 2007-HY4, Cl. 3A2, 6.388%, 11/1/37(1,2) 892,541 133,881 CHL Mortgage Pass-Through Trust 2007-HY5, Mtg. Pass-Through Certificates: Series 2007-HY5, Cl. 1A2, 5.929%, 9/1/37(1,2) 4,169,118 1,000,588 Series 2007-HY5, Cl. 2A2, 6.001%, 9/1/37(1,2) 1,085,107 260,426 Series 2007-HY5, Cl. 3A2, 6.197%, 9/1/37(1,2) 2,660,969 638,633 Citigroup Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates, Series 2007-C6, Cl. A2, 5.70%, 8/1/12(2) 1,110,000 934,949 Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 4.949%, 5/1/35(1,2) 4,006,696 2,588,857 Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 5.196%, 8/1/35(2) 8,040,170 4,446,751 Citigroup Mortgage Loan Trust, Inc. 2006-AR1, Asset-Backed Pass-Through Certificates, Series 2006-AR1, Cl. 3A2, 5.50%, 3/1/36(1,2) 4,277,940 933,162 Citigroup Mortgage Loan Trust, Inc. 2006-AR2, Asset-Backed Pass-Through Certificates: Series 2006-AR2, Cl. 1A2, 5.537%, 3/1/36(2) 8,844,788 4,819,649 Series 2006-AR2, Cl. 1AB, 5.591%, 3/1/36(1) 3,819,706 1,745,652 Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AMFX, 5.366%, 12/1/49 5,680,000 2,490,956 CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 2A1, 5.50%, 10/1/21 3,084,271 2,297,508 CWALT Alternative Loan Trust 2005-J1, Mtg. Pass-Through Certificates, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 4,573,693 4,044,234 CWALT Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl. 1A10, 6%, 2/1/37(1) 14,698,001 6,779,286 GSR Mortgage Loan Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 2A1, 4.48%, 5/1/34(2) 3,709,054 2,691,844 GSR Mortgage Loan Trust 2005-AR6, Mtg. Pass-Through Certificates: Series 2005-AR6, Cl. 1A4, 4.129%, 9/1/35(2) 9,912,528 6,772,798 Series 2005-AR6, Cl. 3A1, 4.559%, 9/25/35(2) 4,670,968 3,374,441 GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 4A1, 5.346%, 11/25/35(2) 5,122,157 3,134,420 GSR Mortgage Loan Trust 2007-AR1, Mtg. Pass-Through Certificates, Series 2007-AR1, Cl. 4A1, 5.815%, 3/1/37(1,2) 3,632,967 1,998,132
11 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- RESIDENTIAL CONTINUED JPMorgan Mortgage Trust 2007-A1, Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 7A1, 5.298%, 7/1/35(1,2) $ 6,135,287 $ 3,625,458 JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A3, 6.008%, 5/1/37(1,2) 1,785,683 256,424 LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.166%, 9/11/45(2) 10,430,000 4,750,611 Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36 252,609 192,617 Mastr Adjustable Rate Mortgages Trust 2006-2, Mtg. Pass-Through Certificates, Series 2006-2, Cl. 1A1, 5.012%, 4/1/36(2) 3,207,199 1,813,220 Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 6.078%, 10/25/36(2) 5,973,738 4,226,572 Merrill Lynch Mortgage Investors Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 1A1, 5.807%, 9/1/37(2) 2,528,724 2,079,727 RALI Series 2006-QS13 Trust: Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36 3,399,458 2,049,191 Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 522,353 467,270 RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 5/1/36 148,606 135,347 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37 1,422,680 643,337 Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35 3,720,000 1,450,272 Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35 5,944,650 4,138,730 Residential Funding Mortgage Securities I, Inc., Mtg. Pass-Through Certificates, 5.764%, 7/1/37(1,2) 3,096,117 347,694 WaMu Asset-Backed Certificates 2005-AR12 Trust, Mtg. Asset-Backed Certificates, Series 2007-AR12, Cl. 1A8, 4.83%, 10/1/35(2) 3,758,691 2,446,075 WaMu Mortgage Pass-Through Certificates 2003-AR9 Trust, Mtg. Pass-Through Certificates, Series 2003-AR9, Cl. 2A, 4.485%, 9/25/33(2) 1,543,270 1,274,670 WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 5.931%, 9/1/36(2) 4,300,336 3,370,453 WaMu Mortgage Pass-Through Certificates 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 2A4, 5.748%, 11/1/36(1,2) 511,870 117,728 WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates: Series 2007-HY1, Cl. 4A1, 5.414%, 2/1/37(2) 18,913,677 10,328,048 Series 2007-HY1, Cl. 5A1, 5.751%, 2/1/37(2) 11,040,213 5,911,350 WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates: Series 2007-HY2, Cl. 1A1, 5.588%, 12/1/36(2) 12,810,984 6,407,605
12 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- RESIDENTIAL CONTINUED Series 2007-HY2, Cl. 1A2, 5.588%, 12/1/36(1,2) $ 1,530,156 $ 378,614 WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 4A1, 5.334%, 3/1/37(2) 12,164,092 6,716,755 WaMu Mortgage Pass-Through Certificates 2007-HY4 Trust, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 4A1, 5.506%, 9/25/36(2) 10,843,508 6,022,856 WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 5.678%, 6/25/37(2) 5,684,274 2,974,077 WaMu Mortgage Pass-Through Certificates 2007-HY7 Trust, Mtg. Pass-Through Certificates, Series 2007-HY7, Cl. 2A1, 5.831%, 7/1/37(2) 3,072,099 1,406,505 Washington Mutual Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 1A8, 6%, 2/25/37 4,691,551 3,349,321 Wells Fargo Mortgage-Backed Securities 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2005-AR12, Cl. 2A6, 4.265%, 7/1/35(2) 2,105,589 1,504,980 Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust, Mtg. Pass-Through Certificates, Series 2005-AR16, Cl. 2A1, 4.466%, 10/1/35(2) 2,347,660 1,639,494 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates: Series 2006-AR10, Cl. 2A2, 5.627%, 7/1/36(1,2) 2,336,752 467,350 Series 2006-AR10, Cl. 3A2, 4.735%, 7/1/36(1,2) 963,028 192,606 Series 2006-AR10, Cl. 4A2, 5.557%, 7/1/36(1,2) 3,376,736 675,347 Series 2006-AR10, Cl. 5A3, 5.593%, 7/1/36(2) 1,669,773 868,041 Series 2006-AR10, Cl. 5A6, 5.593%, 7/1/36(2) 16,954,708 8,949,344 Wells Fargo Mortgage-Backed Securities 2006-AR13 Trust, Mtg. Pass-Through Certificates, Series 2006-AR13, Cl. A4, 5.751%, 9/1/36(2) 11,440,000 5,998,887 Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 5.24%, 4/1/36(2) 2,585,999 1,475,614 -------------- 182,366,183 -------------- Total Mortgage-Backed Obligations (Cost $838,508,879) 668,073,142 -------------- U.S. GOVERNMENT OBLIGATIONS--8.3% Fannie Mae Nts., 2.75%, 3/13/14(8) 11,975,000 12,137,501 Federal Home Loan Bank Unsec. Bonds, 3.625%, 10/18/13(8) 9,795,000 10,231,593 Federal Home Loan Mortgage Corp. Unsec. Nts., 2.50%, 1/7/14(8) 19,300,000 19,343,753 Federal National Mortgage Assn. Unsec. Nts., 4.625%, 10/15/14(8) 9,070,000 10,005,362 Resolution Funding Corp. Bonds, Residual Funding STRIPS, 5.155%, 1/15/21(9) 5,667,000 3,493,439 U.S. Treasury Bonds: 900,000 885,986 STRIPS, 4.201%, 2/15/11(9)
13 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- STRIPS, 4.883%, 2/15/16(9) $ 2,116,000 $ 1,774,095 U.S. Treasury Inflationary Index Nts., 0.625%, 4/15/13(10,11) 222,620,000 220,507,546 -------------- Total U.S. Government Obligations (Cost $259,681,937) 278,379,275 -------------- FOREIGN GOVERNMENT OBLIGATIONS--20.6% ARGENTINA--0.1% Argentina (Republic of) Bonds: 1.683%, 8/3/12(2) 571,500 269,256 Series GDP, 1.626%, 12/15/35(2) 8,600,000 277,780 Series V, 7%, 3/28/11 2,320,000 961,672 Series VII, 7%, 9/12/13 3,035,000 999,148 Argentina (Republic of) Sr. Unsec. Nts., 7%, 10/3/15 4,230,000 979,245 Argentina (Republic of) Sr. Unsecured Nts., 15.40%, 1/30/14(2) 9,083,373 ARP 978,812 -------------- 4,465,913 -------------- AUSTRALIA--0.1% New South Wales Treasury Corp. Bonds: Series 12, 6%, 5/1/12 1,115,000 AUD 816,425 Series 14, 5.50%, 8/1/14 1,625,000 AUD 1,166,207 -------------- 1,982,632 -------------- BELGIUM--0.1% Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35 1,965,000 EUR 2,785,153 BRAZIL--2.7% Banco Nacional de Desenvolvimento Economico e Social Nts., 6.369%, 6/16/18(12) 5,340,000 5,106,375 Brazil (Federal Republic of) Bonds: 6%, 1/17/17 11,870,000 11,899,675 8%, 1/15/18 11,545,000 12,653,320 8.75%, 2/4/25 2,950,000 3,377,750 8.875%, 10/14/19(13) 4,610,000 5,439,800 Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.: 10%, 1/10/10 18,216,000 BRR 8,026,383 10%, 1/1/12 36,251,000 BRR 15,611,250 10%, 1/1/14 8,370,000 BRR 3,359,241 10%, 1/1/17 56,648,000 BRR 21,433,906 Brazil (Federal Republic of) Nts., 7.875%, 3/7/15 130,000 144,300 Brazil (Federal Republic of) Sr. Nts., 5.875%, 1/15/19 3,380,000 3,303,950 -------------- 90,355,950 -------------- BULGARIA--0.1% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 740,000 747,400 8.25%, 1/15/15(12) 710,000 717,100 -------------- 1,464,500 -------------- CANADA--0.2% Canada (Government of) Bonds: 3.50%, 6/1/13 2,250,000 CAD 1,919,406 5%, 6/1/37 2,365,000 CAD 2,354,496
14 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- Canada (Government of) Nts.: 3.75%, 6/1/10 1,690,000 CAD $ 1,388,258 4.25%, 6/1/18 1,030,000 CAD 924,680 -------------- 6,586,840 -------------- COLOMBIA--0.5% Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28(1) 3,058,000,000 COP 1,018,101 Colombia (Republic of) Bonds: 7.375%, 9/18/37 3,805,000 3,414,988 12%, 10/22/15 18,886,000,000 COP 8,452,444 Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19 2,030,000 2,035,075 Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17 960,000 976,320 EEB International Ltd. Sr. Unsec. Bonds, 8.75%, 10/31/14(12) 1,780,000 1,664,300 -------------- 17,561,228 -------------- DENMARK--0.1% Denmark (Kingdom of) Bonds, 5%, 11/15/13 13,600,000 DKK 2,649,530 EGYPT--0.1% Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/12(12) 22,870,000 EGP 3,532,203 FRANCE--1.0% France (Government of) Bonds, 4.25%, 10/25/18 14,100,000 EUR 19,770,067 France (Government of) Treasury Nts., 3.75%, 1/12/13 10,350,000 EUR 14,464,176 -------------- 34,234,243 -------------- GERMANY--1.1% Germany (Federal Republic of) Bonds: 5.50%, 1/4/31 4,225,000 EUR 6,727,038 Series 03, 3.75%, 7/4/13 7,316,000 EUR 10,349,923 Series 05, 4%, 1/4/37 14,645,000 EUR 19,624,732 -------------- 36,701,693 -------------- GREECE--0.6% Greece (Republic of) Bonds, 4.60%, 5/20/13 14,171,000 EUR 19,025,330 HUNGARY--0.2% Hungary (Republic of) Bonds: Series 12/C, 6%, 10/24/12 1,609,000,000 HUF 5,649,460 Series 14/C, 5.50%, 2/12/14 503,700,000 HUF 1,615,503 -------------- 7,264,963 -------------- INDONESIA--0.7% Indonesia (Republic of) Nts.: 6.75%, 3/10/14(12) 1,418,000 1,311,650 6.875%, 1/17/18(12) 4,490,000 3,636,900 7.25%, 4/20/15(12) 4,293,000 3,971,025 Indonesia (Republic of) Sr. Unsec. Nts.: 7.75%, 1/17/38(12) 605,000 471,900 10.375%, 5/4/14(12) 2,720,000 2,849,200 11.625%, 3/4/19(12) 4,467,000 4,880,198
15 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35(12) $ 6,700,000 $ 5,695,000 -------------- 22,815,873 -------------- ISRAEL--0.5% Israel (State of) Bonds: 5.125%, 3/26/19 2,875,000 2,901,137 5.50%, 2/28/17 24,370,000 ILS 6,326,555 Series 2682, 7.50%, 3/31/14 25,080,000 ILS 7,152,184 -------------- 16,379,876 -------------- ITALY--0.5% Buoni Poliennali Del Tes Bonds: 3.75%, 2/1/11 4,840,000 EUR 6,649,397 3.75%, 12/15/13 7,117,000 EUR 9,663,696 -------------- 16,313,093 -------------- JAPAN--3.9% Japan (Government of) Bonds: 2 yr., Series 269, 0.90%, 6/15/10 3,531,000,000 JPY 35,917,495 5 yr., Series 72, 1.50%, 6/20/13 4,052,000,000 JPY 42,294,758 10 yr., Series 279, 2%, 3/20/16 660,000,000 JPY 7,135,948 10 yr., Series 282, 1.70%, 9/20/16 1,846,000,000 JPY 19,575,507 20 yr., Series 61, 1%, 3/20/23 1,098,000,000 JPY 10,119,770 20 yr., Series 73, 2%, 12/20/24 823,000,000 JPY 8,523,165 20 yr., Series 75, 2.10%, 3/20/25 458,000,000 JPY 4,798,994 -------------- 128,365,637 -------------- KOREA, REPUBLIC OF SOUTH--0.1% Export-Import Bank of Korea (The), 8.125% Sr. Nts., 1/21/14 3,400,000 3,519,333 MEXICO--1.6% United Mexican States Bonds: 5.625%, 1/15/17(1) 5,820,000 5,721,060 Series A, 6.375%, 1/16/13 3,800,000 4,028,000 Series MI10, 8%, 12/19/13 126,490,000 MXN 9,219,269 Series M20, 10%, 12/5/24(2) 125,300,000 MXN 10,433,036 United Mexican States Sr. Unsec. Bonds, 6.05%, 1/11/40 2,070,000 1,780,200 United Mexican States Sr. Unsec. Nts., 5.875%, 2/17/14 2,045,000 2,121,688 United Mexican States Treasury Bills, Series BI, 8.15%, 4/2/09(9) 255,600,000 MXN 18,041,126 -------------- 51,344,379 -------------- NIGERIA--0.0% Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 49,627 38,915 Nigeria (Federal Republic of) Treasury Bills, Series 364, 9.30%, 4/9/09(9) 175,100,000 NGN 1,182,073 -------------- 1,220,988 -------------- NORWAY--0.0% Norway (Kingdom of) Bonds, 6.50%, 5/15/13 7,740,000 NOK 1,319,706
16 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- PANAMA--0.5% Panama (Republic of) Bonds: 6.70%, 1/26/36 $ 7,190,000 $ 6,345,175 7.25%, 3/15/15 6,230,000 6,385,750 8.875%, 9/30/27 1,375,000 1,458,875 9.375%, 4/1/29 655,000 722,138 Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26 2,760,000 2,622,000 -------------- 17,533,938 -------------- PERU--0.8% Peru (Republic of) Bonds: 7.84%, 8/12/20 28,080,000 PEN 9,760,918 9.91%, 5/5/15 10,351,000 PEN 3,958,856 Series 7, 8.60%, 8/12/17 27,250,000 PEN 10,040,019 Series 8-1, 12.25%, 8/10/11 5,415,000 PEN 1,968,094 Peru (Republic of) Sr. Nts., 4.533%, 2/28/16(9) 363,871 255,146 Peru (Republic of) Sr. Unsec. Nts., 7.125%, 3/30/19 1,730,000 1,755,950 -------------- 27,738,983 -------------- PHILIPPINES--0.3% Philippines (Republic of the) Unsec. Bonds: 7.75%, 1/14/31 510,000 523,388 9%, 2/15/13 7,625,000 8,768,750 -------------- 9,292,138 -------------- POLAND--0.1% Poland (Republic of) Bonds: Series WS0922, 5.75%, 9/23/22 1,000,000 PLZ 271,332 Series 0413, 5.25%, 4/25/13 9,750,000 PLZ 2,733,717 -------------- 3,005,049 -------------- SWEDEN--0.1% Sweden (Kingdom of) Bonds, Series 1049, 4.50%, 8/12/15 22,555,000 SEK 3,052,639 THE NETHERLANDS--0.1% Netherlands (Kingdom of the) Bonds, 5%, 7/15/11 3,045,000 EUR 4,344,163 TURKEY--3.1% Turkey (Republic of) Bonds: 6.75%, 4/3/18 10,035,000 9,282,375 7%, 9/26/16 6,560,000 6,330,400 7%, 3/11/19 1,285,000 1,198,263 14%, 1/19/11(2) 15,250,000 TRY 9,102,767 14.559%, 11/3/10(9) 14,900,000 TRY 7,240,768 15.861%, 10/7/09(9) 18,240,000 TRY 10,315,432 15.895%, 6/23/10(9) 8,970,000 TRY 4,603,602 16%, 3/7/12(2) 50,110,000 TRY 30,739,558 18.141%, 1/13/10(9) 28,520,000 TRY 15,589,132 Series CPI, 11.957%, 2/15/12(2) 6,810,000 TRY 4,561,928 Series CPI, 12.463%, 8/14/13(2) 1,455,000 TRY 882,134 Turkey (Republic of) Nts., 7.25%, 3/15/15 4,115,000 4,094,425 -------------- 103,940,784 --------------
17 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- UNITED KINGDOM--0.7% United Kingdom Bonds, 4.50%, 3/7/19 1,230,000 GBP $ 1,959,875 United Kingdom Treasury Bills, 0.425%, 5/26/09(9) 4,920,000 GBP 7,052,883 United Kingdom Treasury Bonds: 5,985,000 GBP 9,437,320 4.75%, 12/7/38 5%, 3/7/18 2,990,000 GBP 4,975,025 -------------- 23,425,103 -------------- URUGUAY--0.4% Uruguay (Oriental Republic of) Bonds: 4.82%, 4/5/2 48,300,000 UYU 1,058,453 7.625%, 3/21/36 3,525,000 2,837,625 Uruguay (Oriental Republic of) Unsec. Bonds: 5%, 9/14/18 54,110,000 UYU 1,731,732 8%, 11/18/22 7,030,000 6,374,804 -------------- 12,002,614 -------------- VENEZUELA--0.3% Venezuela (Republic of) Bonds, 9%, 5/7/23 3,495,000 1,799,925 Venezuela (Republic of) Nts.: 8.50%, 10/8/14 5,830,000 3,614,600 10.75%, 9/19/13 2,385,000 1,735,088 Venezuela (Republic of) Unsec. Bonds, 7.65%, 4/21/25 7,445,000 3,355,834 10,505,447 -------------- Total Foreign Government Obligations (Cost $737,905,812) 684,729,921 -------------- LOAN PARTICIPATIONS--1.4% Bayerische Hypo-und Vereinsbank AG for the City of Kiev, Ukraine, 8.625% Nts., 7/15/11(12) 8,210,000 2,052,500 Credit Suisse First Boston International, Export-Import Bank of Ukraine, 8.40% Sec. Nts., 2/9/16(1) 4,340,000 1,150,100 Dali Capital plc/Bank of Moscow, 7.25% Sec. Nts., Series 28, Tranche 1, 11/25/09 37,000,000 RUR 1,036,659 Dali Capital SA (ROSBANK), 8% Sec. Nts., Series 23, Tranche 1, 9/30/09 36,400,000 RUR 1,001,062 Gaz Capital SA: 7.288% Sr. Sec. Nts., 8/16/37(12) 13,510,000 8,545,075 7.51% Sr. Sec. Nts., 7/31/13(12) 5,970,000 4,776,000 8.625% Sr. Sec. Nts., 4/28/34(12) 3,590,000 3,195,100 RSHB Capital SA/OJSC Russian Agricultural Bank, 7.75% Nts., 5/29/18(12) 2,010,000 1,443,783 Steel Capital SA for OAO Severstal, 9.75% Sec. Nts., 7/29/13(12) 5,310,000 3,478,050 TransCapitalInvest Ltd. for OJSC AK Transneft, 5.67% Sec. Bonds, 3/5/14(12) 2,490,000 2,006,492 VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18(12) 6,680,000 4,141,600 VTB Capital SA: 6.315% Sub. Unsec. Nts., 2/4/15 16,280,000 10,720,738 6.875% Sr. Sec. Nts., 5/29/18(12) 6,940,000 5,239,700 -------------- Total Loan Participations (Cost $76,281,176) 48,786,859
18 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- CORPORATE BONDS AND NOTES--20.8% CONSUMER DISCRETIONARY--3.4% AUTO COMPONENTS--0.1% Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 $ 1,315,000 $ 1,084,875 9% Sr. Unsec. Nts., 7/1/15 910,000 705,250 Lear Corp., 8.75% Sr. Unsec. Nts., Series B, 12/1/16 11,075,000 2,325,750 -------------- 4,115,875 -------------- AUTOMOBILES--0.4% Case New Holland, Inc., 7.125% Sr. Unsec. Nts., 3/1/14 8,420,000 6,230,800 Daimler Finance North America LLC: 5.75% Unsec. Unsub. Nts., Series E, 9/8/11 824,000 779,328 5.875% Sr. Unsec. Unsub. Nts., 3/15/11 1,542,000 1,476,920 Ford Motor Co.: 6.50% Sr. Unsec. Unsub. Nts., 8/1/18 1,725,000 508,875 7.45% Bonds, 7/16/31 7,300,000 2,354,250 Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 1,945,000 1,600,537 General Motors Corp., 8.375% Sr. Unsec. Debs., 7/15/33 9,560,000 1,195,000 -------------- 14,145,710 -------------- DIVERSIFIED CONSUMER SERVICES--0.0% Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15 1,065,000 942,525 HOTELS, RESTAURANTS & LEISURE--0.7% CCM Merger, Inc., 8% Unsec. Nts., 8/1/13(12) 3,625,000 1,504,375 Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13(3,4,12) 5,345,000 293,975 Harrah's Operating Co., Inc., 10.75% Sr. Unsec. Nts., 2/1/16 7,310,000 1,425,450 Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14 4,060,000 2,415,700 Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15(12) 6,615,000 1,157,625 McDonald's Corp., 5% Sr. Unsec. Nts., 2/1/19 551,000 574,640 MGM Mirage, Inc., 8.375% Sr. Unsec. Sub. Nts., 2/1/11 5,725,000 629,750 Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 2,945,000 1,281,075 8% Sr. Sub. Nts., 4/1/12 6,830,000 2,049,000 Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10 5,380,000 2,178,900 Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 3,280,000 2,886,400 Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14(12) 1,570,000 1,310,950 Premier Cruise Ltd., 11% Sr. Nts., 3/15/08(1,3,4) 250,000 -- Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14(3) 13,515,000 743,325 Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15(3) 2,630,000 223,550 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 5,745,000 4,366,200 -------------- 23,040,915 -------------- HOUSEHOLD DURABLES--0.3% Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 3,385,000 3,351,150 Jarden Corp., 7.50% Sr. Unsec. Sub. Nts., 5/1/17 2,535,000 2,053,350 K. Hovnanian Enterprises, Inc.: 7.75% Sr. Unsec. Sub. Nts., 5/15/13 1,005,000 266,325 8.875% Sr. Sub. Nts., 4/1/12 2,910,000 1,033,050 Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 2,090,000 2,037,750
19 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- HOUSEHOLD DURABLES CONTINUED William Lyon Homes, Inc.: 7.50% Sr. Unsec. Nts., 2/15/14 $ 160,000 $ 28,000 10.75% Sr. Nts., 4/1/13 1,390,000 243,250 -------------- 9,012,875 -------------- LEISURE EQUIPMENT & PRODUCTS--0.1% Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13(1) 2,210,000 1,867,450 MEDIA--1.3% Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 1,710,000 641,250 AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14 995,000 820,875 American Media Operations, Inc.: 9% Sr. Unsec. Nts., 5/1/13(1) 290 145 14% Sr. Sub. Nts., 11/1/13(1) 82,278 41,139 CCH I LLC/CCH I Capital Corp., 11% Sr. Sec. Nts., 10/1/15(3) 3,955,000 444,938 Cinemark, Inc., 0%/9.75% Sr. Unsec. Nts., 3/15/14(14) 2,165,000 2,051,338 Comcast Corp., 5.70% Unsec. Unsub. Nts., 5/15/18 4,228,000 3,973,373 CSC Holdings, Inc., 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 1,970,000 1,965,075 EchoStar DBS Corp., 6.375% Sr. Unsec. Nts., 10/1/11 4,165,000 4,029,638 Idearc, Inc., 8% Sr. Unsec. Nts., 11/15/16(3) 2,770,000 86,563 Lamar Media Corp., 7.25% Sr. Unsec. Sub. Nts., 1/1/13 3,735,000 3,235,444 Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 4,105,000 2,155,125 Marquee Holdings, Inc., 9.505% Sr. Nts., 8/15/14(2) 2,375,000 1,674,375 MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14(1) 1,330,000 36,575 6.875% Sr. Unsec. Sub. Nts., 10/1/13(1) 2,870,000 78,925 News America, Inc., 6.15% Sr. Unsec. Unsub. Nts., 3/1/37 2,280,000 1,668,789 NTL Cable plc, 9.125% Sr. Nts., 8/15/16 2,505,000 2,342,175 R.H. Donnelley Corp.: 6.875% Sr. Nts., 1/15/13 860,000 51,600 6.875% Sr. Nts., Series A-2, 1/15/13 1,865,000 111,900 Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 1,630,000 521,600 Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12(12) 2,020,000 2,030,100 Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 6,665,000 3,649,088 Time Warner Cable, Inc.: 6.20% Sr. Unsec. Nts., 7/1/13 2,473,000 2,410,614 8.75% Sr. Unsub. Nts., 2/14/19 993,000 1,056,358 Time Warner, Inc., 6.50% Sr. Unsec. Debs., 11/15/36 1,374,000 1,135,048 Videotron Ltee: 9.125% Sr. Nts., 4/15/18(12) 2,385,000 2,435,681 9.125% Sr. Nts., 4/15/18(12) 325,000 331,906 Virgin Media Finance plc, 8.75% Sr. Unsec. Nts., 4/15/14 1,940,000 1,843,000 Walt Disney Co. (The), 4.50% Sr. Unsec. Unsub. Nts., Series D, 12/15/13 1,205,000 1,233,380 Warner Music Group Corp., 7.375% Sr. Sub. Bonds, 4/15/14(1) 1,605,000 1,111,463 WMG Holdings Corp., 0%/9.50% Sr. Nts., 12/15/14(14) 5,010,000 1,828,650 -------------- 44,996,130
20 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- MULTILINE RETAIL--0.1% Target Corp., 6% Sr. Unsec. Nts., 1/15/18 $ 2,750,000 $ 2,768,510 SPECIALTY RETAIL--0.3% Claire's Stores, Inc., 10.50% Sr. Unsec. Sub. Nts., 6/1/17 11,455,000 3,035,575 GameStop Corp., 8% Sr. Unsec. Nts., 10/1/12 1,940,000 1,969,100 Home Depot, Inc. (The), 5.875% Sr. Unsec. Unsub. Nts., 12/16/36 2,664,000 1,893,971 Sally Holdings LLC: 9.25% Sr. Unsec. Nts., 11/15/14 1,850,000 1,762,125 10.50% Sr. Unsec. Sub. Nts., 11/15/16 1,370,000 1,205,600 -------------- 9,866,371 -------------- TEXTILES, APPAREL & LUXURY GOODS--0.1% Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 3,635,000 3,144,275 CONSUMER STAPLES--1.1% BEVERAGES--0.2% AmBev International Finance Co. Ltd., 9.50% Bonds, 7/24/17(12) 4,470,000 BRR 1,580,084 Constellation Brands, Inc., 8.125% Sr. Sub. Nts., 1/15/12(1) 1,010,000 1,015,050 Diageo Capital plc, 7.375% Sr. Unsec. Unsub. Nts., 1/15/14 1,546,000 1,701,019 PepsiCo, Inc., 7.90% Sr. Unsec. Nts., 11/1/18 1,342,000 1,652,915 -------------- 5,949,068 FOOD & STAPLES RETAILING--0.4% Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 4,655,000 3,828,738 CVS Caremark Corp., 5.75% Sr. Unsec. Nts., 6/1/17 1,113,000 1,087,793 Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 3,725,000 3,972,817 Kroger Co. (The), 7.50% Sr. Unsec., Nts., 1/15/14 1,378,000 1,531,154 Real Time Data Co., 11% Nts., 5/31/09(1,3,4,15) 142,981 -- Wal-Mart Stores, Inc.: 5.80% Sr. Unsec. Unsub. Nts., 2/15/18 2,477,000 2,714,601 6.20% Sr. Unsec. Nts., 4/15/38 2,198,000 2,232,188 -------------- 15,367,291 -------------- FOOD PRODUCTS--0.3% Dean Foods Co., 7% Sr. Unsec. Unsub. Nts., 6/1/16 2,105,000 2,010,275 Dole Food Co., Inc., 8.875% Sr. Unsec. Nts., 3/15/11 716,000 613,970 Kraft Foods, Inc.: 6.125% Sr. Unsec. Nts., 8/23/18 692,000 695,376 6.125% Sr. Unsec. Unsub. Nts., 2/1/18 2,754,000 2,766,751 MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/11(12) 1,360,000 482,800 Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 10.625% Sr. Sub. Nts., 4/1/17 2,985,000 2,104,425 Smithfield Foods, Inc., 7% Sr. Nts., 8/1/11 1,305,000 1,011,375 -------------- 9,684,972 -------------- HOUSEHOLD PRODUCTS--0.0% Proctor & Gamble Co. (The), 4.70% Sr. Unsec. Unsub. Nts., 2/15/19 557,000 563,376 PERSONAL PRODUCTS--0.1% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 2,700,000 1,930,500 TOBACCO--0.1% Altria Group, Inc., 9.70% Sr. Unsec. Nts., 11/10/18 1,485,000 1,620,013
21 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- TOBACCO CONTINUED Philip Morris International, Inc., 5.65% Sr. Unsec. Unsub. Nts., 5/16/18 $ 1,746,000 $ 1,739,119 -------------- 3,359,132 -------------- ENERGY--2.8% ENERGY EQUIPMENT & SERVICES--0.2% Helix Energy Solutions Group, Inc., 9.50% Sr. Unsec. Nts., 1/15/16(12) 5,210,000 3,099,950 Key Energy Services, Inc., 8.375% Sr. Unsec. Nts., 12/1/14 3,005,000 1,908,175 -------------- 5,008,125 -------------- OIL, GAS & CONSUMABLE FUELS--2.6% Anadarko Petroleum Corp.: 5.95% Sr. Unsec. Nts., 9/15/16 1,114,000 961,104 7.625% Sr. Unsec. Nts., 3/15/14 1,722,000 1,713,402 Atlas Energy Resources LLC, 10.75% Sr. Nts., 2/1/18(12) 4,110,000 3,020,850 Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 2,285,000 1,313,875 Berry Petroleum Co., 8.25% Sr. Sub. Nts., 11/1/16 1,940,000 1,076,700 ConocoPhillips, 6.50% Sr. Unsec. Nts., 2/1/39 3,538,000 3,466,893 Denbury Resources, Inc., 7.50% Sr. Sub. Nts., 12/15/15 3,575,000 3,128,125 Devon Energy Corp., 6.30% Sr. Nts., 1/15/19 2,304,000 2,253,614 Enterprise Products Operating LLP: 6.50% Sr. Unsec. Unsub. Nts., 1/31/19 1,334,000 1,228,757 8.375% Jr. Sub. Nts., 8/1/66(2) 8,970,000 6,017,112 Gaz Capital SA, 8.146% Sr. Sec. Nts., 4/11/18(12) 3,220,000 2,898,000 Kazmunaigaz Finance Sub BV, 9.125% Nts., 7/2/18(12) 14,880,000 11,011,200 Kinder Morgan Energy Partners LP: 6% Sr. Unsec. Nts., 2/1/17 1,615,000 1,519,865 7.30% Sr. Unsec. Nts., 8/15/33 2,575,000 2,335,636 Massey Energy Co., 6.875% Sr. Unsec. Nts., 12/15/13 915,000 800,625 Pemex Project Funding Master Trust, 6.625% Sr. Unsec. Unsub. Nts., 6/15/38(12) 6,680,000 4,709,400 Petrobras International Finance Co.: 5.785% Sr. Unsec. Nts., 3/1/18 7,280,000 6,810,163 7.875% Sr. Unsec. Nts., 3/15/19 3,440,000 3,581,728 Petroleos Mexicanos, 8% Nts., 5/3/19 3,430,000 3,361,400 Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11(12) 2,245,917 1,910,570 Quicksilver Resources, Inc.: 7.125% Sr. Sub. Nts., 4/1/16 3,500,000 1,680,000 8.25% Sr. Unsec. Nts., 8/1/15 755,000 490,750 Shell International Finance, 6.375% Sr. Nts., 12/15/38 1,998,000 2,114,903 Tengizchevroil LLP, 6.124% Nts., 11/15/14(12) 1,819,990 1,446,892 TGI International Ltd., 9.50% Nts., 10/3/17(12) 3,575,000 3,101,313 TransCanada PipeLines Ltd., 7.625% Sr. Unsec. Nts., 1/15/39 2,306,000 2,290,296 Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/18(12) 11,010,000 6,991,350 Williams Cos., Inc. (The), 8.75% Unsec. Nts., 3/15/32 2,716,000 2,470,484 XTO Energy, Inc.: 5.50% Sr. Unsec. Nts., 6/15/18 1,498,000 1,394,834
22 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- OIL, GAS & CONSUMABLE FUELS CONTINUED 6.50% Sr. Unsec. Unsub. Nts., 12/15/18 $ 1,954,000 $ 1,946,129 -------------- 87,045,970 -------------- FINANCIALS--5.8% CAPITAL MARKETS--1.0% Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14 4,395,000 2,483,175 Credit Suisse New York, 5% Sr. Unsec. Nts., 5/15/13 5,662,000 5,478,093 Deutsche Bank AG London, 4.875% Sr. Unsec. Nts., 5/20/13 1,440,000 1,414,263 Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 2,212,000 1,310,028 Goldman Sachs Group, Inc. (The): 6,836,000 6,258,748 6.15% Sr. Unsec. Nts., 4/1/18 7.50% Sr. Unsec. Nts., 2/15/19 4,169,000 4,169,921 Lehman Brothers Holdings, Inc., 7.50% Sub. Nts., 5/11/38(3) 4,656,000 466 Morgan Stanley, 6% Sr. Unsec. Unsub. Nts., Series F, 4/28/15 9,750,000 9,225,070 Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16 2,305,000 691,500 UBS AG Stamford CT, 5.75% Sr. Unsec. Nts., 4/25/18 1,471,000 1,233,313 Verizon Wireless Capital LLC, 8.50% Sr. Unsec. Unsub. Nts., 11/15/18 2,210,000 2,529,303 -------------- 34,793,880 -------------- COMMERCIAL BANKS--1.6% Banco BMG SA, 9.15% Nts., 1/15/16(12) 3,520,000 2,446,400 Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/21(2,12) 1,345,000 1,244,125 Bank of Scotland plc: 4.375% Sr. Sec. Nts., 7/13/16 8,545,000 EUR 11,021,412 4.50% Sr. Sec. Nts., 7/13/21 4,784,000 EUR 5,768,106 Barclays Bank plc, 6.278% Perpetual Bonds(1,16) 4,050,000 1,385,627 HSBC Bank plc: 11.601% Sr. Unsec. Nts., 1/12/10(9) 2,510,000 1,844,850 9.751% Sr. Unsec. Nts., 7/8/09(9) 1,960,000 1,646,400 HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35(2) 11,900,000 2,384,403 HSBC Finance Corp.: 4.75% Sr. Unsec. Nts., 7/15/13 1,378,000 1,017,055 5.70% Sr. Unsec. Nts., 6/1/11 1,557,000 1,322,491 HSBC Holdings plc, 6.80% Sub. Nts., 6/1/38 2,292,000 1,956,763 HSBK Europe BV: 7.25% Unsec. Unsub. Nts., 5/3/17(12) 1,360,000 659,600 9.25% Sr. Nts., 10/16/13(12) 15,930,000 8,761,500 ICICI Bank Ltd., 6.375% Bonds, 4/30/22(2,12) 6,960,000 3,924,424 Inter-American Development Bank: 920,000 BRR 364,867 6.26% Nts., 12/8/09(2) 11.377% Nts., 1/25/12(2) 530,142,871 COP 193,261 Lloyds Banking Group plc, 6.413% Perpetual Bonds(12,16) 2,415,000 555,952 Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10(1,3,4) 90,000 -- Salisbury International Investments Ltd., 5.293% Sec. Nts., Series 2006-003, Tranche E, 7/20/11(1,2) 1,100,000 426,580 Wells Fargo & Co., 5.25% Sr. Unsec. Unsub. Nts., 10/23/12 6,970,000 6,780,395 -------------- 53,704,211 --------------
23 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- CONSUMER FINANCE--0.3% American Express Credit Corp.: 5.875% Sr. Unsec. Nts., 5/2/13 $ 2,045,000 $ 1,797,659 7.30% Sr. Unsec. Nts., Series C, 8/20/13 2,196,000 2,041,041 Capital One Financial Corp., 6.75% Sr. Unsec. Unsub. Nts., 9/15/17 1,167,000 975,731 JSC Astana Finance, 9.16% Nts., 3/14/12(1) 7,200,000 1,656,000 SLM Corp.: 4,470,000 3,353,662 4.50% Nts., Series A, 7/26/10 8.45% Sr. Unsec. Nts., Series A, 6/15/18 2,611,000 1,412,264 -------------- 11,236,357 -------------- DIVERSIFIED FINANCIAL SERVICES--1.7% AAC Group Holding Corp., 0%/10.25% Sr. Unsec. Nts., 10/1/12(14) 100,000 57,000 Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26(12) 4,551,750 2,207,599 BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17 1,980,000 EUR 2,256,296 Banco Invex SA, 27.252% Mtg.-Backed Certificates, Series 062U, 3/13/34(2,11) 4,830,734 MXN 1,279,045 Bank of America Corp.: 4.90% Sr. Unsec. Nts., 5/1/13 2,750,000 2,473,380 5.65% Sr. Unsec. Nts., 5/1/18 7,280,000 6,087,827 Bear Stearns Cos. LLC (The), 7.25% Sr. Unsec. Nts., 2/1/18 3,956,000 4,094,717 CIT Group, Inc., 7.625% Sr. Unsec. Nts., Series A, 11/30/12 3,038,000 2,238,356 Citigroup, Inc.: 5.50% Sr. Unsec. Nts., 4/11/13 10,816,000 9,514,197 6.50% Sr. Nts., 8/19/13 2,944,000 2,708,786 Cloverie plc, 5.538% Sec. Nts., Series 2005-93, 12/20/10(1,2) 1,100,000 648,120 Countrywide Financial Corp., 5.80% Nts., 6/7/12 1,271,000 1,104,667 GMAC LLC, 8% Sr. Unsec. Unsub. Nts., 11/1/31 7,200,000 3,473,064 JPMorgan Chase & Co., 6.40% Sr. Unsec. Nts., 5/15/38 8,180,000 8,057,185 JPMorgan Hipotecaria su Casita: 6.47% Sec. Nts., 8/26/35(1) 5,808,600 MXN 336,465 25.216% Mtg.-Backed Certificates, Series 06U, 9/25/35(2) 2,548,637 MXN 488,820 Korea Development Bank, 8% Sr. Nts., 1/23/14 2,770,000 2,853,482 Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38 7,515,000 4,473,131 National Rural Utilities Cooperative Finance Corp., 10.375% Sec. Bonds, 11/1/18 835,000 968,390 Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97(1,14) 2,695,000 896,376 -------------- 56,216,903 -------------- INSURANCE--0.4% Allstate Life Global Funding Trust, 5.375% Nts., 4/30/13 1,684,000 1,630,937 American International Group, Inc., 8.25% Sr. Nts., 8/15/18(12) 3,753,000 1,608,476 Berkshire Hathaway Finance Corp., 5% Sr. Unsec. Unsub. Nts., 8/15/13 2,585,000 2,661,914 International Lease Finance Corp.: 6.375% Sr. Unsec. Nts., 3/25/13 1,790,000 990,201 6.625% Sr. Unsec. Nts., Series R, 11/15/13 1,372,000 760,862 MetLife, Inc., 6.817% Sr. Unsec. Nts., Series A, 8/15/18 1,269,000 1,092,002 MidAmerican Energy Holdings Co., 5.75% Sr. Unsec. Nts., 4/1/18 3,747,000 3,693,317
24 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- INSURANCE CONTINUED Prudential Financial, Inc., 5.15% Sr. Unsec. Unsub Nts., Series D, 1/15/13 $ 1,239,000 $ 921,962 -------------- 13,359,671 -------------- REAL ESTATE INVESTMENT TRUSTS--0.1% Simon Property Group LP, 5.30% Sr. Unsec. Nts., 5/30/13 1,870,000 1,528,798 THRIFTS & MORTGAGE FINANCE--0.7% Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16(12) 1,585,000 515,125 WM Covered Bond Program: 8,725,000 EUR 10,949,865 3.875% Sec. Nts., Series1, 9/27/11 4% Sec. Mtg. Nts., Series 2, 9/27/16 10,485,000 EUR 11,991,295 -------------- 23,456,285 -------------- HEALTH CARE--1.2% BIOTECHNOLOGY--0.0% Amgen, Inc., 5.70% Sr. Nts., 2/1/19 1,581,000 1,609,966 HEALTH CARE EQUIPMENT & SUPPLIES--0.1% Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/15(2) 5,400,000 2,187,000 Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/15(15) 2,035,000 1,821,325 -------------- 4,008,325 -------------- HEALTH CARE PROVIDERS & SERVICES--0.7% Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/15(15) 5,425,000 1,329,125 Community Health Systems, Inc., 8.875% Sr. Unsec. Nts., 7/15/15 2,115,000 2,009,250 DaVita, Inc., 6.625% Sr. Unsec. Nts., 3/15/13 2,475,000 2,413,125 Fresenius Medical Care Capital Trust IV, 7.875% Sr. Sub. Nts., 6/15/11 970,000 986,975 HCA, Inc., 6.375% Nts., 1/15/15 4,625,000 3,052,500 HEALTHSOUTH Corp., 10.75% Sr. Unsec. Nts., 6/15/16 1,970,000 1,940,450 Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15(1) 3,360,000 2,192,400 UnitedHealth Group, Inc., 6.875% Sr. Unsec. Nts., 2/15/38 1,583,000 1,409,932 US Oncology Holdings, Inc., 6.904% Sr. Unsec. Nts., 3/15/12(2,15) 2,623,108 1,586,980 US Oncology, Inc., 9% Sr. Unsec. Nts., 8/15/12 1,500,000 1,462,500 Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Nts., 10/1/15(14) 2,900,000 2,421,500 WellPoint, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/37 1,483,000 1,282,841 -------------- 22,087,578 -------------- PHARMACEUTICALS--0.4% Abbott Laboratories: 5.125% Sr. Unsec. Nts., 4/1/19 572,000 576,841 5.60% Sr. Unsec. Nts., 11/30/17 1,392,000 1,474,592 AstraZeneca plc, 6.45% Sr. Unsec. Unsub. Nts., 9/15/37 1,726,000 1,799,379 Bristol-Myers Squibb Co., 6.125% Sr. Unsec. Unsub. Nts., 5/1/38 1,257,000 1,260,325 DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14 2,865,000 2,141,588 GlaxosmithKline Capital, Inc., 6.375% Sr. Unsec. Nts., 5/15/38 2,386,000 2,420,731 Johnson & Johnson, 5.85% Sr. Unsec. Nts., 7/15/38 1,495,000 1,567,204 Pfizer, Inc., 7.20% Sr. Unsec. Nts., 3/15/39 1,461,000 1,573,816
25 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- PHARMACEUTICALS CONTINUED Wyeth, 5.95% Nts., 4/1/37 $ 432,000 $ 408,688 -------------- 13,223,164 -------------- INDUSTRIALS--1.9% AEROSPACE & DEFENSE--0.4% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 975,000 931,125 BE Aerospace, Inc., 8.50% Sr. Unsec. Nts., 7/1/18 1,225,000 1,024,406 Boeing Co. (The), 5% Sr. Unsec. Unsub. Nts., 3/15/14 1,763,000 1,809,936 Bombardier, Inc., 6.30% Sr. Unsec. Unsub. Nts., 5/1/14(12) 965,000 685,150 Honeywell International, Inc., 5% Sr. Unsec. Nts., 2/15/19 1,965,000 1,967,181 L-3 Communications Corp.: 3,125,000 2,914,063 5.875% Sr. Sub. Nts., 1/15/15 6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15 1,185,000 1,122,788 United Technologies Corp.: 2,376,000 2,564,486 6.125% Sr. Unsec. Nts., 2/1/19 6.125% Sr. Unsec. Nts., 7/15/38 1,011,000 1,031,333 -------------- 14,050,468 -------------- AIR FREIGHT & LOGISTICS--0.1% United Parcel Service, Inc.: 5.125% Sr. Unsec. Unsub. Nts., 4/1/19 661,000 667,161 5.50% Sr. Unsec. Nts., 1/15/18 1,183,000 1,230,079 -------------- 1,897,240 -------------- BUILDING PRODUCTS--0.0% Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 2,820,000 296,100 COMMERCIAL SERVICES & SUPPLIES--0.2% Allied Waste North America, Inc., 7.375% Sr. Sec. Nts., Series B, 4/15/14 4,075,000 3,865,032 Iron Mountain, Inc., 8.625% Sr. Unsec. Sub. Nts., 4/1/13 1,925,000 1,934,625 -------------- 5,799,657 -------------- CONSTRUCTION & ENGINEERING--0.2% IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24(1) 8,340,652 6,130,380 ELECTRICAL EQUIPMENT--0.0% Baldor Electric Co., 8.625% Sr. Nts., 2/15/17 410,000 326,975 INDUSTRIAL CONGLOMERATES--0.5% General Electric Capital Corp.: 4.80% Sr. Unsec. Nts., 5/1/13 2,518,000 2,362,785 5.40% Sr. Unsec. Nts., Series A, 9/20/13 3,392,000 3,225,582 6.875% Sr. Unsec. Nts., 1/10/39 4,119,000 3,372,444 General Electric Co., 5.25% Sr. Unsec. Nts., 12/6/17 8,095,000 7,504,146 Tyco International Finance SA, 8.50% Sr. Unsec. Unsub. Nts., 1/15/19 1,298,000 1,342,267 -------------- 17,807,224 -------------- MACHINERY--0.1% Caterpillar Financial Services Corp., 7.15% Sr. Unsec. Nts., 2/15/19 3,282,000 3,009,059 ROAD & RAIL--0.3% Avis Budget Car Rental LLC, 7.625% Sr. Unsec. Unsub. Nts., 5/15/14 9,530,000 2,430,150 Burlington Northern Santa Fe Corp., 5.75% Sr. Unsec. Nts., 3/15/18 350,000 346,257
26 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- ROAD & RAIL CONTINUED CSX Corp., 6.25% Sr. Unsec. Unsub. Nts., 4/1/15 $ 1,376,000 $ 1,253,590 Hertz Corp., 10.50% Sr. Unsec. Sub. Nts., 1/1/16 5,010,000 2,204,400 Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/26(12) 3,665,000 1,924,125 Union Pacific Corp., 7.875% Sr. Unsec. Nts., 1/15/19 1,376,000 1,521,164 -------------- 9,679,686 -------------- TRADING COMPANIES & DISTRIBUTORS--0.1% United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 5,500,000 2,805,000 INFORMATION TECHNOLOGY--0.3% COMMUNICATIONS EQUIPMENT--0.0% Cisco Systems, Inc., 4.95% Sr. Unsec. Nts., 2/15/19 1,395,000 1,376,200 Orion Network Systems, Inc., 12.50% Sr. Unsub. Nts., 1/15/07(1,3,4) 675,000 7 -------------- 1,376,207 -------------- COMPUTERS & PERIPHERALS--0.1% Hewlett-Packard Co., 6.125% Sr. Unsec. Nts., 3/1/14 1,007,000 1,074,001 International Business Machines Corp., 8% Sr. Unsec. Unsub. Nts., 10/15/38 2,441,000 2,913,524 -------------- 3,987,525 -------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.0% RBS Global & Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16 1,560,000 959,400 INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09(1,3,4) 337,947 EUR -- NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10(1,3,4) 200,173 -- -------------- -- -------------- OFFICE ELECTRONICS--0.1% Xerox Corp., 5.65% Sr. Unsec. Nts., 5/15/13 1,868,000 1,563,318 SOFTWARE--0.1% Oracle Corp., 5.75% Sr. Unsec. Unsub. Nts., 4/15/18 1,697,000 1,775,390 MATERIALS--1.2% CHEMICALS--0.3% Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/18(12) 4,185,000 3,075,975 E.I. du Pont de Nemours & Co.: 1,430,000 1,408,025 5.75% Sr. Nts., 3/15/19 6% Sr. Unsec. Unsub. Nts., 7/15/18 1,337,000 1,345,835 Momentive Performance Materials, Inc., 11.50% Sr. Unsec. Sub. Nts., 12/1/16 10,910,000 2,100,175 Nalco Co., 7.75% Sr. Unsec. Nts., 11/15/11 1,185,000 1,173,150 -------------- 9,103,160 -------------- CONSTRUCTION MATERIALS--0.0% C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs.(12,16) 2,750,000 964,428 NTK Holdings, Inc., 0%/10.75% Sr. Unsec. Nts., 3/1/14(14) 5,535,000 359,775 -------------- 1,324,203 -------------- CONTAINERS & PACKAGING--0.2% Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15 3,000,000 3,030,000
27 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- CONTAINERS & PACKAGING CONTINUED Graham Packaging Co., Inc., 9.875% Sr. Unsec. Sub. Nts., 10/15/14 $ 3,770,000 $ 2,450,500 Graphic Packaging International Corp., 8.50% Sr. Nts., 8/15/11 3,590,000 3,123,300 -------------- 8,603,800 -------------- METALS & MINING--0.6% Alcoa, Inc.: 6% Sr. Unsec. Unsub. Nts., 7/15/13 843,000 673,693 6.75% Sr. Unsec. Unsub. Nts., 7/15/18 2,060,000 1,388,887 Alrosa Finance SA, 8.875% Nts., 11/17/14(12) 13,025,000 9,182,625 BHP Billiton Finance (USA) Ltd., 6.50% Sr. Unsec. Unsub. Nts., 4/1/19 878,000 891,811 Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17 5,705,000 5,341,700 Steel Dynamics, Inc., 7.375% Sr. Unsec. Unsub. Nts., 11/1/12 2,250,000 1,766,250 -------------- 19,244,966 -------------- PAPER & FOREST PRODUCTS--0.1% NewPage Corp., 10% Sr. Sec. Nts., 5/1/12 5,705,000 2,011,013 TELECOMMUNICATION SERVICES--1.6% DIVERSIFIED TELECOMMUNICATION SERVICES--1.1% AT&T Wireless Services, Inc., 8.125% Sr. Unsec. Nts., 5/1/12 1,747,000 1,906,466 AT&T, Inc., 6.70% Sr. Unsec. Unsub. Nts., 11/15/13 3,693,000 3,949,966 BellSouth Corp., 5.20% Sr. Unsec. Nts., 12/15/16 1,058,000 1,037,683 British Telecom plc, 5.15% Sr. Unsec. Unsub. Nts., 1/15/13 1,372,000 1,274,901 Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 5,595,000 5,098,444 Deutsche Telekom International Finance BV, 6.75% Sr. Unsec. Nts., 8/20/18 1,955,000 1,967,205 FairPoint Communications, Inc., 13.125% Sr. Nts., 4/1/18(12) 5,370,000 1,047,150 France Telecom SA, 7.75% Sr. Unsec. Nts., 3/1/11(2) 1,097,000 1,175,486 Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12 5,015,000 4,977,388 Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38 2,028,000 1,693,311 Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16(1) 3,290,100 PEN 959,669 Telefonica Emisiones SAU, 5.855% Sr. Unsec. Unsub. Nts., 2/4/13 1,695,000 1,757,330 Teligent, Inc., 11.50% Sr. Nts., 12/1/08(1,3,4) 500,000 -- Verizon Communications, Inc.: 1,377,000 1,338,010 6.90% Sr. Unsec. Unsub. Bonds, 4/15/38 8.95% Sr. Unsec. Unsub. Nts., 3/1/39 3,572,000 4,122,777 Windstream Corp.: 2,410,000 2,385,900 8.125% Sr. Unsec. Unsub. Nts., 8/1/13 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 1,535,000 1,515,813 Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10(1,3,4) 250,000 -- -------------- 36,207,499 -------------- WIRELESS TELECOMMUNICATION SERVICES--0.5% America Movil SAB de CV, 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36 52,700,000 MXN 2,825,672 American Tower Corp., 7.50% Sr. Nts., 5/1/12 1,950,000 1,969,500 Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 6,465,000 3,458,775 Sprint Capital Corp., 8.75% Nts., 3/15/32 11,080,000 7,479,000
28 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- WIRELESS TELECOMMUNICATION SERVICES CONTINUED Vodafone Group plc, 5.625% Sr. Unsec. Unsub. Nts., 2/27/17 $ 1,991,000 $ 1,976,742 -------------- 17,709,689 -------------- UTILITIES--1.5% ELECTRIC UTILITIES--1.0% Duke Energy Carolinas LLC, 7% Sec. Bonds, Series C, 11/15/18 1,725,000 1,984,594 Duke Energy Corp., 6.30% Sr. Unsec. Unsub. Nts., 2/1/14 2,665,000 2,732,302 Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17 3,735,000 2,745,225 Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10(1) 1,115,000 BRR 499,881 Energy Future Holdings Corp., 10.875% Sr. Unsec. Nts., 11/1/17 3,405,000 2,213,250 FPL Group Capital, Inc., 6% Sr. Unsec. Nts., 3/1/19 1,158,000 1,187,661 Georgia Power Co., 5.95% Sr. Unsec. Bonds, 2/1/39 835,000 825,494 ISA Capital do Brasil SA, 8.80% Sr. Nts., 1/30/17(12) 1,110,000 999,000 Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19(12) 8,015,000 8,059,395 Majapahit Holding BV: 1,990,000 1,830,800 7.25% Nts., 10/17/11(12) 7.75% Nts., 10/17/16(12) 4,230,000 3,130,200 National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16 109,600,000 PHP 2,008,294 Texas Competitive Electric Holdings Co. LLC, 10.25% Sr. Unsec. Nts., Series A, 11/1/15 3,845,000 1,941,725 Virginia Electric & Power Co., 8.875% Sr. Unsec. Nts., 11/15/38 2,722,000 3,342,899 -------------- 33,500,720 -------------- ENERGY TRADERS--0.2% AES Corp. (The), 8.75% Sr. Sec. Nts., 5/15/13(12) 1,010,000 999,900 AES Panama SA, 6.35% Sr. Nts., 12/21/16(12) 615,000 552,791 Mirant North America LLC, 7.375% Sr. Unsec. Nts., 12/31/13 1,595,000 1,451,450 NRG Energy, Inc.: 7.375% Sr. Nts., 1/15/17 1,735,000 1,617,888 7.375% Sr. Nts., 2/1/16 2,315,000 2,158,738 Reliant Energy, Inc., 7.625% Sr. Unsec. Unsub. Nts., 6/15/14 440,000 358,600 -------------- 7,139,367 -------------- MULTI-UTILITIES--0.3% Consolidated Edison Co. of New York, 7.125% Sr. Unsec. Nts., 12/1/18 3,024,000 3,222,873 Dominion Resources, Inc., 6.40% Sr. Unsec. Nts., 6/15/18 1,263,000 1,262,153 Pacific Gas & Electric Co.: 6.25% Sr. Unsec. Nts., 12/1/13 2,595,000 2,779,118 8.25% Sr. Unsec. Nts., 10/15/18 1,354,000 1,598,860 -------------- 8,863,004 -------------- Total Corporate Bonds and Notes (Cost $866,388,691) 693,205,258
29 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares --------------- PREFERRED STOCKS--0.0% AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg.(1,4,15) 4,253 -- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg.(1,4) 5,000 -- ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg.(1,4,15) 151 --
Shares Value --------------- -------------- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A(1) 175 $ 107,406 -------------- Total Preferred Stocks (Cost $688,362) 107,406 -------------- COMMON STOCKS--0.0% American Media, Inc.(1,4) 1,562 1,562 Arco Capital Corp. Ltd.(1,4) 690,638 345,319 Global Aero Logistics, Inc.(1,4) 2,168 2,168 Premier Holdings Ltd.(1,4) 18,514 -- -------------- Total Common Stocks (Cost $10,418,089) 349,049
Units --------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Global Aero Logistics, Inc. Wts., Strike Price $10, Exp. 2/28/11(1,4) 266 3 MHP SA, GDR Wts., Strike Price 0.01UAH, Exp. 5/8/09(4) 56,610 151,715 -------------- Total Rights, Warrants and Certificates (Cost $2,811) 151,718
Principal Amount --------------- STRUCTURED SECURITIES--4.2% Barclays Bank plc: Custom Basket of African Currencies Cv. Unsec. Unsub. Nts., 10.25%, 5/15/09(1) $ 3,030,000 2,560,956 Custom Basket of African Currencies Cv. Unsec. Unsub. Nts., 10.25%, 5/7/09(1) 3,030,000 2,577,924 Citibank NA, New York, Dominican Republic Credit Linked Nts., 14.218%, DOP 5/11/09(9) 61,180,000 1,688,515 Citibank NA New York, Dominican Republic Credit Linked Nts., 12%, 2/22/11(1) 22,200,000 DOP 554,196 Citigroup Funding, Inc., Custom Basket of African Currencies Credit Linked Nts., 0%, 4/29/09(9) 6,070,000 5,202,354 Citigroup Global Markets Holdings, Inc.: Brazil (Federal Republic of) Credit Linked Nts., 9.762%, 1/3/17(1) 8,850,000 BRR 3,391,486 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 14.809%, 1/5/10(9) 2,480,096 BRR 995,141 Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18 3,255,000,000 COP 1,371,824 Colombia (Republic of) Credit Linked Nts., 12.975%, 2/26/15(1,11) 2,199,000,000 COP 1,729,140 Colombia (Republic of) Credit Linked Nts., Series 01, 12.975%, 2/26/15(1,11) 811,000,000 COP 637,714 Colombia (Republic of) Credit Linked Nts., Series 02, 12.975% 12/26/15(1,11) 1,345,000,000 COP 1,057,614 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 552,359,546 COP 256,123 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12(1) 1,200,000,000 COP 556,428 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 1,034,000,000 COP 479,455
30 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 927,000,000 COP $ 429,840 Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12 49,300,000 DOP 1,221,071 Egypt (The Arab Republic of) Credit Linked Nts., 7.812%, 4/16/09(9) 7,100,000 EGP 1,255,552 Ghana (Republic of) Credit Linked Nts., 13.50%, 4/2/10 2,990,000 GHS 1,746,143 Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/2/10 880,000 UAH 82,740 Zambia (Republic of) Credit Linked Nts., 11.399%, 6/11/09(9) 2,165,000,000 ZMK 381,398 Credit Suisse First Boston International: 4,840,000 UAH 241,489 Boryspil Airport Total Return Linked Nts., 10%, 4/19/10(2) Indonesia (Republic of) Total Return Linked Nts., 12%, 9/16/11 14,800,000,000 IDR 1,300,004 Moitk Total Return Linked Nts., 21%, 3/26/11(1,2) 59,900,000 RUR 282,656 Oreniz Total Return Linked Nts., 9.24%, 2/21/12(1,2) 116,835,000 RUR 1,550,587 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09(1) 2,195,000 UAH 200,288 Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/17(1) 14,609,000,000 VND 517,642 Credit Suisse First Boston, Inc. (Nassau Branch): Russian Specialized Construction and Installation Administration Credit Linked Nts., 5/20/10(1,3) 97,250,000 RUR 232,319 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09(1) 5,650,000 UAH 515,547 Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 661,000 UAH 60,314 Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09(1) 4,170,000 UAH 380,501 Credit Suisse Group AG, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/24/12(1) 106,500,000 RUR 785,236 Deutsche Bank AF: 3,300,000 33,000 Coriolanus Ltd. Sec. Credit Linked Nts.,10.62%, 9/10/10(1) Coriolanus Ltd. Sec. Credit Linked Nts., 6%, 12/31/17(1,2) 23,130,000 BRR 5,051,927 Coriolanus Ltd. Sec. Credit Linked Nts., Series 112, 8.33%, 12/7/09(1,2) 650,000 571,866 Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, 9%, 4/26/11(1,2) 655,000 534,225 Deutsche Bank AG: Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11(1) 8,136,603 MXN 535,643 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11(1) 5,398,318 MXN 355,378 Brazil Real Total Return Linked Nts., 6%, 8/18/10 2,065,000 BRR 1,623,559 Colombia (Republic of) Credit Linked Nts., 13.50%, 9/16/14 2,002,000,000 COP 932,180 European Investment Bank, Russian Federation Credit Linked Nts., 5.502%, 1/19/10(1,9) 705,000 627,168 Grupo TMM SA Credit Linked Nts., 6%, 9/7/12(1) 2,010,519 794,155 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 820,000 588,953 Indonesia (Republic of) Credit Linked Nts., Series 02, 12.80%, 6/22/21 29,700,000,000 IDR 2,551,590 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/22/13 873,600 795,060 Opic Reforma I Credit Linked Nts., Cl. 1A, 9.815%, 9/24/14(1,2) 14,850,000 MXN 1,048,359
31 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- Opic Reforma I Credit Linked Nts., Cl. 1B, 9.815%, 9/24/14(1,2) 2,970,000 MXN $ 209,672 Opic Reforma I Credit Linked Nts., Cl. 1C, 9.815%, 9/24/14(1,2) 4,950,000 MXN 349,453 Opic Reforma I Credit Linked Nts., Cl. 2A, 11.315%, 5/22/15(1,2) 1,417,014 MXN 100,036 Opic Reforma I Credit Linked Nts., Cl. 2B, 11.315%, 5/22/15(1,2) 2,479,100 MXN 175,016 Opic Reforma I Credit Linked Nts., Cl. 2C, 11.315%, 5/22/15(1,2) 37,378,810 MXN 2,638,815 Opic Reforma I Credit Linked Nts., Cl. 2D, 11.315%, 5/22/15(1,2) 2,724,116 MXN 192,313 Opic Reforma I Credit Linked Nts., Cl. 2E, 11.315%, 5/22/15(1,2) 1,979,122 MXN 139,719 Opic Reforma I Credit Linked Nts., Cl. 2F, 11.315%, 5/22/15(1,2) 1,263,966 MXN 89,232 Opic Reforma I Credit Linked Nts., Cl. 2G, 11.315%, 5/22/15(1,2) 232,771 MXN 16,433 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/27/10 885,000 387,214 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 3/1/11 885,000 333,468 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/29/11 885,000 320,282 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/29/12 885,000 313,184 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/30/12 885,000 309,485 United Mexican States Credit Linked Nts., 9.52%, 1/5/11(1) 5,389,108 MXN 354,772 Videocom International Ltd. Credit Linked Nts., 6.26%, 12/29/09 1,630,000 1,611,076 Deutsche Bank AG Singapore, Vietnam Shipping Industry Group Total Return Linked Nts., 9%, 4/20/17 36,800,000,000 VND 1,005,480 Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/12/11(2,12) 34,190,000 RUR 819,906 Eirles Two Ltd. Sec. Nts.: 4,100,000 1,517,410 Series 324, 7.379%, 4/30/12(1,2) Series 335, 5.13%, 4/30/12(1,2) 6,300,000 2,744,910 Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17(1,9) 21,980,000 TRY 3,008,659 Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37(1,9) 63,720,800,000 COP 717,599 Goldman Sachs International, Rosselkhozbank Total Return Linked Nts., 8%, 5/13/09(2) 84,500,000 RUR 2,448,476 Hallertau SPC Credit Linked Nts., Series 2008-2A, 7.734%, 9/17/13(1,2) 19,430,000 19,702,020 Hallertau SPC Philippines (Republic of) Credit Linked Nts., Series 2007-01, 3.914%, 12/20/17(1,2) 14,290,000 10,024,435 Hallertau SPC Segregated Portfolio, Brazil (Federal Republic of) Credit Linked Nts., Series 2008-01, 9.888%, 8/2/10(1,3,9) 14,337,604 BRR 1,244,786 ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09(1) 4,689,000 UAH 366,569 JPMorgan Chase Bank NA: 1,445,000 BRR 1,017,726 Brazil (Federal Republic of) Credit Linked Nts., 10.703%, 5/16/45(1) Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16(1,9) 16,084,733,294 COP 3,316,890 Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16(1,9) 12,177,000,000 COP 2,320,228 Colombia (Republic of) Credit Linked Bonds, Series A, 10.218%, 10/31/16(1,9) 12,125,000,000 COP 2,310,320 Peru (Republic of) Credit Linked Nts., 8.115%, 9/2/15(1,9) 3,470,000 PEN 638,860 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10(1) 1,120,000 1,180,256
32 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- JPMorgan Chase Bank NA London Branch, Indonesia (Republic of) Credit Linked 25,490,000,000 IDR $ 2,189,900 Nts., 12.80%, 6/17/21(12) Lehman Brothers Treasury Co. BV: Brazil (Federal Republic of) Credit Linked Nts., 6.357%, 4/20/11(3,9,12) 13,157,420 BRR 1,644,678 Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/12(1) 7,541,026 6,989,023 Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16(1) 1,784,000,000 COP 511,611 Morgan Stanley: 4,885,000 PEN 978,828 Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17(1) Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34 91,124,468 RUR 1,281,392 Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc Total Return Linked Nts., Series A, 8.375%, 7/9/12(1) 18,836,088 RUR 427,752 Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Credit Linked Nts., 12.551%, 1/5/22(1,9) 28,914,000 BRR 423,785 Brazil (Federal Republic of) Credit Linked Nts., 14.40%, 8/4/16(1) 5,793,682 BRR 1,887,146 Ukraine (Republic of) Credit Linked Nts., 6.176%, 10/15/17(1,2) 8,300,000 2,158,000 Ukraine (Republic of) Credit Linked Nts., Series 2, 7.046%, 10/15/17(1,2) 6,800,000 1,768,000 United Mexican States Credit Linked Nts., 5.64%, 11/20/15(1) 2,000,000 1,710,000 WTI Trading Ltd. Total Return Linked Nts., Series A, 15%, 3/8/12(1) 4,777,231 1,874,108 WTI Trading Ltd. Total Return Linked Nts., Series C, 15%, 3/8/12(1) 6,391,949 2,553,584 UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11(1) 1,222,052 GHS 527,940 -------------- Total Structured Securities (Cost $229,185,336) 139,135,707 EVENT-LINKED BONDS--1.5% Aiolos Ltd. Catastrophe Linked Nts., 7.547%, 4/8/09(2,12) 2,050,000 EUR 2,723,773 Akibare Ltd. Catastrophe Linked Nts., Cl. A, 4.201%, 5/22/12(2,12) 1,888,000 1,788,597 Atlas V Capital Ltd. Catastrophe Linked Nts., Series 2, 12.746%, 2/24/12(2,12) 820,000 816,392 Calabash Re Ltd. Catastrophe Linked Nts., Cl. A-1, 9.749%, 6/1/09(2,12) 2,750,000 2,752,613 Cascadia Ltd. Catastrophe Linked Nts., 5.261%, 8/31/09(2,12) 1,130,000 1,126,723 Cat-Mex Ltd. Catastrophe Linked Nts., Cl. A, 3.578%, 5/19/09(2,12) 3,200,000 3,180,480 East Lane Re III Ltd. Catastrophe Linked Nts., 11.806%, 3/16/12(2,12) 3,373,000 3,353,690 Eurus Ltd. Catastrophe Linked Nts., 7.434%, 4/8/09(2,12) 1,400,000 1,400,420 Fhu-Jin Ltd. Catastrophe Linked Nts., Cl. B, 5.084%, 8/10/11(2,12) 2,880,000 2,713,248 Fusion 2007 Ltd. Catastrophe Linked Nts., 7.246%, 5/19/09(2,12) 3,350,000 3,339,615 Lakeside Re Ltd. Catastrophe Linked Nts., 7.72%, 12/31/09(2,12) 4,100,000 4,075,400
33 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Value --------------- -------------- Medquake Ltd. Catastrophe Linked Nts., 6.338%, 5/31/10(2,12) $ 1,500,000 $ 1,467,525 Midori Ltd. Catastrophe Linked Nts., 3.844%, 10/24/12(2,12) 1,850,000 1,761,940 Muteki Ltd. Catastrophe Linked Nts., 5.638%, 5/24/11(2,12) 2,100,000 1,974,840 Nelson Re Ltd. Catastrophe Linked Nts., Series 2007-I, Cl. A, 13.138%, 6/21/10(2,12) 3,340,000 3,170,996 Osiris Capital plc Catastrophe Linked Combined Mortality Index Nts., Series D, 6.094%, 1/15/10(2,12) 890,000 872,734 Residential Reinsurance 2007 Ltd. Catastrophe Linked Nts.: 2,590,000 2,432,269 Series CL2, 12.761%, 6/6/11(2,12) Series CL3, 13.511%, 6/7/10(2,12) 1,000,000 954,300 VASCO Re 2006 Ltd. Catastrophe Linked Nts., 9.771%, 6/5/09(2,12) 3,550,000 3,564,555 Vega Capital Ltd. Catastrophe Linked Nts., Series D, 0%, 6/24/11(1,9) 4,205,000 4,564,528 Willow Re Ltd. Catastrophe Linked Nts., 6/16/10(3,12) 2,480,000 1,227,600 -------------- Total Event-Linked Bonds (Cost $51,013,972) 49,262,238
Expiration Strike Date Price Contracts ---------- ------ ----------- OPTIONS PURCHASED--0.0% Mexican Nuevo Peso (MXN) Call(4) (Cost $168,939) 4/16/09 14.32 MXN 216,000,000 330,912
Shares --------------- INVESTMENT COMPANIES--25.2% Oppenheimer Institutional Money Market Fund, Cl. E, 0.80%(17,18) 716,244,656 716,244,656 Oppenheimer Master Event-Linked Bond Fund, LLC(17) 1,404,749 13,578,582 Oppenheimer Master Loan Fund, LLC(17) 14,194,313 108,144,387 -------------- Total Investment Companies (Cost $878,785,027) 837,967,625 Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $3,989,931,980) 3,420,739,351 INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--1.4%(19) OFI Liquid Assets Fund, LLC, 0.92%(17,18) (Cost $45,778,740) 45,778,740 45,778,740 Total Investments, at Value (Cost $4,035,710,720) 104.1% 3,466,518,091 Liabilities in Excess of Other Assets (4.1) (137,390,110) -------------- Net Assets 100.0% $3,329,127,981
Footnotes to Statement of Investments Principal amount and strike price are reported in U.S. Dollars, except for those denoted in the following currencies: ARP Argentine Peso AUD Australian Dollar BRR Brazilian Real CAD Canadian Dollar COP Colombian Peso DKK Danish Krone DOP Dominican Republic Peso EGP Egyptian Pounds EUR Euro GBP British Pound Sterling GHS Ghana Cedi HUF Hungarian Forint IDR Indonesia Rupiah 34 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited ILS Israeli Shekel JPY Japanese Yen MXN Mexican Nuevo Peso NGN Nigeria Naira NOK Norwegian Krone PEN Peruvian New Sol PHP Philippines Peso PLZ Polish Zloty RUR Russian Ruble SEK Swedish Krona TRY New Turkish Lira UAH Ukraine Hryvnia UYU Uruguay Peso VND Vietnam Dong ZMK Zambian Kwacha (1.) Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2009 was $173,903,750, which represents 5.22% of the Fund's net assets, of which $4,959,048 is considered restricted. See accompanying Notes. Information concerning restricted securities is as follows:
ACQUISITION UNREALIZED SECURITY DATE COST VALUE DEPRECIATION -------- ----------- ---------- ---------- ------------ Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1A, 9.815%, 9/24/14 12/27/07 $1,364,764 $1,048,359 $ 316,405 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1B, 9.815%, 9/24/14 6/12/08 286,334 209,672 76,662 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1C, 9.815%, 9/24/14 8/12/08 487,085 349,453 137,632 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 11.315%, 5/22/15 5/21/08 136,622 100,036 36,586 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 11.315%, 5/22/15 6/12/08 239,007 175,016 63,991 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 11.315%, 5/22/15 6/18/08 3,626,317 2,638,815 987,502 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 11.315%, 5/22/15 7/8/08 264,086 192,313 71,773 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 11.315%, 5/22/15 7/15/08 192,185 139,719 52,466 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 11.315%, 5/22/15 8/8/08 124,426 89,232 35,194 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 11.315%, 5/22/15 8/22/08 22,959 16,433 6,526 ---------- ---------- ---------- $6,743,785 $4,959,048 $1,784,737 ========== ========== ==========
(2.) Represents the current interest rate for a variable or increasing rate security. (3.) Issue is in default. See accompanying Notes. (4.) Non-income producing security. (5.) Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $14,723,173 or 0.44% of the Fund's net assets as of March 31, 2009. 35 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited (6.) Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $5,326,683 or 0.16% of the Fund's net assets as of March 31, 2009. (7.) When-issued security or delayed delivery to be delivered and settled after March 31, 2009. See accompanying Notes. (8.) Partial or fully-loaned security. See accompanying Notes. (9.) Zero coupon bond reflects effective yield on the date of purchase. (10.) All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $32,721,546. See accompanying Notes. (11.) Denotes an inflation-indexed security: coupon and principal are indexed to the consumer price index. (12.) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $221,758,106 or 6.66% of the Fund's net assets as of March 31, 2009. (13.) A sufficient amount of securities has been designated to cover outstanding foreign currency exchange contracts. See accompanying Notes. (14.) Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. (15.) Interest or dividend is paid-in-kind, when applicable. (16.) 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. 36 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited (17.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2009, 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, 2008 ADDITIONS REDUCTIONS 2009 ------------ ------------- ----------- ----------- OFI Liquid Assets Fund, LLC 325,265,870 56,613,350 336,100,480 45,778,740 Oppenheimer Institutional Money Market Fund, Cl. E 314,416,821 1,305,500,904 903,673,069 716,244,656 Oppenheimer Master Event-Linked Bond Fund, LLC 1,404,749 -- -- 1,404,749 Oppenheimer Master Loan Fund, LLC 14,194,313 -- -- 14,194,313
REALIZED VALUE INCOME GAIN/(LOSS) ------------ ---------- ----------- OFI Liquid Assets Fund, LLC $ 45,778,740 $ 392,954(a) $ -- Oppenheimer Institutional Money Market Fund, Cl. E 716,244,656 1,206,436 -- Oppenheimer Master Event-Linked Bond Fund, LLC 13,578,582 321,777(b) 84,172(b) Oppenheimer Master Loan Fund, LLC 108,144,387 2,842,423(c) (3,681,077)(c) ------------ ---------- ----------- $883,746,365 $4,763,590 $(3,596,905) ============ ========== ===========
(a.) Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties . (b.) Represents the amount allocated to the Fund from Oppenheimer Master Event-Linked Bond Fund, LLC. (c.) Represents the amount allocated to the Fund from Oppenheimer Master Loan Fund, LLC. (18.) Rate shown is the 7-day yield as of March 31, 2009. (19.) The security/securities have been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See accompanying Notes. 37 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of March 31, 2009:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* --------------------- -------------- --------------- Level 1--Quoted Prices $ 883,746,365 $ (350,682) Level 2--Other Significant Observable Inputs 2,578,550,979 12,703,628 Level 3--Significant Unobservable Inputs 4,220,747 -- -------------- ----------- Total $3,466,518,091 $12,352,946 ============== ===========
* Other financial instruments include options written, currency contracts, futures, forwards, swap contracts and unfunded loan commitments. Currency contracts, forwards and unfunded loan commitments are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. 38 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
CONTRACT EXPIRATION UNREALIZED UNREALIZED CONTRACT DESCRIPTION BUY/SELL AMOUNT(000S) DATES VALUE APPRECIATION DEPRECIATION -------------------- -------- -------------- ---------------- ----------- ------------ ------------ Argentine Peso (ARP) Buy 22,800 ARP 4/30/09 $ 5,994,479 $ -- $ 21,352 Australian Dollar (AUD) Sell 3,410 AUD 4/15/09 2,368,314 -- 20,188 Australian Dollar (AUD) Buy 16,544 AUD 4/17/09-6/9/09 11,452,715 108,691 43,148 Brazilian Real (BRR) Sell 10,870 BRR 5/5/09 4,645,617 81,035 -- Brazilian Real (BRR) Buy 115,298 BRR 5/5/09-1/5/10 49,039,380 1,798,149 1,054,221 British Pound Sterling (GBP) Sell 7,460 GBP 4/15/09-6/11/09 10,706,082 19,537 153,234 British Pound Sterling (GBP) Buy 8,370 GBP 4/17/09-6/9/09 12,011,290 117,266 -- Canadian Dollar (CAD) Sell 2,890 CAD 4/15/09 2,292,250 45,229 -- Canadian Dollar (CAD) Buy 12,850 CAD 4/17/09-6/9/09 10,197,081 -- 238,396 Chinese Renminbi (Yuan) (CNY) Buy 167,350 CNY 5/13/09-12/17/09 24,537,721 256,667 507,024 Colombian Peso (COP) Sell 30,870,481 COP 4/3/09-7/1/09 12,067,380 471,546 59,534 Colombian Peso (COP) Buy 1,967,362 COP 4/3/09 774,277 3,971 -- Czech Koruna (CZK) Sell 3,103 CZK 12/31/09 149,902 39,199 -- Euro (EUR) Sell 35,031 EUR 4/6/09-6/23/09 46,544,737 83,586 1,609,777 Euro (EUR) Buy 58,550 EUR 4/17/09-6/11/09 77,790,404 1,200,849 791,809 Hong Kong Dollar (HKD) Sell 51,100 HKD 4/6/09 6,593,271 -- 4,399 Hungarian Forint (HUF) Sell 5,906 HUF 12/31/09 24,200 11,837 -- Hungarian Forint (HUF) Buy 3,131,000 HUF 5/4/09-6/3/09 13,350,705 -- 123,760 Indonesia Rupiah (IDR) Buy 43,750,000 IDR 5/18/09-6/19/09 3,650,771 84,890 -- Israeli Shekel (ILS) Sell 79,660 ILS 4/10/09-6/30/09 18,884,631 410,827 9,589 Japanese Yen (JPY) Sell 3,698,000 JPY 4/15/09-6/24/09 37,398,556 1,273,089 -- Japanese Yen (JPY) Buy 489,000 JPY 4/17/09 4,941,337 -- 106,145 Malaysian Ringgit (MYR) Buy 5,740 MYR 6/8/09 1,572,573 45,286 -- Mexican Nuevo Peso (MXN) Sell 323,985 MXN 4/20/09 22,780,734 -- 1,128,985 Mexican Nuevo Peso (MXN) Buy 360,610 MXN 4/20/09-6/9/09 25,271,173 889,655 -- New Taiwan Dollar (TWD) Sell 639,000 TWD 5/4/09-7/1/09 18,885,602 -- 100,391 New Turkish Lira (TRY) Sell 36,163 TRY 5/6/09 21,545,103 34,155 582,836 New Turkish Lira (TRY) Buy 10,775 TRY 4/27/09 6,434,224 -- 22,511 New Zealand Dollar (NZD) Sell 4,210 NZD 4/15/09 2,399,150 -- 45,129
39 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited New Zealand Dollar (NZD) Buy 43,895 NZD 6/9/09-6/11/09 24,923,936 2,786,378 -- Norwegian Krone (NOK) Buy 91,410 NOK 6/9/09-6/11/09 13,567,637 701,704 -- Peruvian New Sol (PEN) Sell 41,734 PEN 4/17/09-9/4/09 13,143,403 -- 468,948 Philippines Peso (PHP) Sell 92,900 PHP 4/17/09 1,919,119 -- 17,379 Philippines Peso (PHP) Buy 319,000 PHP 4/7/09 6,596,499 154,657 -- Polish Zloty (PLZ) Sell 14,163 PLZ 5/11/09-12/31/09 4,063,753 13,235 311,836 Polish Zloty (PLZ) Buy 13,730 PLZ 6/9/09 3,936,403 103,991 -- Russian Ruble (RUR) Sell 603,290 RUR 9/18/09-11/18/09 16,548,729 4,047,352 -- Russian Ruble (RUR) Buy 222,470 RUR 6/11/09 6,397,304 383,513 -- Singapore Dollar (SGD) Sell 67,710 SGD 4/6/09-5/11/09 44,485,531 -- 899,923 Singapore Dollar (SGD) Buy 1,870 SGD 6/9/09 1,228,426 24,925 -- South African Rand (ZAR) Sell 167,025 ZAR 5/20/09 17,429,300 -- 794,173 South African Rand (ZAR) Buy 129,882 ZAR 4/20/09-12/31/09 13,585,739 475,808 84,103 Swedish Krona (SEK) Sell 77,055 SEK 6/9/09-6/11/09 9,378,484 -- 992,625 Swiss Franc (CHF) Sell 21,560 CHF 4/14/09-6/9/09 18,958,327 29,392 410,950 Swiss Franc (CHF) Buy 952 CHF 4/17/09 836,635 11,120 -- ----------- ----------- Total unrealized appreciation and depreciation $15,707,539 $10,602,365 =========== ===========
40 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited FUTURES CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) -------------------------------------------- -------- ---------- ----------- ------------- --------------- 35 Day Interbank Cash Rate Buy 33 4/17/09 $ 3,416,976 $ 106,911 CAC 40 10 Euro Index Sell 169 4/17/09 6,303,792 (162,174) CAC 40 10 Euro Index Buy 100 4/17/09 3,730,054 95,906 Canada (Government of) Bonds, 10 yr. Buy 398 6/19/09 39,995,717 357,643 DAX Index Sell 96 6/19/09 13,079,836 (322,688) DAX Index Buy 39 6/19/09 5,313,683 51,110 Euro-Bundesobligation Buy 1,769 6/8/09 292,447,779 2,750,625 Euro-Bundesobligation, 5 yr. Buy 1,227 6/8/09 190,023,855 (64,342) Euro-Bundesobligation, 10 yr. Sell 74 6/8/09 12,233,542 (154,356) FTSE 100 Index Sell 164 6/19/09 9,141,963 (340,868) FTSE 100 Index Buy 20 6/19/09 1,114,874 5,138 Hang Seng China Enterprises Index Sell 78 4/29/09 4,042,603 200,751 Japan (Government of) Mini Bonds, 10 yr. Sell 34 6/10/09 4,739,769 42,291 Japan (Government of) Treasury Bonds, 10 yr. Sell 8 6/11/09 11,165,328 45,231 Mexican Bola Index Sell 252 6/19/09 3,529,957 18,749 MSCI Taiwan Index Buy 215 4/29/09 4,160,250 (160,289) NASDAQ 100 E-Mini Index Buy 456 6/19/09 11,286,000 381,766 Nikkei 225 Index Sell 18 6/11/09 739,203 25,335 Nikkei 225 Index Sell 107 6/11/09 8,777,492 (1,175,425) OMXS 30 Index Sell 701 4/17/09 5,498,817 65,702 SGX CNX Nifty Index Sell 568 4/30/09 3,427,312 (88,807)
41 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited FUTURES CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS: Standard & Poor's 500 E-Mini Index Sell 1,089 6/19/09 43,276,860 (2,234,114) Standard & Poor's 500 E-Mini Index Buy 138 6/19/09 5,484,120 282,900 Standard & Poor's/MIB Index, 10 yr. Buy 31 6/19/09 3,177,143 337,215 Standard & Poor's/Toronto Stock Exchange 60 Index Buy 66 6/18/09 5,506,980 67,266 U.S. Treasury Long Bonds Buy 1,498 6/19/09 194,295,281 3,681,273 U.S. Treasury Long Bonds Sell 172 6/19/09 22,308,938 (361,891) U.S. Treasury Nts., 2 yr. Sell 966 6/30/09 210,482,345 (761,103) U.S. Treasury Nts., 5 yr. Sell 1,579 6/30/09 187,530,922 (2,379,959) U.S. Treasury Nts., 5 yr. Buy 1,574 6/30/09 186,937,094 2,245,491 U.S. Treasury Nts., 10 yr. Buy 822 6/19/09 101,992,219 1,636,107 U.S. Treasury Nts., 10 yr. Sell 3,774 6/19/09 468,270,844 (4,915,147) United Kingdom Long Gilt Buy 9 6/26/09 1,591,084 12 ----------- $ (723,741) ===========
CREDIT DEFAULT SWAP CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
PAY/ UPFRONT BUY/SELL NOTIONAL RECEIVE PAYMENT SWAP CREDIT AMOUNT FIXED TERMINATION RECEIVED/ REFERENCE ENTITY COUNTERPARTY PROTECTION (000S) RATE DATE (PAID) VALUE -------------------- --------------------------------- ---------- -------- -------- ----------- --------- ------------ ABX-HE-AAA 06-2 Index: Deutsche Bank AG Sell $1,720 0.110% 5/25/46 $ 85,989 $ (1,190,397) Deutsche Bank AG Sell 1,720 0.110 5/25/46 85,974 (1,190,397) Morgan Stanley Capital Services, Inc. Sell 1,535 0.110 5/25/46 475,770 (1,062,360) UBS AG Sell 1,035 0.110 5/25/46 323,384 (716,315) -------- --------- ------------ Total 6,010 971,117 (4,159,469) -------- --------- ------------ Bolivarian Republic of Venezuela: Barclays Bank plc Sell 1,360 30.500 1/20/10 -- 168,873 Goldman Sachs International Sell 645 6.350 5/20/13 -- (230,155) Morgan Stanley Capital Services, Inc. Sell 1,360 30.000 1/20/10 -- 162,744 -------- --------- ------------ Total 3,365 -- 101,462 -------- --------- ------------ Capmark Financial Group, Inc.: Citibank NA, New York Sell 1,385 7.125 12/20/12 -- (1,114,358) Citibank NA, New York Sell 1,620 9.700 12/20/12 -- (1,303,437)
42 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited -------- --------- ------------ Total 3,005 -- (2,417,795) -------- --------- ------------ Cemex SAB de CV: UBS AG Buy 1,535 5.300 10/20/13 -- 325,550 UBS AG Buy 1,535 5.300 10/20/13 -- 325,550 -------- --------- ------------ Total 3,070 -- 651,100 -------- --------- ------------ Development Bank of Kazakhstan JSC Credit Suisse International Sell 8,170 3.750 2/20/13 -- (3,475,428) -------- --------- ------------ Total 8,170 -- (3,475,428) -------- --------- ------------ Gisad Dis Ticaret AS Morgan Stanley Capital Sell 6,386EUR 3.000 3/23/13 -- (7,537,030) (Loan) Services, Inc. -------- Total 6,386EUR -- (7,537,030) -------- HSBK Europe BV: Credit Suisse International Sell 1,600 4.950 3/20/13 -- (655,506) Morgan Stanley Capital Services, Inc. Sell 3,200 4.880 3/20/13 -- (1,315,068) Morgan Stanley Capital Services, Inc. Sell 3,200 4.780 3/20/13 -- (1,320,863) -------- --------- ------------ Total 8,000 -- (3,291,437) -------- --------- ------------ Islamic Republic of Citibank NA, New York Sell 1,570 5.100 3/20/13 -- (668,513) -------- --------- ------------ Total 1,570 -- (668,513) -------- --------- ------------ Istanbul Bond Co. SA Morgan Stanley Capital Services, Inc. Sell 5,180 1.300 3/24/13 -- (633,467) -------- --------- ------------ Total 5,180 -- (633,467) -------- --------- ------------ PEMEX Project Funding Goldman Sachs International Buy 1,005 3.450 11/20/13 -- 31,063 Master -------- --------- ------------ Total 1,005 -- 31,063 -------- --------- ------------ Republic of Peru Deutsche Bank AG Buy 1,900 1.710 12/20/16 -- 243,246 -------- --------- ------------ Total 1,900 -- 243,246 -------- --------- ------------ Republic of the Philippines: UBS AG Sell 1,870 2.500 6/20/17 -- (151,315) UBS AG Sell 3,095 1.450 6/20/17 -- (443,765) -------- --------- ------------ Total 4,965 -- (595,080) -------- --------- ------------ Republic of Turkey: Citibank NA, New York Buy 3,250 5.250 12/20/13 -- (221,186) Goldman Sachs International Buy 6,500 5.290 12/20/13 -- (453,335) Morgan Stanley Capital Services, Inc. Buy 3,230 2.670 9/20/13 -- 145,776 -------- --------- ------------ Total 12,980 -- (528,745) -------- --------- ------------
43 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited JPMorgan Chase Bank NA, NY Branch Sell 940 2.640 8/20/13 -- (40,886) JPMorgan Chase Bank NA, NY Branch Sell 1,285 2.680 9/20/13 -- (57,505) -------- --------- ------------ Total 2,225 -- (98,391) -------- --------- ------------ Russian Federation Citibank NA, New York Sell 10,000 0.360 1/20/11 -- (800,526) -------- --------- ------------ Total 10,000 -- (800,526) -------- --------- ------------ Standard Bank London Credit Suisse International Sell 2,570 3.250 4/20/11 -- (1,309,753) Holdings plc for NAK -------- --------- ------------ Naftogaz Ukrainy Total 2,570 -- (1,309,753) -------- --------- ------------ Troy Capital SA for Yasar Holdings SA: Morgan Stanley Capital Services, Inc. Sell 1,340 8.750 6/20/10 -- (248,648) Morgan Stanley Capital Services, Inc. Sell 1,340 8.500 10/20/09 -- (106,476) -------- --------- ------------ Total 2,680 -- (355,124) -------- --------- ------------ Ukraine: Citibank NA, New York Buy 1,660 4.180 8/20/13 -- 981,223 Citibank NA, New York Buy 2,340 6.650 10/20/13 -- 1,285,772 Goldman Sachs International Buy 7,580 4.220 8/20/13 -- 4,478,143 Merrill Lynch International Buy 7,580 4.300 8/20/13 -- 4,473,390 UBS AG Buy 3,350 4.180 8/20/13 -- 1,980,178 -------- --------- ------------ Total 22,510 -- 13,198,706 -------- --------- ------------ United Mexican Citibank NA, New York Sell 2,760 3.750 2/20/14 -- (19,110) -------- --------- ------------ Total 2,760 -- (19,110) -------- --------- ------------ VTB Capital SA Goldman Sachs International Buy 3,300 7.400 5/28/13 -- 252,661 -------- --------- ------------ Total 3,300 -- 252,661 --------- ------------ Grand Total Buys -- 13,848,031 Grand Total Sells 971,117 (25,259,661) --------- ------------ Total Credit Default Swaps $971,117 $(11,411,630) ========= ============
The table that follows shows the undiscounted maximum potential pa by the Fund related to selling credit protection in credit default swaps: 44 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
TOTAL MAXIMUM POTENTIAL PAYMENTS FOR SELLING CREDIT PROTECTION AMOUNT REFERENCE ASSET TYPE OF REFERENCE ASSET ON WHICH THE FUND SOLD PROTECTION (UNDISCOUNTED) RECOVERABLE* RATING RANGE** --------------------------------------------------------- ----------------------- ------------ --------------- Non-Investment Grade Single Name Corporate Debt 6,386,000 EUR $-- D =========== === Investment Grade Asset-Backed Indexes $ 6,010,000 -- AAA Non-Investment Grade Single Name Corporate Debt 3,005,000 -- D Investment Grade Sovereign Debt 20,930,000 -- BBB+ to BBB Non-Investment Grade Sovereign Debt 30,555,000 -- BB to CCC+ ----------- --- Total $60,500,000 $-- =========== ===
* The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event. ** The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor's rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund. INTEREST RATE SWAP CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ------------------------------------- ---------- ---------------- ----------- ----------- ----------- BZDI: Banco Santander Central Hispano SA 4,420 BRR BZDI 14.000% 1/3/12 $ 130,814 Banco Santander SA, Inc. 32,480 BRR BZDI 14.900 1/2/12 558,786 Banco Santander SA, Inc. 8,490 BRR BZDI 13.550 1/2/17 128,308 Goldman Sachs Group, Inc. (The) 30,100 BRR BZDI 12.800 1/2/17 185,745 Goldman Sachs International 2,640 BRR BZDI 14.100 1/2/17 47,097 Goldman Sachs International 17,000 BRR BZDI 13.900 1/2/17 253,349 J Aron & Co. 43,800 BRR BZDI 10.670 1/2/12 (589,727) J Aron & Co. 8,745 BRR BZDI 14.160 1/2/17 158,954 J Aron & Co. 8,790 BRR BZDI 12.920 1/2/14 75,625
45 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited J Aron & Co. 4,390 BRR BZDI 12.870 1/2/14 34,085 J Aron & Co. 19,400 BRR BZDI 12.390 1/2/12 87,661 J Aron & Co. 6,910 BRR BZDI 12.260 1/2/15 (36,651) J Aron & Co. 3,160 BRR BZDI 12.290 1/2/15 (16,392) J Aron & Co. 4,420 BRR BZDI 14.050 1/2/12 132,134 J Aron & Co. 13,000 BRR BZDI 14.300 1/2/17 624,930 J Aron & Co. 8,550 BRR BZDI 13.670 1/2/17 129,222 J Aron & Co. 10,360 BRR BZDI 13.100 1/2/17 79,316 JPMorgan Chase Bank NA 19,400 BRR BZDI 12.380 1/2/12 88,547 JPMorgan Chase Bank NA 17,080 BRR BZDI 13.900 1/2/17 254,659 JPMorgan Chase Bank NA 8,750 BRR BZDI 13.910 1/2/12 259,971 JPMorgan Chase Bank NA 15,800 BRR BZDI 13.900 1/2/17 303,815 Morgan Stanley 12,300 BRR BZDI 12.810 1/2/17 26,077 Morgan Stanley 12,860 BRR BZDI 14.950 1/2/17 385,786 Morgan Stanley 12,860 BRR BZDI 15.000 1/2/17 388,824 Morgan Stanley 8,540 BRR BZDI 14.880 1/2/17 410,583 Morgan Stanley 32,000 BRR BZDI 13.900 1/2/17 615,321 Morgan Stanley 8,540 BRR BZDI 14.860 1/2/17 410,583 Morgan Stanley 17,000 BRR BZDI 12.050 1/2/12 104,964 Morgan Stanley Capital Services, Inc. 5,590 BRR BZDI 13.930 1/2/17 84,449 UBS AG 9,100 BRR BZDI 14.340 1/2/17 437,506 ---------- ----------- Reference Entity Total 406,475 BRR 5,754,341 ---------- ----------- CAD BA CDOR: Three-Month Westpac Banking Corp. 10,450 CAD CAD BACDOR 2.750 3/4/19 128,371 Three-Month Westpac Banking Corp. 10,920 CAD CAD BACDOR 2.725 3/4/19 111,409 ---------- ----------- Reference Entity Total 21,370 CAD 239,780 ---------- -----------
46 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited CZK PRIBOR PRBO: Six-Month CZK 2.76% Goldman Sachs Group, Inc. (The) 338,000 CZK PRIBOR PRBO times UDI 12/5/10 (101,059) Six-Month CZK Goldman Sachs Group, Inc. (The) 142,000 CZK PRIBOR PRBO 3.760 10/6/18 83,408 Six-Month CZK JPMorgan Chase Bank NA 338,000 CZK PRIBOR PRBO 2.750 12/5/10 (104,274) Six-Month CZK JPMorgan Chase Bank NA 294,700 CZK PRIBOR PRBO 3.470 9/18/10 298,885 Six-Month CZK JPMorgan Chase Bank NA 326,000 CZK PRIBOR PRBO 3.300 10/17/10 73,347 Six-Month CZK Morgan Stanley 140,800 CZK PRIBOR PRBO 3.830 10/3/18 125,080 ---------- ----------- Reference Entity Total 1,579,500 CZK 375,387 ---------- ----------- DKK CIBOR DKNA13 Six-Month DKK CIBOR Barclays Bank plc 97,440 DKK 3.689% DKNA13 3/2/19 11,958 ---------- ----------- HUF BUBOR REUTERS: Six-Month HUF Barclays Bank plc 1,433,000 HUF BUBOR Reuters 7.820 9/19/13 (136,153) Six-Month HUF Barclays Bank plc 866,000 HUF BUBOR Reuters 7.180 10/8/18 (533,401) Six-Month HUF Citibank NA 852,000 HUF BUBOR Reuters 7.200 10/8/18 (478,019) Six-Month HUF Citibank NA 853,000 HUF BUBOR Reuters 7.180 10/3/18 (530,648) Six-Month HUF JPMorgan Chase Bank NA 866,000 HUF BUBOR Reuters 7.200 10/6/18 (485,874) Six-Month HUF JPMorgan Chase Bank NA 1,905,000 HUF BUBOR Reuters 8.600 12/17/10 (257,547) Six-Month HUF JPMorgan Chase Bank NA 666,000 HUF BUBOR Reuters 7.890 9/12/13 (69,469) Six-Month HUF JPMorgan Chase Bank NA 1,142,000 HUF BUBOR Reuters 8.480 6/6/13 (49,403) Six-Month HUF JPMorgan Chase Bank NA 3,398,000 HUF BUBOR Reuters 8.835 2/5/11 (301,360) Six-Month HUF JPMorgan Chase Bank NA 753,000 HUF BUBOR Reuters 7.880 8/12/13 (78,835) ---------- ----------- Reference Entity Total 12,734,000 HUF (2,920,709)
47 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited ILS TELBOR01 REUTERS: Three-Month ILS Credit Suisse International 6,220 ILS TELBOR01 Reuters 4.650 12/22/18 52,716 Three-Month ILS Credit Suisse International 6,640 ILS TELBOR01 Reuters 4.940 12/15/18 97,648 Three-Month ILS UBS AG 15,300 ILS TELBOR01 Reuters 5.880 8/28/10 538,214 Three-Month ILS TELBOR01 UBS AG 15,550 ILS Reuters 5.850 9/4/18 559,549 Three-Month ILS UBS AG 17,164 ILS TELBOR01 Reuters 4.780 1/7/19 171,140 Three-Month ILS UBS AG 16,930 ILS TELBOR01 Reuters 5.036 12/12/18 283,631 ---------- ----------- Reference Entity Total 77,804 ILS 1,702,898 ---------- ----------- JPY BBA LIBOR: Six-Month JPY BBA Citibank NA 536,100 JPY 1.236 LIBOR 3/10/19 25,303 Six-Month JPY BBA JPMorgan Chase Bank NA 536,100 JPY 1.268 LIBOR 3/6/19 8,427 Six-Month JPY BBA JPMorgan Chase Bank NA 536,100 JPY 1.210 LIBOR 3/5/19 37,717 ---------- ----------- Reference Entity Total 1,608,300 JPY 71,447 ---------- ----------- MXN TIIE BANXICO: Banco Santander SA, Inc. 90,600 MXN MXN TIIE BANXICO 8.540 9/27/13 343,493 Banco Santander SA, Inc. 97,800 MXN MXN TIIE BANXICO 8.060 2/6/14 178,532 Banco Santander SA, Inc. 28,100 MXN MXN TIIE BANXICO 8.645 5/17/18 116,796 Banco Santander SA, Inc. 31,310 MXN MXN TIIE BANXICO 8.570 5/3/18 122,190 Citibank NA 175,200 MXN MXN TIIE BANXICO 8.920 11/24/11 481,185 Credit Suisse International 35,800 MXN MXN TIIE BANXICO 8.560 9/27/13 107,814 Credit Suisse International 22,480 MXN MXN TIIE BANIXCO 8.300 12/17/26 (11,267)
48 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Credit Suisse International 41,560 MXN MXN TIIE BANXICO 8.050 1/22/19 44,567 Goldman Sachs Capital Markets LP 62,900 MXN MXN TIIE BANXICO 8.140 1/10/18 90,556 Goldman Sachs Group, Inc. (The) 54,800 MXN MXN TIIE BANXICO 8.540 9/27/13 207,764 Goldman Sachs Group, Inc. (The) 101,000 MXN MXN TIIE BANXICO 8.458 5/18/29 28,578 Goldman Sachs Group, Inc. (The) 32,000 MXN MXN TIIE BANXICO 8.729 8/27/26 115,686 Goldman Sachs Group, Inc. (The) 174,000 MXN MXN TIIE BANXICO 9.350 11/18/11 606,119 Goldman Sachs Group, Inc. (The) 563,000 MXN MXN TIIE BANXICO 10.000 11/11/11 485,019 Goldman Sachs Group, Inc. (The) 212,800 MXN MXN TIIE BANXICO 9.270 11/21/11 712,433 Goldman Sachs Group, Inc. (The) 211,300 MXN MXN TIIE BANXICO 9.080 11/22/11 642,582 JPMorgan Chase Bank NA 560,000 MXN MXN TIIE BANXICO 10.000 11/11/11 482,434 JPMorgan Chase Bank NA 171,100 MXN MXN TIIE BANXICO 8.920 11/24/11 469,924 JPMorgan Chase Bank NA 27,055 MXN MXN TIIE BANXICO 9.320 6/1/18 196,125 Merrill Lynch Capital Services, Inc. 36,370 MXN MXN TIIE BANXICO 8.570 5/11/18 143,369 One-Month MXN Morgan Stanley 67,300 MXN TIIE BANXICO 9.070 11/26/18 378,457 ---------- ----------- Reference Entity Total 2,796,475 MXN 5,942,356 ---------- ----------- PLZ WIBOR WIBO: Six-Month PLZ Goldman Sachs Group, Inc. (The) 21,640 PLZ WIBOR WIBO 5.330 10/6/18 (135,532) Six-Month PLZ Goldman Sachs Group, Inc. (The) 21,700 PLZ WIBOR WIBO 5.320 10/3/18 (138,358) Six-Month PLZ Goldman Sachs International 23,970 PLZ WIBOR WIBO 6.140 8/26/10 306,442 Six-Month PLZ JPMorgan Chase Bank NA 15,840 PLZ WIBOR WIBO 6.040 8/8/13 239,884 ---------- ----------- Reference Entity Total 83,150 PLZ 272,436 ---------- ----------- SEK STIBOR SIDE: Three-Month SEK Deutsche Bank AG 59,900 SEK STIBOR SIDE 5.110 7/16/18 1,324,317 Three-Month SEK Goldman Sachs Group, Inc. (The) 91,736 SEK STIBOR SIDE 3.380 2/10/19 96,308 ---------- -----------
49 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Reference Entity Total 151,636 SEK 1,420,625 ---------- ----------- USD BBA LIBOR Three-Month USD Westpac Banking Corp. 16,500 BBA LIBOR 3.318 3/6/19 625,416 ---------- ----------- Total Interest Rate Swaps $13,495,935 ===========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: BRR Brazilian Real CAD Canadian Dollar CZK Czech Koruna DKK Danish Krone HUF Hungarian Forint ILS Israeli Shekel JPY Japanese Real MXN Mexican Nuevo Peso PLZ Polish Zloty SEK Swedish Krona Abbreviations/Definitions are as follows: BACDOR Canada Bankers Acceptances Rate BANIXCO Banco de Mexico BBA LIBOR British Bankers' Association London-Interbank Offered Rate BUBOR Reuters Budapest Interbank Offered Rate BZDI Brazil Interbank Deposit Rate CIBOR Copenhagen Interbank Offered Rate DKNA13 Reuters 12-Month CIBOR PRIBOR PRBO Prague Interbank Offering Rate STIBOR-SIDE Stockholm Interbank Offered Rate TELEBOR01 Tel Aviv Interbank Offered Rate 1 Month TIIE Interbank Equilibrium Interest Rate UDI Unidad de Inversion (Unit of Investment) WIBOR-WIBO Poland Warsaw Interbank Offer Bid Rate 50 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited TOTAL RETURN SWAP CONTRACTS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ----------------- --------- -------- ----------- ----------- ----------- BOVESPA INDEX UBS AG 8,676 BRR If positive, the Total Return If negative, the absolute 4/17/09 $ 92,540 of the BOVESPA Index value of the Total Return of the BOVESPA Index CUSTOM BASKET OF SECURITIES: Deutsche Bank AG, London 32,687 One-Month USD BBA LIBOR plus If positive, the Total 3/5/10 4,745,408 35 basis points and if Return of a custom equity negative, the absolute value basket of the Total Return of a custom equity basket Deutsche Bank AG, London 32,687 One-Month USD BBA LIBOR plus If positive, the Total 10/5/09 795,481 22.93 basis points and if Return of a custom equity negative, the absolute value basket of the Total Return of a custom equity basket Morgan Stanley 5,261 EUR One-Month EUR BBA LIBOR plus If positive, the Total 3/5/10 978,897 25 basis points and if Return of a custom basket negative, the absolute value of securities of the Total Return of a custom basket of securities Morgan Stanley International 5,205 EUR One-Month EUR BBA LIBOR plus If positive, the Total 10/7/09 763,382 30 basis points and if Return of a custom basket negative, the absolute value of securities of the Total Return of a custom basket of securities ----------- Reference Entity Total 7,283,168
51 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited CUSTOM BASKET OF SECURITIES TRADED ON THE LONDON STOCK EXCHANGE Citibank NA, New York 6,879 GBP One-Month GBP BBA LIBOR plus If positive, the Total 5/8/09 712,133 35 basis points and if Return of a custom negative, the absolute value basket of securities of the Total Return of a custom basket of securities CUSTOM BASKET OF SECURITIES TRADED ON THE TOKYO STOCK EXCHANGE, INC Citibank NA, New York 989,495 JPY One-Month JPY BBA LIBOR plus If positive, the Total 4/14/09 1,334,200 40 basis points and if Return of a custom negative, the absolute value basket of securities of the Total Return of a custom basket of securities EACH OF JSC "RUSHYDRO" (OPEN JOINT STOCK COMPANY, FEDERAL HYDROGENERATION COMPANY) AND OJSC SARATOVSKAYA HPP AND ANY SUCCESSOR(S) TO THESE REFERENCE ENTITIES. Morgan Stanley Capital Services, 271,430 RUR Three-Month USD BBA LIBOR 7.75% from debt 12/26/13 (3,576,555) Inc. obligations of JSC Rushydro and OJSC Saratovskaya HPP KOSPI200 INDEX Citibank NA 4,719,811 KRW If positive, the Total Return If negative, the 6/15/09 (248,692) of the KOSPI200 Index absolute value of the Total Return of the KOSPI200 Index MSCI DAILY TR NET BELGIUM:
52 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Citibank NA 989 One-Month USD BBA LIBOR and if If positive, the Total 10/7/09 130,799 negative, the absolute value Return of the MSCI of the MSCI Daily TR Net Daily TR Net Belgium Belgium USD Market Index USD Market Index Citibank NA 4,234 One-Month USD BBA LIBOR and if If positive, the Total 10/7/09 372,040 negative, the absolute value Return of the MSCI of the MSCIB Daily TR Net Daily TR Net Belgium Belgium USD Market Index USD Market Index ----------- Reference Entity Total 502,839 MXN TIIE BANXICO: Deutsche Bank AG 1,620 Six-Month USD BBA LIBOR 5.46% times UDI 5/13/15 86,555 Deutsche Bank AG 930 Six-Month USD LIBOR 5.25% times UDI 6/23/15 24,302 Goldman Sachs Group, Inc. (The) 920 Six-Month USD BBA LIBOR 5.10% times UDI 1/14/15 55,813 Goldman Sachs Group, Inc. (The) 920 Six-Month BBA LIBOR 5.08% times UDI 1/20/15 58,608 ----------- Reference Entity Total 225,278 ----------- Total of Total Return Swaps $ 6,324,911 ===========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: BRR Brazilian Real EUR Euro GBP British Pound Sterling JPY Japanese Yen KRW South Korean Won RUR Russian Ruble Abbreviations/Definitions are as follows: BANIXCO Banco de Mexico BBA LIBOR British Bankers' Association London-Interbank Offered Rate BOVESPA Bovespa Index that trades on the Sao Paulo Stock Exchange KOSPI200 Korean Stock Exchange Capitalization-weighted Index made up of 200 Korean stocks MSCI The MSCI Total Return Belgium Index is a free float adjusted market Daily TR capitalization index, designed to measure market equity performance Net Belgium USD Index 53 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited in Australia on a total return basis with the reinvestment of net dividends. TIIE Interbank Equilibrium Interest Rate UDI Unidad de Inversion (Unit of Investment) CURRENCY SWAPS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
NOTIONAL RECEIVED SWAP AMOUNT PAID BY BY TERMINATION REFERENCE ENTITY COUNTERPARTY (000S) THE FUND THE FUND DATE VALUE ---------------- ------------ -------- -------- -------- ----------- -------- USD BBA LIBOR: Credit Suisse International 3,170 TRY Three Month USD BBA LIBOR 16.750% 2/26/12 $(125,097) Credit Suisse International 1,255 TRY Three-Month USD BBA LIBOR 17.250 2/7/12 (32,712) Credit Suisse International 1,890 TRY Three-Month USD BBA LIBOR 17.300 2/9/12 (50,152) Merrill Lynch International 1,960 TRY Three-Month BBA LIBOR 17.100 2/6/12 (96,069) --------- Total Currency Swaps $(304,030) =========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: TRY New Turkish Lira Abbreviation/Definition is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate SWAP SUMMARY AS OF MARCH 31, 2009 IS AS FOLLOWS: 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. 54 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
NOTIONAL SWAP TYPE FROM AMOUNT SWAP COUNTERPARTY FUND PERSPECTIVE (000'S) VALUE ----------------- ---------------- --------- ------------ Banco Santander Central Hispano SA Interest Rate 4,420 BRR $ 130,814 Banco Santander SA, Inc.: Interest Rate 40,970 BRR 687,094 Interest Rate 247,810 MXN 761,011 ------------ 1,448,105 Barclays Bank plc: Credit Default Sell Protection 1,360 168,873 Interest Rate 97,440 DKK 11,958 Interest Rate 2,299,000 HUF (669,554) ------------ (488,723) Citibank NA: Interest Rate 1,705,000 HUF (1,008,667) Interest Rate 536,100 JPY 25,303 Interest Rate 175,200 MXN 481,185 Total Return 4,719,811 KRW (248,692) Total Return 5,223 502,839 ------------ (248,032) Citibank NA, New York: Credit Default Buy Protection 7,250 2,045,809 Credit Default Sell Protection 17,335 (3,905,944) Total Return 6,879 GBP 712,133 Total Return 989,495 JPY 1,334,200 ------------ 186,198 Credit Suisse International: Credit Default Sell Protection 12,340 (5,440,687) Currency 6,315 TRY (207,961) Interest Rate 12,860 ILS 150,364 Interest Rate 99,840 MXN 141,114 ------------ (5,357,170) Deutsche Bank AG: Credit Default Buy Protection 1,900 243,246
55 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Credit Default Sell Protection 3,440 (2,380,794) Interest Rate 59,900 SEK 1,324,317 Total Return 2,550 110,857 ------------ (702,374) Deutsche Bank AG, London Total Return 65,374 5,540,889 Goldman Sachs Capital Markets LP Interest Rate 62,900 MXN 90,556 Goldman Sachs Group, Inc. (The): Interest Rate 30,100 BRR 185,745 Interest Rate 480,000 CZK (17,651) Interest Rate 1,348,900 MXN 2,798,181 Interest Rate 43,340 PLZ (273,890) Interest Rate 91,736 SEK 96,308 Total Return 1,840 114,421 ------------ 2,903,114 Goldman Sachs International: Credit Default Buy Protection 18,385 4,308,532 Credit Default Sell Protection 645 (230,155) Interest Rate 19,640 BRR 300,446 Interest Rate 23,970 PLZ 306,442 ------------ 4,685,265 J Aron & Co. Interest Rate 131,525 BRR 679,157 JPMorgan Chase Bank NA: Interest Rate 61,030 BRR 906,992 Interest Rate 958,700 CZK 267,958 Interest Rate 8,730,000 HUF (1,242,488) Interest Rate 1,072,200 JPY 46,144 Interest Rate 758,155 MXN 1,148,483 Interest Rate 15,840 PLZ 239,884 ------------ 1,366,973 JPMorgan Chase Bank NA, NY Branch Credit Default Sell Protection 2,225 (98,391)
56 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Merrill Lynch Capital Services, Inc. Interest Rate 36,370 MXN 143,369 Merrill Lynch International: Credit Default Buy Protection 7,580 4,473,390 Currency 1,960 TRY (96,069) ------------ 4,377,321 Morgan Stanley: Interest Rate 104,100 BRR 2,342,138 Interest Rate 140,800 CZK 125,080 Interest Rate 67,300 MXN 378,457 Total Return 5,261 EUR 978,897 ------------ 3,824,572 Morgan Stanley Capital Services, Inc.: Credit Default Buy Protection 3,230 145,776 Credit Default Sell Protection 17,155 (4,524,138) Credit Default Sell Protection 6,386 EUR (7,537,030) Interest Rate 5,590 BRR 84,449 Total Return 271,430 RUR (3,576,555) ------------ (15,407,498) Morgan Stanley International Total Return 5,205 EUR 763,382 UBS AG: Credit Default Buy Protection 6,420 2,631,278 Credit Default Sell Protection 6,000 (1,311,395) Interest Rate 9,100 BRR 437,506 Interest Rate 64,944 ILS 1,552,534 Total Return 8,676 BRR 92,540 ------------ 3,402,463 Westpac Banking Corp.: Interest Rate 21,370 CAD 239,780 Interest Rate 16,500 625,416 ------------ 865,196 ------------ Total Swaps $ 8,105,186 ============
57 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: BRR Brazilian Real CAD Canadian Dollar CZK Czech Koruna DKK Danish Krone EUR Euro GBP British Pound Sterling HUF Hungarian Forint ILS Israeli Shekel JPY Japanese Real KRW South Korean Won MXN Mexican Nuevo Peso PLZ Polish Zloty RUR Russian Ruble SEK Swedish Krona TRY New Turkish Lira NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. 58 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / 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 traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. 59 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited There have been no significant changes to the fair valuation methodologies during the period. STRUCTURED SECURITIES. The Fund invests in structured securities whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured securities are often leveraged, increasing the volatility of each note's market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Statement of Operations in the annual and semiannual reports. The Fund records a realized gain or loss when a structured security is sold or matures. EVENT-LINKED BONDS. The Fund may invest in "event-linked" bonds. Event-linked bonds, which are sometimes referred to as "catastrophe" bonds, are fixed income securities for which the return of principal and payment of interest is contingent on the non-occurrence of a specific trigger event, such as a hurricane, earthquake, or other occurrence that leads to physical or economic loss. If the trigger event occurs prior to maturity, the Fund may lose all or a portion of its principal in addition to interest otherwise due from the security. Event-linked bonds may expose the Fund to certain other risks, including issuer default, adverse regulatory or jurisdictional interpretations, liquidity risk and adverse tax consequences. The Fund records the net change in market value of event-linked bonds on the Statement of Operations in the annual and semiannual reports as a change in unrealized appreciation or depreciation on investments. The Fund records a realized gain or loss on the Statement of Operations in the annual and semiannual reports upon the sale or maturity of such securities. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its 60 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2009, 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 $160,832,798 Sold securities 11,305,943
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. To assure its future payment of the purchase price, the Fund maintains internally designated assets with a market value equal to or greater than the payment obligation under the roll. CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of March 31, 2009, securities with an aggregate market value of $6,142,207, representing 0.18% of the Fund's net assets, were in default. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and 61 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. INVESTMENT IN OFI LIQUID ASSETS FUND, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund's Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC ("LAF") is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. When applicable, the Fund's investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. 62 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited INVESTMENT IN OPPENHEIMER MASTER FUNDS. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the Investment Company Act of 1940 that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Loan Fund, LLC and Oppenheimer Master Event-Linked Bond Fund, LLC (the "master funds"). Each master fund has its own investment risks, and those risks can affect the value of the Fund's investments and therefore the value of the Fund's shares. To the extent that the Fund invests more of its assets in one master fund than in another, the Fund will have greater exposure to the risks of that master fund. The investment objective of Oppenheimer Master Loan Fund, LLC is to seek as high a level of current income and preservation of capital as is consistent with investing primarily in loans and other debt securities. The investment objective of Oppenheimer Master Event-Linked Bond Fund, LLC is to seek a high level of current income principally derived from interest on debt securities. The Fund's investments in the master funds are included in the Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each master fund according to its allocated pro-rata share, based on its relative proportion of total outstanding master fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the master funds. As a shareholder, the Fund is subject to its proportional share of master funds' expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in the master funds. 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 affecting a similar response to market factors. MARKET RISK FACTORS In pursuit of its investment objectives, the Fund may seek to use derivatives to increase or decrease its exposure to the following market risk factors: 63 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited INTEREST RATE RISK Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities. 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. FOREIGN EXCHANGE RATE RISK Foreign exchange rate risk relates to the change in 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. EQUITY RISK Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. 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 64 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited 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, 2009, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $50,511,087, which represents the gross unrealized appreciation on these derivative contracts. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund's ISDA master agreements, which allow the Fund to net unrealized appreciation and depreciation for positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. The amount of loss that the Fund would incur taking into account these master netting arrangements would be $32,089,839 as of March 31, 2009. CREDIT RELATED CONTINGENT FEATURES The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund's net assets and or a percentage decrease in the Fund's Net Asset Value or NAV. The contingent features are established within the Fund's International Swap and Derivatives Association, Inc. ("ISDA") master agreements which govern positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. As of March 31, 2009, the total value of derivative positions with credit related contingent features in a net liability position was $18,548,566. If a contingent feature would have been triggered as of March 31, 2009, the Fund could have been required to pay this amount in cash to its counterparties. The Fund did not hold or post collateral for its derivative transactions. 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 65 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited 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. During the period ended March 31, 2009, the Fund has purchased and sold foreign currency exchange contracts of different currencies in order to acquire currencies to pay for related foreign securities purchase transactions, or to convert foreign currencies to U.S. dollars from related foreign securities sale transactions. These foreign currency exchange contracts are negotiated at the current spot exchange rate with settlement typically within two business days thereafter. The Fund has entered into forward foreign currency exchange contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to take a positive investment perspective on the related currency. These forward foreign currency exchange contracts seek to increase exposure to foreign exchange rate risk. The Fund has entered into forward foreign currency exchange contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to take a negative investment perspective on the related currency. These forward foreign currency exchange contracts seek to increase exposure to foreign exchange rate risk. The Fund has entered into forward foreign currency exchange contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the portfolio. Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. FUTURES CONTRACTS A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. 66 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited 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. Futures contracts are exposed to the market risk factor of the specific underlying financial instrument. During the period ended March 31, 2009, the Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk. In addition, the Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk. During the period ended March 31, 2009, the Fund has purchased futures contracts on various equity indexes to increase exposure to equity risk. In addition, the Fund has sold futures contracts on various equity indexes to decrease exposure to equity risk. Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. OPTION ACTIVITY The Fund may buy and sell put and call options, or write put and covered call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. 67 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports. Securities designated to cover outstanding call or put options are noted in the Statement of Investments where applicable. Options written are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. Options contracts are exposed to the market risk factor of the specific underlying financial instrument. The Fund has written put options on currencies to increase exposure to foreign exchange rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. The Fund has written call options on currencies to decrease exposure to foreign exchange rate risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price. The Fund has purchased call options on currencies to increase exposure to foreign exchange rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. The 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. 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, 2009 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, 2008 4,945,000 $ 78,520 4,945,000 $ 78,520 Options written 458,465,000 603,750 458,465,000 607,880 Options closed or expired (456,185,000) (544,584) (7,225,000) (137,686) Options exercised (7,225,000) (137,686) (456,185,000) (548,714) ------------ --------- ------------ --------- Options outstanding as of March 31, 2009 -- $ -- -- $ -- ============ ========= ============ =========
68 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited SWAP CONTRACTS The Fund may enter into privately negotiated agreements with a counterparty to exchange or "swap" payments at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. As derivative contracts, swaps typically do not have an associated cost at contract inception. At initiation, contract terms are typically set at market value such that the value of the swap is $0. If a counterparty specifies terms that would result in the contract having a value other than $0 at initiation, one counterparty will pay the other an upfront payment to equalize the contract. Subsequent changes in market value are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. Contract types may include credit default, interest rate, total return, and currency swaps. Swaps are marked to market daily using quotations primarily from pricing services, counterparties or brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. The unrealized appreciation (depreciation) is comprised of the change in the valuation of the swap combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. Any payment received or paid to initiate a contract is recorded as a cost of the swap in the Statement of Assets in the annual and semiannual reports as a component of unrealized gain or loss on the Statement of Operations in the annual and semiannual reports until contract termination; upon contract termination, this amount is recorded as realized gain or loss on the Statement of Operations in the annual and semiannual reports. Excluding amounts paid at contract initiation as described above, the Fund also records any periodic payments received from (paid to) the counterparty, including at termination, as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Swap contract agreements are exposed to the market risk factor of the specific underlying reference asset. Swap contracts are typically more attractive 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. 69 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Additional associated risks to the Fund include counterparty credit risk and liquidity risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. Liquidity risk is the risk that the Fund may be unable to close the contract prior to its termination. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer's failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security, 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 gain 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. 70 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited The Fund has also engaged in pairs trades by purchasing protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer. The intent of a pairs trade is to realize gains from the pricing differences of the two issuers who are expected to have similar market risks. Pairs trades attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. In addition, the Fund has engaged in spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curve trades attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads. 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. The Fund has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. Typically, if relative interest rates rise, payments received by the Fund under the swap agreement will be greater than the payments made by the Fund. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between counterparties to exchange periodic payments based on asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate or index) and the other on the total return of a reference asset (such as a security or a basket of securities). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument, or instruments. Total return swaps are less standard in structure than other types of swaps and can isolate and, or, include 71 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited multiple types of market risk factors including equity risk, credit risk, and interest rate risk. The Fund has entered into total return swaps to increase exposure to the credit risk of various indexes or basket of securities. These credit risk related total return swaps require the Fund to pay, or receive payments, to, or from, the counterparty based on the movement of credit spreads of the related indexes. The Fund has entered into total return swaps on various equity indexes to increase exposure to equity risk. These equity risk related total return swaps require the Fund to pay a floating reference interest rate, or an amount equal to the negative price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same index multiplied by the notional amount of the contract. The Fund has entered into total return swaps on various equity indexes to decrease exposure to equity risk. These equity risk related total return swaps require the Fund to pay an amount equal to the positive price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments of a floating reference interest rate or an amount equal to the negative price movement of the same index multiplied by the notional amount of the contract. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. CURRENCY SWAPS. A currency swap is an agreement between counterparties to exchange different currencies equivalent to the notional value at contract inception and reverse the exchange of the same notional values of those currencies at contract termination. The contract may also include periodic exchanges of cash flows based on a specified index or interest rate. The Fund has entered into currency swap contracts with the obligation to pay an interest rate on the dollar notional amount and receive an interest rate on various foreign currency notional amounts in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts seek to increase exposure to foreign exchange rate risk. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. ILLIQUID OR RESTRICTED SECURITIES As of March 31, 2009, investments in securities included issues that are illiquid or restricted. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Directors as 72 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited reflecting fair value. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid and restricted securities. Certain restricted securities, eligible for resale to qualified institutional purchasers, may not be subject to that limitation. Securities that are illiquid or restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of March 31, 2009, the Fund had on loan securities valued at $44,955,640. Collateral of $45,778,740 was received for the loans, all of which was received in cash and subsequently invested in approved instruments. UNFUNDED PURCHASE COMMITMENTS Pursuant to the terms of certain indenture agreements, the Fund has unfunded purchase commitments of $21,866,696 at March 31, 2009. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the amount of unfunded purchase loan commitments. The following commitments are subject to funding based on the borrower's discretion. The Fund is obligated to fund these commitments at the time of the request by the borrower. These commitments have been excluded from the Statement of Investments. As of March 31, 2009, the Fund had unfunded purchase commitments as follows:
COMMITMENT TERMINATION UNFUNDED DATE AMOUNT ----------- ---------- Deutsche Bank AG, Opic Reforma I Credit Linked Nts. 10/23/13 $9,866,696
73 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
COMMITMENT INTEREST TERMINATION UNFUNDED UNREALIZED RATE DATE AMOUNT DEPRECIATION -------- ----------- ----------- ------------ Deutsche Bank AG; An unfunded commitment that the Fund receives 0.125% quarterly; and will pay out, upon request, up to 12,000,000 USD to a Peruvian Trust through Deutsche Bank's Global Note Program. Upon funding requests, the unfunded portion decreases and new structured securities will be created and held by the fund to maintain a consistent exposure level. 0.50% 9/20/10 $12,000,000 $506,732
FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2009 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $4,039,924,281 Federal tax cost of other investments 36,532,609 --------------- Total federal tax cost $4,076,456,890 =============== Gross unrealized appreciation $ 114,976,737 Gross unrealized depreciation (680,554,139) --------------- Net unrealized depreciation $(565,577,402) ===============
74 | Oppenheimer Strategic Bond Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value -------- ---------- COMMON STOCKS--92.5% CONSUMER DISCRETIONARY--6.8% MEDIA--5.8% Cablevision Systems Corp. New York Group, Cl. A 2,610 $ 33,773 Cinemark Holdings, Inc. 5,260 49,391 News Corp., Inc., Cl. A 16,202 107,257 Time Warner Cable, Inc. 1,806 44,789 ---------- 235,210 ---------- SPECIALTY RETAIL--1.0% Bed Bath & Beyond, Inc.(1) 1,610 39,848 ---------- CONSUMER STAPLES--12.2% BEVERAGES--2.5% Molson Coors Brewing Co., Cl. B 2,890 99,069 ---------- FOOD & STAPLES RETAILING--4.2% Kroger Co. (The) 5,080 107,798 Walgreen Co. 2,420 62,823 ---------- 170,621 ---------- FOOD PRODUCTS--2.4% Campbell Soup Co. 3,530 96,581 ---------- TOBACCO--3.1% Lorillard, Inc. 652 40,254 Philip Morris International, Inc. 2,371 84,360 ---------- 124,614 ---------- ENERGY--10.4% OIL, GAS & CONSUMABLE FUELS--10.4% Apache Corp. 880 56,399 Chevron Corp. 3,120 209,789 Devon Energy Corp. 2,040 91,168 Exxon Mobil Corp. 890 60,609 ---------- 417,965 ---------- FINANCIALS--15.1% CAPITAL MARKETS--0.9% Morgan Stanley(2) 1,590 36,204 ---------- COMMERCIAL BANKS--1.2% SunTrust Banks, Inc. 750 8,805 Wells Fargo & Co. 2,760 39,302 ---------- 48,107 ---------- CONSUMER FINANCE--1.6% SLM Corp.(1) 12,930 64,004 ---------- DIVERSIFIED FINANCIAL SERVICES--3.0% JPMorgan Chase & Co.(2) 4,560 121,205 ---------- INSURANCE--8.4% Assurant, Inc. 4,430 96,485 Everest Re Group Ltd. 2,327 164,752 MetLife, Inc. 2,790 63,528 National Financial Partners Corp. 3,730 11,936 ---------- 336,701 ----------
1 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value -------- ---------- HEALTH CARE--14.3% HEALTH CARE EQUIPMENT & SUPPLIES--1.1% Covidien Ltd. 1,310 $ 43,544 ---------- HEALTH CARE PROVIDERS & SERVICES--3.2% Aetna, Inc. 3,670 89,291 UnitedHealth Group, Inc. 1,980 41,441 ---------- 130,732 ---------- PHARMACEUTICALS--10.0% Abbott Laboratories(3) 1,680 80,136 Merck & Co., Inc. 4,590 122,783 Pfizer, Inc. 6,180 84,172 Wyeth 2,630 113,195 ---------- 400,286 ---------- INDUSTRIALS--11.0% AEROSPACE & DEFENSE--1.5% Goodrich Corp. 1,570 59,487 ---------- AIR FREIGHT & LOGISTICS--1.2% United Parcel Service, Inc., Cl. B 1,000 49,220 ---------- INDUSTRIAL CONGLOMERATES--4.2% Tyco International Ltd. 8,580 167,825 ---------- MACHINERY--3.3% Navistar International Corp.(1) 3,963 132,602 ---------- TRADING COMPANIES & DISTRIBUTORS--0.8% Aircastle Ltd. 6,620 30,783 ---------- INFORMATION TECHNOLOGY--6.9% COMMUNICATIONS EQUIPMENT--4.9% QUALCOMM, Inc. 2,530 98,442 Research in Motion Ltd.(1) 2,310 99,492 ---------- 197,934 ---------- COMPUTERS & PERIPHERALS--0.8% Apple, Inc.(1) 290 30,485 ---------- INTERNET SOFTWARE & SERVICES--1.2% Google, Inc., Cl. A(1) 140 48,728 ---------- MATERIALS--5.3% CHEMICALS--5.3% Lubrizol Corp. (The) 5,097 173,349 Potash Corp. of Saskatchewan, Inc. 500 40,405 ---------- 213,754 ---------- TELECOMMUNICATION SERVICES--3.8% DIVERSIFIED TELECOMMUNICATION SERVICES--3.8% AT&T, Inc. 6,100 153,720 ---------- UTILITIES--6.7% ELECTRIC UTILITIES--2.5% Exelon Corp. 2,176 98,769 ---------- MULTI-UTILITIES--4.2% PG&E Corp. 4,460 170,462 ---------- Total Common Stocks (Cost $4,374,807) 3,718,460 ----------
2 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value -------- ---------- PREFERRED STOCKS--2.7% Petroleo Brasileiro SA, Sponsored ADR, Preference(1) (Cost $136,662) 4,520 $ 110,740 ---------- INVESTMENT COMPANY--6.4% Oppenheimer Institutional Money Market Fund, Cl. E, 0.80%(4, 5) (Cost $255,872) 255,872 255,872 ---------- Total Investments, at Value (Cost $4,767,341) 101.6% 4,085,072 Liabilities in Excess of Other Assets (1.6) (64,098) ------- ---------- Net Assets 100.0% $4,020,974 ======= ==========
Footnotes to Statement of Investments 1. Non-income producing security. 2. A sufficient amount of liquid assets has been designated to cover outstanding written call options. See accompanying Notes. 3. A sufficient amount of liquid assets has been designated to cover outstanding written put options. See accompanying Notes. 4. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2009, 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, 2008 ADDITIONS REDUCTIONS 2009 ------------ --------- ---------- --------- Oppenheimer Institutional Money Market Fund, Cl. E 664,973 986,778 1,395,879 255,872
VALUE INCOME -------- ------ Oppenheimer Institutional Money Market Fund, Cl. E $255,872 $620
5. Rate shown is the 7-day yield as of March 31, 2009. 3 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of March 31, 2009:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* --------------------- ----------- --------------- Level 1--Quoted Prices $4,085,072 $(2,104) Level 2--Other Significant Observable Inputs -- -- Level 3--Significant Unobservable Inputs -- -- ---------- ------- Total $4,085,072 $(2,104) ========== =======
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. WRITTEN OPTIONS AS OF MARCH 31, 2009 ARE AS FOLLOWS:
NUMBER OF EXERCISE EXPIRATION PREMIUMS DESCRIPTION TYPE CONTRACTS PRICE DATE RECEIVED VALUE ----------- ---- --------- -------- ---------- -------- ------- Aetna, Inc. Put 7 $17.50 7/20/09 $ 925 $ (630) JPMorgan Chase & Co. Call 8 30.00 4/20/09 1,067 (704) Morgan Stanley Call 8 30.00 4/20/09 817 (120) UnitedHealth Group, Inc. Put 10 15.00 6/22/09 970 (650) ------ ------- $3,779 $(2,104) ====== =======
4 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / 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. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. 5 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / 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. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the 6 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund's investment in IMMF is included in the Statement of Investments. 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 affecting a similar response to market factors. MARKET RISK FACTORS In pursuit of its investment objectives, the Fund may seek to use derivatives to increase or decrease its exposure to the following market risk factors: 7 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited INTEREST RATE RISK Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities. 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. FOREIGN EXCHANGE RATE RISK Foreign exchange rate risk relates to the change in 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. EQUITY RISK Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. 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 8 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited 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, 2009, all of the Fund's derivative positions are in an unrealized depreciation position and therefore not currently subject to loss if the counterparties to its derivative transactions failed to perform. If the Fund's derivative positions were in an unrealized appreciation position, the Fund would be subject to counterparty credit risk. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund's ISDA master agreements, which allow the Fund to net unrealized appreciation and depreciation for positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. CREDIT RELATED CONTINGENT FEATURES The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund's net assets and or a percentage decrease in the Fund's Net Asset Value or NAV. The contingent features are established within the Fund's International Swap and Derivatives Association, Inc. ("ISDA") master agreements which govern positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. As of March 31, 2009, the total value of derivative positions with credit related contingent features in a net liability position as of period end was $2,104. If a contingent feature would have been triggered, the Fund could have been required to pay this amount in cash to its counterparties. The Fund did not hold or post collateral for its derivative transactions. OPTION ACTIVITY The Fund may buy and sell put and call options, or write put and covered call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or 9 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports. Securities designated to cover outstanding call or put options are noted in the Statement of Investments where applicable. Options written are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. Options are exposed to the market risk factor of the specific underlying financial instrument. The Fund has written put options on individual equity securities and, or, equity indexes to increase exposure to equity 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 covered call options on individual equity securities and, or, equity indexes to decrease exposure to equity risk. A written covered call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price. The Fund has purchased call options on individual equity securities and, or, equity indexes to increase exposure to equity risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. The 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. Additional associated risks to the Fund include counterparty credit risk for over-the-counter options and liquidity risk. 10 | Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Written option activity for the period ended March 31, 2009 was as follows:
CALL PUT OPTIONS OPTIONS --------------------- --------------------- NUMBER OF AMOUNT OF NUMBER OF AMOUNT OF CONTRACTS PREMIUMS CONTRACTS PREMIUMS --------- --------- --------- --------- Options outstanding as of December 31, 2008 -- $ -- -- $ -- Options written 168 11,721 17 1,895 Options closed or expired (152) (9,837) -- -- ---- ------- --- ------ Options outstanding as of March 31, 2009 16 $ 1,884 17 $1,895 ==== ======= === ======
FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2009 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 $ 5,053,725 Federal tax cost of other investments (3,779) ----------- Total federal tax cost $ 5,049,946 =========== Gross unrealized appreciation $ 132,825 Gross unrealized depreciation (1,099,803) ----------- Net unrealized depreciation $ (966,978) ===========
11 | 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 03/31/2009, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Exhibits attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Variable Account Funds By: /s/ John V. Murphy --------------------------------- John V. Murphy Principal Executive Officer Date: 05/14/2009 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John V. Murphy --------------------------------- John V. Murphy Principal Executive Officer Date: 05/14/2009 By: /s/ Brian W. Wixted --------------------------------- Brian W. Wixted Principal Financial Officer Date: 05/14/2009