N-Q 1 rq620_46600nq.txt RQ620_46600NQ.TXT 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: 03/31/2008 ---------- ================================================================================ ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- ASSET-BACKED SECURITIES--1.3% Ace Securities Corp. Home Equity Loan Trust, Asset-Backed Pass-Through Certificates, Series 2005-HE7, Cl. A2B, 2.779%, 11/25/35 (1) $ 319,481 $ 313,817 Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 2.596%, 4/20/09 (1,2) 33,333 33,268 Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 3.079%, 5/25/34 (1) 924,857 813,632 Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 2.699%, 9/25/36 (1) 530,000 495,051 Argent Securities Trust 2006-W5, Asset-Backed Pass-Through Certificates, Series 2006-W5, Cl. A2B, 2.699%, 5/26/36 (1) 810,000 766,193 Capital Auto Receivables Asset Trust 2006-1, Automobile Asset-Backed Securities, Series 2006-1, Cl. A3, 5.03%, 10/15/09 2,183,887 2,194,982 Capital One Prime Auto Receivables Trust, Automobile Asset-Backed Certificates, Series 2005-1, Cl. A4, 2.838%, 4/15/11 (1) 8,120,000 8,068,548 Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 2.699%, 5/16/36 (1) 1,150,981 1,114,337 Citigroup Mortgage Loan Trust, Inc. 2006-WFH3, Asset-Backed Pass-Through Certificates, Series 2006-WFH3, Cl. A2, 2.699%, 10/31/36 (1) 730,000 661,613 CWABS Asset-Backed Certificates Trust 2005-16, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 (1) 1,530,000 1,456,496 CWABS Asset-Backed Certificates Trust 2005-17, Asset-Backed Certificates: Series 2005-17, Cl. 1AF1, 2.799%, 5/25/36 (1) 48,474 48,136 Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 (1) 250,000 240,863 CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 2.719%, 12/25/29 (1) 1,050,000 905,939 DaimlerChrysler Auto Trust, Automobile Loan Pass-Through Certificates, Series 2006-C, Cl. A2, 5.33%, 5/8/09 17,614 17,622 Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/25 (3,4,5) 1,820,063 18,201 First Franklin Mortgage Loan Trust 2005-FF10, Mtg. Pass-Through Certificates, Series 2005-FF10, Cl. A3, 2.809%, 11/25/35 (1) 828,248 818,818 First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 2.689%, 7/25/36 (1) 1,000,000 917,275 First Franklin Mortgage Loan Trust 2006-FF5, Mtg. Pass-Through Certificates, Series 2006-FF5, Cl. 2A1, 2.649%, 5/15/36 (1) 109,525 108,348 First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 2.709%, 7/7/36 (1) 430,000 396,047 Harley-Davidson Motorcycle Trust, Motorcycle Receivable Nts., Series 2007-3, Cl. A3, 3.168%, 6/15/12 (1) 1,500,000 1,481,918 HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Nts., Series 2005-3, Cl. A1, 2.796%, 1/20/35 (1) 269,796 227,093
1 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 2.646%, 3/20/36 (1) $ 440,000 $ 390,214 Ice Em CLO, Collateralized Loan Obligations: Series 2007-1A, Cl. B, 7.10%, 8/15/22 (1,5) 7,870,000 5,742,739 Series 2007-1A, Cl. C, 8.40%, 8/15/22 (1,5) 5,270,000 4,015,740 Series 2007-1A, Cl. D, 10.40%, 8/15/22 (1,5) 5,270,000 3,657,907 Lehman XS Trust, Mtg. Pass-Through Certificates: Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36 306,577 306,018 Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35 (1) 162,184 162,955 Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 158,392 159,673 Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 2.699%, 8/25/36 (1) 1,310,000 1,175,018 Merrill Lynch Mortgage Investors Trust 2006-WMC1, Mtg. Asset-Backed Certificates, Series 2006-WMC1, Cl. A2B, 2.739%, 1/25/37 (1) 519,974 513,672 NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 2.249%, 1/25/29 (1,5) 66,744 8,677 Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 2.699%, 7/1/36 (1) 3,480,000 3,227,568 Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36 (1) 400,000 399,003 RAMP Series 2006-RS4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-RS4, Cl. A1, 2.679%, 7/25/36 (1) 461,240 452,899 RASC Series 2006-KS7 Trust: Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A1, 2.649%, 9/25/36 (1) 3,022,348 2,993,643 Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 2.699%, 9/25/36 (1) 1,320,000 1,279,243 Specialty Underwriting & Residential Finance Trust, Home Equity Asset-Backed Obligations: Series 2005-BC3, Cl. A2B, 2.849%, 6/25/36 (1) 847,181 836,696 Series 2006-BC1, Cl. A2B, 2.749%, 12/25/36 (1) 2,000,000 1,950,793 Start CLO Ltd., Asset-Backed Credit Linked Securities, Series 2006-3A, Cl. F, 20%, 6/7/11 (1,5) 1,630,000 1,434,400 Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1, 2.659%, 4/25/36 (1) 137,380 136,606 Structured Asset Securities Corp., Mtg. Pass-Through Certificates, Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 31,330 31,370 Taganka Car Loan Finance plc, Automobile Asset-Backed Certificates, Series 2006-1A, Cl. C, 6.161%, 11/14/13 (1,5) 655,000 606,858 Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 2.699%, 7/25/36 (1) 1,000,000 949,278 ---------------- Total Asset-Backed Securities (Cost $58,774,232) 51,529,167
2 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- MORTGAGE-BACKED OBLIGATIONS--24.8% GOVERNMENT AGENCY--18.4% FHLMC/FNMA/SPONSORED--18.1% Federal Home Loan Mortgage Corp.: 4.50%, 12/15/18-7/15/19 $ 3,743,953 $ 3,739,169 5%, 8/15/33-9/15/33 4,317,536 4,288,248 5.50%, 5/1/34 17,717,721 17,938,343 6%, 5/15/18-3/15/33 5,771,973 5,962,623 6.50%, 3/15/18-6/15/35 6,560,832 6,862,473 7%, 3/15/31-10/1/31 453,456 480,861 7.50%, 4/25/36 1,462,908 1,587,016 11%, 11/15/14 3,304 3,409 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Participation Certificates: Series 1360, Cl. PZ, 7.50%, 9/15/22 1,753,077 1,889,709 Series 1897, Cl. K, 7%, 9/15/26 3,192,851 3,383,050 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 151, Cl. F, 9%, 5/15/21 45,056 45,029 Series 1674, Cl. Z, 6.75%, 2/15/24 1,322,270 1,420,799 Series 2002-66, Cl. FG, 3.606%, 9/25/32 (1) 2,368,395 2,330,229 Series 2002-84, Cl. FB, 3.606%, 12/25/32 (1) 2,368,330 2,391,950 Series 2003-11, Cl. FA, 3.606%, 9/25/32 (1) 2,368,385 2,392,891 Series 2006-11, Cl. PS, 15.01%, 3/25/36 (1) 774,522 915,336 Series 2043, Cl. ZP, 6.50%, 4/15/28 939,199 984,992 Series 2055, Cl. ZM, 6.50%, 5/15/28 162,736 169,499 Series 2080, Cl. Z, 6.50%, 8/15/28 104,858 110,083 Series 2106, Cl. FG, 3.268%, 12/15/28 (1) 2,295,742 2,313,139 Series 2116, Cl. ZA, 6%, 1/15/29 1,049,753 1,092,758 Series 2122, Cl. F, 3.268%, 2/15/29 (1) 75,887 76,330 Series 2135, Cl. OH, 6.50%, 3/15/29 1,283,484 1,353,020 Series 2148, Cl. ZA, 6%, 4/15/29 2,249,224 2,327,328 Series 2173, Cl. Z, 6.50%, 7/15/29 810,905 845,425 Series 2195, Cl. LH, 6.50%, 10/15/29 975,240 1,037,128 Series 2326, Cl. ZP, 6.50%, 6/15/31 165,851 174,438 Series 2344, Cl. FP, 3.768%, 8/15/31 (1) 696,894 703,710 Series 2351, Cl. PZ, 6.50%, 8/15/31 1,210,507 1,274,042 Series 2368, Cl. PR, 6.50%, 10/15/31 662,359 697,277 Series 2410, Cl. PF, 3.798%, 2/15/32 (1,7) 3,320,281 3,295,335 Series 2412, Cl. GF, 3.768%, 2/15/32 (1) 1,607,313 1,595,746 Series 2415, Cl. ZA, 6.50%, 2/15/32 1,868,081 1,965,496 Series 2435, Cl. EQ, 6%, 5/15/31 1,567,993 1,598,887 Series 2449, Cl. FL, 3.368%, 1/15/32 (1) 922,057 905,646 Series 2451, Cl. FD, 3.818%, 3/15/32 (1) 510,234 507,141 Series 2453, Cl. BD, 6%, 5/15/17 280,100 295,118 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,683,982 1,779,948 Series 2464, Cl. FI, 3.818%, 2/15/32 (1) 528,644 534,045 Series 2470, Cl. AF, 3.818%, 3/15/32 (1) 875,741 881,291 Series 2470, Cl. LF, 3.818%, 2/15/32 (1) 540,991 546,013 Series 2471, Cl. FD, 3.818%, 3/15/32 (1) 979,583 989,239 Series 2477, Cl. FZ, 3.368%, 6/15/31 (1) 2,004,306 1,971,225
3 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- FHLMC/FNMA/SPONSORED CONTINUED Series 2500, Cl. FD, 3.318%, 3/15/32 (1) $ 50,843 $ 51,204 Series 2517, Cl. GF, 3.818%, 2/15/32 (1) 470,363 473,589 Series 2526, Cl. FE, 3.218%, 6/15/29 (1) 75,151 75,476 Series 2551, Cl. FD, 3.218%, 1/15/33 (1) 57,854 56,480 Series 2641, Cl. CE, 3.50%, 9/15/25 740,183 738,987 Series 2676, Cl. KY, 5%, 9/15/23 3,843,000 3,835,555 Series 2691, Cl. MG, 4.50%, 10/15/33 6,806,400 6,390,828 Series 2727, Cl. UA, 3.50%, 10/15/22 336,086 335,905 Series 2736, Cl. DB, 3.30%, 11/15/26 3,457,876 3,444,364 Series 2750, Cl. XG, 5%, 2/1/34 6,037,000 5,702,559 Series 2777, Cl. PJ, 4%, 5/15/24 358,531 359,109 Series 2890, Cl. PE, 5%, 11/1/34 6,120,000 5,751,412 Series 2934, Cl. NA, 5%, 4/15/24 1,097,029 1,109,860 Series 2936, Cl. PE, 5%, 2/1/35 4,858,000 4,556,445 Series 2939, Cl. PE, 5%, 2/15/35 1,585,000 1,486,190 Series 3025, Cl. SJ, 14.419%, 8/15/35 (1) 961,106 1,162,283 Series 3035, Cl. DM, 5.50%, 11/15/25 3,433,715 3,494,763 Series 3094, Cl. HS, 14.052%, 6/15/34 (1) 534,725 638,419 Series 3105, Cl. BD, 5.50%, 1/15/26 1,500,000 1,558,514 Series 3138, Cl. PA, 5.50%, 2/15/27 5,008,217 5,136,551 Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 177, Cl. IO, 12.591%, 7/1/26 (8) 189,911 42,469 Series 192, Cl. IO, 13.009%, 2/1/28 (8) 50,403 11,143 Series 200, Cl. IO, 12.097%, 1/1/29 (8) 61,070 12,853 Series 2003-13, Cl. IO, 10.642%, 3/25/33 (8) 1,096,336 239,847 Series 2003-26, Cl. DI, 12.204%, 4/25/33 (8) 880,146 184,274 Series 205, Cl. IO, 9.934%, 9/1/29 (8) 259,588 61,879 Series 2074, Cl. S, 21.101%, 7/17/28 (8) 64,533 7,470 Series 2079, Cl. S, 24.718%, 7/17/28 (8) 103,343 12,017 Series 208, Cl. IO, (17.90)%, 6/1/30 (8) 287,332 67,398 Series 2136, Cl. SG, 47.094%, 3/15/29 (8) 2,756,486 267,483 Series 216, Cl. IO, 11.875%, 12/1/31 (8) 281,453 66,081 Series 2177, Cl. S, 38.337%, 8/15/29 (8) 3,093,590 383,443 Series 224, Cl. IO, 9.35%, 3/1/33 (8) 1,884,560 413,982 Series 2399, Cl. SG, 42.33%, 12/15/26 (8) 1,684,821 188,625 Series 243, Cl. 6, 15.055%, 12/15/32 (8) 825,851 156,953 Series 2437, Cl. SB, 46.994%, 4/15/32 (8) 4,793,850 544,307 Series 2526, Cl. SE, 22.575%, 6/15/29 (8) 140,500 13,640 Series 2802, Cl. AS, 64.495%, 4/15/33 (8) 1,364,985 113,390 Series 2920, Cl. S, 35.283%, 1/15/35 (8) 1,121,874 82,364 Series 2989, Cl. TS, 48.304%, 6/15/25 (8) 25,259,896 2,496,663 Series 3000, Cl. SE, 54.519%, 7/15/25 (8) 1,313,213 110,883 Series 3110, Cl. SL, 88.749%, 2/15/26 (8) 738,426 63,612 Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 192, Cl. PO, 6.336%, 2/1/28 (9) 50,403 41,322 Federal National Mortgage Assn.: 4.50%, 5/25/18-8/1/20 37,206,579 37,180,469
4 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- FHLMC/FNMA/SPONSORED CONTINUED 4.50%, 6/25/18 (7) $ 3,057,037 $ 3,056,367 5%, 12/1/17-8/25/34 73,846,601 74,460,651 5%, 11/1/33 (10) 36,194,084 35,929,201 5%, 4/1/38 (11) 26,358,000 26,090,308 5%, 8/25/33 (7) 8,482,623 8,420,543 5.296%, 10/1/36 26,732,625 27,233,611 5.50%, 4/25/21-11/1/34 99,671,154 101,006,940 5.50%, 4/25/34 (10) 25,879,679 26,213,759 5.50%, 4/1/23 (11) 1,870,000 1,908,860 5.50%, 12/25/32 (7) 39,283,765 39,814,422 6%, 10/25/16-4/1/35 33,645,281 34,694,317 6%, 4/1/22-4/1/37 (11) 41,372,000 42,468,120 6%, 4/25/33-12/1/33 (7) 7,058,890 7,268,943 6.50%, 4/25/17-1/25/34 9,354,442 9,790,081 6.50%, 3/25/17 (7) 6,415,089 6,726,921 7%, 11/1/17-6/25/34 8,295,073 8,827,826 7%, 4/1/37 (11) 1,160,000 1,217,638 7.50%, 2/25/27-3/25/33 5,125,706 5,547,783 8.50%, 7/1/32 7,087 7,816 Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1999-54, Cl. LH, 6.50%, 11/25/29 990,048 1,030,129 Trust 2001-44, Cl. QC, 6%, 9/25/16 2,025,630 2,130,431 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 511,803 545,383 Trust 2001-69, Cl. PF, 3.606%, 12/25/31 (1) 1,185,485 1,169,351 Trust 2001-70, Cl. LR, 6%, 9/25/30 28,117 28,267 Trust 2001-74, Cl. QE, 6%, 12/25/31 6,135,803 6,348,877 Trust 2001-80, Cl. ZB, 6%, 1/25/32 1,294,628 1,341,731 Trust 2001-82, Cl. ZA, 6.50%, 1/25/32 476,713 503,498 Trust 2002-12, Cl. PG, 6%, 3/25/17 859,200 904,355 Trust 2002-29, Cl. F, 3.606%, 4/25/32 (1) 575,927 571,823 Trust 2002-56, Cl. KW, 6%, 4/25/23 3,980,000 4,067,840 Trust 2002-60, Cl. FH, 3.606%, 8/25/32 (1) 1,199,331 1,190,749 Trust 2002-64, Cl. FJ, 3.606%, 4/25/32 (1) 177,347 174,935 Trust 2002-68, Cl. FH, 3.275%, 10/18/32 (1) 400,867 392,508 Trust 2002-71, Cl. UB, 5%, 11/25/15 3,346,494 3,384,508 Trust 2002-9, Cl. PC, 6%, 3/25/17 897,325 944,491 Trust 2002-9, Cl. PR, 6%, 3/25/17 1,098,731 1,156,483 Trust 2002-90, Cl. FH, 3.106%, 9/25/32 (1) 1,325,087 1,291,529 Trust 2003-116, Cl. FA, 3.006%, 11/25/33 (1) 145,412 145,258 Trust 2003-130, Cl. CS, 8.888%, 12/25/33 (1) 3,078,698 3,207,713 Trust 2003-17, Cl. EQ, 5.50%, 3/25/23 1,452,000 1,495,753 Trust 2003-23, Cl. EQ, 5.50%, 4/25/23 2,883,000 2,950,045 Trust 2003-81, Cl. NB, 4.50%, 11/25/14 3,160,000 3,198,505 Trust 2003-81, Cl. PW, 4%, 3/25/25 831,079 832,310 Trust 2003-84, Cl. AJ, 3%, 4/25/13 605,792 604,666 Trust 2003-84, Cl. GC, 4.50%, 5/25/15 3,790,000 3,836,589 Trust 2003-84, Cl. PW, 3%, 6/25/22 699,013 697,273 Trust 2004-101, Cl. BG, 5%, 1/25/20 630,000 650,824 Trust 2004-52, Cl. JR, 4.50%, 7/25/24 1,524,636 1,529,590
5 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 $ 571,000 $ 588,547 Trust 2005-109, Cl. AH, 5.50%, 12/25/25 2,160,000 2,207,873 Trust 2005-31, Cl. PB, 5.50%, 4/25/35 560,000 562,461 Trust 2005-59, Cl. NQ, 10.359%, 5/25/35 (1) 1,136,408 1,240,167 Trust 2005-71, Cl. DB, 4.50%, 8/25/25 480,000 471,758 Trust 2006-29, Cl. PA, 5.50%, 8/25/26 6,158,800 6,260,544 Trust 2006-44, Cl. OA, 5.50%, 12/25/26 1,721,577 1,762,177 Trust 2006-46, Cl. SW, 14.643%, 6/25/36 (1) 1,326,899 1,567,561 Trust 2006-50, Cl. KS, 14.644%, 6/25/36 (1) 571,395 648,736 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 1,934,045 1,979,014 Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 33.802%, 11/18/31 (8) 653,601 70,687 Trust 2001-63, Cl. SD, 23.752%, 12/18/31 (8) 151,708 17,460 Trust 2001-68, Cl. SC, 20.241%, 11/25/31 (8) 104,404 11,233 Trust 2001-81, Cl. S, 19.577%, 1/25/32 (8) 121,617 12,526 Trust 2002-28, Cl. SA, 23.024%, 4/25/32 (8) 71,711 7,987 Trust 2002-38, Cl. IO, 26.57%, 4/25/32 (8) 348,465 29,974 Trust 2002-48, Cl. S, 21.958%, 7/25/32 (8) 115,153 12,397 Trust 2002-52, Cl. SL, 22.089%, 9/25/32 (8) 72,058 7,596 Trust 2002-56, Cl. SN, 23.903%, 7/25/32 (8) 158,235 17,072 Trust 2002-77, Cl. IS, 24.895%, 12/18/32 (8) 593,682 63,140 Trust 2002-77, Cl. SH, 25.122%, 12/18/32 (8) 159,689 19,065 Trust 2002-9, Cl. MS, 21.383%, 3/25/32 (8) 153,085 16,952 Trust 2003-117, Cl. KS, 33.065%, 8/25/33 (8) 12,091,889 1,051,080 Trust 2003-118, Cl. S, 33.146%, 12/25/33 (8) 1,318,415 190,570 Trust 2003-33, Cl. SP, 37.842%, 5/25/33 (8) 1,072,552 134,362 Trust 2003-38, Cl. SA, 16.786%, 3/25/23 (8) 1,996,083 225,849 Trust 2003-4, Cl. S, 32.391%, 2/25/33 (8) 325,705 37,797 Trust 2005-105, Cl. S, 68.168%, 12/25/35 (8) 3,153,016 287,627 Trust 2005-40, Cl. SA, 36.003%, 5/25/35 (8) 3,140,966 262,140 Trust 2005-40, Cl. SB, 60.214%, 5/25/35 (8) 5,138,904 455,610 Trust 2005-63, Cl. SA, 63.952%, 10/25/31 (8) 252,106 23,361 Trust 2005-71, Cl. SA, 46.79%, 8/25/25 (8) 829,622 82,747 Trust 2005-83, Cl. SL, 61.969%, 10/25/35 (8) 4,595,865 409,968 Trust 2005-85, Cl. SA, 100%, 10/25/35 (8) 12,608,553 1,066,990 Trust 2005-87, Cl. SE, 100%, 10/25/35 (8) 12,212,460 878,479 Trust 2005-87, Cl. SG, 67.85%, 10/25/35 (8) 3,278,347 280,433 Trust 2006-119, Cl. MS, 62.646%, 12/25/36 (8) 2,499,860 224,972 Trust 2006-33, Cl. SP, 53.593%, 5/25/36 (8) 2,983,795 340,603 Trust 2006-34, Cl. SK, 53.922%, 5/25/36 (8) 5,395,503 615,237 Trust 2006-48, Cl. QA, 27.027%, 6/25/36 (8) 5,880,730 605,528 Trust 2006-90, Cl. SX, 72.575%, 9/25/36 (8) 3,120,489 287,113 Trust 214, Cl. 2, 20.588%, 3/1/23 (8) 785,132 192,156 Trust 221, Cl. 2, 16.469%, 5/1/23 (8) 86,522 21,589 Trust 240, Cl. 2, 25.278%, 9/1/23 (8) 166,532 40,871
6 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 254, Cl. 2, 9.832%, 1/1/24 (8) $ 1,348,540 $ 333,896 Trust 2682, Cl. TQ, 72.017%, 10/15/33 (8) 1,194,267 99,918 Trust 2981, Cl. BS, 83.417%, 5/15/35 (8) 2,246,426 184,883 Trust 301, Cl. 2, 5.805%, 4/1/29 (8) 361,788 76,615 Trust 313, Cl. 2, (13.729)%, 6/1/31 (8) 380,836 82,898 Trust 319, Cl. 2, 11.256%, 2/1/32 (8) 116,781 24,462 Trust 321, Cl. 2, 10.956%, 4/1/32 (8) 518,597 111,141 Trust 324, Cl. 2, 5.279%, 7/1/32 (8) 904,992 203,712 Trust 331, Cl. 5, 9.361%, 2/1/33 (8) 1,997,171 428,850 Trust 334, Cl. 12, 5.448%, 2/1/33 (8) 1,700,634 367,455 Trust 334, Cl. 5, 13.605%, 5/1/33 (8) 1,172,763 259,343 Trust 339, Cl. 15, 14.725%, 7/1/33 (8) 4,357,535 815,312 Trust 339, Cl. 7, 9.528%, 7/1/33 (8) 8,107,282 1,721,273 Trust 342, Cl. 2, 9.484%, 9/1/33 (8) 1,735,581 385,501 Trust 344, Cl. 2, 5.971%, 12/1/33 (8) 5,759,976 1,278,610 Trust 345, Cl. 9, 11.109%, 1/1/34 (8) 2,048,775 430,973 Trust 351, Cl. 9, 8.668%, 10/1/34 (8) 18,104,496 3,811,333 Trust 362, Cl. 12, 11.026%, 8/1/35 (8) 1,246,720 244,648 Trust 362, Cl. 13, 11.03%, 8/1/35 (8) 744,881 146,605 Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 324, Cl. 1, 6.144%, 7/1/32 (9) 225,983 183,634 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A114, 5.75%, 4/25/37 1,800,078 1,728,507 WaMu Mortgage Pass-Through Certificates 2003-AR9 Trust, Mtg. Pass-Through Certificates, Series 2003-AR9, Cl. 2A, 4.039%, 9/25/33 (1) 2,286,758 2,175,420 ---------------- 722,171,013 GNMA/GUARANTEED--0.3% Government National Mortgage Assn.: 5.125%, 12/9/25 (1) 7,690 7,680 7%, 3/29/28-7/29/28 402,841 431,089 7.50%, 3/1/27 32,975 35,588 8%, 11/29/25-5/29/26 104,651 114,788 Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/16/29 1,613,650 1,758,859 Series 2000-12, Cl. ZA, 8%, 2/16/30 3,845,718 4,225,165 Series 2001-62, Cl. KZ, 6.50%, 12/16/31 2,793,630 2,939,961 Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 17.131%, 7/16/28 (8) 208,751 25,307 Series 1998-6, Cl. SA, 28.282%, 3/16/28 (8) 129,125 15,521 Series 2001-21, Cl. SB, 33.125%, 1/16/27 (8) 974,507 104,012 Series 2006-47, Cl. SA, 75.786%, 8/16/36 (8) 1,935,780 186,046 ---------------- 9,844,016
7 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- NON-AGENCY--6.4% COMMERCIAL--2.7% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2005-3, Cl. A2, 4.501%, 7/10/43 $ 690,000 $ 679,233 Series 2006-5, Cl. A2, 5.348%, 10/10/11 3,160,000 3,106,722 Banc of America Funding Corp., Mtg. Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 367,203 356,950 Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 320,934 329,651 ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 3.235%, 8/25/08 (1) 288,692 279,119 CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35 3,740,000 3,452,752 Citigroup Mortgage Loan Trust, Inc. 2006-WF1, Asset-Backed Pass-Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 199,113 200,543 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 8,937,526 CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 1A13, 3.056%, 10/25/36 (1) 2,652,100 1,943,555 Countrywide Alternative Loan Trust 2007-8CB, Mtg. Pass-Through Certificates, Series 2007-8CB, Cl. A1, 5.50%, 5/25/37 5,589,129 5,210,088 CWABS Asset-Backed Certificates Trust 2006-8, Asset-Backed Certificates, Series 2006-8, Cl. 2A1, 2.629%, 1/25/46 (1) 1,793,805 1,757,447 Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates: Series 2006-AB1, Cl. A2A, 5.50%, 2/25/36 1,220,235 1,199,922 Series 2006-AB2, Cl. A1, 5.888%, 6/25/36 1,743,081 1,744,864 Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 520,969 516,082 Series 2006-AB3, Cl. A7, 6.36%, 7/1/36 186,079 183,383 Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 2,467,357 2,373,504 DLJ Commercial Mortgage Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-CF2, Cl. A1B, 6.24%, 11/12/31 1,055,665 1,057,822 First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 1,327,162 1,287,608 First Union National Bank/Lehman Brothers/Bank of America Commercial Mtg. Trust, Pass-Through Certificates, Series 1998-C2, Cl. A2, 6.56%, 11/18/35 551,214 549,773 GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations: Series 2004-C3, Cl. A2, 4.433%, 7/10/39 390,000 386,948 Series 2005-C3, Cl. A2, 4.853%, 7/10/45 430,000 426,473 GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 7.093%, 5/15/30 (1) 1,567,000 1,547,450 Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-GG3, Cl. A2, 4.305%, 8/10/42 2,965,000 2,926,740
8 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- COMMERCIAL CONTINUED Series 2005-GG5, Cl. A2, 5.117%, 4/10/37 $ 8,405,000 $ 8,360,771 Series 2007-GG9, Cl. A2, 5.381%, 3/10/39 1,990,000 1,951,516 GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2006-GG8, Cl. A2, 5.479%, 11/10/39 1,702,000 1,684,016 GSR Mortgage Loan Trust 2005-4F, Mtg. Pass-Through Certificates, Series 2005-4F, Cl. 6A1, 6.50%, 2/25/35 3,443,220 3,307,134 JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 160,000 157,678 Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 2,225,000 2,199,077 Series 2007-LD11, Cl. A2, 5.804%, 6/15/49 (1) 5,390,000 5,362,050 Series 2007-LD12, Cl. A2, 5.827%, 2/15/51 5,682,000 5,630,294 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 2,380,000 2,321,671 LB-UBS Commercial Mortgage Trust 2005-C5, Commercial Mtg. Pass-Through Certificates, Series 2005-C5, Cl. A2, 4.885%, 9/15/30 520,000 516,761 LB-UBS Commercial Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. A2, 5.084%, 2/11/31 1,650,000 1,628,278 LB-UBS Commercial Mortgage Trust 2007-C1, Commercial Mtg. Pass-Through Certificates, Series 2007-C1, Cl. A2, 5.318%, 1/15/12 8,330,000 8,159,721 Mastr Alternative Loan Trust, CMO Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 450,096 415,151 Mastr Asset Securitization Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 3.049%, 10/25/36 (1) 7,017,966 6,425,530 Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 1,095,495 1,097,894 Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 556,000 575,949 Residential Asset Securitization Trust 2006-A9CB, Mtg. Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 1,199,056 1,190,789 Wachovia Bank Commercial Mortgage Trust 2005-C17, Commercial Mtg. Pass-Through Certificates, Series 2005-C17, Cl. A2, 4.782%, 3/15/42 807,008 801,594 Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.272%, 11/15/48 2,997,000 2,939,148 WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg, Pass-Through Certificates, Series 2006-AR8, Cl. 1A4, 5.884%, 8/1/46 (1) 8,418,992 8,083,859 Wells Fargo Mortgage-Backed Securities 2004-V Trust, Mtg. Pass-Through Certificates, Series 2004-V, Cl. 1A1, 3.835%, 10/1/34 (1) 4,505,236 4,527,152 ---------------- 107,790,188 MANUFACTURED HOUSING--0.2% Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.10%, 9/25/36 (1) 7,269,778 6,853,599
9 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- MULTIFAMILY--0.2% Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2003-E, Cl. 2A2, 4.35%, 6/25/33 (1) $ 3,467,261 $ 3,461,371 Countrywide Home Loans Servicing LP, Mtg. Pass-Through Certificates, Series 2003-46, Cl. 1A2, 4.124%, 1/19/34 (1) 5,897,435 5,990,157 ---------------- 9,451,528 OTHER--0.0% JPMorgan Mortgage Trust 2005-S2, Mtg. Pass-Through Certificates, Series 2005-S2, Cl. 3A1, 6.761%, 2/25/32 (1) 1,825,081 1,801,595 RESIDENTIAL--3.3% Chase Mortgage Finance Trust 2006-S3, Multiclass Mtg. Pass-Through Certificates, Series 2006-S3, Cl. 1A2, 6%, 11/1/36 4,210,000 3,834,519 Chase Mortgage Finance Trust 2007-A1, Multiclass Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 9A1, 4.571%, 2/1/37 (1) 4,329,491 4,116,406 CHL Mortgage Pass-Through Trust 2005-26, Mtg. Pass-Through Certificates, Series 2005-26, Cl. 1A8, 5.50%, 11/1/35 (11) 3,921,020 3,700,057 CHL Mortgage Pass-Through Trust 2005-27, Mtg. Pass-Through Certificates, Series 2005-27, Cl. 2A1, 5.50%, 12/1/35 (11) 3,414,898 3,222,429 CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35 2,110,000 1,827,795 CHL Mortgage Pass-Through Trust 2007-HY5, Mtg. Pass-Through Certificates: Series 2007-HY5, Cl. 1A2, 5.946%, 9/1/37 (1) 4,546,991 3,137,424 Series 2007-HY5, Cl. 2A2, 6.017%, 9/1/37 (1) 1,157,872 798,931 CHL Mortgage Pass-Through Trust 2007-HY5, Mtg. Pass-Through Certificates,, Series 2007-HY5, Cl. 3A2, 6.216%, 9/1/37 (1) 2,863,885 1,976,080 Citigroup Mortgage Loan Trust, Inc. 2005-3, Asset-Backed Pass-Through Certificates, Series 2005-3, Cl. 2A4, 5.201%, 8/1/35 (1) 8,828,204 7,834,804 Citigroup Mortgage Loan Trust, Inc., 2006-AR2, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl.1A2, 5.527%, 3/1/36 (1) 10,272,769 9,860,756 CitiMortgage Alternative Loan Trust 2006-A1, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A1, Cl. 2A1, 5.25%, 3/1/21 2,756,823 2,731,903 Countrywide Alternative Loan Trust 2005-J1, Mtg. Pass-Through Certificates, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 5,695,946 5,051,474 Countrywide Home Loans Servicing LP, Mtg. Pass-Through Certificates: Series 2005-31, Cl. 2A4, 5.496%, 1/1/36 (1) 1,534,344 1,420,117 Series 2007-HY3, Cl. 1A1, 5.714%, 6/1/47 (1) 4,050,908 3,744,558 GSR Mortgage Loan Trust 2007-AR1, Mgt. Pass-Through Certificates, Series 2007-AR1, Cl. 2A1, 5.999%, 3/1/37 (1) 13,446,716 12,805,830 GSR Mortgage Loan Trust 2007-AR1, Mtg. Pass-Through Certificates, Series 2007-AR1, Cl. 4A1, 5.834%, 3/1/37 (1) 4,410,508 4,060,151 JPMorgan Mortgage Trust 2007-A1, Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 7A1, 5.301%, 7/1/35 (1) 6,967,631 6,427,640 Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 6.085%, 10/25/36 (1) 6,096,426 5,848,832
10 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- RESIDENTIAL CONTINUED Merrill Lynch Mortgage Investors Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 1A1, 5.861%, 9/1/37 (1,5) $ 3,854,789 $ 3,739,145 RALI Series 2006-QS13 Trust: Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36 4,143,675 4,047,779 Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 939,041 932,910 RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 4/25/08 572,394 572,936 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37 1,695,726 1,628,303 Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35 3,720,000 3,122,302 WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A1, 5.056%, 12/1/35 (1) 4,877,224 4,746,322 WaMu Mortgage Pass-Through Certificates 2007-HY4 Trust, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 4A1, 5.497%, 9/25/36 (1) 12,015,174 11,420,736 Washington Mutual Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 1A8, 6%, 2/25/37 5,394,821 5,310,469 Wells Fargo Mortgage-Backed Securities 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2005-AR12, Cl. 2A6, 4.329%, 7/1/35 (1) 2,558,753 2,369,481 Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust, Mtg. Pass-Through Certificates, Series 2005-AR16, Cl. 2A1, 4.943%, 10/1/35 (1) 3,279,677 3,326,338 Wells Fargo Mortgage-Backed Securities 2006-12 Trust, Mtg. Pass-Through Certificates, Series 2006-12, Cl. A1, 6%, 10/25/36 2,234,753 2,237,883 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 5A3, 5.597%, 7/1/36 (1) 1,922,137 1,863,643 Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-A R8, Cl. 2A1, 5.241%, 4/1/36 (1) 2,906,323 2,862,764 ---------------- 130,580,717 ---------------- Total Mortgage-Backed Obligations (Cost $969,821,541) 988,492,656 U.S. GOVERNMENT OBLIGATIONS--4.5% Federal Home Loan Mortgage Corp. Unsec. Nts.: 3.375%, 4/15/09 38,125,000 38,566,602 4.625%, 10/25/12 (12) 20,570,000 21,854,206 5.25%, 5/21/09 (12) 37,250,000 38,507,784 6%, 6/15/11 7,600,000 8,358,115 Federal National Mortgage Assn. Unsec. Nts.: 2.75%, 4/11/11 (12) 24,960,000 24,991,325 3.25%, 4/9/13 (12) 23,365,000 23,373,972 5.50%, 3/15/11 (12) 15,955,000 17,197,990
11 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- Resolution Funding Corp. Bonds, Residual Funding STRIPS, 5.155%, 1/15/21 (13) $ 5,667,000 $ 3,203,011 U.S. Treasury Bonds: STRIPS, 4.201%, 2/15/11 (7,12,13) 900,000 852,179 STRIPS, 4.808%, 2/15/16 (7,12,13) 4,491,000 3,452,133 ---------------- Total U.S. Government Obligations (Cost $175,868,310) 180,357,317 FOREIGN GOVERNMENT OBLIGATIONS--28.0% ARGENTINA--0.5% Argentina (Republic of) Bonds: 3.092%, 8/3/12 (1) 6,792,500 5,774,101 7%, 10/3/15 1,270,000 966,470 Series GDP, 0.971%, 12/15/35 (1,14) 8,600,000 1,036,300 Series V, 7%, 3/28/11 6,312,000 5,714,114 Series VII, 7%, 9/12/13 6,265,000 5,132,341 Neuquen (Province Del) Sr. Sec. Nts., 8.656%, 10/18/14 (2) 1,810,000 1,769,275 ---------------- 20,392,601 AUSTRALIA--0.9% New South Wales Treasury Corp. Bonds, Series 10RG, 7%, 12/1/10 110,000 AUD 100,993 New South Wales Treasury Corp. Sr. Unsec. Nts., 6%, 10/1/09 37,140,000 AUD 33,501,997 Queensland Treasury Corp. Unsec. Nts., Series 09G, 6%, 7/14/09 1,800,000 AUD 1,626,919 ---------------- 35,229,909 AUSTRIA--0.2% Austria (Republic of) Unsec. Unsub. Nts., Series E, 4%, 9/15/16 5,762,000 EUR 9,077,144 BELGIUM--0.2% Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35 5,340,000 EUR 8,695,109 BRAZIL--2.4% Brazil (Federal Republic of) Bonds: 6%, 1/17/17 9,480,000 9,688,560 8%, 1/15/18 22,150,000 24,863,375 8.75%, 2/4/25 2,950,000 3,621,125 8.875%, 10/14/19 9,085,000 11,242,688 10.50%, 7/14/14 6,288,000 8,001,480 Brazil (Federal Republic of) Nts.: 7.875%, 3/7/15 130,000 147,225 10%, 1/10/10 18,216,000 BRR 9,876,819 10%, 1/1/12 13,111,000 BRR 6,957,266 10%, 1/1/17 21,882,000 BRR 10,732,867 Brazil (Federal Republic of) Treasury Bills, 10.697%, 7/1/08 (13) 21,260,000 BRR 11,792,800 ---------------- 96,924,205 BULGARIA--0.0% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 740,000 867,650 8.25%, 1/15/15 (2) 710,000 832,475 ---------------- 1,700,125
12 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- CANADA--1.0% Canada (Government of) Nts.: 3.75%, 6/1/12 19,470,000 CAD $ 19,594,242 4.25%, 12/1/09 19,060,000 CAD 19,068,356 ---------------- 38,662,598 COLOMBIA--0.7% Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28 (2) 3,058,000,000 COP 1,425,285 Colombia (Republic of) Bonds: 7.375%, 9/18/37 3,805,000 4,090,375 10.75%, 1/15/13 3,900,000 4,839,900 12%, 10/22/15 17,234,000,000 COP 9,869,573 Colombia (Republic of) Nts., 8.25%, 12/22/14 1,713,000 1,995,645 Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17 960,000 1,064,160 EEB International Ltd. Sr. Unsec. Bonds, 8.75%, 10/31/14 (2) 3,330,000 3,446,550 ---------------- 26,731,488 COSTA RICA--0.0% Costa Rica (Republic of) Unsec. Bonds, 9.995%, 8/1/20 1,498,000 1,949,273 DENMARK--0.2% Denmark (Kingdom of) Bonds: 4%, 11/15/10 10,520,000 DKK 2,235,880 4%, 11/15/15 7,660,000 DKK 1,616,199 7%, 11/10/24 2,780,000 DKK 758,803 Denmark (Kingdom of) Nts., 4%, 8/15/08 11,075,000 DKK 2,342,154 ---------------- 6,953,036 DOMINICAN REPUBLIC--0.1% Dominican Republic Unsec. Unsub. Bonds, Series REGS, 9.04%, 1/23/18 1,721,439 1,833,332 Dominican Republic Unsec. Unsub. Nts., 9.50%, 9/27/11 (2) 307,398 323,536 ---------------- 2,156,868 EGYPT--0.0% Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/12 (2) 10,100,000 EGP 1,895,517 EL SALVADOR--0.1% El Salvador (Republic of) Bonds: 7.625%, 9/21/34 (2) 590,000 643,100 7.65%, 6/15/35 (2) 4,570,000 4,867,050 ---------------- 5,510,150 FRANCE--3.1% France (Government of) Obligations Assimilables du Tresor Bonds: 3.25%, 4/25/16 23,225,000 EUR 34,800,467 4%, 10/25/38 17,545,000 EUR 24,805,812 France (Government of) Treasury Nts.: 3.75%, 1/12/13 28,155,000 EUR 44,368,095
13 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- France (Government of) Treasury Nts., 4.50%, 7/12/12 11,135,000 EUR $ 18,075,279 ---------------- 122,049,653 GERMANY--3.0% Germany (Federal Republic of) Bonds: Series 03, 3.75%, 7/4/13 27,405,000 EUR 43,538,390 Series 05, 4%, 1/4/37 (15) 45,270,000 EUR 65,196,991 Series 07, 4.25%, 7/4/17 5,775,000 EUR 9,367,633 ---------------- 118,103,014 GHANA--0.1% Ghana (Republic of) Bonds, 8.50%, 10/4/17 (2) 3,500,000 3,675,000 GREECE--0.5% Greece (Republic of) Bonds, 4.60%, 5/20/13 12,430,000 EUR 20,020,834 GUATEMALA--0.1% Guatemala (Republic of) Nts.: 10.25%, 11/8/11 (2) 250,000 290,750 10.25%, 11/8/11 2,150,000 2,500,450 ---------------- 2,791,200 INDONESIA--0.5% Indonesia (Republic of) Nts.: 6.75%, 3/10/14 (2) 7,620,000 8,020,050 6.90%, 1/17/18 (2) 3,260,000 3,436,376 7.25%, 4/20/15 (2) 4,870,000 5,210,900 Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35 (2) 2,430,000 2,739,825 ---------------- 19,407,151 ISRAEL--0.5% Israel (State of) Bonds: 5.50%, 2/28/17 42,460,000 ILS 11,861,803 Series 2682, 7.50%, 3/31/14 25,080,000 ILS 7,902,688 ---------------- 19,764,491 ITALY--0.7% Italy (Republic of) Nts., Certificati di Credito del Tesoro, 4.20%, 7/1/09 (1) 16,660,000 EUR 26,343,900 JAPAN--2.6% Japan (Government of) Bonds: 2 yr., Series 252, 0.80%, 1/15/09 3,977,000,000 JPY 39,976,071 10 yr., Series 245, 0.90%, 12/20/12 1,855,000,000 JPY 18,745,028 10 yr., Series 288, 1.70%, 9/20/17 1,638,000,000 JPY 17,145,265 30 yr., Series 25, 2.30%, 12/20/36 2,670,000,000 JPY 26,330,357 ---------------- 102,196,721 MALAYSIA--0.1% Johor Corp. Malaysia (Government of) Bonds, Series P3, 1%, 7/31/12 (5) 7,980,000 MYR 3,006,378 Malaysia (Government of) Bonds, Series 2/05, 4.72%, 9/30/15 8,950,000 MYR 2,968,876 ---------------- 5,975,254
14 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- MEXICO--1.7% United Mexican States Bonds: Series A, 6.375%, 1/16/13 $ 3,800,000 $ 4,183,800 Series M7, 8%, 12/24/08 (1) 240,660,000 MXN 22,700,766 Series MI10, 8%, 12/19/13 126,490,000 MXN 12,223,954 Series M20, 10%, 12/5/24 (1) 45,000,000 MXN 5,214,677 United Mexican States Nts., 8.375%, 1/14/11 18,960,000 21,443,760 ---------------- 65,766,957 NIGERIA--0.8% Nigeria (Federal Republic of) Nts., Series 3Y2S, 12.50%, 2/24/09 60,500,000 NGN 528,693 Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 96,779 NGN 100,724 Nigeria (Federal Republic of) Treasury Bills, Series 364, 9.13%, 2/5/09 (13) 313,000,000 NGN 2,469,188 Nigeria (Federal Republic of) Treasury Bonds: Series 3Y, 9.23%, 5/25/12 624,300,000 5,239,608 Series 3Y, 12.50%, 7/31/09 150,400,000 NGN 1,336,147 Series 3Y1S, 15%, 1/27/09 116,700,000 NGN 1,036,757 Series 5 yr., 9.50%, 2/23/12 278,300,000 NGN 2,364,237 Series 5Y, 9.50%, 8/31/12 623,000,000 NGN 5,279,255 Series 5Y13, 12.99%, 9/29/11 142,800,000 NGN 1,369,265 Series 7Y16, 11.99%, 12/22/13 236,500,000 NGN 2,171,764 Series 7YR, 12.74%, 10/27/13 317,100,000 NGN 2,979,627 Series 10 yr., 9.35%, 8/31/17 600,000,000 NGN 4,733,268 Series 364, 9.163%, 1/8/09 (13) 481,300,000 NGN 3,822,771 ---------------- 33,431,304 PANAMA--0.5% Panama (Republic of) Bonds: 6.70%, 1/26/36 8,540,000 8,732,150 7.25%, 3/15/15 5,855,000 6,440,500 8.875%, 9/30/27 1,375,000 1,753,125 9.375%, 4/1/29 655,000 864,600 Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26 2,760,000 2,994,600 ---------------- 20,784,975 PERU--2.1% Peru (Republic of) Bonds: 7.84%, 8/12/20 28,080,000 PEN 11,205,014 9.91%, 5/5/15 8,101,000 PEN 3,595,434 Series 7, 8.60%, 8/12/17 22,570,000 PEN 9,475,374 Series 8-1, 12.25%, 8/10/11 46,095,000 PEN 20,290,945 Peru (Republic of) Certificate of Deposit: 5.364%, 4/11/08 (13) 21,466,000 PEN 7,805,560 5.50%, 5/2/08 (5,13) 28,136,000 PEN 10,020,595 5.502%, 4/3/08 (13) 5,070,000 PEN 1,841,036 5.516%, 5/16/08 (13) 10,150,000 PEN 3,671,292 5.719%, 11/6/08 (13) 11,490,000 PEN 4,041,786 5.818%, 1/5/09 (13) 27,110,000 PEN 9,443,103
15 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- Peru (Republic of) Sr. Nts., 4.533%, 2/28/16 (13) $ 363,872 $ 244,122 ---------------- 81,634,261 PHILIPPINES--0.4% Philippines (Republic of the) Unsec. Bonds: 7.75%, 1/14/31 5,762,000 6,460,354 9%, 2/15/13 7,625,000 8,950,225 ---------------- 15,410,579 POLAND--0.2% Poland (Republic of) Bonds: Series DS1013, 5%, 10/24/13 20,240,000 PLZ 8,642,592 Series WS0922, 5.75%, 9/23/22 1,000,000 PLZ 439,531 ---------------- 9,082,123 THE NETHERLANDS--0.4% Netherlands (Kingdom of the) Bonds, 5%, 7/15/11 6,035,000 EUR 9,900,331 Netherlands (Kingdom of the) Nts., 4.50%, 7/15/17 3,115,000 EUR 5,078,924 ---------------- 14,979,255 TURKEY--2.0% Turkey (Republic of) Bonds: 6.75%, 4/3/18 10,035,000 10,009,913 7%, 9/26/16 9,710,000 9,904,200 Turkey (Republic of) Nts.: 7.25%, 3/15/15 5,685,000 6,011,888 14%, 1/19/11 (1) 15,250,000 TRY 10,609,168 15.861%, 10/7/09 (13) 18,240,000 TRY 10,554,266 16%, 3/7/12 (1) 37,395,000 TRY 26,325,220 18.163%, 8/13/08 (13) 6,630,000 TRY 4,679,946 ---------------- 78,094,601 UNITED KINGDOM--1.4% United Kingdom Treasury Bonds: 5.75%, 12/7/09 15,785,000 GBP 32,293,353 6%, 12/7/28 (16) 9,965,000 GBP 23,490,341 ---------------- 55,783,694 URUGUAY--0.4% Uruguay (Oriental Republic of) Bonds: 4.25%, 4/5/27 48,300,000 UYU 2,503,056 7.625%, 3/21/36 3,525,000 UYU 3,586,688 Uruguay (Oriental Republic of) Unsec. Bonds: 5%, 9/14/18 54,110,000 3,260,895 8%, 11/18/22 7,030,000 7,557,250 ---------------- 16,907,889 VENEZUELA--0.6% Venezuela (Republic of) Bonds, 9.25%, 9/15/27 14,610,000 13,916,025 Venezuela (Republic of) Nts., 10.75%, 9/19/13 4,885,000 4,994,913
16 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- Venezuela (Republic of) Unsec. Bonds, 7.65%, 4/21/25 $ 6,255,000 $ 5,047,003 ---------------- 23,957,941 ---------------- Total Foreign Government Obligations (Cost $1,055,662,888) 1,112,038,820 LOAN PARTICIPATIONS--1.2% Bayerische Hypo- und Vereinsbank AG for the City of Kiev, Ukraine Loan Participation Nts., 8.625%, 7/15/11 (5) 8,210,000 8,622,323 Credit Suisse First Boston International, Export-Import Bank of Ukraine Loan Participation Nts., 8.40%, 2/9/16 1,740,000 1,687,800 Dali Capital plc/Bank of Moscow Loan Participation Nts., Series 28, Tranche 1, 7.25%, 11/25/09 37,000,000 RUR 1,587,310 Dali Capital SA (ROSBANK) Loan Participation Nts., Series 23, Tranche 1, 8%, 9/30/09 36,400,000 RUR 1,496,505 Gaz Capital SA Sr. Unsec. Loan Participation Nts., 7.288%, 8/16/37 (2) 14,680,000 13,624,361 Gazprom International SA Unsec. Loan Participation Nts., 7.201%, 2/1/20 (2) 1,969,043 2,013,346 VTB Capital SA Loan Participation Nts., 6.315%, 2/4/15 (1) 16,700,000 16,880,694 ---------------- Total Loan Participations (Cost $46,480,281) 45,912,339 CORPORATE BONDS AND NOTES--14.4% AAC Group Holding Corp., 0%/10.25% Sr. Unsec. Disc. Nts., 10/1/12 (17) 100,000 81,500 Ace Cash Express, Inc., 10.25% Sr. Nts., 10/1/14 (5) 250,000 205,000 AES Dominicana Energia Finance SA, 11% Sr. Nts., 12/13/15 (2) 2,758,000 2,654,575 AES Panama SA, 6.35% Sr. Nts., 12/21/16 (2) 1,100,000 1,101,371 AES Red Oak LLC, 8.54% Sr. Sec. Bonds, Series A, 11/30/19 (5) 247,199 248,435 Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 2,470,000 2,367,381 Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 1,100,000 1,083,500 Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 (5) 1,825,000 1,783,938 Allied Waste North America, Inc., 7.375% Sr. Sec. Nts., Series B, 4/15/14 2,840,000 2,808,050 Alrosa Finance SA, 8.875% Nts., 11/17/14 (2) 13,025,000 13,988,199 AmBev International Finance Co. Ltd., 9.50% Bonds, 7/24/17 (2) 5,050,000 BRR 2,482,262 AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14 760,000 647,900 America Movil SAB de CV: 8.46% Bonds, 12/18/36 (2) 13,500,000 MXN 1,245,890 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36 39,200,000 MXN 3,617,697 American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 150,000 99,750 8.875% Sr. Unsec. Sub. Nts., 1/15/11 (5) 5,454 3,627 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 1,250,000 843,750 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 (2) 45,450 30,452 American Tower Corp.: 7.125% Sr. Unsec. Nts., 10/15/12 335,000 344,213 7.50% Sr. Nts., 5/1/12 2,485,000 2,553,338 Ashtead Capital, Inc., 9% Nts., 8/15/16 (2) 385,000 313,775 ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 (3,4,5) 735,000 --
17 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 $ 1,910,000 $ 1,952,975 Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26 (2) 4,823,264 4,823,264 Avis Budget Car Rental LLC, 7.625% Sr. Unsec. Unsub. Nts., 5/15/14 2,030,000 1,761,025 BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17 3,545,000 EUR 5,455,878 Banco Bilbao Vizcaya Argentaria SA, 4.25% Sec. Bonds, 7/15/14 3,340,000 EUR 5,204,697 Banco BMG SA, 9.15% Nts., 1/15/16 (2) 3,520,000 3,520,000 Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/21 (1,2) 1,345,000 1,345,000 Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16 (2) 2,605,000 2,337,988 Banco Invex SA, 25.672% Mtg. Backed Certificates, Series 062U, 3/13/34 (1,18) 5,076,325 MXN 1,980,418 Bank of Scotland plc: 4.375% Sr. Sec. Nts., 7/13/16 15,700,000 EUR 24,209,692 4.50% Sr. Sec. Nts., 7/13/21 8,135,000 EUR 12,006,513 Barclays Bank plc, 6.278% Perpetual Bonds (19) 6,850,000 5,482,740 Bausch & Lomb, Inc., 9.875% Sr. Unsec. Nts., 11/1/15 (2) 1,425,000 1,453,500 Berry Petroleum Co., 8.25% Sr. Sub. Nts., 11/1/16 905,000 929,888 Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14 3,125,000 2,742,188 C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs. (2,19) 4,630,000 4,292,667 Case New Holland, Inc., 7.125% Sr. Unsec. Nts., 3/1/14 3,065,000 3,019,025 CCH I Holdings LLC/CCH I Holdings Capital Corp., 11% Sr. Sec. Nts., 10/1/15 2,215,000 1,550,500 CCM Merger, Inc., 8% Unsec. Nts., 8/1/13 (2) 1,335,000 1,128,075 CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 (3,4,5) 400,000 -- Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 1,250,000 1,175,394 Chesapeake Energy Corp., 6.875% Sr. Unsec. Nts., 1/15/16 3,805,000 3,785,975 Church & Dwight Co., Inc., 6% Sr. Unsec. Sub. Nts., 12/15/12 940,000 921,200 Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 (17) 2,035,000 1,841,675 Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 4,880,000 4,440,800 Claire's Stores, Inc., 10.50% Sr. Unsec. Sub. Nts., 6/1/17 2,990,000 1,330,550 Cloverie plc, 6.792% Sec. Nts., Series 2005-93, 12/20/10 (1,5) 1,100,000 949,300 Constellation Brands, Inc.: 8.125% Sr. Sub. Nts., 1/15/12 1,780,000 1,806,700 8.375% Sr. Nts., 12/15/14 995,000 1,029,825 Coriolanus Ltd.: 3.359% Sec. Nts., 12/31/17 (5,13) 25,700,000 BRR 10,237,818 10.62% Sec. Nts., 8/10/10 3,300,000 2,377,650 Corrections Corp. of America: 6.25% Sr. Unsec. Sub. Nts., 3/15/13 415,000 408,775 7.50% Sr. Nts., 5/1/11 575,000 583,625 Countrywide Financial Corp., 3.345% Unsec. Unsub. Nts, 5/5/08 (1) 1,230,000 1,222,047 Countrywide Home Loans, Inc., 3.25% Nts., Series L, 5/21/08 9,635,000 9,449,353 Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15 2,640,000 2,725,800 DaVita, Inc., 6.625% Sr. Unsec. Nts., 3/15/13 3,310,000 3,227,250 Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 155,000 135,238 Del Monte Corp.: 6.75% Sr. Unsec. Sub. Nts., 2/15/15 180,000 173,250 8.625% Sr. Sub. Nts., 12/15/12 400,000 409,000
18 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 $ 3,599,000 $ 4,343,068 Denbury Resources, Inc., 7.50% Sr. Sub. Nts., 12/15/15 1,190,000 1,222,725 Depfa ACS Bank, 3.875% Sec. Nts., 11/14/16 1,110,000 EUR 1,691,374 Dex Media West LLC/Dex Media West Finance Co.: 8.50% Sr. Nts., 8/15/10 300,000 293,250 9.875% Sr. Sub. Nts., 8/15/13 586,000 511,285 Dex Media, Inc.: 0%/9% Unsec. Disc. Nts., 11/15/13 (17) 195,000 141,375 0%/9% Unsec. Disc. Nts., 11/15/13 (17) 400,000 290,000 8% Unsec. Nts., 11/15/13 460,000 338,100 Dillard's, Inc., 6.625% Unsec. Nts., 11/15/08 790,000 791,975 Dole Food Co., Inc.: 7.25% Sr. Unsec. Nts., 6/15/10 100,000 77,500 8.625% Sr. Nts., 5/1/09 306,000 267,750 8.875% Sr. Unsec. Nts., 3/15/11 71,000 57,865 Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 (5) 700,000 528,500 DRS Technologies, Inc.: 6.625% Sr. Nts., 2/1/16 970,000 953,025 7.625% Sr. Sub. Nts., 2/1/18 205,000 206,025 Eastman Kodak Co., 3.625% Nts., Series A, 5/15/08 385,000 385,000 EchoStar DBS Corp., 6.375% Sr. Unsec. Nts., 10/1/11 2,135,000 2,054,938 Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17 2,775,000 2,775,000 Eirles Two Ltd.: 6.482% Sec. Nts., Series 335, 4/30/12 (1,5) 6,300,000 4,803,750 8.279% Sec. Nts., Series 324, 4/30/12 (1,5) 4,100,000 3,034,000 Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10 (2) 1,115,000 BRR 698,980 Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 1,060,000 1,012,300 Enterprise Products Operating LP, 8.375% Jr. Sub. Nts., 8/1/66 (1) 3,475,000 3,388,389 Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 (3,4,5) 337,947 EUR -- Exsportfinans ASA, 3.50% Nts., 2/11/11 (1) 19,880,000 EUR 30,472,780 FairPoint Communications, Inc., 13.125% Sr. Nts., 4/1/18 2,005,000 1,934,825 Felcor Lodging LP, 8.50% Sr. Nts., 6/1/11 (1) 925,000 911,125 Fiserv, Inc., 6.125% Sr. Unsec. Nts., 11/20/12 3,210,000 3,312,592 Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 1,790,000 1,848,175 Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17 3,510,000 3,733,763 Fresenius Medical Care Capital Trust IV, 7.875% Sr. Sub. Nts., 6/15/11 1,065,000 1,110,263 GameStop Corp., 8% Sr. Unsec. Nts., 10/1/12 320,000 340,000 Gaylord Entertainment Co., 8% Sr. Nts., 11/15/13 515,000 480,238 General Motors Acceptance Corp., 8% Bonds, 11/1/31 1,860,000 1,335,887 Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 3,805,000 3,304,380 Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 1,110,000 1,141,913 9% Sr. Unsec. Nts., 7/1/15 705,000 749,063 Graham Packaging Co., Inc., 9.875% Sr. Unsec. Sub. Nts., 10/15/14 2,450,000 2,070,250 Graphic Packaging International Corp., 8.50% Sr. Nts., 8/15/11 2,780,000 2,745,250 Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13 (2) 1,385,000 1,267,275 Greenbrier Cos., Inc., 8.375% Sr. Unsec. Nts., 5/15/15 380,000 359,100
19 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- H&E Equipment Services, Inc., 8.375% Sr. Unsec. Nts., 7/15/16 $ 420,000 $ 348,600 Harrah's Operating Co., Inc., 10.75% Sr. Unsec. Nts., 2/1/16 (2) 2,455,000 2,080,613 HBOS plc, 6.413% Sub. Perpetual Bonds, Series A (2,19) 6,600,000 4,740,292 HCA, Inc., 6.375% Nts., 1/15/15 3,800,000 3,234,750 HealthSouth Corp., 10.75% Sr. Unsec. Nts., 6/15/16 1,785,000 1,883,175 Helix Energy Solutions Group, Inc., 9.50% Sr. Unsec. Nts., 1/15/16 (2) 1,785,000 1,793,925 Hertz Corp.: 8.875% Sr. Unsec. Nts., 1/1/14 610,000 581,025 10.50% Sr. Unsec. Sub. Nts., 1/1/16 1,135,000 1,068,319 Host Marriott LP, 6.375% Sr. Nts., Series O, 3/15/15 1,835,000 1,715,725 HSBC Bank plc: 11.601% Sr. Unsec. Nts., 1/12/10 (13) 2,510,000 1,942,740 12.278% Sr. Unsec. Nts., 3/9/09 (13) 1,960,000 1,695,400 9.751% Sr. Unsec. Nts., 7/8/09 (13) 1,960,000 1,790,460 HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 (1) 5,500,000 4,467,980 HSBK Europe BV, 7.25% Unsec. Unsub. Nts., 5/3/17 (2) 1,360,000 1,183,200 Huntsman International LLC: 7.375% Sr. Unsub. Nts., 1/15/15 (5) 790,000 821,600 7.875% Sr. Unsec. Sub. Nts., 11/15/14 (5) 375,000 399,375 Huntsman LLC: 11.50% Sr. Unsec. Nts., 7/15/12 (1) 198,000 211,860 11.625% Sr. Unsec. Nts., 10/15/10 13,000 13,780 ICICI Bank Ltd.: 6.375% Bonds, 4/30/22 (1,2) 6,960,000 5,997,355 6.625% Nts., 10/3/12 (2) 6,620,000 6,617,968 Idearc, Inc., 8% Sr. Unsec. Nts., 11/15/16 2,020,000 1,318,050 IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24 (5) 7,988,981 8,927,686 Inter-American Development Bank: 6.26% Nts., 12/8/09 (1) 920,000 BRR 534,661 9.891% Nts., 1/25/12 (1,5) 706,857,153 COP 416,574 Invista, Inc., 9.25% Sr. Nts., 5/1/12 (2) 960,000 986,400 iPayment Holdings, Inc., 9.75% Sr. Unsec. Sub. Nts., 5/15/14 (5) 400,000 357,000 Iron Mountain, Inc., 8.625% Sr. Unsec. Sub. Nts., 4/1/13 1,765,000 1,791,475 ISA Capital do Brasil SA: 7.875% Sr. Nts., 1/30/12 (2) 1,130,000 1,169,550 8.80% Sr. Nts., 1/30/17 (2) 1,410,000 1,473,450 Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14 3,085,000 2,213,488 Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 1,015,000 1,091,980 iStar Financial, Inc., 3.35% Sr. Unsec. Nts., 3/16/09 (1) 1,595,000 1,422,986 Jarden Corp., 7.50% Sr. Unsec. Sub. Nts., 5/1/17 1,635,000 1,438,800 JPMorgan, Red Square Capital Ltd., 9% Collaterlized Debt Obligation Nts., 11/20/08 (2) 62,000,000 RUR 2,535,270 JPMorgan Hipotecaria su Casita: 6.47% Sec. Nts., 8/26/35 (5) 6,385,250 MXN 596,327 20.368% Mtg. Backed Certificates, Series 06U, 9/25/35 (1) 3,072,474 MXN 1,262,906 JSC Astana Finance, 9.16% Nts., 3/14/12 (5) 7,200,000 6,598,047
20 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- K. Hovnanian Enterprises, Inc.: 7.75% Sr. Unsec. Sub. Nts., 5/15/13 $ 495,000 $ 264,825 8.875% Sr. Sub. Nts., 4/1/12 890,000 498,400 Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 400,000 408,000 KB Home, 8.625% Sr. Sub. Nts., 12/15/08 250,000 251,875 Key Energy Services, Inc., 8.375% Sr. Nts., 12/1/14 (2) 1,765,000 1,769,413 Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 3,396,000 3,476,961 Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 (5) 510,000 538,050 L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 583,000 561,138 6.125% Sr. Unsec. Sub. Nts., 1/15/14 400,000 392,000 6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15 515,000 505,988 7.625% Sr. Sub. Nts., 6/15/12 500,000 514,375 Lamar Media Corp., 6.625% Sr. Unsec. Sub. Nts., 8/15/15 1,275,000 1,128,375 Lear Corp., 8.75% Sr. Unsec. Nts., Series B, 12/1/16 4,070,000 3,495,113 Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13 1,180,000 1,079,700 Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 2,285,000 2,287,856 Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 550,000 512,875 Majapahit Holding BV: 7.25% Nts., 10/17/11 (2) 1,990,000 1,994,975 7.75% Nts., 10/17/16 (2) 4,230,000 4,187,700 Marquee Holdings, Inc., 0%/12% Sr. Disc. Nts., 8/15/14 (17) 1,600,000 1,204,000 Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15 (2) 2,690,000 2,380,650 MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 1,300,000 611,000 6.875% Sr. Unsec. Sub. Nts., 10/1/13 2,195,000 1,081,038 MGM Mirage, Inc.: 6.625% Sr. Unsec. Nts., 7/15/15 1,605,000 1,404,375 8.375% Sr. Unsec. Sub. Nts., 2/1/11 1,820,000 1,833,650 MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/11 (2) 1,360,000 1,264,800 Mirant Americas Generation LLC, 9.125% Sr. Unsec. Nts., 5/1/31 150,000 136,875 Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 505,000 463,338 6.875% Sr. Unsec. Sub. Nts., 2/15/15 515,000 417,150 8% Sr. Sub. Nts., 4/1/12 1,300,000 1,196,000 Momentive Performance Materials, Inc., 11.50% Sr. Unsec. Sub. Nts., 12/1/16 2,985,000 2,287,256 Morgan Stanley, 6.25% Sr. Nts., 3/23/17 (5) 4,885,000 PEN 1,609,365 Mosaic Co.: 7.375% Sr. Nts., 12/1/14 (5) 1,360,000 1,462,000 7.625% Sr. Nts., 12/1/16 (2) 1,355,000 1,463,400 National Gas Co., 6.05% Nts., 1/15/36 (2) 3,470,000 3,265,825 National Power Corp.: 5.875% Unsec. Unsub. Bonds, 12/19/16 109,600,000 PHP 2,482,203 6.875% Nts., 11/2/16 (2) 1,474,000 1,492,425 9.625% Unsec. Bonds, 5/15/28 2,550,000 3,050,565 Nell AF Sarl, 8.375% Sr. Nts., 8/15/15 (2) 720,000 529,200 Newfield Exploration Co., 6.625% Sr. Unsec. Sub. Nts., 9/1/14 1,805,000 1,786,950
21 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- NewPage Corp., 10% Sr. Sec. Nts., 5/1/12 $ 1,665,000 $ 1,698,300 Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 10,930,000 8,421,860 Nielsen Finance LLC, 10% Sr. Unsec. Nts., 8/1/14 2,195,000 2,195,000 Nielsen Finance LLC/Nielsen Finance Co., 0%/12.50% Sr. Unsec. Sub. Disc. Nts., 8/1/16 (17) 1,725,000 1,099,688 Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 1,090,000 812,050 NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 (3,4,5) 200,173 -- Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/15 (1) 1,620,000 1,441,800 NTK Holdings, Inc., 0%/10.75% Sr. Unsec. Nts., 3/1/14 (17) 2,170,000 1,063,300 NTL Cable plc, 9.125% Sr. Nts., 8/15/16 2,120,000 1,908,000 NXP BV/NXP Funding LLC, 9.50% Sr. Unsec. Unsub. Nts., 10/15/15 1,950,000 1,608,750 Omnicare, Inc.: 6.75% Sr. Sub. Nts., 12/15/13 230,000 206,425 6.875% Sr. Sub. Nts., 12/15/15 285,000 249,375 Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10 (3,4,5) 90,000 -- Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 (4,5) 675,000 7 Pacific Energy Partners LP/Pacific Energy Finance Corp., 6.25% Sr. Unsec. Nts., 9/15/15 100,000 99,596 Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/26 (5) 3,665,000 3,371,800 Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10 4,495,000 4,236,538 Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 3,570,000 3,641,400 Penn National Gaming, Inc.: 6.75% Sr. Unsec. Sub. Nts., 3/1/15 230,000 209,875 6.875% Sr. Sub. Nts., 12/1/11 500,000 472,500 Petrobras International Finance Co., 5.785% Sr. Unsec. Nts., 3/1/18 10,040,000 9,717,716 Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11 (2) 2,856,947 2,868,492 Piazza Vittoria Finance SrL, 6.033% Asset-Backed Nts., 7/20/10 (1,5) 1,303,036 EUR 2,057,176 Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 1,480,000 1,402,300 Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 10.625% Sr. Sub. Nts., 4/1/17 2,635,000 2,252,925 Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14 (2) 489,000 518,340 Premier Cruise Ltd., 11% Sr. Nts., 3/15/08 (3,4,5) 250,000 -- Pride International, Inc., 7.375% Sr. Unsec. Nts., 7/15/14 1,280,000 1,337,600 PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 (3,4,5) 100,000 EUR -- PTS Acquisition, 9.50% Sr. Unsec. Nts., 4/15/15 (20) 2,065,000 1,682,975 Quebecor World Capital Corp., 8.75% Sr. Nts., 3/15/16 (2,4) 1,270,000 609,600 Quicksilver Resources, Inc., 7.125% Sr. Sub. Nts., 4/1/16 1,885,000 1,828,450 Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15 545,000 441,450 Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12 4,265,000 4,371,625 R.H. Donnelley Corp.: 6.875% Sr. Disc. Nts., Series A-1, 1/15/13 2,085,000 1,282,275 6.875% Sr. Disc. Nts., Series A-2, 1/15/13 1,865,000 1,146,975
22 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- R.H. Donnelley Corp., 6.875% Sr. Nts., 1/15/13 $ 1,025,000 $ 630,375 Rabobank Nederland, 3% Nts., 3/11/11 (1,5) 15,480,000 15,402,600 Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 600,000 484,500 Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 (2) 670,000 688,425 Range Resources Corp.: 6.375% Sr. Sub. Nts., 3/15/15 80,000 78,800 7.375% Sr. Sub. Nts., 7/15/13 150,000 153,000 7.50% Sr. Sub. Nts., 5/15/16 450,000 463,500 RBS Global & Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16 890,000 774,300 ReAble Therapeutics Finance LLC, 10.875% Sr. Unsec. Nts., 11/15/14 (2) 1,865,000 1,757,763 Real Time Data Co., 11% Disc. Nts., 5/31/09 (4,5,20) 142,981 -- Rent-A-Center, Inc., 7.50% Sr. Unsec. Sub. Nts., Series B, 5/1/10 550,000 511,500 Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13 1,805,000 1,921,632 Rural Cellular Corp., 9.875% Sr. Nts., 2/1/10 (5) 1,400,000 1,445,500 Sabine Pass LNG LP: 7.25% Sr. Sec. Nts., 11/30/13 1,335,000 1,294,950 7.50% Sr. Sec. Nts., 11/30/16 2,025,000 1,964,250 Salisbury International Investments Ltd., 8.044% Sec. Nts., Series 2006-003, Tranche E, 7/20/11 (1) 1,100,000 1,012,000 Sally Holdings LLC: 9.25% Sr. Unsec. Nts., 11/15/14 1,340,000 1,343,350 10.50% Sr. Unsec. Sub. Nts., 11/15/16 1,190,000 1,106,700 Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 2,050,000 1,629,750 Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15 1,910,000 1,888,513 Sierra Pacific Resources, 6.75% Sr. Unsec. Nts., 8/15/17 1,045,000 1,013,305 Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 1,267,000 1,282,838 SLM Corp., 4.50% Nts., Series A, 7/26/10 3,445,000 2,828,862 Southwestern Energy Co., 7.50% Sr. Nts., 2/1/18 (2) 780,000 811,200 Sprint Capital Corp., 8.75% Nts., 3/15/32 2,495,000 2,112,988 Station Casinos, Inc.: 6.50% Sr. Unsec. Sub. Nts., 2/1/14 2,330,000 1,409,650 6.875% Sr. Unsec. Sub. Nts., 3/1/16 430,000 252,625 Stena AB, 7.50% Sr. Unsec. Nts., 11/1/13 (5) 337,000 334,051 Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16 (2) 3,290,100 PEN 1,268,048 Teligent, Inc., 11.50% Sr. Nts., 12/1/08 (3,4,5) 500,000 -- Tengizchevroil LLP, 6.124% Nts., 11/15/14 (2) 2,123,000 2,036,169 Tesoro Corp., 6.625% Sr. Unsec. Nts., 11/1/15 1,870,000 1,739,100 TGI International Ltd., 9.50% Nts., 10/3/17 (2) 6,100,000 6,328,750 Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97 (17) 2,695,000 1,429,150 Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 1,000,000 915,000 Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16 1,000,000 855,000 Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15 1,975,000 1,343,000 United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 3,770,000 2,978,300 Universal City Florida, 8.375% Sr. Unsec. Nts., 5/1/10 (5) 85,000 83,725 Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/15 (20) 780,000 783,900 US Oncology, Inc., 9% Sr. Unsec. Nts., 8/15/12 1,945,000 1,945,000 Vail Resorts, Inc., 6.75% Sr. Sub. Nts., 2/15/14 (5) 1,100,000 1,078,000
23 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Disc. Nts., 10/1/15 (17) $ 2,615,000 $ 2,013,550 Vertis, Inc., 9.75% Sr. Sec. Nts., 4/1/09 700,000 598,500 Virgin Media Finance plc, 8.75% Sr. Unsec. Nts., 4/15/14 745,000 672,363 Vitro SAB de CV: 8.625% Sr. Unsec. Unsub. Nts., 2/1/12 1,415,000 1,312,413 9.125% Sr. Unsec. Unsub. Nts., 2/1/17 2,405,000 2,008,175 Warner Music Group Corp., 7.375% Sr. Sub. Bonds, 4/15/14 500,000 387,500 West Corp., 9.50% Sr. Unsec. Nts., 10/15/14 970,000 873,000 William Lyon Homes, Inc.: 7.50% Sr. Unsec. Nts., 2/15/14 160,000 79,200 10.75% Sr. Nts., 4/1/13 1,140,000 598,500 Williams Cos., Inc., 8.125% Sr. Unsec. Nts., 3/15/12 3,295,000 3,616,263 Windstream Corp.: 8.125% Sr. Unsec. Unsub. Nts., 8/1/13 2,755,000 2,720,563 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 1,780,000 1,757,750 Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 (3,4,5) 250,000 -- WM Covered Bond Program: 3.875% Sec. Nts., Series 1, 9/27/11 9,665,000 EUR 14,671,678 4% Sec. Mtg. Nts., Series 2, 9/27/16 9,440,000 EUR 13,368,850 WMG Holdings Corp., 0%/9.50% Sr. Disc. Nts., 12/15/14 (17) 2,057,000 1,079,925 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 3,575,000 3,458,813 ---------------- Total Corporate Bonds and Notes (Cost $590,830,898) 571,778,665
SHARES ---------------- PREFERRED STOCKS--0.1% AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. (3,5,20) 4,253 -- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg. (3,5) 5,000 -- Federal National Mortgage Assn., 8.25% Non-Cum. Sub., Series S, Non-Vtg. 148,310 3,566,856 ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. (3,5,20) 151 -- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A (2) 4,600 516,350 ---------------- Total Preferred Stocks (Cost $4,667,966) 4,083,206 COMMON STOCKS--0.9% Arco Capital Corp. Ltd. (3,5) 690,638 10,359,570 AT&T, Inc. 87,241 3,341,330 Comcast Corp., Cl. A 280,644 5,427,655 Constellation Energy Group, Inc. 54,534 4,813,716 Global Aero Logistics, Inc. (3,5) 2,168 16,260 Goldman Sachs Group, Inc. (The) 3,908 646,344 Mediacom Communications Corp. (3) 42,836 185,480 Premier Holdings Ltd. (3,5) 18,514 -- Public Service Enterprise Group, Inc. 40,407 1,623,957 Revlon, Inc., Cl. A (3) 1,385,158 1,357,455 Societe des Autoroutes Paris-Rhin-Rhone 6,394 773,244
24 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ---------------- ---------------- Telus Corp. 72,040 $ 3,137,209 Verizon Communications, Inc. 85,295 3,109,003 ---------------- Total Common Stocks (Cost $36,304,303) 34,791,223
UNITS ---------------- ---------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Global Aero Logistics, Inc. Wts., Exp. 2/28/11 (3) 266 322 Long Distance International, Inc. Wts., Exp. 4/13/08 (3,5) 200 -- ---------------- Total Rights, Warrants and Certificates (Cost $2,025) 322
PRINCIPAL AMOUNT VALUE ---------------- ---------------- STRUCTURED SECURITIES--7.9% Aiolos Ltd. Catastrophe Linked Nts., 9.38%, 4/8/09 (1,2) 800,000 EUR 1,281,824 Akibare Ltd. Catastrophe Linked Nts., Cl. A, 6.028%, 5/22/12 (1,2) 738,000 746,893 Calabash Re Ltd. Catastrophe Linked Nts., Cl. A-1, 11.593%, 6/1/09 (1,2) 1,750,000 1,796,288 Cascadia Ltd. Catastrophe Linked Nts.: 6.115%, 6/13/08 (1,5) 500,000 499,650 7.09%, 8/31/09 (1,5) 1,130,000 1,145,933 Cat-Mex Ltd. Catastrophe Linked Nts., Cl. A, 5.446%, 5/19/09 (1,5) 1,950,000 1,926,990 Champlain Ltd. Catastrophe Linked Nts., Series A, 17.396%, 1/7/09 (1,2) 940,000 955,416 Citigroup Global Markets Holdings, Inc.: Brazil (Federal Republic of) Unsec. Credit Linked Nts., 14.809%, 1/5/10 (13) 2,480,096 BRR 1,132,764 Colombia (Republic of) Credit Linked Bonds, 11%, 7/27/20 1,060,000,000 COP 559,800 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 552,359,546 COP 336,118 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 1,200,000,000 COP 730,215 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 1,034,000,000 COP 629,202 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 927,000,000 COP 564,091 Dominican Republic Credit Linked Bonds, 9.85%, 11/10/08 (13) 22,620,000 DOP 616,304 Dominican Republic Credit Linked Nts., 22%, 10/3/11 25,600,000 DOP 890,599 Dominican Republic Credit Linked Nts., 9.522%, 5/12/08 (13) 19,900,000 DOP 578,370 Dominican Republic Unsec. Credit Linked Nts., 12.047%, 2/23/09 (13) 48,100,000 DOP 1,275,982 Dominican Republic Unsec. Credit Linked Nts., 13.182%, 2/23/09 (13) 90,800,000 DOP 2,378,875 Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12 49,300,000 DOP 1,411,235 Dominican Republic Unsec. Credit Linked Nts., 9.342%, 8/11/08 (13) 57,100,000 DOP 1,608,131 Dominican Republic Unsec. Credit Linked Nts., Series 007, 9.302%, 5/12/08 (13) 40,900,000 DOP 1,188,711 Egypt (The Arab Republic of) Credit Linked Nts., 5.765%, 2/5/09 (13) 18,110,000 EGP 3,100,863
25 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- Egypt (The Arab Republic of) Credit Linked Nts., 6.089%, 3/5/09 (13) 12,920,000 EGP $ 2,198,837 Egypt (The Arab Republic of) Credit Linked Nts., 6.267%, 3/26/09 (13) 17,610,000 EGP 2,983,510 Egypt (The Arab Republic of) Credit Linked Nts., 6.641%, 2/19/09 (13) 17,850,000 EGP 3,047,073 Egypt (The Arab Republic of) Credit Linked Nts., 7.024%, 7/10/08 (13) 13,060,000 EGP 2,348,055 Egypt (The Arab Republic of) Credit Linked Nts., 7.981%, 4/2/09 (13) 8,140,000 EGP 1,377,013 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 6.529%, 3/26/09 (13) 17,690,000 EGP 2,997,064 Ghana (Republic of) Credit Linked Nts., 13.50%, 4/2/10 (5) 2,990,000 GHS 3,040,098 Nigeria (Federal Republic of) Credit Linked Nts., 14.50%, 3/1/11 (1,2) 347,000,000 NGN 3,351,641 Nigeria (Federal Republic of) Credit Linked Nts., Series II, 14.50%, 4/4/11 (5) 265,000,000 NGN 2,568,960 Renins Nonlife Ltd. Credit Linked Nts., 12.50%, 5/30/12 (5) 4,586,858 4,311,646 Russian Federation Credit Linked Nts., 7.65%, 12/4/08 (1,5) 21,350,000 RUR 892,750 Russian Federation Credit Linked Nts., Series 2, 7.50%, 12/4/08 (1,5) 50,900,000 RUR 2,128,384 Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/4/10 880,000 UAH 187,906 Zimbabwe (Republic of) Credit Linked Nts., 10.076%, 11/26/08 (13) 1,810,000,000 ZMK 463,583 Zimbabwe (Republic of) Credit Linked Nts., 10.717%, 3/4/09 (13) 3,850,000,000 ZMK 955,820 Zimbabwe (Republic of) Credit Linked Nts., 10.793%, 2/25/09 (13) 3,850,000,000 ZMK 953,969 Credit Suisse First Boston International: Boryspil Airport Total Return Linked Nts., 10%, 4/19/10 (1) 4,840,000 UAH 993,871 EES Total Return Linked Nts., 7.10%, 12/12/08 (1,5) 37,100,000 RUR 1,561,600 EESRRU Total Return Linked Nts., 8.25%, 6/22/10 (1,5) 93,500,000 RUR 3,997,249 Gazprom Total Return Linked Nts., 6.79%, 10/29/09 73,800,000 RUR 3,197,733 Gazprom Total Return Linked Nts., Series 002, 6.95%, 8/6/09 72,600,000 RUR 3,100,934 Indonesia (Republic of) Total Return Linked Nts., 12%, 9/16/11 (5) 14,800,000,000 IDR 1,696,911 Moitk Total Return Linked Nts., 9.014%, 3/26/11 (1,5) 59,900,000 RUR 2,446,084 NAK Naftogaz of Ukraine Credit Linked Nts., 5%, 1/20/09 3,890,000 3,825,426 Orenburgskaya IZHK Total Return Linked Nts., 9.24%, 2/21/12 (1,5) 116,835,000 RUR 4,674,126 RuRail Total Return Linked Nts., 6.67%, 1/22/09 (1,5) 49,210,000 RUR 2,103,793 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09 2,195,000 UAH 468,561 Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/17 (5) 14,609,000,000 VND 882,589 Credit Suisse First Boston, Inc. (Nassau Branch): Russian Specialized Construction and Installation Administration Credit Linked Nts., 8.59%, 5/20/10 (1,5) 97,250,000 RUR 4,118,246 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 (2) 5,650,000 UAH 1,206,091 Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 661,000 UAH 141,102
26 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09 (2) 4,170,000 UAH $ 890,159 Credit Suisse Group, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/24/12 (5) 106,500,000 RUR 4,328,651 Credit Suisse International, FSK EES RRU Total Return Linked Nts., 8.25%, 6/22/10 (1,5) 54,200,000 RUR 2,317,122 Deutsche Bank AG: Argentina (Republic of) Credit Linked Nts., 11.991%, 12/21/11 (5,21) 2,990,000 ARP 2,552,773 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11 (5) 11,947,457 MXN 1,122,591 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11 (5) 7,913,734 MXN 743,580 Brazil Real Credit Linked Nts., 13.882%, 3/3/10 (13) 4,580,760 BRR 2,075,736 Brazil Real Credit Linked Nts., 6%, 8/18/10 2,065,000 BRR 1,936,807 Colombia (Republic of) Credit Linked Nts., 13.50%, 9/15/14 2,002,000,000 COP 1,184,817 Colombia (Republic of) Total Return Linked Bonds, Series 002, 11%, 7/28/20 6,840,000,000 COP 3,610,659 Egypt (The Arab Republic of) Total Return Linked Nts., 7.725%, 9/16/08 (13) 17,350,000 EGP 3,102,348 European Investment Bank, Russian Federation Credit Linked Nts., 5.502%, 1/19/10 (5,13) 705,000 623,150 Grupo TMM SA Credit Linked Nts., 6%, 9/7/12 (5) 2,232,396 2,232,396 Halyk Bank of Kazakhstan Total Return Linked Nts., Series I, 7.25%, 3/20/09 258,990,000 KZT 2,065,654 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 820,000 782,542 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/22/13 873,600 1,036,998 Nigeria (Federal Republic of) Credit Linked Nts., 12.50%, 2/24/09 67,900,000 NGN 598,116 Nigeria (Federal Republic of) Credit Linked Nts., 15%, 1/27/09 91,000,000 NGN 825,852 Opic Reforma Credit Linked Nts., 9.94%, 10/3/15 (1,5,21) 14,850,000 MXN 1,395,316 Peru (Republic of) Credit Linked Nts., 4.249%, 2/20/11 (1) 875,000 880,451 RuRail Total Return Linked Bonds, 6.67%, 1/26/09 (1) 75,090,000 RUR 3,195,816 Russian Federation Credit Linked Nts., 0%, 12/2/09 (13) 19,221,000 RUR 861,480 Russian Federation Total Return Linked Nts., 6.089%, 5/7/09 (13) 96,070,000 RUR 3,737,254 Russian Federation Total Return Linked Nts., 7.406%, 6/9/09 (13) 38,430,000 RUR 1,483,563 Russian Federation Total Return Linked Nts., 7.919%, 3/20/09 (13) 45,900,000 RUR 1,797,704 Russian Federation Total Return Linked Nts., 7.949%, 1/15/09 (13) 86,420,000 RUR 3,435,490 Russian Federation Total Return Linked Nts., Series 2, 7.948%, 1/16/09 (13) 59,560,000 RUR 2,368,271 Russian Federation Total Return Linked Nts., Series II, 9%, 4/22/11 21,590,000 RUR 982,727 Russian Unified Energy Systems Total Return Linked Nts., Series FSK3, 7.10%, 12/16/08 (1) 50,530,000 RUR 2,198,741 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/25/10 885,000 868,150 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 3/1/11 885,000 863,114 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/29/11 885,000 856,246 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/29/12 885,000 849,131 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/30/12 885,000 843,131
27 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 269,000 UAH $ 57,537 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 955,000 UAH 204,269 United Mexican States Credit Linked Nts., 9.52%, 1/5/11 (5) 7,911,888 MXN 743,406 Videocon International Ltd. Credit Linked Nts., 6.26%, 12/29/09 1,630,000 1,467,212 Deutsche Bank AG Singapore, Vietnam Shipping Industry Group Total Return Linked Nts., 9%, 4/20/17 (5) 36,800,000,000 VND 2,069,716 Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/8/11 (1,2) 34,190,000 RUR 1,607,762 Eurus Ltd. Catastrophe Linked Nts., 9.556%, 4/8/09 (1,2) 1,400,000 1,421,700 Fhu-Jin Ltd. Catastrophe Linked Nts., Cl. B, 7.012%, 8/10/11 (1,5) 1,630,000 1,669,935 Foundation Re II Ltd. Catastrophe Linked Nts., 12.87%, 1/8/09 (1,2) 926,000 926,232 Foundation Re Ltd. Catastrophe Linked Nts., 7.17%, 11/24/08 (1,5) 1,000,000 977,800 Fusion 2007 Ltd. Catastrophe Linked Nts., 9.07%, 5/19/09 (1,2) 2,600,000 2,603,380 GlobeCat Ltd. Catastrophe Linked Nts., 7.01%, 12/30/08 (1) 2,150,000 2,151,183 Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17 (2,13) 21,980,000 TRY 2,915,731 Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37 (2,13) 63,720,800,000 COP 828,470 Goldman Sachs International, Russian Federation Total Return Linked Nts., 8%, 5/13/09 (1) 84,500,000 RUR 3,538,593 Hallertau SPC 2007-01, Philippines (Republic of) Credit Linked Nts., 6.42%, 12/20/17 (1,5) 14,290,000 13,381,156 ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09 (5) 4,689,000 UAH 1,001,437 JPMorgan Chase Bank NA: Argentina (Republic of) Credit Linked Nts., 11.942%, 12/19/11 (1,5,21) 4,355,000 ARP 3,501,127 Brazil (Federal Republic of) Credit Linked Nts., 14.35%, 2/20/12 (5) 5,770,000 BRR 2,889,768 Brazil (Federal Republic of) Credit Linked Nts., 15.326%, 1/2/15 (13) 10,948,600 BRR 2,663,420 Brazil (Federal Republic of) Credit Linked Nts., 2.731%, 11/30/12 (2,13) 4,550,000 ARP 1,331,697 Brazil (Federal Republic of) Credit Linked Nts., 6%, 5/16/45 (5) 1,445,000 BRR 1,269,001 Brazil (Federal Republic of) Credit Linked Nts., Series III, 12.184%, 1/2/15 (5,13) 5,245,000 BRR 1,275,929 Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16 (2,13) 20,100,000,000 COP 4,287,810 Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16 (5,13) 12,177,000,000 COP 2,345,530 Colombia (Republic of) Credit Linked Bonds, Series A, 10.218%, 10/31/16 (5,13) 12,125,000,000 COP 2,335,514 Peru (Republic of) Credit Linked Nts., 8.115%, 9/2/15 (2,13) 3,470,000 PEN 736,696 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10 (2) 1,120,000 1,192,800 Lakeside Re Ltd. Catastrophe Linked Nts., 9.196%, 12/31/09 (1,2) 2,000,000 2,083,000
28 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- Lehman Brothers International, Romania (Republic of) Total Return Linked Nts., 7.90%, 2/9/10 821,400 RON $ 344,657 Lehman Brothers Special Financing, Inc.: Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/12 (5) 8,650,000 8,650,000 Romania (Republic of) Total Return Linked Nts., 6.50%, 3/9/10 2,228,300 RON 905,156 Romania (Republic of) Total Return Linked Nts., 7.25%, 4/19/10 213,000 RON 93,356 Romania (Republic of) Total Return Linked Nts., 7.75%, 4/21/08 199,000 RON 90,357 Romania (Republic of) Total Return Linked Nts., 7.75%, 4/21/08 512,000 RON 232,477 Medquake Ltd. Catastrophe Linked Nts., 8.165%, 5/31/10 (1,2) 1,250,000 1,253,625 Merrill Lynch: Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16 (5) 1,784,000,000 COP 829,165 Renaissance Capital International Services Ltd. Total Return Linked Nts., 10.50%, 10/7/08 80,000,000 RUR 3,336,688 Midori Ltd. Catastrophe Linked Nts., 7.008%, 10/24/12 (1,2) 1,600,000 1,614,240 Morgan Stanley, Russian Federation Total Return Linked Securities, Series 007, Cl. VR, 5%, 8/22/34 102,628,729 RUR 3,563,998 Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc, Total Return Linked Nts., Series A, 8.375%, 6/30/12 (5) 25,257,097 RUR 1,080,312 Morgan Stanley Capital Services, Inc.: Bank Center Credit Total Return Linked Nts., 7.52%, 6/6/08 482,000,000 KZT 3,961,334 Brazil (Federal Republic of) Linked Nts., 7.375%, 1/5/22 (2,13) 28,914,000 BRR 2,488,183 Brazil (Federal Republic of) Sr. Linked Nts., 14.40%, 8/4/16 (5) 5,793,682 BRR 4,008,395 Brazil (Federal Republic of) Total Return Nts., 8/2/10 4,920,263 BRR 2,322,623 Eurokommerz Total Return Linked Nts., Series 1, 12.89%, 10/19/09 (1) 319,000,000 RUR 13,622,913 Russian Federation Total Return Linked Nts., 12.89%, 10/19/09 (1) 179,000,000 RUR 7,644,189 Ukraine (Republic of) Credit Linked Nts., 6.653%, 10/15/17 (1,2) 8,300,000 7,934,800 Ukraine (Republic of) Credit Linked Nts., Series 2, 5.728%, 10/15/17 (1,5) 6,800,000 6,653,800 United Mexican States Credit Linked Nts., 5.64%, 11/20/15 (2) 2,000,000 2,011,200 WTI Trading Ltd. Total Return Linked Nts., Series A, 13.50%, 2/9/09 (5) 3,630,000 3,448,500 WTI Trading Ltd. Total Return Linked Nts., Series B, 13.50%, 2/9/09 (5) 4,850,000 4,607,500 Nelson Re Ltd. Catastrophe Linked Nts., Series 2007-I, Cl. A, 14.965%, 6/21/10 (1,2) 2,290,000 2,302,366 Osiris Capital plc Catastrophe Linked Combined Mortality Index Nts., Series D, 9.258%, 1/15/10 (1,2) 890,000 897,921 Redwood Capital X Ltd. Catastrophe Linked Nts., Series C, 9.58%, 1/9/09 (1,5) 360,000 360,522 Residential Reinsurance Ltd. Catastrophe Linked Nts.: Series B, 11.526%, 6/6/08 (1,5) 1,300,000 1,299,610 Series CL3, 15.326%, 6/7/10 (1,2) 1,000,000 1,015,650
29 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- Successor Euro Wind Ltd. Catastrophe Linked Nts.: Cl. A-I, 8.258%, 6/6/08 (1,2) $ 1,040,000 $ 1,045,928 Cl. A-I, 20.508%, 6/6/08 (1,2) 1,700,000 1,729,410 Successor Japan Quake Ltd. Catastrophe Linked Nts., Cl. A-I, 7.258%, 6/6/08 (1,2) 2,450,000 2,454,655 UBS AG: Egypt (The Arab Republic of) Credit Linked Nts., 7.449%, 11/26/08 (5,11,13) 13,930,000 EGP 2,428,945 Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11 (2) 1,222,052 GHS 1,249,580 VASCO Re 2006 Ltd. Catastrophe Linked Nts., 11.514%, 6/5/09 (1,2) 1,550,000 1,571,855 Willow Re Ltd. Catastrophe Linked Nts., 8.369%, 6/16/10 (1,2) 2,480,000 2,512,674 ---------------- Total Structured Securities (Cost $304,131,481) 315,265,810
SHARES ---------------- INVESTMENT COMPANIES--18.5% Oppenheimer Institutional Money Market Fund, Cl. E, 3.29% (22,23) 603,203,454 603,203,454 Oppenheimer Master Loan Fund, LLC (3,22) 14,194,313 134,007,946 ---------------- Total Investment Companies (Cost $746,777,589) 737,211,400 ---------------- TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $3,989,321,514) 4,041,460,925
PRINCIPAL AMOUNT VALUE ---------------- ---------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--2.2% (6) Metropolitan Life Global Funding, 2.59%, 4/22/08 $ 750,000 750,000 Undivided interest of 0.18% in joint repurchase agreement (Principal Amount/Value $7,000,000,000 with a maturity value of $7,000,486,111) with Barclays Capital, 2.50%, dated 3/31/08, to be repurchased at $12,465,475 on 4/1/08, collateralized by U.S. Agency Mortgages, 0%-6.40%, 3/1/28-3/1/38, with a value of $7,140,000,000 12,464,609 12,464,609 Undivided interest of 1.14% in joint repurchase agreement (Principal Amount/Value $6,600,000,000 with a maturity value of $6,6 00,577,500) with Barclays Capital, 3.15%, dated 3/31/08, to be repurchased at $75,006,563 on 4/1/08, collateralized by Private Label CMOs, 0%-6.50%, 6/12/24-9/18/56, with a value of $6,930,000,000 75,000,000 75,000,000 ---------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $88,214,609) 88,214,609 TOTAL INVESTMENTS, AT VALUE (COST $4,077,536,123) 103.8% 4,129,675,534 LIABILITIES IN EXCESS OF OTHER ASSETS (3.8) (150,137,749) ---------------- ---------------- NET ASSETS 100.0% $ 3,979,537,785 ================ ================
FOOTNOTES TO STATEMENT OF INVESTMENTS Principal amount is reported in U.S. Dollars, except for those denoted in the following currencies: 30 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited 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 IDR Indonesia Rupiah ILS Israeli Shekel JPY Japanese Yen KZT Kazakhstan Tenge MXN Mexican Nuevo Peso MYR Malaysian Ringgit NGN Nigeria Naira PEN Peruvian New Sol PHP Philippines Peso PLZ Polish Zloty RON New Romanian Leu RUR Russian Ruble TRY New Turkish Lira UAH Ukraine Hryvnia UYU Uruguay Peso VND Vietnam Dong ZMK Zambian Kwacha
---------------- 1. Represents the current interest rate for a variable or increasing rate security. 2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $221,505,162 or 5.56% of the Fund's net assets as of March 31, 2008. 3. Non-income producing security. 4. Issue is in default. See accompanying Notes. 5. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2008 was $238,679,700, which represents 6% of the Fund's net assets, of which $1,395,316 is considered restricted. See accompanying Notes. Information concerning restricted securities is as follows:
ACQUISITION UNREALIZED SECURITY DATE COST VALUE APPRECIATION ----------------------------------------------------------------- ------------ ---------- ---------- ------------ Deutsche Bank AG, Opic Reforma Credit Linked Nts., 9.94%, 10/3/15 12/27/07 $1,364,764 $1,395,316 $30,552
6. 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. 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 $36,745,321. See accompanying Notes. 8. 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 $24,880,261 or 0.62% of the Fund's net assets as of March 31, 2008. 9. 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 $224,956 or 0.01% of the Fund's net assets as of March 31, 2008. 10. All or a portion of the security was segregated by the Fund in the amount of $56,562,000, which represented 152.14% of the market value of securities sold short. See accompanying Notes. 11. When-issued security or delayed delivery to be delivered and settled after March 31, 2008. See accompanying Notes. 12. Partial or fully-loaned security. See accompanying Notes. 13. Zero coupon bond reflects effective yield on the date of purchase. 14. A sufficient amount of liquid assets has been designated to cover outstanding written call options. 15. A sufficient amount of securities has been designated to cover outstanding foreign currency contracts. See accompanying Notes. 31 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited 16. A sufficient amount of liquid assets has been designated to cover outstanding written put options. 17. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 18. Denotes an inflation-indexed security: coupon and principal are indexed to the consumer price index. 19. 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. 20. Interest or dividend is paid-in-kind, when applicable. 21. Represents the current interest rate on a security whose interest rate is 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. See accompanying Notes. 22. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2008, 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 31,2007 ADDITIONS REDUCTIONS MARCH 31, 2008 ---------------------------------------- ---------------- ------------ ------------ -------------- Oppenheimer Institutional Money Market Fund, Cl. E 587,306,313 740,404,332 724,507,191 603,203,454 Oppenheimer Master Loan Fund, LLC 14,194,313 -- -- 14,194,313
DIVIDEND REALIZED VALUE INCOME GAIN ------------------------------------------------------- ------------ ------------ -------------- Oppenheimer Institutional Money Market Fund, Cl. E $603,203,454 $ 6,226,995 $ -- Oppenheimer Master Loan Fund, LLC 134,007,946 2,618,091 630,806 ------------ ------------ -------------- $737,211,400 $ 8,845,086 $ 630,806 ============ ============ ===============
23. Rate shown is the 7-day yield as of March 31, 2008.
Principal Amount Sold Short Value ------------------------------------------------------ ---------------- -------------- MORTGAGE-BACKED OBLIGATIONS SOLD SHORT -- (0.9)% Federal National Mortgage Assn., 4.50%, 4/1/21 (11) $ (7,500,000) $ (7,460,160) Federal National Mortgage Assn., 5%, 4/1/23 (11) (3,562,000) (3,595,949) Federal National Mortgage Assn., 5.50%, 4/1/38 (11) (25,875,000) (26,121,615) -------------- Total Mortgage-Backed Obligations Sold Short (Proceeds $36,476,306) $ (37,177,724) ==============
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, 2008:
VALUATION INPUTS INVESTMENTS IN OTHER FINANCIAL SECURITIES INSTRUMENTS* Level 1 - Quoted Prices $ 791,821,399 $ 28,185,887 Level 2 - Other Significant Observable Inputs 3,300,676,411 (20,353,525) Level 3 - Significant Unobservable Inputs -- -- -------------- --------------- TOTAL $4,092,497,810 $ 7,832,362 ============== ===============
32 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited ---------------- * Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts, futures and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Options and swaps are reported at their market value at measurement date, which may include premiums received or paid. 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, 2008 ARE AS FOLLOWS:
CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED CONTRACT DESCRIPTION BUY/SELL (000S) DATE VALUE APPRECIATION DEPRECIATION --------------------------------- -------- --------------- --- --------------- ----------- ------------ ------------ Argentine Peso (ARP) Sell 49,150 ARP 4/21/08 $15,472,758 $ 67,493 $ -- Australian Dollar (AUD) Sell 19,170 AUD 4/8/08-4/28/08 17,465,323 68,005 215,550 Australian Dollar (AUD) Buy 16,751 AUD 4/28/08-5/9/08 15,254,700 117,568 10,076 Brazilian Real Total (BRR) Sell 36,500 BRR 4/2/08-5/5/08 20,731,307 488,217 -- Brazilian Real Total (BRR) Buy 225,507 BRR 4/2/08-1/5/10 126,996,575 2,591,193 1,484,105 British Pounds Sterling (GBP) Sell 20,485 GBP 4/2/08-8/5/08 40,473,917 282,884 204,673 British Pounds Sterling (GBP) Buy 16,735 GBP 4/10/08-5/9/08 33,168,404 224,655 62,756 Canadian Dollar (CAD) Sell 45,930 CAD 4/8/08-4/10/08 44,739,273 1,455,013 124,254 Canadian Dollar (CAD) Buy 14,710 CAD 4/25/08-5/9/08 14,323,980 -- 45,119 Chilean Peso (CLP) Buy 11,218,000 CLP 4/21/08-6/17/08 25,616,642 142,310 108,420 Colombian Peso (COP) Sell 37,586,000 COP 5/6/08-6/9/08 20,270,533 -- 672,460 Czech Koruna (CZK) Buy 428,795 CZK 4/2/08-4/30/08 26,806,171 2,440,893 72 Egyptian Pounds (EGP) Buy 20,816 EGP 4/1/08-4/7/08 3,819,870 8,787 -- Euro (EUR) Sell 159,240 EUR 4/2/08-8/5/08 251,171,438 -- 13,620,638 Euro (EUR) Buy 83,055 EUR 4/7/08-6/26/08 130,774,713 4,000,750 -- Hungarian Forint (HUF) Sell 4,581,000 HUF 4/21/08-10/2/08 27,338,462 51,917 205,695 Hungarian Forint (HUF) Buy 1,998,000 HUF 4/21/08 12,063,658 -- 60,128 Indonesia Rupiah (IDR) Buy 236,690,000 IDR 5/30/08 25,546,681 -- 390,036 Israeli Shekel (ILS) Buy 83,680 ILS 4/30/08-5/2/08 23,733,234 1,600,649 -- Japanese Yen (JPY) Sell 4,745,950 JPY 4/2/08-8/5/08 47,790,035 -- 1,589,953 Japanese Yen (JPY) Buy 18,744,000 JPY 4/10/08-5/9/08 188,173,492 15,164,321 49,481 Kuwaiti Dinar (KWD) Buy 661 KWD 1/29/09 2,539,769 75,190 -- Malaysian Ringgit (MYR) Buy 138,660 MYR 4/10/08-6/17/08 43,326,476 415,355 204,257 Mexican Nuevo Peso (MXN) Sell 176,050 MXN 4/25/08-5/27/08 16,471,925 -- 138,225 Mexican Nuevo Peso (MXN) Buy 203,830 MXN 5/27/08 19,009,381 273,284 -- New Taiwan Dollar (TWD) Sell 480,000 TWD 4/30/08 15,919,342 242,274 -- New Taiwan Dollar (TWD) Buy 216,000 TWD 4/28/08 7,160,128 -- 132,735 New Turkish Lira (TRY) Sell 46,860 TRY 4/28/08 34,756,108 1,398,468 -- New Zealand Dollar (NZD) Sell 14,030 NZD 4/8/08-4/28/08 11,000,472 120,357 221,658 New Zealand Dollar (NZD) Buy 23,245 NZD 5/14/08 18,134,754 941,144 -- Norwegian Krone (NOK) Sell 55,920 NOK 4/28/08 10,955,240 -- 403,729 Norwegian Krone (NOK) Buy 340,665 NOK 4/10/08-5/14/08 66,775,878 2,012,103 -- Peruvian New Sol (PEN) Buy 22,035 PEN 4/18/08 8,042,418 459,856 -- Philippines Peso (PHP) Buy 1,625,000 PHP 4/25/08-5/30/08 38,736,213 -- 1,014,864
33 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED
CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED CONTRACT DESCRIPTION BUY/SELL (000S) DATE VALUE APPRECIATION DEPRECIATION --------------------------------- -------- --------------- --- --------------- ----------- ------------ ------------ Polish Zloty (PLZ) Buy 101,610 PLZ 4/10/08-10/2/08 45,375,308 2,579,889 33,756 Qatari Riyal (QAR) Buy 8,650 QAR 1/29/09 2,442,829 -- 22,964 Russian Ruble (RUR) Buy 271,430 RUR 8/19/08 11,408,909 540,841 -- Saudi Riyal (SAR) Buy 9,110 SAR 1/29/09 2,472,004 4,841 -- Singapore Dollar (SGD) Sell 19,640 SGD 4/28/08 14,287,968 -- 154,539 Slovak Koruna (SKK) Buy 413,530 SKK 4/30/08 20,071,846 1,945,695 -- South Korean Won (KRW) Buy 32,008,000 KRW 4/28/08-6/30/08 32,346,759 37,133 1,266,440 Swedish Krona (SEK) Sell 67,600 SEK 5/14/08 11,350,163 -- 939,602 Swedish Krona (SEK) Buy 80,360 SEK 4/10/08 13,517,642 1,083,014 -- Swiss Franc (CHF) Sell 9,670 CHF 4/8/08-4/28/08 9,738,453 -- 246,252 Swiss Franc (CHF) Buy 35,784 CHF 4/10/08-5/9/08 36,034,767 1,668,291 471 Ukraine Hryvnia (UAH) Buy 12,850 UAH 1/28/09 2,394,396 -- 71,542 Vietnam Dong (VND) Buy 39,180,000 VND 1/30/09 393,281,908 -- 123,208 United Arab Emirates Dirham (AED) Buy 8,820 AED 1/29/09 2,462,040 -- 5,092 ------------ ------------ Total unrealized appreciation and depreciation $ 42,502,390 $ 23,822,750 ============ ============
FUTURES CONTRACTS AS OF MARCH 31, 2008 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) ------------------------------------------------- -------- --------- ---------- ----------- -------------- Amsterdam Exchange Index Buy 28 4/18/08 $3,906,411 $ 181,458 Australia (Commonwealth of) Bonds, 10 yr. Sell 69 6/16/08 6,277,852 12,717 CAC-40 10 Index Sell 90 4/18/08 6,696,610 (241,381) Canada (Government of), 10 yr. Buy 191 6/19/08 22,288,450 760,597 DAX Index Sell 81 6/20/08 21,085,691 (565,143) DAX Index Buy 15 6/20/08 3,904,758 104,638 Euro-Bundesobligation, 10 yr. Sell 500 6/6/08 91,552,075 1,247,849 Euro-Bundesobligation, 10 yr. Buy 52 6/6/08 9,521,416 (104,375) Euro-Schatz Buy 1,328 6/6/08 219,103,961 (1,577,687) FTSE/JSE Top 40 Index (The) Sell 106 6/19/08 3,655,105 3,501 FTSE 100 Index Sell 117 6/20/08 13,255,294 (386,454) Hang Seng China Enterprises Index (The) Sell 46 4/29/08 3,536,302 (23,656) Japan (Government of) Bonds, 10 yr. Buy 41 6/10/08 5,777,348 (17,692) Japan (Government of) Bonds, 10 yr. Buy 24 6/11/08 33,833,066 375,051 Mexican Bola Index Sell 135 6/20/08 3,974,748 (234,178) NASDAQ 100 Index Sell 367 6/20/08 13,142,270 (23,275) Nikkei 225 Index Sell 93 6/12/08 11,652,990 (71,777) Nikkei 225 Index Buy 10 6/12/08 1,253,010 (29,117) OMXS 30 Index Sell 517 4/25/08 8,094,099 (221,065) SGX CNX Nifty Index Sell 351 4/24/08 3,309,930 118,275 Standard & Poor's 500 E-Mini Index Sell 856 6/20/08 56,667,200 (1,901,652) Standard & Poor's 500 E-Mini Index Buy 116 6/20/08 7,679,200 257,520 Standard & Poor's 500 Index Sell 61 6/19/08 20,191,000 (253,335) Standard & Poor's/MIB Index, 10 yr. Buy 15 6/20/08 3,628,219 34,852 Standard & Poor's/Toronto Stock Exchange 60 Index Buy 53 6/19/08 8,114,842 46,145 U.S. Long Bonds Buy 2,332 6/19/08 277,034,313 4,545,791 U.S. Long Bonds Sell 168 6/19/08 19,957,875 (175,077)
34 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) ------------------------------------------------- -------- --------- ---------- ----------- -------------- U.S. Treasury Nts., 2 yr. Sell 186 6/30/08 39,926,063 (15,790) U.S. Treasury Nts., 2 yr. Buy 819 6/30/08 175,803,469 928,501 U.S. Treasury Nts., 5 yr. Sell 1,004 6/30/08 114,691,313 (1,421,093) U.S. Treasury Nts., 5 yr. Buy 5,257 6/30/08 600,530,109 8,952,096 U.S. Treasury Nts., 10 yr. Sell 1,111 6/19/08 132,156,922 (4,618,182) U.S. Treasury Nts., 10 yr. Buy 1,489 6/19/08 177,121,203 3,765,394 United Kingdom Long Gilt Buy 9 6/26/08 1,988,013 52,791 -------------- $ 9,506,247 ==============
WRITTEN OPTIONS AS OF MARCH 31, 2008 ARE AS FOLLOWS:
NUMBER OF EXERCISE EXPIRATION PREMIUMS DESCRIPTION TYPE CONTRACTS PRICE DATE RECEIVED VALUE ---------------------------- ---- ----------- -------- ---------- -------- --------- British Pound Sterling (GBP) Call 560,000 $1.9925 4/1/08 $ 5,523 $ 829 British Pound Sterling (GBP) Put 560,000 1.9925 4/1/08 5,802 5,944 British Pound Sterling (GBP) Call 615,000 1.9965 4/4/08 6,615 2,108 British Pound Sterling (GBP) Put 615,000 1.9965 4/4/08 6,615 10,946 British Pound Sterling (GBP) Put 615,000 1.9845 4/7/08 6,392 7,184 British Pound Sterling (GBP) Call 615,000 1.9845 4/7/08 6,392 5,635 Euro (EUR) Call 2,255,000 1.5585 4/1/08 21,684 47,283 Euro (EUR) Put 2,255,000 1.5585 4/1/08 22,141 1,252 Euro (EUR) Call 2,070,000 1.5725 4/2/08 20,466 19,069 Euro (EUR) Put 2,070,000 1.5725 4/2/08 20,466 7,636 Euro (EUR) Call 2,990,000 1.5790 4/3/08 30,735 23,288 Euro (EUR) Put 2,990,000 1.5790 4/3/08 30,782 24,150 Euro (EUR) Call 2,615,000 1.5805 4/4/08 27,588 19,726 Euro (EUR) Put 2,615,000 1.5805 4/4/08 27,588 26,691 Euro (EUR) Call 2,540,000 1.5805 4/7/08 25,341 22,662 Euro (EUR) Put 2,540,000 1.5805 4/7/08 25,341 29,578 Japanese Yen (JPY) Call 246,000,000 100.0500 4/1/08 21,760 15,341 Japanese Yen (JPY) Put 246,000,000 100.0500 4/1/08 21,760 7,166 Japanese Yen (JPY) Call 235,000,000 99.1500 4/2/08 22,896 9,471 Japanese Yen (JPY) Put 235,000,000 99.1500 4/2/08 22,256 24,182 Japanese Yen (JPY) Call 326,000,000 99.3000 4/3/08 29,547 16,398 Japanese Yen (JPY) Put 326,000,000 99.3000 4/3/08 31,188 31,100 Japanese Yen (JPY) Call 299,000,000 99.7000 4/4/08 28,565 26,877 Japanese Yen (JPY) Put 299,000,000 99.7000 4/4/08 28,565 26,444 Japanese Yen (JPY) Call 275,000,000 99.4500 4/7/08 27,320 27,308 Japanese Yen (JPY) Put 275,000,000 99.4500 4/7/08 27,320 27,308 -------- --------- $550,648 $ 465,576 ======== =========
CREDIT DEFAULT SWAP CONTRACTS AS OF MARCH 31, 2008 ARE AS FOLLOWS:
BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE PREMIUM SWAP COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE TERMINATION DATE PAID/(RECEIVED) VALUE ---------------------- -------------------- ---------- -------- ----------- ---------------- --------------- ------------ Barclays Bank plc: Beazer Homes USA, Inc. Sell $ 1,000 4.7000% 9/20/08 $ -- $ (33,809)
35 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE PREMIUM SWAP COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE TERMINATION DATE PAID/(RECEIVED) VALUE ---------------------- -------------------- ---------- -------- ----------- ---------------- --------------- ------------ Citigroup, Inc. Sell 6,550 3.2500 9/20/08 -- (365,876) Six Flags, Inc. Sell 780 7.0000 9/20/08 -- (69,523) The Bear Stearns Cos., Inc. Sell 1,360 14.0000 9/20/08 -- 75,536 The Mosaic Co. Sell 490 1.5000 9/20/12 -- 12,299 Citibank NA, New York: Amkor Technology, Inc. Sell 335 2.0500 9/20/08 -- (579) Cablevision Systems Corp. Sell 100 3.1000 12/20/10 -- (5,254) Capmark Financial Group, Inc. Sell 2,480 7.1250 12/20/12 -- (509,040) Capmark Financial Group, Inc. Sell 1,620 9.7000 12/20/12 -- (220,958) Capmark Financial Group, Inc. Sell 1,350 9.7500 12/20/12 -- (182,327) Ford Motor Credit Co. Sell 1,800 2.3200 3/20/12 -- (384,257) Intelsat Ltd. Sell 415 4.3000 12/20/08 -- (10,495) Intelsat Ltd. Sell 430 5.0000 3/20/09 -- (3,355) Nalco Co. Sell 595 3.6000 9/20/12 -- (6,896) Nortel Networks Corp. Sell 1,120 1.8900 9/20/08 -- 329 Pakistan Sell 1,570 5.1000 3/20/13 -- 18,696 Reliant Energy, Inc. Sell 500 2.4500 9/20/11 -- (35,229) Reliant Energy, Inc. Sell 1,200 2.6000 9/20/11 -- (79,238) Republic of Hungary Buy 2,300 0.4000 12/20/15 -- 244,154 Russian Federation Sell 10,000 0.3600 1/20/11 -- (126,680) Tribune Co. Sell 520 5.0000 3/20/10 (171,600) (215,234) Tribune Co. Sell 520 7.6000 9/20/08 -- (51,948) Tribune Co. Sell 740 7.5000 9/20/08 -- (74,261) Tribune Co. Sell 435 5.0000 3/20/10 (139,200) (180,051) Tribune Co. Sell 460 5.0000 3/20/10 (150,650) (190,399) Tribune Co. Sell 475 5.0000 3/20/10 (166,250) (196,608) Univision Communications, Inc. Sell 468 1.1000 6/20/08 -- (15,339) Credit Suisse International: Aramark Corp. Sell 690 6.0000 3/20/13 -- 2,608
36 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE PREMIUM SWAP COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE TERMINATION DATE PAID/(RECEIVED) VALUE ---------------------- -------------------- ---------- -------- ----------- ---------------- --------------- ------------ ArvinMeritor, Inc. Sell 995 1.4000 9/20/08 -- (25,346) ArvinMeritor, Inc. Sell 1,420 1.6000 9/20/08 -- (34,770) Capmark Financial Group, Inc. Sell 790 5.2000 12/20/12 -- (202,824) Capmark Financial Group, Inc. Sell 415 6.2500 12/20/12 -- (94,893) CDX.NA.HY.8 Index Sell 2,876 2.7500 6/20/12 (144,826) (289,083) CenturyTel, Inc. Buy 1,540 0.3775 9/20/12 -- 63,254 Charter Communications Holdings LLC Buy 235 7.0000 9/20/10 -- 103,097 Charter Communications Holdings LLC Sell 235 5.0000 9/20/17 (47,000) (143,710) Charter Communications Holdings LLC Buy 285 5.0000 9/20/10 18,169 131,127 Charter Communications Holdings LLC Sell 285 5.0000 9/20/17 (57,000) (174,286) Dean Foods Co. Sell 515 1.0200 6/20/11 -- (68,123) Dean Foods Co. Sell 475 1.0000 6/20/11 -- (63,088) Development Bank of Kazakhstan Sell 8,170 3.7500 2/20/13 -- 50,417 Dow Jones CDX.NA.HY.7 Index Sell 1,267 3.2500 12/20/11 47,467 (79,727) El Paso Corp. Sell 435 2.8000 3/20/18 -- (10,079) Ford Motor Credit Co. Sell 3,750 2.3850 3/20/12 -- (793,661) Ford Motor Credit Co. Sell 1,150 2.5500 3/20/12 -- (238,039) Freescale Semiconductor, Inc. Sell 980 5.0000 3/20/13 (178,850) (214,949) GMAC LLC Sell 1,690 1.3900 3/20/17 -- (535,671) GMAC LLC Sell 3,205 5.0000 3/20/09 (464,725) (307,895) Harrah's Operating Co., Inc. Sell 1,275 5.0000 3/20/10 (81,281) (73,686) Intelsat Ltd. Sell 425 4.4000 3/20/09 -- (5,774) Intelsat Ltd. Sell 50 5.7500 3/20/09 -- (29) iStar Financial, Inc. Sell 100 4.0000 12/20/12 -- (13,307) iStar Financial, Inc. Sell 765 4.1500 12/20/12 -- (101,798) iStar Financial, Inc. Sell 410 12.0000 3/20/09 -- (5,915)
37 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE PREMIUM SWAP COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE TERMINATION DATE PAID/(RECEIVED) VALUE ---------------------- -------------------- ---------- -------- ----------- ---------------- --------------- ------------ Joint Stock Co. "Halyk Bank of Kazakhstan" Sell 1,600 4.9500 3/20/13 -- 11,810 Massey Energy Co. Sell 605 5.0000 3/20/13 -- 11,588 Massey Energy Co. Sell 215 5.0000 3/20/13 -- 4,118 NJSC Naftogaz Sell 2,570 3.2500 4/20/11 -- (201,961) Republic of Turkey Buy 2,590 2.9850 4/20/13 -- 896 Rite Aid Corp. Sell 10 7.5000 3/20/09 -- (139) Smithfield Foods, Inc. Sell 865 1.4900 3/20/12 -- (88,329) Tenet Healthcare Corp. Sell 1,365 4.0500 12/20/08 -- 11,936 Toys "R" Us, Inc. Sell 995 2.8000 9/20/08 -- (27,438) Tribune Co. Sell 370 6.3500 12/20/08 -- (45,660) TXU Corp. Sell 940 1.5300 6/20/11 -- (120,173) TXU Corp. Sell 490 1.6100 6/20/11 -- (61,595) Univision Communications, Inc. Sell 535 14.6000 3/20/09 -- 5,681 Deutsche Bank AG: ABX.HE.AA.06-2 Index Sell 720 0.1700 5/25/46 (86,393) (418,238) ABX.HE.AAA.06-2 Index Sell 1,720 0.1100 5/25/46 (85,989) (422,462) ABX.HE.AAA.06-2 Index Sell 1,720 0.1100 5/25/46 (85,974) (422,462) CDX.NA.HY.9 Index Sell 7,588 3.7500 12/20/12 15,170 (822,049) CenturyTel, Inc. Buy 1,595 0.4250 9/20/12 -- 62,436 Countrywide Home Loans, Inc. Sell 6,540 2.5500 9/20/08 -- (114,587) Countrywide Home Loans, Inc. Sell 1,305 8.5000 12/20/08 -- 8,253 Countrywide Home Loans, Inc. Sell 2,990 9.0000 12/20/08 -- 29,685 Countrywide Home Loans, Inc. Sell 2,990 9.7500 12/20/08 -- 45,852 CVRD Inco Ltd. Buy 995 0.6300 3/20/17 -- 45,231 Dow Jones CDX.NA.HY.7 Index Sell 3,579 3.2500 12/20/11 134,056 (220,267) Ford Motor Co. Sell 2,065 6.0000 12/20/16 -- (305,062) Ford Motor Co. Sell 3,180 5.8500 12/20/16 -- (647,766) Ford Motor Co. Sell 2,540 5.8000 12/20/16 -- (522,392) Ford Motor Credit Co. Sell 2,760 2.3900 3/20/12 -- (583,746) Ford Motor Credit Co. Sell 1,300 2.3400 3/20/12 -- (276,786)
38 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE PREMIUM SWAP COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE TERMINATION DATE PAID/(RECEIVED) VALUE ---------------------- -------------------- ---------- -------- ----------- ---------------- --------------- ------------ Freescale Semiconductor, Inc. Sell 195 5.0000 3/20/13 (34,613) (34,971) Freescale Semiconductor, Inc. Sell 315 5.0000 3/20/13 (59,850) (61,741) General Motors Corp. Sell 1,650 4.7500 12/20/16 -- (315,992) General Motors Corp. Sell 2,035 4.6800 12/20/16 -- (395,899) GMAC LLC Sell 1,750 1.3700 3/20/17 -- (556,693) Intelsat Ltd. Sell 175 4.4000 3/20/09 -- (2,378) Intelsat Ltd. Sell 430 4.7500 3/20/09 -- (4,391) Intelsat Ltd. Sell 260 5.0000 3/20/09 -- (2,029) iStar Financial, Inc. Sell 2,085 2.9250 12/20/08 -- (163,103) iStar Financial, Inc. Sell 1,215 3.0000 12/20/08 -- (94,414) iStar Financial, Inc. Sell 1,790 5.8500 12/20/08 -- (103,725) iStar Financial, Inc. iStar Financial, Inc. Sell 560 4.3200 12/20/12 -- (74,519) iStar Financial, Inc. Sell 770 4.5000 12/20/12 -- (102,463) iStar Financial, Inc. Sell 935 4.0000 12/20/12 -- (124,420) iStar Financial, Inc. Sell 1,015 12.0000 3/20/09 -- (14,643) Lehman Brothers Holdings, Inc. Sell 1,380 2.0700 3/20/09 -- (36,718) Republic of Peru Buy 1,900 1.7100 12/20/16 -- 7,948 Republic of Peru Sell 405 1.3200 4/20/17 -- (21,270) Republic of Peru Sell 440 1.5000 4/20/17 -- (17,464) Vale Overseas Ltd. Sell 995 1.0500 3/20/17 -- (93,082) Washington Mutual, Inc. Sell 415 4.5000 12/20/08 -- (8,786) Goldman Sachs Capital Markets LP: CMBX.NA.AJ.3 Index Sell 1,500 1.4700 12/13/49 (184,417) (272,475) CMBX.NA.AJ.4 Index Sell 1,500 0.9600 2/17/51 (258,710) (324,371) General Motors Corp. Sell 1,650 4.9500 12/20/16 -- (301,688) Goldman Sachs International: ABX.HE.AA.06-2 Index Sell 240 0.1700 5/25/46 (19,774) (139,193) ABX.HE.AA.06-2 Index Sell 970 0.1700 5/25/46 (383,127) (562,573) Abx.He.AAA.06-2 Index Sell 1,000 0.1100 5/25/46 (110,607) (249,982)
39 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE PREMIUM SWAP COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE TERMINATION DATE PAID/(RECEIVED) VALUE ---------------------- -------------------- ---------- -------- ----------- ---------------- --------------- ------------ Amkor Technology, Inc. Sell 395 2.6500 9/20/08 -- 507 ArvinMeritor, Inc. Sell 1,025 1.6000 9/20/08 -- (25,098) Beazer Homes USA, Inc. Sell 940 2.5000 6/20/08 -- (19,503) Beazer Homes USA, Inc. Sell 1,300 2.6500 9/20/08 -- (52,320) Beazer Homes USA, Inc. Sell 1,000 4.8000 9/20/08 -- (29,809) CMBX.NA.A.1 Index Sell 5,290 0.3500 10/12/52 -- (1,099,145) CMBX.NA.AAA.3 Index Sell 13,230 0.0800 12/13/49 (1,872,061) (1,287,033) First Data Corp. Sell 230 3.0000 9/20/08 -- (274) GMAC LLC Sell 850 1.3900 3/20/17 -- (269,420) GMAC LLC Sell 1,040 1.3900 3/20/17 -- (329,644) GMAC LLC Sell 1,200 1.3700 3/20/17 -- (381,732) GMAC LLC Sell 2,190 1.3900 3/20/17 -- (694,153) iStar Financial, Inc. Sell 2,060 3.9500 12/20/12 -- (274,122) K. Hovnanian Enterprises, Inc. Sell 2,950 2.0000 6/20/08 -- (101,569) K. Hovnanian Enterprises, Inc. Sell 1,875 2.0000 6/20/08 -- (64,556) K. Hovnanian Enterprises, Inc. Sell 1,880 1.8000 6/20/08 -- (65,657) Lennar Corp. Sell 550 2.9000 12/20/08 -- (15,056) Morgan Stanley Sell 1,190 1.5000 9/20/08 -- 4,611 Nalco Co. Sell 660 3.7000 9/20/12 -- (5,199) Rite Aid Corp. Sell 55 8.0600 3/20/09 -- (476) Standard Pacific Corp. Sell 5,450 2.2000 6/20/08 -- (98,264) Univision Communications, Inc. Sell 510 5.0000 6/20/09 (51,000) (4,684) JPMorgan Chase Bank NA, NY Branch: CDX.NA.HY.8 Index Sell 3,460 2.7500 6/20/12 (174,240) (362,728) CDX.NA.HY.9 Index Sell 6,390 3.7500 12/20/12 (6,724) (703,666) CMBX.NA.AJ.3 Index Sell 700 1.4700 12/13/49 (83,920) (117,040) CMBX.NA.AJ.3 Index Sell 5,800 1.4700 12/13/49 (1,282,806) (969,762) CMBX.NA.AJ.4 Index Sell 700 0.9600 2/17/51 (118,552) (146,038) Dean Foods Co. Sell 915 1.0300 6/20/11 -- (120,786) Dean Foods Co. Sell 915 1.0600 6/20/11 -- (120,045)
40 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE PREMIUM SWAP COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE TERMINATION DATE PAID/(RECEIVED) VALUE ---------------------- -------------------- ---------- -------- ----------- ---------------- --------------- ------------ Dean Foods Co. Sell 500 1.0500 6/20/11 -- (65,734) Dean Foods Co. Sell 1,250 1.0800 6/20/11 -- (163,321) Dole Food Co., Inc. Sell 1,155 2.3800 9/20/08 -- (57,012) Ford Motor Co. Sell 2,065 6.0000 12/20/16 -- (408,463) General Motors Corp. Sell 2,545 4.7500 12/20/16 -- (487,393) Lehman Brothers Holdings, Inc. Sell 3,710 1.5500 9/20/08 -- (91,759) Merrill Lynch & Co., Inc. Sell 3,710 0.8000 9/20/08 -- 2,664 Morgan Stanley Sell 1,195 0.7500 9/20/08 -- 103 Morgan Stanley Sell 3,265 0.7500 9/20/08 -- 281 Rite Aid Corp. Sell 1,135 1.4000 9/20/08 -- (49,099) The Mosaic Co. Sell 500 1.5000 9/20/12 -- 12,550 Toys "R" Us, Inc. Sell 510 1.9200 9/20/08 -- (16,264) Lehman Brothers Special Financing, Inc.: ABX.HE.AA.06-2 Index Sell 180 0.1700 5/25/46 (44,090) (104,247) ABX.HE.AA.06-2 Index Sell 1,450 0.1700 5/25/46 (938,759) (839,766) Amkor Technology, Inc. Sell 650 2.5000 9/20/08 -- 345 Aramark Corp. Sell 475 6.0000 3/20/13 -- 1,796 ArvinMeritor, Inc. Sell 1,025 1.1500 9/20/08 -- (27,375) ArvinMeritor, Inc. Sell 1,260 2.2000 9/20/08 -- (8,334) ArvinMeritor, Inc. Sell 840 3.0000 9/20/08 -- (14,762) Beazer Homes USA, Inc. Sell 1,900 2.6500 6/20/08 -- (38,711) Beazer Homes USA, Inc. Sell 465 2.3300 6/20/08 -- (9,845) Beazer Homes USA, Inc. Sell 1,600 5.4000 9/20/08 -- (43,035) Cablevision Systems Corp. Sell 150 3.4000 12/20/10 -- (9,061) Cablevision Systems Corp. Sell 590 3.1300 12/20/10 -- (31,461) CDX.NA.HY.8 Index Sell 4,029 2.7500 6/20/12 (202,906) (420,927) CDX.NA.HY.8 Index Sell 2,876 2.7500 6/20/12 (141,195) (300,441) CDX.NA.HY.9 Index Sell 12,652 3.7500 12/20/12 41,269 (1,352,039) CenturyTel, Inc. Buy 780 1.9200 3/20/13 -- (1,143) CenturyTel, Inc. Buy 2,485 2.0500 3/20/13 -- (17,713)
41 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE PREMIUM SWAP COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE TERMINATION DATE PAID/(RECEIVED) VALUE ---------------------- -------------------- ---------- -------- ----------- ---------------- --------------- ------------ CenturyTel, Inc. Buy 1,210 2.0500 3/20/13 -- (8,625) Charter Communications Holdings LLC Sell 595 5.0000 9/20/12 (89,250) (340,074) Charter Communications Holdings LLC Buy 595 7.2500 9/20/10 -- 259,442 Charter Communications Holdings LLC Sell 595 5.0000 9/20/12 (95,200) (340,074) Charter Communications Holdings LLC Buy 595 7.6000 9/20/10 -- 257,216 CMBX.NA.A.1 Index Sell 5,270 0.3500 10/12/52 -- (993,314) CMBX.NA.AAA.3 Index Sell 13,180 0.0800 12/13/49 (1,424,246) (1,320,303) CMBX.NA.AJ.3 Index Sell 2,050 1.4700 12/13/49 (289,240) (343,224) CMBX.NA.AJ.4 Index Sell 2,050 0.9600 2/17/51 (390,331) (426,633) CSC Holdings, Inc. Sell 470 5.6000 3/20/13 -- 8,000 Dillard's, Inc. Sell 675 2.2500 12/20/08 -- 7,520 Dillard's, Inc. Sell 1,965 2.2500 12/20/08 -- 21,892 Dole Food Co., Inc. Sell 1,305 3.2000 9/20/08 -- (59,255) Dole Food Co., Inc. Sell 900 5.2500 9/20/08 -- (31,967) First Data Corp. Sell 1,145 2.7500 9/20/08 -- (4,133) First Data Corp. Sell 1,145 3.5000 9/20/08 -- 158 First Data Corp. Sell 689 3.0000 9/20/08 -- (1,626) First Data Corp. Sell 700 3.0000 9/20/08 -- (1,652) Freescale Semiconductor, Inc. Sell 370 5.0000 3/20/13 (69,375) (62,457) GMAC LLC Sell 850 1.4000 3/20/17 -- (268,934) GMAC LLC Sell 970 1.4000 3/20/17 -- (306,901) JSC "Gazprom" Buy 2,645 2.1500 2/20/11 -- (8,829) K. Hovnanian Enterprises, Inc. Sell 2,880 4.2200 9/20/08 -- (147,516) Lennar Corp. Sell 2,220 2.9000 12/20/08 -- (60,773) MBIA, Inc. Sell 6,515 1.9500 9/20/08 -- (410,999) Nalco Co. Sell 355 3.4000 9/20/12 -- (6,750) Nortel Networks Corp. Sell 560 1.8500 9/20/08 -- 52 Owens-Illinois, Inc. Sell 875 3.2000 3/20/13 -- 2,688 Owens-Illinois, Inc. Sell 915 3.4100 3/20/13 -- 10,783
42 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE PREMIUM SWAP COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE TERMINATION DATE PAID/(RECEIVED) VALUE ---------------------- -------------------- ---------- -------- ----------- ---------------- --------------- ------------ Owens-Illinois, Inc. Sell 1,030 3.4600 3/20/13 -- 14,275 Reliant Energy, Inc. Sell 455 2.5000 9/20/11 -- (31,387) Rite Aid Corp. Sell 500 1.3500 9/20/08 -- (21,752) Rite Aid Corp. Sell 1,255 1.3500 9/20/08 -- (54,596) Rite Aid Corp. Sell 75 1.4500 9/20/08 -- (3,226) Six Flags, Inc. Sell 2,350 5.2200 9/20/08 -- (228,627) Six Flags, Inc. Sell 370 7.0000 9/20/08 -- (32,979) Six Flags, Inc. Sell 520 5.0000 9/20/08 -- (51,114) Smithfield Foods, Inc. Sell 1,130 1.5800 3/20/12 -- (111,891) Smurfit-Stone Container Enterprises, Inc. Sell 515 6.7000 6/20/13 -- (4,679) Smurfit-Stone Container Enterprises, Inc. Sell 420 6.6000 6/20/13 -- (5,368) The Bear Stearns Cos., Inc. Sell 3,720 1.6000 9/20/08 -- (24,407) Toys "R" Us, Inc. Sell 985 1.8500 9/20/08 -- (31,750) Toys "R" Us, Inc. Sell 1,360 1.9500 9/20/08 -- (43,170) Toys "R" Us, Inc. Sell 690 4.3000 9/20/08 -- (13,955) Tribune Co. Sell 655 5.0000 3/20/10 (196,500) (271,112) Tribune Co. Sell 650 5.0000 3/20/10 (204,750) (269,042) Tribune Co. Sell 595 7.4500 9/20/08 -- (59,845) Tribune Co. Sell 375 7.5500 9/20/08 -- (37,548) Tribune Co. Sell 150 7.5500 9/20/08 -- (15,019) Tribune Co. Sell 215 6.4000 12/20/08 -- (26,462) Tribune Co. Sell 445 6.0000 12/20/08 -- (55,928) Tribune Co. Sell 730 5.0000 3/20/10 (189,800) (302,155) Tribune Co. Sell 160 5.0000 3/20/10 (52,800) (66,226) Tribune Co. Sell 485 5.0000 3/20/10 (160,050) (200,747) Tribune Co. Sell 415 5.0000 3/20/10 (145,250) (171,773) Tribune Co. Sell 475 5.0000 3/20/10 (161,500) (196,608) Univision Communications, Inc. Sell 468 1.1000 6/20/08 -- (15,339) Univision Communications, Inc. Sell 941 1.1500 6/20/08 -- (30,726)
43 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE PREMIUM SWAP COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE TERMINATION DATE PAID/(RECEIVED) VALUE ---------------------- -------------------- ---------- -------- ----------- ---------------- --------------- ------------ Univision Communications, Inc. Sell 2,079 1.2000 6/20/08 -- (67,626) Univision Communications, Inc. Sell 460 5.0000 3/20/09 (39,100) (44,534) Washington Mutual, Inc. Sell 965 4.4000 12/20/08 -- (21,127) Washington Mutual, Inc. Sell 2,060 5.1500 12/20/08 -- (33,950) Merrill Lynch International: El Paso Corp. Sell 460 2.9000 3/20/18 -- (7,575) El Paso Corp. Sell 1,175 2.8900 3/20/18 -- (20,137) Ford Motor Co. Sell 2,450 5.3000 12/20/12 -- (551,052) Freescale Semiconductor, Inc. Sell 525 5.0000 3/20/13 (97,781) (109,901) General Motors Corp. Sell 1,635 4.0500 12/20/12 -- (342,243) Reliant Energy, Inc. Sell 595 2.0500 9/20/11 -- (48,944) Smurfit-Stone Container Enterprises, Inc. Sell 1,025 6.7000 6/20/13 -- (9,313) TXU Corp. Sell 935 1.5300 6/20/11 -- (119,534) TXU Corp. Sell 960 1.5800 6/20/11 -- (121,447) TXU Corp. Sell 960 1.5900 6/20/11 -- (121,189) TXU Corp. Sell 1,210 1.6200 6/20/11 -- (151,779) TXU Corp. Sell 1,405 2.0600 6/20/11 -- (159,711) Morgan Stanley & Co. Smithfield Foods, International Ltd. Inc. Sell 280 1.5100 3/20/12 -- (28,399) Morgan Stanley Capital Services, Inc.: ABX.HE.AA.06-2 Index Sell 240 0.1700 5/25/46 (19,174) (138,996) ABX.HE.AA.06-2 Index Sell 480 0.1700 5/25/46 (47,998) (277,991) Abx.He.AAA.06-2 Index Sell 1,535 0.1100 5/25/46 (475,770) (373,929) Aramark Corp. Sell 750 5.9200 3/20/13 -- 596 Capmark Financial Group, Inc. Sell 460 7.4000 12/20/12 -- (91,036) Capmark Financial Group, Inc. Sell 415 7.1500 12/20/12 -- (84,905) CDX North America Investment Grade Index Sell 10,300 3.0000 3/23/13 -- (822,963)
44 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited CDX.NA.HY.9 Index Sell 5,826 3.7500 12/20/12 (31,264) (614,023) Dean Foods Co. Sell 920 0.9500 6/20/11 - (123,434) Ford Motor Co. Sell 2,065 6.1500 12/20/16 - (396,286) Ford Motor Co. Sell 520 5.9000 12/20/16 - (104,902) General Motors Corp Sell 1,650 4.9000 12/20/16 - (305,263) General Motors Corp Sell 420 4.6200 12/20/16 - (82,801) Istanbul Bond Co. SA for Finansbank Buy 5,180 1.3000 3/24/13 - (342,201) iStar Financial, Inc. Sell 450 4.8600 12/20/12 - (59,881) Joint Stock Co. "Halyk Bank of Kazakhstan" Sell 3,200 4.7800 3/20/13 - 2,422 Joint Stock Co. "Halyk Bank of Kazakhstan" Sell 3,200 4.8800 3/20/13 - 14,893 Lennar Corp. Sell 410 2.9000 12/20/08 - (11,224) Republic of Peru Sell 2,330 1.0400 6/20/17 - (115,717) Republic of Turkey Buy 2,590 2.9800 4/20/13 - 1,437 Residential Capital LLC Sell 3,460 6.1700 9/20/08 - (1,129,988) Residential Capital LLC Sell 1,185 6.2500 9/20/08 - (385,944) Smithfield Foods, Inc. Sell 1,000 1.7700 3/20/12 - (93,479) UBS AG: ABX.HE.AAA.06-2 Index Sell 1,035 0.1100 5/25/46 (323,384) (252,131) iStar Financial, Inc. Sell 410 4.5600 12/20/12 - (54,558) Lehman Brothers Holdings, Inc. Sell 1,490 1.5500 9/20/08 - (36,852) Massey Energy Co. Sell 360 5.0500 9/20/12 - 11,802 Massey Energy Co. Sell 600 5.1000 9/20/12 - 20,774 Republic of The Philippines Sell 3,095 1.4500 6/20/17 - (305,863) Republic of The Philippines Sell 1,870 2.5000 6/20/17 - (57,811) ------------ ------------ $(12,073,721) $(41,868,139) ============ ============
45 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited INTEREST RATE SWAP CONTRACTS AS OF MARCH 31, 2008 ARE AS FOLLOWS:
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATE VALUE ----------------------- ------------- -------------- -------------------- ------------ ------------ Banco Santander Central Hispano SA: Six-Month 1,188,000,000 CLP TNA-Chile 6.6000% 8/21/17 $ 66,674 56,000,000 BRR BZDI 12.2900 1/4/10 (504,086) 4,420,000 BRR BZDI 14.0000 1/3/12 75,289 Citibank NA, London: Six-Month 1,260,000 PLZ WIBOR 5.5200 3/24/10 (9,583) Six-Month 2,016,000 PLZ WIBOR 5.5500 3/25/10 (14,831) Citibank NA, New York: 73,200,000 TWD 2.3200% TWD-Telerate 6/27/11 3,311 Six-Month 950,000,000 CLP TNA-Chile 6.5300 8/25/17 22,937 Credit Suisse First Six-Month 4.4800 7/1/10 Boston, Inc. 3,640,000 PLZ WIBOR (4,473) Credit Suisse International: 22,480,000 MXN MXN TIIE 8.3000 12/17/26 15,202 Six-Month 950,000,000 CLP TNA-Chile 6.5800 8/21/17 59,440 Deutsche Bank AG: Three-Month 23,560,000 NZD NZD-BBR 7.5875 1/8/18 108,359 INR MIBOR-OIS 73,400,000 INR 7.1750 Compound 6/27/11 5,340 Three-Month 62,210,000 SEK SEK-STIBOR 4.7875 11/14/17 118,508 Goldman Sachs Capital Markets LP: 62,900,000 MXN MXN TIIE 8.1400 1/10/18 65,260 21,000,000 BRR BZDI 14.5500 1/4/10 480,761 Goldman Sachs CNY 4.0000 CNY-CFXSREPOFIX01 2/16/17 International 18,300,000 74,019 J Aron & Co.: 43,800,000 BRR BZDI 10.6700 1/2/12 (1,579,316) 22,300,000 MXN MXN TIIE 9.1500 8/27/26 184,751 9,700,000 MXN MXN TIIE 9.3300 9/16/26 114,844 8,790,000 BRR BZDI 12.9200 1/2/14 (42,259)
46 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited 4,390,000 BRR BZDI 12.8700 1/2/14 (26,382) 8,750,000 BRR BZDI 12.7100 1/4/10 11,569 15,140,000 BRR BZDI 12.6100 1/4/10 100,830 19,400,000 BRR BZDI 12.3900 1/2/12 (81,019) 25,560,000 BRR BZDI 14.8900 1/4/10 781,643 6,910,000 BRR BZDI 12.2600 1/2/15 (102,845) 3,160,000 BRR BZDI 12.2900 1/2/15 (44,221) 4,420,000 BRR BZDI 14.0500 1/2/12 90,347 10,360,000 BRR BZDI 13.1000 1/2/17 218 JPMorgan Chase Bank NA: 19,400,000 BRR BZDI 12.3800 1/2/12 (41,858) Three-Month 82,000,000 USD BBA LIBOR 5.5700 5/26/16 11,063,358 8,750,000 BRR BZDI 13.9100 1/2/12 288,231 317,000,000 CZK 4.4000 Six-Month CZK-PRIBOR 4/4/18 - Lehman Brothers Special Financing, Inc.: Six-Month 4,680,000 PLZ WIBOR 4.5300 7/5/10 3,275 24,550,000 BRR BRL CDI 12.9000 1/2/14 (368,845) Merrill Lynch Capital Services, Inc.: 26,060,000 SGD 3.3350 Six-Month SGD-SOR 1/8/18 (89,590) Three-Month 32,130,000 CAD CAD-BA-CDOR 4.0300 1/16/11 532,166 Morgan Stanley Capital Services, Inc.: Three-Month 59,990,000 SEK SEK-STIBOR 4.4938 1/25/18 (241,359) 14,260,000 EUR 4.7130 Six-Month EURIBOR 8/22/17 (1,139,904) Six-Month 168,200,000 NOK 4.9850 NOK-NIBOR-NIBR 1/18/11 671,730 Three-Month 67,000,000 SEK SEK-STIBOR 4.2600 1/18/11 (97,052)
47 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited Six-Month 7,110,000 EUR EUR-EURIBOR 3.9960 1/18/11 (78,653) Six-Month 11,500,000 CHF CHF-LIBOR-BBA 2.6600 1/18/11 (76,010) Westpac Banking Corp.: Six-Month 20,640,000 AUD AUD-BBR 7.0100 1/8/18 (186,894) Six-Month EUR-EURIBOR- 31,510,000 EUR Telerate 4.2400 11/29/10 106,309 Three-Month 20,460,000 NZD 7.9700 NZD-BBR-FRA 11/29/10 (242,926) Three-Month 20,410,000 NZD 7.8400 NZD-BBR-FRA 10/13/10 (29,397) Three-Month 40,740,000 NZD 7.9325 NZD-BBR-FRA 1/18/11 99,485 Three-Month 20,410,000 NZD 7.9075 NZD-BBR-FRA 10/19/10 (213,609) ------------ $ 9,928,744 ============
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real CAD Canadian Dollar CHF Swiss Franc CLP Chilean Peso CNY Chinese Renminbi (Yuan) CZK Czech Koruna EUR Euro INR Indian Rupee MXN Mexican Nuevo Peso NOK Norwegian Krone NZD New Zealand Dollar PLZ Polish Zloty SEK Swedish Krone SGD Singapore Dollar TWD New Taiwan Dollar Abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate BBR Bank Bill Rate BZDI Brazil Interbank Deposit Rate CDOR Canada Bankers Acceptances Rate CNY-CFXSREPOFIX01 Chinese Renminbi 7 Days Repurchase Fixing Rates EURIBOR Euro Interbank Offered Rate 48 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited FRA Forward Rate Agreement MIBOR-OIS Mid Market Interest Rate for French Franc/Austrian Schilling and India Swap Composites-Overnight Indexed Swap NIBOR-NIBR Norwegian Interbank Offered Rate PRIBOR Prague Interbank Offering Rate SOR Swap Offer Rate STIBOR Stockholm Interbank Offered Rate TIIE Interbank Equilibrium Interest Rate TNA Tasa Nominal Annual WIBOR Poland Warsaw Interbank Offer Bid Rate TOTAL RETURN SWAP CONTRACTS AS OF MARCH 31, 2008 ARE AS FOLLOWS:
NOTIONAL SWAP COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND TERMINATION DATE VALUE ----------------- --------------- ----------------------- ----------------------- ---------------- ----------- If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index plus 25 8.5+ Index minus 25 Barclays Bank plc $ 1,100,000 basis points basis points 5/1/08 $ 35,241 Citibank NA: If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 15,700,000 Index Index 2/1/09 212,575 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index plus 15 8.5+ Index minus 15 9,600,000 basis points basis points 8/1/08 308,357 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA Index minus 15 basis Index plus 15 basis 7,800,000 points points 2/1/09 106,585 Citibank NA, New York: Twelve-Month JPY BBA LIBOR plus 40 basis points and if negative, the absolute value of If positive, the the Total Return of a Total Return of a custom basket of custom basket of 1,214,836,000 JPY securities securities 4/8/08 (10,097)
49 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited Twelve-Month GBP BBA LIBOR plus 35 basis points and if negative, the absolute value of If positive, the the Total Return of a Total Return of a custom basket of custom basket of 5,850,504 GBP securities securities 5/7/08 337,779 Deutsche Bank AG: Six-Month USD BBA 1,620,000 LIBOR 5.46% times UDI 5/13/15 521,906 930,000 Six-Month USD LIBOR 5.25% times UDI 6/23/15 262,727 One-Month USD BBA LIBOR plus 20 basis points and if negative, the absolute value of If positive, the the Total Return of a Total Return of a Deutsche Bank AG, London 9,804,102 custom equity basket custom equity basket 9/15/08 (177,890) Goldman Sachs Group, Inc. (The): 920,000 Six-Month BBA LIBOR 5.10% times UDI 1/14/15 295,379 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index minus 50 8.5+ Index plus 50 8,860,000 basis points basis points 8/1/08 259,397 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 9,000,000 8.5+ Index 8.5+ Index 3/1/09 246,160 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index minus 50 8.5+ Index plus 50 500,000 basis points basis points 3/1/09 16,147 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index minus 250 8.5+ Index plus 250 23,430,000 basis points basis points 3/1/09 1,620,271 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index minus 200 8.5+ Index plus 200 2,750,000 basis points basis points 3/1/09 273,891 920,000 Six-Month BBA LIBOR 5.08% times UDI 1/20/15 303,535
50 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited Goldman Sachs International: If negative, the absolute value of the If positive, the Total Return of the Total Return of the 6,626,416 BRR BOVESPA 04/08 Index BOVESPA 04/08 Index 4/17/08 51,898 One-Month USD BBA LIBOR plus 30 basis points and if negative, the absolute value of If positive, the the Total Return of a Total Return of a 37,650,380 custom equity basket custom equity basket 3/9/09 (424,754) One-Month USD BBA LIBOR and if negative, If positive, the the absolute value of Total Return of the the MSCI Daily Total MSCI Daily Total Return Return New Belgium USD New Belgium USD Market 605,922 Market Index Index 10/8/08 32,538 One-Month USD BBA LIBOR and if negative, If positive, the the absolute value of Total Return of the the MSCI Daily Total MSCI Daily Total Return Return New Belgium USD New Belgium USD Market 2,714,359 Market Index Index 10/8/08 125,504 One-Month USD BBA LIBOR and if negative, If positive, the the absolute value of Total Return of the the MSCI Daily Total MSCI Daily Total Return Return New Belgium USD New Belgium USD Market 592,754 Market Index Index 10/8/08 28,923 One-Month USD BBA LIBOR and if negative, If positive, the the absolute value of Total Return of the the MSCI Daily Total MSCI Daily Total Return Return New Belgium USD New Belgium USD Market 459,776 Market Index Index 10/8/08 20,143 Lehman Brothers Holdings, Inc.: If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index plus 30 8.5+ Index minus 30 10,000,000 basis points basis points 8/1/08 317,672
51 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index minus 35 8.5+ Index plus 35 16,500,000 basis points basis points 8/1/08 532,203 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index plus 42.5 8.5+ Index minus 42.5 16,600,000 basis points basis points 6/1/08 525,780 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8,300,000 8.5+ Index 8.5+ Index 6/1/08 265,535 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index plus 20 8.5+ Index minus 20 5,000,000 basis points basis points 5/1/08 159,211 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index minus 55 8.5+ Index plus 55 12,002,000 basis points basis points 5/1/08 388,922 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8,300,000 8.5+ Index 8.5+ Index 6/1/08 265,535 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 3,760,000 Index Index 3/1/09 120,291 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index minus 200 8.5+ Index plus 200 2,750,000 basis points basis points 3/1/09 236,319 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index minus 45 8.5+ Index plus 45 15,909,000 basis points basis points 5/1/08 514,334 Merrill Lynch Capital Services, Inc.: The Constant Maturity Option Price divided by 15,380,000 5.3300% 10,000 8/13/17 (504,575)
52 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited The Constant Maturity Option Price divided by 54,700,000 4.6600 10,000 6/11/17 621,711 Morgan Stanley: If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index plus 25 8.5+ Index minus 25 1,100,000 basis points basis points 5/1/08 32,385 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index minus 225 8.5+ Index plus 225 10,910,000 basis points basis points 8/1/08 264,747 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index minus 150 8.5+ Index plus 150 1,200,000 basis points basis points 8/1/08 29,108 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8,300,000 8.5+ Index 8.5+ Index 6/1/08 229,937 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 4,900,000 8.5+ Index 8.5+ Index 8/1/08 119,037 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 28,300,000 Index Index 3/1/09 655,730 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index minus 250 8.5+ Index plus 250 5,110,000 basis points basis points 3/1/09 604,280 One-Month EUR BBA LIBOR plus 25 basis points and if negative, the absolute value of If positive, the the Total Return of a Total Return of a custom basket of custom basket of 5,105,652 EUR securities securities 3/6/09 (238,661) 7.75% from debt obligations of JSC Morgan Stanley Capital Three-Month USD BBA Rushydro and OJSC Services, Inc. 271,430,000 RUR LIBOR Saratovskaya HPP 12/26/13 850,774
53 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited One-Month EUR BBA LIBOR plus 30 basis points and if negative, the absolute value of If positive, the the Total Return of a Total Return of a Morgan Stanley custom basket of custom basket of International 4,621,400 EUR securities securities 10/7/08 81,089 If positive, the Total If negative, the Total Return of the Lehman Return of the Lehman Brothers U.S. CMBS AAA Brothers U.S. CMBS AAA 8.5+ Index plus 20 8.5+ Index minus 20 UBS AG 3,400,000 basis points basis points 5/1/08 109,336 ------------ $10,626,915 ============
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 RUR Russian Ruble Abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate BOVESPA Bovespa Index that trades on the Sao Paulo Stock Exchange CMBS Commercial Mortgage Backed Securities LIBOR London-Interbank Offered Rate MSCI Morgan Stanley Capital International UDI Unidad de Inversion (Unit of Investment) CURRENCY SWAPS AS OF MARCH 31, 2008 ARE AS FOLLOWS:
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT (000S) THE FUND THE FUND DATE VALUE ---------------------------- -------------- ------------ ------------ ----------- ---------- Credit Suisse International: Three Month 3,170,000 TRY USD BBA LIBOR 16.75% 2/26/12 $ 138,663 Three-Month 1,255,000 TRY USD BBA LIBOR 17.25 2/7/12 81,058 Three-Month 1,890,000 TRY USD BBA LIBOR 17.30 2/9/12 120,072 Merrill Lynch International 1,960,000 TRY Three-Month 17.10 2/6/12 153,586 BBA LIBOR ---------- $ 493,379 ==========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currency: TRY New Turkish Lira Abbreviation is as follows: 54 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited BBA LIBOR British Bankers' Association London-Interbank Offered Rate 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 Funds' 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 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. 55 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / 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. SECURITIES SOLD SHORT. The Fund may short sell when-issued securities for future settlement. The value of the open short position is recorded as a liability, and the Fund records an unrealized gain or loss for the value of the open short position. The Fund records a realized gain or loss when the short position is closed out. 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 funds. The Fund records a realized gain or loss when a structured security is sold or matures. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund 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, 2008, 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 $ 99,388,299 Sold securities 55,798,467
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. 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; 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 56 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of March 31, 2008, securities with an aggregate market value of $627,808, representing 0.02% 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 funds. 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. 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. INVESTMENTS IN OPPENHEIMER MASTER LOAN FUND, LLC. The Fund is permitted to buy interests in trusts and other pooled entities that invest primarily or exclusively in loan obligations, including entities sponsored and/or advised by the Manager or an affiliate. The loans underlying these investments may include loans to foreign or U.S. borrowers, may be collateralized or uncollateralized and may be rated above or below investment grade or unrated. Oppenheimer Master Loan Fund, LLC ("Master Loan") is a mutual fund registered under the Investment Company Act of 1940, which seeks as high a level of current income and preservation of capital as is consistent with investing primarily in loans and other debt securities. The Manager is also the investment adviser of Master Loan. The Manager expects at certain times that the investment in Master Loan may exceed 15% of the Fund's net assets. The Fund's investment in Master Loan is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of Master Loan's 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 Master Loan. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Fund may be delayed or limited. INVESTMENTS WITH OFF-BALANCE SHEET RISK. The Fund enters into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund's Statement of Assets and Liabilities in the annual and semiannual reports. 57 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited 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. Foreign currency exchange contracts are reported on a schedule following the Statement of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semianual funds 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 funds. Risks to the Fund include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. Credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. FUTURES CONTRACTS A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual funds. Realized gains (losses) are reported in the Statement of Operations in the annual and semiannual funds at the closing or expiration of futures contracts. 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 funds. 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. 58 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited 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. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk that there may be an illiquid market where the Fund is unable to close the contract. Written option activity for the period ended March 31, 2008 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, 2007 2,878,960,000 $ 384,268 6,960,000 $ 52,511 Options written 10,107,905,000 2,031,835 10,158,280,000 2,111,645 Options closed or expired (5,930,560,000) (1,040,251) (5,984,665,000) (1,216,792) Options exercised (5,661,045,000) (1,101,420) (2,785,315,000) (671,148) -------------- --------------- -------------- --------------- Options outstanding as of March 31, 2008 1,395,260,000 $ 274,432 1,395,260,000 $ 276,216 ============== =============== ============== ===============
SWAP CONTRACTS The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, or the occurrence of a credit event, over a specified period. Such contracts may include interest rate, equity, debt, index, total return, credit and currency swaps. Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Risks of entering into swap contracts include credit, market and liquidity risk. 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. Market risk is the risk that the value of the contract will depreciate due to unfavorable changes in the reference asset. If there is an illiquid market for the agreement, the Fund may be unable to close the contract prior to contract termination. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection against a defined-issuer credit event. The Fund may enter into credit default swaps on a single security, or a basket of securities. In a credit default swap contract, the purchaser of the contract will pay a periodic interest fee, similar to an insurance premium, on the notional amount of the swap contract to the counterparty (the seller of the contract). If there is a credit event (for example, bankruptcy or a failure to timely pay interest or principal), the purchaser will exercise the contract and will receive a payment from the seller of the contract equal to the notional value of the credit default swap contract less the value of the underlying security. In the event that the credit default swap is exercised due to a credit event, the difference between the value of the underlying security 59 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. Risks of credit default swaps include, but are not limited to, the cost of paying for credit protection if there are no credit events, or the cost of selling protection (paying the notional amount) when a credit event occurs, pricing transparency when assessing the cost of a credit default swap, and the need to fund the delivery obligation (either cash or defaulted securities). INTEREST RATE SWAP CONTRACTS. An interest rate swap is an agreement between counterparties to exchange periodic interest payments on the notional amount of the contract. One cash flow stream will typically be a floating rate payment based upon a specified index while the other is typically a fixed rate. Interest rate swap agreements include interest rate risk. There is a risk, based on future movements of interest rates where the payments made by the Fund under a swap agreement will be greater than the payments it received. TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between counterparties to exchange a set of future cash flows on the notional amount of the contract. One cash flow is typically based on a reference interest rate or index and the other on the total return of a reference asset such as a security, a basket of securities, or an index. The total return includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. 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. Currency swap agreements include exchange rate risk. Due to the exchange of currency at contract termination, changes in currency exchange rates may result in the Fund paying an amount greater than the amount received. There is a risk, based on movements of interest rates or indexes that the periodic payments made by the Fund will be greater than the payments received. ILLIQUID OR RESTRICTED SECURITIES As of March 31, 2008, 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 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, 2008, the Fund had on loan securities valued at $86,665,224. Collateral of $88,214,609 was received for the loans, all of which was received in cash and subsequently invested in approved instruments. LOAN COMMITMENTS Pursuant to the terms of certain indenture agreements, the Fund has unfunded loan commitments of $13,500,000 at March 31, 2008. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the amount of 60 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited unfunded 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, 2008, the Fund had unfunded loan commitments as follows:
COMMITMENT TERMINATION UNFUNDED DATE AMOUNT ----------- ----------- Deutsche Bank AG, Opic Reforma Credit Linked Nts. 10/3/15 $13,500,000
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, 2008 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 $ 4,079,017,755 Federal tax cost of other investments 925,608,449 ------------------ Total federal tax cost $ 5,004,626,204 ================== Gross unrealized appreciation $ 196,369,069 Gross unrealized depreciation (148,806,148) ------------------ Net unrealized appreciation $ 47,562,921 ==================
61 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ------------ COMMON STOCKS--98.0% CONSUMER DISCRETIONARY--19.2% AUTOMOBILES--2.8% Bayerische Motoren Werke (BMW) AG 658,139 $ 36,407,999 Bayerische Motoren Werke (BMW) AG, Preference 205,513 9,084,738 Porsche Automobil Holding 152,550 28,094,823 Toyota Motor Corp. 481,100 24,245,942 ------------ 97,833,502 ------------ HOTELS, RESTAURANTS & LEISURE--2.9% Aristocrat Leisure Ltd. 419,781 3,694,272 Carnival Corp. 1,094,400 44,301,312 International Game Technology 434,300 17,463,203 McDonald's Corp. 587,400 32,759,298 Shuffle Master, Inc. (1) 296,600 1,586,810 ------------ 99,804,895 ------------ HOUSEHOLD DURABLES--1.4% Sony Corp. 1,257,200 50,290,329 LEISURE EQUIPMENT & PRODUCTS--0.2% Sega Sammy Holdings, Inc. 520,600 5,509,962 MEDIA--4.7% Dish TV India Ltd. (1) 2,397,922 2,967,325 Grupo Televisa SA, Sponsored GDR 1,644,396 39,860,159 Pearson plc 1,104,328 14,936,383 Sirius Satellite Radio, Inc. (1) 9,748,010 27,879,309 Walt Disney Co. (The) 1,280,200 40,172,676 Wire & Wireless India Ltd. (1) 2,278,650 2,059,565 WPP Group plc 1,445,940 17,246,709 Zee Entertainment Enterprises Ltd. 2,988,910 18,409,711 ------------ 163,531,837 ------------ SPECIALTY RETAIL--4.2% H&M Hennes & Mauritz AB, Cl. B 1,214,400 74,598,989 Industria de Diseno Textil SA 638,300 35,461,671 Tiffany & Co. 848,400 35,497,056 ------------ 145,557,716 ------------ TEXTILES, APPAREL & LUXURY GOODS--3.0% Bulgari SpA 1,701,018 19,721,655 Burberry Group plc 1,383,058 12,365,643 LVMH Moet Hennessey Louis Vuitton 504,530 56,155,358 Tod's SpA 280,197 17,252,148 ------------ 105,494,804 ------------ CONSUMER STAPLES--8.9% BEVERAGES--2.7% Companhia de Bebidas das Americas, ADR, Preference 330,915 25,000,628 Diageo plc 967,745 19,513,544 Fomento Economico Mexicano SA de CV, UBD 7,752,900 32,343,967 Grupo Modelo SA de CV, Series C 3,449,300 15,106,234 ------------ 91,964,373 ------------ FOOD & STAPLES RETAILING--2.4% Seven & I Holdings Co. Ltd. 431,053 10,957,224
1 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ------------ FOOD & STAPLES RETAILING CONTINUED Tesco plc 4,176,435 $ 31,546,677 Wal-Mart Stores, Inc. 789,800 41,606,664 ------------ 84,110,565 ------------ FOOD PRODUCTS--1.1% Cadbury Schweppes plc 3,354,424 36,848,268 HOUSEHOLD PRODUCTS--2.7% Colgate-Palmolive Co. 353,300 27,525,603 Hindustan Unilever Ltd. 4,157,500 23,890,439 Reckitt Benckiser Group plc 781,928 43,311,986 ------------ 94,728,028 ------------ ENERGY--5.4% ENERGY EQUIPMENT & SERVICES--2.6% Technip SA 539,710 41,768,759 Transocean, Inc. (1) 371,272 50,195,974 ------------ 91,964,733 ------------ OIL, GAS & CONSUMABLE FUELS--2.8% BP plc, ADR 468,969 28,442,970 Husky Energy, Inc. 1,188,030 46,516,563 Total SA 298,440 22,163,555 ------------ 97,123,088 ------------ FINANCIALS--13.7% CAPITAL MARKETS--2.6% 3i Group plc 477,710 7,869,079 Credit Suisse Group 971,305 49,440,608 Northern Trust Corp. 488,000 32,437,360 ------------ 89,747,047 ------------ COMMERCIAL BANKS--4.0% BNP Paribas SA 93,550 9,436,083 HSBC Holdings plc 2,353,487 38,628,139 ICICI Bank Ltd., Sponsored ADR 255,350 9,751,817 Royal Bank of Scotland Group plc (The) 5,006,409 33,508,870 Societe Generale NV (1) 59,032 5,680,366 Societe Generale, Cl. A 236,128 23,120,346 Sumitomo Mitsui Financial Group, Inc. 3,158 20,851,320 ------------ 140,976,941 ------------ CONSUMER FINANCE--0.6% Credit Saison Co. Ltd. 725,900 20,244,803 DIVERSIFIED FINANCIAL SERVICES--0.9% Investor AB, B Shares (1) 1,350,954 30,409,737 INSURANCE--5.6% ACE Ltd. 335,771 18,487,551 AFLAC, Inc. 507,000 32,929,650 Allianz SE 248,754 49,396,565 American International Group, Inc. 1,004,450 43,442,463 Prudential plc 2,356,347 31,122,094 Sony Financial Holdings, Inc. 1,598 6,518,966
2 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ------------ INSURANCE CONTINUED XL Capital Ltd., Cl. A 455,400 $ 13,457,070 ------------ 195,354,359 ------------ HEALTH CARE--6.7% BIOTECHNOLOGY--1.8% Acadia Pharmaceuticals, Inc. (1) 302,500 2,740,650 Basilea Pharmaceutica AG (1) 22,275 3,252,316 Gilead Sciences, Inc. (1) 696,320 35,881,370 InterMune, Inc. (1) 271,600 3,959,928 NicOx SA (1) 212,570 3,040,502 Regeneron Pharmaceuticals, Inc. (1) 176,802 3,392,830 Seattle Genetics, Inc. (1) 520,328 4,734,985 Theravance, Inc. (1) 448,500 4,722,705 ------------ 61,725,286 ------------ HEALTH CARE EQUIPMENT & SUPPLIES--0.7% Smith & Nephew plc 1,768,597 23,394,326 PHARMACEUTICALS--4.2% Chugai Pharmaceutical Co. Ltd. 647,500 7,320,751 Johnson & Johnson 124,300 8,063,341 Roche Holding AG 360,887 67,918,417 Sanofi-Aventis SA 440,095 33,017,026 Shionogi & Co. Ltd. 1,745,000 29,795,245 ------------ 146,114,780 ------------ INDUSTRIALS--13.8% AEROSPACE & DEFENSE--4.4% Boeing Co. 217,500 16,175,475 Empresa Brasileira de Aeronautica SA, ADR 792,183 31,299,150 European Aeronautic Defense & Space Co. 1,349,410 31,977,146 Lockheed Martin Corp. 244,100 24,239,130 Northrop Grumman Corp. 270,700 21,063,167 Raytheon Co. 447,600 28,919,436 ------------ 153,673,504 ------------ AIR FREIGHT & LOGISTICS--1.0% TNT NV 661,000 24,554,917 United Parcel Service, Inc., Cl. B 134,700 9,835,794 ------------ 34,390,711 ------------ BUILDING PRODUCTS--1.2% Assa Abloy AB, Cl. B 2,183,185 39,590,058 COMMERCIAL SERVICES & SUPPLIES--0.8% Experian Group Ltd. 1,221,419 8,896,358 Secom Co. Ltd. 356,000 17,493,558 ------------ 26,389,916 ------------ ELECTRICAL EQUIPMENT--1.6% Emerson Electric Co. 850,200 43,751,292 Mitsubishi Electric Corp. 1,497,000 13,192,891 ------------ 56,944,183
3 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ---------- -------------- INDUSTRIAL CONGLOMERATES--4.5% 3M Co. 483,500 $ 38,269,025 Koninklijke (Royal) Philips Electronics NV (2) 1,236,700 47,307,812 Siemens AG 654,255 71,466,986 -------------- 157,043,823 -------------- MACHINERY--0.3% Fanuc Ltd. 115,100 11,139,912 INFORMATION TECHNOLOGY--25.3% COMMUNICATIONS EQUIPMENT--6.1% Corning, Inc. 1,964,300 47,221,772 Juniper Networks, Inc. (1) 2,160,900 54,022,500 Tandberg ASA 1,056,150 15,872,185 Telefonaktiebolaget LM Ericsson, B Shares 49,239,300 96,624,829 -------------- 213,741,286 -------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--2.8% Hoya Corp. 886,800 21,020,189 Keyence Corp. 87,440 20,386,039 Kyocera Corp. 218,200 18,321,970 Murata Manufacturing Co. Ltd. 544,600 27,447,688 Nidec Corp. 152,100 9,502,469 -------------- 96,678,355 -------------- INTERNET SOFTWARE & SERVICES--1.7% eBay, Inc. (1) 1,957,200 58,402,848 IT SERVICES--2.4% Automatic Data Processing, Inc. 1,047,300 44,395,047 Infosys Technologies Ltd. 1,101,126 39,665,289 -------------- 84,060,336 -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5.8% Advanced Micro Devices, Inc. (1) 2,459,400 14,485,866 Altera Corp. 1,227,600 22,624,668 Cree, Inc. (1) 752,400 21,037,104 Linear Technology Corp. 515,496 15,820,572 Maxim Integrated Products, Inc. 1,139,165 23,227,574 MediaTek, Inc. 3,734,335 48,749,780 Taiwan Semiconductor Manufacturing Co. Ltd. 11,926,176 24,771,366 Taiwan Semiconductor Manufacturing Co. Ltd., ADR 947,412 9,729,921 Xilinx, Inc. 824,700 19,586,625 -------------- 200,033,476 -------------- SOFTWARE--6.5% Adobe Systems, Inc. (1) 1,168,063 41,571,362 Enix Corp. 579,200 20,402,005 Intuit, Inc. (1) 1,451,900 39,215,819 Microsoft Corp. 1,918,500 54,447,030 Nintendo Co. Ltd. 40,200 20,825,068 SAP AG 968,708 48,021,710 -------------- 224,482,994
4 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ---------- --------------- TELECOMMUNICATION SERVICES--4.0% WIRELESS TELECOMMUNICATION SERVICES--4.0% KDDI Corp. 5,747 $ 35,521,339 SK Telecom Co. Ltd. ADR 1,275,660 27,567,013 Vodafone Group plc 25,167,902 75,373,335 --------------- 138,461,687 --------------- UTILITIES--1.0% ELECTRIC UTILITIES--1.0% Fortum Oyj (1), (2) 869,500 35,430,124 --------------- Total Common Stocks (Cost $2,696,979,568) 3,403,192,592
PRINCIPAL AMOUNT ----------- CONVERTIBLE CORPORATE BONDS AND NOTES--0.1% Theravance, Inc., 3% Cv. Sub. Nts., 1/15/15 (Cost $2,882,000) $ 2,882,000 2,035,413
SHARES ---------- INVESTMENT COMPANY--1.6% Oppenheimer Institutional Money Market Fund, Cl. E, 3.29% (3), (4) (Cost $53,854,500) 53,854,500 53,854,500 Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $2,753,716,068) 3,459,082,505
Principal Amount ------------ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--2.5% (5) JOINT REPURCHASE AGREEMENTS--2.5% Undivided interest of 0.76% in joint repurchase agreement (Principal Amount/Value $7,000,000,000 with a maturity value of $7,000,486,111) with Barclays Capital, 2.50%, dated 3/31/08, to be repurchased at $53,041,563 on 4/1/08, collateralized by U.S. Agency Mortgages, 0%-6.40%, 3/1/28-3/1/38, with a value of $7,140,000,000 $ 53,037,880 53,037,880 Undivided interest of 3.50% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,072,222) with Societe Generale, New York Branch, 2.60%, dated 3/31/08, to be repurchased at $35,002,528 on 4/1/08, collateralized by U.S. Agency Mortgages, 2.74%-6%, 1/1/34-5/25/37, with a value of $1,020,000,000 35,000,000 35,000,000 ---------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $88,037,880) 88,037,880 ---------------- TOTAL INVESTMENTS, AT VALUE (COST $2,841,753,948) 102.2% 3,547,120,385 LIABILITIES IN EXCESS OF OTHER ASSETS (2.2) (75,539,229) ------------ ---------------- Net Assets 100.0% $ 3,471,581,156 ============ ================
---------- FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Partial or fully-loaned security. See accompanying Notes. 3. Rate shown is the 7-day yield as of March 31, 2008. 5 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited 4. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2008, 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, 2007 ADDITIONS REDUCTIONS MARCH 31, 2008 ----------------- ----------- ----------- -------------- Oppenheimer Institutional Money Market Fund, Cl. E 68,796,760 147,266,598 162,208,858 53,854,500
DIVIDEND VALUE INCOME ------------ ---------- Oppenheimer Institutional Money Market Fund, Cl. E $ 53,854,500 $ 613,451
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, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION INPUTS SECURITIES INSTRUMENTS* --------------------------------------------- --------------- --------------- Level 1 - Quoted Prices $ 2,832,183,537 $ -- Level 2 - Other Significant Observable Inputs 714,936,848 -- Level 3 - Significant Unobservable Inputs -- -- --------------- --------------- TOTAL $ 3,547,120,385 $ -- =============== ===============
---------- * Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts, futures and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Options and swaps are reported at their market value at measurement date, which may include premiums received or paid. 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. DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
GEOGRAPHIC HOLDINGS VALUE PERCENT ------------------------------------ --------------- ------- United States $ 1,223,337,112 34.5% United Kingdom 414,108,023 11.7 Japan 390,987,670 11.0
6 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
GEOGRAPHIC HOLDINGS VALUE PERCENT ------------------------------------ --------------- ------- Germany 242,472,821 6.8 Sweden 241,223,613 6.8 France 226,359,141 6.4 Switzerland 120,611,341 3.4 India 96,744,146 2.7 Mexico 87,310,360 2.5 Taiwan 83,251,067 2.4 Cayman Islands 82,140,595 2.3 The Netherlands 71,862,729 2.0 Brazil 56,299,778 1.6 Canada 46,516,563 1.3 Italy 36,973,803 1.0 Spain 35,461,671 1.0 Finland 35,430,124 1.0 Korea, Republic of South 27,567,013 0.8 Norway 15,872,185 0.4 Jersey, Channel Islands 8,896,358 0.3 Australia 3,694,272 0.1 --------------- ------- Total $ 3,547,120,385 100.0% =============== =======
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 Funds' 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. 7 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited 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 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. 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. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient 8 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited to cover payments of interest and principal. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Fund may be delayed or limited. 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, 2008, the Fund had on loan securities valued at $82,976,206. Collateral of $88,037,880 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, 2008 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 $ 2,851,669,786 Federal tax cost of other investments 1,617,482 ---------------- Total federal tax cost $ 2,853,287,268 ================ Gross unrealized appreciation $ 886,650,836 Gross unrealized depreciation (190,886,072) ---------------- Net unrealized appreciation $ 695,764,764 ================
9 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- COMMON STOCKS -- 99.2% CONSUMER DISCRETIONARY -- 13.1% AUTO COMPONENTS -- 1.5% Aftermarket Technology Corp. (1,2) 20,200 $ 392,688 American Axle & Manufacturing Holdings, Inc. (2) 107,900 2,211,950 Amerigon, Inc. (1,2) 33,800 500,240 ArvinMeritor, Inc. (2) 58,500 731,835 Autoliv, Inc. 25,700 1,290,140 Borg-Warner Automotive, Inc. 23,400 1,006,902 Cooper Tire & Rubber Co. (2) 109,600 1,640,712 Drew Industries, Inc. (1,2) 39,600 968,616 Exide Technologies (1,2) 8,700 113,970 Fuel Systems Solutions, Inc. (1,2) 2,999 39,977 Gentex Corp. (2) 69,100 1,185,065 Hayes Lemmerz International, Inc. (1) 13,200 36,828 Lear Corp. (1,2) 78,000 2,020,980 Shiloh Industries, Inc. 2,900 32,393 Stoneridge, Inc. (1) 1,300 17,485 Tenneco, Inc. (1) 59,400 1,659,636 ------------- 13,849,417 AUTOMOBILES -- 0.3% Fleetwood Enterprises, Inc. (1,2) 36,200 166,520 Monaco Coach Corp. (2) 34,780 329,714 Thor Industries, Inc. (2) 67,700 2,015,429 ------------- 2,511,663 COMMERCIAL SERVICES & SUPPLIES -- 0.0% Kimball International, Inc., Cl. B (2) 28,600 306,592 DISTRIBUTORS -- 0.1% Core-Mark Holding Co., Inc. (1,2) 4,200 120,708 LKQ Corp. (1,2) 31,000 696,570 ------------- 817,278 DIVERSIFIED CONSUMER SERVICES -- 0.9% Apollo Group, Inc., Cl. A (1) 800 34,560 Capella Education Co. (1,2) 22,000 1,201,200 Coinstar, Inc. (1,2) 40,700 1,145,298 DeVry, Inc. 36,500 1,527,160 ITT Educational Services, Inc. (1,2) 14,400 661,392 K12, Inc. (1) 4,150 81,299 Matthews International Corp., Cl. A (2) 9,000 434,250 Noah Education Holdings Ltd., ADR (1) 23,390 130,048 Pre-Paid Legal Services, Inc. (1) 10,480 444,457 Service Corp. International 63,900 647,946 Sotheby's 48,100 1,390,571 Steiner Leisure Ltd. (1,2) 11,700 386,100 ------------- 8,084,281
1 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- HOTELS, RESTAURANTS & LEISURE -- 0.9% Ambassadors Group, Inc. (2) 2,300 $ 43,447 Bally Technologies, Inc. (1,2) 38,700 1,328,958 Bob Evans Farms, Inc. (2) 55,614 1,534,390 Brinker International, Inc. 35,200 652,960 CBRL Group, Inc. 21,950 785,152 CEC Entertainment, Inc. (1) 1,100 31,768 Chipotle Mexican Grill, Inc., Cl. A (1,2) 5,800 657,894 Churchill Downs, Inc. (2) 800 37,792 Denny's Corp. (1,2) 111,500 332,270 Domino's Pizza, Inc. (2) 8,600 116,014 Monarch Casino & Resort, Inc. (1,2) 16,100 285,131 Premier Exhibitions, Inc. (1,2) 26,700 161,268 Riviera Holdings Corp. (1,2) 700 14,427 WMS Industries, Inc. (1) 34,000 1,222,980 Wyndham Worldwide Corp. 46,600 963,688 ------------- 8,168,139 HOUSEHOLD DURABLES -- 2.3% American Greetings Corp., Cl. A (2) 123,600 2,292,780 Blyth, Inc. (2) 60,780 1,198,582 Centex Corp. 28,300 685,143 Champion Enterprises, Inc. (1,2) 41,600 417,248 CSS Industries, Inc. (2) 15,750 550,620 Helen of Troy Ltd. (1,2) 10,200 171,054 Hooker Furniture Corp. (2) 10,800 241,272 KB Home (2) 41,400 1,023,822 La-Z-Boy, Inc. (2) 11,500 95,910 Lennar Corp., Cl. A (2) 86,300 1,623,303 Mohawk Industries, Inc. (1,2) 20,400 1,460,844 NVR, Inc. (1,2) 3,100 1,852,250 Pulte Homes, Inc. 61,500 894,825 Ryland Group, Inc. (The) (2) 72,000 2,368,080 Tempur-Pedic International, Inc. (2) 56,700 623,700 Toll Brothers, Inc. (1) 36,300 852,324 Tupperware Brands Corp. 64,400 2,490,992 Universal Electronics, Inc. (1,2) 11,500 278,415 Whirlpool Corp. (2) 16,000 1,388,480 ------------- 20,509,644 INTERNET & CATALOG RETAIL -- 0.9% 1-800-FLOWERS.com, Inc. (1,2) 49,900 424,649 Expedia, Inc. (1) 70,000 1,532,300 FTD Group, Inc. (2) 7,200 96,624 Gaiam, Inc. (1,2) 30,400 526,528 NetFlix.com, Inc. (1,2) 92,000 3,187,800
2 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- INTERNET & CATALOG RETAIL CONTINUED Overstock.com, Inc. (1,2) 16,900 $ 201,279 PetMed Express, Inc. (1,2) 29,300 324,937 Priceline.com, Inc. (1,2) 16,900 2,042,534 Shutterfly, Inc. (1,2) 6,700 99,629 Stamps.com, Inc. (1,2) 2,000 20,520 Systemax, Inc. (2) 11,300 136,278 ------------- 8,593,078 LEISURE EQUIPMENT & PRODUCTS -- 0.8% Callaway Golf Co. (2) 139,200 2,043,456 Eastman Kodak Co. (2) 57,600 1,017,792 JAKKS Pacific, Inc. (1,2) 39,500 1,089,015 Polaris Industries, Inc. (2) 57,900 2,374,479 RC2 Corp. (1,2) 8,600 180,342 Sturm, Ruger & Co., Inc. (1,2) 25,100 206,824 ------------- 6,911,908 MEDIA -- 1.2% Charter Communications, Inc., Cl. A (1,2) 478,100 407,341 Cox Radio, Inc., Cl. A (1,2) 6,600 78,408 Cumulus Media, Inc., Cl. A (1,2) 24,100 153,758 DG Fastchannel, Inc. (1,2) 15,300 293,454 Discovery Holding Co., Cl. A (1) 17,400 369,228 DreamWorks Animation SKG, Inc., Cl. A (1) 28,500 734,730 Entravision Communications Corp. (1) 168,400 1,121,544 Gannett Co., Inc. 26,000 755,300 Getty Images, Inc. (1) 36,200 1,158,400 Global Sources Ltd. (1,2) 57,100 847,935 Lin TV Corp., Cl. A (1,2) 31,800 305,598 Marvel Entertainment, Inc. (1,2) 22,000 589,380 Mediacom Communications Corp. (1) 2,797 12,111 National CineMedia, Inc. (2) 11,100 249,528 Regal Entertainment Group 13,200 254,628 Scholastic Corp. (1,2) 58,000 1,755,660 Sinclair Broadcast Group, Inc., Cl. A (2) 140,400 1,250,964 Warner Music Group Corp. (2) 72,200 359,556 ------------- 10,697,523 MULTILINE RETAIL -- 0.8% Big Lots, Inc. (1,2) 152,400 3,398,520 Dollar Tree, Inc. (1) 69,000 1,903,710 Family Dollar Stores, Inc. 61,800 1,205,100 Macy's, Inc. 27,300 629,538 ------------- 7,136,868 SPECIALTY RETAIL -- 2.0% A.C. Moore Arts & Crafts, Inc. (1,2) 21,500 146,630
3 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- SPECIALTY RETAIL CONTINUED Aeropostale, Inc. (1) 131,600 $ 3,567,676 AutoNation, Inc. (1,2) 87,500 1,309,875 AutoZone, Inc. (1) 12,400 1,411,492 Barnes & Noble, Inc. (2) 15,100 462,815 Blockbuster, Inc., Cl. A (1,2) 229,900 749,474 Books-A-Million, Inc. (2) 9,700 84,778 Brown Shoe Co., Inc. (2) 51,475 775,728 Buckle, Inc. (The) (2) 68,700 3,072,951 Cato Corp., Cl. A (2) 5,250 78,435 Conn's, Inc. (1,2) 11,900 194,089 Dress Barn, Inc. (The) (1,2) 66,900 865,686 Hot Topic, Inc. (1,2) 35,300 152,143 Jos. A. Banks Clothiers, Inc. (1,2) 15,500 317,750 Men's Wearhouse, Inc. (The) (2) 47,350 1,101,835 Midas, Inc. (1,2) 200 3,438 Office Depot, Inc. (1) 82,000 906,100 RadioShack Corp. 91,200 1,482,000 Sally Beauty Holdings, Inc. (1,2) 178,300 1,230,270 Select Comfort Corp. (1,2) 5,600 20,160 West Marine, Inc. (1,2) 200 1,394 ------------- 17,934,719 TEXTILES, APPAREL & LUXURY GOODS -- 1.4% American Apparel, Inc. (1) 10,400 98,280 Cherokee, Inc. (2) 2,200 74,074 Deckers Outdoor Corp. (1,2) 21,500 2,318,130 Fossil, Inc. (1) 62,100 1,896,534 Iconix Brand Group, Inc. (1,2) 33,000 572,550 Liz Claiborne, Inc. (2) 36,500 662,475 Movado Group, Inc. (2) 15,100 294,299 Perry Ellis International, Inc. (1,2) 9,500 207,385 Polo Ralph Lauren Corp., Cl. A (2) 25,300 1,474,737 Steven Madden Ltd. (1) 3,397 58,191 Warnaco Group, Inc. (The) (1,2) 72,700 2,867,288 Wolverine World Wide, Inc. (2) 84,950 2,464,400 ------------- 12,988,343 CONSUMER STAPLES -- 3.6% BEVERAGES -- 0.6% Boston Beer Co., Inc., Cl. A (1,2) 6,600 313,764 Central European Distribution Corp. (1,2) 27,100 1,576,949 Constellation Brands, Inc., Cl. A (1) 77,700 1,372,959 Hansen Natural Corp. (1,2) 18,500 653,050 Molson Coors Brewing Co., Cl. B 18,200 956,774 Pepsi Bottling Group, Inc. (The) 8,200 278,062
4 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- BEVERAGES CONTINUED PepsiAmericas, Inc. 7,700 $ 196,581 ------------- 5,348,139 FOOD & STAPLES RETAILING -- 0.8% Arden Group, Inc., Cl. A (2) 1,505 215,215 BJ's Wholesale Club, Inc. (1) 52,200 1,863,018 Casey's General Stores, Inc. 79,000 1,785,400 China Nepstar Chain Drugstore Ltd., ADR (1) 3,130 42,568 Ingles Markets, Inc., Cl. A 17,200 422,948 Longs Drug Stores, Inc. 22,300 946,858 Nash Finch Co. (2) 18,400 625,232 Performance Food Group Co. (1) 34,700 1,133,996 PriceSmart, Inc. (2) 6,500 180,115 Spartan Stores, Inc. 2,100 43,785 SUPERVALU, Inc. 10,700 320,786 ------------- 7,579,921 FOOD PRODUCTS -- 1.1% Agria Corp., ADR (1,2) 9,000 75,150 Cal-Maine Foods, Inc. (2) 21,800 727,684 Chiquita Brands International, Inc. (1,2) 87,600 2,024,436 Darling International, Inc. (1,2) 157,900 2,044,805 Flowers Foods, Inc. (2) 91,750 2,270,813 Fresh Del Monte Produce, Inc. (1) 58,300 2,122,120 Green Mountain Coffee, Inc. (1,2) 16,700 528,555 Hormel Foods Corp. 4,400 183,304 Imperial Sugar Co. (2) 11,700 220,194 Reddy Ice Holdings, Inc. 12,800 166,784 ------------- 10,363,845 HOUSEHOLD PRODUCTS -- 0.1% WD-40 Co. 14,886 494,960 PERSONAL PRODUCTS -- 0.5% Alberto-Culver Co. 6,400 175,424 American Oriental Bioengineering, Inc. (1,2) 160,900 1,303,290 Chattem, Inc. (1,2) 31,000 2,056,540 Elizabeth Arden, Inc. (1,2) 21,000 418,950 Herbalife Ltd. 7,200 342,000 NBTY, Inc. (1) 20,900 625,955 Nu Skin Asia Pacific, Inc., Cl. A (2) 4,000 72,080 ------------- 4,994,239 TOBACCO -- 0.5% Alliance One International, Inc. (1,2) 8,500 51,340 Universal Corp. (2) 47,400 3,106,122 Vector Group Ltd. (2) 53,595 942,736 ------------- 4,100,198
5 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- ENERGY -- 6.8% ENERGY EQUIPMENT & SERVICES -- 3.3% Atwood Oceanics, Inc. (1,2) 15,000 $ 1,375,800 Basic Energy Services, Inc. (1,2) 3,100 68,448 Bolt Technology Corp. (1) 600 11,058 Bristow Group, Inc. (1,2) 3,200 171,744 Dawson Geophysical Co. (1,2) 7,500 506,250 Dresser-Rand Group, Inc. (1) 14,300 439,725 Dril-Quip, Inc. (1) 41,500 1,928,505 ENGlobal Corp. (1,2) 7,400 63,270 ENSCO International, Inc. 33,265 2,083,054 Exterran Holdings, Inc. (1) 15,800 1,019,732 FMC Technologies, Inc. (1) 32,700 1,860,303 Global Industries Ltd. (1) 72,400 1,164,916 Grey Wolf, Inc. (1,2) 25,500 172,890 Gulf Island Fabrication, Inc. 13,800 396,336 Gulfmark Offshore, Inc. (1,2) 37,800 2,068,416 Helix Energy Solutions Group, Inc. (1) 3,800 119,700 Hornbeck Offshore Services, Inc. (1,2) 24,300 1,109,781 Matrix Service Co. (1) 11,500 197,570 NATCO Group, Inc., Cl. A (1,2) 44,000 2,057,000 Newpark Resources, Inc. (1,2) 28,600 145,860 Oil States International, Inc. (1,2) 69,800 3,127,738 Patterson-UTI Energy, Inc. 62,800 1,644,104 Rowan Cos., Inc. (2) 28,100 1,157,158 Seacor Holdings, Inc. (1) 26,000 2,219,360 Superior Energy Services, Inc. (1) 8,200 324,884 T-3 Energy Services, Inc. (1,2) 14,300 608,608 Technicoil Corp. (1) 7,100 5,119 Technicoil Corp. (1) 126,700 91,342 Tidewater, Inc. 26,000 1,432,860 Trico Marine Services, Inc. (1) 3,900 151,983 Union Drilling, Inc. (1,2) 6,100 106,689 Unit Corp. (1) 16,300 923,395 Willbros Group, Inc. (1,2) 51,000 1,560,600 ------------- 30,314,198 OIL, GAS & CONSUMABLE FUELS -- 3.5% Alberta Clipper Energy, Inc. (1) 3,287 7,686 Alon USA Energy, Inc. (2) 4,600 69,966 Alpha Natural Resources, Inc. (1) 100,800 4,378,752 Arena Resources, Inc. (1) 20,400 789,684 Berry Petroleum Co., Cl. A (2) 24,500 1,139,005 Bill Barrett Corp. (1,2) 25,000 1,181,250 Bois d'Arc Energy, Inc. (1,2) 39,900 857,451
6 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- OIL, GAS & CONSUMABLE FUELS CONTINUED Brigham Exploration Co. (1,2) 19,500 $ 118,365 Cabot Oil & Gas Corp., Cl. A 7,600 386,384 Callon Petroleum Co. (1) 6,000 108,540 Celtic Exploration Ltd. (1) 2,800 42,227 Cimarex Energy Co. 17,900 979,846 Comstock Resources, Inc. (1,2) 2,500 100,750 Concho Resources, Inc. (1) 13,000 333,320 Contango Oil & Gas Co. (1,2) 5,300 342,433 Continental Resources, Inc. (1) 10,800 344,412 Delphi Energy Corp. (1) 3,700 7,606 Forest Oil Corp. (1) 2,500 122,400 Foundation Coal Holdings, Inc. 29,500 1,484,735 Frontier Oil Corp. 51,600 1,406,616 Galleon Energy, Inc., Cl. A (1) 5,050 72,814 Galleon Energy, Inc., Subscription Receipts (1) 11,250 162,210 Golar LNG Ltd. 5,300 96,831 Gulfport Energy Corp. (1,2) 1,700 18,020 Holly Corp. 28,200 1,224,162 James River Coal Co. (1) 22,800 399,456 Jura Energy Corp. (1) 110,300 43,789 Mariner Energy, Inc. (1,2) 98,100 2,649,681 Massey Energy Co. 85,900 3,135,350 Midnight Oil Exploration Ltd. (1) 45,050 56,398 Midnight Oil Exploration Ltd. (1,3) 13,900 17,401 Noble Energy, Inc. 3,200 232,960 Paramount Resources Ltd., Cl. A (1) 4,500 66,988 Petrohawk Energy Corp. (1) 80,700 1,627,719 PetroQuest Energy, Inc. (1,2) 46,500 806,310 Plains Exploration & Production Co. (1) 5,700 302,898 Redstar Oil & Gas, Inc. (1) 35,955 24,870 Rosetta Resources, Inc. (1,2) 40,800 802,536 Stone Energy Corp. (1) 53,700 2,809,047 Swift Energy Co. (1,2) 2,500 112,475 Tristar Oil & Gas Ltd. (1) 4,800 67,619 Tusk Energy Corp. (1) 43,812 72,561 Tusk Energy Corp. (1,4) 21,300 35,277 Tusk Energy Corp. (1) 77,900 129,017 VAALCO Energy, Inc. (1,2) 31,700 157,549 Vero Energy, Inc. (1) 5,582 41,602 W&T Offshore, Inc. (2) 59,900 2,043,189 Warren Resources, Inc. (1,2) 12,100 143,627 Whiting Petroleum Corp. (1) 3,900 252,135 ------------- 31,805,919
7 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- FINANCIALS -- 12.5% CAPITAL MARKETS -- 1.7% Apollo Investment Corp. (2) 53,700 $ 850,071 Ares Capital Corp. (2) 14,800 186,036 Calamos Asset Management, Inc., Cl. A (2) 16,500 268,620 FCStone Group, Inc. (1) 33,300 922,410 GAMCO Investors, Inc., Cl. A (2) 27,400 1,379,864 GFI Group, Inc. (2) 9,300 532,890 Greenhill & Co., Inc. (2) 6,400 445,184 Invesco Ltd. 91,900 2,238,684 Janus Capital Group, Inc. 69,000 1,605,630 Knight Capital Group, Inc., Cl. A (1,2) 146,300 2,375,912 Lazard Ltd., Cl. A 10,600 404,920 Legg Mason, Inc. 7,000 391,860 MCG Capital Corp. (2) 13,600 123,624 NGP Capital Resources Co. (2) 2,600 42,692 optionsXpress Holdings, Inc. (2) 94,600 1,959,166 Prospect Capital Corp. (2) 1,400 21,308 Raymond James Financial, Inc. (2) 35,600 818,088 SWS Group, Inc. (2) 10,850 132,696 Tradestation Group, Inc. (1,2) 36,600 311,832 U.S. Global Investors, Inc., Cl. A (2) 23,500 318,190 W.P. Carey & Co. LLC 2,100 62,937 Waddell & Reed Financial, Inc., Cl. A 13,700 440,181 ------------- 15,832,795 COMMERCIAL BANKS -- 0.4% Amcore Financial, Inc. (2) 1,700 34,595 Cascade Bancorp (2) 2,500 23,900 City Holding Co. (2) 11,600 462,840 Community Bank System, Inc. (2) 19,400 476,464 First Merchants Corp. (2) 5,500 156,970 First Security Group, Inc. 14,800 134,384 FirstMerit Corp. (2) 7,700 159,082 Independent Bank Corp., Massachusetts (2) 3,200 94,560 NBT Bancorp, Inc. (2) 12,300 273,060 Oriental Financial Group, Inc. (2) 17,800 350,838 Pacific Capital Bancorp (2) 22,500 483,750 Porter Bancorp, Inc. 2,400 43,776 Renasant Corp. (2) 700 15,750 Sterling Financial Corp., Eastern US (1,2) 2,600 45,370 Susquehanna Bancshares, Inc. (2) 12,300 250,551 WesBanco, Inc. (2) 14,000 345,940 ------------- 3,351,830 CONSUMER FINANCE -- 0.4% Advanta Corp., Cl. B (2) 62,850 441,836
8 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- CONSUMER FINANCE CONTINUED Cash America International, Inc. (2) 24,800 $ 902,720 Discover Financial Services 83,000 1,358,710 World Acceptance Corp. (1,2) 13,900 442,715 ------------- 3,145,981 DIVERSIFIED FINANCIAL SERVICES -- 0.4% Asset Acceptance Capital Corp. (2) 24,100 232,083 Financial Federal Corp. (2) 8,100 176,661 Interactive Brokers Group, Inc., Cl. A (1,2) 28,800 739,296 MarketAxess Holdings, Inc. (1,2) 26,300 261,422 NASDAQ OMX Group, Inc. (The) (1) 42,600 1,646,916 Portfolio Recovery Associates, Inc. (2) 17,400 746,286 ------------- 3,802,664 INSURANCE -- 6.8% Alfa Corp. 5,500 120,890 Alleghany Corp. (1) 1,020 348,330 Allied World Assurance Holdings Ltd. 10,200 404,940 American Equity Investment Life Holding Co. (2) 6,100 56,608 American Physicians Capital, Inc. 16,150 748,714 Amerisafe, Inc. (1) 27,200 343,808 AmTrust Financial Services, Inc. (2) 64,000 1,037,440 Arch Capital Group Ltd. (1) 17,200 1,181,124 Argo Group International Holdings Ltd. (1,2) 19,590 695,837 Aspen Insurance Holdings Ltd. 49,700 1,311,086 Assurant, Inc. 37,300 2,270,078 Assured Guaranty Ltd. (2) 80,700 1,915,818 Axis Capital Holdings Ltd. 46,100 1,566,478 Berkley (W.R.) Corp. 55,400 1,534,026 Cincinnati Financial Corp. 19,000 722,760 CNA Financial Corp. 23,500 606,065 CNA Surety Corp. (1,2) 27,600 424,488 Commerce Group, Inc. (The) 22,287 803,669 Conseco, Inc. (1) 8,800 89,760 Darwin Professional Underwriters, Inc. (1,2) 5,300 119,197 Delphi Financial Group, Inc., Cl. A 64,550 1,886,797 Donegal Group, Inc., Cl. A (2) 1,166 20,288 eHealth, Inc. (1,2) 14,800 326,636 EMC Insurance Group, Inc. (2) 1,400 37,646 Employers Holdings, Inc. 2,200 40,788 Endurance Specialty Holdings Ltd. 33,800 1,237,080 Erie Indemnity Co., Cl. A 1,700 87,023 Everest Re Group Ltd. 18,400 1,647,352 FBL Financial Group, Inc., Cl. A 27,600 786,324 Fidelity National Title Group, Inc., Cl. A 90,000 1,649,700 First American Corp. (The) (2) 44,800 1,520,512 FPIC Insurance Group, Inc. (1,2) 8,800 414,832
9 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- INSURANCE CONTINUED Genworth Financial, Inc., Cl. A 95,500 $ 2,162,120 Hallmark Financial Services, Inc. (1,2) 11,000 122,760 Harleysville Group, Inc. 17,500 631,575 HCC Insurance Holdings, Inc. 35,400 803,226 Hilb, Rogal & Hamilton Co. (2) 7,800 245,466 Horace Mann Educators Corp. 27,600 482,448 Infinity Property & Casualty Corp. 10,700 445,120 IPC Holdings Ltd. (2) 52,800 1,478,400 Life Partners Holdings, Inc. (2) 700 12,915 Markel Corp. (1,2) 300 131,991 Max Capital Group Ltd. (2) 90,100 2,359,719 Meadowbrook Insurance Group, Inc. (2) 5,500 42,955 Mercury General Corp. (2) 13,900 615,909 Midland Co. (The) 9,900 642,807 National Financial Partners Corp. 29,100 653,877 National Interstate Corp. (2) 10,600 247,510 National Western Life Insurance Co., Cl. A (2) 600 130,074 Nationwide Financial Services, Inc., Cl. A 14,900 704,472 Navigators Group, Inc. (The) (1) 21,400 1,164,160 Odyssey Re Holdings Corp. (2) 16,800 617,400 OneBeacon Insurance Group Ltd. (2) 2,800 53,256 Partnerre Holdings Ltd. 19,900 1,518,370 Philadelphia Consolidated Holding Co. (1) 25,600 824,320 Phoenix Cos., Inc. (The) (2) 76,500 934,065 Platinum Underwriters Holdings Ltd. 46,900 1,522,374 Presidential Life Corp. (2) 700 12,208 ProAssurance Corp. (1,2) 38,000 2,045,540 ProCentury Corp. 12,000 216,000 Protective Life Corp. 18,700 758,472 Reinsurance Group of America, Inc. 17,700 963,588 RenaissanceRe Holdings Ltd. 27,400 1,422,334 RLI Corp. (2) 32,000 1,586,240 Safeco Corp. 33,500 1,469,980 Safety Insurance Group, Inc. 400 13,652 Seabright Insurance Holdings, Inc. (1,2) 23,200 341,736 Selective Insurance Group, Inc. (2) 42,100 1,005,348 StanCorp Financial Group, Inc. 29,000 1,383,590 Torchmark Corp. 28,400 1,707,124 Tower Group, Inc. 2,300 57,891 Transatlantic Holdings, Inc. 5,200 345,020 United America Indemnity Ltd., Cl. A (1) 45,306 872,594 United Fire & Casualty Co. (2) 6,800 254,320 Universal Insurance Holdings, Inc. (2) 3,000 11,340 UnumProvident Corp. 80,000 1,760,800 Wesco Financial Corp. 100 40,400 White Mountains Insurance Group Ltd. 800 384,000
10 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- INSURANCE CONTINUED XL Capital Ltd., Cl. A 24,900 $ 735,795 ------------- 61,891,355 REAL ESTATE INVESTMENT TRUSTS -- 2.6% Acadia Realty Trust (2) 2,500 60,375 Agree Realty Corp. (2) 9,400 258,030 Alexander's, Inc. (1,2) 200 70,900 Alexandria Real Estate Equities, Inc. (2) 6,700 621,224 Arbor Realty Trust, Inc. (2) 7,300 110,084 Ashford Hospitality Trust (2) 49,600 281,728 Associated Estates Realty Corp. (2) 5,800 66,352 BioMed Realty Trust, Inc. (2) 1,500 35,835 Brandywine Realty Trust 19,314 327,565 Capital Trust, Cl. A (2) 5,200 140,140 CBL & Associates Properties, Inc. 19,600 461,188 Cedar Shopping Centers, Inc. 10,100 117,968 Colonial Properties Trust (2) 4,854 116,739 Corporate Office Properties Trust (2) 8,400 282,324 DCT Industrial Trust, Inc. (2) 300 2,988 DiamondRock Hospitality Co. (2) 44,600 565,082 Digital Realty Trust, Inc. (2) 29,800 1,057,900 EastGroup Properties, Inc. (2) 7,100 329,866 Entertainment Properties Trust (2) 14,800 730,084 Equity Lifestyle Properties, Inc. (2) 7,800 385,086 Equity One, Inc. (2) 23,600 565,692 FelCor Lodging Trust, Inc. 47,000 565,410 First Industrial Realty Trust, Inc. (2) 35,400 1,093,506 Glimcher Realty Trust (2) 4,900 58,604 Gramercy Capital Corp. (2) 6,200 129,766 Hersha Hospitality Trust (2) 10,500 94,815 Highwoods Properties, Inc. 23,100 717,717 Home Properties of New York, Inc. (2) 6,300 302,337 Inland Real Estate Corp. (2) 45,700 695,097 Kite Realty Group Trust (2) 12,700 177,800 LaSalle Hotel Properties (2) 11,800 339,014 Lexington Realty Trust (2) 24,100 347,281 LTC Properties, Inc. (2) 13,700 352,227 Medical Properties Trust, Inc. (2) 5,900 66,788 Mid-America Apartment Communities, Inc. (2) 8,300 413,672 National Health Investors, Inc. (2) 5,800 181,250 National Retail Properties, Inc. (2) 36,600 807,030 Nationwide Health Properties, Inc. (2) 58,100 1,960,875 Omega Healthcare Investors, Inc. (2) 34,100 591,976 Parkway Properties, Inc. (2) 10,700 395,472
11 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- REAL ESTATE INVESTMENT TRUSTS CONTINUED Pennsylvania Real Estate Investment Trust (2) 24,100 $ 587,799 PS Business Parks, Inc. 9,600 498,240 RAIT Financial Trust (2) 24,400 169,336 Ramco-Gershenson Properties Trust (2) 10,100 213,211 Realty Income Corp. (2) 42,200 1,081,164 Redwood Trust, Inc. (2) 7,900 287,165 Resource Capital Corp. (2) 2,000 15,140 Saul Centers, Inc. (2) 4,100 205,984 Senior Housing Properties Trust(2) 49,200 1,166,040 Sovran Self Storage, Inc. (2) 5,800 247,718 Strategic Hotels & Resorts, Inc. (2) 26,200 344,006 Sunstone Hotel Investors, Inc. 31,100 497,911 Tanger Factory Outlet Centers, Inc. (2) 23,900 919,433 Taubman Centers, Inc. 11,000 573,100 Washington Real Estate Investment Trust(2) 12,900 431,118 ------------- 23,115,152 REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.1% Jones Lang LaSalle, Inc. 12,400 959,016 THRIFTS & MORTGAGE FINANCE -- 0.1% Dime Community Bancshares, Inc. 4,200 73,416 Encore Bancshares, Inc. (1) 8,400 147,000 Federal Agricultural Mortgage Corp., Non-Vtg. (2) 4,300 112,230 First Niagara Financial Group, Inc. (2) 40,000 543,600 PMI Group, Inc. (The) (2) 7,700 44,814 Provident New York Bancorp (2) 10,900 147,150 TierOne Corp. 11,000 124,080 WSFS Financial Corp. (2) 2,000 98,560 ------------- 1,290,850 HEALTH CARE -- 9.3% BIOTECHNOLOGY -- 1.1% Acorda Therapeutics, Inc. (1) 1,800 32,310 Alexion Pharmaceuticals, Inc. (1,2) 6,000 355,800 Alnylam Pharmaceuticals, Inc. (1,2) 36,900 900,360 Applera Corp./Celera Genomics Group (1) 19,500 286,650 BioMarin Pharmaceutical, Inc. (1,2) 9,600 339,552 Cepheid, Inc. (1) 6,400 156,096 Cubist Pharmaceuticals, Inc. (1) 66,600 1,226,772 CytRx Corp. (1,2) 63,700 73,255 Enzon Pharmaceuticals, Inc. (1,2) 25,600 235,776 Halozyme Therapeutics, Inc. (1,2) 15,600 99,216 Incyte Corp. (1,2) 9,600 100,896 Isis Pharmaceuticals, Inc. (1,2) 37,800 533,358 Martek Biosciences Corp. (1) 36,819 1,125,557
12 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- BIOTECHNOLOGY CONTINUED Millennium Pharmaceuticals, Inc. (1) 67,500 $ 1,043,550 Onyx Pharmaceuticals, Inc. (1) 11,600 336,748 OSI Pharmaceuticals, Inc. (1,2) 46,800 1,749,852 Regeneron Pharmaceuticals, Inc. (1,2) 24,400 468,236 RXi Pharmaceuticals Corp. (1,2) 4,285 40,708 Savient Pharmaceuticals, Inc. (1,2) 14,300 286,000 Seattle Genetics, Inc. (1,2) 27,300 248,430 United Therapeutics Corp. (1) 2,500 216,750 XOMA Ltd. (1) 69,400 179,746 ------------- 10,035,618 HEALTH CARE EQUIPMENT & SUPPLIES -- 1.8% Abaxis, Inc. (1,2) 23,900 553,763 Analogic Corp. (2) 30,000 1,996,200 ArthroCare Corp. (1,2) 10,800 360,180 ConMed Corp. (1) 29,600 758,944 Cynosure, Inc., Cl. A (1) 11,300 240,690 Datascope Corp. (2) 13,800 571,734 Dentsply International, Inc. 2,500 96,500 Edwards Lifesciences Corp. (1) 15,900 708,345 Hologic, Inc. (1) 32,900 1,829,240 Intuitive Surgical, Inc. (1) 6,200 2,010,970 Invacare Corp. (2) 2,600 57,928 Inverness Medical Innovations, Inc. (1,2) 25,587 770,169 IRIS International, Inc. (1,2) 14,600 193,742 Kensey Nash Corp. (1,2) 3,700 107,115 Meridian Bioscience, Inc. (2) 63,404 2,119,596 Merit Medical Systems, Inc. (1,2) 12,800 202,624 Orthofix International NV (1,2) 5,700 226,689 Quidel Corp. (1,2) 38,100 611,886 RTI Biologics, Inc. (1) 2,200 20,790 Somanetics Corp. (1,2) 11,300 175,941 SonoSite, Inc. (1,2) 11,500 326,945 Steris Corp. (2) 78,600 2,108,838 ------------- 16,048,829 HEALTH CARE PROVIDERS & SERVICES -- 3.2% Air Methods Corp. (1,2) 15,900 769,083 Alliance Imaging, Inc. (1,2) 46,400 399,040 Amedisys, Inc. (1,2) 29,100 1,144,794 AMERIGROUP Corp. (1) 74,500 2,036,085 AmerisourceBergen Corp. 49,200 2,016,216 AmSurg Corp. (1,2) 19,900 471,232 Apria Healthcare Group, Inc. (1) 90,500 1,787,375 BioScrip, Inc. (1) 16,500 111,540
13 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED Centene Corp. (1) 91,700 $ 1,278,298 Chemed Corp. (2) 39,600 1,671,120 Chindex International, Inc. (1,2) 6,700 252,858 Coventry Health Care, Inc. (1) 41,300 1,666,455 Emergency Medical Services LP, Cl. A (1,2) 36,400 898,716 Hanger Orthopedic Group, Inc. (1) 9,400 101,332 Health Net, Inc. (1) 42,300 1,302,840 Healthspring, Inc. (1,2) 122,700 1,727,616 HMS Holdings Corp. (1,2) 11,600 331,180 Humana, Inc. (1) 28,100 1,260,566 Kindred Healthcare, Inc. (1) 22,200 485,514 Landauer, Inc. (2) 4,600 231,564 LCA-Vision, Inc. (2) 2,600 32,500 Lincare Holdings, Inc. (1,2) 44,200 1,242,462 Molina Healthcare, Inc. (1,2) 58,900 1,438,338 MWI Veterinary Supply, Inc. (1,2) 100 3,526 Omnicare, Inc. (2) 52,300 949,768 Owens & Minor, Inc. (2) 33,600 1,321,824 Pediatrix Medical Group, Inc. (1) 1,300 87,620 Providence Service Corp. (1,2) 12,200 366,000 RehabCare Group, Inc. (1) 30,000 450,000 Res-Care, Inc. (1,2) 21,900 375,585 Skilled Healthcare Group, Inc., Cl. A (1) 1,300 14,274 Sun Healthcare Group, Inc. (1,2) 27,000 354,780 Tenet Healthcare Corp. (1) 242,900 1,374,814 Universal American Corp. (1) 24,900 263,940 WellCare Health Plans, Inc. (1,2) 16,840 655,918 ------------- 28,874,773 HEALTH CARE TECHNOLOGY -- 0.2% Eclipsys Corp. (1) 6,500 127,465 HLTH Corp. (1) 27,400 261,396 Omnicell, Inc. (1,2) 40,900 822,090 Phase Forward, Inc. (1,2) 53,400 912,072 Trizetto Group, Inc. (1) 8,600 143,534 ------------- 2,266,557 LIFE SCIENCES TOOLS & SERVICES -- 1.7% Albany Molecular Research, Inc. (1,2) 21,100 256,154 Applera Corp./Applied Biosystems Group 51,800 1,702,148 Bio-Rad Laboratories, Inc., Cl. A (1) 1,400 124,530 Bruker Corp. (1,2) 1,500 23,085 Dionex Corp. (1,2) 30,100 2,317,399 eResearch Technology, Inc. (1) 56,500 701,730
14 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- LIFE SCIENCES TOOLS & SERVICES CONTINUED Illumina, Inc. (1,2) 13,300 $ 1,009,470 Invitrogen Corp. (1) 23,800 2,034,186 Kendle International, Inc. (1,2) 16,700 750,164 Parexel International Corp. (1,2) 89,400 2,333,340 PerkinElmer, Inc. 39,500 957,875 Pharmaceutical Product Development, Inc. 2,600 108,940 Pharmanet Development Group, Inc. (1,2) 24,700 623,181 Varian, Inc. (1) 44,300 2,565,856 ------------- 15,508,058 PHARMACEUTICALS -- 1.3% Auxilium Pharmaceuticals, Inc. (1,2) 12,000 320,880 Bentley Pharmaceuticals, Inc. (1,2) 3,500 56,875 BioMimetic Therapeutics, Inc. (1,2) 1,200 9,600 Durect Corp. (1) 14,100 74,025 Endo Pharmaceuticals Holdings, Inc. (1) 57,300 1,371,762 Forest Laboratories, Inc. (1) 31,300 1,252,313 K-V Pharmaceutical Co., Cl. A (1,2) 12,700 316,992 King Pharmaceuticals, Inc. (1) 224,400 1,952,280 Medicis Pharmaceutical Corp., Cl. A (2) 64,300 1,266,067 Noven Pharmaceuticals, Inc. (1,2) 2,300 20,654 Obagi Medical Products, Inc. (1,2) 34,200 296,856 Pain Therapeutics, Inc. (1,2) 16,100 136,045 Perrigo Co. 15,100 569,723 Pozen, Inc. (1,2) 25,600 265,216 Sciele Pharma, Inc. (1,2) 83,200 1,622,400 Valeant Pharmaceuticals International, Inc. (1,2) 57,454 737,135 Vivus, Inc. (1,2) 8,900 53,667 Xenoport, Inc. (1) 35,200 1,424,544 ------------- 11,747,034 INDUSTRIALS -- 18.2% AEROSPACE & DEFENSE -- 1.9% AAR Corp. (1,2) 22,300 608,121 Aeroviroment, Inc. (1,2) 8,000 163,600 American Science & Engineering, Inc. (2) 7,300 398,361 Astronics Corp., Cl. B (1) 650 12,350 BE Aerospace, Inc. (1) 3,100 108,345 Ceradyne, Inc. (1,2) 45,700 1,460,572 Cubic Corp. (2) 47,600 1,353,268 Curtiss-Wright Corp. 37,800 1,567,944 DRS Technologies, Inc. 51,400 2,995,592 Ducommun, Inc. (1) 16,300 451,021 DynCorp International, Inc., Cl. A (1) 78,400 1,307,712 Esterline Technologies Corp. (1) 34,300 1,727,691
15 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- AEROSPACE & DEFENSE CONTINUED HEICO Corp. (2) 20,700 $ 1,009,125 Ladish Co., Inc. (1,2) 5,000 180,000 Orbital Sciences Corp. (1,2) 6,300 151,830 Stanley, Inc. (1,2) 12,200 359,412 Teledyne Technologies, Inc. (1) 23,200 1,090,400 TransDigm Group, Inc. (1) 20,700 766,935 Triumph Group, Inc. (2) 32,300 1,838,839 ------------- 17,551,118 AIR FREIGHT & LOGISTICS -- 0.2% ABX Holdings, Inc. (1,2) 29,400 86,436 Atlas Air Worldwide Holdings, Inc. (1,2) 30,900 1,699,500 Hub Group, Inc., Cl. A (1) 700 23,023 Pacer International, Inc. 23,300 382,819 ------------- 2,191,778 AIRLINES -- 1.0% Allegiant Travel Co. (1,2) 11,400 301,188 AMR Corp. (1,2) 50,100 451,902 Continental Airlines, Inc., Cl. B (1) 64,700 1,244,181 Copa Holdings SA, Cl. A 5,700 217,227 Delta Air Lines, Inc. (1) 29,100 250,260 Northwest Airlines Corp. (1) 104,100 935,859 Pinnacle Airlines Corp. (1,2) 25,200 219,996 Republic Airways Holdings, Inc. (1) 56,000 1,212,960 SkyWest, Inc. 55,200 1,165,824 Southwest Airlines Co. 105,500 1,308,200 UAL Corp. 40,800 878,424 US Airways Group, Inc. (1,2) 80,200 714,582 ------------- 8,900,603 BUILDING PRODUCTS -- 0.4% Aaon, Inc. (2) 6,600 132,198 Ameron International Corp. (2) 4,800 448,944 Apogee Enterprises, Inc. (2) 18,600 286,440 Lennox International, Inc. 41,700 1,499,949 Owens Corning, Inc. (1,2) 8,700 157,731 USG Corp. (1,2) 21,300 784,266 ------------- 3,309,528 COMMERCIAL SERVICES & SUPPLIES -- 4.9% ABM Industries, Inc. (2) 38,700 868,428 Acco Brands Corp. (1,2) 14,400 195,408 Administaff, Inc. (2) 54,000 1,274,940 Advisory Board Co. (The) (1,2) 15,800 868,052 American Ecology Corp. (2) 13,200 334,356 Bowne & Co., Inc. (2) 37,300 568,825
16 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED Casella Waste Systems, Inc., Cl. A (1,2) 6,400 $ 69,952 CBIZ, Inc. (1,2) 43,900 356,468 CDI Corp. (2) 13,907 348,370 ChoicePoint, Inc. (1,2) 45,900 2,184,840 Comfort Systems USA, Inc. (2) 49,100 638,791 COMSYS IT Partners, Inc. (1) 23,500 198,810 Consolidated Graphics, Inc. (1) 7,300 409,165 Copart, Inc. (1) 9,600 372,096 Cornell Corrections, Inc. (1,2) 25,700 577,222 CRA International, Inc. (1,2) 9,700 311,758 Deluxe Corp. 96,000 1,844,160 EnergySolutions, Inc. (2) 3,600 82,584 Ennis, Inc. (2) 18,500 310,430 Exponent, Inc. (1) 22,880 751,379 FTI Consulting, Inc. (1) 14,197 1,008,555 G&K Services, Inc., Cl. A 6,500 231,465 GeoEye, Inc. (1,2) 24,900 647,151 Heidrick & Struggles International, Inc. (2) 19,660 639,540 Hill International, Inc. (1,2) 3,200 40,032 HNI Corp. (2) 6,900 185,541 Hudson Highland Group, Inc. (1) 21,800 184,646 ICF International, Inc. (1) 18,500 370,925 IHS, Inc., Cl. A (1) 21,200 1,363,372 Ikon Office Solutions, Inc. 41,215 313,234 Innerworkings, Inc. (1) 19,200 269,376 Interface, Inc., Cl. A (2) 110,400 1,551,120 Knoll, Inc. (2) 92,600 1,068,604 Korn-Ferry International (1) 83,200 1,406,080 Layne Christensen Co. (1) 30,500 1,068,110 Learning Tree International, Inc. (1) 2,700 37,854 LECG Corp. (1,2) 2,200 20,592 Manpower, Inc. 27,700 1,558,402 Metalico, Inc. (1,2) 37,900 371,799 Miller (Herman), Inc. (2) 84,800 2,083,536 Mine Safety Appliances Co. (2) 11,200 461,328 Navigant Consulting, Inc. (1,2) 11,500 218,270 PHH Corp. (1) 14,600 254,478 Pike Electric Corp. (1,2) 10,506 146,349 Resources Connection, Inc. 23,100 412,797 Robert Half International, Inc. 58,100 1,495,494 Rollins, Inc. (2) 73,500 1,300,215 RSC Holdings, Inc. (1,2) 11,600 126,440 School Specialty, Inc. (1,2) 6,800 214,472
17 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED Spherion Corp. (1,2) 84,600 $ 517,752 Standard Parking Corp. (1) 1,000 20,960 Steelcase, Inc., Cl. A (2) 113,500 1,255,310 Team, Inc. (1,2) 17,000 464,100 TeleTech Holdings, Inc. (1,2) 56,700 1,273,482 Tetra Tech, Inc. (1,2) 17,900 349,229 TrueBlue, Inc. (1,2) 95,100 1,278,144 United Stationers, Inc.(1,2) 44,388 2,117,308 Viad Corp. (2) 49,000 1,764,490 Volt Information Sciences, Inc. (1,2) 14,850 251,856 VSE Corp. (2) 800 22,584 Waste Connections, Inc. (1,2) 39,850 1,224,989 Waste Industries USA, Inc. (2) 5,700 206,055 Watson Wyatt & Co. Holdings 39,100 2,218,925 ------------- 44,580,995 CONSTRUCTION & ENGINEERING -- 1.1% Aecom Technology Corp. (1) 7,000 182,070 Baker (Michael) Corp. (1) 15,900 357,114 Chicago Bridge & Iron Co. NV (2) 27,400 1,075,176 EMCOR Group, Inc. (1,2) 102,700 2,280,967 Granite Construction, Inc. 12,400 405,604 Integrated Electrical Services, Inc. (1,2) 16,300 256,073 KBR, Inc. 51,100 1,417,003 Northwest Pipe Co. (1,2) 5,300 225,197 Perini Corp. (1) 56,300 2,039,749 Shaw Group, Inc. (The) (1) 32,400 1,527,336 URS Corp. (1) 21,010 686,817 ------------- 10,453,106 ELECTRICAL EQUIPMENT -- 2.3% Acuity Brands, Inc. (2) 63,300 2,718,735 AZZ, Inc. (1,2) 14,300 508,794 Belden, Inc. (2) 53,000 1,871,960 Brady Corp., Cl. A (2) 2,800 93,604 Cooper Industries Ltd., Cl. A 10,300 413,545 Day4 Energy, Inc. (1) 82,300 372,032 Encore Wire Corp. (2) 3,500 63,735 Evergreen Solar, Inc. (1,2) 93,500 866,745 GrafTech International Ltd. (1,2) 195,500 3,169,055 II-VI, Inc. (1,2) 9,000 341,820 LSI Industries, Inc. 27,800 367,238 Plug Power, Inc. (1,2) 6,500 20,215 Powell Industries, Inc. (1,2) 10,200 401,574 Regal-Beloit Corp. (2) 47,400 1,736,262
18 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- ELECTRICAL EQUIPMENT CONTINUED Rockwell Automation, Inc. 10,900 $ 625,878 Roper Industries, Inc. 20,600 1,224,464 Smith (A.O.) Corp. (2) 41,900 1,377,253 Superior Essex, Inc. (1) 15,900 447,108 Thomas & Betts Corp. (1) 22,300 811,051 Vicor Corp. (2) 18,600 222,084 Woodward Governor Co. 106,800 2,853,696 ------------- 20,506,848 INDUSTRIAL CONGLOMERATES -- 0.4% Carlisle Cos., Inc. 6,600 220,704 Raven Industries, Inc. (2) 10,000 303,000 Teleflex, Inc. 26,000 1,240,460 Tredegar Corp. (2) 2,600 47,346 Walter Industries, Inc. 29,400 1,841,322 ------------- 3,652,832 MACHINERY -- 5.0% Actuant Corp., Cl. A (2) 87,200 2,634,312 AGCO Corp. (1) 20,400 1,221,552 Ampco-Pittsburgh Corp. (2) 17,100 735,129 Astec Industries, Inc. (1,2) 37,180 1,441,097 Axsys Technologies, Inc. (1) 12,200 608,536 Badger Meter, Inc. (2) 18,220 787,104 Barnes Group, Inc. (2) 77,300 1,774,035 Blount International, Inc. (1,2) 34,000 420,580 Briggs & Stratton Corp. (2) 16,600 297,140 Bucyrus International, Inc., Cl. A (2) 6,900 701,385 Cascade Corp. (2) 3,646 179,784 Chart Industries, Inc. (1) 15,900 538,056 CIRCOR International, Inc. (2) 20,500 948,125 Columbus McKinnon Corp. (1,2) 23,200 718,736 Crane Co. 18,200 734,370 Cummins, Inc. 29,200 1,367,144 Dynamic Materials Corp. (2) 9,500 410,400 EnPro Industries, Inc. (1,2) 44,700 1,394,193 ESCO Technologies, Inc. (1,2) 20,400 810,288 Flowserve Corp. 3,100 323,578 Freightcar America, Inc. 2,500 85,750 Gardner Denver, Inc. (1) 72,500 2,689,750 Gorman-Rupp Co. (The) (2) 10,943 359,915 Hardinge, Inc. (2) 2,200 30,272 Hurco Cos., Inc. (1,2) 13,100 612,818 IDEX Corp. 30,000 920,700 Ingersoll-Rand Co. Ltd., Cl. A 53,600 2,389,488 ITT Corp. 17,400 901,494
19 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- MACHINERY CONTINUED Joy Global, Inc. 2,600 $ 169,416 Kadant, Inc. (1) 21,300 625,794 L.B. Foster Co., Cl. A (1,2) 15,800 680,348 Lindsay Manufacturing Co. (2) 16,400 1,680,508 McCoy Corp. (3) 46,600 191,585 Middleby Corp. (The) (1,2) 21,000 1,310,190 Mueller Industries, Inc. 64,100 1,849,285 NACCO Industries, Inc., Cl. A (2) 1,700 137,598 Nordson Corp. 11,700 630,045 Pentair, Inc. 27,100 864,490 RBC Bearings, Inc. (1,2) 17,500 649,775 Robbins & Myers, Inc. 73,800 2,409,570 SPX Corp. 22,800 2,391,720 Sun Hydraulics Corp. (2) 20,750 607,353 Tecumseh Products Co., Cl. A (1) 27,700 849,836 Tennant Co. (2) 23,300 927,573 Timken Co. 16,600 493,352 Titan International, Inc. (2) 14,200 434,662 Toro Co. (The) (2) 36,100 1,494,179 Twin Disc, Inc. (2) 5,300 83,846 Watts Water Technologies, Inc., Cl. A (2) 25,000 700,750 ------------- 45,217,606 MARINE -- 0.1% Excel Maritime Carriers Ltd. (2) 32,200 945,070 Star Bulk Carriers Corp. (2) 15,200 173,584 TBS International Ltd., Cl. A (1,2) 6,600 199,320 ------------- 1,317,974 ROAD & RAIL -- 0.2% Ryder Systems, Inc. 22,700 1,382,657 TRADING COMPANIES & DISTRIBUTORS -- 0.7% Applied Industrial Technologies, Inc. (2) 72,775 2,175,245 Houston Wire & Cable Co. (2) 3,300 52,866 Kaman Corp. (2) 5,900 166,911 NuCo2, Inc. (1) 7,100 197,167 Rush Enterprises, Inc., Cl. A (1,2) 8,500 134,640 UAP Holding Corp. (2) 43,800 1,679,292 United Rentals, Inc. (1) 97,000 1,827,480 ------------- 6,233,601 TRANSPORTATION INFRASTRUCTURE -- 0.0% CAI International, Inc. (1) 28,600 367,796 INFORMATION TECHNOLOGY -- 25.0% AEROSPACE & DEFENSE -- 0.0% Taser International, Inc. (1,2) 44,700 420,180
20 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- COMMUNICATIONS EQUIPMENT -- 2.5% ADC Telecommunications, Inc. (1) 165,900 $ 2,004,072 ADTRAN, Inc. 69,000 1,276,500 Arris Group, Inc. (1) 8,104 47,165 Avocent Corp. (1) 11,700 197,730 Bel Fuse, Inc., Cl. A (2) 4,800 150,672 Black Box Corp. (2) 4,500 138,825 Blue Coat Systems, Inc. (1,2) 79,500 1,752,180 Ciena Corp. (1) 5,100 157,233 CommScope, Inc. (1) 36,458 1,269,832 Comtech Group, Inc. (1,2) 15,000 161,850 Comtech Telecommunications Corp. (1,2) 59,400 2,316,600 Digi International, Inc. (1,2) 5,200 60,008 Dycom Industries, Inc. (1,2) 65,400 785,454 EMS Technologies, Inc. (1,2) 24,600 667,644 Extreme Networks, Inc. (1,2) 137,300 425,630 Foundry Networks, Inc. (1) 216,700 2,509,386 Globecomm Systems, Inc. (1) 3,500 30,450 Harmonic, Inc. (1,2) 161,800 1,229,680 Harris Corp. 27,000 1,310,310 InterDigital, Inc. (1,2) 24,100 477,421 Ixia (1,2) 33,500 259,960 Loral Space & Communications Ltd. (1,2) 2,100 50,064 MasTec, Inc. (1) 46,200 379,302 Netgear, Inc. (1,2) 15,100 301,245 Network Equipment Technologies, Inc. (1,2) 29,900 196,443 Performance Technologies, Inc. (1) 3,200 14,656 Plantronics, Inc. 95,500 1,844,105 ShoreTel, Inc. (1,2) 27,500 140,800 Sycamore Networks, Inc. (1,2) 14,700 53,802 Tekelec, Inc. (1,2) 19,800 246,510 Tellabs, Inc. (1) 215,400 1,173,930 ViaSat, Inc. (1,2) 39,200 851,424 ------------- 22,480,883 COMPUTERS & PERIPHERALS -- 1.7% Brocade Communications Systems, Inc. (1) 257,400 1,879,020 Electronics for Imaging, Inc. (1) 31,700 472,964 Emulex Corp. (1,2) 78,800 1,279,712 Hutchinson Technology, Inc. (1,2) 200 3,182 Hypercom Corp. (1,2) 2,000 8,680 Iomega Corp. (1) 40,500 144,585 Lexmark International, Inc., Cl. A (1) 48,700 1,496,064 NCR Corp. (1) 75,900 1,732,797 NetApp, Inc. (1) 24,600 493,230
21 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- COMPUTERS & PERIPHERALS CONTINUED Novatel Wireless, Inc. (1,2) 32,800 $ 317,504 Palm, Inc. (2) 1,600 8,000 QLogic Corp. (1) 16,500 253,275 Quantum Corp. (1) 17,800 38,092 SanDisk Corp. (1) 38,300 864,431 Seagate Technology 79,800 1,671,012 STEC, Inc. (1,2) 13,300 82,327 Stratasys, Inc. (1) 22,000 391,600 Synaptics, Inc. (1,2) 49,100 1,172,508 Teradata Corp. (1) 19,200 423,552 Western Digital Corp. (1) 87,800 2,374,112 ------------- 15,106,647 ELECTRONIC EQUIPMENT & INSTRUMENTS -- 2.6% Acacia Research Corp. (1) 24,600 141,450 Arrow Electronics, Inc. (1) 53,800 1,810,370 Avnet, Inc. (1) 52,800 1,728,144 AVX Corp. 8,800 112,728 Benchmark Electronics, Inc. (1) 36,700 658,765 Brightpoint, Inc. (1) 19,500 163,020 Checkpoint Systems, Inc. (1,2) 87,000 2,335,950 Cognex Corp. 7,800 170,274 Coherent, Inc. (1) 1,800 50,202 CPI International, Inc. (1,2) 2,900 28,768 CTS Corp. 46,100 493,270 Electro Scientific Industries, Inc. (1,2) 17,500 288,400 Excel Technology, Inc. (1) 3,600 97,056 FARO Technologies, Inc. (1) 11,100 346,098 FLIR Systems, Inc. (1,2) 22,000 661,980 Gerber Scientific, Inc. (1) 1,100 9,779 Insight Enterprises, Inc. (1) 46,700 817,250 Littlefuse, Inc. (1,2) 18,663 652,645 LoJack Corp. (1,2) 7,400 93,536 Measurement Specialties, Inc. (1,2) 8,100 141,507 Mercury Computer Systems, Inc. (1) 1,900 10,678 Methode Electronics, Inc. 46,290 541,130 Molex, Inc. 24,800 574,368 MTS Systems Corp. 9,400 303,244 Multi-Fineline Electronix, Inc. (1) 12,200 228,994 NAM TAI Electronics, Inc. 12,700 121,920 National Instruments Corp. 44,200 1,155,388 OSI Systems, Inc. (1,2) 1,400 32,228 Park Electrochemical Corp. (2) 20,800 537,680 PC Connection, Inc. (1,2) 9,100 72,072 Plexus Corp. (1,2) 51,000 1,430,550
22 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED Rofin-Sinar Technologies, Inc. (1,2) 85,500 $ 3,838,950 Sanmina-SCI Corp. (1) 290,100 469,962 ScanSource, Inc. (1,2) 10,300 372,757 Smart Modular Technologies, Inc. (1,2) 20,400 126,684 SYNNEX Corp. (1,2) 10,000 212,200 Tech Data Corp. (1) 39,900 1,308,720 Technitrol, Inc. 41,100 950,643 Trimble Navigation Ltd. (1) 8,600 245,874 TTM Technologies, Inc. (1) 3,000 33,960 ------------- 23,369,194 INTERNET SOFTWARE & SERVICES -- 2.2% Art Technology Group, Inc. (1,2) 57,600 223,488 AsiaInfo Holdings, Inc. (1) 64,300 698,298 Bankrate, Inc. (1,2) 37,700 1,880,853 Chordiant Software, Inc. (1) 36,200 218,286 CMGI, Inc. (1,2) 25,310 335,611 Digital River, Inc. (1,2) 43,300 1,341,001 DivX, Inc. (1,2) 15,400 107,800 Equinix, Inc. (1,2) 5,100 339,099 Greenfield Online, Inc. (1,2) 35,300 418,658 Imergent, Inc. (2) 18,900 215,271 Interwoven, Inc. (1) 32,700 349,236 j2 Global Communications, Inc. (1,2) 94,200 2,102,544 Mercadolibre, Inc. (1,2) 1,300 51,688 National Information Consortium, Inc. (2) 31,700 225,387 NaviSite, Inc. (1,2) 24,600 54,366 Omniture, Inc. (1) 8,800 204,248 Open Text Corp. (1,2) 66,300 2,075,853 S1 Corp. (1) 88,700 630,657 Sohu.com, Inc. (1) 49,600 2,238,448 SonicWALL, Inc. (1,2) 84,800 692,816 SoundBite Communications, Inc. (1) 17,200 84,280 TheStreet.com, Inc. (2) 43,000 347,440 Travelzoo, Inc. (1) 6,100 67,344 United Online, Inc. (2) 163,700 1,728,672 ValueClick, Inc. (1,2) 70,500 1,216,125 VeriSign, Inc. (1,2) 31,400 1,043,736 Vignette Corp. (1) 25,600 338,176 Vocus, Inc. (1,2) 17,800 469,920 Websense, Inc. (1,2) 13,600 255,000 Zix Corp. (1) 25,700 99,459 ------------- 20,053,760
23 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- IT SERVICES -- 3.2% Acxiom Corp. 57,500 $ 682,525 Affiliated Computer Services, Inc., Cl. A (1) 11,100 556,221 Broadridge Financial Solutions, Inc. 12,500 220,000 CACI International, Inc., Cl. A (1) 34,370 1,565,554 CIBER, Inc. (1,2) 59,900 293,510 Computer Sciences Corp. (1) 47,800 1,949,762 Convergys Corp. (1) 90,400 1,361,424 CSG Systems International, Inc. (1) 54,700 621,939 CyberSource Corp. (1) 114,584 1,674,072 DST Systems, Inc. (1,2) 26,400 1,735,536 Electronic Data Systems Corp. 70,200 1,168,830 Exlservice Holdings, Inc. (1,2) 2,000 45,920 Forrester Research, Inc. (1,2) 2,100 55,818 Gartner, Inc. (1,2) 59,600 1,152,664 Genpact Ltd. (1,2) 2,800 34,300 Global Payments, Inc. 12,200 504,592 Heartland Payment Systems, Inc. (2) 54,800 1,260,948 Hewitt Associates, Inc. (1) 53,600 2,131,672 ManTech International Corp. (1) 60,000 2,721,600 Maximus, Inc. (2) 41,600 1,527,136 MPS Group, Inc. (1,2) 99,000 1,170,180 NCI, Inc., Cl. A (1) 11,000 207,020 Perot Systems Corp., Cl. A (1,2) 7,100 106,784 RightNow Technologies, Inc. (1,2) 13,700 163,030 SAIC, Inc. (1,2) 75,300 1,399,827 Sapient Corp. (1) 183,200 1,275,072 SRA International, Inc., Cl. A (1) 31,900 775,489 Sykes Enterprises, Inc. (1) 33,500 589,265 Syntel, Inc. (2) 24,700 658,255 TNS, Inc. 400 8,256 Wright Express Corp. (1,2) 34,500 1,060,185 ------------- 28,677,386 OFFICE ELECTRONICS -- 0.1% Zebra Technologies Corp., Cl. A (1) 40,000 1,332,800 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 6.5% Actel Corp. (1,2) 16,900 258,739 Advanced Analogic Technologies, Inc. (1) 39,300 220,866 Advanced Energy Industries, Inc. (1,2) 47,200 625,872 Altera Corp. 31,500 580,545 Amkor Technology, Inc. (1,2) 226,500 2,423,550 Analog Devices, Inc. 68,600 2,025,072 Atheros Communications, Inc. (1,2) 22,500 468,900 Atmel Corp. (1) 321,800 1,119,864 ATMI, Inc. (1) 50,800 1,413,764
24 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Broadcom Corp., Cl. A (1) 53,300 $ 1,027,091 Brooks Automation, Inc. (1,2) 128,500 1,249,020 Cabot Microelectronics Corp. (1,2) 58,900 1,893,635 Cohu, Inc. (2) 24,000 390,000 Credence Systems Corp. (1,2) 67,200 114,240 Cymer, Inc. (1,2) 39,300 1,023,372 Cypress Semiconductor Corp. (1,2) 65,400 1,544,094 Diodes, Inc. (1) 4,100 90,036 DSP Group, Inc. (1) 600 7,644 EMCORE Corp. (1,2) 46,100 265,536 Entegris, Inc. (1) 201,700 1,450,223 Fairchild Semiconductor International, Inc., Cl. A (1) 37,600 448,192 FEI Co. (1,2) 74,400 1,624,152 Intellon Corp. (1,2) 17,600 86,592 Intersil Corp., Cl. A 78,500 2,015,095 IXYS Corp. (1) 2,600 17,758 KLA-Tencor Corp. 48,500 1,799,350 Kulicke & Soffa Industries, Inc. (1) 15,200 72,656 Lam Research Corp. (1) 43,500 1,662,570 LTX Corp. (1,2) 12,400 38,936 Mattson Technology, Inc. (1,2) 45,700 278,313 Micrel, Inc. (2) 128,300 1,189,341 Microtune, Inc. (1,2) 57,200 209,352 MIPS Technologies, Inc., Cl. A (1,2) 5,400 21,384 MKS Instruments, Inc. (1) 109,800 2,349,720 Monolithic Power Systems, Inc. (1,2) 36,000 634,680 Novellus Systems, Inc. (1) 71,200 1,498,760 OmniVision Technologies, Inc. (1,2) 107,200 1,803,104 ON Semiconductor Corp. (1,2) 107,410 610,089 Pericom Semiconductor Corp. (1) 32,900 482,972 Photronics, Inc. (1) 6,900 65,895 PMC-Sierra, Inc. (1,2) 354,000 2,017,800 Rambus, Inc. (1,2) 52,200 1,216,782 Rubicon Technology, Inc. (1,2) 25,300 733,194 Rudolph Technologies, Inc. (1,2) 19,000 185,630 Semtech Corp. (1,2) 153,000 2,192,490 Sigma Designs, Inc. (1,2) 54,500 1,235,515 Silicon Laboratories, Inc. (1) 74,700 2,356,038 Silicon Storage Technology, Inc. (1,2) 38,600 101,132 Skyworks Solutions, Inc. (1,2) 295,800 2,153,424 Standard Microsystems Corp. (1) 32,900 960,022 Supertex, Inc. (1,2) 6,400 130,624
25 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Techwell, Inc. (1,2) 5,100 $ 55,284 Teradyne, Inc. (1) 192,900 2,395,818 Tessera Technologies, Inc. (1) 17,300 359,840 TriQuint Semiconductor, Inc. (1) 96,300 487,278 Ultra Clean Holdings, Inc. (1,2) 12,700 124,460 Varian Semiconductor Equipment Associates, Inc. (1) 51,550 1,451,133 Veeco Instruments, Inc. (1,2) 22,700 377,501 Verigy Ltd. (1) 73,800 1,390,392 Volterra Semiconductor Corp. (1,2) 13,100 148,423 Xilinx, Inc. 103,100 2,448,625 Zoran Corp. (1) 103,600 1,415,176 ------------- 59,037,555 SOFTWARE -- 6.2% Activision, Inc. (1) 90,300 2,466,093 Actuate Corp. (1,2) 84,100 344,810 Advent Software, Inc. (1,2) 44,500 1,896,590 Ansoft Corp. (1,2) 13,700 418,124 Ansys, Inc. (1) 45,300 1,563,756 ArcSight, Inc. (1) 3,100 21,421 Aspen Technology, Inc. (1,2) 164,600 2,098,650 Autodesk, Inc. (1) 55,700 1,753,436 BEA Systems, Inc. (1) 135,600 2,596,740 Blackbaud, Inc. 59,289 1,439,537 Blackboard, Inc. (1,2) 27,300 909,909 BMC Software, Inc. (1) 70,300 2,286,156 Bottomline Technologies, Inc. (1,2) 500 6,300 Cadence Design Systems, Inc. (1) 142,000 1,516,560 Check Point Software Technologies Ltd. (1) 58,700 1,314,880 Citrix Systems, Inc. (1) 10,700 313,831 Commvault Systems, Inc. (1,2) 41,700 517,080 Compuware Corp. (1) 175,500 1,288,170 Concur Technologies, Inc. (1,2) 39,500 1,226,475 Deltek, Inc. (1,2) 4,500 58,410 Double-Take Software, Inc. (1,2) 24,000 280,320 Epicor Software Corp. (1,2) 5,800 64,960 EPIQ Systems, Inc. (1,2) 29,700 460,944 Fair Isaac Corp. (2) 43,500 936,120 FalconStor Software, Inc. (1,2) 41,600 316,576 Henry (Jack) & Associates, Inc. (2) 60,700 1,497,469 i2 Technologies, Inc. (1,2) 400 4,504 Informatica Corp. (1,2) 149,800 2,555,588 Interactive Intelligence, Inc. (1,2) 27,800 327,206 Intervoice, Inc. (1,2) 31,800 253,128
26 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- SOFTWARE CONTINUED Intuit, Inc. (1) 4,500 $ 121,545 JDA Software Group, Inc. (1) 34,600 631,450 Lawson Software, Inc. (1,2) 218,000 1,641,540 Manhattan Associates, Inc. (1) 13,300 304,969 McAfee, Inc. (1) 56,800 1,879,512 Mentor Graphics Corp. (1) 17,900 158,057 MICROS Systems, Inc. (1) 53,400 1,797,444 MicroStrategy, Inc., Cl. A (1,2) 28,200 2,086,518 NAVTEQ Corp. (1) 6,800 462,400 Net 1 UEPS Technologies, Inc. (1) 47,700 1,075,635 NetScout Systems, Inc. (1) 24,000 223,200 Novell, Inc. (1) 261,300 1,643,577 Parametric Technology Corp. (1) 53,500 854,930 Progress Software Corp. (1,2) 31,500 942,480 PROS Holdings, Inc. (1) 27,000 338,850 Quest Software, Inc. (1,2) 117,100 1,530,497 Radiant Systems, Inc. (1,2) 43,500 607,695 Salesforce.com, Inc. (1) 31,800 1,840,266 Secure Computing Corp. (1) 19,600 126,420 Sonic Solutions, Inc. (1,2) 11,400 110,010 SPSS, Inc. (1,2) 19,100 740,698 Sybase, Inc. (1) 54,300 1,428,090 Synchronoss Technologies, Inc. (1,2) 20,400 408,612 Synopsys, Inc. (1) 9,400 213,474 Taleo Corp., Cl. A (1) 29,400 570,360 The9 Ltd., ADR (1,2) 8,900 182,450 TIBCO Software, Inc. (1) 301,800 2,154,852 Tyler Technologies, Inc. (1,2) 50,100 700,398 Ultimate Software Group, Inc. (The) (1,2) 10,300 309,618 Wind River Systems, Inc. (1,2) 86,900 672,606 ------------- 56,491,896 MATERIALS -- 7.7% CHEMICALS -- 3.2% American Vanguard Corp. 2,400 39,936 Arch Chemicals, Inc. (2) 54,100 2,015,766 Ashland, Inc. 30,300 1,433,190 Calgon Carbon Corp. (1,2) 56,800 854,840 Celanese Corp., Series A 13,700 534,985 CF Industries Holdings, Inc. 25,800 2,673,396 Cytec Industries, Inc. 23,900 1,287,015 Eastman Chemical Co. 25,400 1,586,230 Ferro Corp. 35,500 527,530 Flotek Industries, Inc. (1) 11,000 160,490
27 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- CHEMICALS CONTINUED FMC Corp. 1,900 $ 105,431 Fuller (H.B.) Co. (2) 56,300 1,149,083 GenTek, Inc. (1,2) 3,200 96,256 Hercules, Inc. 75,400 1,379,066 ICO, Inc. (1,2) 39,800 276,212 Innophos Holdings, Inc. (2) 12,400 199,516 Innospec, Inc. 20,000 424,000 Koppers Holdings, Inc. 33,700 1,493,247 Landec Corp. (1) 35,100 295,893 LSB Industries, Inc. (1,2) 19,400 285,956 Minerals Technologies, Inc. (2) 12,500 785,000 NewMarket Corp. (2) 27,900 2,105,055 OM Group, Inc. (1) 53,300 2,906,982 Penford Corp. (2) 1,600 34,768 PolyOne Corp. (1,2) 600 3,822 Rockwood Holdings, Inc. (1) 3,300 108,141 Schulman (A.), Inc. 20,300 416,759 Sensient Technologies Corp. 75,900 2,238,291 ShengdaTech, Inc. (1,2) 27,100 230,350 Spartech Corp. (2) 7,000 59,150 Stepan Co. (2) 7,100 271,433 Terra Industries, Inc. (1,2) 60,400 2,146,012 W.R. Grace & Co. (1) 13,800 314,916 Zep, Inc. 29,800 483,356 ------------- 28,922,073 CONTAINERS & PACKAGING -- 0.7% AptarGroup, Inc. 9,300 362,049 Greif, Inc., Cl. A 21,600 1,467,288 Myers Industries, Inc. 21,200 278,356 Owens-Illinois, Inc. (1) 18,000 1,015,740 Packaging Corp. of America 5,400 120,582 Rock-Tenn Co., Cl. A 92,400 2,769,228 Silgan Holdings, Inc. 8,400 416,892 ------------- 6,430,135 METALS & MINING -- 3.7% AK Steel Holding Corp. 33,600 1,828,512 AMCOL International Corp. (2) 10,700 334,161 Amerigo Resources Ltd. 118,700 252,098 Brush Engineered Materials, Inc. (1,2) 8,000 205,360 Carpenter Technology Corp. 28,300 1,583,951 Century Aluminum Co. (1,2) 47,400 3,139,776 Cleveland-Cliffs, Inc. 2,100 251,622 Compass Minerals International, Inc. 55,900 3,296,982 Farallon Resources Ltd. (1) 156,700 120,603 Haynes International, Inc. (1,2) 2,000 109,760
28 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------------- ------------- METALS & MINING CONTINUED Hecla Mining Co. (1,2) 298,600 $ 3,332,376 Kaiser Aluminum Corp. (2) 6,500 450,450 Olympic Steel, Inc. 9,000 405,900 Quanex Corp. (2) 52,323 2,707,192 Redcorp Ventures Ltd. (1,3) 666,400 149,322 Reliance Steel & Aluminum Co. 26,700 1,598,262 Schnitzer Steel Industries, Inc. (2) 36,900 2,620,638 Sims Group Ltd., Sponsored ADR 111,725 3,074,672 Steel Dynamics, Inc. 78,600 2,596,944 United States Steel Corp. 27,400 3,476,238 Universal Stainless & Alloy Products, Inc. (1,2) 2,600 77,246 Worthington Industries, Inc. (2) 125,700 2,120,559 Yamana Gold, Inc. 2,011 29,505 ------------- 33,762,129 PAPER & FOREST PRODUCTS -- 0.1% AbitibiBowater, Inc. (2) 10,680 137,879 Buckeye Technologies, Inc. (1,2) 43,500 485,460 Glatfelter (2) 10,200 154,122 Schweitzer-Mauduit International, Inc. (2) 16,200 374,868 Wausau Paper Corp. (2) 10,600 87,556 ------------- 1,239,885 TELECOMMUNICATION SERVICES -- 1.6% DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.1% Alaska Communications Systems Group, Inc. (2) 45,000 550,800 Atlantic Tele-Network, Inc. 16,700 564,961 Cbeyond, Inc. (1,2) 21,700 407,743 CenturyTel, Inc. 42,300 1,406,052 Cincinnati Bell, Inc. (1) 538,200 2,292,732 Consolidated Communications Holdings, Inc. (2) 15,023 227,298 Iowa Telecommunications Services, Inc. (2) 14,900 264,177 NTELOS Holdings Corp. (2) 70,000 1,694,000 Premiere Global Services, Inc. (1) 171,900 2,465,046 ------------- 9,872,809 WIRELESS TELECOMMUNICATION SERVICES -- 0.5% Centennial Communications Corp. (1,2) 82,600 488,166 Rural Cellular Corp., Cl. A (1,2) 5,700 252,111 Syniverse Holdings, Inc. (1,2) 135,300 2,254,098 Telephone & Data Systems, Inc. 37,200 1,460,844 USA Mobility, Inc. (2) 4,800 34,272 ------------- 4,489,491 UTILITIES -- 1.4% ELECTRIC UTILITIES -- 0.2% El Paso Electric Co. (1) 40,500 865,485 Otter Tail Corp. (2) 7,400 261,886
29 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE ------ ----------- ELECTRIC UTILITIES CONTINUED UniSource Energy Corp. 11,600 $ 258,216 ----------- 1,385,587 ENERGY TRADERS -- 0.4% Canadian Hydro Developers, Inc. (1) 14,000 88,519 Mirant Corp. (1) 51,800 1,885,002 Reliant Energy, Inc. (1) 57,900 1,369,335 ----------- 3,342,856 GAS UTILITIES -- 0.6% Laclede Group, Inc. (The) (2) 9,200 327,796 New Jersey Resources Corp. (2) 5,300 164,565 Northwest Natural Gas Co. (2) 45,900 1,993,896 Piedmont Natural Gas Co., Inc. (2) 14,500 380,770 Southwest Gas Corp. 10,400 290,784 WGL Holdings, Inc. (2) 77,100 2,471,826 ----------- 5,629,637 MULTI-UTILITIES -- 0.1% Alliant Energy Corp. 24,000 840,240 Energy East Corp. 10,300 248,436 Vectren Corp. (2) 10,700 287,081 ----------- 1,375,757 WATER UTILITIES -- 0.1% California Water Service Group 2,600 99,224 Cascal NV (1) 50,800 609,600 ----------- 708,824 ----------- Total Common Stocks (Cost $936,928,516) 901,177,310
UNITS ------- RIGHTS, WARRANTS AND CERTIFICATES -- 0.0% Ares Capital Corp. Rts., Exp. 4/21/08 (1,2) 4,933 2,762 MCG Capital Corp. Rts., Exp. 4/18/08 (1) 1,942 2,078 Redcorp Ventures Ltd. Wts., Exp. 7/5/09 (1) 333,200 10,550 ------- Total Rights, Warrants and Certificates (Cost $0) 15,390
SHARES --------- INVESTMENT COMPANY -- 1.0% Oppenheimer Institutional Money Market Fund, Cl. E, 3.29% (5,6) (Cost $9,403,609) 9,403,609 9,403,609
30 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
VALUE -------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $946,332,125) $ 910,596,309
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED -- 24.3% (7)
PRINCIPAL AMOUNT --------------- ASSET-BACKED FLOATING NOTE -- 0.4% GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 2.70%, 4/25/08 $ 725,477 722,774 Specialty Underwriting & Residential Finance Trust, Series 2006 BC1, Cl. A2A, 2.69%, 4/25/08 252,546 251,055 Structured Asset Investment Loan Trust, Series 2005-11, Cl. A4, 2.70%, 4/25/08 58,875 58,804 Whitehawk CDO Funding Corp., 2.85%, 6/16/08 2,250,000 2,245,488 ----------- 3,278,121 BANK FLOATING RATE NOTE -- 0.7% Wachovia Bank NA, 2.36%, 4/1/08 6,000,000 5,948,988 JOINT REPURCHASE AGREEMENTS -- 15.5% Undivided interest of 0.23% in joint repurchase agreement (Principal Amount/Value $7,000,000,000 with a maturity value of $7,000,486,111) with Barclays Capital, 2.50%, dated 3/31/08, to be repurchased at $16,241,636 on 4/1/08, collateralized by U.S. Agency Mortgages, 0%-6.40%, 3/1/28-3/1/38, with a value of $7,140,000,000 16,240,508 16,240,508 Undivided interest of 1.89% in joint repurchase agreement (Principal Amount/Value $6,600,000,000 with a maturity value of $6,600,577,500) with Barclays Capital, 3.15%, dated 3/31/08, to be repurchased at $125,010,938 on 4/1/08, collateralized by Private Label CMOs, 0%-6.50%, 6/12/24-9/18/56, with a value of $6,930,000,000 (8) 125,000,000 125,000,000 ----------- 141,240,508 MEDIUM-TERM FLOATING NOTE -- 7.7% American General Finance Corp., 4.54%, 4/9/08 6,501,215 6,429,124 American Honda Finance Corp., 3%, 6/9/08 6,503,107 6,501,846 ANZ National (Int'l) Ltd., 2.36%, 4/1/08 7,997,900 7,987,456 Beta Finance, Inc., 2.38%, 4/1/08 4,998,220 4,913,350 Caixa Catal, 3.04%, 6/9/08 8,000,000 7,992,896 CAM US Finance SA Unipersonal, 3.29%, 5/1/08 6,000,000 5,986,812 CC USA, Inc., 2.38%, 4/1/08 4,498,395 4,426,758 HSBC Finance Corp., 3.10%, 4/7/08 2,000,000 1,996,138 K2 (USA) LLC, 2.37%, 4/1/08 5,997,753 5,886,336 MBIA Global Funding LLC, 2.37%, 4/1/08 4,000,000 3,880,595 Metropolitan Life Global Funding, 2.59%, 4/22/08 7,250,000 7,244,381 Nationwide Global Fund I, 2.80%, 6/16/08 7,003,528 7,001,239 ----------- 70,246,931 ----------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $221,277,482) 220,714,548
31 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
$ VALUE --------------- TOTAL INVESTMENTS, AT VALUE (COST $1,167,609,607) 124.5% 1,131,310,857 LIABILITIES IN EXCESS OF OTHER ASSETS (24.5) (222,933,231) ----- --------------- NET ASSETS 100.0% $ 908,377,626 ===== ===============
Footnotes to Statement of Investments 1. Non-income producing security. 2. Partial or fully-loaned security. See accompanying Notes. 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 $358,308 or 0.04% of the Fund's net assets as of March 31, 2008. 4. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2008 was $35,277, which represents less than 0.005% of the Fund's net assets, all of which is considered restricted. See accompanying Notes. Information concerning restricted securities is as follows:
ACQUISITION UNREALIZED SECURITY DATE COST VALUE DEPRECIATION ----------------- ------------ ------- -------- ------------ Tusk Energy Corp. 11/15/04 $ 38,148 $ 35,277 $ 2,871
5. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2008, 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 SECURITY DECEMBER 31, 2007 ADDITIONS REDUCTIONS MARCH 31, 2008 -------------------------------------------------- ---------------- ----------- ----------- --------------- Oppenheimer Institutional Money Market Fund, Cl. E 10,327,619 128,159,922 129,083,932 9,403,609
DIVIDEND VALUE INCOME ----------- ---------- Oppenheimer Institutional Money Market Fund, Cl. E $ 9,403,609 $ 108,957
6. Rate shown is the 7-day yield as of March 31, 2008. 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. 8. The Fund may have elements of risk due to concentrated investments. Such concentrations may subject the Fund to additional risks. 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, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION INPUTS SECURITIES INSTRUMENTS* ---------------- ---------------- --------------- Level 1 - Quoted Prices $ 910,593,547 $ -- Level 2 - Other Significant Observable Inputs 220,717,310 -- Level 3 - Significant Unobservable Inputs -- -- -------------- -------- TOTAL $1,131,310,857 $ -- ============== ========
32 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited *Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts, futures and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Options and swaps are reported at their market value at measurement date, which may include premiums received or paid. 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 Funds' 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 through its internal valuation committee, in good faith determines the fair valuation of that 33 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited 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. 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 semiaanual 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. 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. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Fund may be delayed or limited. ILLIQUID OR RESTRICTED SECURITIES As of March 31, 2008, 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, 34 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited 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, 2008, the Fund had on loan securities valued at $216,081,733. Collateral of $221,294,539 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, 2008 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 $ 1,174,097,779 =============== Gross unrealized appreciation $ 72,198,879 Gross unrealized depreciation (114,985,801) --------------- Net unrealized depreciation $ (42,786,922) ===============
35 | Oppenheimer Main Street Small Cap Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ----------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--1.1% ----------------------------------------------------------------------------------------------------------- Ameriquest Mortgage Securities, Inc., Home Equity Mtg. Obligations, Series 2005-R10, Cl. A2B, 2.819%, 12/25/35 1 $ 320,275 $ 303,078 ----------------------------------------------------------------------------------------------------------- Mastr Asset-Backed Securities Trust 2005-WF1, Mtg. Pass-Through Certificates, Series 2005-WF1, Cl. A2C, 2.839%, 6/25/35 1 181,882 172,738 ----------------------------------------------------------------------------------------------------------- Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5, Cl. 2A2, 2.689%, 7/25/36 1 4,022,710 3,910,673 --------------- Total Asset-Backed Securities (Cost $4,496,816) 4,386,489 ----------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--7.0% ----------------------------------------------------------------------------------------------------------- Bear Stearns ARM Trust 2006-4, Mtg. Pass-Through Certificates, Series 2006-4, Cl. 2A1, 5.795%, 10/25/36 1 111,759 100,675 ----------------------------------------------------------------------------------------------------------- CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 2006-A5, Cl. 1A1, 3.006%, 10/25/36 1 348,336 286,459 Series 2006-A5, Cl. 1A13, 3.056%, 10/25/36 1 182,085 133,438 ----------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust 2004-28CB, Mtg. Pass-Through Certificates, Series 2004-28CB, Cl.2A4, 5.75%, 1/25/35 810,000 691,820 ----------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust 2005-18CB, Mtg. Pass-Through Certificates, Series 2005-18CB, Cl. A8, 5.50%, 5/25/36 280,000 251,169 ----------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust 2005-85CB, Mtg. Pass-Through Certificates, Series 2005-85CB, Cl.2A3, 5.50%, 2/25/36 210,000 186,691 ----------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust 2005-J1, Mtg. Pass-Through Certificates, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 307,039 272,299 ----------------------------------------------------------------------------------------------------------- Countrywide Home Loans Servicing LP, Mtg. Pass-Through Certificates: Series 2005-HYB1, Cl. 5A1, 4.995%, 3/25/35 1 912,829 877,457 Series 2007-HY1, Cl. 1A1, 5.691%, 4/25/37 1 315,523 299,037 ----------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2319, Cl. PZ, 6.50%, 5/15/31 542,913 573,007 Series 2338, Cl. ZC, 6.50%, 7/15/31 470,815 495,601 Series 2344, Cl. ZD, 6.50%, 8/15/31 289,108 305,617 Series 2363, Cl. BZ, 6.50%, 9/15/31 579,334 609,539 Series 2457, Cl. PE, 6.50%, 6/15/32 496,230 518,869 ----------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 2520, Cl. SE, 52.467%, 5/15/22 2 340,804 31,314 Series 2574, Cl. IN, 6.231%, 12/15/22 2 1,681,185 282,252 Series 2989, Cl. TS, 48.304%, 6/15/25 2 1,738,403 171,822 ----------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 5%, 12/25/17-3/25/18 2,340,299 2,374,330 5.50%, 11/1/33-3/1/38 925,790 936,629 5.50%, 12/1/37 3 3,000,297 3,031,995 ----------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Trust 2001-74, Cl. QE, 6%, 12/25/31 886,575 917,363 ----------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2003-14, Cl. OI, 10.882%, 3/25/33 2 304,227 61,315
1 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ----------------------------------------------------------------------------------------------------------- Trust 2003-23, Cl. ES, 42.373%, 10/25/22 2 $ 686,295 $ 61,553 Trust 2003-52, Cl. NS, 37.953%, 6/25/23 2 729,165 80,142 Trust 2004-65, Cl. SA, 60.542%, 5/25/23 2 1,354,036 104,492 Trust 2005-86, Cl. AI, 8.019%, 10/1/35 2 313,662 65,101 Trust 2006-33, Cl. SP, 40.625%, 5/25/36 2 478,949 54,672 Trust 2006-43, Cl. SJ, 44.148%, 6/25/36 2 968,853 101,022 Trust 2006-51, Cl. SA, 23.289%, 6/25/36 2 3,285,465 333,631 Trust 334, Cl. 4, 11.074%, 7/1/33 2 499,324 107,314 Trust 342, Cl. 2, 5.696%, 9/1/33 2 1,161,460 257,979 ----------------------------------------------------------------------------------------------------------- First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 92,822 83,885 ----------------------------------------------------------------------------------------------------------- GMAC Mortgage Corp. Loan Trust, Mtg. Pass-Through Certificates, Series 2004-J4, Cl. A7, 5.50%, 9/25/34 190,000 167,377 ----------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2005-4F, Mtg. Pass-Through Certificates, Series 2005-4F, Cl. 6A1, 6.50%, 2/25/35 231,357 222,213 ----------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 3A1, 5.149%, 11/25/35 1 1,463,178 1,406,822 ----------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust 2003-C5, Commercial Mtg. Pass-Through Certificates, Series 2003-C5, Cl. A2, 3.478%, 7/15/27 1,365,556 1,358,782 ----------------------------------------------------------------------------------------------------------- Mastr Asset Securitization Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 3.049%, 10/25/36 1 4,455,851 4,079,702 ----------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 6.085%, 10/25/36 1 339,566 325,775 ----------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Trust 2007-2, Mtg. Pass-Through Certificates, Series 2007-2, Cl. 2A1, 6.002%, 6/25/37 1 427,829 405,713 ----------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 1A1, 5.861%, 9/1/37 1,4 211,337 204,997 ----------------------------------------------------------------------------------------------------------- Morgan Stanley Mortgage Loan Trust 2006-AR, Mtg. Pass-Through Certificates, Series 2006-AR, Cl. 5A3, 5.426%, 6/25/36 1 130,000 120,499 ----------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 5.75%, 10/25/36 1 471,000 440,211 ----------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 6.131%, 8/25/36 1 486,108 471,532 ----------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR2 Trust, Mtg. Pass-Through Certificates, Series 2005-AR2, Cl. 2A2, 4.541%, 3/25/35 1 64,164 62,376 ----------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR4 Trust, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 2A2, 4.523%, 4/25/35 1 104,726 97,919 ----------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 4A1, 5.561%, 7/25/36 1 216,159 207,344 ----------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.10%, 9/25/36 1 381,016 359,203 -----------------------------------------------------------------------------------------------------------
2 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ----------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.109%, 3/25/36 1 $ 446,013 $ 427,758 ----------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 1A3, 5.609%, 4/25/36 1 3,052,958 3,029,303 --------------- Total Mortgage-Backed Obligations (Cost $28,467,307) 28,046,015 ----------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--89.1% ----------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--27.5% ----------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--1.6% Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 1,215,000 1,249,931 9% Sr. Unsec. Nts., 7/1/15 825,000 876,563 ----------------------------------------------------------------------------------------------------------- Lear Corp., 8.75% Sr. Unsec. Nts., Series B, 12/1/16 5,215,000 4,478,381 --------------- 6,604,875 ----------------------------------------------------------------------------------------------------------- AUTOMOBILES--1.9% Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 6,000,000 5,350,626 ----------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 8% Bonds, 11/1/31 3,420,000 2,456,309 --------------- 7,806,935 ----------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--0.5% Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15 1,925,000 1,903,344 ----------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--9.2% CCM Merger, Inc., 8% Unsec. Nts., 8/1/13 5 1,655,000 1,398,475 ----------------------------------------------------------------------------------------------------------- Gaylord Entertainment Co.: 6.75% Sr. Unsec. Unsub. Nts., 11/15/14 500,000 437,500 8% Sr. Nts., 11/15/13 400,000 373,000 ----------------------------------------------------------------------------------------------------------- Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13 5 1,755,000 1,605,825 ----------------------------------------------------------------------------------------------------------- Harrah's Operating Co., Inc., 10.75% Sr. Unsec. Nts., 2/1/16 5 1,755,000 1,487,363 ----------------------------------------------------------------------------------------------------------- Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14 4,070,000 2,920,225 ----------------------------------------------------------------------------------------------------------- Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15 5 3,460,000 3,062,100 ----------------------------------------------------------------------------------------------------------- MGM Mirage, Inc.: 6.625% Sr. Unsec. Nts., 7/15/15 1,890,000 1,653,750 8.375% Sr. Unsec. Sub. Nts., 2/1/11 2,140,000 2,156,050 ----------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 780,000 715,650 6.875% Sr. Unsec. Sub. Nts., 2/15/15 915,000 741,150 8% Sr. Sub. Nts., 4/1/12 1,540,000 1,416,800 ----------------------------------------------------------------------------------------------------------- Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10 5,445,000 5,131,913 ----------------------------------------------------------------------------------------------------------- Penn National Gaming, Inc.: 6.75% Sr. Unsec. Sub. Nts., 3/1/15 145,000 132,313 6.875% Sr. Sub. Nts., 12/1/11 150,000 141,750 ----------------------------------------------------------------------------------------------------------- Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 1,835,000 1,738,663 ----------------------------------------------------------------------------------------------------------- Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14 5 569,000 603,140 ----------------------------------------------------------------------------------------------------------- Station Casinos, Inc.: 6.50% Sr. Unsec. Sub. Nts., 2/1/14 2,915,000 1,763,575 6.875% Sr. Unsec. Sub. Nts., 3/1/16 550,000 323,125 ----------------------------------------------------------------------------------------------------------- Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16 1,800,000 1,539,000 ----------------------------------------------------------------------------------------------------------- Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15 2,525,000 1,717,000 -----------------------------------------------------------------------------------------------------------
3 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ----------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE CONTINUED ----------------------------------------------------------------------------------------------------------- Vail Resorts, Inc., 6.75% Sr. Sub. Nts., 2/15/14 4 $ 1,280,000 $ 1,254,400 ----------------------------------------------------------------------------------------------------------- Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 4,645,000 4,494,038 --------------- 36,806,805 ----------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.6% Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 1,890,000 1,777,195 ----------------------------------------------------------------------------------------------------------- Jarden Corp., 7.50% Sr. Unsec. Sub. Nts., 5/1/17 1,615,000 1,421,200 ----------------------------------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc.: 7.75% Sr. Unsec. Sub. Nts., 5/15/13 655,000 350,425 8.875% Sr. Sub. Nts., 4/1/12 1,165,000 652,400 ----------------------------------------------------------------------------------------------------------- KB Home, 8.625% Sr. Sub. Nts., 12/15/08 150,000 151,125 ----------------------------------------------------------------------------------------------------------- Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 1,110,000 1,015,650 ----------------------------------------------------------------------------------------------------------- William Lyon Homes, Inc.: 7.50% Sr. Unsec. Nts., 2/15/14 220,000 108,900 10.75% Sr. Nts., 4/1/13 1,510,000 792,750 --------------- 6,269,645 ----------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.4% Eastman Kodak Co., 3.625% Nts., Series A, 5/15/08 575,000 575,000 ----------------------------------------------------------------------------------------------------------- Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13 1,370,000 1,253,550 --------------- 1,828,550 ----------------------------------------------------------------------------------------------------------- MEDIA--9.2% Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 700,000 689,500 ----------------------------------------------------------------------------------------------------------- AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14 990,000 843,975 ----------------------------------------------------------------------------------------------------------- American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 900,000 598,500 8.875% Sr. Unsec. Sub. Nts., 1/15/11 4 32,724 21,761 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 1,450,000 978,750 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 5 52,722 35,324 ----------------------------------------------------------------------------------------------------------- CCH I Holdings LLC/CCH I Holdings Capital Corp., 11% Sr. Sec. Nts., 10/1/15 2,795,000 1,956,500 ----------------------------------------------------------------------------------------------------------- Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 6 2,525,000 2,285,125 ----------------------------------------------------------------------------------------------------------- Dex Media West LLC/Dex Media West Finance Co.: 8.50% Sr. Nts., 8/15/10 700,000 684,250 9.875% Sr. Sub. Nts., 8/15/13 1,772,000 1,546,070 ----------------------------------------------------------------------------------------------------------- Dex Media, Inc.: 0%/9% Unsec. Disc. Nts., 11/15/13 6 500,000 362,500 8% Unsec. Nts., 11/15/13 285,000 209,475 ----------------------------------------------------------------------------------------------------------- EchoStar DBS Corp., 6.375% Sr. Unsec. Nts., 10/1/11 3,200,000 3,080,000 ----------------------------------------------------------------------------------------------------------- Idearc, Inc., 8% Sr. Unsec. Nts., 11/15/16 2,505,000 1,634,513 ----------------------------------------------------------------------------------------------------------- Lamar Media Corp.: 6.625% Sr. Unsec. Sub. Nts., 8/15/15 1,357,000 1,200,945 7.25% Sr. Unsec. Sub. Nts., 1/1/13 200,000 191,000 ----------------------------------------------------------------------------------------------------------- Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 785,000 732,013 ----------------------------------------------------------------------------------------------------------- Marquee Holdings, Inc., 0%/12% Sr. Disc. Nts., 8/15/14 6 2,200,000 1,655,500 ----------------------------------------------------------------------------------------------------------- MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 1,400,000 658,000 6.875% Sr. Unsec. Sub. Nts., 10/1/13 2,090,000 1,029,325 ----------------------------------------------------------------------------------------------------------- Nielsen Finance LLC, 10% Sr. Unsec. Nts., 8/1/14 3,230,000 3,230,000 -----------------------------------------------------------------------------------------------------------
4 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ----------------------------------------------------------------------------------------------------------- MEDIA CONTINUED ----------------------------------------------------------------------------------------------------------- Nielsen Finance LLC/Nielsen Finance Co., 0%/12.50% Sr. Unsec. Sub. Disc. Nts., 8/1/16 6 $ 1,090,000 $ 694,875 ----------------------------------------------------------------------------------------------------------- Quebecor World Capital Corp., 8.75% Sr. Nts., 3/15/16 5,7 1,580,000 758,400 ----------------------------------------------------------------------------------------------------------- R.H. Donnelley Corp.: 6.875% Sr. Disc. Nts., Series A-1, 1/15/13 3,160,000 1,943,400 6.875% Sr. Disc. Nts., Series A-2, 1/15/13 1,960,000 1,205,400 6.875% Sr. Nts., 1/15/13 2,125,000 1,306,875 ----------------------------------------------------------------------------------------------------------- Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 800,000 646,000 ----------------------------------------------------------------------------------------------------------- Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 5 1,040,000 1,068,600 ----------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 1,907,000 1,930,838 ----------------------------------------------------------------------------------------------------------- Vertis, Inc., 9.75% Sr. Sec. Nts., 4/1/09 1,400,000 1,197,000 ----------------------------------------------------------------------------------------------------------- Virgin Media Finance plc, 8.75% Sr. Unsec. Nts., 4/15/14 740,000 667,850 ----------------------------------------------------------------------------------------------------------- Warner Music Group Corp., 7.375% Sr. Sub. Bonds, 4/15/14 800,000 620,000 ----------------------------------------------------------------------------------------------------------- WMG Holdings Corp., 0%/9.50% Sr. Disc. Nts., 12/15/14 6 2,365,000 1,241,625 --------------- 36,903,889 ----------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--0.3% Dillard's, Inc., 6.625% Unsec. Nts., 11/15/08 1,125,000 1,127,813 ----------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--1.5% Claire's Stores, Inc., 10.50% Sr. Unsec. Sub. Nts., 6/1/17 3,540,000 1,575,300 ----------------------------------------------------------------------------------------------------------- GameStop Corp., 8% Sr. Unsec. Nts., 10/1/12 900,000 956,250 ----------------------------------------------------------------------------------------------------------- Rent-A-Center, Inc., 7.50% Sr. Unsec. Sub. Nts., Series B, 5/1/10 350,000 325,500 ----------------------------------------------------------------------------------------------------------- Sally Holdings LLC: 9.25% Sr. Unsec. Nts., 11/15/14 1,630,000 1,634,075 10.50% Sr. Unsec. Sub. Nts., 11/15/16 1,470,000 1,367,100 --------------- 5,858,225 ----------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.3% Invista, Inc., 9.25% Sr. Nts., 5/1/12 5 1,535,000 1,577,213 ----------------------------------------------------------------------------------------------------------- Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 2,825,000 2,828,531 ----------------------------------------------------------------------------------------------------------- Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15 865,000 700,650 --------------- 5,106,394 ----------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--5.5% ----------------------------------------------------------------------------------------------------------- BEVERAGES--0.8% Constellation Brands, Inc.: 8.125% Sr. Sub. Nts., 1/15/12 1,965,000 1,994,475 8.375% Sr. Nts., 12/15/14 1,095,000 1,133,325 --------------- 3,127,800 ----------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--2.0% Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 2,865,000 2,745,971 ----------------------------------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 4,210,000 5,080,388 ----------------------------------------------------------------------------------------------------------- Real Time Data Co., 11% Disc. Nts., 5/31/09 4,7,8 476,601 -- --------------- 7,826,359 ----------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--1.5% Del Monte Corp.: 6.75% Sr. Unsec. Sub. Nts., 2/15/15 350,000 336,875 8.625% Sr. Sub. Nts., 12/15/12 1,000,000 1,022,500 ----------------------------------------------------------------------------------------------------------- Dole Food Co., Inc.: 7.25% Sr. Unsec. Nts., 6/15/10 420,000 325,500 8.625% Sr. Nts., 5/1/09 687,000 601,125
5 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ----------------------------------------------------------------------------------------------------------- FOOD PRODUCTS CONTINUED ----------------------------------------------------------------------------------------------------------- 8.875% Sr. Unsec. Nts., 3/15/11 $ 146,000 $ 118,990 ----------------------------------------------------------------------------------------------------------- Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 10.625% Sr. Sub. Nts., 4/1/17 3,275,000 2,800,125 ----------------------------------------------------------------------------------------------------------- Smithfield Foods, Inc., 8% Sr. Nts., Series B, 10/15/09 900,000 918,000 --------------- 6,123,115 ----------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.3% Church & Dwight Co., Inc., 6% Sr. Unsec. Sub. Nts., 12/15/12 1,160,000 1,136,800 ----------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.3% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 1,310,000 1,251,050 ----------------------------------------------------------------------------------------------------------- TOBACCO--0.6% Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13 2,265,000 2,411,355 ----------------------------------------------------------------------------------------------------------- ENERGY--11.5% ----------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--1.5% Helix Energy Solutions Group, Inc., 9.50% Sr. Unsec. Nts., 1/15/16 5 2,200,000 2,211,000 ----------------------------------------------------------------------------------------------------------- Key Energy Services, Inc., 8.375% Sr. Nts., 12/1/14 5 2,265,000 2,270,663 ----------------------------------------------------------------------------------------------------------- Pride International, Inc., 7.375% Sr. Unsec. Nts., 7/15/14 1,385,000 1,447,325 --------------- 5,928,988 ----------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS--10.0% Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15 2,185,000 2,234,163 ----------------------------------------------------------------------------------------------------------- Berry Petroleum Co., 8.25% Sr. Sub. Nts., 11/1/16 1,035,000 1,063,463 ----------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp., 6.875% Sr. Unsec. Nts., 1/15/16 4,180,000 4,159,100 ----------------------------------------------------------------------------------------------------------- Denbury Resources, Inc., 7.50% Sr. Sub. Nts., 12/15/15 1,335,000 1,371,713 ----------------------------------------------------------------------------------------------------------- Enterprise Products Operating LP, 8.375% Jr. Sub. Nts., 8/1/66 1 4,645,000 4,529,228 ----------------------------------------------------------------------------------------------------------- Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 1,945,000 2,008,213 ----------------------------------------------------------------------------------------------------------- Kinder Morgan Energy Partners LP, 7.30% Sr. Unsec. Nts., 8/15/33 4,022,000 4,117,884 ----------------------------------------------------------------------------------------------------------- Newfield Exploration Co., 6.625% Sr. Unsec. Sub. Nts., 9/1/14 2,235,000 2,212,650 ----------------------------------------------------------------------------------------------------------- Pacific Energy Partners LP/Pacific Energy Finance Corp., 6.25% Sr. Unsec. Nts., 9/15/15 195,000 194,212 ----------------------------------------------------------------------------------------------------------- Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 4,500,000 4,590,000 ----------------------------------------------------------------------------------------------------------- Quicksilver Resources, Inc., 7.125% Sr. Sub. Nts., 4/1/16 2,215,000 2,148,550 ----------------------------------------------------------------------------------------------------------- Range Resources Corp.: 6.375% Sr. Sub. Nts., 3/15/15 140,000 137,900 7.375% Sr. Sub. Nts., 7/15/13 300,000 306,000 7.50% Sr. Sub. Nts., 5/15/16 520,000 535,600 ----------------------------------------------------------------------------------------------------------- Sabine Pass LNG LP: 7.25% Sr. Sec. Nts., 11/30/13 1,300,000 1,261,000 7.50% Sr. Sec. Nts., 11/30/16 1,910,000 1,852,700 ----------------------------------------------------------------------------------------------------------- Southwestern Energy Co., 7.50% Sr. Nts., 2/1/18 5 965,000 1,003,600 ----------------------------------------------------------------------------------------------------------- Tesoro Corp., 6.625% Sr. Unsec. Nts., 11/1/15 2,195,000 2,041,350 ----------------------------------------------------------------------------------------------------------- Williams Cos., Inc., 8.125% Sr. Unsec. Nts., 3/15/12 3,890,000 4,269,275 ----------------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.50% Nts., 12/1/08 300,000 299,250 --------------- 40,335,851 ----------------------------------------------------------------------------------------------------------- FINANCIALS--11.5% ----------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--2.1% Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14 3,215,000 2,821,163 ----------------------------------------------------------------------------------------------------------- Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 6,225,000 5,405,983 --------------- 8,227,146
6 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ----------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--5.5% Barclays Bank plc, 6.278% Perpetual Bonds 9 $ 9,640,000 $ 7,715,856 ----------------------------------------------------------------------------------------------------------- HBOS plc, 6.413% Sub. Perpetual Bonds, Series A 5,9 10,200,000 7,325,905 ----------------------------------------------------------------------------------------------------------- HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 1 8,800,000 7,148,768 --------------- 22,190,529 ----------------------------------------------------------------------------------------------------------- CONSUMER FINANCE--0.8% Ace Cash Express, Inc., 10.25% Sr. Nts., 10/1/14 4 785,000 643,700 ----------------------------------------------------------------------------------------------------------- SLM Corp., 4.50% Nts., Series A, 7/26/10 3,335,000 2,738,535 --------------- 3,382,235 ----------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.6% AAC Group Holding Corp., 0%/10.25% Sr. Unsec. Disc. Nts., 10/1/12 6 200,000 163,000 ----------------------------------------------------------------------------------------------------------- Bank of America Corp., 8% Unsec. Perpetual Nts., Series K 9 830,000 832,673 ----------------------------------------------------------------------------------------------------------- Citigroup, Inc., 8.30% Jr. Sub. Bonds, 12/21/57 1 585,000 578,139 ----------------------------------------------------------------------------------------------------------- Nell AF Sarl, 8.375% Sr. Nts., 8/15/15 5 755,000 554,925 ----------------------------------------------------------------------------------------------------------- Universal City Florida, 8.375% Sr. Unsec. Nts., 5/1/10 4 180,000 177,300 --------------- 2,306,037 ----------------------------------------------------------------------------------------------------------- INSURANCE--0.4% MetLife, Inc., 6.40% Jr. Unsec. Sub. Bonds, 12/15/66 1 1,210,000 964,479 ----------------------------------------------------------------------------------------------------------- Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 5 210,000 261,622 ----------------------------------------------------------------------------------------------------------- Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 5 160,000 178,791 --------------- 1,404,892 ----------------------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS--0.8% Felcor Lodging LP, 8.50% Sr. Nts., 6/1/11 1 837,000 824,445 ----------------------------------------------------------------------------------------------------------- Host Marriott LP, 6.375% Sr. Nts., Series O, 3/15/15 2,280,000 2,131,800 ----------------------------------------------------------------------------------------------------------- iStar Financial, Inc., 3.35% Sr. Unsec. Nts., 3/16/09 1 415,000 370,244 --------------- 3,326,489 ----------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--1.3% Countrywide Financial Corp., 3.345% Unsec. Unsub. Nts, 5/5/08 1 630,000 625,926 ----------------------------------------------------------------------------------------------------------- Countrywide Home Loans, Inc., 3.25% Nts., Series L, 5/21/08 4,765,000 4,673,188 --------------- 5,299,114 ----------------------------------------------------------------------------------------------------------- HEALTH CARE--6.3% ----------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.7% Bausch & Lomb, Inc., 9.875% Sr. Unsec. Nts., 11/1/15 5 1,780,000 1,815,600 ----------------------------------------------------------------------------------------------------------- Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/15 8 790,000 793,950 --------------- 2,609,550 ----------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--5.1% DaVita, Inc., 6.625% Sr. Unsec. Nts., 3/15/13 3,920,000 3,822,000 ----------------------------------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust IV, 7.875% Sr. Sub. Nts., 6/15/11 1,385,000 1,443,863 ----------------------------------------------------------------------------------------------------------- HCA, Inc., 6.375% Nts., 1/15/15 4,740,000 4,034,925 ----------------------------------------------------------------------------------------------------------- HealthSouth Corp., 10.75% Sr. Unsec. Nts., 6/15/16 2,185,000 2,305,175 ----------------------------------------------------------------------------------------------------------- Omnicare, Inc.: 6.75% Sr. Sub. Nts., 12/15/13 185,000 166,038 6.875% Sr. Sub. Nts., 12/15/15 285,000 249,375 -----------------------------------------------------------------------------------------------------------
7 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ----------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED ----------------------------------------------------------------------------------------------------------- PTS Acquisition, 9.50% Sr. Unsec. Nts., 4/15/15 8 $ 2,405,000 $ 1,960,075 ----------------------------------------------------------------------------------------------------------- Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 2,535,000 2,015,325 ----------------------------------------------------------------------------------------------------------- US Oncology, Inc., 9% Sr. Unsec. Nts., 8/15/12 1,995,000 1,995,000 ----------------------------------------------------------------------------------------------------------- Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Disc. Nts., 10/1/15 6 3,085,000 2,375,450 --------------- 20,367,226 ----------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--0.5% ReAble Therapeutics Finance LLC, 10.875% Sr. Unsec. Nts., 11/15/14 5 2,325,000 2,191,313 ----------------------------------------------------------------------------------------------------------- INDUSTRIALS--6.7% ----------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.8% Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16 4 2,250,000 2,199,375 ----------------------------------------------------------------------------------------------------------- DRS Technologies, Inc.: 6.625% Sr. Nts., 2/1/16 735,000 722,138 6.875% Sr. Unsec. Sub. Nts., 11/1/13 300,000 295,500 7.625% Sr. Sub. Nts., 2/1/18 320,000 321,600 ----------------------------------------------------------------------------------------------------------- L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 684,000 658,350 6.125% Sr. Unsec. Sub. Nts., 1/15/14 1,100,000 1,078,000 6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15 1,280,000 1,257,600 7.625% Sr. Sub. Nts., 6/15/12 500,000 514,375 --------------- 7,046,938 ----------------------------------------------------------------------------------------------------------- AIRLINES--0.0% ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 4,7,10 1,575,000 -- ----------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--0.3% Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 80,000 69,800 ----------------------------------------------------------------------------------------------------------- Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 1,395,000 1,039,275 --------------- 1,109,075 ----------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.2% Allied Waste North America, Inc., 7.375% Sr. Sec. Nts., Series B, 4/15/14 3,490,000 3,450,738 ----------------------------------------------------------------------------------------------------------- American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/05 4,7,10 200,000 -- ----------------------------------------------------------------------------------------------------------- Corrections Corp. of America: 6.25% Sr. Unsec. Sub. Nts., 3/15/13 800,000 788,000 7.50% Sr. Nts., 5/1/11 710,000 720,650 --------------- 4,959,388 ----------------------------------------------------------------------------------------------------------- MACHINERY--1.2% Case New Holland, Inc., 7.125% Sr. Unsec. Nts., 3/1/14 3,615,000 3,560,775 ----------------------------------------------------------------------------------------------------------- Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 4 600,000 453,000 ----------------------------------------------------------------------------------------------------------- Greenbrier Cos., Inc., 8.375% Sr. Unsec. Nts., 5/15/15 740,000 699,300 --------------- 4,713,075 ----------------------------------------------------------------------------------------------------------- ROAD & RAIL--1.2% Avis Budget Car Rental LLC, 7.625% Sr. Unsec. Unsub. Nts., 5/15/14 2,365,000 2,051,638 ----------------------------------------------------------------------------------------------------------- Hertz Corp.: 8.875% Sr. Unsec. Nts., 1/1/14 90,000 85,725 10.50% Sr. Unsec. Sub. Nts., 1/1/16 1,570,000 1,477,763 -----------------------------------------------------------------------------------------------------------
8 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ----------------------------------------------------------------------------------------------------------- ROAD & RAIL CONTINUED ----------------------------------------------------------------------------------------------------------- Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 $ 500,000 $ 510,000 ----------------------------------------------------------------------------------------------------------- Stena AB, 7.50% Sr. Unsec. Nts., 11/1/13 4 803,000 795,974 --------------- 4,921,100 ----------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--1.0% Ashtead Capital, Inc., 9% Nts., 8/15/16 5 440,000 358,600 ----------------------------------------------------------------------------------------------------------- H&E Equipment Services, Inc., 8.375% Sr. Unsec. Nts., 7/15/16 480,000 398,400 ----------------------------------------------------------------------------------------------------------- United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 4,395,000 3,472,050 --------------- 4,229,050 ----------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--2.5% ----------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--0.5% NXP BV/NXP Funding LLC, 9.50% Sr. Unsec. Unsub. Nts., 10/15/15 2,545,000 2,099,625 ----------------------------------------------------------------------------------------------------------- Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 4,7 1,150,000 12 --------------- 2,099,637 ----------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.0% PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 4,7,10 1,000,000EUR -- ----------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.3% RBS Global & Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16 1,145,000 996,150 ----------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 4,7,10 844,866EUR -- ----------------------------------------------------------------------------------------------------------- NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 4,7,10 240,208 -- --------------- -- ----------------------------------------------------------------------------------------------------------- IT SERVICES--1.7% Fiserv, Inc., 6.125% Sr. Unsec. Nts., 11/20/12 3,875,000 3,998,845 ----------------------------------------------------------------------------------------------------------- iPayment Holdings, Inc., 9.75% Sr. Unsec. Sub. Nts., 5/15/14 4 725,000 647,063 ----------------------------------------------------------------------------------------------------------- Iron Mountain, Inc., 8.625% Sr. Unsec. Sub. Nts., 4/1/13 2,120,000 2,151,800 --------------- 6,797,708 ----------------------------------------------------------------------------------------------------------- MATERIALS--7.1% ----------------------------------------------------------------------------------------------------------- CHEMICALS--1.4% Huntsman International LLC: 7.375% Sr. Unsub. Nts., 1/15/15 4 420,000 436,800 7.875% Sr. Unsec. Sub. Nts., 11/15/14 4 260,000 276,900 ----------------------------------------------------------------------------------------------------------- Huntsman LLC: 11.50% Sr. Unsec. Nts., 7/15/12 1 332,000 355,240 11.625% Sr. Unsec. Nts., 10/15/10 37,000 39,220 ----------------------------------------------------------------------------------------------------------- Momentive Performance Materials, Inc., 11.50% Sr. Unsec. Sub. Nts., 12/1/16 2,870,000 2,199,138 ----------------------------------------------------------------------------------------------------------- Mosaic Co.: 7.375% Sr. Nts., 12/1/14 4 1,705,000 1,832,875 7.625% Sr. Nts., 12/1/16 5 255,000 275,400 --------------- 5,415,573 ----------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.3% NTK Holdings, Inc., 0%/10.75% Sr. Unsec. Nts., 3/1/14 6 2,795,000 1,369,550
9 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ----------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--2.2% Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15 $ 3,255,000 $ 3,360,788 ----------------------------------------------------------------------------------------------------------- Graham Packaging Co., Inc., 9.875% Sr. Unsec. Sub. Nts., 10/15/14 2,495,000 2,108,275 ----------------------------------------------------------------------------------------------------------- Graphic Packaging International Corp., 8.50% Sr. Nts., 8/15/11 3,260,000 3,219,250 --------------- 8,688,313 ----------------------------------------------------------------------------------------------------------- METALS & MINING--2.6% Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17 5,460,000 5,808,075 ----------------------------------------------------------------------------------------------------------- Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 1,600,000 1,721,347 ----------------------------------------------------------------------------------------------------------- Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 4 800,000 844,000 ----------------------------------------------------------------------------------------------------------- Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/15 1 2,450,000 2,180,500 --------------- 10,553,922 ----------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.6% NewPage Corp., 10% Sr. Sec. Nts., 5/1/12 2,200,000 2,244,000 ----------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--9.3% ----------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--4.6% Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 5,745,000 5,227,950 ----------------------------------------------------------------------------------------------------------- FairPoint Communications, Inc., 13.125% Sr. Nts., 4/1/18 1,995,000 1,925,175 ----------------------------------------------------------------------------------------------------------- Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12 5,025,000 5,150,625 ----------------------------------------------------------------------------------------------------------- Teligent, Inc., 11.50% Sr. Nts., 12/1/08 4,7,10 400,000 -- ----------------------------------------------------------------------------------------------------------- West Corp., 9.50% Sr. Unsec. Nts., 10/15/14 1,140,000 1,026,000 ----------------------------------------------------------------------------------------------------------- Windstream Corp.: 8.125% Sr. Unsec. Unsub. Nts., 8/1/13 3,235,000 3,194,563 8.625% Sr. Unsec. Unsub. Nts., 8/1/16 2,090,000 2,063,875 ----------------------------------------------------------------------------------------------------------- Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 4,7,10 1,000,000 -- --------------- 18,588,188 ----------------------------------------------------------------------------------------------------------- MEDIA--0.5% NTL Cable plc, 9.125% Sr. Nts., 8/15/16 2,245,000 2,020,500 ----------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--4.2% American Tower Corp.: 7.125% Sr. Unsec. Nts., 10/15/12 520,000 534,300 7.50% Sr. Nts., 5/1/12 3,880,000 3,986,700 ----------------------------------------------------------------------------------------------------------- CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 4,7,10 1,834,000 -- ----------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 14,715,000 11,338,305 ----------------------------------------------------------------------------------------------------------- Rural Cellular Corp., 9.875% Sr. Nts., 2/1/10 4 600,000 619,500 ----------------------------------------------------------------------------------------------------------- Sprint Capital Corp., 8.75% Nts., 3/15/32 355,000 300,646 --------------- 16,779,451 ----------------------------------------------------------------------------------------------------------- UTILITIES--1.2% ----------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--1.0% Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17 3,475,000 3,475,000 ----------------------------------------------------------------------------------------------------------- Sierra Pacific Resources, 6.75% Sr. Unsec. Nts., 8/15/17 635,000 615,740 --------------- 4,090,740 ----------------------------------------------------------------------------------------------------------- ENERGY TRADERS--0.2% AES Red Oak LLC, 8.54% Sr. Sec. Bonds, Series A, 11/30/19 4 349,488 351,236 ----------------------------------------------------------------------------------------------------------- Mirant Americas Generation LLC, 9.125% Sr. Unsec. Nts., 5/1/31 370,000 337,625 --------------- 688,861
10 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------
VALUE ---------------------- Total Corporate Bonds and Notes (Cost $395,148,899) $ 356,973,543
SHARES --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--1.2% --------------------------------------------------------------------------------------------------------------------------- AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. 4,8,10 13,764 -- --------------------------------------------------------------------------------------------------------------------------- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg. 4,10 8,000 -- --------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., 8.25% Non-Cum. Sub., Series S, Non-Vtg. 160,075 3,849,804 --------------------------------------------------------------------------------------------------------------------------- ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. 4,8,10 342 -- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 5 10,000 1,122,500 ---------------------- Total Preferred Stocks (Cost $5,986,286) 4,972,304 --------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--3.7% --------------------------------------------------------------------------------------------------------------------------- AT&T, Inc. 53,338 2,042,845 --------------------------------------------------------------------------------------------------------------------------- Comcast Corp., Cl. A 183,690 3,552,565 --------------------------------------------------------------------------------------------------------------------------- Constellation Energy Group, Inc. 34,520 3,047,080 --------------------------------------------------------------------------------------------------------------------------- Global Aero Logistics, Inc. 4,10 4,647 34,853 --------------------------------------------------------------------------------------------------------------------------- Mediacom Communications Corp. 10 30,463 131,905 --------------------------------------------------------------------------------------------------------------------------- Public Service Enterprise Group, Inc. 25,578 1,027,980 --------------------------------------------------------------------------------------------------------------------------- Revlon, Inc., Cl. A 10 1,012,858 992,601 --------------------------------------------------------------------------------------------------------------------------- Telus Corp. 44,075 1,919,385 --------------------------------------------------------------------------------------------------------------------------- Verizon Communications, Inc. 51,800 1,888,106 ---------------------- Total Common Stocks (Cost $15,880,880) 14,637,320
UNITS --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% --------------------------------------------------------------------------------------------------------------------------- DeCrane Aircraft Holdings, Inc. Wts., Exp. 9/30/08 4,10 1,750 -- --------------------------------------------------------------------------------------------------------------------------- Global Aero Logistics, Inc. Wts., Exp. 2/28/11 10 570 691 --------------------------------------------------------------------------------------------------------------------------- Long Distance International, Inc. Wts., Exp. 4/13/08 4,10 800 -- ---------------------- Total Rights, Warrants and Certificates (Cost $4,339) 691
SHARES --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- INVESTMENT COMPANY--2.4% --------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 3.29% 11,12 (Cost $9,595,138) 9,595,138 9,595,138 --------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $459,579,665) 104.5% 418,611,500 --------------------------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (4.5) (18,151,352) ---------------------------------------------- Net Assets 100.0% $ 400,460,148 ==============================================
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. 11 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited ------------------------------------------------------------------------------- 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 $1,712,609 or 0.43% of the Fund's net assets as of March 31, 2008. 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 $3,031,995. See accompanying Notes. 4. Illiquid security. The aggregate value of illiquid securities as of March 31, 2008 was $10,793,746, which represents 2.70% 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 $31,166,359 or 7.78% of the Fund's net assets as of March 31, 2008. 6. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 7. Issue is in default. See accompanying Notes. 8. Interest or dividend is paid-in-kind, when applicable. 9. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. 10. Non-income producing security. 11. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2008, 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, 2007 ADDITIONS REDUCTIONS MARCH 31, 2008 ----------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 10,989,620 68,905,241 70,299,723 9,595,138
DIVIDEND VALUE INCOME ----------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 9,595,138 $ 72,488
12. Rate shown is the 7-day yield as of March 31, 2008. ------------------------------------------------------------------------------- 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, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION INPUTS SECURITIES INSTRUMENTS* ---------------------------------------------------------------------------------------------------------------- Level 1 - Quoted Prices $ 24,197,619 $ (236,431) Level 2 - Other Significant Observable Inputs 394,413,881 (26,414,452) Level 3 - Significant Unobservable Inputs -- -- ----------------------------------------- TOTAL $418,611,500 $ (26,650,883) =========================================
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts, futures and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Options and swaps are reported at their market value at measurement date, which may include premiums received or paid. 12 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited ------------------------------------------------------------------------------- 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, 2008 ARE AS FOLLOWS: ------------------------------------------------------------------------------------------------------- UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) ------------------------------------------------------------------------------------------------------- Standard & Poor's 500 Index Sell 37 6/19/08 $ 12,247,000 $ (153,662) U.S. Long Bonds Sell 42 6/19/08 4,989,469 (33,966) U.S. Treasury Nts., 2 yr. Buy 90 6/30/08 19,319,063 70,398 U.S. Treasury Nts., 5 yr. Sell 77 6/30/08 8,796,047 (104,530) U.S. Treasury Nts., 10 yr. Sell 10 6/19/08 1,189,531 (42,338) U.S. Treasury Nts., 10 yr. Buy 103 6/19/08 12,252,172 27,667 --------------- $ (236,431) ===============
------------------------------------------------------------------------------- CREDIT DEFAULT SWAP CONTRACTS AS OF MARCH 31, 2008 ARE AS FOLLOWS: -------------------------------------------------------------------------------
BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE TERMINATION PREMIUM SWAP COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE DATE PAID/(RECEIVED) VALUE ---------------------------------------------------------------------------------------------------------------------------------- Barclays Bank plc: Beazer Homes USA, Inc. Sell $ 890 4.7000 % 9/20/08 $ - $ (30,090) Capmark Financial Group, Inc. Sell 160 5.0000 6/20/12 (44,800) (43,599) Citigroup, Inc. Sell 4,870 3.2500 9/20/08 - (272,033) Dillard's, Inc. Sell 745 1.9000 12/20/08 - (7,688) HCP, Inc. Sell 285 4.6000 3/20/09 - 269 iStar Financial, Inc. Sell 345 4.4000 12/20/12 - (45,909) Merrill Lynch & Co., Inc. Sell 1,455 0.6800 9/20/08 - 163 Six Flags, Inc. Sell 375 8.2500 12/20/08 - (50,504) Six Flags, Inc. Sell 590 7.0000 9/20/08 - (52,588) Smithfield Foods, Inc. Sell 910 1.5000 3/20/12 - (92,611) The Mosaic Co. Sell 450 1.5000 9/20/12 - 11,295 -------------------------------------------------------------------------------------------------------------------- ------------- Citibank NA, New York: Amkor Technology, Inc. Sell 260 2.0500 9/20/08 - (449) Cablevision Systems Corp. Sell 160 3.1000 12/20/10 - (8,406) Capmark Financial Group, Inc. Sell 3,300 7.1250 12/20/12 - (677,351) Capmark Financial Group, Inc. Sell 1,485 9.7000 12/20/12 - (202,545) Capmark Financial Group, Inc. Sell 1,235 9.7500 12/20/12 - (166,795) Ford Motor Credit Co. Sell 1,700 2.3200 3/20/12 - (362,909) Intelsat Ltd. Sell 550 4.3000 12/20/08 - (13,910)
13 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited ------------------------------------------------------------------------------- Intelsat Ltd. Sell 545 5.0000 3/20/09 - (4,252) Nalco Co. Sell 435 3.6000 9/20/12 - (5,042) Nortel Networks Corp. Sell 1,735 1.8900 9/20/08 - 510 Reliant Energy, Inc. Sell 1,035 3.9000 9/20/11 - (28,645) Reliant Energy, Inc. Sell 465 2.4500 9/20/11 - (32,763) Reliant Energy, Inc. Sell 1,070 2.6000 9/20/11 - (70,654) Tribune Co. Sell 540 5.0000 3/20/10 (178,200) (223,512) Tribune Co. Sell 1,300 7.6000 9/20/08 - (129,870) Tribune Co. Sell 1,160 7.5000 9/20/08 - (116,409) Tribune Co. Sell 525 5.0000 3/20/10 (168,000) (217,303) Tribune Co. Sell 540 5.0000 3/20/10 (176,850) (223,512) Tribune Co. Sell 555 5.0000 3/20/10 (194,250) (229,721) Univision Communications, Inc. Sell 442 1.1000 6/20/08 - (14,487) ---------------------------------------------------------------------------------------------------------------------------------- Credit Suisse International: Aramark Corp. Sell 705 6.0000 3/20/13 - 2,665 ArvinMeritor, Inc. Sell 870 1.6000 9/20/08 - (21,303) ArvinMeritor, Inc. Sell 900 1.4000 9/20/08 - (22,926) Capmark Financial Group, Inc. Sell 550 6.2500 12/20/12 - (125,762) Capmark Financial Group, Inc. Sell 1,060 3.5000 6/20/12 - (336,336) Capmark Financial Group, Inc. Sell 1,120 5.2000 12/20/12 - (287,548) CDX.NA.IG.10 Index Buy 4,020 1.5500 6/20/13 (26,217) (30,274) CDX.NA.IG.HVOL.10 Index Buy 4,020 3.5000 6/20/13 (45,663) (46,370) CenturyTel, Inc. Buy 1,125 0.3775 9/20/12 - 46,208 Charter Communications Holdings LLC Buy 635 5.0000 9/20/10 40,481 292,160 Charter Communications Holdings LLC Sell 635 5.0000 9/20/17 (127,000) (388,322) Charter Communications Holdings LLC Buy 175 7.0000 9/20/10 - 76,774 Charter Communications Holdings LLC Sell 175 5.0000 9/20/17 (35,000) (107,018) Dean Foods Co. Sell 465 1.0000 6/20/11 - (61,760) Dean Foods Co. Sell 455 1.0200 6/20/11 - (60,186) El Paso Corp. Sell 505 2.8000 3/20/18 - (11,701) Ford Motor Credit Co. Sell 875 2.5500 3/20/12 - (181,116)
14 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited ------------------------------------------------------------------------------- Ford Motor Credit Co. Sell 4,100 2.3850 3/20/12 - (867,736) Freescale Semiconductor, Inc. Sell 1,030 5.0000 3/20/13 (187,975) (225,916) GMAC LLC Sell 1,810 1.3900 3/20/17 - (573,707) GMAC LLC Sell 1,915 5.0000 3/20/09 (277,675) (183,968) Harrah's Operating Co., Inc. Sell 1,160 5.0000 3/20/10 (73,950) (67,040) Intelsat Ltd. Sell 555 4.4000 3/20/09 - (7,541) Intelsat Ltd. Sell 55 5.7500 3/20/09 - (31) iStar Financial, Inc. Sell 185 12.0000 3/20/09 - (2,669) iStar Financial, Inc. Sell 845 4.1500 12/20/12 - (112,443) iStar Financial, Inc. Sell 135 4.0000 12/20/12 - (17,964) Massey Energy Co. Sell 460 5.0000 3/20/13 - 8,811 Massey Energy Co. Sell 210 5.0000 3/20/13 - 4,022 Nalco Co. Sell 425 3.6000 9/20/12 - (11,952) Nalco Co. Sell 860 3.4000 9/20/12 - (16,353) Rite Aid Corp. Sell 395 7.5000 3/20/09 - (5,471) Smithfield Foods, Inc. Sell 900 1.4900 3/20/12 - (91,903) Sprint Nextel Corp. Sell 825 6.3000 3/20/09 - 1,600 Tenet Healthcare Corp. Sell 1,940 4.0500 12/20/08 - 16,963 The Goodyear Tire & Rubber Co. Sell 580 1.5500 9/20/08 - (137) Toys "R" Us, Inc. Sell 500 2.8000 9/20/08 - (13,788) Tribune Co. Sell 545 6.3500 12/20/08 - (67,256) TXU Corp. Sell 410 1.6100 6/20/11 - (51,539) TXU Corp. Sell 125 5.9100 12/20/12 - (5,692) TXU Corp. Sell 115 6.0500 12/20/12 - (4,683) TXU Corp. Sell 125 6.0000 12/20/12 - (5,305) TXU Corp. Sell 925 1.5300 6/20/11 - (118,256) Univision Communications, Inc. Sell 1,265 14.6000 3/20/09 - 13,432 Vornado Realty LP Sell 190 3.6000 3/20/09 - (325) Wachovia Corp. Sell 410 1.0000 3/20/09 - 7 ---------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: ABX.HE.AA.06-2 Index Sell 1,080 0.1700 5/25/46 (129,590) (627,357) Ambac Assurance Corp. Sell 430 4.5500 9/20/08 - (10,211) Ambac Assurance Corp. Sell 545 4.5500 9/20/08 - (12,942)
15 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited ------------------------------------------------------------------------------- Cemex Sell 190 2.0000 3/20/09 - 25 CVRD Inco Ltd. Buy 840 0.6300 3/20/17 - 38,185 Ford Motor Co. Sell 2,750 5.8000 12/20/16 - (565,582) General Motors Corp. Sell 2,200 4.6800 12/20/16 - (427,999) Vale Overseas Ltd. Sell 840 1.0500 3/20/17 - (78,582) CenturyTel, Inc. Buy 2,060 0.5300 9/20/12 - 71,853 CenturyTel, Inc. Buy 1,685 0.4250 9/20/12 - 65,959 Countrywide Home Loans, Inc. Sell 2,210 9.0000 12/20/08 - 21,941 Countrywide Home Loans, Inc. Sell 370 3.2500 9/20/08 - (5,202) Countrywide Home Loans, Inc. Sell 1,010 8.5000 12/20/08 - 6,387 Countrywide Home Loans, Inc. Sell 4,845 2.5500 9/20/08 - (84,889) Countrywide Home Loans, Inc. Sell 2,215 9.7500 12/20/08 - 33,967 Ford Motor Co. Sell 3,440 5.8500 12/20/16 - (700,728) Ford Motor Co. Sell 2,335 6.0000 12/20/16 - (344,950) Ford Motor Co. Sell 550 8.2000 3/20/18 - (40,569) Ford Motor Credit Co. Sell 2,805 2.3900 3/20/12 - (593,263) Ford Motor Credit Co. Sell 1,360 2.3400 3/20/12 - (289,560) Freescale Semiconductor, Inc. Sell 205 5.0000 3/20/13 (36,388) (36,764) Freescale Semiconductor, Inc. Sell 290 5.0000 3/20/13 (55,100) (56,841) General Motors Corp. Sell 1,865 4.7500 12/20/16 - (357,166) GMAC LLC Sell 1,820 1.3700 3/20/17 - (578,960) Intelsat Ltd. Sell 220 4.4000 3/20/09 - (2,989) Intelsat Ltd. Sell 550 4.7500 3/20/09 - (5,617) Intelsat Ltd. Sell 325 5.0000 3/20/09 - (2,536) iStar Financial, Inc. Sell 2,305 3.0000 12/20/08 - (179,115) iStar Financial, Inc. Sell 2,355 5.8500 12/20/08 - (136,465) iStar Financial, Inc. Sell 805 4.3200 12/20/12 - (107,121) iStar Financial, Inc. Sell 1,020 4.5000 12/20/12 - (135,730) iStar Financial, Inc. Sell 3,955 2.9250 12/20/08 - (309,388) iStar Financial, Inc. Sell 460 12.0000 3/20/09 - (6,636) iStar Financial, Inc. Sell 1,035 4.0000 12/20/12 - (137,726) Lehman Brothers Holdings, Inc. Sell 735 1.4100 9/20/08 - (18,687) MBIA, Inc. Sell 1,090 4.9000 12/20/12 - (141,465)
16 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited ------------------------------------------------------------------------------- MBIA, Inc. Sell 730 1.5200 9/20/08 - (47,574) Merrill Lynch & Co., Inc. Sell 195 1.8500 6/20/08 - 611 MGM Mirage Sell 890 1.1500 12/20/09 - (33,449) SLM Corp. Sell 580 2.0100 9/20/09 - (55,479) TXU Corp. Sell 1,105 2.5500 9/20/08 - (10,227) Vornado Realty LP Sell 385 3.8750 6/20/09 - 385 Wachovia Corp. Sell 905 1.0000 3/20/09 - 15 Washington Mutual, Inc. Sell 435 4.5000 12/20/08 - (9,210) Washington Mutual, Inc. Sell 665 4.5000 12/20/08 - (14,079) ---------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital Markets LP: ABX.HE.AA.06-2 Index Sell 1,810 0.1700 5/25/46 - (1,049,749) ABX.HE.AA.06-2 Index Sell 380 0.1700 5/25/46 (31,309) (220,389) CMBX.NA.AJ.3 Index Sell 2,300 1.4700 12/13/49 (282,773) (417,795) CMBX.NA.AJ.4 Index Sell 2,300 0.9600 2/17/51 (396,689) (497,369) General Motors Corp. Sell 1,865 4.9500 12/20/16 - (340,998) ---------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs International: Amkor Technology, Inc. Sell 295 2.6500 9/20/08 - 378 ArvinMeritor, Inc. Sell 585 2.2500 9/20/08 - (12,447) ArvinMeritor, Inc. Sell 890 1.6000 9/20/08 - (21,793) Beazer Homes USA, Inc. Sell 920 2.5000 6/20/08 - (19,088) Beazer Homes USA, Inc. Sell 810 2.6500 9/20/08 - (32,599) Beazer Homes USA, Inc. Sell 890 4.8000 9/20/08 - (26,530) CenturyTel, Inc. Buy 685 2.2000 3/20/13 - (9,359) First Data Corp. Sell 585 1.3500 9/20/08 - (5,388) First Data Corp. Sell 175 3.0000 9/20/08 - (208) Ford Motor Co. Sell 500 6.4000 12/20/17 - (70,838) General Mills, Inc. Sell 495 0.3800 12/20/12 - (377) General Motors Corp. Sell 500 5.9500 12/20/17 - (68,162) GMAC LLC Sell 1,095 1.3900 3/20/17 - (347,077) GMAC LLC Sell 910 1.3900 3/20/17 - (288,438) GMAC LLC Sell 2,290 1.3900 3/20/17 - (725,850) GMAC LLC Sell 1,030 1.3700 3/20/17 - (327,653)
17 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited ------------------------------------------------------------------------------- iStar Financial, Inc. Sell 2,310 3.9500 12/20/12 - (307,389) K. Hovnanian Enterprises, Inc. Sell 1,097 2.0000 6/20/08 - (37,770) K. Hovnanian Enterprises, Inc. Sell 1,775 2.0000 6/20/08 - (61,113) K. Hovnanian Enterprises, Inc. Sell 1,775 1.8000 6/20/08 - (61,990) Lehman Brothers Holdings, Inc. Sell 730 0.8000 9/20/10 - (39,468) Lennar Corp. Sell 870 2.9000 12/20/08 - (23,816) Merrill Lynch & Co., Inc. Sell 435 1.8500 6/20/08 - 1,363 Nalco Co. Sell 465 3.7000 9/20/12 - (3,663) Qwest Corp. Sell 685 4.7000 3/20/13 - 20,130 R.H. Donnelley Corp. Sell 430 9.0000 3/20/09 - (14,892) Rite Aid Corp. Sell 715 8.0600 3/20/09 - (6,182) Sara Lee Corp. Buy 480 0.4190 9/20/12 - 13,251 Six Flags, Inc. Sell 350 10.8500 12/20/08 - (41,358) Smurfit-Stone Container Enterprises, Inc. Sell 580 1.4500 9/20/08 - (17) Sprint Nextel Corp. Sell 295 6.3000 3/20/09 - 572 Standard Pacific Corp. Sell 3,410 2.2000 6/20/08 - (61,482) Univision Communications Inc. Sell 980 5.0000 6/20/09 (98,000) (9,000) ---------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank NA, NY Branch: Citigroup, Inc. Sell 880 1.3000 9/20/08 - (57,360) CMBX.NA.AJ.3 Index Sell 1,000 1.4700 12/13/49 (119,886) (167,200) CMBX.NA.AJ.4 Index Sell 1,000 0.9600 2/17/51 (169,360) (208,625) Countrywide Home Loans, Inc. Sell 1,820 1.8000 9/20/08 - (38,639) Dean Foods Co. Sell 460 1.0500 6/20/11 - (60,475) Dean Foods Co. Sell 1,200 1.0800 6/20/11 - (156,788) Dean Foods Co. Sell 930 1.0300 6/20/11 - (122,767) Dean Foods Co. Sell 930 1.0600 6/20/11 - (122,013) Dole Food Co., Inc. Sell 225 2.3800 9/20/08 - (11,106) Ford Motor Co. Sell 2,335 6.0000 12/20/16 - (461,870) General Motors Corp. Sell 2,760 4.7500 12/20/16 - (528,568) Lehman Brothers Holdings, Inc. Sell 5,770 1.5500 9/20/08 - (142,709) Merrill Lynch & Co., Inc. Sell 5,770 0.8000 9/20/08 - 4,143 Rite Aid Corp. Sell 555 1.4000 9/20/08 - (24,009)
18 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited ------------------------------------------------------------------------------- The Bear Stearns Cos., Inc. Sell 1,470 2.7000 9/20/08 - (1,179) The Mosaic Co. Sell 455 1.5000 9/20/12 - 11,421 The Mosaic Co. Sell 895 1.5000 9/20/12 - 22,465 Toys "R" Us, Inc. Sell 450 1.9200 9/20/08 - (14,351) Tribune Co. Sell 890 8.5000 9/20/08 - (85,283) ---------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: ABX.HE.AA.06-2 Index Sell 490 0.1700 5/25/46 (120,022) (283,783) ABX.HE.AA.06-2 Index Sell 1,270 0.1700 5/25/46 (822,223) (735,519) Allied Waste North America, Inc. Sell 535 2.2100 9/20/09 - 485 Ambac Assurance Corp. Sell 225 4.6500 9/20/08 - (5,232) Amkor Technology, Inc. Sell 430 2.5000 9/20/08 - 228 Aramark Corp. Sell 500 6.0000 3/20/13 - 1,890 ArvinMeritor, Inc. Sell 445 3.0000 9/20/08 - (7,820) ArvinMeritor, Inc. Sell 810 2.2000 9/20/08 - (5,357) ArvinMeritor, Inc. Sell 890 1.1500 9/20/08 - (23,769) Beazer Homes USA, Inc. Sell 1,650 2.6500 6/20/08 - (33,617) Beazer Homes USA, Inc. Sell 585 5.0000 9/20/08 (58,500) (16,870) Beazer Homes USA, Inc. Sell 465 2.3300 6/20/08 - (9,845) Beazer Homes USA, Inc. Sell 1,280 5.4000 9/20/08 - (34,428) Cablevision Systems Corp. Sell 930 3.1300 12/20/10 - (49,591) Cablevision Systems Corp. Sell 230 3.4000 12/20/10 - (13,893) Capital One Bank Buy 245 1.8000 12/20/12 - 17,880 Centex Corp. Sell 590 1.7500 9/20/09 - (33,409) CenturyTel, Inc. Buy 965 2.0500 3/20/13 - (6,879) CenturyTel, Inc. Buy 785 2.0500 3/20/13 - (5,595) CenturyTel, Inc. Buy 1,150 1.9200 3/20/13 - (1,685) CenturyTel, Inc. Buy 435 2.1700 3/20/13 - (5,375) Charter Communications Holdings LLC Buy 330 7.4000 9/20/10 - 143,363 Charter Communications Holdings LLC Sell 330 5.0000 9/20/12 (49,500) (188,612) Charter Communications Holdings LLC Sell 435 5.0000 9/20/12 (69,600) (248,626) Charter Communications Holdings LLC Buy 435 7.6000 9/20/10 - 188,048
19 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited ------------------------------------------------------------------------------- Charter Communications Holdings LLC Sell 430 5.0000 9/20/12 (64,500) (245,768) Charter Communications Holdings LLC Buy 430 7.2500 9/20/10 - 187,496 CMBX.NA.AJ.3 Index Sell 2,500 1.4700 12/13/49 (352,732) (418,566) Companhia Vale Do Rio Doce Sell 685 1.5900 3/20/17 - (50,390) CSC Holdings, Inc. Sell 510 5.6000 3/20/13 - 8,681 Cvrd Inco Ltd. Buy 685 0.7100 3/20/17 - 22,301 Dillard's, Inc. Sell 945 2.2500 12/20/08 - 10,528 Dillard's, Inc. Sell 2,735 2.2500 12/20/08 - 30,471 Dole Food Co., Inc. Sell 610 5.2500 9/20/08 - (21,667) Dole Food Co., Inc. Sell 570 3.4500 9/20/08 - (25,195) Dole Food Co., Inc. Sell 845 3.2000 9/20/08 - (38,368) Dole Food Co., Inc. Sell 785 5.0000 3/20/09 (125,600) (90,335) D.R. Horton, Inc. Sell 1,140 4.2000 12/20/08 - 1,951 First Data Corp. Sell 870 3.5000 9/20/08 - 120 First Data Corp. Sell 400 3.0000 9/20/08 - (944) First Data Corp. Sell 870 2.7500 9/20/08 - (3,141) First Data Corp. Sell 477 3.0000 9/20/08 - (1,126) Ford Motor Credit Co. LLC Sell 1,225 9.0500 3/20/10 - (25,784) Freescale Semiconductor, Inc. Sell 260 5.0000 3/20/13 (48,750) (43,889) General Mills, Inc. Sell 600 0.4000 12/20/12 - 74 General Motors Corp. Sell 195 7.7000 3/20/18 - (15,947) Genworth Financial, Inc. Sell 590 3.2500 3/20/09 - 865 Georgia-Pacific LLC Sell 600 0.8000 12/20/08 - (12,557) GMAC LLC Sell 910 1.4000 3/20/17 - (287,918) GMAC LLC Sell 975 1.4000 3/20/17 - (308,483) Harrah's Operating Co., Inc. Sell 1,100 2.3000 9/20/08 - (23,631) K. Hovnanian Enterprises, Inc. Sell 1,385 4.2200 9/20/08 - (70,941) K. Hovnanian Enterprises, Inc. Sell 585 7.5000 9/20/08 - (20,790) Lennar Corp. Sell 3,535 2.9000 12/20/08 - (96,771) Levi Strauss & Co. Sell 570 1.6000 9/20/08 - 1,629 MBIA, Inc. Sell 4,855 1.9500 9/20/08 - (306,278) Morgan Stanley Sell 1,460 0.6400 9/20/08 - (686)
20 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- Nalco Co. Sell 260 3.4000 9/20/12 - (4,944) Nortel Networks Corp. Sell 865 1.8500 9/20/08 - 80 Owens-Illinois, Inc. Sell 1,065 3.4100 3/20/13 - 12,551 Owens-Illinois, Inc. Sell 1,025 3.2000 3/20/13 - 3,149 Owens-Illinois, Inc. Sell 1,180 3.4600 3/20/13 - 16,354 Pulte Homes, Inc. Sell 875 2.8500 9/20/09 - (10,616) Qwest Corp. Sell 435 4.7500 3/20/13 - 13,657 R.H. Donnelley Corp. Sell 60 5.0000 3/20/09 (6,000) (5,908) Reliant Energy, Inc. Sell 440 2.5000 9/20/11 - (30,352) Reliant Energy, Inc. Sell 845 2.1500 9/20/11 - (67,015) Residential Capital LLC Sell 3,070 5.0000 6/20/08 (429,800) (588,283) Residential Capital LLC Sell 340 5.0000 6/20/08 (44,200) (65,152) Rite Aid Corp. Sell 570 3.2500 9/20/08 - (19,526) Rite Aid Corp. Sell 455 1.3500 9/20/08 - (19,794) Rite Aid Corp. Sell 75 1.4500 9/20/08 - (3,226) Rite Aid Corp. Sell 1,080 1.3500 9/20/08 - (46,983) Saks, Inc. Sell 570 1.7000 9/20/08 - 27 Six Flags, Inc. Sell 355 5.0000 9/20/08 - (34,895) Six Flags, Inc. Sell 1,330 5.2200 9/20/08 - (129,393) Six Flags, Inc. Sell 650 7.0000 9/20/08 - (57,936) Smithfield Foods, Inc. Sell 1,190 1.5800 3/20/12 - (117,833) Smurfit-Stone Container Enterprises, Inc. Sell 500 6.7000 6/20/13 - (4,543) Smurfit-Stone Container Enterprises, Inc. Sell 440 6.6000 6/20/13 - (5,624) Sprint Nextel Corp. Sell 555 6.3000 3/20/09 - 1,076 Standard Pacific Corp. Sell 1,200 5.0000 6/20/08 (144,000) (13,246) Tenet Healthcare Corp. Sell 585 4.9000 3/20/09 - 11,379 The Bear Stearns Cos., Inc. Sell 5,780 1.6000 9/20/08 - (37,923) The Hartford Financial Services Group, Inc. Sell 195 2.3500 3/20/09 - 2,573 The Hartford Financial Services Group, Inc. Sell 200 2.3500 3/20/09 - 2,639 Toys "R" Us, Inc. Sell 585 3.2500 9/20/08 - (14,842) Toys "R" Us, Inc. Sell 360 4.3000 9/20/08 - (7,281) Toys "R" Us, Inc. Sell 1,200 1.9500 9/20/08 - (38,092)
21 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- Toys "R" Us, Inc. Sell 905 1.8500 9/20/08 - (29,171) Toys "R" Us, Inc. Sell 40 8.6100 3/20/09 - 1,448 Toys "R" Us, Inc. Sell 30 8.6100 3/20/09 - 1,086 Tribune Co. Sell 450 5.0000 3/20/10 (135,000) (186,260) Tribune Co. Sell 465 5.0000 3/20/10 (146,475) (192,469) Tribune Co. Sell 380 6.0000 12/20/08 - (47,759) Tribune Co. Sell 430 7.4500 9/20/08 - (43,249) Tribune Co. Sell 580 7.5500 9/20/08 - (58,074) Tribune Co. Sell 230 7.5500 9/20/08 - (23,029) Tribune Co. Sell 270 6.4000 12/20/08 - (33,232) Tribune Co. Sell 425 5.0000 3/20/10 (110,500) (175,912) Tribune Co. Sell 185 5.0000 3/20/10 (61,050) (76,574) Tribune Co. Sell 505 5.0000 3/20/10 (166,650) (209,025) Tribune Co. Sell 505 5.0000 3/20/10 (176,750) (209,025) Tribune Co. Sell 530 5.0000 3/20/10 (180,200) (219,373) Univision Communications, Inc. Sell 450 3.0000 12/20/08 - (40,352) Univision Communications, Inc. Sell 410 3.0000 12/20/08 - (36,765) Univision Communications, Inc. Sell 442 1.1000 6/20/08 - (14,487) Univision Communications, Inc. Sell 884 1.1500 6/20/08 - (28,864) Univision Communications, Inc. Sell 865 5.0000 3/20/09 (73,525) (83,743) Washington Mutual, Inc. Sell 2,875 5.1500 12/20/08 - (47,382) Washington Mutual, Inc. Sell 1,555 4.4000 12/20/08 - (34,045) ------------------------------------------------------------------------------------------------------------------------------- Merrill Lynch International: El Paso Corp. Sell 530 2.9000 3/20/18 - (8,728) El Paso Corp. Sell 1,345 2.8900 3/20/18 - (23,051) Ford Motor Co. Sell 3,825 5.3000 12/20/12 - (860,315) Freescale Semiconductor, Inc. Sell 485 5.0000 3/20/13 (90,331) (101,528) General Motors Corp. Sell 2,550 4.0500 12/20/12 - (533,774) Reliant Energy, Inc. Sell 420 2.0500 9/20/11 - (34,549) Smurfit-Stone Container Enterprises, Inc. Sell 995 6.7000 6/20/13 - (9,041) TXU Corp. Sell 925 1.5900 6/20/11 - (116,771) TXU Corp. Sell 1,150 1.6200 6/20/11 - (144,253) TXU Corp. Sell 1,310 2.0600 6/20/11 - (148,912)
22 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- TXU Corp. Sell 925 1.5300 6/20/11 - (118,256) TXU Corp. Sell 930 1.5800 6/20/11 - (117,652) Morgan Stanley Capital Services, Inc.: ABX.HE.AA.06-2 Index Sell 380 0.1700 5/25/46 (30,359) (220,077) ABX.HE.AA.06-2 Index Sell 730 0.1700 5/25/46 (72,997) (422,779) Aramark Corp. Sell 835 5.9200 3/20/13 - 663 Capmark Financial Group, Inc. Sell 530 7.4000 12/20/12 - (104,889) Capmark Financial Group, Inc. Sell 550 7.1500 12/20/12 - (112,525) Dean Foods Co. Sell 930 0.9500 6/20/11 - (124,775) Ford Motor Co. Sell 150 5.9000 12/20/16 - (30,260) Ford Motor Co. Sell 2,335 6.1500 12/20/16 - (448,101) General Motors Corp. Sell 120 4.6200 12/20/16 - (23,658) General Motors Corp. Sell 1,865 4.9000 12/20/16 - (345,040) Intelsat Ltd. Sell 550 2.7500 12/20/08 - (20,048) J.C. Penney Co., Inc. Sell 385 1.3000 12/20/17 - (19,052) J.C. Penney Co., Inc. Sell 370 1.0700 12/20/17 - (24,407) Kohl's Corp. Buy 575 0.8700 12/20/17 - 30,651 Kohl's Corp. Buy 555 0.6600 12/20/17 - 38,180 Lennar Corp. Sell 1,775 2.9000 12/20/08 - (48,591) Massey Energy Co. Sell 690 5.1000 9/20/12 - 23,891 Residential Capital LLC Sell 845 6.2500 9/20/08 - (275,209) Residential Capital LLC Sell 2,610 6.1700 9/20/08 - (852,389) Residential Capital LLC Sell 75 5.0000 6/20/08 (10,125) (14,372) Residential Capital LLC Sell 105 5.0000 6/20/08 (15,225) (20,120) Residential Capital LLC Sell 190 5.0000 6/20/08 (27,550) (36,408) Residential Capital LLC Sell 875 6.2000 9/20/08 - (285,469) Sara Lee Corp. Buy 615 0.4180 9/20/12 - 17,004 Smithfield Foods, Inc. Sell 160 1.7700 3/20/12 - (14,957) The Hartford Financial Services Group, Inc. Sell 195 2.4000 3/20/09 - 2,670 ------------------------------------------------------------------------------------------------------------------------------- UBS AG: iStar Financial, Inc. Sell 550 4.5600 12/20/12 - (73,188) Lehman Brothers Holdings, Inc. Sell 2,310 1.5500 9/20/08 - (57,133) Massey Energy Co. Sell 375 5.0500 9/20/12 - 12,294
23 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- Massey Energy Co. Sell 430 5.1000 9/20/12 - 14,888 --------------------------------- $ (6,446,358) $ (32,085,455) =================================
------------------------------------------------------------------------------- INTEREST RATE SWAP CONTRACTS AS OF MARCH 31, 2008 ARE AS FOLLOWS: -------------------------------------------------------------------------------
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATE VALUE ------------------------------------------------------------------------------------------------------------ Goldman Sachs Capital Markets LP: Three-Month $ 28,800,000 3.9860% USD BBA 2/1/15 $ (391,219) LIBOR Three-Month 22,500,000 4.8275 USD BBA 2/1/28 (691,853) LIBOR ------------------------------------------------------------------------------------------------------------- Goldman Sachs 25,200,000 2.8440 Three-Month International USD BBA 2/28/10 (119,977) LIBOR --------------- $ (1,203,049) ===============
Abbreviation is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate ------------------------------------------------------------------------------- TOTAL RETURN SWAP CONTRACTS AS OF MARCH 31, 2008 ARE AS FOLLOWS: -------------------------------------------------------------------------------
NOTIONAL SWAP COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND TERMINATION DATE VALUE ----------------------------------------------------------------------------------------------------------------------------- Barclays Bank plc $ 2,260,000 If positive, the Total Return of the If negative, the Lehman Brothers Total Return of the U.S. CMBS AAA 8.5+ Lehman Brothers U.S. Index plus 20 basis CMBS AAA 8.5+ Index points minus 20 basis points 6/1/08 $ 72,498 ----------------------------------------------------------------------------------------------------------------------------- Citibank NA: If positive, the Total Return of If negative, the the Lehman Total Return of the Brothers U.S. CMBS Lehman Brothers U.S. 19,800,000 AAA Index CMBS AAA Index 2/1/09 268,088 If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. plus 15 basis CMBS AAA 8.5+ Index 1,500,000 points minus 15 basis points 8/1/08 48,181 If positive, the Total Return of If negative, the the Lehman Total Return of the Brothers U.S. CMBS Lehman Brothers U.S. AAA Index minus 15 CMBS AAA Index plus 11,500,000 basis points 15 basis points 2/1/09 157,145
24 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. plus 15 basis CMBS AAA 8.5+ Index Deutsche Bank AG 3,600,000 points minus 15 basis points 8/1/08 115,634 ----------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The): If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. minus 50 basis CMBS AAA 8.5+ Index 10,900,000 points plus 50 basis points 8/1/08 319,123 If positive, the Total Return of If negative, the the Lehman Total Return of the Brothers U.S. CMBS Lehman Brothers U.S. 10,800,000 AAA 8.5+ Index CMBS AAA 8.5+ Index 3/1/09 295,392 If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. minus 50 basis CMBS AAA 8.5+ Index 4,200,000 points plus 50 basis points 3/1/09 135,632 If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. minus 250 basis CMBS AAA 8.5+ Index 3,380,000 points plus 250 basis points 3/1/09 233,739 If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. minus 200 basis CMBS AAA 8.5+ Index 4,060,000 points plus 200 basis points 3/1/09 404,362 ----------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc.: If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. minus 35 basis CMBS AAA 8.5+ Index 20,300,000 points plus 35 basis points 8/1/08 654,771 If positive, the Total Return of If negative, the the Lehman Total Return of the Brothers U.S. CMBS Lehman Brothers U.S. AAA 8.5+ Index CMBS AAA 8.5+ Index plus 42.5 basis minus 42.5 basis 22,100,000 points points 6/1/08 699,984 If positive, the Total Return of If negative, the the Lehman Total Return of the Brothers U.S. CMBS Lehman Brothers U.S. 11,050,000 AAA 8.5+ Index CMBS AAA 8.5+ Index 6/1/08 353,514
25 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. minus 25 basis CMBS AAA 8.5+ Index 2,200,000 points plus 25 basis points 2/1/09 29,675 If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. plus 40 basis CMBS AAA 8.5+ Index 2,700,000 points minus 40 basis points 6/1/08 85,569 If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. plus 15 basis CMBS AAA 8.5+ Index 4,300,000 points minus 15 basis points 8/1/09 137,083 If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. minus 55 basis CMBS AAA 8.5+ Index 2,282,000 points plus 55 basis points 5/1/08 73,948 If positive, the Total Return of If negative, the the Lehman Total Return of the Brothers U.S. CMBS Lehman Brothers U.S. 11,050,000 AAA 8.5+ Index CMBS AAA 8.5+ Index 6/1/08 353,514 If positive, the Total Return of If negative, the the Lehman Total Return of the Brothers U.S. CMBS Lehman Brothers U.S. 400,000 AAA 8.5+ Index CMBS AAA 8.5+ Index 3/1/09 12,797 If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. minus 200 basis CMBS AAA 8.5+ Index 4,060,000 points plus 200 basis points 3/1/09 348,893 If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. minus 45 basis CMBS AAA 8.5+ Index 3,025,000 points plus 45 basis points 5/1/08 97,798 ----------------------------------------------------------------------------------------------------------------------------- Morgan Stanley: If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. plus 30 basis CMBS AAA 8.5+ Index 6,100,000 points minus 30 basis points 8/1/08 148,065
26 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. minus 225 basis CMBS AAA 8.5+ Index 9,350,000 points plus 225 basis points 8/1/08 226,892 If positive, the Total Return of If negative, the the Lehman Total Return of the Brothers U.S. CMBS Lehman Brothers U.S. 11,050,000 AAA 8.5+ Index CMBS AAA 8.5+ Index 6/1/08 306,121 If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. plus 40 basis CMBS AAA 8.5+ Index 1,900,000 points minus 40 basis points 6/1/08 52,631 If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. minus 90 basis CMBS AAA 8.5+ Index 2,260,000 points plus 90 basis points 6/1/08 62,624 If positive, the Total Return of If negative, the the Lehman Total Return of the Brothers U.S. CMBS Lehman Brothers U.S. 2,200,000 AAA Index CMBS AAA Index 2/1/09 49,191 If positive, the Total Return of If negative, the the Lehman Total Return of the Brothers U.S. CMBS Lehman Brothers U.S. 3,800,000 AAA Index CMBS AAA Index 3/1/09 88,048 If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. minus 250 basis CMBS AAA 8.5+ Index 7,530,000 points plus 250 basis points 3/1/09 890,456 If positive, the Total Return of the Lehman If negative, the Brothers U.S. CMBS Total Return of the AAA 8.5+ Index Lehman Brothers U.S. minus 350 basis CMBS AAA 8.5+ Index 1,280,000 points plus 350 basis points 3/1/09 152,684 ------------- $ 6,874,052 =============
Abbreviation is as follows: CMBS Commercial Mortgage Backed Securities 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. 27 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / 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 Funds' 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 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. 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 28 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of March 31, 2008, securities with an aggregate market value of $758,412, representing 0.19% 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. 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. INVESTMENTS WITH OFF-BALANCE SHEET RISK. The Fund enters into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund's Statement of Assets and Liabilities in the annual and semiannual reports. 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. 29 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. SWAP CONTRACTS The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, or the occurrence of a credit event, over a specified period. Such contracts may include interest rate, equity, debt, index, total return, credit and currency swaps. Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Risks of entering into swap contracts include credit, market and liquidity risk. 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. Market risk is the risk that the value of the contract will depreciate due to unfavorable changes in the reference asset. If there is an illiquid market for the agreement, the Fund may be unable to close the contract prior to contract termination. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection against a defined-issuer credit event. The Fund may enter into credit default swaps on a single security, or a basket of securities. In a credit default swap contract, the purchaser of the contract will pay a periodic interest fee, similar to an insurance premium, on the notional amount of the swap contract to the counterparty (the seller of the contract). If there is a credit event (for example, bankruptcy or a failure to timely pay interest or principal), the purchaser will exercise the contract and will receive a payment from the seller of the contract equal to the notional value of the credit default swap contract less the value of the underlying security. In the event that the credit default swap is exercised due to a credit event, the difference between the value of the underlying security and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. Risks of credit default swaps include, but are not limited to, the cost of paying for credit protection if there are no credit events, or the cost of selling protection (paying the notional amount) when a credit event occurs, pricing transparency when assessing the cost of a credit default swap, and the need to fund the delivery obligation (either cash or defaulted securities). INTEREST RATE SWAP CONTRACTS. An interest rate swap is an agreement between counterparties to exchange periodic interest payments on the notional amount of the contract. One cash flow stream will typically be a floating rate payment based upon a specified index while the other is typically a fixed rate. Interest rate swap agreements include interest rate risk. There is a risk, based on future movements of interest rates where the payments made by the Fund under a swap agreement will be greater than the payments it received. TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between counterparties to exchange a set of future cash flows on the notional amount of the contract. One cash flow is typically based on a reference interest rate or index and the other on the total return of a reference asset such as a security, a basket of securities, or an index. The total return includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. ILLIQUID SECURITIES 30 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- As of March 31, 2008, 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, 2008 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 $ 460,304,705 Federal tax cost of other investments (1,860,739) ---------------- Total federal tax cost $ 458,443,966 ================ Gross unrealized appreciation $ 17,711,407 Gross unrealized depreciation (79,609,137) ---------------- Net unrealized depreciation $ (61,897,730) ================
31 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- CERTIFICATES OF DEPOSIT--22.5% DOMESTIC CERTIFICATES OF DEPOSIT--3.6% Barclays Bank plc, New York, 3.06%, 5/23/08 $ 2,500,000 $ 2,500,000 HSBC Bank USA NA, 3%, 5/27/08 1,500,000 1,500,000 JPMorgan Chase Bank NA, 3.25%, 4/23/08 3,700,000 3,700,000 ---------------- 7,700,000 ---------------- YANKEE CERTIFICATES OF DEPOSIT--18.9% Banco Santander Central Hispano SA, 2.91%, 6/6/08 5,000,000 5,000,000 Bank of Scotland plc, New York, 3.01%, 5/15/08 2,000,000 2,000,000 Barclays Bank plc, New York: 2.75%, 6/25/08 1,500,000 1,500,000 4.87%, 4/24/08 2,000,000 2,000,000 5.16%, 4/2/08 2,600,000 2,600,000 BNP Paribas, New York: 2.91%, 6/4/08 3,000,000 3,000,000 4.56%, 4/2/08 3,000,000 3,000,000 Fortis Bank SA/NV, New York: 2.57%, 6/17/08 1,000,000 1,000,000 3.05%, 5/28/08 3,000,000 3,000,000 3.20%, 4/25/08 3,300,000 3,300,000 Governor & Co. of the Bank of Ireland, Stamford, CT, 3.84%, 4/18/08 2,000,000 2,000,000 Royal Bank of Canada, New York, 3%, 5/14/08 5,000,000 5,000,000 Royal Bank of Scotland, New York, 2.70%, 6/12/08 2,500,000 2,500,000 Skandinaviska Enskilda Banken, New York, 3.89%, 4/15/08 1,500,000 1,500,000 Toronto Dominion Bank, New York, 3.10%, 5/2/08 2,500,000 2,500,000 ---------------- 39,900,000 ---------------- Total Certificates of Deposit (Cost $47,600,000) 47,600,000 ---------------- DIRECT BANK OBLIGATIONS--19.9% Bank of Scotland plc: 3.015%, 5/16/08 2,000,000 1,992,463 3.05%, 5/21/08 2,000,000 1,991,528 Danske Corp., 2.56%, 6/18/08 (1) 4,400,000 4,375,595 DnB NOR Bank ASA: 2.65%, 6/11/08 (1) 2,000,000 1,989,074 3.86%, 5/13/08 2,000,000 1,990,993 Governor & Co. of the Bank of Ireland, 3.03%, 5/19/08 (1) 2,500,000 2,489,900 HSBC USA, Inc., 3%, 6/3/08 2,500,000 2,486,875 Nordea North America, Inc., 3.01%, 4/25/08 2,000,000 1,995,987 Scotiabanc, Inc.: 3.01%, 5/12/08 (1) 1,000,000 996,572 4.05%, 4/11/08 (1) 5,000,000 4,993,983 Societe Generale North America, Inc., 2.90%, 4/17/08 3,000,000 2,994,840 Stadshypotek Delaware, Inc.: 3%, 5/20/08 (1) 3,000,000 2,987,750 4.40%, 4/9/08 (1) 3,000,000 2,997,067 Swedbank Mortgage AB, 3%, 4/9/08 2,700,000 2,698,170
1 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- US Bank NA, 2.70%, 9/8/08 $ 5,000,000 $ 5,000,000 ---------------- Total Direct Bank Obligations (Cost $41,980,797) 41,980,797 ---------------- SHORT-TERM NOTES--57.3% ASSET-BACKED SECURITIES--22.7% Amsterdam Funding Corp.: 3.05%, 4/2/08 (1) 2,000,000 1,999,783 3.90%, 4/3/08 (1) 1,275,000 1,274,724 Barton Capital Corp., 3.18%, 4/4/08 (1) 3,600,000 3,599,046 Falcon Asset Securitization Co. LLC, 3.25%, 4/22/08 2,400,000 2,395,450 FCAR Owner Trust I, 3.35%, 4/30/08 3,000,000 2,991,904 Gemini Securitization Corp., 3.10%, 5/28/08 (1) 2,200,000 2,189,202 Gotham Funding Corp.: 3.23%, 5/29/08 (1) 1,500,000 1,492,267 3.25%, 4/15/08 (1) 3,700,000 3,695,324 Legacy Capital LLC, 3.50%, 4/7/08 3,000,000 2,998,250 Lexington Parker Capital Co. LLC: 3.35%, 4/28/08 (1) 2,400,000 2,393,970 4%, 4/25/08 (1) 4,000,000 3,989,333 New Center Asset Trust: 3.20%, 5/22/08 3,000,000 2,986,400 3.50%, 5/12/08 1,500,000 1,494,021 3.60%, 5/2/08 2,000,000 1,993,800 Old Line Funding Corp.: 3.20%, 4/18/08 (1) 1,650,000 1,647,507 3.26%, 4/21/08 (1) 1,500,000 1,497,283 Park Avenue Receivables Co. LLC, 3.15%, 5/6/08 2,251,000 2,244,106 Ranger Funding Co. LLC, 3.45%, 4/11/08 (2) 2,000,000 1,998,083 Victory Receivables Corp.: 3.25%, 4/18/08 (1) 1,500,000 1,497,698 4.31%, 4/10/08 (1) 1,500,000 1,498,384 Yorktown Capital LLC, 4.12%, 4/11/08 (1) 2,000,000 1,997,711 ---------------- 47,874,246 ---------------- CAPITAL MARKETS--4.3% Banc of America Securities LLC, 3.08%, 4/1/08 (3) 5,000,000 5,000,000 BNP Paribas Finance, Inc., 2.65%, 8/26/08 2,000,000 1,978,358 Citigroup Funding, Inc., 3.07%, 8/13/08 (3) 2,000,000 2,000,000 ---------------- 8,978,358 ---------------- COMMERCIAL BANKS--1.2% JPMorgan Chase & Co., 3.05%, 4/24/08 2,500,000 2,495,128 COMMERCIAL FINANCE--0.5% Caterpillar Financial Services Corp., Series F, 3.20%, 11/26/08 (3) 1,000,000 1,000,000 CONSUMER FINANCE--1.4% American Express Credit Corp., 3.05%, 5/27/08 3,000,000 2,985,767 DIVERSIFIED FINANCIAL SERVICES--1.2% Prudential Funding LLC, 3%, 5/9/08 (4) 2,500,000 2,492,083
2 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- FOOD PRODUCTS--2.1% Nestle Capital Corp.: 2.395%, 3/13/09 (1) $ 1,500,000 $ 1,465,472 2.40%, 3/6/09 (1) 1,000,000 977,400 3.84%, 5/9/08 (1) 2,000,000 1,991,893 ---------------- 4,434,765 ---------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.8% Alta Mira LLC, Series 2004, 3.60%, 4/1/08 (3) 2,250,000 2,250,000 Premier Senior Living LLC, Series 2007 A-H, 2.96%, 4/1/08 (3) 1,500,000 1,500,000 ---------------- 3,750,000 ---------------- INSURANCE--8.0% ING America Insurance Holdings, Inc.: 2.55%, 6/19/08 5,000,000 4,972,021 2.94%, 6/3/08 2,500,000 2,487,138 Jackson National Life Global Funding, Series 2004-6, 2.91%, 5/15/08 (3,4) 2,500,000 2,500,000 Jackson National Life Global Funding, Series 2008-1, 4.21%, 2/10/09 (2,3) 1,000,000 1,000,000 Metropolitan Life Global Funding I, Series 2003-5, 2.92%, 9/12/08 (2,3) 4,000,000 4,000,000 United of Omaha Life Insurance Co., 3.32%, 12/29/08 (3) 2,000,000 2,000,000 ---------------- 16,959,159 ---------------- LEASING & FACTORING--5.3% American Honda Finance Corp.: 3.09%, 12/10/08 (2,3) 2,500,000 2,500,000 3.17%, 11/20/08 (2,3) 3,000,000 3,000,000 Toyota Motor Credit Corp.: 2.77%, 9/15/08 (3) 2,000,000 2,000,000 3.75%, 5/16/08 3,800,000 3,782,187 ---------------- 11,282,187 ---------------- MACHINERY--0.8% Jackson Tube Service, Inc., Series 2000, 3.85%, 4/1/08 (3) 1,700,000 1,700,000 MUNICIPAL--2.8% Black Property Management LLC, Series 2006, 3.85%, 4/1/08 (3) 2,515,000 2,515,000 Columbus, GA Development Authority Revenue Bonds, MAC Property LLC Project, Series 2007, 3.92%, 4/1/08 (3) 1,785,000 1,785,000 Hayward, CA Multifamily Housing Revenue Bonds, Lord Tennyson Apts. Project, Series A-T, 2.92%, 4/1/08 (3) 710,000 710,000 St. Johns Cnty., FL Industrial Development Authority Revenue Bonds, Presbyterian Retirement Communities Project, Series 2004B, 3.20%, 4/2/08 (3) 1,000,000 1,000,000 ---------------- 6,010,000 ----------------
3 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT VALUE ---------------- ---------------- PERSONAL PRODUCTS--2.4% Reckitt Benckiser Treasury Services plc: 2.58%, 6/13/08 (1) $ 3,000,000 $ 2,984,305 3.93%, 4/11/08 (1) 2,000,000 1,997,817 ---------------- 4,982,122 SPECIAL PURPOSE FINANCIAL--2.8% LINKS Finance LLC: 3.045%, 8/15/08 (3,4) 2,000,000 1,999,778 3.125%, 8/6/08 (3,4) 2,000,000 1,999,862 Parkland (USA) LLC, 4.04%, 7/16/08 (3,4) 2,000,000 1,999,942 ---------------- 5,999,582 ---------------- Total Short-Term Notes (Cost $120,943,397) 120,943,397 TOTAL INVESTMENTS, AT VALUE (COST $210,524,194) 99.7% 210,524,194 OTHER ASSETS NET OF LIABILITIES 0.3 710,104 ---------------- ---------------- NET ASSETS 100.0% $ 211,234,298 ================ ================
----------------- FOOTNOTES TO STATEMENT OF INVESTMENTS SHORT-TERM NOTES AND DIRECT BANK OBLIGATIONS ARE GENERALLY TRADED ON A DISCOUNT BASIS; THE INTEREST RATE SHOWN IS THE DISCOUNT RATE RECEIVED BY THE FUND AT THE TIME OF PURCHASE. OTHER SECURITIES NORMALLY BEAR INTEREST AT THE RATES SHOWN. 1. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $59,019,060, or 27.94% of the Fund's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. 2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $12,498,083 or 5.92% of the Fund's net assets as of March 31, 2008. 3. Represents the current interest rate for a variable or increasing rate security. 4. Illiquid security. The aggregate value of illiquid securities as of March 31, 2008 was $10,991,665, which represents 5.20% of the Fund's net assets. 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, 2008: 4 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
INVESTMENTS IN OTHER FINANCIAL VALUATION INPUTS SECURITIES INSTRUMENTS* --------------------------------------------- -------------- ---------------- Level 1 - Quoted Prices $ -- $ -- Level 2 - Other Significant Observable Inputs 210,524,194 -- Level 3 - Significant Unobservable Inputs -- -- -------------- ---------------- TOTAL $ 210,524,194 $ -- ============== ================
---------------- * Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts, futures and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Options and swaps are reported at their market value at measurement date, which may include premiums received or paid. 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 Funds' 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 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, 2008, 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 5 | OPPENHEIMER MONEY FUND/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited 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. 6 | OPPENHEIMER MONEY FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED ------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------ ------------------------------------------------------------------------ COMMON STOCKS--99.2% ------------------------------------------------------------------------ CONSUMER DISCRETIONARY--8.0% ------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--2.0% Las Vegas Sands Corp. 1 501,120 $ 36,902,477 ------------------------------------------------------------------------ INTERNET & CATALOG RETAIL--0.5% Amazon.com, Inc. 1 148,300 10,573,790 ------------------------------------------------------------------------ MEDIA--2.7% Focus Media Holding Ltd., ADR 1 535,000 18,805,250 ------------------------------------------------------------------------ Liberty Global, Inc., Series A 1 528,990 18,027,979 ------------------------------------------------------------------------ XM Satellite Radio Holdings, Inc., Cl. A 1 1,158,600 13,462,932 --------------- 50,296,161 ------------------------------------------------------------------------ SPECIALTY RETAIL--1.0% Abercrombie & Fitch Co., Cl. A 257,040 18,799,906 ------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS--1.8% Polo Ralph Lauren Corp., Cl. A 589,500 34,361,955 ------------------------------------------------------------------------ CONSUMER STAPLES--7.3% ------------------------------------------------------------------------ FOOD & STAPLES RETAILING--3.1% ------------------------------------------------------------------------ Costco Wholesale Corp. 583,500 37,909,995 ------------------------------------------------------------------------ Sysco Corp. 685,510 19,893,500 --------------- 57,803,495 ------------------------------------------------------------------------ FOOD PRODUCTS--4.2% Cadbury Schweppes plc 3,447,590 37,871,694 ------------------------------------------------------------------------ Nestle SA 83,478 41,713,783 --------------- 79,585,477 ------------------------------------------------------------------------ ENERGY--9.3% ------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--3.7% Schlumberger Ltd. 416,300 36,218,100 ------------------------------------------------------------------------ Smith International, Inc. 337,700 21,690,471 ------------------------------------------------------------------------ Transocean, Inc. 1 87,300 11,802,960 --------------- 69,711,531 ------------------------------------------------------------------------ OIL, GAS & CONSUMABLE FUELS--5.6% Occidental Petroleum Corp. 528,300 38,655,711 ------------------------------------------------------------------------ Range Resources Corp. 427,180 27,104,571 ------------------------------------------------------------------------ XTO Energy, Inc. 626,500 38,755,290 --------------- 104,515,572 ------------------------------------------------------------------------ FINANCIALS--9.9% ------------------------------------------------------------------------ CAPITAL MARKETS--5.4% Charles Schwab Corp. (The) 639,000 12,032,370 ------------------------------------------------------------------------ Credit Suisse Group 376,057 19,141,759 ------------------------------------------------------------------------ Fortress Investment Group LLC, Cl. A 504,403 6,194,069 ------------------------------------------------------------------------ Goldman Sachs Group, Inc. (The) 181,000 29,935,590 ------------------------------------------------------------------------ Northern Trust Corp. 184,300 12,250,421 ------------------------------------------------------------------------ Och-Ziff Capital Management Group, Cl. A 567,890 11,925,690 ------------------------------------------------------------------------ T. Rowe Price Group, Inc. 193,600 9,680,000 --------------- 101,159,899 ------------------------------------------------------------------------ CONSUMER FINANCE--0.6% American Express Co. 264,100 11,546,452
1 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED ------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.8% CME Group, Inc. 74,140 $ 34,779,074 ------------------------------------------------------------------------- INSURANCE--1.2% Prudential Financial, Inc. 285,000 22,301,250 ------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.9% Jones Lang LaSalle, Inc. 212,010 16,396,853 ------------------------------------------------------------------------- HEALTH CARE--14.2% ------------------------------------------------------------------------- BIOTECHNOLOGY--2.6% Celgene Corp. 1 336,320 20,613,053 ------------------------------------------------------------------------- Gilead Sciences, Inc. 1 554,700 28,583,691 -------------- 49,196,744 ------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--2.5% Bard (C.R.), Inc. 123,590 11,914,076 ------------------------------------------------------------------------- Baxter International, Inc. 284,000 16,420,880 ------------------------------------------------------------------------- St. Jude Medical, Inc. 1 237,600 10,261,944 ------------------------------------------------------------------------- Stryker Corp. 127,000 8,261,350 -------------- 46,858,250 ------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--2.7% Aetna, Inc. 235,800 9,924,822 ------------------------------------------------------------------------- Express Scripts, Inc. 1 352,200 22,653,504 ------------------------------------------------------------------------- Schein (Henry), Inc. 1 298,490 17,133,326 -------------- 49,711,652 ------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES--2.3% Covance, Inc. 1 161,227 13,377,004 ------------------------------------------------------------------------- Thermo Fisher Scientific, Inc. 1 530,780 30,169,535 -------------- 43,546,539 ------------------------------------------------------------------------- PHARMACEUTICALS--4.1% Allergan, Inc. 246,500 13,900,135 ------------------------------------------------------------------------- Merck & Co., Inc. 411,280 15,608,076 ------------------------------------------------------------------------- Roche Holding AG 175,488 33,026,591 ------------------------------------------------------------------------- Shire plc 789,590 15,255,242 -------------- 77,790,044 ------------------------------------------------------------------------- INDUSTRIALS--9.2% ------------------------------------------------------------------------- AEROSPACE & DEFENSE--5.2% General Dynamics Corp. 330,100 27,520,437 ------------------------------------------------------------------------- Lockheed Martin Corp. 187,620 18,630,666 ------------------------------------------------------------------------- Precision Castparts Corp. 181,050 18,481,584 ------------------------------------------------------------------------- United Technologies Corp. 468,900 32,269,698 -------------- 96,902,385 ------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.3% Expeditors International of Washington, Inc. 111,200 5,024,016 ------------------------------------------------------------------------- AIRLINES--0.4% Ryanair Holdings Ltd. plc, Sponsored ADR 1 303,900 8,594,292 ------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.3% Corporate Executive Board Co. (The) 119,934 4,854,928 ------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--1.5% ABB Ltd. 1,063,734 28,645,310
2 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED ------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES -- 0.9% McDermott International, Inc. 1 323,800 $ 17,750,716 ------------------------------------------------------------------------------ TRADING COMPANIES & DISTRIBUTORS -- 0.6% Fastenal Co. 245,526 11,277,009 ------------------------------------------------------------------------------ INFORMATION TECHNOLOGY -- 31.5% ------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT -- 9.6% Cisco Systems, Inc. 1 2,495,400 60,114,186 ------------------------------------------------------------------------------ Corning, Inc. 1,374,900 33,052,596 ------------------------------------------------------------------------------ F5 Networks, Inc. 1 443,760 8,063,119 ------------------------------------------------------------------------------ QUALCOMM, Inc. 722,800 29,634,800 ------------------------------------------------------------------------------ Research in Motion Ltd. 1 441,700 49,571,991 --------------- 180,436,692 ------------------------------------------------------------------------------ COMPUTERS & PERIPHERALS -- 4.6% Apple, Inc. 1 318,300 45,676,050 ------------------------------------------------------------------------------ EMC Corp. 1 1,953,500 28,013,190 ------------------------------------------------------------------------------ NetApp, Inc. 1 635,300 12,737,765 --------------- 86,427,005 ------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES -- 4.7% eBay, Inc. 1 983,800 29,356,592 ------------------------------------------------------------------------------ Google, Inc., Cl. A 1 135,000 59,463,450 --------------- 88,820,042 ------------------------------------------------------------------------------ IT SERVICES -- 5.1% Affiliated Computer Services, Inc., Cl. A 1 711,550 35,655,771 ------------------------------------------------------------------------------ Cognizant Technology Solutions Corp. 1 719,900 20,754,717 ------------------------------------------------------------------------------ MasterCard, Inc., Cl. A 103,460 23,070,545 ------------------------------------------------------------------------------ Visa, Inc., Cl. A. 1 270,640 16,877,110 --------------- 96,358,143 ------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 2.4% ASML Holding NV 1 719,499 17,850,770 ------------------------------------------------------------------------------ Broadcom Corp., Cl. A 1 712,500 13,729,875 ------------------------------------------------------------------------------ Microchip Technology, Inc. 419,500 13,730,235 --------------- 45,310,880 ------------------------------------------------------------------------------ SOFTWARE -- 5.1% Adobe Systems, Inc. 1 717,400 25,532,266 ------------------------------------------------------------------------------ Autodesk, Inc. 1 637,400 20,065,352 ------------------------------------------------------------------------------ Microsoft Corp. 941,700 26,725,446 ------------------------------------------------------------------------------ Nuance Communications, Inc. 1 472,886 8,232,945 ------------------------------------------------------------------------------ Salesforce.com, Inc. 1 241,900 13,998,753 --------------- 94,554,762 ------------------------------------------------------------------------------ MATERIALS -- 5.8% ------------------------------------------------------------------------------ CHEMICALS -- 5.8% Monsanto Co. 557,100 62,116,650 ------------------------------------------------------------------------------ Potash Corp. of Saskatchewan, Inc. 59,200 9,188,432 ------------------------------------------------------------------------------ Praxair, Inc. 447,700 37,709,771 --------------- 109,014,853
3 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--4.0% ------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--4.0% America Movil SAB de CV, ADR, Series L 455,100 $ 28,985,319 ------------------------------------------------------------------------------------- Crown Castle International Corp. 1 805,200 27,771,348 ------------------------------------------------------------------------------------- NII Holdings, Inc. 1 553,260 17,582,604 ----------------- 74,339,271 ----------------- Total Common Stocks (Cost $1,536,487,879) 1,864,147,425 ------------------------------------------------------------------------------------- OTHER SECURITIES--0.0% ------------------------------------------------------------------------------------- Seagate Technology International, Inc. 1,2 (Cost $0) 325,000 32,500 ------------------------------------------------------------------------------------- INVESTMENT COMPANY--0.9% ------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 3.29% 3,4 (Cost $15,811,445) 15,811,445 15,811,445 ------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $1,552,299,324) 100.1% 1,879,991,370 ------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (0.1) (1,172,535) ------------------------- NET ASSETS 100.0% $ 1,878,818,835 =========================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1.Non-income producing security. 2.Illiquid security. The aggregate value of illiquid securities as of March 31, 2008 was $32,500, which represents less than 0.005% of the Fund's net assets. 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, 2008, 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, 2007 ADDITIONS REDUCTIONS MARCH 31, 2008 ------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 24,161,830 83,801,679 92,152,064 15,811,445
DIVIDEND VALUE INCOME ----------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 15,811,445 $ 142,063
4. Rate shown is the 7-day yield as of March 31, 2008. -------------------------------------------------------------------------------- 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). 4 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED -------------------------------------------------------------------------------- The market value of the Fund's investments was determined based on the following inputs as of March 31, 2008:
OTHER INVESTMENTS IN FINANCIAL VALUATION INPUTS SECURITIES INSTRUMENTS* --------------------------------------------------------------------------------------- Level 1 - Quoted Prices $ 1,851,313,560 $ -- Level 2 - Other Significant Observable Inputs 28,677,810 -- Level 3 - Significant Unobservable Inputs -- -- ------------------------------------- TOTAL $ 1,879,991,370 $ -- =====================================
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts, futures and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Options and swaps are reported at their market value at measurement date, which may include premiums received or paid. 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 Funds' 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. 5 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / 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. 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. 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. ILLIQUID SECURITIES As of March 31, 2008, 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, 2008 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. 6 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED -------------------------------------------------------------------------------- Federal tax cost of securities $ 1,565,291,473 ================= Gross unrealized appreciation $ 397,182,558 Gross unrealized depreciation (82,482,661) ----------------- Net unrealized appreciation $ 314,699,897 =================
7 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED -------------------------------------------------------------------------------
SHARES VALUE ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- COMMON STOCKS--99.7% ---------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--19.4% ---------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--1.6% ITT Educational Services, Inc. 1 116,400 $ 5,346,252 ---------------------------------------------------------------------------------------------------------- New Oriental Education & Technology Group, Inc., 134,300 8,710,698 Sponsored ADR 1 ------------------ 14,056,950 ---------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.1% Liberty Media Holding Corp.-Capital, Series A 1 71,800 1,130,132 ---------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--4.8% Burger King Holdings, Inc. 685,500 18,960,930 ---------------------------------------------------------------------------------------------------------- Las Vegas Sands Corp. 1 308,000 22,681,120 ------------------ 41,642,050 ---------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--1.5% Liberty Media Holding Corp.-Interactive, Series A 1 831,800 13,425,252 ---------------------------------------------------------------------------------------------------------- MEDIA--6.6% Cablevision Systems Corp. New York Group, Cl. A 1 565,900 12,127,237 ---------------------------------------------------------------------------------------------------------- Focus Media Holding Ltd., ADR 1 492,300 17,304,345 ---------------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series C 1 573,300 18,620,784 ---------------------------------------------------------------------------------------------------------- Liberty Media Corp.-Entertainment, Cl. A 1 415,900 9,415,976 ------------------ 57,468,342 ---------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--3.1% Abercrombie & Fitch Co., Cl. A 146,100 10,685,754 ---------------------------------------------------------------------------------------------------------- CarMax, Inc. 1 350,300 6,802,826 ---------------------------------------------------------------------------------------------------------- GameStop Corp., Cl. A 1 181,800 9,400,878 ------------------ 26,889,458 ---------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.7% Polo Ralph Lauren Corp., Cl. A 259,400 15,120,426 ---------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--1.4% ---------------------------------------------------------------------------------------------------------- BEVERAGES--1.4% Central European Distribution Corp. 1 214,200 12,464,298 ---------------------------------------------------------------------------------------------------------- ENERGY--9.4% ---------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--4.1% Cameron International Corp. 1 465,900 19,400,076 ---------------------------------------------------------------------------------------------------------- Smith International, Inc. 248,200 15,941,886 ------------------ 35,341,962 ---------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS--5.3% Murphy Oil Corp. 252,300 20,723,922 ---------------------------------------------------------------------------------------------------------- Range Resources Corp. 337,300 21,401,685 ---------------------------------------------------------------------------------------------------------- SandRidge Energy, Inc. 1 117,040 4,582,116 ------------------ 46,707,723 ---------------------------------------------------------------------------------------------------------- FINANCIALS--8.7% ---------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--4.1% Affiliated Managers Group, Inc. 1 186,800 16,950,232 ---------------------------------------------------------------------------------------------------------- Charles Schwab Corp. (The) 537,600 10,123,008 ---------------------------------------------------------------------------------------------------------- Fortress Investment Group LLC, Cl. A 610,301 7,494,496 ----------------------------------------------------------------------------------------------------------
1 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED -----------------------------------------------------------------------------
SHARES VALUE ---------------------------------------------------------------------------------------------------------- CAPITAL MARKETS CONTINUED MF Global Ltd. 1 130,000 $ 1,288,300 ------------------ 35,856,036 ---------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.9% CME Group, Inc. 15,900 7,458,690 ---------------------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS--2.0% Boston Properties, Inc. 192,900 17,760,303 ---------------------------------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--1.7% Jones Lang LaSalle, Inc. 195,000 15,081,300 ---------------------------------------------------------------------------------------------------------- HEALTH CARE--14.5% ---------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--4.3% Bard (C.R.), Inc. 166,300 16,031,320 ---------------------------------------------------------------------------------------------------------- IDEXX Laboratories, Inc. 1 442,400 21,792,624 ------------------ 37,823,944 ---------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--4.4% Coventry Health Care, Inc. 1 151,275 6,103,946 ---------------------------------------------------------------------------------------------------------- Healthways, Inc. 1 219,400 7,753,596 ---------------------------------------------------------------------------------------------------------- Schein (Henry), Inc. 1 310,500 17,822,700 ---------------------------------------------------------------------------------------------------------- VCA Antech, Inc. 1 237,300 6,490,155 ------------------ 38,170,397 ---------------------------------------------------------------------------------------------------------- HEALTH CARE TECHNOLOGY--0.8% Cerner Corp. 1 179,400 6,688,032 ---------------------------------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES--3.5% Covance, Inc. 1 374,600 31,080,562 ---------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--1.5% Shire Pharmaceuticals Group plc, ADR 223,900 12,977,244 ---------------------------------------------------------------------------------------------------------- INDUSTRIALS--17.9% ---------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--4.4% Alliant Techsystems, Inc. 1 68,900 7,133,217 ---------------------------------------------------------------------------------------------------------- Curtiss-Wright Corp. 201,500 8,358,220 ---------------------------------------------------------------------------------------------------------- Precision Castparts Corp. 102,100 10,422,368 ---------------------------------------------------------------------------------------------------------- Rockwell Collins, Inc. 136,700 7,812,405 ---------------------------------------------------------------------------------------------------------- Spirit Aerosystems Holdings, Inc., Cl. A 1 230,200 5,105,836 ------------------ 38,832,046 ---------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--1.8% C.H. Robinson Worldwide, Inc. 151,600 8,247,040 ---------------------------------------------------------------------------------------------------------- Expeditors International of Washington, Inc. 169,400 7,653,492 ------------------ 15,900,532 ---------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--6.0% EnergySolutions, Inc. 592,900 13,601,126 ---------------------------------------------------------------------------------------------------------- FTI Consulting, Inc. 1 104,800 7,444,992 ---------------------------------------------------------------------------------------------------------- IHS, Inc., Cl. A 1 212,500 13,665,875 ---------------------------------------------------------------------------------------------------------- Stericycle, Inc. 1 339,500 17,484,250 ------------------ 52,196,243 ---------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--1.8% Foster Wheeler Ltd. 1 108,400 6,137,608 ----------------------------------------------------------------------------------------------------------
2 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED -----------------------------------------------------------------------------
SHARES VALUE ---------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING CONTINUED Quanta Services, Inc. 1 417,300 $ 9,668,841 ------------------ 15,806,449 ---------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--1.2% McDermott International, Inc. 1 192,800 10,569,296 ---------------------------------------------------------------------------------------------------------- MACHINERY--1.3% Oshkosh Corp. 318,700 11,562,436 ---------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--1.4% Fastenal Co. 266,000 12,217,380 ---------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--22.0% ---------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--3.5% F5 Networks, Inc. 1 336,300 6,110,571 ---------------------------------------------------------------------------------------------------------- QUALCOMM, Inc. 292,300 11,984,300 ---------------------------------------------------------------------------------------------------------- Research in Motion Ltd. 1 113,700 12,760,551 ------------------ 30,855,422 ---------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.7% NetApp, Inc. 1 322,100 6,458,105 ---------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--3.7% Amphenol Corp., Cl. A 413,200 15,391,700 ---------------------------------------------------------------------------------------------------------- Trimble Navigation Ltd. 1 586,300 16,762,317 ------------------ 32,154,017 ---------------------------------------------------------------------------------------------------------- IT SERVICES--7.2% Affiliated Computer Services, Inc., Cl. A 1 407,100 20,399,781 ---------------------------------------------------------------------------------------------------------- Cognizant Technology Solutions Corp. 1 613,400 17,684,322 ---------------------------------------------------------------------------------------------------------- SAIC, Inc. 1 932,700 17,338,893 ---------------------------------------------------------------------------------------------------------- VeriFone Holdings, Inc. 1 453,300 7,193,871 ------------------ 62,616,867 ---------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.3% ASML Holding NV 1 239,700 5,946,957 ---------------------------------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc. 1 199,450 5,614,518 ------------------ 11,561,475 ---------------------------------------------------------------------------------------------------------- SOFTWARE--5.6% Ansys, Inc. 1 263,700 9,102,924 ---------------------------------------------------------------------------------------------------------- Autodesk, Inc. 1 450,800 14,191,184 ---------------------------------------------------------------------------------------------------------- FactSet Research Systems, Inc. 307,950 16,589,267 ---------------------------------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 375,300 9,577,656 ------------------ 49,461,031 ---------------------------------------------------------------------------------------------------------- MATERIALS--1.8% ---------------------------------------------------------------------------------------------------------- CHEMICALS--1.2% PPG Industries, Inc. 136,100 8,235,411 ---------------------------------------------------------------------------------------------------------- Praxair, Inc. 28,500 2,400,555 ------------------ 10,635,966 ---------------------------------------------------------------------------------------------------------- METALS & MINING--0.6% Titanium Metals Corp. 334,400 5,032,720
3 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED ------------------------------------------------------------------------------
Shares Value ---------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--2.9% ---------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--2.9% Crown Castle International Corp. 1 751,260 $ 25,910,957 ---------------------------------------------------------------------------------------------------------- UTILITIES--1.7% ---------------------------------------------------------------------------------------------------------- GAS UTILITIES--1.7% Questar Corp. 260,500 14,733,880 ------------------ Total Common Stocks (Cost $845,720,609) 873,647,923 ---------------------------------------------------------------------------------------------------------- INVESTMENT COMPANY--0.3% ------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E, 3.29% 2,3 (Cost $2,209,453) 2,209,453 2,209,453 ---------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $847,930,062) 100.0% 875,857,376 ---------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.0 20,731 -------------------------------------- NET ASSETS 100.0% $ 875,878,107 ======================================
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, 2008, 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, 2007 ADDITIONS REDUCTIONS MARCH 31, 2008 ----------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 35,791,815 47,927,823 81,510,185 2,209,453
DIVIDEND VALUE INCOME ----------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market $ 2,209,453 $ 106,579 Fund, Cl. E
3. Rate shown is the 7-day yield as of March 31, 2008. -------------------------------------------------------------------------------- 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, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION INPUTS SECURITIES INSTRUMENTS* ------------------------------------------------------------------------------------------------ LEVEL 1 - QUOTED PRICES $875,857,376 $-- LEVEL 2 - OTHER SIGNIFICANT OBSERVABLE INPUTS -- -- LEVEL 3 - SIGNIFICANT UNOBSERVABLE INPUTS -- -- ------------------- ----------------------- TOTAL $875,857,376 $-- =================== =======================
4 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED -------------------------------------------------------------------------------- *Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts, futures and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Options and swaps are reported at their market value at measurement date, which may include premiums received or paid. 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 Funds' 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 through its internal valuation committee, in good faith determines the fair valuation of that 5 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer MidCap Fund/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED ------------------------------------------------------------------------------ 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. 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. 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, 2008 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 $ 853,564,209 ================= Gross unrealized appreciation $ 117,687,933 Gross unrealized depreciation (95,394,766) ----------------- Net unrealized appreciation $ 22,293,167 =================
6 | OPPENHEIMER MIDCAP FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--4.6% -------------------------------------------------------------------------------------------------------------- Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 2.596%, 4/20/09 1,2 $ 106,667 $ 106,458 -------------------------------------------------------------------------------------------------------------- Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 3.079%, 5/25/34 2 1,476,940 1,299,320 -------------------------------------------------------------------------------------------------------------- Capital One Prime Auto Receivables Trust, Automobile Asset-Backed Certificates, Series 2005-1, Cl. A4, 2.838%, 4/15/11 2 4,930,000 4,898,762 -------------------------------------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 310,000 265,987 -------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2002-4, Asset-Backed Certificates, Series 2002-4, Cl. A1, 3.339%, 2/25/33 2 35,747 32,922 -------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-11, Asset-Backed Certificates, Series 2005-11, Cl. AF2, 4.657%, 2/25/36 640,000 636,891 -------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-16, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 2 670,000 637,812 -------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust 2005-17, Asset-Backed Certificates, Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 2 440,000 423,918 -------------------------------------------------------------------------------------------------------------- Honda Auto Receivables Owner Trust, Automobile Receivable Obligations, Series 2005-2, Cl. A4, 4.15%, 10/15/10 823,067 826,273 -------------------------------------------------------------------------------------------------------------- HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Nts., Series 2005-3, Cl. A1, 2.796%, 1/20/35 2 643,359 541,530 -------------------------------------------------------------------------------------------------------------- Lehman XS Trust, Mtg. Pass-Through Certificates: Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36 677,696 676,461 Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 406,944 410,236 -------------------------------------------------------------------------------------------------------------- Litigation Settlement Monetized Fee Trust, Asset-Backed Certificates, Series 2001-1A, Cl. A1, 8.33%, 4/25/31 3 2,005,454 1,955,177 -------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Trust 2006-WMC1, Mtg. Asset-Backed Certificates, Series 2006-WMC1, Cl. A2B, 2.739%, 1/25/37 2 472,221 466,498 -------------------------------------------------------------------------------------------------------------- NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 2.249%, 1/25/29 2,3 3,370,016 438,102 -------------------------------------------------------------------------------------------------------------- Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 2.699%, 7/1/36 2 1,250,000 1,159,328 -------------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36 2 690,000 688,279 -------------------------------------------------------------------------------------------------------------- Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-BNC3, Cl. A2, 2.639%, 9/25/36 2 812,667 786,219 -------------------------------------------------------------------------------------------------------------- Structured Asset Securities Corp., Mtg. Pass-Through Certificates, Series 2002-AL1, Cl. B2, 3.45%, 2/25/32 2,336,256 1,610,976 -------------------------------------------------------------------------------------------------------------- Tobacco Settlement Authority, Asset-Backed Securities, Series 2001-A, 6.79%, 6/1/10 1,570,000 1,609,941 ---------------- Total Asset-Backed Securities (Cost $23,195,088) 19,471,090 -------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--82.8% -------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY--54.0% -------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED--53.7% Fannie Mae Trust 2004-W9, Pass-Through Certificates, Trust 2004-W9, Cl. 2A2, 7%, 2/25/44 487,650 533,061 --------------------------------------------------------------------------------------------------------------
1 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Federal Home Loan Mortgage Corp.: 4.50%, 5/15/19 $ 2,184,831 $ 2,179,882 5%, 8/15/33 3,952,906 3,926,093 6%, 7/15/17-3/15/33 8,190,697 8,466,926 6.50%, 4/15/18-4/1/34 1,168,448 1,223,573 7%, 5/15/29-3/15/35 5,584,246 5,916,537 8%, 4/1/16 529,805 564,234 9%, 8/1/22-5/1/25 153,386 168,657 -------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 151, Cl. F, 9%, 5/15/21 30,038 30,019 Series 2006-11, Cl. PS, 15.01%, 3/25/36 2 642,537 759,355 Series 2043, Cl. ZP, 6.50%, 4/15/28 1,056,599 1,108,116 Series 2066, Cl. Z, 6.50%, 6/15/28 2,136,277 2,273,199 Series 2195, Cl. LH, 6.50%, 10/15/29 1,219,861 1,297,273 Series 2326, Cl. ZP, 6.50%, 6/15/31 417,945 439,584 Series 2461, Cl. PZ, 6.50%, 6/15/32 1,397,996 1,477,664 Series 2500, Cl. FD, 3.318%, 3/15/32 2 302,720 304,868 Series 2526, Cl. FE, 3.218%, 6/15/29 2 492,568 494,694 Series 2538, Cl. F, 3.418%, 12/15/32 2 2,941,333 2,928,143 Series 2551, Cl. FD, 3.218%, 1/15/33 2 379,456 370,444 Series 2676, Cl. KY, 5%, 9/15/23 552,000 550,931 Series 3025, Cl. SJ, 14.419%, 8/15/35 2 136,220 164,733 Series 3094, Cl. HS, 14.052%, 6/15/34 2 401,044 478,814 -------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 12.033%, 6/1/26 5 524,833 111,202 Series 183, Cl. IO, 10.646%, 4/1/27 5 821,256 167,894 Series 184, Cl. IO, 16.723%, 12/1/26 5 901,636 180,240 Series 192, Cl. IO, 13.176%, 2/1/28 5 217,201 48,018 Series 200, Cl. IO, 12.256%, 1/1/29 5 262,330 55,210 Series 206, Cl. IO, (8.388)%, 12/1/29 5 517,788 114,033 Series 2130, Cl. SC, 21.748%, 3/15/29 5 570,494 57,380 Series 216, Cl. IO, 11.875%, 12/1/31 5 347,461 81,579 Series 224, Cl. IO, 8.464%, 3/1/33 5 1,065,400 234,037 Series 243, Cl. 6, 15.055%, 12/15/32 5 655,823 124,639 Series 2796, Cl. SD, 31.375%, 7/15/26 5 913,793 94,323 Series 2802, Cl. AS, 64.495%, 4/15/33 5 1,002,643 83,290 Series 2920, Cl. S, 35.439%, 1/15/35 5 3,323,666 244,013 Series 3000, Cl. SE, 57.598%, 7/15/25 5 3,998,266 337,598 Series 3110, Cl. SL, 88.749%, 2/15/26 5 560,920 48,320 -------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security: Series 176, Cl. PO, 4.697%, 6/1/26 6 213,825 182,988 Series 192, Cl. PO, 6.336%, 2/1/28 6 217,201 178,067 -------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 4.50%, 3/25/19-8/1/20 3,419,410 3,416,824 4.50%, 4/1/21 7 15,550,000 15,467,398
2 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED 5%, 12/1/17-9/25/33 $ 22,302,770 $ 22,583,659 5%, 4/1/23-4/1/38 7 21,378,000 21,344,525 5%, 6/1/33 8 4,055,570 4,028,351 5.50%, 1/25/33-1/25/34 30,809,741 31,221,021 5.50%, 4/1/23-4/1/38 7 22,798,000 23,051,626 6%, 5/25/29-11/1/33 10,195,112 10,519,063 6%, 4/1/21 7 3,752,000 3,861,630 6.50%, 3/25/11-11/25/31 9,479,908 9,930,173 6.50%, 8/25/17 8 409,136 429,023 7%, 11/1/17-7/25/35 3,555,817 3,768,319 7.50%, 4/25/08-1/1/33 21,849 23,644 8%, 5/25/17 4,160 4,475 8.50%, 7/1/32 47,167 52,015 -------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1989-17, Cl. E, 10.40%, 4/25/19 49,580 54,244 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 1,267,371 1,328,294 Trust 1998-58, Cl. PC, 6.50%, 10/25/28 1,066,133 1,113,905 Trust 1998-61, Cl. PL, 6%, 11/25/28 585,866 607,250 Trust 1999-54, Cl. LH, 6.50%, 11/25/29 788,683 820,611 Trust 2001-70, Cl. LR, 6%, 9/25/30 122,798 123,450 Trust 2001-74, Cl. QE, 6%, 12/25/31 1,764,373 1,825,643 Trust 2001-82, Cl. ZA, 6.50%, 1/25/32 542,467 572,947 Trust 2002-9, Cl. PC, 6%, 3/25/17 1,272,836 1,339,739 Trust 2003-130, Cl. CS, 8.888%, 12/25/33 2 372,459 388,067 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 3,964,000 4,109,049 Trust 2003-84, Cl. PW, 3%, 6/25/22 241,144 240,544 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,908,000 1,971,067 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 1,120,000 1,154,418 Trust 2005-59, Cl. NQ, 10.359%, 5/25/35 2 687,344 750,101 Trust 2006-46, Cl. SW, 14.643%, 6/25/36 2 487,685 576,137 Trust 2006-50, Cl. KS, 14.644%, 6/25/36 2 1,072,345 1,217,491 Trust 2006-50, Cl. SK, 14.644%, 6/25/36 2 431,190 492,586 Trust 2006-64, Cl. MD, 5.50%, 7/25/36 4,671,000 4,679,059 -------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-65, Cl. S, 34.149%, 11/25/31 5 1,784,874 200,193 Trust 2001-81, Cl. S, 22.543%, 1/25/32 5 432,091 44,503 Trust 2002-47, Cl. NS, 20.428%, 4/25/32 5 1,123,235 120,019 Trust 2002-51, Cl. S, 20.667%, 8/25/32 5 1,031,134 111,738 Trust 2002-52, Cl. SD, 19.093%, 9/25/32 5 1,152,025 129,098 Trust 2002-77, Cl. SH, 25.121%, 12/18/32 5 537,647 64,188 Trust 2002-84, Cl. SA, 35.786%, 12/25/32 5 1,588,568 174,305 Trust 2003-118, Cl. S, 33.146%, 12/25/33 5 3,262,967 471,645 Trust 2003-33, Cl. SP, 37.842%, 5/25/33 5 1,645,910 206,188 Trust 2003-4, Cl. S, 32.391%, 2/25/33 5 1,050,169 121,868 Trust 2004-54, Cl. DS, 24.245%, 11/25/30 5 852,805 81,784 Trust 2005-19, Cl. SA, 36.128%, 3/25/35 5 8,500,259 722,984 Trust 2005-40, Cl. SA, 36.003%, 5/25/35 5 1,862,593 155,449
3 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 2005-6, Cl. SE, 42.922%, 2/25/35 5 $ 2,431,220 $ 194,977 Trust 2005-71, Cl. SA, 46.79%, 8/25/25 5 2,511,911 250,541 Trust 2005-87, Cl. SE, 97.063%, 10/25/35 5 4,740,046 340,966 Trust 2005-87, Cl. SG, 67.85%, 10/25/35 5 4,763,463 407,471 Trust 2006-33, Cl. SP, 53.593%, 5/25/36 5 3,743,506 427,324 Trust 222, Cl. 2, 18.009%, 6/1/23 5 1,812,017 391,074 Trust 240, Cl. 2, 20.51%, 9/1/23 5 2,179,779 534,973 Trust 252, Cl. 2, 16.143%, 11/1/23 5 1,402,769 350,029 Trust 273, Cl. 2, 15.71%, 8/1/26 5 405,487 98,977 Trust 303, Cl. IO, (2.719)%, 11/1/29 5 228,705 56,640 Trust 319, Cl. 2, 11.414%, 2/1/32 5 381,367 79,884 Trust 321, Cl. 2, 6.404%, 4/1/32 5 4,202,761 900,700 Trust 331, Cl. 9, 15.674%, 2/1/33 5 970,581 169,145 Trust 334, Cl. 17, 22.702%, 2/1/33 5 668,825 125,385 Trust 339, Cl. 7, 10.265%, 7/1/33 5 3,444,527 731,314 Trust 342, Cl. 2, 8.89%, 9/1/33 5 236,931 52,626 Trust 344, Cl. 2, 5.369%, 12/1/33 5 6,741,096 1,496,401 Trust 345, Cl. 9, 11.109%, 1/1/34 5 1,405,590 295,675 Trust 362, Cl. 12, 11.023%, 8/1/35 5 1,864,529 365,883 Trust 362, Cl. 13, 11.028%, 8/1/35 5 1,035,189 203,743 -------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 5.076%, 9/25/23 6 527,862 451,054 -------------------------------------------------------------------------------------------------------------- RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 708,741 690,790 -------------------------------------------------------------------------------------------------------------- RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A114, 5.75%, 4/25/37 1,260,925 1,210,790 -------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 6.131%, 8/25/36 2 4,214,915 4,088,532 ---------------- 227,584,835 -------------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED--0.3% Government National Mortgage Assn.: 7%, 1/30/09-5/29/09 6,690 6,851 8.50%, 8/1/17-12/15/17 227,124 248,407 -------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, 33.096%, 1/16/27 5 904,118 96,499 Series 2002-15, Cl. SM, 28.388%, 2/16/32 5 1,119,976 123,238 Series 2004-11, Cl. SM, 17.687%, 1/17/30 5 751,872 99,473 Series 2006-47, Cl. SA, 75.786%, 8/16/36 5 5,653,292 543,333 ---------------- 1,117,801 -------------------------------------------------------------------------------------------------------------- NON-AGENCY--28.8% -------------------------------------------------------------------------------------------------------------- COMMERCIAL--12.0% Asset Securitization Corp., Commercial Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 2.881%, 4/14/29 5 13,644,581 498,596 --------------------------------------------------------------------------------------------------------------
4 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2005-3, Cl. A2, 4.501%, 7/10/43 $ 2,100,000 $ 2,067,231 Series 2006-1, Cl. AM, 5.421%, 9/1/45 2 4,070,000 3,728,208 -------------------------------------------------------------------------------------------------------------- Banc of America Funding Corp., Mtg. Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 1,349,551 1,311,868 -------------------------------------------------------------------------------------------------------------- Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 1,104,290 1,134,282 -------------------------------------------------------------------------------------------------------------- Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, (6.763)%, 6/22/24 5 10,250,449 277,640 -------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2006-WF1, Asset-Backed Pass-Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 352,278 354,807 -------------------------------------------------------------------------------------------------------------- Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 1,510,000 1,471,719 -------------------------------------------------------------------------------------------------------------- CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 2006-A5, Cl. 1A1, 3.006%, 10/25/36 2 3,024,186 2,486,985 Series 2006-A5, Cl. 1A13, 3.056%, 10/25/36 2 1,512,093 1,108,116 -------------------------------------------------------------------------------------------------------------- Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates: Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 677,040 670,689 Series 2006-AB3, Cl. A7, 6.36%, 7/1/36 228,826 225,511 -------------------------------------------------------------------------------------------------------------- First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 799,305 722,341 -------------------------------------------------------------------------------------------------------------- First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 906,756 879,732 -------------------------------------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2005-C3, Cl. A2, 4.853%, 7/10/45 1,190,000 1,180,239 -------------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-GG3, Cl. A2, 4.305%, 8/10/42 1,460,000 1,441,160 Series 2005-GG5, Cl. A2, 5.117%, 4/10/37 1,290,000 1,283,212 Series 2007-GG9, Cl. A2, 5.381%, 3/10/39 4,250,000 4,167,811 -------------------------------------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 510,000 502,599 Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 1,720,000 1,699,961 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 3,880,000 3,784,910 Series 2007-LD12, Cl. A2, 5.827%, 2/15/51 1,040,000 1,030,536 -------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust 2005-C5, Commercial Mtg. Pass-Through Certificates, Series 2005-C5, Cl. A2, 4.885%, 9/15/30 1,430,000 1,421,093 -------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust 2005-C7, Commercial Mtg. Pass-Through Certificates, Series 2005-C7, Cl. A2, 5.103%, 11/11/30 770,000 765,512 --------------------------------------------------------------------------------------------------------------
5 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED 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 $ 2,289,458 Series 2006-C1, Cl. AM, 5.217%, 2/11/31 2 2,300,000 2,079,778 -------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust 2007-C1, Commercial Mtg. Pass-Through Certificates, Series 2007-C1, Cl. A2, 5.318%, 1/15/12 1,700,000 1,665,249 -------------------------------------------------------------------------------------------------------------- Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, (1.475)%, 2/18/30 5 5,021,187 156,348 -------------------------------------------------------------------------------------------------------------- Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/26/24 3 265,760 199,320 -------------------------------------------------------------------------------------------------------------- Mastr Alternative Loan Trust, CMO Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 1,516,233 1,398,515 -------------------------------------------------------------------------------------------------------------- Residential Asset Securitization Trust 2006-A9CB, Mtg. Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 1,757,347 1,745,230 -------------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, (1.234)%, 5/18/32 5 246,079,499 365,305 -------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust 2005-C17, Commercial Mtg. Pass-Through Certificates, Series 2005-C17, Cl. A2, 4.782%, 3/15/42 2,480,072 2,463,436 -------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.272%, 11/15/48 355,000 348,147 -------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg, Pass-Through Certificates, Series 2006-AR8, Cl. 1A4, 5.884%, 8/1/46 2 3,986,476 3,827,787 ---------------- 50,753,331 -------------------------------------------------------------------------------------------------------------- MANUFACTURED HOUSING--1.6% Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.10%, 9/25/36 2 3,291,975 3,103,517 -------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.109%, 3/25/36 2 3,873,272 3,714,742 ---------------- 6,818,259 -------------------------------------------------------------------------------------------------------------- MULTIFAMILY--8.3% Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2005-F, Cl. 2A3, 4.716%, 7/25/35 2 2,760,204 2,706,744 -------------------------------------------------------------------------------------------------------------- Bear Stearns ARM Trust 2006-4, Mtg. Pass-Through Certificates, Series 2006-4, Cl. 2A1, 5.795%, 10/25/36 2 1,508,743 1,359,106 -------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2006-AR5, Mtg. Pass-Through Certificates, Series 2006-AR5, Cl. 1 A3A, 5.888%, 7/25/36 2 1,135,749 1,092,880 -------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust 2004-28CB, Mtg. Pass-Through Certificates, Series 2004-28CB, Cl.2A4, 5.75%, 1/25/35 2,316,000 1,978,094 -------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust 2005-85CB, Mtg. Pass-Through Certificates, Series 2005-85CB, Cl.2A3, 5.50%, 2/25/36 1,790,000 1,591,321 --------------------------------------------------------------------------------------------------------------
6 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------- MULTIFAMILY CONTINUED Countrywide Home Loans Servicing LP, Mtg. Pass-Through Certificates: Series 2003-46, Cl. 1A2, 4.124%, 1/19/34 2 $ 1,924,394 $ 1,954,650 Series 2005-HYB1, Cl. 5A1, 4.995%, 3/25/35 2 2,617,670 2,516,236 Series 2007-HY1, Cl. 1A1, 5.691%, 4/25/37 2 2,769,588 2,624,879 -------------------------------------------------------------------------------------------------------------- GMAC Mortgage Corp. Loan Trust, Mtg. Pass-Through Certificates: Series 2005-AR4, Cl. 2A1, 5.295%, 7/19/35 2 3,031,640 2,602,259 Series 2004-J4, Cl. A7, 5.50%, 9/25/34 1,660,000 1,462,349 -------------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 3A1, 5.149%, 11/25/35 2 4,424,538 4,254,123 -------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Trust 2007-2, Mtg. Pass-Through Certificates, Series 2007-2, Cl. 2A1, 6.002%, 6/25/37 2 3,741,230 3,547,827 -------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-AA Trust, Mtg. Pass-Through Certificates, Series 2004-AA, Cl. 2A, 4.996%, 12/25/34 2 907,093 853,827 -------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-S Trust, Mtg. Pass-Through Certificates, Series 2004-S, Cl. A1, 3.541%, 9/25/34 2 757,241 719,910 -------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR2 Trust, Mtg. Pass-Through Certificates, Series 2005-AR2, Cl. 2A2, 4.541%, 3/25/35 2 558,228 542,667 -------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR4 Trust, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 2A2, 4.523%, 4/25/35 2 929,440 869,028 -------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates: Series 2006-AR10, Cl. 4A1, 5.561%, 7/25/36 2 1,857,366 1,781,623 Series 2006-AR10, Cl. 2A1, 5.65%, 7/25/36 2 1,411,704 1,354,158 -------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A6, 5.109%, 3/25/36 2 735,530 686,634 -------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.094%, 3/25/36 2 818,429 783,621 ---------------- 35,281,936 -------------------------------------------------------------------------------------------------------------- OTHER--0.0% Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. B, 94.665%, 10/23/17 5 7,453 1,016 -------------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. A, 3.869%, 10/23/17 6 11,030 10,709 ---------------- 11,725 -------------------------------------------------------------------------------------------------------------- RESIDENTIAL--6.9% Chase Mortgage Finance Trust 2005-S1, Multiclass Mtg. Pass-Through Certificates, Series 2005-S1, Cl. 1A5, 5.50%, 5/25/35 1,000,000 921,133 --------------------------------------------------------------------------------------------------------------
7 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------- RESIDENTIAL CONTINUED -------------------------------------------------------------------------------------------------------------- CitiMortgage Alternative Loan Trust 2006-A1, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A1, Cl. 2A1, 5.25%, 3/1/21 $ 1,385,903 $ 1,373,375 -------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust 2004-24CB, Mtg. Pass-Through Certificates, Series 2004-24CB, Cl.1A1, 6%, 11/1/34 1,597,584 1,319,390 -------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust 2004-28CB, Mtg. Pass-Through Certificates, Series 2004-28CB, Cl.3A1, 6%, 1/1/35 1,273,857 1,141,400 -------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust 2005-18CB, Mtg. Pass-Through Certificates, Series 2005-18CB, Cl. A8, 5.50%, 5/25/36 2,420,000 2,170,821 -------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust 2005-J1, Mtg. Pass-Through Certificates, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 2,156,761 1,912,733 -------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust 2005-J3, Mtg. Pass-Through Certificates, Series 2005-J3, Cl. 3A1, 6.50%, 9/25/34 1,981,931 1,909,401 -------------------------------------------------------------------------------------------------------------- Morgan Stanley Mortgage Loan Trust 2006-AR, Mtg. Pass-Through Certificates, Series 2006-AR, Cl. 5A3, 5.426%, 6/25/36 2 1,110,000 1,028,878 -------------------------------------------------------------------------------------------------------------- RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 4/25/08 874,838 875,666 -------------------------------------------------------------------------------------------------------------- STARM Mortgage Loan Trust 2007-S1, Mtg. Pass-Through Certificates, Series 2007-S1, Cl. 3A1, 5.007%, 8/1/22 2 4,173,981 3,959,063 -------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 5.75%, 10/25/36 2 4,117,684 3,848,513 -------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 5.699%, 6/25/37 2 2,641,691 2,402,024 -------------------------------------------------------------------------------------------------------------- Washington Mutual Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 1A8, 6%, 2/25/37 3,613,922 3,557,416 -------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2003-6 Trust, Mtg. Pass-Through Certificates, Series 2003-6, Cl. 1A1, 5%, 6/25/18 1,498,458 1,442,618 -------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR5 Trust, Mtg. Pass-Through Certificates, Series 2006-AR5, Cl. 2A2, 5.537%, 4/1/36 2 1,602,354 1,201,766 ---------------- 29,064,197 ---------------- Total Mortgage-Backed Obligations (Cost $350,310,593) 350,632,084 -------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--22.1% -------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--7.5% -------------------------------------------------------------------------------------------------------------- AUTOMOBILES--1.4% Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 3,860,000 3,442,236 -------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 8% Bonds, 11/1/31 1,660,000 1,192,244 -------------------------------------------------------------------------------------------------------------- Hyundai Motor Manufacturing Alabama LLC, 5.30% Sr. Unsec. Nts., 12/19/08 1 1,115,000 1,126,801 ---------------- 5,761,281 -------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--0.7% MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 2,570,000 2,563,575 -------------------------------------------------------------------------------------------------------------- Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10 9 350,000 329,875 ---------------- 2,893,450 -------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.1% Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 1,440,000 1,354,054 --------------------------------------------------------------------------------------------------------------
8 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES CONTINUED -------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc., 8% Sr. Nts., 2/1/09 $ 615,000 $ 607,313 -------------------------------------------------------------------------------------------------------------- Lennar Corp., 7.625% Sr. Unsec. Nts., 3/1/09 1,930,000 1,862,450 -------------------------------------------------------------------------------------------------------------- Pulte Homes, Inc., 4.875% Nts., 7/15/09 9 975,000 926,250 ---------------- 4,750,067 -------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.2% Eastman Kodak Co., 3.625% Nts., Series A, 5/15/08 975,000 975,000 -------------------------------------------------------------------------------------------------------------- MEDIA--3.8% Belo Corp., 8% Sr. Unsec. Unsub. Nts., 11/1/08 3 2,825,000 2,856,519 -------------------------------------------------------------------------------------------------------------- Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 1,540,000 1,589,696 -------------------------------------------------------------------------------------------------------------- Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 1,370,000 1,209,807 -------------------------------------------------------------------------------------------------------------- Cox Enterprises, Inc., 4.375% Nts., 5/1/08 1 2,145,000 2,145,764 -------------------------------------------------------------------------------------------------------------- CSC Holdings, Inc., 7.25% Sr. Unsec. Nts., 7/15/08 1,635,000 1,639,088 -------------------------------------------------------------------------------------------------------------- EchoStar DBS Corp., 5.75% Sr. Unsec. Nts., 10/1/08 2,445,000 2,438,888 -------------------------------------------------------------------------------------------------------------- Liberty Media Corp., 7.875% Sr. Nts., 7/15/09 580,000 585,174 -------------------------------------------------------------------------------------------------------------- Liberty Media LLC, 7.75% Sr. Nts., 7/15/09 1,840,000 1,853,653 -------------------------------------------------------------------------------------------------------------- Tribune Co., 5.50% Nts., Series E, 10/6/08 3 1,427,000 1,291,435 -------------------------------------------------------------------------------------------------------------- Univision Communications, Inc., 3.875% Sr. Unsec. Nts., 10/15/08 590,000 577,463 ---------------- 16,187,487 -------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--0.2% Dillard's, Inc., 6.625% Unsec. Nts., 11/15/08 930,000 932,325 -------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--0.1% Gap, Inc. (The), 10.05% Unsub. Nts., 12/15/08 2 466,000 479,980 -------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--0.8% -------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.7% Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 1,675,000 1,605,410 -------------------------------------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 1,251,000 1,509,635 ---------------- 3,115,045 -------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.1% Clorox Co. (The), 5% Sr. Unsec. Nts., 3/1/13 315,000 316,553 -------------------------------------------------------------------------------------------------------------- ENERGY--1.6% -------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.1% Weatherford International Ltd., 5.15% Nts., 3/15/13 390,000 390,929 -------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS--1.5% Buckeye Partners LP, 4.625% Sr. Nts., 7/15/13 1,190,000 1,173,158 -------------------------------------------------------------------------------------------------------------- Canadian National Resources Ltd., 5.90% Nts., 2/1/18 400,000 410,155 -------------------------------------------------------------------------------------------------------------- El Paso Corp., 6.50% Sr. Unsec. Nts., 6/1/08 390,000 392,774 -------------------------------------------------------------------------------------------------------------- Energy Transfer Partners LP, 5.65% Sr. Unsec. Unsub. Nts., 8/1/12 430,000 432,663 -------------------------------------------------------------------------------------------------------------- Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 1,560,000 1,597,072 -------------------------------------------------------------------------------------------------------------- PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 1 1,006,525 1,035,153 -------------------------------------------------------------------------------------------------------------- TEPPCO Partners LP, 6.125% Nts., 2/1/13 900,000 912,642 -------------------------------------------------------------------------------------------------------------- Valero Logistics Operations LP, 6.05% Nts., 3/15/13 540,000 559,907 ---------------- 6,513,524
9 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------- FINANCIALS--9.6% -------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--1.4% Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 $ 3,595,000 $ 3,122,009 -------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., 6.75% Unsec. Sub. Nts., 12/28/17 2,930,000 2,823,550 ---------------- 5,945,559 -------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--3.9% Barclays Bank plc, 6.278% Perpetual Bonds 10 5,580,000 4,466,232 -------------------------------------------------------------------------------------------------------------- HBOS plc, 6.413% Sub. Perpetual Bonds, Series A 1,10 6,500,000 4,668,469 -------------------------------------------------------------------------------------------------------------- HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 2 5,720,000 4,646,699 -------------------------------------------------------------------------------------------------------------- Popular North America, Inc., 4.70% Nts., 6/30/09 2,485,000 2,491,692 ---------------- 16,273,092 -------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE--0.4% SLM Corp.: 3.95% Nts., Series A, 8/15/08 9 220,000 217,159 4% Nts., 1/15/09 1,670,000 1,504,109 ---------------- 1,721,268 -------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.7% Bank of America Corp., 8% Unsec. Perpetual Nts., Series K 10 3,050,000 3,059,821 -------------------------------------------------------------------------------------------------------------- Capmark Financial Group, Inc.: 3.746% Sr. Unsec. Nts., 5/10/10 1,2 700,000 463,932 5.875% Nts., 5/10/12 1 1,290,000 818,248 -------------------------------------------------------------------------------------------------------------- CIT Group Funding Co. of Canada, 4.65% Sr. Unsec. Nts., 7/1/10 1,235,000 1,014,490 -------------------------------------------------------------------------------------------------------------- Citigroup, Inc., 8.30% Jr. Sub. Bonds, 12/21/57 2 1,985,000 1,961,720 ---------------- 7,318,211 -------------------------------------------------------------------------------------------------------------- INSURANCE--2.1% MBIA, Inc., 5.70% Sr. Unsec. Unsub. Nts., 12/1/34 1,055,000 662,236 -------------------------------------------------------------------------------------------------------------- MetLife, Inc., 6.40% Jr. Unsec. Sub. Bonds, 12/15/66 2,9 3,685,000 2,937,277 -------------------------------------------------------------------------------------------------------------- Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 1 2,400,000 2,989,966 -------------------------------------------------------------------------------------------------------------- Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 1 2,035,000 2,274,001 ---------------- 8,863,480 -------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.1% Countrywide Home Loans, Inc., 3.25% Nts., Series L, 5/21/08 350,000 343,256 -------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--0.4% -------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.4% NCR Corp., 7.125% Sr. Unsec. Unsub. Nts., 6/15/09 1,580,000 1,626,466 -------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.0% -------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.0% Qwest Corp.: 5.625% Unsec. Nts., 11/15/08 3 250,000 250,000 8.875% Unsec. Unsub. Nts., 3/15/12 3,845,000 3,941,125 ---------------- 4,191,125 -------------------------------------------------------------------------------------------------------------- UTILITIES--1.2% -------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.9% Monongahela Power Co., 7.36% Unsec. Nts., Series A, 1/15/10 1,925,000 2,063,375 --------------------------------------------------------------------------------------------------------------
10 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES CONTINUED Westar Energy, Inc., 7.125% Sr. Unsec. Nts., 8/1/09 $ 1,820,000 $ 1,908,671 ---------------- 3,972,046 -------------------------------------------------------------------------------------------------------------- ENERGY TRADERS--0.3% IPALCO Enterprises, Inc., 8.375% Sr. Sec. Nts., 11/14/08 2,3 1,180,000 1,200,650 ---------------- Total Corporate Bonds and Notes (Cost $99,990,957) 93,770,794 UNITS -------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% -------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc. Wts., Exp. 9/19/10 3,11 (Cost $14,872) 5,408 189 SHARES -------------------------------------------------------------------------------------------------------------- INVESTMENT COMPANY--4.7% -------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 3.29% 12,13 (Cost $19,769,313) 19,769,313 19,769,313 -------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $493,280,823) 483,643,470 -------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--0.8% 4 -------------------------------------------------------------------------------------------------------------- Undivided interest of 0.03% in joint repurchase agreement (Principal Amount/Value $7,000,000,000 with a maturity value of $7,000,486,111) with Barclays Capital, 2.50%, dated 3/31/08, to be repurchased at $1,880,536 on 4/1/08, collateralized by U.S. Agency Mortgages, 0%-6.40%, 3/1/28-3/1/38, with a value of $7,140,000,000 $ 1,880,405 1,880,405 -------------------------------------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 2.85%, 6/16/08 1,500,000 1,500,000 ---------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $3,380,405) 3,380,405 -------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $496,661,228) 115.0% 487,023,875 -------------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (15.0) (63,616,094) ------------------------------- Net Assets 100.0% $ 423,407,781 ===============================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $15,628,792 or 3.69% of the Fund's net assets as of March 31, 2008. 2. Represents the current interest rate for a variable or increasing rate security. 3. Illiquid security. The aggregate value of illiquid securities as of March 31, 2008 was $8,191,392, which represents 1.93% of the Fund's net assets. See accompanying Notes. 4. 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. 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 $14,220,914 or 3.36% of the Fund's net assets as of March 31, 2008. 11 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / 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 $822,818 or 0.19% of the Fund's net assets as of March 31, 2008. 7. When-issued security or delayed delivery to be delivered and settled after March 31, 2008. See accompanying Notes. 8. 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 $1,099,470. See accompanying Notes. 9. Partial or fully-loaned security. See accompanying Notes. 10. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. 11. Non-income producing security. 12. Rate shown is the 7-day yield as of March 31, 2008. 13. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2008, 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, 2007 ADDITIONS REDUCTIONS MARCH 31, 2008 ----------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 4,105,793 57,869,208 42,205,688 19,769,313
DIVIDEND VALUE INCOME ----------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 19,769,313 $ 85,524
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, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION INPUTS SECURITIES INSTRUMENTS* --------------------------------------------------------------------------------- Level 1 - Quoted Prices $ 19,769,313 $ 125,347 Level 2 - Other Significant Observable Inputs 465,754,373 (166,510) Level 3 - Significant Unobservable Inputs 1,500,189 -- ---------------------------------- TOTAL $ 487,023,875 $ (41,163) ==================================
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts, futures and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Options and swaps are reported at their market value at measurement date, which may include premiums received or paid. 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. 12 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- FUTURES CONTRACTS AS OF MARCH 31, 2008 ARE AS FOLLOWS: --------------------------------------------------------------------------------
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) --------------------------------------------------------------------------------------------- U.S. Long Bonds Buy 394 6/19/08 $ 46,805,969 $ 826,718 U.S. Treasury Nts., 2 yr. Sell 504 6/30/08 108,186,750 (486,358) U.S. Treasury Nts., 5 yr. Buy 131 6/30/08 14,964,703 232,092 U.S. Treasury Nts., 10 yr. Sell 289 6/19/08 34,377,453 (447,105) ----------------- $ 125,347 =================
-------------------------------------------------------------------------------- CREDIT DEFAULT SWAP CONTRACTS AS OF MARCH 31, 2008 ARE AS FOLLOWS: --------------------------------------------------------------------------------
BUY/SELL NOTIONAL PAY/RECEIVE SWAP CREDIT AMOUNT FIXED TERMINATION PREMIUM COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) RATE DATE PAID/(RECEIVED) VALUE ------------------------------------------------------------------------------------------------------------------------------------ Barclays Bank plc: American International Group, Inc. Sell $ 4,415 1.850% 9/20/08 $ - $ - Beazer Homes USA, Inc. Sell 570 2.100 6/20/08 - (12,394) Capmark Financial Group, Inc. Sell 950 1.000 6/20/12 - (358,357) CDX.NA.IG.9 Index Sell 7,860 0.600 12/20/12 (49,117) (290,748) Countrywide Home Loans, Inc. Sell 1,250 0.750 9/20/08 - (33,030) Dillard's, Inc. Sell 750 1.900 12/20/08 - (7,739) HCP, Inc. Sell 1,005 4.600 3/20/09 - 950 iStar Financial, Inc. Sell 1,140 4.400 12/20/12 - (151,699) Lehman Brothers Holdings, Inc. Sell 2,050 0.490 9/20/10 - (125,454) Merrill Lynch & Co., Inc. Sell 4,265 0.680 9/20/08 - 478 Morgan Stanley Sell 3,985 2.150 9/20/08 - 26,397 Six Flags, Inc. Sell 1,075 8.250 12/20/08 - (144,777) Toys "R" Us, Inc. Sell 1,000 1.450 9/20/08 - (34,193) ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse International: ArvinMeritor, Inc. Sell 1,635 1.550 9/20/08 - (40,438) CenturyTel, Inc. Buy 590 1.300 3/20/13 - 15,071 CenturyTel, Inc. Buy 310 1.740 3/20/13 - 1,977 Intelsat Ltd. Sell 1,075 3.450 9/20/08 - (22,352) iStar Financial, Inc. Sell 410 12.000 3/20/09 - (5,915) iStar Financial, Inc. Sell 165 4.000 12/20/12 - (21,956) Morgan Stanley Sell 4,280 2.150 9/20/08 - 28,351
13 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- Rite Aid Corp. Sell 1,595 0.875 6/20/08 - (34,034) Rite Aid Corp. Sell 530 7.500 3/20/09 - (7,341) Saks, Inc. Sell 1,715 2.000 9/20/08 - 2,670 Sprint Nextel Corp. Sell 2,940 6.300 3/20/09 - 5,701 The Goodyear Tire & Rubber Co. Sell 1,640 1.550 9/20/08 - (387) TXU Corp. Sell 365 5.910 12/20/12 - (16,620) TXU Corp. Sell 350 6.050 12/20/12 - (14,253) TXU Corp. Sell 365 6.000 12/20/12 - (15,491) Univision Communications, Inc. Sell 25 14.600 3/20/09 - 265 Vornado Realty LP Sell 665 3.600 3/20/09 - (1,138) Wachovia Corp. Sell 1,345 1.000 3/20/09 - 22 ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: ABX.HE.AA.06-2 Index Sell 450 0.170 5/25/46 (53,996) (261,399) Allied Waste North America, Inc. Sell 630 2.000 9/20/09 - (4,010) Allied Waste North America, Inc. Sell 990 2.000 9/20/09 - (6,301) Ambac Assurance Corp. Sell 1,355 4.550 9/20/08 - (32,177) Ambac Assurance Corp. Sell 1,655 4.550 9/20/08 - (39,301) CDX.NA.IG.9 Index Sell 10,030 0.600 12/20/12 (95,756) (408,983) Cemex Sell 665 2.000 3/20/09 - 89 Centex Corp. Sell 355 1.550 9/20/09 - (21,089) CenturyTel, Inc. Buy 575 1.300 3/20/13 - 14,688 CenturyTel, Inc. Buy 910 1.980 3/20/13 - (3,712) CIT Group, Inc. Sell 125 5.000 3/20/09 (14,375) (12,013) Countrywide Home Loans, Inc. Sell 1,150 3.250 9/20/08 - (16,168) Dillard's, Inc. Sell 420 0.750 9/20/08 - (8,613) Dow Jones CDX.NA.IG.7 Index Buy 3,600 0.400 12/20/11 370 151,297 Georgia-Pacific Corp. Sell 1,635 1.750 9/20/08 - (14,833) Intelsat Ltd. Sell 430 2.850 9/20/08 - (10,209) iStar Financial Inc. Sell 1,175 3.000 12/20/08 - (91,306) iStar Financial, Inc. Sell 180 4.320 12/20/12 - (23,952) iStar Financial, Inc. Sell 2,025 2.925 12/20/08 - (158,410)
14 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- iStar Financial, Inc. Sell 1,005 12.000 3/20/09 - (14,499) Lehman Brothers Holdings, Inc. Sell 2,230 1.410 9/20/08 - (56,696) Lehman Brothers Holdings, Inc. Sell 90 2.070 3/20/09 - (2,395) Levi Strauss & Co. Sell 700 0.900 9/20/08 - (472) Levi Strauss & Co. Sell 935 1.000 9/20/08 - (158) MBIA, Inc. Sell 1,025 0.520 9/20/08 - (71,769) MBIA, Inc. Sell 1,020 0.600 9/20/08 - (71,024) Merrill Lynch & Co., Inc. Sell 630 1.850 6/20/08 - 1,974 Merrill Lynch & Co., Inc. Sell 300 1.650 9/20/08 - 1,504 Owens-Illinois, Inc. Sell 900 1.250 9/20/08 - 131 Prudential Financial, Inc. Sell 1,430 2.050 6/20/09 - (1,367) Tenet Healthcare Corp. Sell 1,635 1.600 3/20/09 - (20,830) The Bear Stearns Cos., Inc. Sell 4,195 2.350 9/20/08 - (11,767) The Bear Stearns Cos., Inc. Sell 220 2.750 9/20/08 - (176) Vornado Realty LP Sell 1,345 3.875 6/20/09 - 1,346 Wachovia Corp. Sell 2,990 1.000 3/20/09 - 49 Washington Mutual, Inc. Sell 1,275 4.500 12/20/08 - (26,994) Washington Mutual, Inc. Sell 255 4.500 12/20/08 - (5,399) ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Capital Markets LP: ABX.HE.AA.06-2 Index Sell 760 0.170 5/25/46 - (440,778) ABX.HE.AA.06-2 Index Sell 155 0.170 5/25/46 (12,771) (89,896) Capmark Financial Group, Inc. Sell 1,035 0.950 6/20/12 - (391,662) First Data Corp. Sell 1,020 1.150 9/20/08 - (10,416) ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs International: Amkor Technology, Inc. Sell 155 2.650 9/20/08 - 199 Citigroup, Inc. Sell 1,315 1.250 9/20/08 - (86,029) Dole Food Co., Inc. Sell 1,645 3.880 9/20/08 - (69,299) D.R. Horton, Inc. Sell 935 4.210 12/20/08 - 1,668 First Data Corp. Sell 110 4.700 3/20/09 - (555) General Mills, Inc. Sell 1,415 0.380 12/20/12 - (1,077) iStar Financial, Inc. Sell 185 3.950 12/20/12 - (24,618)
15 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc. Sell 635 6.750 9/20/08 - (24,844) Merrill Lynch & Co., Inc. Sell 1,440 1.850 6/20/08 - 4,513 Morgan Stanley Sell 110 1.500 9/20/08 - 426 Pulte Homes, Inc. Sell 1,625 2.750 9/20/09 - (22,032) R.H. Donnelley Corp. Sell 1,465 9.000 3/20/09 - (50,736) Sara Lee Corp. Buy 1,370 0.419 9/20/12 - 37,822 Smurfit-Stone Container Enterprises, Inc. Sell 1,640 1.450 9/20/08 - (49) Sprint Nextel Corp. Sell 1,060 6.300 3/20/09 - 2,055 Univision Communications, Inc. Sell 350 5.000 6/20/09 (35,000) (3,214) ------------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Special Financing, Inc.: ABX.HE.AA.06-2 Index Sell 930 0.170 5/25/46 (602,100) (538,609) Ambac Assurance Corp. Sell 780 4.650 9/20/08 - (18,138) Capital One Bank Buy 730 1.800 12/20/12 - 53,275 CenturyTel, Inc. Buy 695 1.430 3/20/13 - (13,817) D.R. Horton, Inc. Sell 1,705 4.200 12/20/08 - 2,917 General Mills, Inc. Sell 1,715 0.400 12/20/12 - 211 Genworth Financial, Inc. Sell 2,030 3.250 3/20/09 - 2,976 Harrah's Operating Co., Inc. Sell 1,540 5.000 3/20/10 (77,000) (89,001) Merrill Lynch & Co., Inc. Sell 755 3.000 9/20/08 - 8,436 Morgan Stanley Sell 4,275 0.640 9/20/08 - (2,009) Nortel Networks Corp. Sell 265 1.850 9/20/08 - 25 Prudential Financial, Inc. Sell 1,470 2.100 6/20/09 - (440) R.H. Donnelley Corp. Sell 185 5.000 3/20/09 (18,500) (18,216) Residential Capital LLC Sell 1,015 5.000 6/20/08 (131,950) (194,497) Sprint Nextel Corp. Sell 1,985 6.300 3/20/09 - 3,849 The Hartford Financial Services Group, Inc. Sell 670 2.350 3/20/09 - 8,842 The Hartford Financial Services Group, Inc. Sell 695 2.350 3/20/09 - 9,172 Toys "R" Us, Inc. Sell 510 8.610 3/20/09 - 18,466 Toys "R" Us, Inc. Sell 130 8.610 3/20/09 - 4,707 Univision Communications, Inc. Sell 155 3.000 12/20/08 - (13,899) Univision Communications, Inc. Sell 1,325 3.000 12/20/08 - (118,814)
16 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- Univision Communications, Inc. Sell 325 5.000 3/20/09 (27,625) (31,464) Washington Mutual, Inc. Sell 595 4.400 12/20/08 - (13,027) ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: ABX.HE.AA.06-2 Index Sell 155 0.170 5/25/46 (12,383) (89,768) ABX.HE.AA.06-2 Index Sell 300 0.170 5/25/46 (29,999) (173,745) Beazer Homes USA, Inc. Sell 1,040 2.150 6/20/08 - (22,484) Capmark Financial Group, Inc. Sell 405 5.000 6/20/12 109,350) (114,225) CDX.NA.IG.9 Index Sell 840 0.600 12/20/12 (20,229) (31,000) Countrywide Home Loans, Inc. Sell 800 0.750 9/20/08 - (21,139) Countrywide Home Loans, Inc. Sell 3,070 0.420 6/20/09 - (204,066) First Data Corp. Sell 620 1.350 9/20/08 - (5,711) Ford Motor Co. Sell 980 7.050 12/20/16 - (153,395) Ford Motor Co. Sell 2,065 7.150 12/20/16 - (246,103) General Motors Corp. Sell 1,035 5.800 12/20/16 - (151,104) General Motors Corp. Sell 1,000 5.750 12/20/16 - (148,161) Harrah's Operating Co., Inc. Sell 720 2.200 9/20/08 - (15,823) Inco Ltd. Buy 1,015 0.630 3/20/17 - 46,140 Inco Ltd. Buy 1,030 0.700 3/20/17 - 34,272 iStar Financial, Inc. Sell 170 4.860 12/20/12 - (22,622) J.C. Penney Co., Inc. Sell 1,095 1.300 12/20/17 - (54,186) J.C. Penney Co., Inc. Sell 1,060 1.070 12/20/17 - (69,923) K. Hovnanian Enterprises, Inc. Sell 500 1.850 6/20/08 - (17,400) K. Hovnanian Enterprises, Inc. Sell 500 1.850 6/20/08 - (17,400) Kohl's Corp. Buy 1,640 0.870 12/20/17 - 87,422 Kohl's Corp. Buy 1,590 0.660 12/20/17 - 109,381 Lennar Corp. Sell 1,210 2.900 12/20/08 - (33,124) Merrill Lynch & Co., Inc. Sell 3,675 3.000 9/20/08 - 41,061 Merrill Lynch & Co., Inc. Sell 1,270 3.250 9/20/08 - 16,636 Residential Capital LLC Sell 2,455 6.120 9/20/08 - (803,141) Residential Capital LLC Sell 220 5.000 6/20/08 (29,700) (42,157) Residential Capital LLC Sell 310 5.000 6/20/08 (44,950) (59,403)
17 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- Residential Capital LLC Sell 570 5.000 6/20/08 (82,650) (109,225) Sara Lee Corp. Buy 1,760 0.418 9/20/12 - 48,660 The Hartford Financial Services Group, Inc. Sell 665 2.400 3/20/09 - 9,105 Toys "R" Us, Inc. Sell 640 2.550 9/20/08 - (18,433) Tribune Co. Sell 1,000 1.000 6/20/08 - (69,229) Vale Overseas Ltd. Sell 1,015 1.100 3/20/17 - (91,635) Vale Overseas Ltd. Sell 1,030 1.170 3/20/17 - (88,277) --------------------------------- $ (1,447,081) $ (7,069,157) =================================
-------------------------------------------------------------------------------- INTEREST RATE SWAP CONTRACTS AS OF MARCH 31, 2008 ARE AS FOLLOWS: --------------------------------------------------------------------------------
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND HE FUND DATE VALUE -------------------------------------------------------------------------------------------------- Three-Month USD Credit Suisse International $ 4,580,000 BBA LIBOR 5.428% 8/7/17 $ 492,904 ------------------------------------------------------------------------------------------------- Three-Month USD Deutsche Bank AG 3,870,000 BBA LIBOR 5.445 8/8/17 421,555 ----------- $ 914,459 ===========
Abbreviation is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate -------------------------------------------------------------------------------- TOTAL RETURN SWAP CONTRACTS AS OF MARCH 31, 2008 ARE AS FOLLOWS: --------------------------------------------------------------------------------
NOTIONAL TERMINATION SWAP COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND DATE VALUE ----------------------------------------------------------------------------------------------------------------------- Barclays Bank plc: If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 20 basis 8.5+ Index minus 20 $ 6,720,000 points basis points 6/1/08 $ 215,569 If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 25 basis 8.5+ Index minus 25 1,800,000 points basis points 5/1/08 57,667 ----------------------------------------------------------------------------------------------------------------------- If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 15 basis 8.5+ Index minus 15 Deutsche Bank AG 2,700,000 points basis points 8/1/08 86,725 ----------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The):
18 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA 8,500,000 Index 8.5+ Index 3/1/09 232,485 If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 200 8.5+ Index plus 200 3,210,000 basis points basis points 3/1/09 319,705 ----------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc.: If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 40 basis 8.5+ Index minus 40 7,900,000 points basis points 6/1/08 250,369 If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 30 basis 8.5+ Index minus 30 16,300,000 points basis points 8/1/08 517,806 If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 25 8.5+ Index plus 25 7,300,000 basis points basis points 2/1/09 98,466 If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 20 basis 8.5+ Index minus 20 5,400,000 points basis points 5/1/08 171,948 If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 15 basis 8.5+ Index minus 15 16,000,000 points basis points 8/1/09 510,076 If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 55 8.5+ Index plus 55 6,556,000 basis points basis points 5/1/08 212,446 If positive, the If negative, the Total Total Return of the Return of the Lehman Lehman Brothers Brothers U.S. CMBS AAA 2,860,000 U.S. CMBS AAA Index Index 3/1/09 91,498
19 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 250 8.5+ Index plus 250 3,490,000 basis points basis points 3/1/09 177,804 If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 200 8.5+ Index plus 200 3,210,000 basis points basis points 3/1/09 275,849 If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 45 8.5+ Index plus 45 8,690,000 basis points basis points 5/1/08 280,946 ----------------------------------------------------------------------------------------------------------------------- Morgan Stanley: If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 40 basis 8.5+ Index minus 40 5,600,000 points basis points 6/1/08 155,122 If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 90 8.5+ Index plus 90 6,720,000 basis points basis points 6/1/08 186,211 If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 150 8.5+ Index plus 150 5,000,000 basis points basis points 8/1/08 121,285 If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA 900,000 Index 8.5+ Index 8/1/08 21,864 If positive, the If negative, the Total Total Return of the Return of the Lehman Lehman Brothers Brothers U.S. CMBS AAA 7,300,000 U.S. CMBS AAA Index Index 2/1/09 163,225 If positive, the If negative, the Total Total Return of the Return of the Lehman Lehman Brothers Brothers U.S. CMBS AAA 13,600,000 U.S. CMBS AAA Index Index 3/1/09 315,121
20 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 250 8.5+ Index plus 250 5,960,000 basis points basis points 3/1/09 704,796 If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 350 8.5+ Index plus 350 5,860,000 basis points basis points 3/1/09 699,006 ----------------------------------------------------------------------------------------------------------------------- If positive, the Total Return of the If negative, the Total Lehman Brothers Return of the Lehman U.S. CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 20 basis 8.5+ Index minus 20 UBS AG 3,800,000 points basis points 5/1/08 122,199 ------------- $ 5,988,188 =============
Abbreviation is as follows: CMBS Commercial Mortgage Backed Securities 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 Funds' 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. 21 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- 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 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, 2008, 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 $ 65,374,120 Sold securities 2,516,531
The Fund may enter into "forward roll" transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that have been sold. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price. 22 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; 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. 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 report s. 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. 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. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Fund may be delayed or limited. INVESTMENTS WITH OFF-BALANCE SHEET RISK. The Fund enters into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund's Statement of Assets and Liabilities in the annual and semiannual reports. 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. 23 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- 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. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. SWAP CONTRACTS The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, or the occurrence of a credit event, over a specified period. Such contracts may include interest rate, equity, debt, index, total return, credit and currency swaps. Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Risks of entering into swap contracts include credit, market and liquidity risk. 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. Market risk is the risk that the value of the contract will depreciate due to unfavorable changes in the reference asset. If there is an illiquid market for the agreement, the Fund may be unable to close the contract prior to contract termination. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection against a defined-issuer credit event. The Fund may enter into credit default swaps on a single security, or a basket of securities. In a credit default swap contract, the purchaser of the contract will pay a periodic interest fee, similar to an insurance premium, on the notional amount of the swap contract to the counterparty (the seller of the contract). If there is a credit event (for example, bankruptcy or a failure to timely pay interest or principal), the purchaser will exercise the contract and will receive a payment from the seller of the contract equal to the notional value of the credit default swap contract less the value of the underlying security. In the event that the credit default swap is exercised due to a credit event, the difference between the value of the underlying security and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. Risks of credit default swaps include, but are not limited to, the cost of paying for credit protection if there are no credit events, or the cost of selling protection (paying the notional amount) when a credit event occurs, pricing transparency when assessing the cost of a credit default swap, and the need to fund the delivery obligation (either cash or defaulted securities). 24 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- INTEREST RATE SWAP CONTRACTS. An interest rate swap is an agreement between counterparties to exchange periodic interest payments on the notional amount of the contract. One cash flow stream will typically be a floating rate payment based upon a specified index while the other is typically a fixed rate. Interest rate swap agreements include interest rate risk. There is a risk, based on future movements of interest rates where the payments made by the Fund under a swap agreement will be greater than the payments it received. TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between counterparties to exchange a set of future cash flows on the notional amount of the contract. One cash flow is typically based on a reference interest rate or index and the other on the total return of a reference asset such as a security, a basket of securities, or an index. The total return includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. ILLIQUID SECURITIES As of March 31, 2008, 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, 2008, the Fund had on loan securities valued at $3,218,170. Collateral of $3,380,405 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, 2008 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 $ 496,739,658 Federal tax cost of other investments (82,365,959) ----------------- Total federal tax cost $ 414,373,699 ================= Gross unrealized appreciation $ 17,537,382 Gross unrealized depreciation (25,847,247) ----------------- Net unrealized depreciation $ (8,309,865) =================
25 | OPPENHEIMER CORE BOND FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited --------------------------------------------------------------------------------
SHARES VALUE ----------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- COMMON STOCKS -- 96.1% ----------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY -- 5.9% ----------------------------------------------------------------------------------------------------------- MEDIA -- 5.9% Cinemark Holdings, Inc. 5,500 $ 70,345 ----------------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series C 1 6,458 209,756 ----------------------------------------------------------------------------------------------------------- News Corp., Inc., Cl. A 7,352 137,850 -------------------- 417,951 ----------------------------------------------------------------------------------------------------------- CONSUMER STAPLES -- 6.0% ----------------------------------------------------------------------------------------------------------- FOOD PRODUCTS -- 2.0% ConAgra Foods, Inc. 6,020 144,179 ----------------------------------------------------------------------------------------------------------- TOBACCO -- 4.0% Altria Group, Inc. 3,911 86,824 ----------------------------------------------------------------------------------------------------------- Philip Morris International, Inc. 1 3,911 197,818 -------------------- 284,642 ----------------------------------------------------------------------------------------------------------- ENERGY -- 13.4% ----------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES -- 1.9% Halliburton Co. 3,430 134,902 ----------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS -- 11.5% Devon Energy Corp. 1,950 203,444 ----------------------------------------------------------------------------------------------------------- Exxon Mobil Corp. 4,326 365,893 ----------------------------------------------------------------------------------------------------------- Marathon Oil Corp. 1,520 69,312 ----------------------------------------------------------------------------------------------------------- Murphy Oil Corp. 2,180 179,065 -------------------- 817,714 ----------------------------------------------------------------------------------------------------------- FINANCIALS -- 20.8% ----------------------------------------------------------------------------------------------------------- CAPITAL MARKETS -- 13.0% Credit Suisse Group, ADR 7,360 374,477 ----------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 2,200 363,858 ----------------------------------------------------------------------------------------------------------- UBS AG 6,386 183,917 -------------------- 922,252 ----------------------------------------------------------------------------------------------------------- CONSUMER FINANCE -- 2.6% American Express Co. 4,250 185,810 ----------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES -- 2.0% Citigroup, Inc. 6,590 141,158 ----------------------------------------------------------------------------------------------------------- INSURANCE -- 3.2% Everest Re Group Ltd. 1,397 125,073 ----------------------------------------------------------------------------------------------------------- National Financial Partners Corp. 4,400 98,868 -------------------- 223,941 ----------------------------------------------------------------------------------------------------------- HEALTH CARE -- 6.3% ----------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES -- 1.0% WellPoint, Inc. 1 1,530 67,519 ----------------------------------------------------------------------------------------------------------- PHARMACEUTICALS -- 5.3% Johnson & Johnson 4,230 274,400 ----------------------------------------------------------------------------------------------------------- Novartis AG, ADR 715 36,629 ----------------------------------------------------------------------------------------------------------- Schering-Plough Corp. 4,580 65,998 -------------------- 377,027 ----------------------------------------------------------------------------------------------------------- INDUSTRIALS -- 10.4% ----------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES -- 4.3% Siemens AG, Sponsored ADR 2,804 305,468 -----------------------------------------------------------------------------------------------------------
1 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited --------------------------------------------------------------------------------
SHARES VALUE ----------------------------------------------------------------------------------------------------------- MACHINERY -- 5.4% Deere & Co. 890 $ 71,592 ----------------------------------------------------------------------------------------------------------- Navistar International Corp. 1 5,093 306,344 -------------------- 377,936 ----------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS -- 0.7% Aircastle Ltd. 4,600 51,750 ----------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY -- 10.2% ----------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS -- 2.4% Sun Microsystems, Inc. 1 10,950 170,054 ----------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 7.8% ASML Holding NV 1 10,700 265,467 ----------------------------------------------------------------------------------------------------------- Lam Research Corp. 1 4,990 190,718 ----------------------------------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc. 1 3,410 95,992 -------------------- 552,177 ----------------------------------------------------------------------------------------------------------- MATERIALS -- 10.0% ----------------------------------------------------------------------------------------------------------- CHEMICALS -- 8.0% BASF SE, Sponsored ADR 1,180 159,182 ----------------------------------------------------------------------------------------------------------- Eastman Chemical Co. 2,870 179,232 ----------------------------------------------------------------------------------------------------------- FMC Corp. 1,540 85,455 ----------------------------------------------------------------------------------------------------------- Lubrizol Corp. (The) 2,557 141,939 -------------------- 565,808 ----------------------------------------------------------------------------------------------------------- METALS & MINING -- 2.0% Carpenter Technology Corp. 2,510 140,485 ----------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 4.9% ----------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 4.1% AT&T, Inc. 7,620 291,846 ----------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES -- 0.8% Sprint Nextel Corp. 8,180 54,724 ----------------------------------------------------------------------------------------------------------- UTILITIES -- 8.2% ----------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES -- 8.2% Exelon Corp. 3,776 306,876 ----------------------------------------------------------------------------------------------------------- FirstEnergy Corp. 4,030 276,536 -------------------- 583,412 -------------------- Total Common Stocks (Cost $6,877,728) 6,810,755 ----------------------------------------------------------------------------------------------------------- INVESTMENT COMPANY -- 4.4% ----------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 3.29% 2,3 (Cost $315,241) 315,241 315,241 ----------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $7,192,969) 100.5% 7,125,996 ----------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (0.5) (37,967) ----------------------------------------- NET ASSETS 100.0% $ 7,088,029 =========================================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Rate shown is the 7-day yield as of March 31, 2008. 2 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- 3. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2008, 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, 2007 ADDITIONS REDUCTIONS MARCH 31, 2008 ----------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 177,433 1,719,582 1,581,774 315,241
DIVIDEND VALUE INCOME ----------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 315,241 $ 2,597
-------------------------------------------------------------------------------- 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, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION INPUTS SECURITIES INSTRUMENTS* --------------------------------------------------- ------------------------------------- Level 1 - Quoted Prices $ 6,966,814 $ -- Level 2 - Other Significant Observable Inputs 159,182 -- Level 3 - Significant Unobservable Inputs -- -- -------------------------------------- TOTAL $ 7,125,996 $ -- =====================================
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts, futures and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Options and swaps are reported at their market value at measurement date, which may include premiums received or paid. 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 3 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- necessarily an indication of the risks associated with investing in those securities. A table summarizing the Funds' 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 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 4 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------------------------------------------------------------------------- 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. 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, 2008 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $ 7,232,436 ================= Gross unrealized appreciation $ 528,274 Gross unrealized depreciation (634,714) ----------------- Net unrealized depreciation $ (106,440) =================
5 | OPPENHEIMER VALUE FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ---------------- COMMON STOCKS--99.5% CONSUMER DISCRETIONARY--5.7% AUTO COMPONENTS--0.1% American Axle & Manufacturing Holdings, Inc. (1) 7,800 $ 159,900 ArvinMeritor, Inc. (1) 10,500 131,355 Autoliv, Inc. (1) 6,400 321,280 Cooper Tire & Rubber Co. 10,000 149,700 Gentex Corp. (1) 17,500 300,125 Lear Corp. (1,2) 24,000 621,840 ---------------- 1,684,200 ---------------- AUTOMOBILES--0.0% Thor Industries, Inc. (1) 7,000 208,390 DIVERSIFIED CONSUMER SERVICES--0.0% DeVry, Inc. (1) 6,800 284,512 Sotheby's (1) 9,800 283,318 ---------------- 567,830 ---------------- HOTELS, RESTAURANTS & LEISURE--0.8% Chipotle Mexican Grill, Inc., Cl. B (1,2) 7,419 720,311 McDonald's Corp. 39,300 2,191,761 Wyndham Worldwide Corp. 5,200 107,536 Yum! Brands, Inc. (1) 353,500 13,153,735 ---------------- 16,173,343 ---------------- HOUSEHOLD DURABLES--0.2% American Greetings Corp., Cl. A (1) 12,000 222,600 KB Home (1) 11,500 284,395 Lennar Corp., Cl. A (1) 47,200 887,832 Mohawk Industries, Inc. (1,2) 4,700 336,567 NVR, Inc. (1,2) 1,800 1,075,500 Pulte Homes, Inc. (1) 79,000 1,149,450 Ryland Group, Inc. (The) (1) 7,500 246,675 Tempur-Pedic International, Inc. (1) 3,200 35,200 Toll Brothers, Inc. (1,2) 40,400 948,592 ---------------- 5,186,811 ---------------- INTERNET & CATALOG RETAIL--0.1% Expedia, Inc. (1,2) 20,000 437,800 NetFlix.com, Inc. (1,2) 5,400 187,110 Priceline.com, Inc. (1,2) 3,000 362,580 ---------------- 987,490 ---------------- LEISURE EQUIPMENT & PRODUCTS--0.0% Callaway Golf Co. (1) 8,700 127,716 Eastman Kodak Co. (1) 20,600 364,002 Polaris Industries, Inc. (1) 3,400 139,434 ---------------- 631,152 ---------------- MEDIA--2.0% Clear Channel Communications, Inc. 386,500 11,293,530
1 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ---------------- MEDIA CONTINUED DirecTV Group, Inc. (The) (2) 2,400 $ 59,496 Dish Network Corp., Cl. A (2) 76,900 2,209,337 DreamWorks Animation SKG, Inc., Cl. A (2) 5,000 128,900 Gannett Co., Inc. (1) 14,400 418,320 Getty Images, Inc. (1,2) 8,900 284,800 Liberty Global, Inc., Series A (1,2) 28,000 954,240 Scholastic Corp. (1,2) 4,900 148,323 Time Warner, Inc. 751,300 10,533,226 Viacom, Inc., Cl. B (2) 158,373 6,274,738 Walt Disney Co. (The) 349,900 10,979,862 ---------------- 43,284,772 ---------------- MULTILINE RETAIL--0.1% Big Lots, Inc. (1,2) 28,500 635,550 Dollar Tree, Inc. (2) 17,300 477,307 Family Dollar Stores, Inc. (1) 43,000 838,500 Macy's, Inc. 26,500 611,090 ---------------- 2,562,447 ---------------- SPECIALTY RETAIL--2.3% AutoNation, Inc. (1,2) 53,200 796,404 AutoZone, Inc. (2) 1,700 193,511 Best Buy Co., Inc. 377,100 15,634,566 Buckle, Inc. (The) (1) 1,000 44,730 Gap, Inc. (The) 728,500 14,336,880 Home Depot, Inc. (The) 134,500 3,761,965 Men's Wearhouse, Inc. (The) (1) 5,400 125,658 Office Depot, Inc. (2) 24,300 268,515 RadioShack Corp. (1) 45,300 736,125 TJX Cos., Inc. (The) (1) 363,500 12,020,945 ---------------- 47,919,299 ---------------- TEXTILES, APPAREL & LUXURY GOODS--0.1% Deckers Outdoor Corp. (2) 1,600 172,512 Fossil, Inc. (1,2) 14,000 427,560 Iconix Brand Group, Inc. (1,2) 12,200 211,670 Polo Ralph Lauren Corp., Cl. A (1) 12,300 716,967 Warnaco Group, Inc. (The) (1,2) 2,600 102,544 Wolverine World Wide, Inc. (1) 3,800 110,238 ---------------- 1,741,491 ---------------- CONSUMER STAPLES--5.2% BEVERAGES--1.1% Central European Distribution Corp. (1,2) 4,800 279,312 Coca-Cola Co. (The) 234,100 14,249,667 Constellation Brands, Inc., Cl. A (2) 17,300 305,691 Hansen Natural Corp. (1,2) 7,500 264,750
2 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ---------------- BEVERAGES CONTINUED PepsiCo, Inc. 126,250 $ 9,115,250 ---------------- 24,214,670 ---------------- FOOD & STAPLES RETAILING--1.2% Casey's General Stores, Inc. 5,000 113,000 CVS Caremark Corp. 153,900 6,234,489 Kroger Co. (The) 628,900 15,974,060 Wal-Mart Stores, Inc. 67,400 3,550,632 ---------------- 25,872,181 ---------------- FOOD PRODUCTS--0.0% Chiquita Brands International, Inc. (1,2) 9,200 212,612 Darling International, Inc. (1,2) 16,400 212,380 Fresh Del Monte Produce, Inc. (1,2) 5,900 214,760 ---------------- 639,752 ---------------- HOUSEHOLD PRODUCTS--1.7% Procter & Gamble Co. (The) 508,615 35,638,653 PERSONAL PRODUCTS--0.0% Chattem, Inc. (1,2) 3,100 205,654 TOBACCO--1.2% Altria Group, Inc. 343,400 7,623,480 Philip Morris International, Inc. (2) 343,400 17,369,172 Universal Corp. (1) 3,900 255,567 ---------------- 25,248,219 ---------------- ENERGY--23.3% ENERGY EQUIPMENT & SERVICES--5.0% Baker Hughes, Inc. 167,600 11,480,600 Diamond Offshore Drilling, Inc. (1) 122,200 14,224,080 Dril-Quip, Inc. (1,2) 4,400 204,468 ENSCO International, Inc. 11,000 688,820 FMC Technologies, Inc. (1,2) 8,100 460,809 Halliburton Co. 517,000 20,333,610 NATCO Group, Inc., Cl. A (1,2) 4,500 210,375 Oil States International, Inc. (1,2) 3,800 170,278 Patterson-UTI Energy, Inc. (1) 20,100 526,218 Schlumberger Ltd. 492,800 42,873,600 Seacor Holdings, Inc. (1,2) 2,900 247,544 Tidewater, Inc. (1) 8,300 457,413 Transocean, Inc. (2) 115,600 15,629,120 ---------------- 107,506,935 ---------------- OIL, GAS & CONSUMABLE FUELS--18.3% Anadarko Petroleum Corp. 289,500 18,247,185 Apache Corp. 177,100 21,397,222 Chesapeake Energy Corp. (1) 270,300 12,474,345 Chevron Corp. 688,726 58,789,651 Cimarex Energy Co. (1) 6,500 355,810 ConocoPhillips 606,583 46,227,690
3 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ---------------- OIL, GAS & CONSUMABLE FUELS CONTINUED CONSOL Energy, Inc. 100 $ 6,919 Devon Energy Corp. 180,800 18,862,864 EOG Resources, Inc. 28,400 3,408,000 Exxon Mobil Corp. 1,391,806 117,718,951 Frontier Oil Corp. (1) 11,400 310,764 Hess Corp. 193,900 17,098,102 Holly Corp. (1) 6,200 269,142 Marathon Oil Corp. 402,900 18,372,240 Mariner Energy, Inc. (1,2) 10,400 280,904 Murphy Oil Corp. 63,400 5,207,676 Noble Energy, Inc. (1) 84,600 6,158,880 Occidental Petroleum Corp. 456,400 33,394,788 Stone Energy Corp. (2) 4,800 251,088 Valero Energy Corp. 123,400 6,060,174 W&T Offshore, Inc. (1) 7,000 238,770 XTO Energy, Inc. 84,700 5,239,542 ---------------- 390,370,707 ---------------- FINANCIALS--16.8% CAPITAL MARKETS--3.9% Ameriprise Financial, Inc. 1,200 62,220 Apollo Investment Corp. (1) 14,200 224,786 Bank of New York Mellon Corp. 94,700 3,951,831 Charles Schwab Corp. (The) 461,400 8,688,162 FCStone Group, Inc. (2) 5,000 138,500 Goldman Sachs Group, Inc. (The) 79,100 13,082,349 Invesco Ltd. (1) 25,300 616,308 Janus Capital Group, Inc. (1) 36,200 842,374 Knight Capital Group, Inc., Cl. A (2) 13,400 217,616 Lazard Ltd., Cl. A 5,100 194,820 Lehman Brothers Holdings, Inc. (1) 376,600 14,175,224 Merrill Lynch & Co., Inc. 513,200 20,907,768 Morgan Stanley 180,700 8,257,990 optionsXpress Holdings, Inc. (1) 9,900 205,029 State Street Corp. 144,200 11,391,800 ---------------- 82,956,777 ---------------- COMMERCIAL BANKS--1.8% PNC Financial Services Group, Inc. 30,600 2,006,442 U.S. Bancorp (1) 298,770 9,668,197 Wachovia Corp. (1) 345,493 9,328,311 Wells Fargo & Co. 635,100 18,481,410 ---------------- 39,484,360 ---------------- CONSUMER FINANCE--0.8% Capital One Financial Corp. (1) 326,000 16,045,720 Cash America International, Inc. (1) 6,600 240,240
4 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ---------------- CONSUMER FINANCE CONTINUED Discover Financial Services (1) 25,600 $ 419,072 ---------------- 16,705,032 ---------------- DIVERSIFIED FINANCIAL SERVICES--3.5% Bank of America Corp. 865,209 32,800,073 Citigroup, Inc. 395,788 8,477,779 CME Group, Inc. 3,400 1,594,940 JPMorgan Chase & Co. 723,644 31,080,510 NASDAQ OMX Group, Inc. (The) (1,2) 11,900 460,054 ---------------- 74,413,356 ---------------- INSURANCE--6.7% ACE Ltd. 216,000 11,892,960 Allstate Corp. 169,300 8,136,558 American International Group, Inc. (1) 380,340 16,449,705 Aon Corp. 222,900 8,960,580 Arch Capital Group Ltd. (2) 4,600 315,882 Aspen Insurance Holdings Ltd. (1) 10,600 279,628 Assurant, Inc. 13,200 803,352 Assured Guaranty Ltd. (1) 9,200 218,408 Axis Capital Holdings Ltd. 11,000 373,780 Berkley (W.R.) Corp. 12,700 351,663 Berkshire Hathaway, Inc., Cl. B (1,2) 3,190 14,268,551 Chubb Corp. 327,100 16,184,908 CNA Financial Corp. (1) 9,400 242,426 Delphi Financial Group, Inc., Cl. A (1) 4,000 116,920 Endurance Specialty Holdings Ltd. 7,300 267,180 Everest Re Group Ltd. 4,400 393,932 Fidelity National Title Group, Inc., Cl. A (1) 19,800 362,934 First American Corp. (The) (1) 24,700 838,318 Genworth Financial, Inc., Cl. A 94,500 2,139,480 Hartford Financial Services Group, Inc. (The) 61,700 4,675,009 HCC Insurance Holdings, Inc. (1) 13,100 297,239 IPC Holdings Ltd. (1) 7,900 221,200 Lincoln National Corp. 129,800 6,749,600 Loews Corp. 225,500 9,069,610 Max Capital Group Ltd. (1) 2,500 65,475 Mercury General Corp. (1) 3,000 132,930 MetLife, Inc. 50,100 3,019,026 National Financial Partners Corp. 7,400 166,278 Nationwide Financial Services, Inc., Cl. A (1) 6,900 326,232 Odyssey Re Holdings Corp. (1) 6,700 246,225 Partnerre Holdings Ltd. (1) 5,600 427,280 ProAssurance Corp. (1,2) 4,200 226,086 Prudential Financial, Inc. 172,500 13,498,125 Reinsurance Group of America, Inc. (1) 5,000 272,200 RenaissanceRe Holdings Ltd. 6,700 347,797 Safeco Corp. 7,600 333,488
5 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ---------------- INSURANCE CONTINUED StanCorp Financial Group, Inc. (1) 6,200 $ 295,802 Torchmark Corp. 6,600 396,726 Travelers Cos., Inc. (The) 386,000 18,470,100 UnumProvident Corp. 26,400 581,064 XL Capital Ltd., Cl. A (1) 11,800 348,690 ---------------- 142,763,347 ---------------- REAL ESTATE INVESTMENT TRUSTS--0.1% General Growth Properties, Inc. 31,400 1,198,538 REAL ESTATE MANAGEMENT & DEVELOPMENT--0.0% Jones Lang LaSalle, Inc. (1) 4,000 309,360 HEALTH CARE--5.8% BIOTECHNOLOGY--0.6% Amgen, Inc. (2) 186,300 7,783,614 Genentech, Inc. (1,2) 71,900 5,836,842 Martek Biosciences Corp. (1,2) 2,600 79,482 ---------------- 13,699,938 ---------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.2% Baxter International, Inc. 89,500 5,174,890 HEALTH CARE PROVIDERS & SERVICES--2.0% Aetna, Inc. 193,600 8,148,624 Amedisys, Inc. (1,2) 4,400 173,096 AMERIGROUP Corp. (2) 6,500 177,645 AmerisourceBergen Corp. 19,400 795,012 Centene Corp. (1,2) 12,000 167,280 CIGNA Corp. 155,700 6,316,749 Coventry Health Care, Inc. (2) 15,600 629,460 Express Scripts, Inc. (1,2) 5,100 328,032 Health Net, Inc. (2) 20,600 634,480 Healthspring, Inc. (1,2) 14,500 204,160 Humana, Inc. (2) 82,000 3,678,520 Lincare Holdings, Inc. (1,2) 17,700 497,547 Omnicare, Inc. (1) 31,400 570,224 Owens & Minor, Inc. (1) 5,000 196,700 UnitedHealth Group, Inc. 557,848 19,167,657 WellPoint, Inc. (1,2) 3,712 163,811 ---------------- 41,848,997 ---------------- LIFE SCIENCES TOOLS & SERVICES--0.1% Applera Corp./Applied Biosystems Group 16,400 538,904 Invitrogen Corp. (1,2) 11,800 1,008,546 ---------------- 1,547,450 ---------------- PHARMACEUTICALS--2.9% Abbott Laboratories 20,900 1,152,635 Eli Lilly & Co. 43,800 2,259,642 Endo Pharmaceuticals Holdings, Inc. (1,2) 24,000 574,560 Johnson & Johnson 359,106 23,295,206
6 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ---------------- PHARMACEUTICALS CONTINUED King Pharmaceuticals, Inc. (1,2) 81,500 $ 709,050 Merck & Co., Inc. 236,900 8,990,355 Pfizer, Inc. 1,164,100 24,364,613 ---------------- 61,346,061 ---------------- INDUSTRIALS--11.1% AEROSPACE & DEFENSE--2.4% AAR Corp. (1,2) 6,800 185,436 Boeing Co. 140,800 10,471,296 DRS Technologies, Inc. (1) 5,800 338,024 Esterline Technologies Corp. (2) 4,100 206,517 Honeywell International, Inc. 376,000 21,213,920 L-3 Communications Holdings, Inc. 16,100 1,760,374 Northrop Grumman Corp. 45,500 3,540,355 Raytheon Co. 18,300 1,182,363 Teledyne Technologies, Inc. (1,2) 2,300 108,100 TransDigm Group, Inc. (1,2) 4,500 166,725 Triumph Group, Inc. (1) 3,900 222,027 United Technologies Corp. 176,700 12,160,494 ---------------- 51,555,631 ---------------- AIRLINES--0.1% Continental Airlines, Inc., Cl. B (1,2) 34,100 655,743 Northwest Airlines Corp. (2) 8,700 78,213 SkyWest, Inc. (1) 10,000 211,200 Southwest Airlines Co. (1) 50,100 621,240 UAL Corp. (1) 16,500 355,245 ---------------- 1,921,641 ---------------- BUILDING PRODUCTS--0.0% USG Corp. (1,2) 21,200 780,584 COMMERCIAL SERVICES & SUPPLIES--0.5% ChoicePoint, Inc. (1,2) 6,200 295,120 Deluxe Corp. (1) 8,300 159,443 IHS, Inc., Cl. A (1,2) 4,200 270,102 Ikon Office Solutions, Inc. (1) 16,000 121,600 Manpower, Inc. 6,600 371,316 Miller (Herman), Inc. (1) 7,200 176,904 Robert Half International, Inc. 25,200 648,648 Steelcase, Inc., Cl. A (1) 17,700 195,762 United Stationers, Inc. (1,2) 3,500 166,950 Waste Management, Inc. 234,300 7,863,108 Watson Wyatt & Co. Holdings (1) 5,300 300,775 ---------------- 10,569,728 ---------------- CONSTRUCTION & ENGINEERING--0.1% Chicago Bridge & Iron Co. NV (1) 10,000 392,400 EMCOR Group, Inc. (1,2) 9,300 206,553 Fluor Corp. 700 98,812
7 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ---------------- CONSTRUCTION & ENGINEERING CONTINUED KBR, Inc. 14,200 $ 393,766 Perini Corp. (2) 3,500 126,805 Shaw Group, Inc. (The) (1,2) 6,000 282,840 URS Corp. (1,2) 7,000 228,830 ---------------- 1,730,006 ---------------- ELECTRICAL EQUIPMENT--0.3% Acuity Brands, Inc. (1) 5,200 223,340 Belden, Inc. 5,000 176,600 Emerson Electric Co. 94,100 4,842,386 Evergreen Solar, Inc. (1,2) 20,300 188,181 GrafTech International Ltd. (1,2) 14,200 230,182 Regal-Beloit Corp. (1) 5,900 216,117 Smith (A.O.) Corp. (1) 6,000 197,220 Thomas & Betts Corp. (1,2) 8,500 309,145 Woodward Governor Co. (1) 6,000 160,320 ---------------- 6,543,491 ---------------- INDUSTRIAL CONGLOMERATES--4.9% 3M Co. 170,000 13,455,500 General Electric Co. 1,733,100 64,142,031 Teleflex, Inc. 3,300 157,443 Textron, Inc. 142,200 7,880,724 Tyco International Ltd. 392,475 17,288,524 Walter Industries, Inc. (1) 5,900 369,517 ---------------- 103,293,739 ---------------- MACHINERY--2.6% Actuant Corp., Cl. A (1) 7,600 229,596 Barnes Group, Inc. (1) 9,400 215,730 Briggs & Stratton Corp. (1) 12,300 220,170 Caterpillar, Inc. 377,600 29,562,304 Crane Co. 5,600 225,960 Cummins, Inc. 72,800 3,408,496 Deere & Co. 71,000 5,711,240 Eaton Corp. 54,200 4,318,114 Gardner Denver, Inc. (2) 4,600 170,660 IDEX Corp. 5,100 156,519 Ingersoll-Rand Co. Ltd., Cl. A (1) 83,800 3,735,804 Paccar, Inc. 60,300 2,713,500 Parker-Hannifin Corp. 52,800 3,657,456 Pentair, Inc. (1) 5,000 159,500 Robbins & Myers, Inc. (1) 6,600 215,490 SPX Corp. 1,700 178,330 Timken Co. (1) 10,100 300,172 Watts Water Technologies, Inc., Cl. A (1) 6,200 173,786 ---------------- 55,352,827 ----------------
8 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ---------------- MARINE--0.0% TBS International Ltd., Cl. A (1,2) 7,100 $ 214,420 ROAD & RAIL--0.2% Norfolk Southern Corp. 32,000 1,738,240 Ryder Systems, Inc. 5,300 322,823 Union Pacific Corp. 22,700 2,846,126 ---------------- 4,907,189 ---------------- TRADING COMPANIES & DISTRIBUTORS--0.0% Applied Industrial Technologies, Inc. (1) 7,800 233,142 United Rentals, Inc. (2) 11,800 222,312 ---------------- 455,454 ---------------- INFORMATION TECHNOLOGY--23.7% COMMUNICATIONS EQUIPMENT--3.6% Blue Coat Systems, Inc. (1,2) 8,100 178,524 Cisco Systems, Inc. (2) 1,198,400 28,869,456 CommScope, Inc. (1,2) 20,500 714,015 EchoStar Holding Corp. (1,2) 19,560 577,802 Foundry Networks, Inc. (1,2) 47,600 551,208 Harmonic, Inc. (1,2) 25,700 195,320 Harris Corp. (1) 8,700 422,211 JDS Uniphase Corp. (1,2) 23,100 309,309 Plantronics, Inc. (1) 11,600 223,996 QUALCOMM, Inc. 1,073,700 44,021,700 Tellabs, Inc. (2) 62,200 338,990 ---------------- 76,402,531 ---------------- COMPUTERS & PERIPHERALS--7.0% Apple, Inc. (2) 337,300 48,402,550 Brocade Communications Systems, Inc. (2) 41,100 300,030 Hewlett-Packard Co. 1,216,900 55,563,654 International Business Machines Corp. 302,800 34,864,392 Lexmark International, Inc., Cl. A (1,2) 25,300 777,216 NCR Corp. (2) 37,500 856,125 SanDisk Corp. (2) 20,200 455,914 Seagate Technology (1) 356,200 7,458,828 Teradata Corp. (2) 12,000 264,720 Western Digital Corp. (2) 18,900 511,056 ---------------- 149,454,485 ---------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.3% Agilent Technologies, Inc. (2) 140,700 4,197,081 Arrow Electronics, Inc. (2) 26,100 878,265 Avnet, Inc. (2) 27,600 903,348 Benchmark Electronics, Inc. (2) 10,200 183,090 Molex, Inc. 13,700 317,292 Plexus Corp. (1,2) 8,200 230,010
9 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ---------------- ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED Rofin-Sinar Technologies, Inc. (1,2) 5,700 $ 255,930 ---------------- 6,965,016 ---------------- INTERNET SOFTWARE & SERVICES--2.0% Bankrate, Inc. (1,2) 4,600 229,494 Google, Inc., Cl. A (2) 95,300 41,976,791 Open Text Corp. (1,2) 6,900 216,039 Sohu.com, Inc. (2) 4,800 216,624 ---------------- 42,638,948 ---------------- IT SERVICES--0.9% Accenture Ltd., Cl. A 190,400 6,696,368 Affiliated Computer Services, Inc., Cl. A (1,2) 7,100 355,781 Computer Sciences Corp. (2) 22,300 909,617 Convergys Corp. (2) 14,200 213,852 CyberSource Corp. (2) 5,600 81,816 DST Systems, Inc. (1,2) 12,000 788,880 Electronic Data Systems Corp. 257,900 4,294,035 Euronet Worldwide, Inc. (1,2) 8,300 159,858 Hewitt Associates, Inc. (1,2) 17,700 703,929 SAIC, Inc. (1,2) 16,700 310,453 Visa, Inc., Cl. A. (2) 78,570 4,899,625 Wright Express Corp. (1,2) 2,300 70,679 ---------------- 19,484,893 ---------------- OFFICE ELECTRONICS--0.3% Xerox Corp. (1) 351,700 5,264,949 Zebra Technologies Corp., Cl. A (1,2) 200 6,664 ---------------- 5,271,613 ---------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5.0% Altera Corp. 21,400 394,402 Amkor Technology, Inc. (1,2) 21,200 226,840 Analog Devices, Inc. 85,500 2,523,960 Applied Materials, Inc. (1) 703,500 13,725,285 Atmel Corp. (1,2) 40,100 139,548 Broadcom Corp., Cl. A (2) 31,400 605,078 Cypress Semiconductor Corp. (1,2) 19,900 469,839 Diodes, Inc. (1,2) 2,400 52,704 Intel Corp. 2,176,300 46,094,034 Intersil Corp., Cl. A (1) 31,400 806,038 KLA-Tencor Corp. 14,200 526,820 Lam Research Corp. (1,2) 16,100 615,342 MEMC Electronic Materials, Inc. (2) 197,500 14,002,750 Novellus Systems, Inc. (2) 34,700 730,435 NVIDIA Corp. (2) 170,300 3,370,237 OmniVision Technologies, Inc. (1,2) 14,900 250,618
10 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ---------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED PMC-Sierra, Inc. (1,2) 25,700 $ 146,490 Semtech Corp. (1,2) 17,800 255,074 Sigma Designs, Inc. (1,2) 6,300 142,821 Silicon Laboratories, Inc. (2) 7,100 223,934 Skyworks Solutions, Inc. (1,2) 27,300 198,744 Texas Instruments, Inc. 706,700 19,978,409 Varian Semiconductor Equipment Associates, Inc. (1,2) 22,800 641,820 Xilinx, Inc. (1) 45,600 1,083,000 ---------------- 107,204,222 ---------------- SOFTWARE--4.6% Activision, Inc. (1,2) 36,700 1,002,277 Adobe Systems, Inc. (2) 145,000 5,160,550 Advent Software, Inc. (1,2) 4,700 200,314 Ansys, Inc. (1,2) 6,300 217,476 Autodesk, Inc. (2) 26,700 840,516 BEA Systems, Inc. (2) 71,200 1,363,480 BMC Software, Inc. (2) 34,500 1,121,940 Cadence Design Systems, Inc. (1,2) 56,600 604,488 Check Point Software Technologies Ltd. (2) 22,600 506,240 Compuware Corp. (2) 94,200 691,428 McAfee, Inc. (1,2) 27,300 903,357 MICROS Systems, Inc. (1,2) 17,800 599,148 Microsoft Corp. 2,229,700 63,278,886 MicroStrategy, Inc., Cl. A (1,2) 2,600 192,374 Net 1 UEPS Technologies, Inc. (2) 8,100 182,655 Novell, Inc. (2) 121,500 764,235 Oracle Corp. (2) 697,300 13,639,188 Quest Software, Inc. (1,2) 12,200 159,454 Sybase, Inc. (1,2) 13,600 357,680 Symantec Corp. (2) 324,500 5,393,190 Synopsys, Inc. (2) 700 15,897 TIBCO Software, Inc. (1,2) 26,000 185,640 ---------------- 97,380,413 ---------------- MATERIALS--5.8% CHEMICALS--1.5% Ashland, Inc. 6,500 307,450 CF Industries Holdings, Inc. (1) 4,800 497,376 Cytec Industries, Inc. (1) 5,200 280,020 Hercules, Inc. (1) 12,100 221,309 Minerals Technologies, Inc. (1) 2,300 144,440 Monsanto Co. 256,500 28,599,750 NewMarket Corp. (1) 2,900 218,805 OM Group, Inc. (1,2) 3,900 212,706
11 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ---------------- CHEMICALS CONTINUED Terra Industries, Inc. (1,2) 19,400 $ 689,282 ---------------- 31,171,138 ---------------- CONTAINERS & PACKAGING--0.0% Greif, Inc., Cl. A (1) 2,600 176,618 Rock-Tenn Co., Cl. A (1) 8,100 242,757 ---------------- 419,375 ---------------- METALS & MINING--4.2% AK Steel Holding Corp. (1) 16,100 876,162 Alcoa, Inc. 514,300 18,545,658 Carpenter Technology Corp. 9,700 542,909 Century Aluminum Co. (1,2) 4,100 271,584 Compass Minerals International, Inc. (1) 3,500 206,430 Freeport-McMoRan Copper & Gold, Inc., Cl. B 210,200 20,225,444 Hecla Mining Co. (1,2) 22,200 247,752 Kaiser Aluminum Corp. (1) 2,400 166,320 Nucor Corp. 252,500 17,104,350 Reliance Steel & Aluminum Co. 12,500 748,250 Schnitzer Steel Industries, Inc. (1) 3,500 248,570 Southern Copper Corp. (1) 138,500 14,380,455 United States Steel Corp. 129,000 16,366,230 Worthington Industries, Inc. (1) 12,700 214,249 ---------------- 90,144,363 ---------------- PAPER & FOREST PRODUCTS--0.1% AbitibiBowater, Inc. (1) 10,700 138,137 Domtar Corp. (1,2) 23,300 159,139 International Paper Co. 59,000 1,604,800 ---------------- 1,902,076 ---------------- TELECOMMUNICATION SERVICES--2.1% DIVERSIFIED TELECOMMUNICATION SERVICES--2.0% AT&T, Inc. 902,828 34,578,312 CenturyTel, Inc. 23,000 764,520 Qwest Communications International, Inc. (1) 127,400 577,122 Verizon Communications, Inc. 191,756 6,989,506 ---------------- 42,909,460 ---------------- WIRELESS TELECOMMUNICATION SERVICES--0.1% Sprint Nextel Corp. (1) 158,723 1,061,857 Telephone & Data Systems, Inc. (1) 13,100 514,437 ---------------- 1,576,294 ---------------- UTILITIES--0.0% ENERGY TRADERS--0.0% Mirant Corp. (1,2) 17,900 651,381 GAS UTILITIES--0.0% Northwest Natural Gas Co. (1) 2,000 86,880
12 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
SHARES VALUE --------- ---------------- GAS UTILITIES CONTINUED WGL Holdings, Inc. 3,500 $ 112,212 ---------------- 199,092 ---------------- Total Common Stocks (Cost $1,967,001,240) 2,123,192,112 OTHER SECURITIES--0.0% Seagate Technology International, Inc. (Cost $0) (2,3,4) 31,000 3,100 PREFERRED STOCKS--0.0% Wachovia Corp., Dividend Equalization Preferred Shares (2,3) (Cost $0) 6,000 12
UNITS --------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Dime Bancorp, Inc. Wts., Exp. 1/2/10 (2) 31,900 11,165 Progress Energy, Inc., Contingent Value Obligation (2,3) 32,000 10,560 ---------------- Total Rights, Warrants and Certificates (Cost $0) 21,725 ----------------
SHARES ------------- INVESTMENT COMPANY--0.5% Oppenheimer Institutional Money Market Fund, Cl. E, 3.29% (5,6) (Cost $11,312,080) 11,312,080 11,312,080 Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $1,978,313,320) 2,134,529,029
PRINCIPAL AMOUNT ------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--6.8% (7) ANZ National (Int'l) Ltd., 2.36%, 4/1/08 $ 3,998,950 3,998,950 Caixa Catal, 3.04%, 6/9/08 5,000,000 5,000,000 CAM US Finance SA Unipersonal, 3.29%, 5/1/08 4,500,000 4,500,000 CC USA, Inc., 2.38%, 4/1/08 1,499,465 1,499,465 GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 2.70%, 4/25/08 725,477 725,477 HSBC Finance Corp., 3.10%, 4/7/08 3,000,000 3,000,000 Metropolitan Life Global Funding, 2.59%, 4/22/08 3,500,000 3,500,000 Nationwide Global Fund I, 2.80%, 6/16/08 4,002,016 4,002,016 Undivided interest of 0.23% in joint repurchase agreement (Principal Amount/Value $7,000,000,000 with a maturity value of $7,000,486,111) with Barclays Capital, 2.50%, dated 3/31/08, to be repurchased at $16,104,911 on 4/1/08, collateralized by U.S. Agency Mortgages, 0%-6.40%, 3/1/28-3/1/38, with a value of $7,140,000,000 16,103,793 16,103,793 Undivided interest of 1.52% in joint repurchase agreement (Principal Amount/Value $6,600,000,000 with a maturity value of $6,600,577,500) with Barclays Capital, 3.15%, dated 3/31/08, to be repurchased at $100,008,750 on 4/1/08, collateralized by Private Label CMOs, 0%-6.50%, 6/12/24-9/18/56, with a value of $6,930,000,000 100,000,000 100,000,000 ------------- ----------- Whitehawk CDO Funding Corp., 2.85%, 6/16/08 2,000,000 2,000,000 Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $144,329,701) 144,329,701 -----------
13 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
VALUE ---------------- Total Investments, at Value (Cost $2,122,643,021) 106.8% $ 2,278,858,730 Liabilities in Excess of Other Assets (6.8) (145,507,005) ------ ---------------- Net Assets 100.0% $ 2,133,351,725 ====== ================
----------------- 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, 2008 was $13,672, 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. Rate shown is the 7-day yield as of March 31, 2008. 6. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2008, 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, 2007 ADDITIONS REDUCTIONS MARCH 31, 2008 ----------------- ----------- ----------- -------------- Oppenheimer Institutional Money Market Fund, Cl. E 15,628,720 139,052,277 143,368,917 11,312,080
DIVIDEND VALUE INCOME ------------- -------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 11,312,080 $ 172,304
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, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION INPUTS SECURITIES INSTRUMENTS* ----------------------------------------------- --------------- --------------- Level 1 - Quoted Prices $2,134,525,929 $ -- Level 2 - Other Significant Observable Inputs 142,332,801 -- Level 3 - Significant Unobservable Inputs 2,000,000 -- --------------- --------------- TOTAL $ 2,278,858,730 $ -- =============== ===============
-------------- * Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts, futures and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Options and swaps are reported at their market value at measurement date, which may include premiums received or paid. 14 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited 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 Funds' 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 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 15 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited 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. 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. 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. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Fund may be delayed or limited. ILLIQUID SECURITIES As of March 31, 2008, 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. 16 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited 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, 2008, the Fund had on loan securities valued at $141,587,387. Collateral of $144,341,790 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, 2008 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 $ 2,144,213,463 ================== Gross unrealized appreciation $ 221,821,561 Gross unrealized depreciation (87,176,294) ------------------ Net unrealized appreciation $ 134,645,267 ==================
17 | OPPENHEIMER MAIN STREET FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED
SHARES VALUE -------- ------------- COMMON STOCKS -- 51.6% CONSUMER DISCRETIONARY -- 5.4% MEDIA -- 5.0% Liberty Global, Inc., Series A (1) 338,018 $ 11,519,653 Liberty Global, Inc., Series C (1) 342,790 11,133,819 ------------- 22,653,472 ------------- SPECIALTY RETAIL -- 0.4% Office Depot, Inc. (1) 77,400 855,270 OfficeMax, Inc. 50,500 966,570 ------------- 1,821,840 ------------- CONSUMER STAPLES -- 5.4% FOOD & STAPLES RETAILING -- 0.5% Costco Wholesale Corp. 35,400 2,299,938 ------------- FOOD PRODUCTS -- 0.4% ConAgra Foods, Inc. 71,900 1,722,005 ------------- TOBACCO -- 4.5% Altria Group, Inc. 176,030 3,907,866 Loews Corp./Carolina Group 100,140 7,265,157 Philip Morris International, Inc. (1) 176,030 8,903,597 ------------- 20,076,620 ------------- ENERGY -- 4.3% OIL, GAS & CONSUMABLE FUELS -- 4.3% BP plc, ADR 45,120 2,736,528 Exxon Mobil Corp. 125,010 10,573,346 Petroleo Brasileiro SA, ADR 30,600 3,124,566 Petroleo Brasileiro SA, Preference 69,490 2,926,999 ------------- 19,361,439 ------------- FINANCIALS -- 3.3% CAPITAL MARKETS -- 1.6% Credit Suisse Group, ADR 144,700 7,362,336 ------------- CONSUMER FINANCE -- 0.5% American Express Co. 54,500 2,382,740 ------------- INSURANCE -- 1.2% Everest Re Group Ltd. 42,480 3,803,234 National Financial Partners Corp. 68,700 1,543,689 ------------- 5,346,923 ------------- HEALTH CARE -- 6.5% BIOTECHNOLOGY -- 1.5% Amicus Therapeutics, Inc. (1) 134,000 1,433,800 deCODE genetics, Inc. (1) 193,500 296,055 Human Genome Sciences, Inc. (1) 263,700 1,553,193 Orexigen Therapeutics, Inc. (1) 173,230 1,784,269 Theravance, Inc. (1) 63,500 668,655 Vanda Pharmaceuticals, Inc. (1) 255,000 986,850 ------------- 6,722,822 ------------- HEALTH CARE EQUIPMENT & SUPPLIES -- 0.5% Beckman Coulter, Inc. 37,430 2,416,107
1 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED
SHARES VALUE --------- ------------- HEALTH CARE PROVIDERS & SERVICES -- 1.3% Medco Health Solutions, Inc. (1) 42,400 $ 1,856,696 Skilled Healthcare Group, Inc., Cl. A (1) 136,100 1,494,378 WellPoint, Inc. (1) 58,200 2,568,366 ------------- 5,919,440 ------------- PHARMACEUTICALS -- 3.2% Abbott Laboratories 56,500 3,115,975 Medicines Co. (The) (1) 184,570 3,728,314 Mylan Laboratories, Inc. 230,900 2,678,440 Novartis AG, ADR 47,960 2,456,991 Schering-Plough Corp. 152,100 2,191,761 ------------- 14,171,481 ------------- INDUSTRIALS -- 5.2% AEROSPACE & DEFENSE -- 2.2% Orbital Sciences Corp. (1) 74,024 1,783,978 United Technologies Corp. 115,540 7,951,463 ------------- 9,735,441 ------------- COMMERCIAL SERVICES & SUPPLIES -- 0.2% Sinomem Technology Ltd. (1) 1,664,000 779,139 ------------- INDUSTRIAL CONGLOMERATES -- 1.2% Siemens AG, Sponsored ADR 51,900 5,653,986 ------------- MACHINERY -- 1.6% Navistar International Corp. (1) 117,000 7,037,550 ------------- INFORMATION TECHNOLOGY -- 16.9% COMMUNICATIONS EQUIPMENT -- 0.8% Cisco Systems, Inc. (1) 155,250 3,739,973 ------------- COMPUTERS & PERIPHERALS -- 1.0% International Business Machines Corp. 39,310 4,526,153 ------------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 0.0% CalAmp Corp. (1) 19 52 ------------- INTERNET SOFTWARE & SERVICES -- 1.9% eBay, Inc. (1) 122,690 3,661,070 Google, Inc., Cl. A (1) 3,300 1,453,551 Yahoo!, Inc. (1) 114,820 3,321,743 ------------- 8,436,364 ------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.9% Texas Instruments, Inc. 135,130 3,820,125 SOFTWARE -- 12.3% Microsoft Corp. 330,400 9,376,752 Novell, Inc. (1) 394,040 2,478,512 Synopsys, Inc. (1) 206,520 4,690,069 Take-Two Interactive Software, Inc. (1) 1,177,350 30,045,972 THQ, Inc. (1) 408,700 8,909,660 ------------- 55,500,965 ------------- MATERIALS -- 2.3% CHEMICALS -- 0.3% Lubrizol Corp. (The) 26,400 1,465,464
2 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED
SHARES VALUE -------- ------------- CONSTRUCTION MATERIALS -- 0.6% Texas Industries, Inc. 23,960 $ 1,440,236 Vulcan Materials Co. 16,180 1,074,352 ------------- 2,514,588 ------------- METALS & MINING -- 1.4% Carpenter Technology Corp. 48,800 2,731,336 Companhia Vale do Rio Doce, Sponsored ADR 120,540 3,513,741 ------------- 6,245,077 ------------- TELECOMMUNICATION SERVICES -- 1.4% DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.0% AT&T, Inc. 123,200 4,718,560 XO Holdings, Inc. (1) 85 111 ------------- 4,718,671 ------------- WIRELESS TELECOMMUNICATION SERVICES -- 0.4% Sprint Nextel Corp. 250,000 1,672,500 ------------- UTILITIES -- 0.9% ENERGY TRADERS -- 0.9% AES Corp. (The) (1) 149,600 2,493,832 Dynegy, Inc., Cl. A (1) 176,900 1,395,741 ------------- 3,889,573 ------------- Total Common Stocks (Cost $189,622,824) 231,992,784
Units RIGHTS, WARRANTS AND CERTIFICATES -- 0.0% XO Communications, Inc.: Series A Wts., Exp. 1/16/10 (1) 171 17 Series B Wts., Exp. 1/16/10 (1) 128 6 Series C Wts., Exp. 1/16/10 (1) 128 5 -- Total Rights, Warrants and Certificates (Cost $0) 28
PRINCIPAL AMOUNT ----------- ASSET-BACKED SECURITIES -- 2.1% Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 2.596%, 4/20/09 (3,4) $ 61,667 61,546 Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 3.079%, 5/25/34 (4) 830,484 730,608 Capital One Prime Auto Receivables Trust, Automobile Asset-Backed Certificates, Series 2005-1, Cl. A4, 2.838%, 4/15/11 (4) 2,490,000 2,474,222 Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 180,000 154,444 CWABS Asset-Backed Certificates Trust 2002-4, Asset-Backed Certificates, Series 2002-4, Cl. A1, 3.339%, 2/25/33 (4) 18,836 17,347 CWABS Asset-Backed Certificates Trust 2005-11, Asset-Backed Certificates, Series 2005-11, Cl. AF2, 4.657%, 2/25/36 320,000 318,445 CWABS Asset-Backed Certificates Trust 2005-16, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 (4) 360,000 342,705
3 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ----------- ----------- CWABS Asset-Backed Certificates Trust 2005-17, Asset-Backed Certificates, Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 (4) $ 240,000 $ 231,228 CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 2.719%, 12/25/29 (4) 480,000 414,144 Honda Auto Receivables Owner Trust, Automobile Receivable Obligations, Series 2005-2, Cl. A4, 4.15%, 10/15/10 411,533 413,137 HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Nts., Series 2005-3, Cl. A1, 2.796%, 1/20/35 (4) 336,207 282,993 HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 2.646%, 3/20/36 (4) 180,000 159,633 Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35 (4) 241,686 242,834 MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 4.168%, 3/15/16 (4) 1,710,000 1,346,952 Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 2.699%, 7/1/36 (4) 1,100,000 1,020,208 RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 2.699%, 9/25/36 (4) 800,000 775,299 Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-BNC3, Cl. A2, 2.639%, 9/25/36 (4) 400,387 387,357 Structured Asset Securities Corp., Mtg. Pass-Through Certificates, Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 67,215 67,302 ----------- Total Asset-Backed Securities (Cost $10,289,215) 9,440,404 ----------- MORTGAGE-BACKED OBLIGATIONS -- 39.5% GOVERNMENT AGENCY -- 26.2% FHLMC/FNMA/SPONSORED -- 26.1% Federal Home Loan Mortgage Corp.: 4.50%, 5/15/19-7/15/19 1,778,642 1,774,613 5%, 12/15/32-12/15/34 3,128,232 3,107,433 6%, 3/15/33 280,714 289,674 6.50%, 4/15/18-4/1/34 2,578,154 2,703,476 7%, 5/15/29-11/1/32 1,123,442 1,191,450 Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2006-11, Cl. PS, 15.01%, 3/25/36 (4) 347,745 410,967 Series 2043, Cl. ZP, 6.50%, 4/15/28 570,228 598,031 Series 2055, Cl. ZM, 6.50%, 5/15/28 320,951 334,291 Series 2075, Cl. D, 6.50%, 8/15/28 785,270 824,361 Series 2080, Cl. Z, 6.50%, 8/15/28 209,716 220,166 Series 2461, Cl. PZ, 6.50%, 6/15/32 754,889 797,908 Series 2500, Cl. FD, 3.318%, 3/15/32 (4) 98,764 99,465 Series 2526, Cl. FE, 3.218%, 6/15/29 (4) 146,218 146,850 Series 2538, Cl. F, 3.418%, 12/15/32 (4) 1,523,247 1,516,417 Series 2551, Cl. FD, 3.218%, 1/15/33 (4) 112,305 109,638 Series 2676, Cl. KY, 5%, 9/15/23 298,000 297,423 Series 3025, Cl. SJ, 14.419%, 8/15/35 (4) 113,516 137,278
4 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ----------- ------------ FHLMC/FNMA/SPONSORED CONTINUED Series 3094, Cl. HS, 14.052%, 6/15/34 (4) $ 217,232 $ 259,358 Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 11.954%, 6/1/26 (5) 194,345 41,178 Series 183, Cl. IO, 10.58%, 4/1/27 (5) 315,205 64,439 Series 184, Cl. IO, 16.656%, 12/1/26 (5) 342,543 68,475 Series 192, Cl. IO, 13.107%, 2/1/28 (5) 93,792 20,735 Series 200, Cl. IO, 12.192%, 1/1/29 (5) 113,305 23,846 Series 2130, Cl. SC, 21.748%, 3/15/29 (5) 243,504 24,491 Series 216, Cl. IO, 11.875%, 12/1/31 (5) 179,690 42,189 Series 224, Cl. IO, 8.485%, 3/1/33 (5) 566,353 124,411 Series 243, Cl. 6, 15.055%, 12/15/32 (5) 348,153 66,166 Series 2796, Cl. SD, 31.423%, 7/15/26 (5) 350,724 36,202 Series 2802, Cl. AS, 64.495%, 4/15/33 (5) 531,103 44,119 Series 2920, Cl. S, 35.439%, 1/15/35 (5) 1,928,479 141,583 Series 3000, Cl. SE, 57.598%, 7/15/25 (5) 2,004,995 169,294 Series 3110, Cl. SL, 88.748%, 2/15/26 (5) 291,110 25,078 Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security: Series 176, Cl. PO, 4.707%, 6/1/26 (6) 85,530 73,195 Series 192, Cl. PO, 6.336%, 2/1/28 (6) 93,791 76,893 Federal National Mortgage Assn.: 4.50%, 11/1/19-8/1/20 1,111,857 1,110,959 4.50%, 4/1/21 (7) 7,280,000 7,241,329 5%, 12/1/17-9/25/35 15,909,467 16,059,847 5%, 4/1/38 (7) 6,750,000 6,681,447 5.50%, 9/25/20-11/25/34 13,294,337 13,467,435 5.50%, 4/1/23-4/1/38 (7) 8,019,000 8,112,979 5.50%, 4/25/34 (8) 3,112,235 3,152,411 6%, 8/25/32-8/1/34 9,927,994 10,233,495 6%, 4/1/21 (7) 4,324,000 4,450,343 6.50%, 6/25/17-10/25/30 4,733,373 4,958,585 7%, 11/1/17-11/25/35 2,481,916 2,632,647 7.50%, 1/1/33 341,184 369,257 8.50%, 7/1/32 13,197 14,553 Federal National Mortgage Assn. Grantor Trust, Gtd. Trust Mtg. Pass-Through Certificates, Trust 2002-T1, Cl. A2, 7%, 11/25/31 671,846 673,442 Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1993-215, Cl. ZQ, 6.50%, 11/25/23 650,840 690,548 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 593,406 621,931 Trust 1998-61, Cl. PL, 6%, 11/25/28 311,241 322,602 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 812,863 866,197 Trust 2001-70, Cl. LR, 6%, 9/25/30 53,366 53,649 Trust 2001-82, Cl. ZA, 6.50%, 1/25/32 287,672 303,835 Trust 2002-9, Cl. PC, 6%, 3/25/17 668,117 703,235 Trust 2003-130, Cl. CS, 8.888%, 12/25/33 (4) 193,656 201,772 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 1,052,000 1,090,494
5 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ----------- ---------- FHLMC/FNMA/SPONSORED CONTINUED Trust 2003-84, Cl. PW, 3%, 6/25/22 $ 126,677 $ 126,362 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,110,000 1,146,690 Trust 2005-59, Cl. NQ, 10.359%, 5/25/35 (4) 357,419 390,053 Trust 2006-24, Cl. DB, 5.50%, 4/25/26 1,000,000 1,013,940 Trust 2006-46, Cl. SW, 14.643%, 6/25/36 (4) 258,283 305,129 Trust 2006-50, Cl. KS, 14.644%, 6/25/36 (4) 680,978 773,151 Trust 2006-50, Cl. SK, 14.644%, 6/25/36 (4) 643,003 734,558 Trust 2006-64, Cl. MD, 5.50%, 7/25/36 2,983,000 2,988,147 Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-65, Cl. S, 34.149%, 11/25/31 (5) 916,079 102,748 Trust 2001-81, Cl. S, 22.372%, 1/25/32 (5) 197,575 20,349 Trust 2002-47, Cl. NS, 20.428%, 4/25/32 (5) 431,524 46,109 Trust 2002-51, Cl. S, 20.667%, 8/25/32 (5) 396,241 42,938 Trust 2002-52, Cl. SD, 19.371%, 9/25/32 (5) 440,792 49,396 Trust 2002-77, Cl. SH, 25.121%, 12/18/32 (5) 266,416 31,807 Trust 2002-84, Cl. SA, 35.786%, 12/25/32 (5) 813,604 89,272 Trust 2002-9, Cl. MS, 21.363%, 3/25/32 (5) 293,216 32,469 Trust 2003-118, Cl. S, 33.146%, 12/25/33 (5) 1,688,806 244,108 Trust 2003-33, Cl. SP, 37.842%, 5/25/33 (5) 895,695 112,206 Trust 2003-4, Cl. S, 32.391%, 2/25/33 (5) 517,475 60,051 Trust 2003-46, Cl. IH, 0.522%, 6/1/33 (5) 3,030,814 563,253 Trust 2004-54, Cl. DS, 24.245%, 11/25/30 (5) 383,543 36,782 Trust 2005-19, Cl. SA, 36.128%, 3/25/35 (5) 5,094,079 433,274 Trust 2005-40, Cl. SA, 36.003%, 5/25/35 (5) 1,069,891 89,292 Trust 2005-6, Cl. SE, 42.819%, 2/25/35 (5) 1,391,786 111,617 Trust 2005-71, Cl. SA, 46.79%, 8/25/25 (5) 1,261,717 125,845 Trust 2005-87, Cl. SE, 97.063%, 10/25/35 (5) 2,541,335 182,806 Trust 2005-87, Cl. SG, 67.85%, 10/25/35 (5) 2,526,546 216,123 Trust 2006-33, Cl. SP, 53.593%, 5/25/36 (5) 2,784,036 317,800 Trust 222, Cl. 2, 17.306%, 6/1/23 (5) 717,547 154,863 Trust 233, Cl. 2, 14.911%, 8/1/23 (5) 601,303 144,756 Trust 240, Cl. 2, 21.767%, 9/1/23 (5) 1,138,332 279,375 Trust 252, Cl. 2, 16.04%, 11/1/23 (5) 536,204 133,797 Trust 273, Cl. 2, 15.605%, 8/1/26 (5) 150,142 36,649 Trust 319, Cl. 2, 11.327%, 2/1/32 (5) 195,864 41,027 Trust 321, Cl. 2, 6.552%, 4/1/32 (5) 2,028,007 434,625 Trust 331, Cl. 9, 15.596%, 2/1/33 (5) 550,333 95,907 Trust 334, Cl. 17, 22.578%, 2/1/33 (5) 316,818 59,394 Trust 339, Cl. 7, 9.22%, 7/1/33 (5) 2,117,682 449,609 Trust 342, Cl. 2, 10.433%, 9/1/33 (5) 227,204 50,466 Trust 344, Cl. 2, 5.667%, 12/1/33 (5) 3,864,203 857,783 Trust 345, Cl. 9, 11.109%, 1/1/34 (5) 769,617 161,894 Trust 362, Cl. 12, 11.023%, 8/1/35 (5) 1,313,323 257,718 Trust 362, Cl. 13, 11.028%, 8/1/35 (5) 729,159 143,511
6 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ----------- ------------- FHLMC/FNMA/SPONSORED CONTINUED Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 5.09%, 9/25/23 (6) $ 249,476 $ 213,175 RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 355,525 346,520 RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A114, 5.75%, 4/25/37 686,986 659,672 WaMu Mortgage Pass-Through Certificates 2003-AR9 Trust, Mtg. Pass-Through Certificates, Series 2003-AR9, Cl. 2A, 4.039%, 9/25/33 (4) 693,991 660,202 WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 6.131%, 8/25/36 (4) 2,027,428 1,966,635 ------------- 117,407,938 ------------- GNMA/GUARANTEED -- 0.1% Government National Mortgage Assn., 8%, 4/15/23 138,829 152,086 Government National Mortgage Assn. , Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, 33.023%, 1/16/27 (5) 403,371 43,053 Series 2002-15, Cl. SM, 28.388%, 2/16/32 (5) 483,100 53,158 Series 2002-76, Cl. SY, 28.801%, 12/16/26 (5) 999,011 117,710 Series 2004-11, Cl. SM, 17.687%, 1/17/30 (5) 329,264 43,562 ------------- 409,569 ------------- NON-AGENCY -- 13.3% COMMERCIAL -- 5.5% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2005-3, Cl. A2, 4.501%, 7/10/43 1,050,000 1,033,615 Series 2006-1, Cl. AM, 5.421%, 9/1/45 (4) 1,800,000 1,648,839 Banc of America Funding Corp., Mtg. Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 612,006 594,917 Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 521,087 535,239 ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 3.235%, 8/25/08 (4) 218,898 211,640 Citigroup Mortgage Loan Trust, Inc. 2006-WF1, Asset-Backed Pass-Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 199,113 200,543 Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 570,000 555,550 CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 2006-A5, Cl. 1A1, 3.006%, 10/25/36 (4) 1,456,676 1,197,919 Series 2006-A5, Cl. 1A13, 3.056%, 10/25/36 (4) 767,922 562,761 Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates: Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 369,294 365,830 Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 899,918 865,687 Series 2006-AB3, Cl. A7, 6.36%, 7/1/36 120,700 118,951
7 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ----------- ------------ COMMERCIAL CONTINUED First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 $ 386,760 $ 349,520 First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 486,351 471,856 First Union National Bank/Lehman Brothers/Bank of America Commercial Mtg. Trust, Pass-Through Certificates, Series 1998-C2, Cl. A2, 6.56%, 11/18/35 69,612 69,430 GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2005-C3, Cl. A2, 4.853%, 7/10/45 620,000 614,915 Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-GG3, Cl. A2, 4.305%, 8/10/42 890,000 878,516 Series 2005-GG5, Cl. A2, 5.117%, 4/10/37 680,000 676,422 Series 2007-GG9, Cl. A2, 5.381%, 3/10/39 2,240,000 2,196,682 JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 260,000 256,227 Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 890,000 879,631 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 1,660,000 1,619,317 Series 2007-LD12, Cl. A2, 5.827%, 2/15/51 510,000 505,359 LB-UBS Commercial Mortgage Trust 2005-C5, Commercial Mtg. Pass-Through Certificates, Series 2005-C5, Cl. A2, 4.885%, 9/15/30 740,000 735,391 LB-UBS Commercial Mortgage Trust 2005-C7, Commercial Mtg. Pass-Through Certificates, Series 2005-C7, Cl. A2, 5.103%, 11/11/30 340,000 338,018 LB-UBS Commercial Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates: Series 2006-C1, Cl. A2, 5.084%, 2/11/31 1,010,000 996,704 Series 2006-C1, Cl. AM, 5.217%, 2/11/31 (4) 1,010,000 913,294 LB-UBS Commercial Mortgage Trust 2007-C1, Commercial Mtg. Pass-Through Certificates, Series 2007-C1, Cl. A2, 5.318%, 1/15/12 910,000 891,398 Mastr Alternative Loan Trust, CMO Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 815,485 752,173 Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 33,608 33,682 Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 983,000 1,018,270 Residential Asset Securitization Trust 2006-A9CB, Mtg. Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 926,255 919,869 Wachovia Bank Commercial Mortgage Trust 2005-C17, Commercial Mtg. Pass-Through Certificates, Series 2005-C17, Cl. A2, 4.782%, 3/15/42 1,427,025 1,417,453 Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.272%, 11/15/48 256,000 251,058 ------------ 24,676,676 ------------
8 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ----------- ----------- MANUFACTURED HOUSING -- 0.7% Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.10%, 9/25/36 (4) $ 1,585,025 $ 1,494,286 Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.109%, 3/25/36 (4) 1,862,301 1,786,078 ----------- 3,280,364 ----------- MULTIFAMILY -- 4.1% Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates: Series 2003-E, Cl. 2A2, 4.35%, 6/25/33 (4) 1,053,345 1,051,556 Series 2005-F, Cl. 2A3, 4.716%, 7/25/35 (4) 1,361,602 1,335,230 Bear Stearns ARM Trust 2006-4, Mtg. Pass-Through Certificates, Series 2006-4, Cl. 2A1, 5.795%, 10/25/36 (4) 726,432 654,385 Citigroup Mortgage Loan Trust, Inc. 2006-AR5, Mtg. Pass-Through Certificates, Series 2006-AR5, Cl. 1 A3A, 5.888%, 7/25/36 (4) 552,526 531,671 Countrywide Alternative Loan Trust 2004-28CB, Mtg. Pass-Through Certificates, Series 2004-28CB, Cl.2A4, 5.75%, 1/25/35 1,166,000 995,880 Countrywide Alternative Loan Trust 2005-85CB, Mtg. Pass-Through Certificates, Series 2005-85CB, Cl.2A3, 5.50%, 2/25/36 860,000 764,545 Countrywide Home Loans Servicing LP, Mtg. Pass-Through Certificates: Series 2003-46, Cl. 1A2, 4.124%, 1/19/34 (4) 948,560 963,473 Series 2005-HYB1, Cl. 5A1, 4.995%, 3/25/35 (4) 1,281,987 1,232,310 Series 2007-HY1, Cl. 1A1, 5.691%, 4/25/37 (4) 1,332,207 1,262,600 GMAC Mortgage Corp. Loan Trust, Mtg. Pass-Through Certificates: Series 2005-AR4, Cl. 2A1, 5.295%, 7/19/35 (4) 1,458,184 1,251,657 Series 2004-J4, Cl. A7, 5.50%, 9/25/34 800,000 704,747 GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 3A1, 5.149%, 11/25/35(4) 2,149,261 2,066,481 Merrill Lynch Mortgage Investors Trust 2007-2, Mtg. Pass-Through Certificates, Series 2007-2, Cl. 2A1, 6.002%, 6/25/37 (4) 1,802,345 1,709,172 Wells Fargo Mortgage-Backed Securities 2004-AA Trust, Mtg. Pass-Through Certificates, Series 2004-AA, Cl. 2A, 4.996%, 12/25/34 (4) 440,588 414,716 Wells Fargo Mortgage-Backed Securities 2004-S Trust, Mtg. Pass-Through Certificates, Series 2004-S, Cl. A1, 3.541%, 9/25/34 (4) 371,477 353,163 Wells Fargo Mortgage-Backed Securities 2005-AR2 Trust, Mtg. Pass-Through Certificates, Series 2005-AR2, Cl. 2A2, 4.541%, 3/25/35 (4) 269,489 261,977 Wells Fargo Mortgage-Backed Securities 2005-AR4 Trust, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 2A2, 4.523%, 4/25/35 (4) 445,084 416,154 Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates: Series 2006-AR10, Cl. 4A1, 5.561%, 7/25/36 (4) 896,660 860,094
9 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ----------- ------------- MULTIFAMILY CONTINUED Series 2006-AR10, Cl. 2A1, 5.65%, 7/25/36 (4) $ 681,512 $ 653,731 Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A6, 5.109%, 3/25/36 (4) 359,940 336,012 Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.094%, 3/25/36 (4) 397,296 380,398 ------------- 18,199,952 ------------- RESIDENTIAL -- 3.0% Chase Mortgage Finance Trust 2005-S1, Multiclass Mtg. Pass-Through Certificates, Series 2005-S1, Cl. 1A5, 5.50%, 5/25/35 490,000 451,355 Countrywide Alternative Loan Trust 2004-24CB, Mtg. Pass-Through Certificates, Series 2004-24CB, Cl.1A1, 6%, 11/1/34 713,642 589,372 Countrywide Alternative Loan Trust 2004-28CB, Mtg. Pass-Through Certificates, Series 2004-28CB, Cl.3A1, 6%, 1/1/35 580,095 519,776 Countrywide Alternative Loan Trust 2005-18CB, Mtg. Pass-Through Certificates, Series 2005-18CB, Cl. A8, 5.50%, 5/25/36 1,170,000 1,049,529 Countrywide Alternative Loan Trust 2005-J1, Mtg. Pass-Through Certificates, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 1,118,071 991,566 Morgan Stanley Mortgage Loan Trust 2006-AR, Mtg. Pass-Through Certificates, Series 2006-AR, Cl. 5A3, 5.426%, 6/25/36 (4) 530,000 491,266 RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 593,303 589,430 RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 4/25/08 467,413 467,856 STARM Mortgage Loan Trust 2007-S1, Mtg. Pass-Through Certificates, Series 2007-S1, Cl. 3A1, 5.007%, 8/1/22 (4) 2,025,747 1,921,441 WaMu Mortgage Pass-Through Certificates 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 5.75%, 10/25/36 (4) 1,983,910 1,854,223 WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 5.699%, 6/25/37 (4) 1,274,007 1,158,423 Washington Mutual Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 1A8, 6%, 2/25/37 1,954,645 1,924,083 Wells Fargo Mortgage-Backed Securities 2003-6 Trust, Mtg. Pass-Through Certificates, Series 2003-6, Cl. 1A1, 5%, 6/25/18 730,420 703,201 Wells Fargo Mortgage-Backed Securities 2006-AR5 Trust, Mtg. Pass-Through Certificates, Series 2006-AR5, Cl. 2A2, 5.537%, 4/1/36 (4) 775,092 581,319 ------------- 13,292,840 ------------- Total Mortgage-Backed Obligations (Cost $176,551,939) 177,267,339 ------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES -- 10.5% ABN Amro Bank NV (NY Branch), 7.125% Sub. Nts., Series B, 10/15/93 400,000 431,356 Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 880,000 843,440 Bank of America Corp., 8% Unsec. Perpetual Nts., Series K (9) 1,345,000 1,349,331 Barclays Bank plc, 6.278% Perpetual Bonds (9) 2,600,000 2,081,040
10 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ----------- ----------- Belo Corp., 8% Sr. Unsec. Unsub. Nts., 11/1/08 (2) $ 1,520,000 $ 1,536,959 Buckeye Partners LP, 4.625% Sr. Nts., 7/15/13 540,000 532,357 Canadian National Resources Ltd., 5.90% Nts., 2/1/18 180,000 184,570 Capmark Financial Group, Inc.: 3.746% Sr. Unsec. Nts., 5/10/10 (3,4) 375,000 248,535 5.875% Nts., 5/10/12 (3) 585,000 371,066 Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 765,000 719,341 Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 845,000 872,268 CIT Group Funding Co. of Canada, 4.65% Sr. Unsec. Nts., 7/1/10 670,000 550,371 Citigroup, Inc., 8.30% Jr. Sub. Bonds, 12/21/57 (4) 875,000 864,738 Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 710,000 626,980 Clorox Co. (The), 5% Sr. Unsec. Nts., 3/1/13 145,000 145,715 Coca-Cola Co. (The), 7.375% Unsec. Debs., 7/29/93 360,000 445,225 Cox Enterprises, Inc., 4.375% Nts., 5/1/08 (3) 1,075,000 1,075,383 CSC Holdings, Inc., 7.25% Sr. Unsec. Nts., 7/15/08 845,000 847,113 D.R. Horton, Inc., 8% Sr. Nts., 2/1/09 285,000 281,438 Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 606,000 731,286 Dillard's, Inc., 6.625% Unsec. Nts., 11/15/08 445,000 446,113 Eastman Kodak Co., 3.625% Nts., Series A, 5/15/08 465,000 465,000 EchoStar DBS Corp., 5.75% Sr. Unsec. Nts., 10/1/08 1,285,000 1,281,788 El Paso Corp., 6.50% Sr. Unsec. Nts., 6/1/08 210,000 211,494 Energy Transfer Partners LP, 5.65% Sr. Unsec. Unsub. Nts., 8/1/12 195,000 196,208 Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 2,030,000 1,810,295 Gap, Inc. (The), 10.05% Unsub. Nts., 12/15/08 (4) 141,000 145,230 General Motors Acceptance Corp., 8% Bonds, 11/1/31 930,000 667,944 Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 1,850,000 1,606,597 HBOS plc, 6.413% Sub. Perpetual Bonds, Series A (3,9) 3,100,000 2,226,501 HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 (4) 2,530,000 2,055,271 Hyundai Motor Manufacturing Alabama LLC, 5.30% Sr. Unsec. Nts., 12/19/08 (3) 610,000 616,456 IPALCO Enterprises, Inc., 8.375% Sr. Sec. Nts., 11/14/08 (2,4) 540,000 549,450 Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 830,000 849,724 Lehman Brothers Holdings, Inc., 6.75% Unsec. Sub. Nts., 12/28/17 1,140,000 1,098,583 Lennar Corp., 7.625% Sr. Unsec. Nts., 3/1/09 1,010,000 974,650 Liberty Media Corp., 7.875% Sr. Nts., 7/15/09 290,000 292,587 Liberty Media LLC, 7.75% Sr. Nts., 7/15/09 950,000 957,049 MBIA, Inc., 5.70% Sr. Unsec. Unsub. Nts., 12/1/34 565,000 354,657 MetLife, Inc., 6.40% Jr. Unsec. Sub. Bonds, 12/15/66 (4) 1,710,000 1,363,024 MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 1,305,000 1,301,738 Monongahela Power Co., 7.36% Unsec. Nts., Series A, 1/15/10 1,030,000 1,104,039 NCR Corp., 7.125% Sr. Unsec. Unsub. Nts., 6/15/09 855,000 880,145 PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 (3) 280,817 288,804 Popular North America, Inc., 4.70% Nts., 6/30/09 1,360,000 1,363,662 Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 (3) 1,285,000 1,600,877
11 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ----------- ------------ Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 (3) $ 1,110,000 $ 1,240,364 Pulte Homes, Inc., 4.875% Nts., 7/15/09 450,000 427,500 Qwest Corp.: 5.625% Unsec. Nts., 11/15/08 (2) 131,000 131,000 8.875% Unsec. Unsub. Nts., 3/15/12 1,720,000 1,763,000 R&B Falcon Corp., 9.50% Sr. Unsec. Nts., 12/15/08 500,000 522,717 SLM Corp.: 3.95% Nts., Series A, 8/15/08 25,000 24,677 4% Nts., 1/15/09 895,000 806,094 TEPPCO Partners LP, 6.125% Nts., 2/1/13 490,000 496,883 Tribune Co., 5.50% Nts., Series E, 10/6/08 (2) 765,000 692,325 Univision Communications, Inc., 3.875% Sr. Unsec. Nts., 10/15/08 315,000 308,306 Valero Logistics Operations LP, 6.05% Nts., 3/15/13 210,000 217,742 Weatherford International Ltd., 5.15% Nts., 3/15/13 175,000 175,417 Westar Energy, Inc., 7.125% Sr. Unsec. Nts., 8/1/09 985,000 1,032,985 ------------ Total Non-Convertible Corporate Bonds and Notes (Cost $50,272,215) 47,285,408 ------------ CONVERTIBLE CORPORATE BONDS AND NOTES -- 0.2% Theravance, Inc., 3% Cv. Sub. Nts., 1/15/15 (Cost $1,486,000) 1,486,000 1,049,488
SHARES ----------- INVESTMENT COMPANY -- 1.6% Oppenheimer Institutional Money Market Fund, Cl. E, 3.29% (10,11) (Cost $7,024,759) 7,024,759 7,024,759 TOTAL INVESTMENTS, AT VALUE (COST $435,246,952) 105.5% 474,060,210 LIABILITIES IN EXCESS OF OTHER ASSETS (5.5) (24,556,905) ----- ------------- NET ASSETS 100.0% $ 449,503,305 ===== =============
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Illiquid security. The aggregate value of illiquid securities as of March 31, 2008 was $2,909,734, which represents 0.65% of the Fund's net assets. See accompanying Notes. 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 $7,729,532 or 1.72% of the Fund's net assets as of March 31, 2008. 4. Represents the current interest rate for a variable or increasing rate 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 $7,359,308 or 1.64% of the Fund's net assets as of March 31, 2008. 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 $363,263 or 0.08% of the Fund's net assets as of March 31, 2008. 7. When-issued security or delayed delivery to be delivered and settled after March 31, 2008. See accompanying Notes. 8. 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 $2,930,658. See accompanying Notes. 9. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. 10. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2008, 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: 12 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED
SHARES GROSS GROSS SHARES DECEMBER 31, 2007 ADDITIONS REDUCTIONS MARCH 31, 2008 ----------------- ----------- ---------- -------------- Oppenheimer Institutional Money Market Fund, Cl. E 16,578,809 40,097,437 49,651,487 7,024,759
DIVIDEND VALUE INCOME ------------ --------- Oppenheimer Institutional Money Market Fund, Cl. E $ 7,024,759 $ 78,387
11. Rate shown is the 7-day yield as of March 31, 2008. 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, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION INPUTS SECURITIES INSTRUMENTS (*) ------------------------------------------------ -------------- --------------- Level 1 - Quoted Prices $ 238,238,431 $ (217,947) Level 2 - Other Significant Observable Inputs 235,821,779 (650,450) Level 3 - Significant Unobservable Inputs -- -- ------------- ---------- TOTAL $ 474,060,210 $ (868,397) ============= ==========
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts, futures and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Options and swaps are reported at their market value at measurement date, which may include premiums received or paid. 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, 2008 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) ----------------------------- -------- --------- ---------- ------------- -------------- U.S. Long Bonds Buy 140 6/19/08 $ 16,631,563 $ 399,995 U.S. Treasury Nts., 2 yr. Sell 329 6/30/08 70,621,906 (323,754) U.S. Treasury Nts., 5 yr. Buy 82 6/30/08 9,367,219 137,015 U.S. Treasury Nts., 10 yr. Sell 202 6/19/08 24,028,531 (431,203) ----------- $ (217,947) ===========
13 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED CREDIT DEFAULT SWAP CONTRACTS AS OF MARCH 31, 2008 ARE AS FOLLOWS:
BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE TERMINATION PREMIUM SWAP COUNTERPARTY REFERENCE ENTITY PROTECTION (000S) FIXED RATE DATE PAID/(RECEIVED) VALUE ----------------- ---------------------------------- ---------- -------- ----------- ----------- --------------- ------------ Barclays Bank plc: American International Group, Inc. Sell $ 1,875 1.850% 9/20/08 $ -- $ -- Beazer Homes USA, Inc. Sell 305 2.100 6/20/08 -- (6,632) Capmark Financial Group, Inc. Sell 520 1.000 6/20/12 -- (196,153) CDX.NA.IG.9 Index Sell 3,750 0.600 12/20/12 (23,433) (138,716) Countrywide Home Loans, Inc. Sell 675 0.750 9/20/08 -- (17,836) Dillard's, Inc. Sell 370 1.900 12/20/08 -- (3,818) HCP, Inc. Sell 455 4.600 3/20/09 -- 430 iStar Financial, Inc. Sell 480 4.400 12/20/12 -- (63,873) Lehman Brothers Holdings, Inc. Sell 1,110 0.490 9/20/10 -- (67,929) Merrill Lynch & Co., Inc. Sell 2,090 0.680 9/20/08 -- 234 Morgan Stanley Sell 1,595 2.150 9/20/08 -- 10,565 Six Flags, Inc. Sell 535 8.250 12/20/08 -- (72,052) Toys "R" Us, Inc. Sell 550 1.450 9/20/08 -- (18,806) Credit Suisse International: ArvinMeritor, Inc. Sell 885 1.550 9/20/08 -- (21,889) CenturyTel, Inc. Buy 260 1.300 3/20/13 -- 6,641 CenturyTel, Inc. Buy 160 1.740 3/20/13 -- 1,020 Intelsat Ltd. Sell 570 3.450 9/20/08 -- (11,852) iStar Financial, Inc. Sell 160 12.000 3/20/09 -- (2,308) iStar Financial, Inc. Sell 65 4.000 12/20/12 -- (8,649) Morgan Stanley Sell 1,715 2.150 9/20/08 -- 11,360 Rite Aid Corp. Sell 115 7.500 3/20/09 -- (1,593) Rite Aid Corp. Sell 860 0.875 6/20/08 -- (18,351) Saks, Inc. Sell 900 2.000 9/20/08 -- 1,401 Sprint Nextel Corp. Sell 1,300 6.300 3/20/09 -- 2,521 The Goodyear Tire & Rubber Co. Sell 850 1.550 9/20/08 -- (201) TXU Corp. Sell 175 5.910 12/20/12 -- (7,968) TXU Corp. Sell 170 6.050 12/20/12 -- (6,923)
14 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED TXU Corp. Sell 175 6.000 12/20/12 -- (7,427) Vornado Realty LP Sell 300 3.600 3/20/09 -- (514) Wachovia Corp. Sell 585 1.000 3/20/09 -- 9 Deutsche Bank AG: Ambac Assurance Corp. Sell 620 4.550 9/20/08 -- (14,723) Ambac Assurance Corp. Sell 790 4.550 9/20/08 -- (18,760) Cemex Sell 300 2.000 3/20/09 -- 40 Centurytel, Inc. Buy 260 1.300 3/20/13 -- 6,641 Prudential Financial, Inc. Sell 385 2.050 6/20/09 -- (368) Vornado Realty LP Sell 605 3.875 6/20/09 -- 606 ABX.HE.AA.06-2 Index Sell 240 0.170 5/25/46 (28,798) (139,413) Allied Waste North America, Inc. Sell 340 2.000 9/20/09 -- (2,164) Allied Waste North America, Inc. Sell 530 2.000 9/20/09 -- (3,373) CDX.NA.IG.9 Index Sell 5,305 0.600 12/20/12 (45,709) (216,316) Centex Corp. Sell 135 1.550 9/20/09 -- (8,020) CenturyTel, Inc. Buy 395 1.980 3/20/13 -- (1,611) Countrywide Home Loans, Inc. Sell 435 3.250 9/20/08 -- (6,116) Dillard's, Inc. Sell 225 0.750 9/20/08 -- (4,614) Dow Jones CDX.NA.IG.7 Index Buy 4,700 0.400 12/20/11 483 197,527 Georgia-Pacific Corp. Sell 850 1.750 9/20/08 -- (7,711) Intelsat Ltd. Sell 230 2.850 9/20/08 -- (5,461) iStar Financial, Inc. Sell 400 12.000 3/20/09 -- (5,771) iStar Financial, Inc. Sell 600 3.000 12/20/08 -- (46,624) iStar Financial, Inc. Sell 75 4.320 12/20/12 -- (9,980) iStar Financial, Inc. Sell 1,035 2.925 12/20/08 -- (80,965) Lehman Brothers Holdings, Inc. Sell 1,005 1.410 9/20/08 -- (25,551) Levi Strauss & Co. Sell 375 0.900 9/20/08 -- (253) Levi Strauss & Co. Sell 500 1.000 9/20/08 -- (85) MBIA, Inc. Sell 555 0.520 9/20/08 -- (38,861) MBIA, Inc. Sell 555 0.600 9/20/08 -- (38,645) Merrill Lynch & Co., Inc. Sell 280 1.850 6/20/08 -- 878
15 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED Owens-Illinois, Inc. Sell 475 1.250 9/20/08 -- 69 Tenet Healthcare Corp. Sell 870 1.600 3/20/09 -- (11,084) The Bear Stearns Cos., Inc. Sell 2,090 2.350 9/20/08 -- (5,862) Wachovia Corp. Sell 1,305 1.000 3/20/09 -- 21 Washington Mutual, Inc. Sell 610 4.500 12/20/08 -- (12,915) Washington Mutual, Inc. Sell 125 4.500 12/20/08 -- (2,647) Goldman Sachs Capital Markets LP: ABX.HE.AA.06-2 Index Sell 330 0.170 5/25/46 (130,342) (191,391) ABX.HE.AA.06-2 Index Sell 85 0.170 5/25/46 (7,003) (49,298) Capmark Financial Group, Inc. Sell 535 0.950 6/20/12 -- (202,453) Citigroup, Inc. Sell 635 1.250 9/20/08 -- (41,542) D.R. Horton, Inc. Sell 475 4.210 12/20/08 -- 847 Dole Food Co., Inc. Sell 850 3.880 9/20/08 -- (35,808) First Data Corp. Sell 545 1.150 9/20/08 -- (5,566) General Mills, Inc. Sell 715 0.380 12/20/12 -- (544) iStar Financial, Inc. Sell 75 3.950 12/20/12 -- (9,980) K. Hovnanian Enterprises, Inc. Sell 310 6.750 9/20/08 -- (12,129) Merrill Lynch & Co., Inc. Sell 635 1.850 6/20/08 -- 1,990 Pulte Homes, Inc. Sell 800 2.750 9/20/09 -- (10,846) Sara Lee Corp. Buy 695 0.419 9/20/12 -- 19,187 Smurfit-Stone Container Enterprises, Inc. Sell 845 1.450 9/20/08 -- (25) Sprint Nextel Corp. Sell 470 6.300 3/20/09 -- 911 Goldman Sachs International: Amkor Technology, Inc. Sell 80 2.650 9/20/08 -- 103 R.H. Donnelley Corp. Sell 655 9.000 3/20/09 -- (22,684) Univision Communications, Inc. Sell 155 5.000 6/20/09 (15,500) (1,424) Lehman Bros Special Financing, Inc.: ABX.HE.AA.06-2 Index Sell 350 0.170 5/25/46 (226,597) (202,702) Ambac Assurance Corp. Sell 330 4.650 9/20/08 -- (7,674) Capital One Bank Buy 365 1.800 12/20/12 -- 26,638
16 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED CenturyTel, Inc. Buy 305 1.430 3/20/13 -- (6,064) D.R. Horton, Inc. Sell 850 4.200 12/20/08 -- 1,454 General Mills, Inc. Sell 870 0.400 12/20/12 -- 107 Genworth Financial, Inc. Sell 910 3.250 3/20/09 -- 1,334 Harrah's Operating Co., Inc. Sell 755 5.000 3/20/10 (37,750) (43,634) Merrill Lynch & Co., Inc. Sell 320 3.000 9/20/08 -- 3,575 Morgan Stanley Sell 2,110 0.640 9/20/08 -- (992) Nortel Networks Corp. Sell 135 1.850 9/20/08 -- 13 Prudential Financial, Inc. Sell 395 2.100 6/20/09 -- (118) R.H. Donnelley Corp. Sell 95 5.000 3/20/09 (9,500) (9,354) Residential Capital LLC Sell 470 5.000 6/20/08 (61,100) (90,063) Sprint Nextel Corp. Sell 880 6.300 3/20/09 -- 1,706 The Hartford Financial Services Group, Inc. Sell 300 2.350 3/20/09 -- 3,959 The Hartford Financial Services Group, Inc. Sell 310 2.350 3/20/09 -- 4,091 Toys "R" Us, Inc. Sell 90 8.610 3/20/09 -- 3,259 Toys "R" Us, Inc. Sell 60 8.610 3/20/09 -- 2,172 Univision Communications, Inc. Sell 150 5.000 3/20/09 (12,750) (14,522) Univision Communications, Inc. Sell 70 3.000 12/20/08 -- (6,277) Univision Communications, Inc. Sell 585 3.000 12/20/08 -- (52,458) Washington Mutual, Inc. Sell 285 4.400 12/20/08 -- (6,240) Morgan Stanley Capital Services, Inc.: ABX.HE.AA.06-2 Index Sell 85 0.170 5/25/46 (6,791) (49,228) ABX.HE.AA.06-2 Index Sell 160 0.170 5/25/46 (15,999) (92,664) Beazer Homes USA, Inc. Sell 560 2.150 6/20/08 -- (12,107) Capmark Financial Group, Inc. Sell 50 5.000 6/20/12 (13,500) (14,102) Countrywide Home Loans, Inc. Sell 435 0.750 9/20/08 -- (11,494) Countrywide Home Loans, Inc. Sell 1,615 0.420 6/20/09 -- (107,351) First Data Corp. Sell 345 1.350 9/20/08 -- (3,178) Ford Motor Co. Sell 525 7.050 12/20/16 -- (82,176) Ford Motor Co. Sell 1,100 7.150 12/20/16 -- (131,096) General Motors Corp. Sell 545 5.800 12/20/16 -- (79,567)
17 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED General Motors Corp. Sell 535 5.750 12/20/16 -- (79,266) Harrah's Operating Co., Inc. Sell 385 2.200 9/20/08 -- (8,461) Inco Ltd. Buy 550 0.630 3/20/17 -- 25,002 Inco Ltd. Buy 545 0.700 3/20/17 -- 18,134 J.C. Penney Co., Inc. Sell 545 1.300 12/20/17 -- (26,969) J.C. Penney Co., Inc. Sell 525 1.070 12/20/17 -- (34,632) K. Hovnanian Enterprises, Inc. Sell 270 1.850 6/20/08 -- (9,396) K. Hovnanian Enterprises, Inc. Sell 270 1.850 6/20/08 -- (9,396) Kohl's Corp. Buy 820 0.870 12/20/17 -- 43,711 Kohl's Corp. Buy 785 0.660 12/20/17 -- 54,003 Lennar Corp. Sell 535 2.900 12/20/08 -- (14,646) Merrill Lynch & Co., Inc. Sell 1,550 3.000 9/20/08 -- 17,318 Merrill Lynch & Co., Inc. Sell 570 3.250 9/20/08 -- 7,466 Residential Capital LLC Sell 1,290 6.120 9/20/08 -- (422,017) Residential Capital LLC Sell 105 5.000 6/20/08 (14,175) (20,120) Residential Capital LLC Sell 140 5.000 6/20/08 (20,300) (26,827) Residential Capital LLC Sell 265 5.000 6/20/08 (38,425) (50,780) Sara Lee Corp. Buy 890 0.418 9/20/12 -- 24,607 The Hartford Financial Services Group, Inc. Sell 300 2.400 3/20/09 -- 4,108 Toys "R" Us, Inc. Sell 325 2.550 9/20/08 -- (9,361) Tribune Co. Sell 505 1.000 6/20/08 -- (34,961) Vale Overseas Ltd. Sell 550 1.100 3/20/17 -- (49,655) Vale Overseas Ltd. Sell 545 1.170 3/20/17 -- (46,710) --------- ----------- $(707,189) $(3,325,673) ========= ===========
INTEREST RATE SWAP CONTRACT AS OF MARCH 31, 2008 IS AS FOLLOWS:
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATE VALUE ---------------- ----------- -------- ----------- ----------- --------- Three- Month USD BBA Deutsche Bank AG $ 4,300,000 LIBOR 5.529% 8/10/17 $ 496,263
Abbreviation is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate 18 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED TOTAL RETURN SWAP CONTRACTS AS OF MARCH 31, 2008 ARE AS FOLLOWS:
NOTIONAL SWAP COUNTERPARTY AMOUNT PAID BY THE FUND RECEIVED BY THE FUND TERMINATION DATE VALUE ----------------- ------------ ---------------- ------------------------- ---------------- ----------- If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 20 8.5+ Index minus 20 basis Barclays Bank plc $ 3,200,000 basis points points 6/1/08 $ 102,652 If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 15 8.5+ Index minus 15 basis Deutsche Bank AG 2,200,000 basis points points 8/1/08 70,665 Lehman Brothers Holdings, Inc.: If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 30 8.5+ Index minus 30 basis 500,000 basis points points 8/1/08 15,884 If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 25 8.5+ Index plus 25 basis 3,200,000 basis points points 2/1/09 43,163 If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 40 8.5+ Index minus 40 basis 3,800,000 basis points points 6/1/08 120,430 If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 20 8.5+ Index minus 20 basis 3,100,000 basis points points 5/1/08 98,711
19 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 15 8.5+ Index minus 15 basis 9,200,000 basis points points 8/1/09 293,294 If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 55 8.5+ Index plus 55 basis 3,244,000 basis points points 5/1/08 105,121 If positive, the Total Return of If negative, the Total the Lehman Return of the Lehman Brothers U.S. Brothers U.S. CMBS AAA 1,310,000 CMBS AAA Index Index 3/1/09 41,910 If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 250 8.5+ Index plus 250 basis 1,820,000 basis points points 3/1/09 92,723 If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 200 8.5+ Index plus 200 basis 1,440,000 basis points points 3/1/09 123,745 If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 45 8.5+ Index plus 45 basis 4,300,000 basis points points 5/1/08 139,018 Morgan Stanley: If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 30 8.5+ Index minus 30 basis 6,000,000 basis points points 8/1/08 145,637
20 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 40 8.5+ Index minus 40 basis 2,700,000 basis points points 6/1/08 74,791 If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 90 8.5+ Index plus 90 basis 3,200,000 basis points points 6/1/08 88,672 If positive, the Total Return of If negative, the Total the Lehman Return of the Lehman Brothers U.S. Brothers U.S. CMBS AAA 3,200,000 CMBS AAA Index Index 2/1/09 71,551 If positive, the Total Return of If negative, the Total the Lehman Return of the Lehman Brothers U.S. Brothers U.S. CMBS AAA 6,100,000 CMBS AAA Index Index 3/1/09 141,341 If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 250 8.5+ Index plus 250 basis 2,670,000 basis points points 3/1/09 315,739 If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 350 8.5+ Index plus 350 basis 2,900,000 basis points points 3/1/09 345,924 The Goldman Sachs Group, Inc.: If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA 1,100,000 Index 8.5+ Index 3/1/09 30,086 If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index minus 200 8.5+ Index plus 200 basis 1,440,000 basis points points 3/1/09 143,419
21 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED If positive, the Total Return of the Lehman If negative, the Total Brothers U.S. Return of the Lehman CMBS AAA 8.5+ Brothers U.S. CMBS AAA Index plus 20 8.5+ Index minus 20 basis UBS AG 2,200,000 basis points points 5/1/08 70,747 ----------- $ 2,675,223 ===========
Abbreviation is as follows: CMBS Commercial Mortgage Backed Securities 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 Funds' 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. 22 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / 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. 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, 2008, 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 $ 26,493,626 Sold securities 375,013
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. 23 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / 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. 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. INVESTMENTS WITH OFF-BALANCE SHEET RISK. The Fund enters into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund's Statement of Assets and Liabilities in the annual and semiannual reports. 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. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. SWAP CONTRACTS The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, or the occurrence of a credit event, over a specified period. Such contracts may include interest rate, equity, debt, index, total return, credit and currency swaps. Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. 24 | OPPENHEIMER BALANCED FUND/VA OPPENHEIMER BALANCED FUND/VA STATEMENT OF INVESTMENTS MARCH 31, 2008 / UNAUDITED Risks of entering into swap contracts include credit, market and liquidity risk. 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. Market risk is the risk that the value of the contract will depreciate due to unfavorable changes in the reference asset. If there is an illiquid market for the agreement, the Fund may be unable to close the contract prior to contract termination. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection against a defined-issuer credit event. The Fund may enter into credit default swaps on a single security, or a basket of securities. In a credit default swap contract, the purchaser of the contract will pay a periodic interest fee, similar to an insurance premium, on the notional amount of the swap contract to the counterparty (the seller of the contract). If there is a credit event (for example, bankruptcy or a failure to timely pay interest or principal), the purchaser will exercise the contract and will receive a payment from the seller of the contract equal to the notional value of the credit default swap contract less the value of the underlying security. In the event that the credit default swap is exercised due to a credit event, the difference between the value of the underlying security and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. Risks of credit default swaps include, but are not limited to, the cost of paying for credit protection if there are no credit events, or the cost of selling protection (paying the notional amount) when a credit event occurs, pricing transparency when assessing the cost of a credit default swap, and the need to fund the delivery obligation (either cash or defaulted securities). INTEREST RATE SWAP CONTRACTS. An interest rate swap is an agreement between counterparties to exchange periodic interest payments on the notional amount of the contract. One cash flow stream will typically be a floating rate payment based upon a specified index while the other is typically a fixed rate. Interest rate swap agreements include interest rate risk. There is a risk, based on future movements of interest rates where the payments made by the Fund under a swap agreement will be greater than the payments it received. TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between counterparties to exchange a set of future cash flows on the notional amount of the contract. One cash flow is typically based on a reference interest rate or index and the other on the total return of a reference asset such as a security, a basket of securities, or an index. The total return includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. ILLIQUID SECURITIES As of March 31, 2008, 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, 2008 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 $ 435,612,073 Federal tax cost of other investments (69,140,899) -------------- Total federal tax cost $ 366,471,174 ============== Gross unrealized appreciation $ 68,086,221 Gross unrealized depreciation (29,303,028) -------------- Net unrealized appreciation $ 38,783,193 ==============
25 | OPPENHEIMER BALANCED 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 03/31/2008, 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: 05/14/2008 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: 05/14/2008 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: 05/14/2008