UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-4108
Oppenheimer Main Street Small Cap Fund/VA
(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: January 1, 2004 - December 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. For the 12 months ending
December 31, 2004, the Fund turned in solid performance with particularly strong
results coming in the final quarter of the year. The Fund modestly outperformed
its benchmark, the Russell 2000 Index, as well as the average performance of its
small-cap core funds Lipper peer group.
When the reporting period began, we were positioning the portfolio with an
emphasis on "micro caps"--the smallest of the small-cap stocks--because our
model detected an improving economy and steered us toward investments that
appeared positioned to benefit. Early in the period, this positioning helped
performance. As the period progressed, we saw evidence that conditions were
increasingly favoring larger companies over their smaller counterparts. We began
selling some of the Fund's holdings in micro caps and invested the proceeds in
mid-cap stocks whose size fit within our investment parameters and that we
believed would enjoy better future performance. In hindsight, the timing of this
move was poor. For much of the period, particularly in the fourth quarter of the
year, small-cap stocks continued to perform much better than mid and large caps.
Another approach recommended by our model was to move a greater portion of
the portfolio into cyclical, or economically sensitive, names. For example, we
added to the Fund's holdings in the energy and basic materials sectors. Our
model was picking up on these companies' positive fundamental changes, such as
their increasingly strong earnings and relatively compelling valuations. Both of
these sectors benefited greatly from strong gains in the prices of oil, natural
gas and other commodities.
For some time, our investment model has been predicting an eventual end to
the current cycle of small-cap outperformance. We note several trends suggesting
that large caps may be the better near-term opportunity. First of all,
high-yield bond spreads and small-cap stock performance historically have been
correlated. Spreads, however, have narrowed considerably during a time when
small-cap stocks have done very well. Secondly, the current cycle favoring
small-cap stocks has exceeded the length of the average small-cap cycle. Lastly,
the gap between small-cap stock valuations and large-cap stock valuations is
greater than normal.
With our model anticipating an eventual move in favor of larger-cap names,
we continue to add suitable mid-cap names to the portfolio. But we also remain
optimistic about the long-term appreciation potential of small-cap stocks and
rely on our investment model to guide us toward the best available investment
opportunities.
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in each share class of the Fund
held until December 31, 2004. In the case of Non-Service shares, performance is
measured from inception of the class on May 1, 1998. In the case of Service
shares, performance is measured from inception of the class on July 16, 2001.
Performance information does not reflect charges that apply to separate accounts
investing in the Fund. If these charges were taken into account, performance
would be lower. The graph assumes that all dividends and capital gains
distributions were reinvested in additional shares.
The Fund's performance is compared to the performance of the Russell
2000(R) Index, an unmanaged index of equity securities of small capitalization
companies that is a measure of the small company market. Index performance
reflects the reinvestment of income but does not consider the effect of
transaction costs, and none of the data in the graphs shows the effect of taxes.
The Fund's performance reflects the effects of the Fund's business and operating
expenses. While index comparisons may be useful to provide a benchmark for the
Fund's performance, it must be noted that the Fund's investments are not limited
to the investments in the index.
4 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
NON-SERVICE SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Main Street Small Cap Fund(R)/VA (Non-Service)
Russell 2000 Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer
Main Street
Small Cap
Fund(R)/VA Russell
(Non-Service) 2000 Index
05/01/1998 10,000 10,000
06/30/1998 9,560 9,481
09/30/1998 8,400 7,571
12/31/1998 9,600 8,806
03/31/1999 8,880 8,328
06/30/1999 9,310 9,624
09/30/1999 9,440 9,015
12/31/1999 14,070 10,678
03/31/2000 15,364 11,434
06/30/2000 13,178 11,002
09/30/2000 13,468 11,124
12/31/2000 11,490 10,355
03/31/2001 9,376 9,682
06/30/2001 11,334 11,065
09/30/2001 9,666 8,765
12/31/2001 11,448 10,613
03/31/2002 11,821 11,036
06/30/2002 11,490 10,114
09/30/2002 9,563 7,949
12/31/2002 9,645 8,439
03/31/2003 9,262 8,060
06/30/2003 11,200 9,948
09/30/2003 12,122 10,851
12/31/2003 13,924 12,427
03/31/2004 14,629 13,205
06/30/2004 14,681 13,267
09/30/2004 14,525 12,888
12/31/2004 16,628 14,704
AVERAGE ANNUAL TOTAL RETURN OF NON-SERVICE SHARES OF THE FUND AT 12/31/2004
1-Year 19.42% 5-Year 3.40% Since Inception (5/1/98) 7.93%
SERVICE SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Main Street Small Cap Fund(R)/VA (Service)
Russell 2000 Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer
Main Street
Small Cap
Fund(R)/VA Russell
(Service) 2000 Index
07/16/2001 10,000 10,000
09/30/2001 8,784 8,374
12/31/2001 10,415 10,140
03/31/2002 10,763 10,544
06/30/2002 10,452 9,663
09/30/2002 8,690 7,595
12/31/2002 8,756 8,063
03/31/2003 8,417 7,701
06/30/2003 10,170 9,505
09/30/2003 10,999 10,368
12/31/2003 12,630 11,873
03/31/2004 13,261 12,617
06/30/2004 13,308 12,676
09/30/2004 13,157 12,314
12/31/2004 15,052 14,050
AVERAGE ANNUAL TOTAL RETURN OF SERVICE SHARES OF THE FUND AT 12/31/2004
1-Year 19.18% 5-Year N/A Since Inception (7/16/01) 12.55%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, CALL US AT 1.800.981.2871. THE FUND'S
TOTAL RETURNS SHOULD NOT BE EXPECTED TO BE THE SAME AS THE RETURNS OF OTHER
FUNDS, WHETHER OR NOT BOTH FUNDS HAVE THE SAME PORTFOLIO MANAGERS AND/OR SIMILAR
NAMES. THE FUND'S TOTAL RETURNS DO NOT INCLUDE THE CHARGES ASSOCIATED WITH THE
SEPARATE ACCOUNT PRODUCTS THAT OFFER THIS FUND. SUCH PERFORMANCE WOULD HAVE BEEN
LOWER IF SUCH CHARGES WERE TAKEN INTO ACCOUNT.
5 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
FUND EXPENSES
- --------------------------------------------------------------------------------
FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include redemption fees, if any; and (2) ongoing
costs, including management fees; distribution and service fees; and other Fund
expenses. These examples are intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended December 31, 2004.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line for the class of shares you hold, together with the amount you invested, to
estimate the expense that you paid over the period. Simply divide your account
value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00
= 8.60), then multiply the result by the number in the "actual" line under the
heading entitled "Expenses Paid During Period" to estimate the expenses you paid
on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the
table provide information about hypothetical account values and hypothetical
expenses based on the Fund's actual expense ratio for each class of shares, and
an assumed rate of return of 5% per year before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any charges associated with the separate
accounts that offer this Fund. Therefore, the "hypothetical" lines of the table
are useful in comparing ongoing costs only, and will not help you determine the
relative total costs of owning different funds. In addition, if these separate
account charges were included, your costs would have been higher.
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(7/1/04) (12/31/04) DECEMBER 31, 2004
- -----------------------------------------------------------------------------
Non-Service shares Actual $ 1,000.00 $ 1,132.70 $ 4.46
- -----------------------------------------------------------------------------
Non-Service shares Hypothetical 1,000.00 1,020.96 4.23
- -----------------------------------------------------------------------------
Service shares Actual 1,000.00 1,131.00 5.69
- -----------------------------------------------------------------------------
Service shares Hypothetical 1,000.00 1,019.81 5.40
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/366
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended December 31, 2004 are as follows:
CLASS EXPENSE RATIOS
- ------------------ --------------
Non-Service shares 0.83%
- ------------------ --------------
Service shares 1.06
6 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
STATEMENT OF INVESTMENTS December 31, 2004
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
COMMON STOCKS--98.5%
- ---------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--16.4%
- ---------------------------------------------------------------------------------
AUTO COMPONENTS--1.0%
Aftermarket Technology Corp. 1 2,400 $ 38,640
- ---------------------------------------------------------------------------------
ArvinMeritor, Inc. 10,700 239,359
- ---------------------------------------------------------------------------------
Autoliv, Inc. 4,200 202,860
- ---------------------------------------------------------------------------------
Collins & Aikman Corp. 1 7,600 33,136
- ---------------------------------------------------------------------------------
Cooper Tire & Rubber Co. 5,200 112,060
- ---------------------------------------------------------------------------------
Dana Corp. 5,100 88,383
- ---------------------------------------------------------------------------------
Drew Industries, Inc. 1 2,700 97,659
- ---------------------------------------------------------------------------------
Dura Automotive Systems, Inc. 1 500 5,415
- ---------------------------------------------------------------------------------
Goodyear Tire & Rubber Co. 1 21,400 313,724
- ---------------------------------------------------------------------------------
Keystone Automotive Industries, Inc. 1 1,100 25,575
- ---------------------------------------------------------------------------------
Midas, Inc. 1 11,900 238,000
- ---------------------------------------------------------------------------------
Modine Manufacturing Co. 200 6,754
- ---------------------------------------------------------------------------------
Shiloh Industries, Inc. 1 2,900 40,600
- ---------------------------------------------------------------------------------
Spartan Motors, Inc. 2,700 32,211
- ---------------------------------------------------------------------------------
Standard Motor Products, Inc. 5,600 88,480
- ---------------------------------------------------------------------------------
Stoneridge, Inc. 1 1,900 28,747
- ---------------------------------------------------------------------------------
Tenneco Automotive, Inc. 1 16,100 277,564
- ---------------------------------------------------------------------------------
Visteon Corp. 26,500 258,905
--------------
2,128,072
- ---------------------------------------------------------------------------------
AUTOMOBILES--0.3%
Monaco Coach Corp. 7,200 148,104
- ---------------------------------------------------------------------------------
Thor Industries, Inc. 2,600 96,330
- ---------------------------------------------------------------------------------
Winnebago Industries, Inc. 8,100 316,386
--------------
560,820
- ---------------------------------------------------------------------------------
DISTRIBUTORS--0.4%
Andersons, Inc. (The) 500 12,750
- ---------------------------------------------------------------------------------
BlueLinx Holdings, Inc. 1 14,000 202,580
- ---------------------------------------------------------------------------------
Handleman Co. 12,000 257,760
- ---------------------------------------------------------------------------------
WESCO International, Inc. 1 9,200 272,688
--------------
745,778
- ---------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE--3.0%
AFC Enterprises, Inc. 1 600 14,226
- ---------------------------------------------------------------------------------
Ambassadors Group, Inc. 4,100 146,001
- ---------------------------------------------------------------------------------
Ameristar Casinos, Inc. 6,300 271,593
- ---------------------------------------------------------------------------------
Applebee's International, Inc. 1,450 38,353
- ---------------------------------------------------------------------------------
Argosy Gaming Co. 1 4,700 219,490
- ---------------------------------------------------------------------------------
Aztar Corp. 1 4,400 153,648
- ---------------------------------------------------------------------------------
Bally Total Fitness Holding Corp. 1 2,800 11,872
- ---------------------------------------------------------------------------------
BJ's Restaurants, Inc. 1 2,200 30,800
- ---------------------------------------------------------------------------------
Bluegreen Corp. 1 13,900 275,637
- ---------------------------------------------------------------------------------
Caesars Entertainment, Inc. 1 5,200 104,728
- ---------------------------------------------------------------------------------
California Pizza Kitchen, Inc. 1 9,100 209,300
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE Continued
CBRL Group, Inc. 3,900 $ 163,215
- ---------------------------------------------------------------------------------
CEC Entertainment, Inc. 1 13,950 557,582
- ---------------------------------------------------------------------------------
Checkers Drive-In Restaurants, Inc. 1 2,200 29,480
- ---------------------------------------------------------------------------------
Choice Hotels International, Inc. 3,200 185,600
- ---------------------------------------------------------------------------------
Ctrip.com International Ltd., ADR 1 2,800 128,856
- ---------------------------------------------------------------------------------
Dave & Buster's, Inc. 1 10,900 220,180
- ---------------------------------------------------------------------------------
Domino's Pizza, Inc. 5,300 94,340
- ---------------------------------------------------------------------------------
Dover Downs Gaming & Entertainment, Inc. 3,500 45,850
- ---------------------------------------------------------------------------------
Frisch's Restaurants, Inc. 100 2,383
- ---------------------------------------------------------------------------------
Gaylord Entertainment Co., Cl. A 1 6,100 253,333
- ---------------------------------------------------------------------------------
Great Wolf Resorts, Inc. 1 10,100 225,634
- ---------------------------------------------------------------------------------
Isle of Capri Casinos, Inc. 1 14,400 369,360
- ---------------------------------------------------------------------------------
Jack in the Box, Inc. 1 13,800 508,806
- ---------------------------------------------------------------------------------
La Quinta Corp. 1 38,000 345,420
- ---------------------------------------------------------------------------------
Landry's Restaurants, Inc. 2,100 61,026
- ---------------------------------------------------------------------------------
Lone Star Steakhouse & Saloon, Inc. 2,400 67,200
- ---------------------------------------------------------------------------------
Monarch Casino & Resort, Inc. 1 3,400 137,870
- ---------------------------------------------------------------------------------
Navigant International, Inc. 1 4,900 59,633
- ---------------------------------------------------------------------------------
O'Charley's, Inc. 1 800 15,640
- ---------------------------------------------------------------------------------
Outback Steakhouse, Inc. 800 36,624
- ---------------------------------------------------------------------------------
P.F. Chang's China Bistro, Inc. 1 2,500 140,875
- ---------------------------------------------------------------------------------
Papa John's International, Inc. 1 4,600 158,424
- ---------------------------------------------------------------------------------
Pinnacle Entertainment, Inc. 1 6,500 128,570
- ---------------------------------------------------------------------------------
Rare Hospitality International, Inc. 1 2,450 78,057
- ---------------------------------------------------------------------------------
Red Robin Gourmet Burgers, Inc. 1 800 42,776
- ---------------------------------------------------------------------------------
Ryan's Restaurant Group, Inc. 1 3,200 49,344
- ---------------------------------------------------------------------------------
Scientific Games Corp., Cl. A 1 2,000 47,680
- ---------------------------------------------------------------------------------
Six Flags, Inc. 1 40,600 218,022
- ---------------------------------------------------------------------------------
Sonic Corp. 1 7,050 215,025
- ---------------------------------------------------------------------------------
Speedway Motorsports, Inc. 1,200 47,016
- ---------------------------------------------------------------------------------
Steak n Shake Co. (The) 1 5,500 110,440
- ---------------------------------------------------------------------------------
The9 Ltd., ADR 1 4,100 96,842
- ---------------------------------------------------------------------------------
Vail Resorts, Inc. 1 3,900 87,438
--------------
6,404,189
- ---------------------------------------------------------------------------------
HOUSEHOLD DURABLES--2.2%
American Greetings Corp., Cl. A 19,600 496,860
- ---------------------------------------------------------------------------------
Avatar Holdings, Inc. 1 300 14,430
- ---------------------------------------------------------------------------------
Bassett Furniture Industries, Inc. 900 17,663
- ---------------------------------------------------------------------------------
Beazer Homes USA, Inc. 1,600 233,936
- ---------------------------------------------------------------------------------
Black & Decker Corp. 2,300 203,159
- ---------------------------------------------------------------------------------
Blount International, Inc. 1 11,700 203,814
- ---------------------------------------------------------------------------------
Brookfield Homes Corp. 1,700 57,630
- ---------------------------------------------------------------------------------
Champion Enterprises, Inc. 1 3,100 36,642
- ---------------------------------------------------------------------------------
Chromcraft Revington, Inc. 1 600 7,380
7 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
HOUSEHOLD DURABLES Continued
Comstock Homebuilding Cos., Inc., Cl. A 1 6,000 $ 130,620
- ---------------------------------------------------------------------------------
CSS Industries, Inc. 4,100 130,216
- ---------------------------------------------------------------------------------
Enesco Group, Inc. 1 200 1,616
- ---------------------------------------------------------------------------------
Ethan Allen Interiors, Inc. 6,700 268,134
- ---------------------------------------------------------------------------------
Furniture Brands International, Inc. 15,600 390,780
- ---------------------------------------------------------------------------------
Interface, Inc., Cl. A 1 3,000 29,910
- ---------------------------------------------------------------------------------
KB Home 600 62,640
- ---------------------------------------------------------------------------------
Kimball International, Inc., Cl. B 3,700 54,797
- ---------------------------------------------------------------------------------
La-Z-Boy, Inc. 3,500 53,795
- ---------------------------------------------------------------------------------
Leggett & Platt, Inc. 3,100 88,133
- ---------------------------------------------------------------------------------
Levitt Corp., Cl. A 1,800 55,026
- ---------------------------------------------------------------------------------
M.D.C. Holdings, Inc. 580 50,135
- ---------------------------------------------------------------------------------
Maytag Corp. 2,400 50,640
- ---------------------------------------------------------------------------------
Meritage Homes Corp. 1 3,500 394,450
- ---------------------------------------------------------------------------------
Mestek, Inc. 1 700 12,670
- ---------------------------------------------------------------------------------
Movado Group, Inc. 600 11,190
- ---------------------------------------------------------------------------------
National Presto Industries, Inc. 300 13,650
- ---------------------------------------------------------------------------------
Ryland Group, Inc. (The) 3,100 178,374
- ---------------------------------------------------------------------------------
Snap-On, Inc. 4,400 151,184
- ---------------------------------------------------------------------------------
Standard Pacific Corp. 1,800 115,452
- ---------------------------------------------------------------------------------
Stanley Furniture Co., Inc. 3,600 161,820
- ---------------------------------------------------------------------------------
Stanley Works (The) 3,700 181,263
- ---------------------------------------------------------------------------------
Technical Olympic USA, Inc. 6,600 167,508
- ---------------------------------------------------------------------------------
Tupperware Corp. 12,300 254,856
- ---------------------------------------------------------------------------------
Universal Electronics, Inc. 1 5,000 88,000
- ---------------------------------------------------------------------------------
Whirlpool Corp. 1,400 96,894
- ---------------------------------------------------------------------------------
Yankee Candle, Inc. (The) 1 6,100 202,398
--------------
4,667,665
- ---------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL--0.3%
1-800-FLOWERS.com, Inc. 1 2,500 21,025
- ---------------------------------------------------------------------------------
Audible, Inc. 1 5,600 145,880
- ---------------------------------------------------------------------------------
GSI Commerce, Inc. 1 3,100 55,118
- ---------------------------------------------------------------------------------
Insight Enterprises, Inc. 1 13,100 268,812
- ---------------------------------------------------------------------------------
J. Jill Group, Inc. 1 4,000 59,560
- ---------------------------------------------------------------------------------
Provide Commerce, Inc. 1 1,800 66,870
- ---------------------------------------------------------------------------------
ValueVision Media, Inc., Cl. A 1 8,300 115,453
--------------
732,718
- ---------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS--1.1%
Action Performance Cos., Inc. 10,300 113,197
- ---------------------------------------------------------------------------------
Arctic Cat, Inc. 2,600 68,952
- ---------------------------------------------------------------------------------
Callaway Golf Co. 8,400 113,400
- ---------------------------------------------------------------------------------
Hasbro, Inc. 6,300 122,094
- ---------------------------------------------------------------------------------
JAKKS Pacific, Inc. 1 5,500 121,605
- ---------------------------------------------------------------------------------
Marine Products Corp. 1,000 26,110
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS Continued
MarineMax, Inc. 1 1,800 $ 53,568
- ---------------------------------------------------------------------------------
Marvel Enterprises, Inc. 1 16,400 335,872
- ---------------------------------------------------------------------------------
Nautilus Group, Inc. (The) 22,100 534,157
- ---------------------------------------------------------------------------------
Oakley, Inc. 500 6,375
- ---------------------------------------------------------------------------------
Polaris Industries, Inc. 1,900 129,238
- ---------------------------------------------------------------------------------
RC2 Corp. 1 7,700 251,020
- ---------------------------------------------------------------------------------
SCP Pool Corp. 11,012 351,283
- ---------------------------------------------------------------------------------
Steinway Musical Instruments, Inc. 1 4,600 133,124
--------------
2,359,995
- ---------------------------------------------------------------------------------
MEDIA--1.5%
4Kids Entertainment, Inc. 1 5,900 124,018
- ---------------------------------------------------------------------------------
Advo, Inc. 1,850 65,953
- ---------------------------------------------------------------------------------
Beasley Broadcast Group, Inc., Cl. A 1 100 1,753
- ---------------------------------------------------------------------------------
Carmike Cinemas, Inc. 800 29,200
- ---------------------------------------------------------------------------------
Catalina Marketing Corp. 14,000 414,820
- ---------------------------------------------------------------------------------
Charter Communications, Inc., Cl. A 1 47,800 107,072
- ---------------------------------------------------------------------------------
Entravision Communications Corp. 1 5,400 45,090
- ---------------------------------------------------------------------------------
Gemstar-TV Guide International, Inc. 1 10,600 62,752
- ---------------------------------------------------------------------------------
Getty Images, Inc. 1 1,900 130,815
- ---------------------------------------------------------------------------------
Gray Television, Inc. 2,100 32,550
- ---------------------------------------------------------------------------------
Harte-Hanks, Inc. 1,100 28,578
- ---------------------------------------------------------------------------------
Hearst-Argyle Television, Inc. 1,400 36,932
- ---------------------------------------------------------------------------------
Hollinger International, Inc. 1,600 25,088
- ---------------------------------------------------------------------------------
Insight Communications Co., Inc. 1 4,700 43,569
- ---------------------------------------------------------------------------------
Lakes Gaming, Inc. 1 3,100 50,499
- ---------------------------------------------------------------------------------
Lin TV Corp. 1 3,200 61,120
- ---------------------------------------------------------------------------------
Martha Stewart Living Omnimedia,
Inc., Cl. A 1 7,300 211,846
- ---------------------------------------------------------------------------------
Media General, Inc., Cl. A 400 25,924
- ---------------------------------------------------------------------------------
Mediacom Communications Corp. 1 28,500 178,125
- ---------------------------------------------------------------------------------
Meredith Corp. 1,800 97,560
- ---------------------------------------------------------------------------------
New Frontier Media, Inc. 1 700 5,543
- ---------------------------------------------------------------------------------
Playboy Enterprises, Inc., Cl. B 1 2,500 30,725
- ---------------------------------------------------------------------------------
PRIMEDIA, Inc. 1 4,100 15,580
- ---------------------------------------------------------------------------------
ProQuest Co. 1 800 23,760
- ---------------------------------------------------------------------------------
Pulitzer, Inc. 100 6,485
- ---------------------------------------------------------------------------------
R.H. Donnelley Corp. 1 3,700 218,485
- ---------------------------------------------------------------------------------
Radio One, Inc., Cl. D 1 3,600 58,032
- ---------------------------------------------------------------------------------
Readers Digest Assn., Inc. (The), Cl. A, Non-Vtg 14,500 201,695
- ---------------------------------------------------------------------------------
Salem Communications Corp., Cl. A 1 7,500 187,125
- ---------------------------------------------------------------------------------
Thomas Nelson, Inc. 5,200 117,520
- ---------------------------------------------------------------------------------
TiVo, Inc. 1 12,200 71,614
- ---------------------------------------------------------------------------------
Westwood One, Inc. 1 3,900 105,027
- ---------------------------------------------------------------------------------
Wiley (John) & Sons, Inc., Cl. A 2,400 83,616
8 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
MEDIA Continued
World Wrestling Federation Entertainment, Inc. 12,600 $ 152,838
- ---------------------------------------------------------------------------------
WPT Enterprises, Inc. 1 1,500 25,500
--------------
3,076,809
- ---------------------------------------------------------------------------------
MULTILINE RETAIL--0.5%
Big Lots, Inc. 1 4,200 50,946
- ---------------------------------------------------------------------------------
Dillard's, Inc., Cl. A 9,700 260,639
- ---------------------------------------------------------------------------------
Shopko Stores, Inc. 1 11,700 218,556
- ---------------------------------------------------------------------------------
Stage Stores, Inc. 1 6,500 269,880
- ---------------------------------------------------------------------------------
Stein Mart, Inc. 1 20,900 356,554
--------------
1,156,575
- ---------------------------------------------------------------------------------
SPECIALTY RETAIL--5.0%
A.C. Moore Arts & Crafts, Inc. 1 1,100 31,691
- ---------------------------------------------------------------------------------
Aaron Rents, Inc. 8,400 210,000
- ---------------------------------------------------------------------------------
Abercrombie & Fitch Co., Cl. A 4,500 211,275
- ---------------------------------------------------------------------------------
Aeropostale, Inc. 1 12,550 369,347
- ---------------------------------------------------------------------------------
American Eagle Outfitters, Inc. 3,900 183,690
- ---------------------------------------------------------------------------------
AnnTaylor Stores Corp. 1 2,950 63,514
- ---------------------------------------------------------------------------------
AutoNation, Inc. 1 2,300 44,183
- ---------------------------------------------------------------------------------
Barnes & Noble, Inc. 1 8,800 283,976
- ---------------------------------------------------------------------------------
bebe stores, inc 4,575 123,434
- ---------------------------------------------------------------------------------
Big 5 Sporting Goods Corp. 8,100 236,034
- ---------------------------------------------------------------------------------
Blair Corp. 3,000 106,980
- ---------------------------------------------------------------------------------
Borders Group, Inc. 12,500 317,500
- ---------------------------------------------------------------------------------
Brookstone, Inc. 1 7,675 150,046
- ---------------------------------------------------------------------------------
Buckle, Inc. (The) 2,600 76,700
- ---------------------------------------------------------------------------------
Build-A-Bear-Workshop, Inc. 1 2,700 94,905
- ---------------------------------------------------------------------------------
Building Materials Holding Corp. 8,200 313,978
- ---------------------------------------------------------------------------------
Burlington Coat Factory Warehouse Corp. 5,500 124,850
- ---------------------------------------------------------------------------------
Casual Male Retail Group, Inc. 1 3,400 18,530
- ---------------------------------------------------------------------------------
Cato Corp., Cl. A 8,700 250,734
- ---------------------------------------------------------------------------------
Charlotte Russe Holding, Inc. 1 6,700 67,670
- ---------------------------------------------------------------------------------
Charming Shoppes, Inc. 1 55,900 523,783
- ---------------------------------------------------------------------------------
Children's Place Retail Stores, Inc. 1 7,000 259,210
- ---------------------------------------------------------------------------------
Christopher & Banks Corp. 3,500 64,575
- ---------------------------------------------------------------------------------
Circuit City Stores, Inc./
Circuit City Group 12,300 192,372
- ---------------------------------------------------------------------------------
Claire's Stores, Inc. 11,800 250,750
- ---------------------------------------------------------------------------------
CSK Auto Corp. 1 6,000 100,440
- ---------------------------------------------------------------------------------
Deb Shops, Inc. 200 5,008
- ---------------------------------------------------------------------------------
Dress Barn, Inc. (The) 1 12,200 214,720
- ---------------------------------------------------------------------------------
Electronics Boutique Holdings Corp. 1 9,300 399,342
- ---------------------------------------------------------------------------------
Finish Line, Inc. (The), Cl. A 13,600 248,880
- ---------------------------------------------------------------------------------
Finlay Enterprises, Inc. 1 1,300 25,727
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
SPECIALTY RETAIL Continued
GameStop Corp. 1 15,100 $ 337,636
- ---------------------------------------------------------------------------------
GameStop Corp., Cl. B 1 467 10,465
- ---------------------------------------------------------------------------------
Genesco, Inc. 1 3,000 93,420
- ---------------------------------------------------------------------------------
Goody's Family Clothing, Inc. 12,300 112,422
- ---------------------------------------------------------------------------------
Guess?, Inc. 1 18,000 225,900
- ---------------------------------------------------------------------------------
Haverty Furniture Cos., Inc. 4,900 90,650
- ---------------------------------------------------------------------------------
Hibbett Sporting Goods, Inc. 1 9,225 245,477
- ---------------------------------------------------------------------------------
Hollywood Entertainment Corp. 1 3,800 49,742
- ---------------------------------------------------------------------------------
Hot Topic, Inc. 1 2,100 36,099
- ---------------------------------------------------------------------------------
Jo-Ann Stores, Inc. 1 1,900 52,326
- ---------------------------------------------------------------------------------
Jos. A. Banks Clothiers, Inc. 1 1,625 45,988
- ---------------------------------------------------------------------------------
Men's Wearhouse, Inc. (The) 1 9,800 313,208
- ---------------------------------------------------------------------------------
Michaels Stores, Inc. 6,700 200,799
- ---------------------------------------------------------------------------------
Movie Gallery, Inc. 6,500 123,955
- ---------------------------------------------------------------------------------
NetFlix.com, Inc. 1 600 7,398
- ---------------------------------------------------------------------------------
Office Depot, Inc. 1 12,300 213,528
- ---------------------------------------------------------------------------------
Pacific Sunwear of California, Inc. 1 17,875 397,898
- ---------------------------------------------------------------------------------
Pantry, Inc. (The) 1 4,900 147,441
- ---------------------------------------------------------------------------------
Party City Corp. 1 600 7,758
- ---------------------------------------------------------------------------------
Payless ShoeSource, Inc. 1 15,700 193,110
- ---------------------------------------------------------------------------------
Petco Animal Supplies, Inc. 1 2,700 106,596
- ---------------------------------------------------------------------------------
PETsMART, Inc. 2,400 85,272
- ---------------------------------------------------------------------------------
Pier 1 Imports, Inc. 4,800 94,560
- ---------------------------------------------------------------------------------
Regis Corp. 2,700 124,605
- ---------------------------------------------------------------------------------
Rent-A-Center, Inc. 1 2,400 63,600
- ---------------------------------------------------------------------------------
Rent-Way, Inc. 1 1,200 9,612
- ---------------------------------------------------------------------------------
Restoration Hardware, Inc. 1 17,000 97,580
- ---------------------------------------------------------------------------------
Sonic Automotive, Inc. 2,000 49,600
- ---------------------------------------------------------------------------------
Steiner Leisure Ltd. 1 2,800 83,664
- ---------------------------------------------------------------------------------
Syms Corp. 1 600 7,290
- ---------------------------------------------------------------------------------
Talbots, Inc. (The) 4,200 114,366
- ---------------------------------------------------------------------------------
Too, Inc. 1 10,000 244,600
- ---------------------------------------------------------------------------------
Toys R Us, Inc. 1 9,600 196,512
- ---------------------------------------------------------------------------------
Trans World Entertainment Corp. 1 14,200 177,074
- ---------------------------------------------------------------------------------
Tuesday Morning Corp. 1 1,700 52,071
- ---------------------------------------------------------------------------------
Tweeter Home Entertainment Group, Inc. 1 3,100 21,235
- ---------------------------------------------------------------------------------
United Auto Group, Inc. 4,100 121,319
- ---------------------------------------------------------------------------------
Zale Corp. 1 19,100 570,517
--------------
10,689,137
- ---------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--1.1%
Brown Shoe Co., Inc. 200 5,966
- ---------------------------------------------------------------------------------
Cherokee, Inc. 900 31,752
- ---------------------------------------------------------------------------------
Deckers Outdoor Corp. 1 2,800 131,572
- ---------------------------------------------------------------------------------
Hartmarx Corp. 1 15,000 116,550
9 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS Continued
Jones Apparel Group, Inc. 3,700 $ 135,309
- ---------------------------------------------------------------------------------
K-Swiss, Inc., Cl. A 10,700 311,584
- ---------------------------------------------------------------------------------
Kellwood Co. 5,900 203,550
- ---------------------------------------------------------------------------------
Kenneth Cole Productions, Inc., Cl. A 1,000 30,860
- ---------------------------------------------------------------------------------
Phillips/Van Heusen Corp. 5,100 137,700
- ---------------------------------------------------------------------------------
Russell Corp. 1,900 37,012
- ---------------------------------------------------------------------------------
Skechers U.S.A., Inc., Cl. A 1 13,900 180,144
- ---------------------------------------------------------------------------------
Timberland Co., Cl. A 1 4,400 275,748
- ---------------------------------------------------------------------------------
Tommy Hilfiger Corp. 1 7,500 84,600
- ---------------------------------------------------------------------------------
Warnaco Group, Inc. (The) 1 3,900 84,240
- ---------------------------------------------------------------------------------
Wolverine World Wide, Inc. 16,700 524,714
--------------
2,291,301
- ---------------------------------------------------------------------------------
CONSUMER STAPLES--3.5%
- ---------------------------------------------------------------------------------
BEVERAGES--0.2%
Adolph Coors Co., Cl. B 100 7,567
- ---------------------------------------------------------------------------------
Boston Beer Co., Inc., Cl. A 1 5,200 110,604
- ---------------------------------------------------------------------------------
Hansen Natural Corp. 1 3,700 134,717
- ---------------------------------------------------------------------------------
National Beverage Corp. 1,400 11,648
- ---------------------------------------------------------------------------------
PepsiAmericas, Inc. 5,800 123,192
--------------
387,728
- ---------------------------------------------------------------------------------
FOOD & STAPLES RETAILING--1.1%
7-Eleven, Inc. 1 12,900 308,955
- ---------------------------------------------------------------------------------
Arden Group, Inc., Cl. A 800 80,380
- ---------------------------------------------------------------------------------
BJ's Wholesale Club, Inc. 1 11,300 329,169
- ---------------------------------------------------------------------------------
Casey's General Stores, Inc. 3,500 63,525
- ---------------------------------------------------------------------------------
Great Atlantic & Pacific Tea Co., Inc. (The) 1 6,200 63,550
- ---------------------------------------------------------------------------------
Ingles Markets, Inc., Cl. A 700 8,673
- ---------------------------------------------------------------------------------
Longs Drug Stores, Inc. 11,600 319,812
- ---------------------------------------------------------------------------------
Nash Finch Co. 7,500 283,200
- ---------------------------------------------------------------------------------
Rite Aid Corp. 1 43,400 158,844
- ---------------------------------------------------------------------------------
Ruddick Corp. 12,700 275,463
- ---------------------------------------------------------------------------------
Smart & Final, Inc. 1 3,900 56,121
- ---------------------------------------------------------------------------------
SUPERVALU, Inc. 4,800 165,696
- ---------------------------------------------------------------------------------
Weis Markets, Inc. 2,900 111,853
- ---------------------------------------------------------------------------------
Winn-Dixie Stores, Inc. 37,700 171,535
--------------
2,396,776
- ---------------------------------------------------------------------------------
FOOD PRODUCTS--1.1%
Alico, Inc. 1 100 5,852
- ---------------------------------------------------------------------------------
Cal-Maine Foods, Inc. 13,000 157,170
- ---------------------------------------------------------------------------------
Chiquita Brands International, Inc. 1 7,300 161,038
- ---------------------------------------------------------------------------------
Corn Products International, Inc. 9,500 508,820
- ---------------------------------------------------------------------------------
Darling International, Inc. 1 38,200 166,552
- ---------------------------------------------------------------------------------
Del Monte Foods Co. 1 7,100 78,242
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
FOOD PRODUCTS Continued
Farmer Brothers Co. 100 $ 2,424
- ---------------------------------------------------------------------------------
Flowers Foods, Inc. 8,000 252,640
- ---------------------------------------------------------------------------------
J&J Snack Foods Corp. 1 2,100 102,963
- ---------------------------------------------------------------------------------
Lancaster Colony Corp. 4,000 171,480
- ---------------------------------------------------------------------------------
Lance, Inc. 8,600 163,658
- ---------------------------------------------------------------------------------
M&F Worldwide Corp. 1 2,300 31,326
- ---------------------------------------------------------------------------------
Omega Protein Corp. 1 4,800 41,280
- ---------------------------------------------------------------------------------
Pilgrim's Pride Corp., Cl. B 4,900 150,332
- ---------------------------------------------------------------------------------
Sanderson Farms, Inc. 6,350 274,828
- ---------------------------------------------------------------------------------
Smithfield Foods, Inc. 1 1,300 38,467
--------------
2,307,072
- ---------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS--0.6%
Chattem, Inc. 1 4,900 162,190
- ---------------------------------------------------------------------------------
Energizer Holdings, Inc. 1 3,500 173,915
- ---------------------------------------------------------------------------------
Nu Skin Asia Pacific, Inc., Cl. A 16,400 416,232
- ---------------------------------------------------------------------------------
Rayovac Corp. 1 15,500 473,680
--------------
1,226,017
- ---------------------------------------------------------------------------------
PERSONAL PRODUCTS--0.4%
Del Laboratories, Inc. 1 2,538 88,196
- ---------------------------------------------------------------------------------
Elizabeth Arden, Inc. 1 9,800 232,652
- ---------------------------------------------------------------------------------
Inter Parfums, Inc. 1,200 19,080
- ---------------------------------------------------------------------------------
Mannatech, Inc. 15,200 289,408
- ---------------------------------------------------------------------------------
Nature's Sunshine Products, Inc. 7,900 160,844
- ---------------------------------------------------------------------------------
NBTY, Inc. 1 6,500 156,065
--------------
946,245
- ---------------------------------------------------------------------------------
TOBACCO--0.1%
Star Scientific, Inc. 1 20,100 102,209
- ---------------------------------------------------------------------------------
Vector Group Ltd. 2,200 36,586
--------------
138,795
- ---------------------------------------------------------------------------------
ENERGY--7.2%
- ---------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--2.1%
Atwood Oceanics, Inc. 1 5,700 296,970
- ---------------------------------------------------------------------------------
Cal Dive International, Inc. 1 14,700 599,025
- ---------------------------------------------------------------------------------
Carbo Ceramics, Inc. 2,300 158,700
- ---------------------------------------------------------------------------------
CHC Helicopter Corp., Cl. A 700 29,819
- ---------------------------------------------------------------------------------
Diamond Offshore Drilling, Inc. 6,500 260,325
- ---------------------------------------------------------------------------------
Dril-Quip, Inc. 1 800 19,408
- ---------------------------------------------------------------------------------
Ensign Resource Service Group, Inc. 14,000 293,169
- ---------------------------------------------------------------------------------
Grant Prideco, Inc. 1 10,900 218,545
- ---------------------------------------------------------------------------------
Gulf Island Fabrication, Inc. 5,800 126,614
- ---------------------------------------------------------------------------------
Hydril Co. 1 4,100 186,591
- ---------------------------------------------------------------------------------
Key Energy Services, Inc. 1 4,700 55,460
- ---------------------------------------------------------------------------------
Lone Star Technologies, Inc. 1 6,300 210,798
10 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES Continued
Maverick Tube Corp. 1 9,300 $ 281,790
- ---------------------------------------------------------------------------------
NS Group, Inc. 1 11,100 308,580
- ---------------------------------------------------------------------------------
Oceaneering International, Inc. 1 1,500 55,980
- ---------------------------------------------------------------------------------
Offshore Logistics, Inc. 1 3,700 120,139
- ---------------------------------------------------------------------------------
Oil States International, Inc. 1 14,200 273,918
- ---------------------------------------------------------------------------------
Pioneer Drilling Co. 1 5,800 58,522
- ---------------------------------------------------------------------------------
Precision Drilling Corp. 1 1,500 94,546
- ---------------------------------------------------------------------------------
Pride International, Inc. 1 5,100 104,754
- ---------------------------------------------------------------------------------
RPC, Inc. 2,800 70,336
- ---------------------------------------------------------------------------------
Superior Energy Services, Inc. 1 100 1,541
- ---------------------------------------------------------------------------------
Technicoil Corp. 1 7,100 15,505
- ---------------------------------------------------------------------------------
Tetra Technologies, Inc. 1 1,000 28,300
- ---------------------------------------------------------------------------------
Todco, Cl. A 1 2,500 46,050
- ---------------------------------------------------------------------------------
Total Energy Services Ltd. 1 16,300 92,917
- ---------------------------------------------------------------------------------
Trican Well Service Ltd. 1 4,100 227,559
- ---------------------------------------------------------------------------------
Universal Compression Holdings, Inc. 1 7,100 247,861
- ---------------------------------------------------------------------------------
Veritas DGC, Inc. 1 3,300 73,953
--------------
4,557,675
- ---------------------------------------------------------------------------------
OIL & GAS--5.1%
Ashland, Inc. 1,900 110,922
- ---------------------------------------------------------------------------------
Atlas Energy Ltd. 1 37,300 105,847
- ---------------------------------------------------------------------------------
ATP Oil & Gas Corp. 1 1,200 22,296
- ---------------------------------------------------------------------------------
Berry Petroleum Co., Cl. A 3,200 152,640
- ---------------------------------------------------------------------------------
Bill Barrett Corp. 1 7,000 223,930
- ---------------------------------------------------------------------------------
Blizzard Energy, Inc. 1 86,400 187,489
- ---------------------------------------------------------------------------------
Cabot Oil & Gas Corp., Cl. A 5,800 256,650
- ---------------------------------------------------------------------------------
Callon Petroleum Co. 1 8,200 118,572
- ---------------------------------------------------------------------------------
Canadian Superior Energy, Inc. 1 21,700 34,593
- ---------------------------------------------------------------------------------
Cimarex Energy Co. 1 14,290 541,591
- ---------------------------------------------------------------------------------
Clear Energy, Inc. 1 9,133 41,162
- ---------------------------------------------------------------------------------
Comstock Resources, Inc. 1 8,600 189,630
- ---------------------------------------------------------------------------------
Crew Energy, Inc. 1 5,666 39,487
- ---------------------------------------------------------------------------------
Cyries Energy, Inc. 1 1,940 12,613
- ---------------------------------------------------------------------------------
Daylight Energy Trust 1 32,900 263,606
- ---------------------------------------------------------------------------------
Denbury Resources, Inc. 1 11,500 315,675
- ---------------------------------------------------------------------------------
Duvernay Oil Corp. 1 4,500 73,163
- ---------------------------------------------------------------------------------
Edge Petroleum Corp. 1 1,100 16,038
- ---------------------------------------------------------------------------------
Encore Acquisition Co. 1 1,200 41,892
- ---------------------------------------------------------------------------------
Energy Partners Ltd. 1 19,000 385,130
- ---------------------------------------------------------------------------------
Esprit Energy Trust, Cl. A 950 9,753
- ---------------------------------------------------------------------------------
Fairborne Energy Ltd. 1,2 5,500 55,314
- ---------------------------------------------------------------------------------
Find Energy Ltd. 1 7,400 25,261
- ---------------------------------------------------------------------------------
Find Energy Ltd. 1 28,100 95,922
- ---------------------------------------------------------------------------------
Forest Oil Corp. 1 5,900 187,148
- ---------------------------------------------------------------------------------
Frontier Oil Corp. 16,700 445,222
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
OIL & GAS Continued
General Maritime Corp. 1 3,300 $ 131,835
- ---------------------------------------------------------------------------------
Giant Industries, Inc. 1 3,200 84,832
- ---------------------------------------------------------------------------------
Harvest Natural Resources, Inc. 1 14,600 252,142
- ---------------------------------------------------------------------------------
Holly Corp. 3,900 108,693
- ---------------------------------------------------------------------------------
Houston Exploration Co. 1 4,000 225,240
- ---------------------------------------------------------------------------------
KCS Energy, Inc. 1 9,000 133,020
- ---------------------------------------------------------------------------------
Ketch Resources Ltd. 1 4,900 69,115
- ---------------------------------------------------------------------------------
Lightning Energy Ltd. 1 1,100 3,975
- ---------------------------------------------------------------------------------
Lightning Energy Ltd. 1,3 14,400 49,293
- ---------------------------------------------------------------------------------
Magnum Hunter Resources, Inc. 1 33,500 432,150
- ---------------------------------------------------------------------------------
Maritrans, Inc. 3,400 61,778
- ---------------------------------------------------------------------------------
Meridian Resource Corp. (The) 1 13,200 79,860
- ---------------------------------------------------------------------------------
Midnight Oil Exploration Ltd. 1 16,450 46,680
- ---------------------------------------------------------------------------------
Mission Resources Corp. 1 6,400 37,376
- ---------------------------------------------------------------------------------
Noble Energy, Inc. 1,700 104,822
- ---------------------------------------------------------------------------------
OMI Corp. 8,600 144,910
- ---------------------------------------------------------------------------------
OPTI Canada, Inc. 1 3,500 56,758
- ---------------------------------------------------------------------------------
Overseas Shipholding Group, Inc. 1,200 66,240
- ---------------------------------------------------------------------------------
Paramount Resources Ltd. 1 18,800 422,084
- ---------------------------------------------------------------------------------
Patina Oil & Gas Corp. 4,700 176,250
- ---------------------------------------------------------------------------------
Penn Virginia Corp. 6,400 259,648
- ---------------------------------------------------------------------------------
Petroleum Development Corp. 1 6,300 242,991
- ---------------------------------------------------------------------------------
Plains Exploration & Production Co. 1 10,942 284,492
- ---------------------------------------------------------------------------------
ProEx Energy Ltd. 1 1,940 13,763
- ---------------------------------------------------------------------------------
ProspEx Resources Ltd. 1 2,120 5,839
- ---------------------------------------------------------------------------------
ProspEx Resources Ltd. 1,3 3,800 9,605
- ---------------------------------------------------------------------------------
Range Resources Corp. 6,200 126,852
- ---------------------------------------------------------------------------------
Real Resources, Inc. 1 11,900 117,595
- ---------------------------------------------------------------------------------
Remington Oil & Gas Corp. 1 9,300 253,425
- ---------------------------------------------------------------------------------
Resource America, Inc., Cl. A 2,900 94,250
- ---------------------------------------------------------------------------------
Southwestern Energy Co. 1 1,100 55,759
- ---------------------------------------------------------------------------------
St. Mary Land & Exploration Co. 6,600 275,484
- ---------------------------------------------------------------------------------
StarPoint Energy Ltd. 1 49,800 220,290
- ---------------------------------------------------------------------------------
Stelmar Shipping Ltd. 3,600 171,756
- ---------------------------------------------------------------------------------
Stone Energy Corp. 1 1,100 49,599
- ---------------------------------------------------------------------------------
Sunoco, Inc. 2,800 228,788
- ---------------------------------------------------------------------------------
Swift Energy Co. 1 7,900 228,626
- ---------------------------------------------------------------------------------
Tesoro Corp. 1 12,700 404,622
- ---------------------------------------------------------------------------------
Thunder Energy, Inc. 1 18,666 116,843
- ---------------------------------------------------------------------------------
TKE Energy Trust 1 14,000 111,706
- ---------------------------------------------------------------------------------
Tusk Energy Corp. 1 20,700 50,966
- ---------------------------------------------------------------------------------
Tusk Energy Corp. 1,3 21,300 49,671
- ---------------------------------------------------------------------------------
VAALCO Energy, Inc. 1 5,000 19,400
- ---------------------------------------------------------------------------------
Vintage Petroleum, Inc. 19,000 431,110
- ---------------------------------------------------------------------------------
Whiting Petroleum Corp. 1 4,900 148,225
11 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
OIL & GAS Continued
World Fuel Services Corp. 3,000 $ 149,400
--------------
10,759,304
- ---------------------------------------------------------------------------------
FINANCIALS--12.1%
- ---------------------------------------------------------------------------------
CAPITAL MARKETS--0.3%
Harris & Harris Group, Inc. 1 3,800 62,244
- ---------------------------------------------------------------------------------
National Financial Partners Corp. 10,700 415,160
- ---------------------------------------------------------------------------------
SWS Group, Inc. 8,900 195,088
--------------
672,492
- ---------------------------------------------------------------------------------
COMMERCIAL BANKS--4.4%
Alliance Financial Corp. 600 18,300
- ---------------------------------------------------------------------------------
AmericanWest Bancorporation 2,910 58,928
- ---------------------------------------------------------------------------------
Anchor BanCorp Wisconsin, Inc. 3,900 113,685
- ---------------------------------------------------------------------------------
Arrow Financial Corp. 62 1,922
- ---------------------------------------------------------------------------------
Associated Banc-Corp 4,113 136,593
- ---------------------------------------------------------------------------------
Astoria Financial Corp. 1,700 67,949
- ---------------------------------------------------------------------------------
BancorpSouth, Inc. 1,000 24,370
- ---------------------------------------------------------------------------------
Bank of Hawaii Corp. 1,900 96,406
- ---------------------------------------------------------------------------------
Bank of the Ozarks, Inc. 700 23,821
- ---------------------------------------------------------------------------------
BankAtlantic Bancorp, Inc. 5,500 109,450
- ---------------------------------------------------------------------------------
Banner Corp. 800 24,952
- ---------------------------------------------------------------------------------
Berkshire Hills Bancorp, Inc. 1,700 63,155
- ---------------------------------------------------------------------------------
Camco Financial Corp. 500 7,700
- ---------------------------------------------------------------------------------
Camden National Corp. 300 11,823
- ---------------------------------------------------------------------------------
Capital City Bank Group, Inc. 425 17,765
- ---------------------------------------------------------------------------------
Capital Corp. of the West 400 18,800
- ---------------------------------------------------------------------------------
Capitol Bancorp Ltd. 600 21,132
- ---------------------------------------------------------------------------------
Center Financial Corp. 1,700 34,034
- ---------------------------------------------------------------------------------
CFS Bancorp, Inc. 200 2,854
- ---------------------------------------------------------------------------------
Chemical Financial Corp. 1,705 73,179
- ---------------------------------------------------------------------------------
Citizens First Bancorp, Inc. 2,900 70,122
- ---------------------------------------------------------------------------------
City Holding Co. 7,400 268,176
- ---------------------------------------------------------------------------------
Colonial BancGroup, Inc. (The) 8,400 178,332
- ---------------------------------------------------------------------------------
Columbia Banking System, Inc. 5,590 139,694
- ---------------------------------------------------------------------------------
Commercial Federal Corp. 1,700 50,507
- ---------------------------------------------------------------------------------
Community Bancorp, Inc. 1 600 18,360
- ---------------------------------------------------------------------------------
Community Bank System, Inc. 12,300 347,475
- ---------------------------------------------------------------------------------
Community Trust Bancorp, Inc. 715 23,137
- ---------------------------------------------------------------------------------
Corus Bankshares, Inc. 900 43,209
- ---------------------------------------------------------------------------------
CVB Financial Corp. 510 13,546
- ---------------------------------------------------------------------------------
Dime Community Bancshares, Inc. 3,612 64,691
- ---------------------------------------------------------------------------------
Downey Financial Corp. 2,300 131,100
- ---------------------------------------------------------------------------------
East West Bancorp, Inc. 2,200 92,312
- ---------------------------------------------------------------------------------
Fidelity Bankshares, Inc. 3,316 141,792
- ---------------------------------------------------------------------------------
First BanCorp 750 47,633
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
First Citizens BancShares, Inc., Cl. A 800 $ 118,600
- ---------------------------------------------------------------------------------
First Commonwealth Financial Corp. 12,600 193,914
- ---------------------------------------------------------------------------------
First Defiance Financial Corp. 1,200 34,164
- ---------------------------------------------------------------------------------
First Financial Corp. 600 21,018
- ---------------------------------------------------------------------------------
First Financial Holdings, Inc. 3,100 101,494
- ---------------------------------------------------------------------------------
First Merchants Corp. 615 17,405
- ---------------------------------------------------------------------------------
First Midwest Bancorp, Inc. 900 32,661
- ---------------------------------------------------------------------------------
First National Bankshares of Florida, Inc. 1,957 46,772
- ---------------------------------------------------------------------------------
First Place Financial Corp. 5,400 120,906
- ---------------------------------------------------------------------------------
First Republic Bank 4,100 217,300
- ---------------------------------------------------------------------------------
FirstFed Financial Corp. 1 2,400 124,488
- ---------------------------------------------------------------------------------
Flagstar Bancorp, Inc. 3,100 70,060
- ---------------------------------------------------------------------------------
Flushing Financial Corp. 1,775 35,607
- ---------------------------------------------------------------------------------
Foothill Independent Bancorp 118 2,771
- ---------------------------------------------------------------------------------
Frontier Financial Corp. 200 7,722
- ---------------------------------------------------------------------------------
GB&T Bancshares, Inc. 1,800 43,416
- ---------------------------------------------------------------------------------
Glacier Bancorp, Inc. 3,375 114,885
- ---------------------------------------------------------------------------------
Greater Bay Bancorp 9,300 259,284
- ---------------------------------------------------------------------------------
Hancock Holding Co. 700 23,422
- ---------------------------------------------------------------------------------
Harbor Florida Bancshares, Inc. 3,900 134,979
- ---------------------------------------------------------------------------------
Hibernia Corp., Cl. A 5,400 159,354
- ---------------------------------------------------------------------------------
Home Federal Bancorp 1,000 25,219
- ---------------------------------------------------------------------------------
Horizon Financial Corp. 200 4,116
- ---------------------------------------------------------------------------------
Hudson River Bancorp, Inc. 2,400 47,496
- ---------------------------------------------------------------------------------
Hudson United Bancorp 1,300 51,194
- ---------------------------------------------------------------------------------
Independence Community Bank Corp. 1,600 68,128
- ---------------------------------------------------------------------------------
Independent Bank Corp., Michigan 4,443 132,535
- ---------------------------------------------------------------------------------
Indymac Mortgage Holdings, Inc. 4,100 141,245
- ---------------------------------------------------------------------------------
ITLA Capital Corp. 1 400 23,516
- ---------------------------------------------------------------------------------
Macatawa Bank Corp. 455 14,692
- ---------------------------------------------------------------------------------
MainSource Financial Group, Inc. 383 9,146
- ---------------------------------------------------------------------------------
NASB Financial, Inc. 1,100 43,956
- ---------------------------------------------------------------------------------
National Bankshares, Inc. 600 32,112
- ---------------------------------------------------------------------------------
NBT Bancorp, Inc. 2,500 64,300
- ---------------------------------------------------------------------------------
Net.B@nk, Inc. 9,100 94,731
- ---------------------------------------------------------------------------------
Oak Hill Financial, Inc. 500 19,395
- ---------------------------------------------------------------------------------
Old Second Bancorp, Inc. 316 10,074
- ---------------------------------------------------------------------------------
Oriental Financial Group, Inc. 2,090 59,168
- ---------------------------------------------------------------------------------
Pacific Capital Bancorp 18,910 642,751
- ---------------------------------------------------------------------------------
Parkvale Financial Corp. 400 11,516
- ---------------------------------------------------------------------------------
PennRock Financial Services Corp. 1,220 47,470
- ---------------------------------------------------------------------------------
PFF Bancorp, Inc. 5,940 275,200
- ---------------------------------------------------------------------------------
Provident Bankshares Corp. 3,251 118,239
- ---------------------------------------------------------------------------------
Provident Financial Holdings, Inc. 800 23,080
- ---------------------------------------------------------------------------------
R&G Financial Corp., Cl. B 11,800 458,784
12 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Republic Bancorp, Inc. 10,557 $ 161,311
- ---------------------------------------------------------------------------------
Republic Bancorp, Inc., Cl. A 3,560 91,492
- ---------------------------------------------------------------------------------
S&T Bancorp, Inc. 500 18,845
- ---------------------------------------------------------------------------------
Santander BanCorp 620 18,699
- ---------------------------------------------------------------------------------
Seacoast Banking Corp. of Florida 3,630 80,768
- ---------------------------------------------------------------------------------
Silicon Valley Bancshares 1 9,500 425,790
- ---------------------------------------------------------------------------------
Sky Financial Group, Inc. 600 17,202
- ---------------------------------------------------------------------------------
Sound Federal Bancorp, Inc. 300 4,875
- ---------------------------------------------------------------------------------
Southside Bancshares, Inc. 315 7,198
- ---------------------------------------------------------------------------------
Southwest Bancorp, Inc. 3,400 83,232
- ---------------------------------------------------------------------------------
State Bancorp, Inc. 1,162 31,955
- ---------------------------------------------------------------------------------
State Financial Services Corp. 6,400 192,640
- ---------------------------------------------------------------------------------
Sterling Bancorp 4,360 123,170
- ---------------------------------------------------------------------------------
Sterling Financial Corp. (Western US) 11,717 460,009
- ---------------------------------------------------------------------------------
Sun Bancorp, Inc. 1,196 29,876
- ---------------------------------------------------------------------------------
TCF Financial Corp. 1,600 51,424
- ---------------------------------------------------------------------------------
Texas Capital Bancshares, Inc. 1 800 17,296
- ---------------------------------------------------------------------------------
TierOne Corp. 3,800 94,430
- ---------------------------------------------------------------------------------
Union Bankshares Corp. 900 34,587
- ---------------------------------------------------------------------------------
United Bankshares, Inc. 1,800 68,670
- ---------------------------------------------------------------------------------
United Community Financial Corp. 1,300 14,560
- ---------------------------------------------------------------------------------
Univest Corp. of Pennsylvania 300 13,806
- ---------------------------------------------------------------------------------
Vineyard National Bancorp Co. 500 16,430
- ---------------------------------------------------------------------------------
Waypoint Financial Corp. 2,210 62,654
- ---------------------------------------------------------------------------------
Webster Financial Corp. 2,334 118,194
- ---------------------------------------------------------------------------------
WesBanco, Inc. 1,300 41,561
- ---------------------------------------------------------------------------------
WSFS Financial Corp. 4,200 253,344
--------------
9,389,207
- ---------------------------------------------------------------------------------
CONSUMER FINANCE--0.3%
Advance America Cash Advance Centers, Inc. 1 8,700 199,230
- ---------------------------------------------------------------------------------
ASTA Funding, Inc. 5,400 144,936
- ---------------------------------------------------------------------------------
MoneyGram International, Inc. 12,700 268,478
--------------
612,644
- ---------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--1.4%
Ace Cash Express, Inc. 1 600 17,796
- ---------------------------------------------------------------------------------
Advanta Corp., Cl. B 3,700 89,799
- ---------------------------------------------------------------------------------
Affiliated Managers Group, Inc. 1 8,500 575,790
- ---------------------------------------------------------------------------------
American Capital Strategies Ltd. 2,700 90,045
- ---------------------------------------------------------------------------------
AmeriCredit Corp. 1 1,900 46,455
- ---------------------------------------------------------------------------------
Archipelago Holdings, Inc. 1 1,400 29,372
- ---------------------------------------------------------------------------------
Cash America International, Inc. 5,700 169,461
- ---------------------------------------------------------------------------------
CompuCredit Corp. 1 10,600 289,804
- ---------------------------------------------------------------------------------
E*TRADE Financial Corp. 1 14,100 210,795
- ---------------------------------------------------------------------------------
First Albany Cos., Inc. 1,300 12,610
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES Continued
First Cash Financial Services, Inc. 1 4,000 $ 106,840
- ---------------------------------------------------------------------------------
Gabelli Asset Management, Inc. 4,500 218,340
- ---------------------------------------------------------------------------------
Investment Technology Group, Inc. 1 4,400 88,000
- ---------------------------------------------------------------------------------
Knight Trading Group, Inc. 1 1,400 15,330
- ---------------------------------------------------------------------------------
MarketAxess Holdings, Inc. 1 1,200 20,412
- ---------------------------------------------------------------------------------
Medallion Financial Corp. 1,700 16,490
- ---------------------------------------------------------------------------------
Metris Cos., Inc. 1 11,400 145,350
- ---------------------------------------------------------------------------------
Piper Jaffray Cos., Inc. 3,600 172,620
- ---------------------------------------------------------------------------------
Providian Financial Corp. 1 6,800 111,996
- ---------------------------------------------------------------------------------
Raymond James Financial, Inc. 2,400 74,352
- ---------------------------------------------------------------------------------
Sanders Morris Harris Group, Inc. 4,100 73,021
- ---------------------------------------------------------------------------------
SEI Investments Co. 3,600 150,948
- ---------------------------------------------------------------------------------
United PanAm Financial Corp. 1 700 13,342
- ---------------------------------------------------------------------------------
WFS Financial, Inc. 3,300 167,574
- ---------------------------------------------------------------------------------
World Acceptance Corp. 1 3,400 93,534
--------------
3,000,076
- ---------------------------------------------------------------------------------
INSURANCE--3.6%
Affirmative Insurance Holdings, Inc. 6,800 114,512
- ---------------------------------------------------------------------------------
Alfa Corp. 4,400 66,814
- ---------------------------------------------------------------------------------
Allmerica Financial Corp. 1 6,000 196,980
- ---------------------------------------------------------------------------------
American Financial Group, Inc. 5,700 178,467
- ---------------------------------------------------------------------------------
American Physicians Capital, Inc. 1 1,800 64,836
- ---------------------------------------------------------------------------------
AmerUs Group Co. 10,900 493,770
- ---------------------------------------------------------------------------------
Arch Capital Group Ltd. 1 2,900 112,230
- ---------------------------------------------------------------------------------
Argonaut Group, Inc. 1 900 19,017
- ---------------------------------------------------------------------------------
Aspen Insurance Holdings Ltd. 2,600 63,752
- ---------------------------------------------------------------------------------
Baldwin & Lyons, Inc., Cl. B, Non-Vtg 600 16,074
- ---------------------------------------------------------------------------------
Commerce Group, Inc. (The) 4,000 244,160
- ---------------------------------------------------------------------------------
Danielson Holding Corp. 1 6,000 50,700
- ---------------------------------------------------------------------------------
Delphi Financial Group, Inc., Cl. A 7,900 364,585
- ---------------------------------------------------------------------------------
Direct General Corp. 2,200 70,620
- ---------------------------------------------------------------------------------
Donegal Group, Inc., Cl. A 3,900 89,427
- ---------------------------------------------------------------------------------
EMC Insurance Group, Inc. 300 6,492
- ---------------------------------------------------------------------------------
Fidelity National Financial, Inc. 79 3,608
- ---------------------------------------------------------------------------------
First American Corp. (The) 3,800 133,532
- ---------------------------------------------------------------------------------
FPIC Insurance Group, Inc. 1 5,000 176,900
- ---------------------------------------------------------------------------------
Great American Financial Resources, Inc. 1,300 22,581
- ---------------------------------------------------------------------------------
HCC Insurance Holdings, Inc. 2,100 69,552
- ---------------------------------------------------------------------------------
Horace Mann Educators Corp. 11,200 213,696
- ---------------------------------------------------------------------------------
Independence Holding Co. 540 9,963
- ---------------------------------------------------------------------------------
Infinity Property & Casualty Corp. 5,800 204,160
- ---------------------------------------------------------------------------------
IPC Holdings Ltd. 2,300 100,073
- ---------------------------------------------------------------------------------
LandAmerica Financial Group, Inc. 8,500 458,405
- ---------------------------------------------------------------------------------
Markel Corp. 1 100 36,400
13 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
INSURANCE Continued
Meadowbrook Insurance Group, Inc. 1 3,400 $ 16,966
- ---------------------------------------------------------------------------------
Mercury General Corp. 1,300 77,896
- ---------------------------------------------------------------------------------
National Western Life Insurance Co., Cl. A 1 400 66,644
- ---------------------------------------------------------------------------------
Odyssey Re Holdings Corp. 9,400 236,974
- ---------------------------------------------------------------------------------
Ohio Casualty Corp. 1 18,100 420,101
- ---------------------------------------------------------------------------------
Old Republic International Corp. 5,700 144,210
- ---------------------------------------------------------------------------------
Penn-America Group, Inc. 2,200 33,220
- ---------------------------------------------------------------------------------
Philadelphia Consolidated Holding Co. 1 4,000 264,560
- ---------------------------------------------------------------------------------
Phoenix Cos., Inc. (The) 5,300 66,250
- ---------------------------------------------------------------------------------
PMA Capital Corp., Cl. A 1 4,500 46,575
- ---------------------------------------------------------------------------------
ProCentury Corp. 11,600 143,840
- ---------------------------------------------------------------------------------
Protective Life Corp. 2,800 119,532
- ---------------------------------------------------------------------------------
Pxre Group Ltd. 1,200 30,252
- ---------------------------------------------------------------------------------
Reinsurance Group of America, Inc. 1,500 72,675
- ---------------------------------------------------------------------------------
RLI Corp. 2,200 91,454
- ---------------------------------------------------------------------------------
Safety Insurance Group, Inc. 1,800 56,070
- ---------------------------------------------------------------------------------
Selective Insurance Group, Inc. 8,000 353,920
- ---------------------------------------------------------------------------------
StanCorp Financial Group, Inc. 4,600 379,500
- ---------------------------------------------------------------------------------
State Auto Financial Corp. 7,700 199,045
- ---------------------------------------------------------------------------------
Stewart Information Services Corp. 3,500 145,775
- ---------------------------------------------------------------------------------
Triad Guaranty, Inc. 1 500 30,240
- ---------------------------------------------------------------------------------
UICI 3,500 118,650
- ---------------------------------------------------------------------------------
United Fire & Casualty Co. 4,000 134,840
- ---------------------------------------------------------------------------------
Unitrin, Inc. 400 18,180
- ---------------------------------------------------------------------------------
Universal American Financial Corp. 1 29,200 451,724
- ---------------------------------------------------------------------------------
UnumProvident Corp. 6,200 111,228
- ---------------------------------------------------------------------------------
Vesta Insurance Group, Inc. 13,100 48,208
- ---------------------------------------------------------------------------------
Zenith National Insurance Corp. 4,300 214,312
--------------
7,674,147
- ---------------------------------------------------------------------------------
REAL ESTATE--1.6%
Acadia Realty Trust 1,100 17,930
- ---------------------------------------------------------------------------------
Agree Realty Corp. 4,600 145,774
- ---------------------------------------------------------------------------------
Alexandria Real Estate Equities, Inc. 500 37,210
- ---------------------------------------------------------------------------------
Arden Realty, Inc. 1,500 56,580
- ---------------------------------------------------------------------------------
Associated Estates Realty Corp. 1,100 11,242
- ---------------------------------------------------------------------------------
Brandywine Realty Trust 2,300 67,597
- ---------------------------------------------------------------------------------
Camden Property Trust 1,700 86,700
- ---------------------------------------------------------------------------------
Capital Automotive REIT 1,500 53,288
- ---------------------------------------------------------------------------------
Capstead Mortgage Corp. 1,100 11,594
- ---------------------------------------------------------------------------------
CarrAmerica Realty Corp. 1,100 36,300
- ---------------------------------------------------------------------------------
CB Richard Ellis Group, Inc., Cl. A 1 3,000 100,650
- ---------------------------------------------------------------------------------
CBL & Associates Properties, Inc. 800 61,080
- ---------------------------------------------------------------------------------
Colonial Properties Trust 800 31,416
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
REAL ESTATE Continued
Consolidated-Tomoka Land Co. 500 $ 21,500
- ---------------------------------------------------------------------------------
Cornerstone Realty Income Trust, Inc. 600 5,988
- ---------------------------------------------------------------------------------
Corporate Office Properties Trust 1,100 32,285
- ---------------------------------------------------------------------------------
Correctional Properties Trust 1,700 49,096
- ---------------------------------------------------------------------------------
CRT Properties, Inc. 1,500 35,790
- ---------------------------------------------------------------------------------
Equity Inns, Inc. 9,200 108,008
- ---------------------------------------------------------------------------------
First Industrial Realty Trust, Inc. 1,900 77,387
- ---------------------------------------------------------------------------------
Friedman, Billings, Ramsey Group, Inc., Cl. A 5,300 102,767
- ---------------------------------------------------------------------------------
Glenborough Realty Trust, Inc. 800 17,024
- ---------------------------------------------------------------------------------
Health Care REIT, Inc. 3,000 114,450
- ---------------------------------------------------------------------------------
Healthcare Realty Trust, Inc. 1,500 61,050
- ---------------------------------------------------------------------------------
Heritage Property Investment Trust 500 16,045
- ---------------------------------------------------------------------------------
Highwoods Properties, Inc. 2,300 63,710
- ---------------------------------------------------------------------------------
Impac Mortgage Holdings, Inc. 1,500 34,005
- ---------------------------------------------------------------------------------
Jones Lang LaSalle, Inc. 1 7,000 261,870
- ---------------------------------------------------------------------------------
Kilroy Realty Corp. 1,300 55,575
- ---------------------------------------------------------------------------------
Lexington Corporate Properties Trust 2,700 60,966
- ---------------------------------------------------------------------------------
LTC Properties, Inc. 1,000 19,910
- ---------------------------------------------------------------------------------
Mack-Cali Realty Corp. 1,500 69,045
- ---------------------------------------------------------------------------------
Maguire Properties, Inc. 1,400 38,444
- ---------------------------------------------------------------------------------
Mid-America Apartment Communities, Inc. 1,500 61,830
- ---------------------------------------------------------------------------------
Mills Corp. 1,900 121,144
- ---------------------------------------------------------------------------------
Nationwide Health Properties, Inc. 3,800 90,250
- ---------------------------------------------------------------------------------
Novastar Financial, Inc. 1,500 74,250
- ---------------------------------------------------------------------------------
Omega Healthcare Investors, Inc. 1,100 12,980
- ---------------------------------------------------------------------------------
Pan Pacific Retail Properties, Inc. 1,300 81,510
- ---------------------------------------------------------------------------------
Pennsylvania Real Estate Investment Trust 1,900 81,320
- ---------------------------------------------------------------------------------
Prentiss Properties Trust 600 22,920
- ---------------------------------------------------------------------------------
PS Business Parks, Inc. 500 22,550
- ---------------------------------------------------------------------------------
Ramco-Gershenson Properties Trust 2,100 67,725
- ---------------------------------------------------------------------------------
Redwood Trust, Inc. 800 49,672
- ---------------------------------------------------------------------------------
Regency Centers Corp. 800 44,320
- ---------------------------------------------------------------------------------
Senior Housing Properties Trust 3,200 60,608
- ---------------------------------------------------------------------------------
Simon Property Group, Inc. 158 10,218
- ---------------------------------------------------------------------------------
SL Green Realty Corp. 1,100 66,605
- ---------------------------------------------------------------------------------
Spirit Finance Corp. 1 12,400 156,860
- ---------------------------------------------------------------------------------
Stratus Properties, Inc. 1 1,500 23,625
- ---------------------------------------------------------------------------------
Tanger Factory Outlet Centers, Inc. 4,800 127,008
- ---------------------------------------------------------------------------------
Town & Country Trust 900 24,867
- ---------------------------------------------------------------------------------
Trammell Crow Co. 1 3,300 59,763
- ---------------------------------------------------------------------------------
Trizec Properties, Inc. 2,300 43,516
- ---------------------------------------------------------------------------------
United Capital Corp. 1 400 9,060
- ---------------------------------------------------------------------------------
United Dominion Realty Trust, Inc. 1,100 27,280
14 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
REAL ESTATE Continued
Ventas, Inc. 1,900 $ 52,079
--------------
3,354,236
- ---------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE--0.5%
Accredited Home Lenders Holding Co. 1 4,000 198,720
- ---------------------------------------------------------------------------------
Bank Mutual Corp. 8,636 105,100
- ---------------------------------------------------------------------------------
CharterMac 1,800 43,992
- ---------------------------------------------------------------------------------
Clifton Savings Bancorp, Inc. 2,200 26,730
- ---------------------------------------------------------------------------------
Commercial Capital Bancorp, Inc. 4,400 101,992
- ---------------------------------------------------------------------------------
Fremont General Corp. 8,900 224,102
- ---------------------------------------------------------------------------------
KBNT Bancorp, Inc. 1,400 23,660
- ---------------------------------------------------------------------------------
NewAlliance Bancshares, Inc. 5,900 90,270
- ---------------------------------------------------------------------------------
Radian Group, Inc. 3,900 207,636
--------------
1,022,202
- ---------------------------------------------------------------------------------
HEALTH CARE--11.2%
- ---------------------------------------------------------------------------------
BIOTECHNOLOGY--1.6%
Abgenix, Inc. 1 12,800 132,352
- ---------------------------------------------------------------------------------
Affymetrix, Inc. 1 3,000 109,650
- ---------------------------------------------------------------------------------
Alexion Pharmaceuticals, Inc. 1 800 20,160
- ---------------------------------------------------------------------------------
Aphton Corp. 1 1,600 4,976
- ---------------------------------------------------------------------------------
Applera Corp./Applied Biosystems Group 9,300 194,463
- ---------------------------------------------------------------------------------
Array BioPharma, Inc. 1 20,400 194,208
- ---------------------------------------------------------------------------------
Bioenvision, Inc. 1 9,500 85,120
- ---------------------------------------------------------------------------------
Bone Care International, Inc. 1 7,700 214,445
- ---------------------------------------------------------------------------------
Caliper Life Sciences, Inc. 1 2,900 21,837
- ---------------------------------------------------------------------------------
Celgene Corp. 1 4,100 108,773
- ---------------------------------------------------------------------------------
Charles River Laboratories International, Inc. 1 1,144 52,635
- ---------------------------------------------------------------------------------
Corgentech, Inc. 1 1,700 14,076
- ---------------------------------------------------------------------------------
deCODE genetics, Inc. 1 2,800 21,868
- ---------------------------------------------------------------------------------
Durect Corp. 1 4,100 13,448
- ---------------------------------------------------------------------------------
Dusa Pharmaceuticals, Inc. 1 900 12,870
- ---------------------------------------------------------------------------------
Enzo Biochem, Inc. 3,000 58,410
- ---------------------------------------------------------------------------------
Gen-Probe, Inc. 1 2,600 117,546
- ---------------------------------------------------------------------------------
ID Biomedical Corp. 1 6,100 90,829
- ---------------------------------------------------------------------------------
ImmunoGen, Inc. 1 2,800 24,752
- ---------------------------------------------------------------------------------
Incyte Corp. 1 4,900 48,951
- ---------------------------------------------------------------------------------
Medarex, Inc. 1 10,100 108,878
- ---------------------------------------------------------------------------------
Medicines Co. (The) 1 7,600 218,880
- ---------------------------------------------------------------------------------
Millennium Pharmaceuticals, Inc. 1 4,700 56,964
- ---------------------------------------------------------------------------------
Myriad Genetics, Inc. 1 6,500 146,315
- ---------------------------------------------------------------------------------
NeoPharm, Inc. 1 1,500 18,765
- ---------------------------------------------------------------------------------
Northfield Laboratories, Inc. 1 3,400 76,670
- ---------------------------------------------------------------------------------
Onyx Pharmaceuticals, Inc. 1 4,500 145,755
- ---------------------------------------------------------------------------------
Orchid Biosciences, Inc. 1 3,600 41,400
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
BIOTECHNOLOGY Continued
OSI Pharmaceuticals, Inc. 1 3,200 $ 239,520
- ---------------------------------------------------------------------------------
Regeneron Pharmaceuticals, Inc. 1 5,800 53,418
- ---------------------------------------------------------------------------------
Savient Pharmaceuticals, Inc. 1 2,700 7,317
- ---------------------------------------------------------------------------------
Techne Corp. 1 1,500 58,350
- ---------------------------------------------------------------------------------
Telik, Inc. 1 2,500 47,850
- ---------------------------------------------------------------------------------
Third Wave Technologies, Inc. 1 18,700 160,820
- ---------------------------------------------------------------------------------
Trimeris, Inc. 1 4,600 65,182
- ---------------------------------------------------------------------------------
United Therapeutics Corp. 1 5,400 243,810
- ---------------------------------------------------------------------------------
Vertex Pharmaceuticals, Inc. 1 14,500 153,265
--------------
3,384,528
- ---------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--4.0%
ABIOMED, Inc. 1 2,400 37,056
- ---------------------------------------------------------------------------------
Adeza Biomedical Corp. 1 2,400 42,120
- ---------------------------------------------------------------------------------
Align Technology, Inc. 1 10,700 115,025
- ---------------------------------------------------------------------------------
American Medical Systems Holdings, Inc. 1 7,500 313,575
- ---------------------------------------------------------------------------------
Anika Therapeutics, Inc. 1 5,300 48,495
- ---------------------------------------------------------------------------------
Arrow International, Inc. 9,000 278,910
- ---------------------------------------------------------------------------------
ArthroCare Corp. 1 5,200 166,712
- ---------------------------------------------------------------------------------
Aspect Medical Systems, Inc. 1 7,000 171,220
- ---------------------------------------------------------------------------------
Bausch & Lomb, Inc. 1,000 64,460
- ---------------------------------------------------------------------------------
Bioveris Corp. 1 400 2,924
- ---------------------------------------------------------------------------------
CNS, Inc. 2,900 36,395
- ---------------------------------------------------------------------------------
Conceptus, Inc. 1 1,500 12,173
- ---------------------------------------------------------------------------------
ConMed Corp. 1 7,100 201,782
- ---------------------------------------------------------------------------------
Conor Medsystems, Inc. 1 4,800 66,480
- ---------------------------------------------------------------------------------
Cytyc Corp. 1 1,400 38,598
- ---------------------------------------------------------------------------------
Dade Behring Holdings, Inc. 1 4,700 263,200
- ---------------------------------------------------------------------------------
Datascope Corp. 300 11,907
- ---------------------------------------------------------------------------------
Diagnostic Products Corp. 200 11,010
- ---------------------------------------------------------------------------------
DJ Orthopedics, Inc. 1 900 19,278
- ---------------------------------------------------------------------------------
Endologix, Inc. 1 2,400 16,392
- ---------------------------------------------------------------------------------
EPIX Pharmaceuticals, Inc. 1 10,200 182,682
- ---------------------------------------------------------------------------------
Exactech, Inc. 1 1,300 23,777
- ---------------------------------------------------------------------------------
Foxhollow Technologies, Inc. 1 700 17,213
- ---------------------------------------------------------------------------------
Haemonetics Corp. 1 9,000 325,890
- ---------------------------------------------------------------------------------
HealthTronics, Inc. 1 3,600 38,268
- ---------------------------------------------------------------------------------
Hologic, Inc. 1 8,900 244,483
- ---------------------------------------------------------------------------------
Hospira, Inc. 1 8,800 294,800
- ---------------------------------------------------------------------------------
Idexx Laboratories, Inc. 1 1,200 65,508
- ---------------------------------------------------------------------------------
Immucor, Inc. 1 3,075 72,293
- ---------------------------------------------------------------------------------
Inamed Corp. 1 2,450 154,963
- ---------------------------------------------------------------------------------
Kensey Nash Corp. 1 7,100 245,163
- ---------------------------------------------------------------------------------
Kyphon, Inc. 1 5,400 139,104
- ---------------------------------------------------------------------------------
Lifeline Systems, Inc. 1 2,500 64,400
15 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES Continued
Matthews International Corp., Cl. A 8,600 $ 316,480
- ---------------------------------------------------------------------------------
Medical Action Industries, Inc. 1 2,100 41,370
- ---------------------------------------------------------------------------------
Meridian Bioscience, Inc. 5,600 97,384
- ---------------------------------------------------------------------------------
Millipore Corp. 1 300 14,943
- ---------------------------------------------------------------------------------
Mine Safety Applicances Co. 4,200 212,940
- ---------------------------------------------------------------------------------
Molecular Devices Corp. 1 7,300 146,730
- ---------------------------------------------------------------------------------
Occulogix, Inc. 1 800 8,224
- ---------------------------------------------------------------------------------
Ocular Sciences, Inc. 1 8,000 392,080
- ---------------------------------------------------------------------------------
OrthoLogic Corp. 1 7,000 43,750
- ---------------------------------------------------------------------------------
Palomar Medical Technologies, Inc. 1 6,700 174,669
- ---------------------------------------------------------------------------------
PerkinElmer, Inc. 9,300 209,157
- ---------------------------------------------------------------------------------
PolyMedica Corp. 8,600 320,694
- ---------------------------------------------------------------------------------
Possis Medical, Inc. 1 6,600 88,968
- ---------------------------------------------------------------------------------
Respironics, Inc. 1 1,600 86,976
- ---------------------------------------------------------------------------------
SonoSite, Inc. 1 3,900 132,405
- ---------------------------------------------------------------------------------
SurModics, Inc. 1 4,900 159,299
- ---------------------------------------------------------------------------------
Sybron Dental Specialties, Inc. 1 11,300 399,794
- ---------------------------------------------------------------------------------
Symmetry Medical, Inc. 1 4,000 84,200
- ---------------------------------------------------------------------------------
Thermo Electron Corp. 1 6,700 202,273
- ---------------------------------------------------------------------------------
TriPath Imaging, Inc. 1 2,800 25,116
- ---------------------------------------------------------------------------------
Urologix, Inc. 1 3,500 22,645
- ---------------------------------------------------------------------------------
Varian Medical Systems, Inc. 1 1,700 73,508
- ---------------------------------------------------------------------------------
Varian, Inc. 1 3,700 151,737
- ---------------------------------------------------------------------------------
Ventana Medical Systems, Inc. 1 6,100 390,339
- ---------------------------------------------------------------------------------
Viasys Healthcare, Inc. 1 2,400 45,600
- ---------------------------------------------------------------------------------
VISX, Inc. 1 18,900 488,943
- ---------------------------------------------------------------------------------
West Pharmaceutical Services, Inc. 4,000 100,120
- ---------------------------------------------------------------------------------
Wright Medical Group, Inc. 1 6,200 176,700
- ---------------------------------------------------------------------------------
Young Innovations, Inc. 550 18,552
--------------
8,411,852
- ---------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES--4.5%
Alderwoods Group, Inc. 1 2,800 31,864
- ---------------------------------------------------------------------------------
Allscripts Healthcare Solutions, Inc. 1 15,400 164,318
- ---------------------------------------------------------------------------------
Amedisys, Inc. 1 6,500 210,535
- ---------------------------------------------------------------------------------
America Service Group, Inc. 1 3,350 89,680
- ---------------------------------------------------------------------------------
American Healthways, Inc. 1 800 26,432
- ---------------------------------------------------------------------------------
AMERIGROUP Corp. 1 1,100 83,226
- ---------------------------------------------------------------------------------
AMN Healthcare Services, Inc. 1 800 12,728
- ---------------------------------------------------------------------------------
AmSurg Corp. 1 1,600 47,264
- ---------------------------------------------------------------------------------
Andrx Corp. 1 2,700 58,941
- ---------------------------------------------------------------------------------
Beverly Enterprises, Inc. 1 18,700 171,105
- ---------------------------------------------------------------------------------
Bio-Reference Laboratories, Inc. 1 4,900 85,260
- ---------------------------------------------------------------------------------
Cantel Medical Corp. 1 700 26,194
- ---------------------------------------------------------------------------------
Centene Corp. 1 600 17,010
- ---------------------------------------------------------------------------------
Cerner Corp. 1 3,900 207,363
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
Computer Programs & Systems, Inc. 400 $ 9,260
- ---------------------------------------------------------------------------------
CorVel Corp. 1 2,100 56,238
- ---------------------------------------------------------------------------------
Covance, Inc. 1 7,300 282,875
- ---------------------------------------------------------------------------------
Coventry Health Care, Inc. 1 2,800 148,624
- ---------------------------------------------------------------------------------
Cross Country Healthcare, Inc. 1 10,700 193,456
- ---------------------------------------------------------------------------------
DaVita, Inc. 1 2,800 110,684
- ---------------------------------------------------------------------------------
Dendrite International, Inc. 1 4,800 93,120
- ---------------------------------------------------------------------------------
Eclipsys Corp. 1 10,800 220,644
- ---------------------------------------------------------------------------------
Express Scripts, Inc. 1 300 22,932
- ---------------------------------------------------------------------------------
Genesis HealthCare Corp. 1 9,900 346,797
- ---------------------------------------------------------------------------------
Gentiva Health Services, Inc. 1 12,900 215,688
- ---------------------------------------------------------------------------------
HealthExtras, Inc. 1 12,300 200,490
- ---------------------------------------------------------------------------------
Humana, Inc. 1 5,400 160,326
- ---------------------------------------------------------------------------------
IDX Systems Corp. 1 4,800 165,408
- ---------------------------------------------------------------------------------
Kindred Healthcare, Inc. 1 5,100 152,745
- ---------------------------------------------------------------------------------
LCA-Vision, Inc. 12,100 283,019
- ---------------------------------------------------------------------------------
LifePoint Hospitals, Inc. 1 1,600 55,712
- ---------------------------------------------------------------------------------
Magellan Health Services, Inc. 1 5,600 191,296
- ---------------------------------------------------------------------------------
Matria Healthcare, Inc. 1 4,800 187,536
- ---------------------------------------------------------------------------------
MedCath Corp. 1 2,800 68,992
- ---------------------------------------------------------------------------------
Merge Technologies, Inc. 1 3,600 80,100
- ---------------------------------------------------------------------------------
National HealthCare Corp. 1,200 42,360
- ---------------------------------------------------------------------------------
National Medical Health Card Systems, Inc. 1 2,500 57,753
- ---------------------------------------------------------------------------------
Omnicell, Inc. 1 1,200 13,200
- ---------------------------------------------------------------------------------
Option Care, Inc. 14,200 244,098
- ---------------------------------------------------------------------------------
Owens & Minor, Inc. 16,900 476,073
- ---------------------------------------------------------------------------------
PacifiCare Health Systems, Inc. 1 3,700 209,124
- ---------------------------------------------------------------------------------
Parexel International Corp. 1 9,200 186,760
- ---------------------------------------------------------------------------------
PDI, Inc. 1 7,400 164,872
- ---------------------------------------------------------------------------------
Pediatrix Medical Group, Inc. 1 4,600 294,630
- ---------------------------------------------------------------------------------
Per-Se Technologies, Inc. 1 4,000 63,320
- ---------------------------------------------------------------------------------
Pharmaceutical Product Development, Inc. 1 1,900 78,451
- ---------------------------------------------------------------------------------
PRA International 1 2,600 64,428
- ---------------------------------------------------------------------------------
Province Healthcare Co. 1 8,800 196,680
- ---------------------------------------------------------------------------------
PSS World Medical, Inc. 1 8,600 107,629
- ---------------------------------------------------------------------------------
Psychiatric Solutions, Inc. 1 2,600 95,056
- ---------------------------------------------------------------------------------
RehabCare Group, Inc. 1 7,700 215,523
- ---------------------------------------------------------------------------------
Res-Care, Inc. 1 7,500 114,150
- ---------------------------------------------------------------------------------
Select Medical Corp. 14,500 255,200
- ---------------------------------------------------------------------------------
Service Corp. International 1 29,500 219,775
- ---------------------------------------------------------------------------------
SFBC International, Inc. 1 900 35,550
- ---------------------------------------------------------------------------------
Sierra Health Services, Inc. 1 9,400 518,034
- ---------------------------------------------------------------------------------
Stewart Enterprises, Inc. 1 50,100 350,199
- ---------------------------------------------------------------------------------
Sunrise Senior Living, Inc. 1 7,300 338,428
16 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
United Surgical Partners International, Inc. 1 5,600 $ 233,520
- ---------------------------------------------------------------------------------
VCA Antech, Inc. 1 16,700 327,320
- ---------------------------------------------------------------------------------
Ventiv Health, Inc. 1 6,700 136,144
- ---------------------------------------------------------------------------------
VistaCare, Inc., Cl. A 1 1,600 26,608
- ---------------------------------------------------------------------------------
WellChoice, Inc. 1 2,000 106,800
--------------
9,649,547
- ---------------------------------------------------------------------------------
PHARMACEUTICALS--1.1%
Able Laboratories, Inc. 1 5,800 131,950
- ---------------------------------------------------------------------------------
Alpharma, Inc., Cl. A 6,200 105,090
- ---------------------------------------------------------------------------------
AtheroGenics, Inc. 1 7,700 181,412
- ---------------------------------------------------------------------------------
Barr Pharmaceuticals, Inc. 1 2,500 113,850
- ---------------------------------------------------------------------------------
Caraco Pharmaceutical Laboratories Ltd. 1 3,700 35,335
- ---------------------------------------------------------------------------------
Connetics Corp. 1 3,000 72,870
- ---------------------------------------------------------------------------------
DOV Pharmaceutical, Inc. 1 8,000 144,400
- ---------------------------------------------------------------------------------
Encysive Pharmaceuticals, Inc. 1 1,900 18,867
- ---------------------------------------------------------------------------------
Endo Pharmaceuticals Holdings, Inc. 1 3,700 77,774
- ---------------------------------------------------------------------------------
First Horizon Pharmaceutical Corp. 1 21,100 482,979
- ---------------------------------------------------------------------------------
Indevus Pharmaceuticals, Inc. 1 5,900 35,164
- ---------------------------------------------------------------------------------
InKine Pharmaceutical Co., Inc. 1 1,100 5,973
- ---------------------------------------------------------------------------------
Inspire Pharmaceuticals, Inc. 1 4,100 68,757
- ---------------------------------------------------------------------------------
Nabi Biopharmaceuticals, Inc. 1 15,500 227,075
- ---------------------------------------------------------------------------------
Noven Pharmaceuticals, Inc. 1 1,200 20,472
- ---------------------------------------------------------------------------------
Par Pharmaceutical Cos., Inc. 1 1,200 49,656
- ---------------------------------------------------------------------------------
Perrigo Co. 14,100 243,507
- ---------------------------------------------------------------------------------
Rigel Pharmaceuticals, Inc. 1 4,500 109,890
- ---------------------------------------------------------------------------------
Salix Pharmaceuticals Ltd. 1 8,200 144,238
- ---------------------------------------------------------------------------------
Seattle Genetics, Inc. 1 4,400 28,732
--------------
2,297,991
- ---------------------------------------------------------------------------------
INDUSTRIALS--17.4%
- ---------------------------------------------------------------------------------
AEROSPACE & DEFENSE--1.1%
AAR Corp. 1 1,200 16,344
- ---------------------------------------------------------------------------------
Applied Signal Technology, Inc. 8,100 285,525
- ---------------------------------------------------------------------------------
Astronics Corp., Cl. B 1 650 3,088
- ---------------------------------------------------------------------------------
Aviall, Inc. 1 9,900 227,403
- ---------------------------------------------------------------------------------
BE Aerospace, Inc. 1 11,000 128,040
- ---------------------------------------------------------------------------------
EDO Corp. 7,400 234,950
- ---------------------------------------------------------------------------------
Engineered Support Systems, Inc. 550 32,571
- ---------------------------------------------------------------------------------
ESCO Technologies, Inc. 1 2,300 176,295
- ---------------------------------------------------------------------------------
Goodrich Corp. 2,100 68,544
- ---------------------------------------------------------------------------------
HEICO Corp., Cl. A 30 519
- ---------------------------------------------------------------------------------
Herley Industries, Inc. 1 600 12,204
- ---------------------------------------------------------------------------------
Innovative Solutions & Support, Inc. 1 8,400 280,224
- ---------------------------------------------------------------------------------
Moog, Inc., Cl. A 1 2,500 113,375
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
AEROSPACE & DEFENSE Continued
Orbital Sciences Corp. 1 30,400 $ 359,632
- ---------------------------------------------------------------------------------
SI International, Inc. 1 5,000 153,800
- ---------------------------------------------------------------------------------
Teledyne Technologies, Inc. 1 1,700 50,031
- ---------------------------------------------------------------------------------
United Defense Industries, Inc. 1 3,400 160,650
--------------
2,303,195
- ---------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS--0.7%
ABX Air, Inc. 1 27,800 247,142
- ---------------------------------------------------------------------------------
Dynamex, Inc. 1 5,200 96,356
- ---------------------------------------------------------------------------------
EGL, Inc. 1 12,800 382,592
- ---------------------------------------------------------------------------------
Forward Air Corp. 1 11,000 491,700
- ---------------------------------------------------------------------------------
Hub Group, Inc., Cl. A 1 4,000 208,880
- ---------------------------------------------------------------------------------
Park-Ohio Holdings Corp. 1 800 20,720
--------------
1,447,390
- ---------------------------------------------------------------------------------
AIRLINES--1.1%
Alaska Air Group, Inc. 1 9,700 324,853
- ---------------------------------------------------------------------------------
America West Holdings Corp., Cl. B 1 23,400 153,972
- ---------------------------------------------------------------------------------
AMR Corp. 1 27,600 302,220
- ---------------------------------------------------------------------------------
Continental Airlines, Inc., Cl. B 1 31,900 431,926
- ---------------------------------------------------------------------------------
Delta Air Lines, Inc. 1 28,500 213,180
- ---------------------------------------------------------------------------------
ExpressJet Holdings, Inc. 1 21,700 279,496
- ---------------------------------------------------------------------------------
FLYi, Inc. 1 11,300 20,001
- ---------------------------------------------------------------------------------
Frontier Airlines, Inc. 1 13,700 156,317
- ---------------------------------------------------------------------------------
Hawaiian Holdings, Inc. 1 7,900 53,957
- ---------------------------------------------------------------------------------
Mesa Air Group, Inc. 1 12,800 101,632
- ---------------------------------------------------------------------------------
Northwest Airlines Corp., Cl. A 1 16,000 174,880
- ---------------------------------------------------------------------------------
Pinnacle Airlines Corp. 1 3,900 54,366
- ---------------------------------------------------------------------------------
Republic Airways Holdings, Inc. 1 1,500 19,905
- ---------------------------------------------------------------------------------
SkyWest, Inc. 6,500 130,390
--------------
2,417,095
- ---------------------------------------------------------------------------------
BUILDING PRODUCTS--0.9%
American Woodmark Corp. 1,100 48,048
- ---------------------------------------------------------------------------------
Apogee Enterprises, Inc. 11,500 154,215
- ---------------------------------------------------------------------------------
Beacon Roofing Supply, Inc. 1 3,800 75,468
- ---------------------------------------------------------------------------------
Crane Co. 5,800 167,272
- ---------------------------------------------------------------------------------
Jacuzzi Brands, Inc. 1 6,800 59,160
- ---------------------------------------------------------------------------------
Lennox International, Inc. 6,000 122,100
- ---------------------------------------------------------------------------------
NCI Building Systems, Inc. 1 7,700 288,750
- ---------------------------------------------------------------------------------
Simpson Manufacturing Co., Inc. 8,300 289,670
- ---------------------------------------------------------------------------------
Trex Co., Inc. 1 3,100 162,564
- ---------------------------------------------------------------------------------
Universal Forest Products, Inc. 7,600 329,840
- ---------------------------------------------------------------------------------
USG Corp. 1 4,800 193,296
- ---------------------------------------------------------------------------------
Watsco, Inc. 3,300 116,226
--------------
2,006,609
17 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--5.0%
ABM Industries, Inc. 12,700 $ 250,444
- ---------------------------------------------------------------------------------
Adesa, Inc. 8,200 174,004
- ---------------------------------------------------------------------------------
Administaff, Inc. 1 16,900 213,109
- ---------------------------------------------------------------------------------
Angelica Corp. 1,800 48,690
- ---------------------------------------------------------------------------------
Banta Corp. 6,100 273,036
- ---------------------------------------------------------------------------------
Brady Corp., Cl. A 3,800 237,766
- ---------------------------------------------------------------------------------
Bright Horizons Family Solutions, Inc. 1 4,500 291,420
- ---------------------------------------------------------------------------------
Brink's Co. (The) 9,500 375,440
- ---------------------------------------------------------------------------------
Central Parking Corp. 1,900 28,785
- ---------------------------------------------------------------------------------
Century Business Services, Inc. 1 1,800 7,848
- ---------------------------------------------------------------------------------
Clean Harbors, Inc. 1 1,000 15,080
- ---------------------------------------------------------------------------------
Coinstar, Inc. 1 2,600 69,758
- ---------------------------------------------------------------------------------
CompX International, Inc. 500 8,265
- ---------------------------------------------------------------------------------
Consolidated Graphics, Inc. 1 7,800 358,020
- ---------------------------------------------------------------------------------
Copart, Inc. 1 8,900 234,248
- ---------------------------------------------------------------------------------
Corporate Executive Board Co. 1,300 87,022
- ---------------------------------------------------------------------------------
CoStar Group, Inc. 1 1,900 87,742
- ---------------------------------------------------------------------------------
CPI Corp. 1,000 13,590
- ---------------------------------------------------------------------------------
DiamondCluster International, Inc. 1 12,700 181,991
- ---------------------------------------------------------------------------------
Dun & Bradstreet Corp. 1 3,500 208,775
- ---------------------------------------------------------------------------------
Duratek, Inc. 1 5,000 124,550
- ---------------------------------------------------------------------------------
Electro Rent Corp. 1,000 14,230
- ---------------------------------------------------------------------------------
Ennis, Inc. 6,300 121,275
- ---------------------------------------------------------------------------------
Equifax, Inc. 4,500 126,450
- ---------------------------------------------------------------------------------
Exponent, Inc. 1 5,100 140,199
- ---------------------------------------------------------------------------------
G&K Services, Inc., Cl. A 5,200 225,784
- ---------------------------------------------------------------------------------
General Binding Corp. 1 1,500 19,710
- ---------------------------------------------------------------------------------
Geo Group, Inc. (The) 1 3,300 87,714
- ---------------------------------------------------------------------------------
Gevity HR, Inc. 5,200 106,912
- ---------------------------------------------------------------------------------
Harland (John H.) Co. 6,500 234,650
- ---------------------------------------------------------------------------------
Healthcare Services Group, Inc. 8,850 184,434
- ---------------------------------------------------------------------------------
Heidrick & Struggles International, Inc. 1 14,100 483,207
- ---------------------------------------------------------------------------------
HNI Corp. 3,800 163,590
- ---------------------------------------------------------------------------------
Hudson Highland Group, Inc. 1 7,700 221,760
- ---------------------------------------------------------------------------------
Ikon Office Solutions, Inc. 17,100 197,676
- ---------------------------------------------------------------------------------
Imagistics International, Inc. 1 4,200 141,372
- ---------------------------------------------------------------------------------
Interpool, Inc. 1,400 33,600
- ---------------------------------------------------------------------------------
Intersections, Inc. 1 1,400 24,150
- ---------------------------------------------------------------------------------
ITT Educational Services, Inc. 1 2,200 104,610
- ---------------------------------------------------------------------------------
Jackson Hewitt Tax Service, Inc. 4,400 111,100
- ---------------------------------------------------------------------------------
Kelly Services, Inc., Cl. A 900 27,162
- ---------------------------------------------------------------------------------
Kforce, Inc. 1 4,500 49,950
- ---------------------------------------------------------------------------------
Knoll, Inc. 1 19,900 348,250
- ---------------------------------------------------------------------------------
Korn-Ferry International 1 18,900 392,175
- ---------------------------------------------------------------------------------
Labor Ready, Inc. 1 26,500 448,380
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
Laureate Education, Inc. 1 300 $ 13,227
- ---------------------------------------------------------------------------------
McGrath RentCorp 1,800 78,498
- ---------------------------------------------------------------------------------
Miller (Herman), Inc. 2,000 55,260
- ---------------------------------------------------------------------------------
Mobile Mini, Inc. 1 600 19,824
- ---------------------------------------------------------------------------------
NCO Group, Inc. 1 700 18,095
- ---------------------------------------------------------------------------------
Portfolio Recovery Associates, Inc. 1 8,000 329,760
- ---------------------------------------------------------------------------------
Pre-Paid Legal Services, Inc. 1 1,000 37,550
- ---------------------------------------------------------------------------------
PRG-Schultz International, Inc. 1 3,800 19,114
- ---------------------------------------------------------------------------------
Resources Connection, Inc. 1 2,400 130,344
- ---------------------------------------------------------------------------------
Robert Half International, Inc. 3,900 114,777
- ---------------------------------------------------------------------------------
Rollins, Inc. 7,200 189,504
- ---------------------------------------------------------------------------------
Rush Enterprises, Inc., Cl. A 1 3,600 58,428
- ---------------------------------------------------------------------------------
Schawk, Inc. 1,100 19,998
- ---------------------------------------------------------------------------------
School Specialty, Inc. 1 4,000 154,240
- ---------------------------------------------------------------------------------
SITEL Corp. 1 12,400 30,504
- ---------------------------------------------------------------------------------
Sotheby's Holdings, Inc., Cl. A 1 15,200 276,032
- ---------------------------------------------------------------------------------
Spherion Corp. 1 11,700 98,280
- ---------------------------------------------------------------------------------
Standard Register Co. (The) 1,200 16,944
- ---------------------------------------------------------------------------------
Steelcase, Inc., Cl. A 9,300 128,712
- ---------------------------------------------------------------------------------
TeleTech Holdings, Inc. 1 17,400 168,606
- ---------------------------------------------------------------------------------
United Stationers, Inc. 1 7,500 346,500
- ---------------------------------------------------------------------------------
Universal Technical Institute, Inc. 1 1,900 72,428
- ---------------------------------------------------------------------------------
Viad Corp. 6,300 179,487
- ---------------------------------------------------------------------------------
Volt Information Sciences, Inc. 1 2,200 64,658
- ---------------------------------------------------------------------------------
Waste Connections, Inc. 1 7,700 263,725
- ---------------------------------------------------------------------------------
Waste Industries USA, Inc. 100 1,240
- ---------------------------------------------------------------------------------
Watson Wyatt & Co. Holdings 8,500 229,075
- ---------------------------------------------------------------------------------
West Corp. 1 3,400 112,574
--------------
10,525,307
- ---------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING--0.5%
Comfort Systems USA, Inc. 1 12,800 98,304
- ---------------------------------------------------------------------------------
Dycom Industries, Inc. 1 4,700 143,444
- ---------------------------------------------------------------------------------
EMCOR Group, Inc. 1 1,100 49,698
- ---------------------------------------------------------------------------------
Granite Construction, Inc. 5,700 151,620
- ---------------------------------------------------------------------------------
Insituform Technologies, Inc., Cl. A 1 11,800 267,506
- ---------------------------------------------------------------------------------
Integrated Electrical Services, Inc. 1 5,900 28,556
- ---------------------------------------------------------------------------------
MasTec, Inc. 1 2,500 25,275
- ---------------------------------------------------------------------------------
McDermott International, Inc. 1 4,500 82,620
- ---------------------------------------------------------------------------------
Perini Corp. 1 4,600 76,774
- ---------------------------------------------------------------------------------
Shaw Group, Inc. (The) 1 7,000 124,950
- ---------------------------------------------------------------------------------
URS Corp. 1 3,200 102,720
--------------
1,151,467
18 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.2%
Active Power, Inc. 1 3,400 $ 15,640
- ---------------------------------------------------------------------------------
Acuity Brands, Inc. 7,200 228,960
- ---------------------------------------------------------------------------------
American Power Conversion Corp. 7,400 158,360
- ---------------------------------------------------------------------------------
AMETEK, Inc. 600 21,402
- ---------------------------------------------------------------------------------
AMX Corp. 1 5,300 87,291
- ---------------------------------------------------------------------------------
Baldor Electric Co. 7,300 200,969
- ---------------------------------------------------------------------------------
Energy Conversion Devices, Inc. 1 10,500 202,860
- ---------------------------------------------------------------------------------
Evergreen Solar, Inc. 1 5,600 24,472
- ---------------------------------------------------------------------------------
Franklin Electric Co., Inc. 1,200 50,712
- ---------------------------------------------------------------------------------
Genlyte Group, Inc. (The) 1 6,300 539,784
- ---------------------------------------------------------------------------------
Hubbell, Inc., Cl. B 3,500 183,050
- ---------------------------------------------------------------------------------
II-VI, Inc. 1 5,700 242,193
- ---------------------------------------------------------------------------------
LSI Industries, Inc. 500 5,725
- ---------------------------------------------------------------------------------
Plug Power, Inc. 1 2,500 15,275
- ---------------------------------------------------------------------------------
Preformed Line Products Co. 500 14,490
- ---------------------------------------------------------------------------------
Tecumseh Products Co., Cl. A 300 14,340
- ---------------------------------------------------------------------------------
Thomas & Betts Corp. 1 9,700 298,275
- ---------------------------------------------------------------------------------
Vicor Corp. 4,500 58,995
- ---------------------------------------------------------------------------------
Woodward Governor Co. 1,800 128,898
--------------
2,491,691
- ---------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--0.3%
Alleghany Corp. 500 142,625
- ---------------------------------------------------------------------------------
Carlisle Cos., Inc. 1,100 71,412
- ---------------------------------------------------------------------------------
Raven Industries, Inc. 5,900 125,729
- ---------------------------------------------------------------------------------
Standex International Corp. 100 2,849
- ---------------------------------------------------------------------------------
United Industrial Corp. 9,600 371,904
--------------
714,519
- ---------------------------------------------------------------------------------
MACHINERY--3.9%
A.S.V., Inc. 1 3,500 167,650
- ---------------------------------------------------------------------------------
Actuant Corp., Cl. A 1 1,100 57,365
- ---------------------------------------------------------------------------------
Alamo Group, Inc. 700 19,012
- ---------------------------------------------------------------------------------
Albany International Corp., Cl. A 4,500 158,220
- ---------------------------------------------------------------------------------
Ampco-Pittsburgh Corp. 1,100 16,060
- ---------------------------------------------------------------------------------
Astec Industries, Inc. 1 6,900 118,749
- ---------------------------------------------------------------------------------
Bucyrus International, Inc., Cl. A 5,900 239,776
- ---------------------------------------------------------------------------------
Cascade Corp. 4,100 163,795
- ---------------------------------------------------------------------------------
Clarcor, Inc. 2,900 158,833
- ---------------------------------------------------------------------------------
Cummins, Inc. 2,300 192,717
- ---------------------------------------------------------------------------------
EnPro Industries, Inc. 1 4,300 127,151
- ---------------------------------------------------------------------------------
Federal Signal Corp. 6,600 116,556
- ---------------------------------------------------------------------------------
Flanders Corp. 1 5,600 53,760
- ---------------------------------------------------------------------------------
Flowserve Corp. 1 6,900 190,026
- ---------------------------------------------------------------------------------
Gardner Denver, Inc. 1 2,300 83,467
- ---------------------------------------------------------------------------------
Graco, Inc. 2,550 95,243
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
MACHINERY Continued
Greenbrier Cos., Inc. 5,200 $ 176,020
- ---------------------------------------------------------------------------------
Harsco Corp. 3,000 167,220
- ---------------------------------------------------------------------------------
Hexcel Corp. 1 25,300 366,850
- ---------------------------------------------------------------------------------
Idex Corp. 1,600 64,800
- ---------------------------------------------------------------------------------
JLG Industries, Inc. 10,500 206,115
- ---------------------------------------------------------------------------------
Joy Global, Inc. 4,782 207,682
- ---------------------------------------------------------------------------------
Kadant, Inc. 1 3,100 63,550
- ---------------------------------------------------------------------------------
Kennametal, Inc. 8,000 398,160
- ---------------------------------------------------------------------------------
Lincoln Electric Holdings, Inc. 13,400 462,836
- ---------------------------------------------------------------------------------
Manitowoc Co., Inc. (The) 6,500 244,725
- ---------------------------------------------------------------------------------
Middleby Corp. (The) 2,500 126,800
- ---------------------------------------------------------------------------------
Mueller Industries, Inc. 12,900 415,380
- ---------------------------------------------------------------------------------
NACCO Industries, Inc., Cl. A 2,200 231,880
- ---------------------------------------------------------------------------------
Navistar International Corp. 1 4,300 189,114
- ---------------------------------------------------------------------------------
Nordson Corp. 8,200 328,574
- ---------------------------------------------------------------------------------
Oshkosh Truck Corp. 1,900 129,922
- ---------------------------------------------------------------------------------
Pall Corp. 4,100 118,695
- ---------------------------------------------------------------------------------
Penn Engineering & Manufacturing Corp. 2,500 45,250
- ---------------------------------------------------------------------------------
Reliance Steel & Aluminum Co. 9,600 374,016
- ---------------------------------------------------------------------------------
Robbins & Myers, Inc. 1,600 38,128
- ---------------------------------------------------------------------------------
SPX Corp. 4,500 180,270
- ---------------------------------------------------------------------------------
Stewart & Stevenson Services, Inc. 3,700 74,851
- ---------------------------------------------------------------------------------
Terex Corp. 1 5,700 271,605
- ---------------------------------------------------------------------------------
Thomas Industries, Inc. 1,500 59,880
- ---------------------------------------------------------------------------------
Timken Co. 5,500 143,110
- ---------------------------------------------------------------------------------
Titan International, Inc. 5,100 77,010
- ---------------------------------------------------------------------------------
Toro Co. (The) 7,800 634,530
- ---------------------------------------------------------------------------------
Wabash National Corp. 1 8,700 234,291
- ---------------------------------------------------------------------------------
Wabtec Corp. 8,400 179,088
--------------
8,168,732
- ---------------------------------------------------------------------------------
MARINE--0.2%
Alexander & Baldwin, Inc. 4,300 182,406
- ---------------------------------------------------------------------------------
Kirby Corp. 1 3,900 173,082
--------------
355,488
- ---------------------------------------------------------------------------------
ROAD & RAIL--1.9%
Amerco, Inc. 1 300 13,794
- ---------------------------------------------------------------------------------
Arkansas Best Corp. 11,500 516,235
- ---------------------------------------------------------------------------------
CNF Transportation, Inc. 6,300 315,630
- ---------------------------------------------------------------------------------
Florida East Coast Industries, Inc., Cl. A 2,500 112,750
- ---------------------------------------------------------------------------------
Genesee & Wyoming, Inc., Cl. A 1 11,450 322,089
- ---------------------------------------------------------------------------------
Heartland Express, Inc. 13,700 307,839
- ---------------------------------------------------------------------------------
Hunt (J.B.) Transport Services, Inc. 3,200 143,520
- ---------------------------------------------------------------------------------
Kansas City Southern 1 4,900 86,877
- ---------------------------------------------------------------------------------
Knight Transportation, Inc. 2,600 64,480
19 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
ROAD & RAIL Continued
Laidlaw International, Inc. 1 14,800 $ 316,720
- ---------------------------------------------------------------------------------
Landstar System, Inc. 1 900 66,276
- ---------------------------------------------------------------------------------
Marten Transport Ltd. 1 1,550 35,232
- ---------------------------------------------------------------------------------
Mullen Transportation, Inc. 1,300 54,088
- ---------------------------------------------------------------------------------
Old Dominion Freight Line, Inc. 1 850 29,580
- ---------------------------------------------------------------------------------
Overnite Corp. 2,200 81,928
- ---------------------------------------------------------------------------------
Pacer International, Inc. 1 7,600 161,576
- ---------------------------------------------------------------------------------
RailAmerica, Inc. 1 1,300 16,965
- ---------------------------------------------------------------------------------
SCS Transportation, Inc. 1 7,600 177,612
- ---------------------------------------------------------------------------------
Swift Transportation Co., Inc. 1 23,200 498,336
- ---------------------------------------------------------------------------------
U.S. Xpress Enterprises, Inc., Cl. A 1 8,100 237,330
- ---------------------------------------------------------------------------------
USF Corp. 5,000 189,750
- ---------------------------------------------------------------------------------
Werner Enterprises, Inc. 14,800 335,072
--------------
4,083,679
- ---------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS--0.5%
Aceto Corp. 3,400 64,736
- ---------------------------------------------------------------------------------
Applied Industrial Technologies, Inc. 13,250 363,050
- ---------------------------------------------------------------------------------
Hughes Supply, Inc. 4,800 155,280
- ---------------------------------------------------------------------------------
Lawson Products, Inc. 500 25,215
- ---------------------------------------------------------------------------------
MSC Industrial Direct Co., Inc., Cl. A 2,900 104,342
- ---------------------------------------------------------------------------------
UAP Holding Corp. 1 15,500 267,685
- ---------------------------------------------------------------------------------
W.W. Grainger, Inc. 2,300 153,226
--------------
1,133,534
- ---------------------------------------------------------------------------------
TRANSPORTATION INFRASTRUCTURE--0.1%
Macquarie Infrastructure Co. Trust 1 7,000 205,450
- ---------------------------------------------------------------------------------
INFORMATION TECHNOLOGY--21.1%
- ---------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--2.9%
3Com Corp. 1 14,900 62,133
- ---------------------------------------------------------------------------------
ADTRAN, Inc. 7,100 135,894
- ---------------------------------------------------------------------------------
Airspan Networks, Inc. 1 5,000 27,150
- ---------------------------------------------------------------------------------
Anaren Microwave, Inc. 1 6,700 86,832
- ---------------------------------------------------------------------------------
Aspect Communications Corp. 1 15,400 171,556
- ---------------------------------------------------------------------------------
Audiovox Corp., Cl. A 1 3,900 61,542
- ---------------------------------------------------------------------------------
Bel Fuse, Inc. 200 6,758
- ---------------------------------------------------------------------------------
Black Box Corp. 7,100 340,942
- ---------------------------------------------------------------------------------
Brocade Communications Systems, Inc. 1 52,700 402,628
- ---------------------------------------------------------------------------------
Brooktrout, Inc. 1 3,000 36,030
- ---------------------------------------------------------------------------------
C-COR.net Corp. 1 5,200 48,360
- ---------------------------------------------------------------------------------
Carrier Access Corp. 1 2,000 21,360
- ---------------------------------------------------------------------------------
Ciena Corp. 1 58,600 195,724
- ---------------------------------------------------------------------------------
CommScope, Inc. 1 7,400 139,860
- ---------------------------------------------------------------------------------
Comtech Telecommunications Corp. 1 2,300 86,503
- ---------------------------------------------------------------------------------
Comverse Technology, Inc. 1 10,700 261,615
- ---------------------------------------------------------------------------------
Digi International, Inc. 1 17,100 293,949
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT Continued
Ditech Communications Corp. 1 18,000 $ 269,100
- ---------------------------------------------------------------------------------
Eagle Broadband, Inc. 1 33,600 22,176
- ---------------------------------------------------------------------------------
Extreme Networks, Inc. 1 26,000 170,300
- ---------------------------------------------------------------------------------
F5 Networks, Inc. 1 3,000 146,160
- ---------------------------------------------------------------------------------
Finisar Corp. 1 46,400 105,792
- ---------------------------------------------------------------------------------
Foundry Networks, Inc. 1 3,000 39,480
- ---------------------------------------------------------------------------------
Harmonic, Inc. 1 15,600 130,104
- ---------------------------------------------------------------------------------
Harris Corp. 2,400 148,296
- ---------------------------------------------------------------------------------
Inter-Tel, Inc. 3,900 106,782
- ---------------------------------------------------------------------------------
InterDigital Communications Corp. 1 800 17,680
- ---------------------------------------------------------------------------------
McDATA Corp., Cl. A 1 10,700 63,772
- ---------------------------------------------------------------------------------
Mobility Electronics, Inc. 1 9,800 84,084
- ---------------------------------------------------------------------------------
MRV Communications, Inc. 1 13,100 48,077
- ---------------------------------------------------------------------------------
Netgear, Inc. 1 11,700 212,823
- ---------------------------------------------------------------------------------
NMS Communications Corp. 1 26,100 164,691
- ---------------------------------------------------------------------------------
Optical Communication Products, Inc. 1 400 1,000
- ---------------------------------------------------------------------------------
Packeteer, Inc. 1 13,200 190,740
- ---------------------------------------------------------------------------------
Paradyne Networks, Inc. 1 21,100 75,749
- ---------------------------------------------------------------------------------
Performance Technologies, Inc. 1 10,300 95,790
- ---------------------------------------------------------------------------------
Plantronics, Inc. 1,200 49,764
- ---------------------------------------------------------------------------------
Polycom, Inc. 1 10,400 242,528
- ---------------------------------------------------------------------------------
Powerwave Technologies, Inc. 1 18,400 156,032
- ---------------------------------------------------------------------------------
QLogic Corp. 1 1,700 62,441
- ---------------------------------------------------------------------------------
REMEC, Inc. 1 9,400 67,774
- ---------------------------------------------------------------------------------
Scientific-Atlanta, Inc. 2,900 95,729
- ---------------------------------------------------------------------------------
SeaChange International, Inc. 1 13,500 235,440
- ---------------------------------------------------------------------------------
Sonus Networks, Inc. 1 27,100 155,283
- ---------------------------------------------------------------------------------
SpectraLink Corp. 5,600 79,408
- ---------------------------------------------------------------------------------
Superior Essex, Inc. 1 2,200 41,349
- ---------------------------------------------------------------------------------
Sycamore Networks, Inc. 1 37,700 153,062
- ---------------------------------------------------------------------------------
Symmetricom, Inc. 1 31,100 301,981
- ---------------------------------------------------------------------------------
Tellabs, Inc. 1 14,400 123,696
- ---------------------------------------------------------------------------------
ViaSat, Inc. 1 500 12,135
--------------
6,248,054
- ---------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--1.3%
ActivCard Corp. 1 3,000 26,700
- ---------------------------------------------------------------------------------
Advanced Digital Information Corp. 1 4,200 42,084
- ---------------------------------------------------------------------------------
Avid Technology, Inc. 1 2,400 148,200
- ---------------------------------------------------------------------------------
Electronics for Imaging, Inc. 1 11,800 205,438
- ---------------------------------------------------------------------------------
Hutchinson Technology, Inc. 1 4,900 169,393
- ---------------------------------------------------------------------------------
InFocus Corp. 1 17,800 163,048
- ---------------------------------------------------------------------------------
Maxtor Corp. 1 33,700 178,610
- ---------------------------------------------------------------------------------
NCR Corp. 1 3,200 221,536
- ---------------------------------------------------------------------------------
Novatel Wireless, Inc. 1 8,500 164,730
- ---------------------------------------------------------------------------------
Overland Storage, Inc. 1 1,600 26,704
20 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS Continued
PalmOne, Inc. 1 2,600 $ 82,030
- ---------------------------------------------------------------------------------
Pinnacle Systems, Inc. 1 23,100 140,910
- ---------------------------------------------------------------------------------
Presstek, Inc. 1 6,600 63,888
- ---------------------------------------------------------------------------------
Quantum Corp. 1 20,000 52,400
- ---------------------------------------------------------------------------------
Rimage Corp. 1 500 8,030
- ---------------------------------------------------------------------------------
SBS Technologies, Inc. 1 7,000 97,720
- ---------------------------------------------------------------------------------
Silicon Graphics, Inc. 1 87,100 150,683
- ---------------------------------------------------------------------------------
SimpleTech, Inc. 1 10,500 48,300
- ---------------------------------------------------------------------------------
Storage Technology Corp. 1 6,700 211,787
- ---------------------------------------------------------------------------------
Stratasys, Inc. 1 3,400 114,104
- ---------------------------------------------------------------------------------
Synaptics, Inc. 1 3,900 119,262
- ---------------------------------------------------------------------------------
Western Digital Corp. 1 17,100 185,364
- ---------------------------------------------------------------------------------
Xybernaut Corp. 1 21,200 26,076
--------------
2,646,997
- ---------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--3.5%
Agilysys, Inc. 18,300 313,662
- ---------------------------------------------------------------------------------
Amphenol Corp., Cl. A 1 4,800 176,352
- ---------------------------------------------------------------------------------
Anixter International, Inc. 6,800 244,732
- ---------------------------------------------------------------------------------
AVX Corp. 13,100 165,060
- ---------------------------------------------------------------------------------
BEI Technologies, Inc. 8,000 247,040
- ---------------------------------------------------------------------------------
Belden CDT, Inc. 8,900 206,480
- ---------------------------------------------------------------------------------
Brightpoint, Inc. 1 15,200 297,008
- ---------------------------------------------------------------------------------
Cogent, Inc. 1 600 19,800
- ---------------------------------------------------------------------------------
Cognex Corp. 10,700 298,530
- ---------------------------------------------------------------------------------
Coherent, Inc. 1 4,800 146,112
- ---------------------------------------------------------------------------------
CTS Corp. 1,400 18,606
- ---------------------------------------------------------------------------------
CyberOptics Corp. 1 1,600 23,792
- ---------------------------------------------------------------------------------
Daktronics, Inc. 1 2,300 57,247
- ---------------------------------------------------------------------------------
Dionex Corp. 1 5,800 328,686
- ---------------------------------------------------------------------------------
Electro Scientific Industries, Inc. 1 11,700 231,192
- ---------------------------------------------------------------------------------
Excel Technology, Inc. 1 1,300 33,800
- ---------------------------------------------------------------------------------
GTSI Corp. 1 400 4,204
- ---------------------------------------------------------------------------------
Hypercom Corp. 1 18,400 108,928
- ---------------------------------------------------------------------------------
Identix, Inc. 1 30,000 221,400
- ---------------------------------------------------------------------------------
Ingram Micro, Inc., Cl. A 1 6,500 135,200
- ---------------------------------------------------------------------------------
Jabil Circuit, Inc. 1 4,800 122,784
- ---------------------------------------------------------------------------------
Keithley Instruments, Inc. 7,400 145,780
- ---------------------------------------------------------------------------------
Kemet Corp. 1 16,500 147,675
- ---------------------------------------------------------------------------------
Landauer, Inc. 200 9,140
- ---------------------------------------------------------------------------------
LeCroy Corp. 1 1,500 35,010
- ---------------------------------------------------------------------------------
Littlefuse, Inc. 1 6,800 232,288
- ---------------------------------------------------------------------------------
LoJack Corp. 1 5,500 66,715
- ---------------------------------------------------------------------------------
Maxwell Technologies, Inc. 1 1,500 15,210
- ---------------------------------------------------------------------------------
Measurement Specialties, Inc. 1 4,300 109,478
- ---------------------------------------------------------------------------------
Mettler-Toledo International, Inc. 1 2,900 148,799
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS Continued
MTS Systems Corp. 6,300 $ 213,003
- ---------------------------------------------------------------------------------
Park Electrochemical Corp. 4,700 101,896
- ---------------------------------------------------------------------------------
Paxar Corp. 1 21,600 478,872
- ---------------------------------------------------------------------------------
PC Connection, Inc. 1 5,700 54,264
- ---------------------------------------------------------------------------------
Photon Dynamics, Inc. 1 5,800 140,824
- ---------------------------------------------------------------------------------
Planar Systems, Inc. 1 9,000 101,070
- ---------------------------------------------------------------------------------
Rofin-Sinar Technologies, Inc. 1 1,800 76,410
- ---------------------------------------------------------------------------------
Sanmina-SCI Corp. 1 15,900 134,673
- ---------------------------------------------------------------------------------
ScanSource, Inc. 1 3,200 198,912
- ---------------------------------------------------------------------------------
Solectron Corp. 1 1,800 9,594
- ---------------------------------------------------------------------------------
SpatiaLight, Inc. 1 6,800 60,860
- ---------------------------------------------------------------------------------
Symbol Technologies, Inc. 2,900 50,170
- ---------------------------------------------------------------------------------
Taser International, Inc. 1 9,000 284,310
- ---------------------------------------------------------------------------------
Tech Data Corp. 1 7,800 354,120
- ---------------------------------------------------------------------------------
Tektronix, Inc. 200 6,042
- ---------------------------------------------------------------------------------
Trimble Navigation Ltd. 1 8,450 279,188
- ---------------------------------------------------------------------------------
TTM Technologies, Inc. 1 8,100 95,580
- ---------------------------------------------------------------------------------
UNOVA, Inc. 1 6,900 174,501
- ---------------------------------------------------------------------------------
Veeco Instruments, Inc. 1 3,200 67,424
- ---------------------------------------------------------------------------------
Viisage Technology, Inc. 1 21,900 197,319
- ---------------------------------------------------------------------------------
Zygo Corp. 1 4,200 49,518
--------------
7,439,260
- ---------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--2.3%
Akamai Technologies, Inc. 1 5,700 74,271
- ---------------------------------------------------------------------------------
Aladdin Knowledge Systems Ltd. 1 1,500 37,125
- ---------------------------------------------------------------------------------
AsiaInfo Holdings, Inc. 1 13,600 81,056
- ---------------------------------------------------------------------------------
Chordiant Software, Inc. 1 19,700 44,916
- ---------------------------------------------------------------------------------
CMGI, Inc. 1 61,300 156,315
- ---------------------------------------------------------------------------------
Corillian Corp. 1 24,500 120,540
- ---------------------------------------------------------------------------------
Covansys Corp. 1 6,300 96,390
- ---------------------------------------------------------------------------------
CyberSource Corp. 1 17,000 121,550
- ---------------------------------------------------------------------------------
Digital River, Inc. 1 2,500 104,025
- ---------------------------------------------------------------------------------
DoubleClick, Inc. 1 31,800 247,404
- ---------------------------------------------------------------------------------
EarthLink, Inc. 1 49,900 574,848
- ---------------------------------------------------------------------------------
Embarcadero Technologies, Inc. 1 5,800 54,578
- ---------------------------------------------------------------------------------
HouseValues, Inc. 1 1,900 28,538
- ---------------------------------------------------------------------------------
InfoSpace, Inc. 1 6,100 290,055
- ---------------------------------------------------------------------------------
Internet Capital Group, Inc. 1 7,600 68,400
- ---------------------------------------------------------------------------------
Internet Security Systems, Inc. 1 11,400 265,050
- ---------------------------------------------------------------------------------
Interwoven, Inc. 1 15,400 167,552
- ---------------------------------------------------------------------------------
Ivillage, Inc. 1 23,200 143,376
- ---------------------------------------------------------------------------------
Keynote Systems, Inc. 1 3,000 41,760
- ---------------------------------------------------------------------------------
Lionbridge Technologies, Inc. 1 1,600 10,752
- ---------------------------------------------------------------------------------
LookSmart Ltd. 1 28,400 62,196
- ---------------------------------------------------------------------------------
MarketWatch, Inc. 1 700 12,600
21 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES Continued
MatrixOne, Inc. 1 11,500 $ 75,325
- ---------------------------------------------------------------------------------
MicroStrategy, Inc., Cl. A 1 1,400 84,350
- ---------------------------------------------------------------------------------
NetRatings, Inc. 1 3,000 57,510
- ---------------------------------------------------------------------------------
OpenTV Corp. 1 9,600 36,864
- ---------------------------------------------------------------------------------
PEC Solutions, Inc. 1 2,000 28,340
- ---------------------------------------------------------------------------------
Retek, Inc. 1 18,800 115,620
- ---------------------------------------------------------------------------------
S1 Corp. 1 23,800 215,628
- ---------------------------------------------------------------------------------
Selectica, Inc. 1 3,400 12,172
- ---------------------------------------------------------------------------------
SonicWALL, Inc. 1 35,100 221,832
- ---------------------------------------------------------------------------------
SupportSoft, Inc. 1 8,900 59,274
- ---------------------------------------------------------------------------------
United Online, Inc. 1 31,300 360,889
- ---------------------------------------------------------------------------------
ValueClick, Inc. 1 21,900 291,927
- ---------------------------------------------------------------------------------
VeriSign, Inc. 1 3,700 124,024
- ---------------------------------------------------------------------------------
WebEx Communications, Inc. 1 500 11,890
- ---------------------------------------------------------------------------------
webMethods, Inc. 1 4,100 29,561
- ---------------------------------------------------------------------------------
Websense, Inc. 1 5,600 284,032
--------------
4,812,535
- ---------------------------------------------------------------------------------
IT SERVICES--1.8%
Acxiom Corp. 17,200 452,360
- ---------------------------------------------------------------------------------
Alliance Data Systems Corp. 1 1,800 85,464
- ---------------------------------------------------------------------------------
American Software, Inc. 3,100 18,693
- ---------------------------------------------------------------------------------
Answerthink, Inc. 1 10,800 50,328
- ---------------------------------------------------------------------------------
Anteon International Corp. 1 1,600 66,976
- ---------------------------------------------------------------------------------
Aquantive, Inc. 1 4,300 38,442
- ---------------------------------------------------------------------------------
BISYS Group, Inc. (The) 1 12,100 199,045
- ---------------------------------------------------------------------------------
CheckFree Corp. 1 6,700 255,136
- ---------------------------------------------------------------------------------
Convergys Corp. 1 8,800 131,912
- ---------------------------------------------------------------------------------
CSG Systems International, Inc. 1 14,000 261,800
- ---------------------------------------------------------------------------------
eFunds Corp. 1 15,100 362,551
- ---------------------------------------------------------------------------------
Euronet Worldwide, Inc. 1 4,100 106,682
- ---------------------------------------------------------------------------------
Information Resources, Inc. 1 3,500 3,535
- ---------------------------------------------------------------------------------
infoUSA, Inc. 1 18,500 207,015
- ---------------------------------------------------------------------------------
Integral Systems, Inc. 100 1,945
- ---------------------------------------------------------------------------------
iPayment Holdings, Inc. 1 2,500 123,800
- ---------------------------------------------------------------------------------
Keane, Inc. 1 1,600 23,520
- ---------------------------------------------------------------------------------
Lawson Software, Inc. 1 24,500 168,315
- ---------------------------------------------------------------------------------
Manhattan Associates, Inc. 1 200 4,776
- ---------------------------------------------------------------------------------
ManTech International Corp. 1 2,400 56,976
- ---------------------------------------------------------------------------------
MPS Group, Inc. 1 14,500 177,770
- ---------------------------------------------------------------------------------
NetScout Systems, Inc. 1 200 1,396
- ---------------------------------------------------------------------------------
Pegasus Solutions, Inc. 1 3,000 37,800
- ---------------------------------------------------------------------------------
Perot Systems Corp., Cl. A 1 3,100 49,693
- ---------------------------------------------------------------------------------
RightNow Technologies, Inc. 1 4,700 75,905
- ---------------------------------------------------------------------------------
Sabre Holdings Corp. 6,400 141,824
- ---------------------------------------------------------------------------------
Sapient Corp. 1 39,400 311,654
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
IT SERVICES Continued
SRA International, Inc., Cl. A 1 1,800 $ 115,560
- ---------------------------------------------------------------------------------
SS&C Technologies, Inc. 8,300 171,395
- ---------------------------------------------------------------------------------
Startek, Inc. 4,400 125,180
- ---------------------------------------------------------------------------------
TNS, Inc. 1 900 19,665
--------------
3,847,113
- ---------------------------------------------------------------------------------
OFFICE ELECTRONICS--0.0%
TransAct Technologies, Inc. 1 3,750 80,100
- ---------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.7%
Actel Corp. 1 9,700 170,138
- ---------------------------------------------------------------------------------
ADE Corp. 1 4,500 84,240
- ---------------------------------------------------------------------------------
Advanced Energy Industries, Inc. 1 13,800 125,994
- ---------------------------------------------------------------------------------
Agere Systems, Inc., Cl. A 1 88,900 121,793
- ---------------------------------------------------------------------------------
Applied Micro Circuits Corp. 1 74,700 314,487
- ---------------------------------------------------------------------------------
Atheros Communications, Inc. 1 4,800 49,200
- ---------------------------------------------------------------------------------
Atmel Corp. 1 113,400 444,528
- ---------------------------------------------------------------------------------
ATMI, Inc. 1 11,900 268,107
- ---------------------------------------------------------------------------------
Axcelis Technologies, Inc. 1 30,500 247,965
- ---------------------------------------------------------------------------------
Cabot Microelectronics Corp. 1 6,800 272,340
- ---------------------------------------------------------------------------------
Cascade Microtech, Inc. 1 5,000 67,100
- ---------------------------------------------------------------------------------
Cirrus Logic, Inc. 1 31,100 171,361
- ---------------------------------------------------------------------------------
Cohu, Inc. 5,300 98,368
- ---------------------------------------------------------------------------------
Cree, Inc. 1 10,000 400,800
- ---------------------------------------------------------------------------------
Cymer, Inc. 1 3,700 109,298
- ---------------------------------------------------------------------------------
Cypress Semiconductor Corp. 1 6,900 80,937
- ---------------------------------------------------------------------------------
Diodes, Inc. 1 8,150 184,435
- ---------------------------------------------------------------------------------
DSP Group, Inc. 1 10,900 243,397
- ---------------------------------------------------------------------------------
Entegris, Inc. 1 8,100 80,595
- ---------------------------------------------------------------------------------
Exar Corp. 1 5,000 70,950
- ---------------------------------------------------------------------------------
Fairchild Semiconductor International, Inc., Cl. A 1 10,800 175,608
- ---------------------------------------------------------------------------------
FormFactor, Inc. 1 5,300 143,842
- ---------------------------------------------------------------------------------
Genesis Microchip, Inc. 1 1,300 21,086
- ---------------------------------------------------------------------------------
Helix Technology Corp. 11,100 193,029
- ---------------------------------------------------------------------------------
Integrated Circuit Systems, Inc. 1 7,300 152,716
- ---------------------------------------------------------------------------------
Integrated Device Technology, Inc. 1 24,100 278,596
- ---------------------------------------------------------------------------------
International Rectifier Corp. 1 800 35,656
- ---------------------------------------------------------------------------------
Intersil Corp., Cl. A 17,400 291,276
- ---------------------------------------------------------------------------------
Kopin Corp. 1 10,600 41,022
- ---------------------------------------------------------------------------------
Kulicke & Soffa Industries, Inc. 1 10,900 93,958
- ---------------------------------------------------------------------------------
Lam Research Corp. 1 5,100 147,441
- ---------------------------------------------------------------------------------
Lattice Semiconductor Corp. 1 29,100 165,870
- ---------------------------------------------------------------------------------
LSI Logic Corp. 1 39,000 213,720
- ---------------------------------------------------------------------------------
MEMC Electronic Materials, Inc. 1 11,600 153,700
- ---------------------------------------------------------------------------------
Micrel, Inc. 1 40,400 445,208
- ---------------------------------------------------------------------------------
Microsemi Corp. 1 26,500 460,040
22 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued
Microtune, Inc. 1 24,900 $ 152,139
- ---------------------------------------------------------------------------------
Mindspeed Technologies, Inc. 1 7,900 21,962
- ---------------------------------------------------------------------------------
MIPS Technologies, Inc., Cl. A 1 12,000 118,200
- ---------------------------------------------------------------------------------
Monolithic System Technology, Inc. 1 1,000 6,230
- ---------------------------------------------------------------------------------
Mykrolis Corp. 1 16,400 232,388
- ---------------------------------------------------------------------------------
Nanometrics, Inc. 1 3,800 61,252
- ---------------------------------------------------------------------------------
OmniVision Technologies, Inc. 1 2,500 45,875
- ---------------------------------------------------------------------------------
PDF Solutions, Inc. 1 3,200 51,552
- ---------------------------------------------------------------------------------
Photronics, Inc. 1 13,600 224,400
- ---------------------------------------------------------------------------------
Pixelworks, Inc. 1 6,800 77,112
- ---------------------------------------------------------------------------------
PLX Technology, Inc. 1 4,700 48,880
- ---------------------------------------------------------------------------------
PMC-Sierra, Inc. 1 12,900 145,125
- ---------------------------------------------------------------------------------
Rambus, Inc. 1 7,200 165,600
- ---------------------------------------------------------------------------------
RF Micro Devices, Inc. 1 5,800 39,672
- ---------------------------------------------------------------------------------
Rudolph Technologies, Inc. 1 7,200 123,624
- ---------------------------------------------------------------------------------
Semtech Corp. 1 4,200 91,854
- ---------------------------------------------------------------------------------
Sigmatel, Inc. 1 4,900 174,097
- ---------------------------------------------------------------------------------
Silicon Image, Inc. 1 21,000 345,660
- ---------------------------------------------------------------------------------
Silicon Storage Technology, Inc. 1 39,700 236,215
- ---------------------------------------------------------------------------------
Siliconix, Inc. 1 200 7,298
- ---------------------------------------------------------------------------------
Skyworks Solutions, Inc. 1 13,300 125,419
- ---------------------------------------------------------------------------------
Standard Microsystems Corp. 1 3,400 60,622
- ---------------------------------------------------------------------------------
Supertex, Inc. 1 300 6,510
- ---------------------------------------------------------------------------------
Teradyne, Inc. 1 5,900 100,713
- ---------------------------------------------------------------------------------
Tessera Technologies, Inc. 1 4,800 178,608
- ---------------------------------------------------------------------------------
Trident Microsystems, Inc. 1 5,500 91,960
- ---------------------------------------------------------------------------------
Ultra Clean Holdings, Inc. 1 2,900 17,574
- ---------------------------------------------------------------------------------
Ultratech, Inc. 1 6,700 126,295
- ---------------------------------------------------------------------------------
Varian Semiconductor Equipment Associates, Inc. 1 2,100 77,385
- ---------------------------------------------------------------------------------
Virage Logic Corp. 1 6,200 115,134
--------------
9,888,156
- ---------------------------------------------------------------------------------
SOFTWARE--4.6%
Activision, Inc. 1 10,150 204,827
- ---------------------------------------------------------------------------------
Actuate Corp. 1 5,600 14,280
- ---------------------------------------------------------------------------------
Advent Software, Inc. 1 3,900 79,872
- ---------------------------------------------------------------------------------
Agile Software Corp. 1 4,300 35,131
- ---------------------------------------------------------------------------------
Amdocs Ltd. 1 2,300 60,375
- ---------------------------------------------------------------------------------
Ansoft Corp. 1 4,000 80,800
- ---------------------------------------------------------------------------------
Ansys, Inc. 1 15,600 500,136
- ---------------------------------------------------------------------------------
Ascential Software Corp. 1 6,300 102,753
- ---------------------------------------------------------------------------------
Aspen Technology, Inc. 1 5,700 35,397
- ---------------------------------------------------------------------------------
Autodesk, Inc. 2,600 98,670
- ---------------------------------------------------------------------------------
BEA Systems, Inc. 1 14,000 124,040
- ---------------------------------------------------------------------------------
Blackbaud, Inc. 1 600 8,784
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
SOFTWARE Continued
BMC Software, Inc. 1 10,500 $ 195,300
- ---------------------------------------------------------------------------------
Borland Software Corp. 1 22,100 258,128
- ---------------------------------------------------------------------------------
Cadence Design Systems, Inc. 1 2,000 27,620
- ---------------------------------------------------------------------------------
Catapult Communications Corp. 1 6,300 152,208
- ---------------------------------------------------------------------------------
CCC Information Services Group, Inc. 1 400 8,884
- ---------------------------------------------------------------------------------
Cognos, Inc. 1 2,700 118,962
- ---------------------------------------------------------------------------------
Compuware Corp. 1 21,100 136,517
- ---------------------------------------------------------------------------------
Concur Technologies, Inc. 1 600 5,346
- ---------------------------------------------------------------------------------
E.piphany, Inc. 1 8,500 41,055
- ---------------------------------------------------------------------------------
Entrust Technologies, Inc. 1 21,400 81,106
- ---------------------------------------------------------------------------------
ePlus, inc. 1 1,700 20,077
- ---------------------------------------------------------------------------------
FactSet Research Systems, Inc. 4,900 286,356
- ---------------------------------------------------------------------------------
Fair Isaac Corp. 4,500 165,060
- ---------------------------------------------------------------------------------
FileNet Corp. 1 6,500 167,440
- ---------------------------------------------------------------------------------
Hyperion Solutions Corp. 1 2,300 107,226
- ---------------------------------------------------------------------------------
Informatica Corp. 1 17,600 142,912
- ---------------------------------------------------------------------------------
InterVoice-Brite, Inc. 1 12,400 165,540
- ---------------------------------------------------------------------------------
JDA Software Group, Inc. 1 1,400 19,068
- ---------------------------------------------------------------------------------
Kronos, Inc. 1 6,150 314,450
- ---------------------------------------------------------------------------------
Macromedia, Inc. 1 5,100 158,712
- ---------------------------------------------------------------------------------
Macrovision Corp. 1 8,700 223,764
- ---------------------------------------------------------------------------------
Manugistics Group, Inc. 1 15,100 43,337
- ---------------------------------------------------------------------------------
McAfee, Inc. 1 7,900 228,547
- ---------------------------------------------------------------------------------
Micromuse, Inc. 1 16,500 91,575
- ---------------------------------------------------------------------------------
MICROS Systems, Inc. 1 1,500 117,090
- ---------------------------------------------------------------------------------
Midway Games, Inc. 1 6,400 67,200
- ---------------------------------------------------------------------------------
Mobius Management Systems, Inc. 1 4,000 29,016
- ---------------------------------------------------------------------------------
MRO Software, Inc. 1 5,600 72,912
- ---------------------------------------------------------------------------------
MSC.Software Corp. 1 600 6,282
- ---------------------------------------------------------------------------------
NetIQ Corp. 1 11,400 139,194
- ---------------------------------------------------------------------------------
Open Solutions, Inc. 1 600 15,576
- ---------------------------------------------------------------------------------
OPNET Technologies, Inc. 1 1,500 12,630
- ---------------------------------------------------------------------------------
PalmSource, Inc. 1 4,500 57,330
- ---------------------------------------------------------------------------------
Parametric Technology Corp. 1 93,700 551,893
- ---------------------------------------------------------------------------------
Pervasive Software, Inc. 1 200 970
- ---------------------------------------------------------------------------------
Progress Software Corp. 1 1,600 37,360
- ---------------------------------------------------------------------------------
Quality Systems, Inc. 1 3,000 179,400
- ---------------------------------------------------------------------------------
Quest Software, Inc. 1 2,200 35,090
- ---------------------------------------------------------------------------------
RSA Security, Inc. 1 17,900 359,074
- ---------------------------------------------------------------------------------
Siebel Systems, Inc. 1 7,400 77,700
- ---------------------------------------------------------------------------------
SoftBrands, Inc. 1 1,900 4,180
- ---------------------------------------------------------------------------------
Sonic Solutions, Inc. 1 6,200 139,128
- ---------------------------------------------------------------------------------
Sybase, Inc. 1 27,800 554,610
- ---------------------------------------------------------------------------------
Synopsys, Inc. 1 7,700 151,074
- ---------------------------------------------------------------------------------
Synplicity, Inc. 1 1,100 6,512
23 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
SOFTWARE Continued
Take-Two Interactive Software, Inc. 1 10,500 $ 365,295
- ---------------------------------------------------------------------------------
THQ, Inc. 1 16,400 376,216
- ---------------------------------------------------------------------------------
TIBCO Software, Inc. 1 43,500 580,290
- ---------------------------------------------------------------------------------
Transaction Systems Architects, Inc., Cl. A 1 5,600 111,160
- ---------------------------------------------------------------------------------
Ulticom, Inc. 1 11,100 177,933
- ---------------------------------------------------------------------------------
Verint Systems, Inc. 1 2,700 98,091
- ---------------------------------------------------------------------------------
Verity, Inc. 1 10,900 143,008
- ---------------------------------------------------------------------------------
Wind River Systems, Inc. 1 35,700 483,735
- ---------------------------------------------------------------------------------
Witness Systems, Inc. 1 15,300 267,138
--------------
9,721,342
- ---------------------------------------------------------------------------------
MATERIALS--7.0%
- ---------------------------------------------------------------------------------
CHEMICALS--2.4%
Agrium, Inc. 6,500 109,525
- ---------------------------------------------------------------------------------
Albemarle Corp. 3,400 131,614
- ---------------------------------------------------------------------------------
American Vanguard Corp. 800 29,424
- ---------------------------------------------------------------------------------
Arch Chemicals, Inc. 7,000 201,460
- ---------------------------------------------------------------------------------
Cabot Corp. 10,700 413,876
- ---------------------------------------------------------------------------------
Cambrex Corp. 2,500 67,750
- ---------------------------------------------------------------------------------
Compass Minerals International, Inc. 12,100 293,183
- ---------------------------------------------------------------------------------
Crompton Corp. 17,100 201,780
- ---------------------------------------------------------------------------------
Cytec Industries, Inc. 2,500 128,550
- ---------------------------------------------------------------------------------
Eastman Chemical Co. 2,800 161,644
- ---------------------------------------------------------------------------------
Engelhard Corp. 2,300 70,541
- ---------------------------------------------------------------------------------
FMC Corp. 1 11,100 536,130
- ---------------------------------------------------------------------------------
Fuller (H.B.) Co. 3,000 85,530
- ---------------------------------------------------------------------------------
Georgia Gulf Corp. 9,400 468,120
- ---------------------------------------------------------------------------------
Great Lakes Chemical Corp. 8,700 247,863
- ---------------------------------------------------------------------------------
Hercules, Inc. 1 1,500 22,275
- ---------------------------------------------------------------------------------
MacDermid, Inc. 11,000 397,100
- ---------------------------------------------------------------------------------
Material Sciences Corp. 1 400 7,196
- ---------------------------------------------------------------------------------
Minerals Technologies, Inc. 1,500 100,050
- ---------------------------------------------------------------------------------
Mosaic Co. (The) 1 4,900 79,968
- ---------------------------------------------------------------------------------
OM Group, Inc. 1 6,300 204,246
- ---------------------------------------------------------------------------------
Omnova Solutions, Inc. 1 3,300 18,546
- ---------------------------------------------------------------------------------
PolyOne Corp. 1 13,900 125,934
- ---------------------------------------------------------------------------------
Schulman (A.), Inc. 4,200 89,922
- ---------------------------------------------------------------------------------
Scotts Co. (The), Cl. A 1 2,800 205,856
- ---------------------------------------------------------------------------------
Stepan Co. 1,400 34,104
- ---------------------------------------------------------------------------------
Terra Industries, Inc. 1 36,100 320,568
- ---------------------------------------------------------------------------------
Valspar Corp. (The) 600 30,006
- ---------------------------------------------------------------------------------
W.R. Grace & Co. 1 15,200 206,872
- ---------------------------------------------------------------------------------
Westlake Chemical Corp. 5,100 170,340
--------------
5,159,973
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
CONSTRUCTION MATERIALS--0.6%
AMCOL International Corp. 4,900 $ 98,441
- ---------------------------------------------------------------------------------
Eagle Materials, Inc. 5,600 483,560
- ---------------------------------------------------------------------------------
Eagle Materials, Inc., Cl. B 100 8,430
- ---------------------------------------------------------------------------------
Florida Rock Industries, Inc. 1,400 83,342
- ---------------------------------------------------------------------------------
Martin Marietta Materials, Inc. 4,700 252,202
- ---------------------------------------------------------------------------------
Texas Industries, Inc. 3,100 193,378
- ---------------------------------------------------------------------------------
Vulcan Materials Co. 2,400 131,064
--------------
1,250,417
- ---------------------------------------------------------------------------------
CONTAINERS & PACKAGING--1.3%
AptarGroup, Inc. 3,500 184,730
- ---------------------------------------------------------------------------------
Ball Corp. 1,800 79,164
- ---------------------------------------------------------------------------------
Bemis Co., Inc. 900 26,181
- ---------------------------------------------------------------------------------
Caraustar Industries, Inc. 1 4,600 77,372
- ---------------------------------------------------------------------------------
Crown Holdings, Inc. 1 31,900 438,306
- ---------------------------------------------------------------------------------
Graphic Packaging Corp. 1 8,900 64,080
- ---------------------------------------------------------------------------------
Greif, Inc., Cl. A 8,000 448,000
- ---------------------------------------------------------------------------------
Longview Fibre Co. 6,700 121,538
- ---------------------------------------------------------------------------------
Owens-Illinois, Inc. 1 15,700 355,605
- ---------------------------------------------------------------------------------
Packaging Corp. of America 1,600 37,680
- ---------------------------------------------------------------------------------
Packaging Dynamics Corp. 760 10,944
- ---------------------------------------------------------------------------------
Pactiv Corp. 1 2,000 50,580
- ---------------------------------------------------------------------------------
Rock-Tenn Co., Cl. A 5,700 86,412
- ---------------------------------------------------------------------------------
Silgan Holdings, Inc. 9,700 591,312
- ---------------------------------------------------------------------------------
Smurfit-Stone Container Corp. 4,200 78,456
--------------
2,650,360
- ---------------------------------------------------------------------------------
METALS & MINING--1.9%
AK Steel Holding Corp. 1 40,900 591,823
- ---------------------------------------------------------------------------------
Aleris International, Inc. 1 3,300 55,836
- ---------------------------------------------------------------------------------
Amerigo Resources Ltd. 1 16,000 25,773
- ---------------------------------------------------------------------------------
Brush Engineered Materials, Inc. 1 5,300 98,050
- ---------------------------------------------------------------------------------
Carpenter Technology Corp. 5,800 339,068
- ---------------------------------------------------------------------------------
Castle (A.M.) & Co. 1 3,800 45,372
- ---------------------------------------------------------------------------------
Cleveland-Cliffs, Inc. 2,200 228,492
- ---------------------------------------------------------------------------------
Commercial Metals Co. 3,400 171,904
- ---------------------------------------------------------------------------------
Dynatec Corp. 1 73,900 67,846
- ---------------------------------------------------------------------------------
FNX Mining Co., Inc. 1 17,200 74,361
- ---------------------------------------------------------------------------------
Foundation Coal Holdings, Inc. 1 3,500 80,710
- ---------------------------------------------------------------------------------
Goldcorp, Inc. 1,500 22,610
- ---------------------------------------------------------------------------------
Inmet Mining Corp. 1 8,800 158,204
- ---------------------------------------------------------------------------------
Massey Energy Co. 3,200 111,840
- ---------------------------------------------------------------------------------
Meridian Gold, Inc. 1 900 17,081
- ---------------------------------------------------------------------------------
Metal Management, Inc. 8,500 228,395
- ---------------------------------------------------------------------------------
Olympic Steel, Inc. 1 8,700 230,637
- ---------------------------------------------------------------------------------
Oregon Steel Mills, Inc. 1 8,500 172,465
24 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
METALS & MINING Continued
Quanex Corp. 500 $ 34,285
- ---------------------------------------------------------------------------------
Roanoke Electric Steel Corp. 500 10,336
- ---------------------------------------------------------------------------------
RTI International Metals, Inc. 1 2,900 59,566
- ---------------------------------------------------------------------------------
Ryerson Tull, Inc. 11,700 184,275
- ---------------------------------------------------------------------------------
Southern Peru Copper Corp. 3,400 160,514
- ---------------------------------------------------------------------------------
Steel Dynamics, Inc. 2,400 90,912
- ---------------------------------------------------------------------------------
Steel Technologies, Inc. 3,900 107,289
- ---------------------------------------------------------------------------------
Stillwater Mining Co. 1 9,400 105,844
- ---------------------------------------------------------------------------------
Titanium Metals Corp. 1 2,800 67,592
- ---------------------------------------------------------------------------------
United States Steel Corp. 2,800 143,500
- ---------------------------------------------------------------------------------
Wheaton River Minerals Ltd. 1 16,100 52,406
- ---------------------------------------------------------------------------------
Wheeling-Pittsburg Corp. 1 2,300 88,642
- ---------------------------------------------------------------------------------
Worthington Industries, Inc. 11,800 231,044
--------------
4,056,672
- ---------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS--0.8%
Bowater, Inc. 2,500 109,925
- ---------------------------------------------------------------------------------
Buckeye Technologies, Inc. 1 5,300 68,953
- ---------------------------------------------------------------------------------
Deltic Timber Corp. 400 16,980
- ---------------------------------------------------------------------------------
Glatfelter 11,800 180,304
- ---------------------------------------------------------------------------------
Louisiana-Pacific Corp. 9,000 240,660
- ---------------------------------------------------------------------------------
Neenah Paper, Inc. 1 5,900 192,340
- ---------------------------------------------------------------------------------
Pope & Talbot, Inc. 12,300 210,453
- ---------------------------------------------------------------------------------
Potlatch Corp. 10,300 520,974
- ---------------------------------------------------------------------------------
Wausau-Mosinee Paper Corp. 8,500 151,810
--------------
1,692,399
- ---------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--1.0%
- ---------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES--0.3%
Alaska Communications Systems Group, Inc. 1 5,000 43,150
- ---------------------------------------------------------------------------------
Arbinet Holdings, Inc. 1 3,600 89,460
- ---------------------------------------------------------------------------------
CenturyTel, Inc. 4,800 170,256
- ---------------------------------------------------------------------------------
Commonwealth Telephone Enterprises, Inc. 1 100 4,966
- ---------------------------------------------------------------------------------
Crown Castle International Corp. 1 3,200 53,248
- ---------------------------------------------------------------------------------
CT Communications, Inc. 3,400 41,820
- ---------------------------------------------------------------------------------
D&E Communications, Inc. 300 3,615
- ---------------------------------------------------------------------------------
Iowa Telecommunications Services, Inc. 1 6,700 144,519
- ---------------------------------------------------------------------------------
North Pittsburgh Systems, Inc. 5,200 128,596
- ---------------------------------------------------------------------------------
Shenandoah Telecommunications Co. 600 17,970
- ---------------------------------------------------------------------------------
Time Warner Telecom, Inc., Cl. A 1 1,500 6,540
--------------
704,140
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--0.7%
@Road, Inc. 1 9,000 $ 62,190
- ---------------------------------------------------------------------------------
AirGate PCS, Inc. 1 1,400 49,840
- ---------------------------------------------------------------------------------
Alamosa Holdings, Inc. 1 15,600 194,532
- ---------------------------------------------------------------------------------
Boston Communications Group, Inc. 1 1,800 16,632
- ---------------------------------------------------------------------------------
InPhonic, Inc. 1 3,000 82,440
- ---------------------------------------------------------------------------------
Nextel Partners, Inc., Cl. A 1 6,400 125,056
- ---------------------------------------------------------------------------------
Price Communications Corp. 3,000 55,770
- ---------------------------------------------------------------------------------
SBA Communications Corp. 1 15,600 144,768
- ---------------------------------------------------------------------------------
Telephone & Data Systems, Inc. 1,400 107,730
- ---------------------------------------------------------------------------------
UbiquiTel, Inc. 1 52,100 370,952
- ---------------------------------------------------------------------------------
United States Cellular Corp. 1 2,000 89,520
- ---------------------------------------------------------------------------------
USA Mobility, Inc. 1 5,400 190,674
--------------
1,490,104
- ---------------------------------------------------------------------------------
UTILITIES--1.6%
- ---------------------------------------------------------------------------------
ELECTRIC UTILITIES--1.2%
ALLETE, Inc. 5,100 187,425
- ---------------------------------------------------------------------------------
Aquila, Inc. 1 38,200 140,958
- ---------------------------------------------------------------------------------
Calpine Corp. 1 27,900 109,926
- ---------------------------------------------------------------------------------
Canadian Hydro Developers, Inc. 1 14,000 39,611
- ---------------------------------------------------------------------------------
CH Energy Group, Inc. 6,600 317,130
- ---------------------------------------------------------------------------------
CMS Energy Corp. 1 42,200 440,990
- ---------------------------------------------------------------------------------
Duquesne Light Holdings, Inc. 100 1,885
- ---------------------------------------------------------------------------------
El Paso Electric Co. 1 5,100 96,594
- ---------------------------------------------------------------------------------
Green Mountain Power Corp. 1,000 28,830
- ---------------------------------------------------------------------------------
IDACORP, Inc. 13,100 400,467
- ---------------------------------------------------------------------------------
Northeast Utilities Co. 4,800 90,480
- ---------------------------------------------------------------------------------
NRG Energy, Inc. 1 1,300 46,865
- ---------------------------------------------------------------------------------
Ormat Technologies, Inc. 1 17,400 283,272
- ---------------------------------------------------------------------------------
PNM Resources, Inc. 10,100 255,429
- ---------------------------------------------------------------------------------
Reliant Energy, Inc. 1 2,700 36,855
--------------
2,476,717
- ---------------------------------------------------------------------------------
GAS UTILITIES--0.3%
Atmos Energy Corp. 7,400 202,390
- ---------------------------------------------------------------------------------
Chesapeake Utilities Corp. 1,300 34,710
- ---------------------------------------------------------------------------------
Energen Corp. 2,200 129,690
- ---------------------------------------------------------------------------------
Laclede Group, Inc. (The) 600 18,690
- ---------------------------------------------------------------------------------
New Jersey Resources Corp. 1,000 43,340
- ---------------------------------------------------------------------------------
Nicor, Inc. 1,500 55,410
- ---------------------------------------------------------------------------------
ONEOK, Inc. 1,800 51,156
- ---------------------------------------------------------------------------------
Southwest Gas Corp. 2,300 58,420
- ---------------------------------------------------------------------------------
WGL Holdings, Inc. 200 6,168
--------------
599,974
25 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------
MULTI-UTILITIES & UNREGULATED POWER--0. 1%
Dynegy, Inc. 1 8,500 $ 39,270
- ---------------------------------------------------------------------------------
Energy East Corp. 1,200 32,000
- ---------------------------------------------------------------------------------
Sierra Pacific Resources 1 15,100 158,550
--------------
229,820
--------------
Total Common Stocks (Cost $173,806,959) 208,999,882
- ---------------------------------------------------------------------------------
PREFERRED STOCKS--0.0%
- ---------------------------------------------------------------------------------
Simon Property Group Inc., 6% Cv., Non-Vtg
(Cost $3,212) 60 3,553
PRINCIPAL
AMOUNT
- ---------------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND NOTES--0.0%
- ---------------------------------------------------------------------------------
Mueller Industries, Inc., 6% Sub. Nts.,
11/1/14 (Cost $51,000) $ 51,000 50,235
- ---------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--2.7%
- ---------------------------------------------------------------------------------
Undivided interest of 0.39% in joint repurchase
agreement (Principal Amount/Value
$1,443,703,000, with a maturity value of
$1,443,962,867) with UBS Warburg LLC,
2.16%, dated 12/31/04, to be repurchased
at $5,672,021 on 1/3/05, collateralized by
Federal National Mortgage Assn., 5%--6%,
4/1/34--10/1/34, with a value of
$1,474,609,071 (Cost $5,671,000) 5,671,000 5,671,000
- ---------------------------------------------------------------------------------
Total Investments, at Value (excluding
Investments Purchased with Cash Collateral
from Securities Loaned) (Cost $179,532,171) 214,724,670
- ---------------------------------------------------------------------------------
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM
SECURITIES LOANED--20.3%
- ---------------------------------------------------------------------------------
ASSET-BACKED FLOATING NOTES--0.7%
Whitehawk CDO Funding Corp., 2.56%, 3/15/05 4 1,500,000 1,500,000
- ---------------------------------------------------------------------------------
MASTER FLOATING NOTES--0.8%
Bear Stearns, 2.493%, 1/3/05 4 250,000 250,000
- ---------------------------------------------------------------------------------
Merrill Lynch Mortgage Capital, 2.413%, 1/3/05 4 1,500,000 1,500,000
--------------
1,750,000
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ---------------------------------------------------------------------------------
MEDIUM-TERM FLOATING NOTES--0.3%
Sigma Finance, Inc., 2.502% Medium
Term Nts., 1/25/054 $ 654,709 $ 654,709
- ---------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--18.5%
Undivided interest of 1.40% in joint
repurchase agreement (Principal Amount/Value
$2,800,000,000, with a maturity value of
$2,800,550,669) with Nomura Securities,
2.36%, dated 12/31/04, to be repurchased at
$39,316,193 on 1/3/05, collateralized by U.S.
Government Mortgage Agencies, 2.58%-7.50%,
1/15/08-10/15/44, with a value of
$2,908,566,289 4 39,308,462 39,308,462
--------------
Total Investments Purchased with Cash Collateral
from Securities Loaned (Cost $43,213,171) 43,213,171
- ---------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE
(COST $222,745,342) 121.5% $ 257,937,841
- ---------------------------------------------------------------------------------
LIABILITIES IN EXCESS
OF OTHER ASSETS (21.5) (45,690,682)
------------------------------
NET ASSETS 100.0% $ 212,247,159
==============================
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Non-income producing security.
2. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by the Board of
Trustees. These securities amount to $55,314 or 0.03% of the Fund's net assets
as of December 31, 2004.
3. Illiquid or restricted security. The aggregate value of illiquid or
restricted securities as of December 31, 2004 was $108,569, which represents
0.05% of the Fund's net assets, all of which is considered restricted. See Note
6 of Notes to Financial Statements.
4. The security has 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 Note 7 of Notes to Financial
Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
STATEMENT OF ASSETS AND LIABILITIES December 31, 2004
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
ASSETS
- ------------------------------------------------------------------------------------------------------------------------------
Investments, at value (including securities loaned of $42,237,021) (cost $222,745,342)
- --see accompanying statement of investments $ 257,937,841
- ------------------------------------------------------------------------------------------------------------------------------
Cash 541,763
- ------------------------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 4,003,790
Shares of beneficial interest sold 378,981
Interest and dividends 100,357
Other 3,053
--------------
Total assets 262,965,785
- ------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------------------------------------
Return of collateral for securities loaned 43,213,171
- ------------------------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 6,775,389
Shares of beneficial interest redeemed 579,239
Distribution and service plan fees 95,006
Shareholder communications 18,272
Trustees' compensation 4,860
Transfer and shareholder servicing agent fees 1,723
Other 30,966
--------------
Total liabilities 50,718,626
- ------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 212,247,159
==============
- ------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 13,275
- ------------------------------------------------------------------------------------------------------------------------------
Additional paid-in capital 171,354,624
- ------------------------------------------------------------------------------------------------------------------------------
Accumulated net investment loss (52,556)
- ------------------------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency transactions 5,739,256
- ------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign
currencies 35,192,560
--------------
NET ASSETS $ 212,247,159
==============
- ------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ------------------------------------------------------------------------------------------------------------------------------
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $38,635,539
and 2,406,937 shares of beneficial interest outstanding) $ 16.05
- ------------------------------------------------------------------------------------------------------------------------------
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $173,611,620
and 10,868,312 shares of beneficial interest outstanding) $ 15.97
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
27 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
STATEMENT OF OPERATIONS For the Year Ended December 31, 2004
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
INVESTMENT INCOME
- ----------------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $2,509) $ 1,144,958
- ----------------------------------------------------------------------------------------
Portfolio lending fees 100,675
- ----------------------------------------------------------------------------------------
Interest 64,642
--------------
Total investment income 1,310,275
- ----------------------------------------------------------------------------------------
EXPENSES
- ----------------------------------------------------------------------------------------
Management fees 1,070,988
- ----------------------------------------------------------------------------------------
Distribution and service plan fees--Service shares 279,935
- ----------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Non-Service shares 10,029
Service shares 10,136
- ----------------------------------------------------------------------------------------
Shareholder communications:
Non-Service shares 4,565
Service shares 19,063
- ----------------------------------------------------------------------------------------
Trustees' compensation 7,102
- ----------------------------------------------------------------------------------------
Custodian fees and expenses 2,542
- ----------------------------------------------------------------------------------------
Other 41,355
--------------
Total expenses 1,445,715
Less reduction to custodian expenses (805)
--------------
Net expenses 1,444,910
- ----------------------------------------------------------------------------------------
NET INVESTMENT LOSS (134,635)
- ----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
- ----------------------------------------------------------------------------------------
Net realized gain on:
Investments 9,552,785
Foreign currency transactions 26,819
--------------
Net realized gain 9,579,604
- ----------------------------------------------------------------------------------------
Net change in unrealized appreciation on:
Investments 19,928,773
Translation of assets and liabilities denominated in foreign currencies 175,318
--------------
Net change in unrealized appreciation 20,104,091
- ----------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 29,549,060
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
- ------------------------------------------------------------------------------------------------------------------------------
Net investment loss $ (134,635) $ (168,501)
- ------------------------------------------------------------------------------------------------------------------------------
Net realized gain 9,579,604 2,703,929
- ------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 20,104,091 15,038,979
-----------------------------
Net increase in net assets resulting from operations 29,549,060 17,574,407
- ------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial interest transactions:
Non-Service shares 5,097,638 536,751
Service shares 87,389,394 46,411,899
- ------------------------------------------------------------------------------------------------------------------------------
NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------------
Total increase 122,036,092 64,523,057
- ------------------------------------------------------------------------------------------------------------------------------
Beginning of period 90,211,067 25,688,010
-----------------------------
End of period (including accumulated net investment loss of $52,556 and $32,616, respectively) $ 212,247,159 $ 90,211,067
=============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NON-SERVICE SHARES YEAR ENDED DECEMBER 31, 2004 2003 2002 2001 2000
- ----------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 13.44 $ 9.31 $ 11.05 $ 11.09 $ 14.07
- ----------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .01 1 (.03) (.01) -- 2 (.03)
Net realized and unrealized gain (loss) 2.60 4.16 (1.73) (.04) (2.35)
------------------------------------------------------
Total from investment operations 2.61 4.13 (1.74) (.04) (2.38)
- ----------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain -- -- -- -- (.60)
- ----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 16.05 $ 13.44 $ 9.31 $ 11.05 $ 11.09
======================================================
- ----------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 19.42% 44.36% (15.75)% (0.36)% (18.34)%
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 38,636 $ 27,551 $ 19,577 $ 18,514 $ 14,599
- ----------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 30,871 $ 20,271 $ 20,505 $ 15,307 $ 12,576
- ----------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income (loss) 0.06% (0.30)% (0.09)% (0.01)% (0.29)%
Total expenses 0.83% 1.01% 1.00% 1.05% 1.37%
Expenses after payments and waivers and reduction
to custodian expenses N/A 5 N/A 5 N/A 5 N/A 5 1.35%
- ----------------------------------------------------------------------------------------------------------
Portfolio turnover rate 147% 130% 121% 213% 162%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Total returns are not annualized for
periods less than one full year. Total return information does not reflect
expenses that apply at the separate account level or to related insurance
products. Inclusion of these charges would reduce the total return figures for
all periods shown. Returns do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund shares.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
SERVICE SHARES YEAR ENDED DECEMBER 31, 2004 2003 2002 2001 1
- --------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 13.40 $ 9.29 $ 11.05 $ 10.61
- --------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.02) 2 (.02) (.01) -- 3
Net realized and unrealized gain (loss) 2.59 4.13 (1.75) .44
------------------------------------------------
Total from investment operations 2.57 4.11 (1.76) .44
- --------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 15.97 $ 13.40 $ 9.29 $ 11.05
================================================
- --------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 4 19.18% 44.24% (15.93)% 4.15%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 173,612 $ 62,660 $ 6,111 $ 108
- --------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 112,279 $ 25,018 $ 2,228 $ 26
- --------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 5
Net investment loss (0.14)% (0.43)% (0.26)% (0.34)%
Total expenses 1.06% 1.23% 1.21% 1.19%
Expenses after payments and waivers and reduction to custodian expenses N/A 6 N/A 6 1.19% N/A 6
- --------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 147% 130% 121% 213%
1. For the period from July 16, 2001 (inception of offering) to December 31,
2001.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Less than $0.005 per share.
4. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Total returns are not annualized for
periods less than one full year. Total return information does not reflect
expenses that apply at the separate account level or to related insurance
products. Inclusion of these charges would reduce the total return figures for
all periods shown. Returns do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund shares.
5. Annualized for periods of less than one full year.
6. Reduction to custodian expenses less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
31 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Main Street Small Cap Fund/VA (the Fund) is a separate series of
Oppenheimer Variable Account Funds (the Trust), an open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek capital appreciation. The
Trust's investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers two classes of shares. Both classes are sold at their
offering price, which is the net asset value per share, to separate investment
accounts of participating insurance companies as an underlying investment for
variable life insurance policies, variable annuity contracts or other investment
products. The class of shares designated as Service shares is subject to a
distribution and service plan. Both classes of shares have identical rights and
voting privileges with respect to the Fund in general and exclusive voting
rights on matters that affect that class alone. Earnings, net assets and net
asset value per share may differ due to each class having its own expenses, such
as transfer and shareholder servicing agent fees and shareholder communications,
directly attributable to that class.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
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 business. Securities listed
or traded on National Stock Exchanges or other domestic or foreign exchanges are
valued based on the last sale price of the security traded on that exchange
prior to the time when the Fund's assets are valued. Securities traded on NASDAQ
are valued based on the closing price provided 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 closing bid and asked prices, and if not, at the closing bid price.
Corporate, government and municipal debt instruments having a remaining maturity
in excess of 60 days and all mortgage-backed securities will be valued at the
mean between the "bid" and "asked" prices. Securities may be valued primarily
using dealer-supplied valuations or a portfolio pricing service authorized by
the Board of Trustees. Securities (including restricted securities) for which
market quotations are not readily available are valued at their fair value.
Foreign and domestic 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 their respective exchanges will be fair
valued. Fair value is determined in good faith using consistently applied
procedures under the supervision of the Board of Trustees. Short-term "money
market type" debt securities with remaining maturities of sixty days or less are
valued at amortized cost (which approximates market value).
- --------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in
U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars 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
business. Amounts related to the purchase and sale of foreign securities and
investment income are translated at the rates of exchange prevailing on the
respective dates of such transactions. Foreign exchange rates may be valued
primarily using dealer supplied valuations or a portfolio pricing service
authorized by the Board of Trustees.
Reported net realized foreign exchange gains or losses arise from sales of
portfolio securities, sales and maturities of short-term securities, sales of
foreign currencies, currency gains or losses realized 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 foreign exchange gains and losses 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.
32 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
- --------------------------------------------------------------------------------
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. In the event of default by the other party to the agreement,
retention of the collateral may be subject to legal proceedings.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders.
The tax components of capital shown in the table below represent distribution
requirements the Fund must satisfy under the income tax regulations, losses the
Fund may be able to offset against income and gains realized in future years and
unrealized appreciation or depreciation of securities and other investments for
federal income tax purposes.
NET UNREALIZED
APPRECIATION
BASED ON COST OF
SECURITIES AND
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS
NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME
INCOME GAIN CARRYFORWARD 1,2,3,4 TAX PURPOSES
--------------------------------------------------------------------------
$ -- $ 5,832,268 $ 15,991 $ 35,066,036
1. The Fund had $1,241 of post-October foreign currency losses which were
deferred.
2. The Fund had $14,750 of post-October passive foreign investment company
losses which were deferred.
3. During the fiscal year ended December 31, 2004, the Fund utilized $3,233,886
of capital loss carryforward to offset capital gains realized in that fiscal
year.
4. During the fiscal year ended December 31, 2003, the Fund utilized $2,435,654
of capital loss carryforward to offset capital gains realized in that fiscal
year.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund. Accordingly, the
following amounts have been reclassified for December 31, 2004. Net assets of
the Fund were unaffected by the reclassifications.
REDUCTION TO REDUCTION TO
ACCUMULATED ACCUMULATED NET
INCREASE TO NET INVESTMENT REALIZED GAIN
PAID-IN CAPITAL LOSS ON INVESTMENTS 5
----------------------------------------------------
$ 491,766 $ 114,695 $ 606,461
5. $599,308, all of which was long-term capital gain, was distributed in
connection with Fund share redemptions.
No distributions were paid during the years ended December 31, 2004 and December
31, 2003.
33 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1.SIGNIFICANT ACCOUNTING POLICIES Continued
The 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 December 31, 2004 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
or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities $ 222,871,866
==============
Gross unrealized appreciation $ 36,927,077
Gross unrealized depreciation (1,861,041)
--------------
Net unrealized appreciation $ 35,066,036
==============
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Board of Trustees has adopted a deferred
compensation plan for independent trustees that enables trustees to elect to
defer receipt of all or a portion of the annual compensation they are entitled
to receive from the Fund. For purposes of determining the amount owed to the
Trustee under the plan, deferred amounts are treated as though equal dollar
amounts had been invested in shares of the Fund or in other Oppenheimer funds
selected by the Trustee. The Fund purchases shares of the funds selected for
deferral by the Trustee in amounts equal to his or her deemed investment,
resulting in a Fund asset equal to the deferred compensation liability. Such
assets are included as a component of "Other" within the asset section of the
Statement of Assets and Liabilities. Deferral of trustees' fees under the plan
will not affect the net assets of the Fund, and will not materially affect the
Fund's assets, liabilities or net investment income per share. Amounts will be
deferred until distributed in accordance to the Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date. Income and capital gain distributions, if
any, are declared and paid annually.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date or upon
ex-dividend notification in the case of certain foreign dividends where the
ex-dividend date may have passed. Non-cash dividends included in dividend
income, if any, are recorded at the fair market value of the securities
received. Interest income, which includes accretion of discount and amortization
of premium, is accrued as earned.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. Custodian Fees and Expenses in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Fund pays
interest to its custodian on such cash overdrafts at a rate equal to the Federal
Funds Rate plus 0.50%. The Reduction to Custodian Expenses line item, if
applicable, represents earnings on cash balances maintained by the Fund during
the period. Such interest expense and other custodian fees may be paid with
these earnings.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity
with U.S. generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of income and expenses during
the reporting period. Actual results could differ from those estimates.
34 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of $0.001 par value shares of
beneficial interest of each class. Transactions in shares of beneficial interest
were as follows:
YEAR ENDED AUGUST 31, 2004 YEAR ENDED AUGUST 31, 2003
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------
NON-SERVICE SHARES
Sold 989,664 $ 13,869,116 826,676 $ 9,370,135
Redeemed (632,898) (8,771,478) (879,995) (8,833,384)
---------------------------------------------------------
Net increase (decrease) 356,766 $ 5,097,638 (53,319) $ 536,751
=========================================================
- -----------------------------------------------------------------------------------
SERVICE SHARES
Sold 7,817,367 $ 110,026,860 4,910,616 $ 56,495,920
Redeemed (1,624,349) (22,637,466) (892,849) (10,084,021)
---------------------------------------------------------
Net increase 6,193,018 $ 87,389,394 4,017,767 $ 46,411,899
=========================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the year ended December 31, 2004, were
$297,239,226 and $206,565,862, respectively.
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Trust which provides for a fee at an
annual rate of 0.75% of the first $200 million of average annual net assets,
0.72% of the next $200 million, 0.69% of the next $200 million, 0.66% of the
next $200 million and 0.60% of average annual net assets over $800 million.
- --------------------------------------------------------------------------------
ADMINISTRATION SERVICES. The Fund pays the Manager a fee of $1,500 per year for
preparing and filing the Fund's tax returns.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the year ended December 31, 2004, the Fund paid
$20,106 to OFS for services to the Fund.
Additionally, funds offered in variable annuity separate accounts are
subject to minimum fees of $10,000 per class for class level assets of $10
million or more. Each class is subject to the minimum fee in the event that the
per account fee does not equal or exceed the applicable minimum fee.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN FOR SERVICE SHARES. The Fund has adopted a
Distribution and Service Plan for Service shares to pay OppenheimerFunds
Distributor, Inc. (the Distributor), for distribution related services and
personal service and account maintenance for the Fund's Service shares. Under
the Plan, payments are made quarterly at an annual rate of up to 0.25% of the
average annual net assets of Service shares of the Fund. The Distributor
currently uses all of those fees to compensate sponsor(s) of the insurance
product that offers Fund shares, for providing personal service and maintenance
of accounts of their variable contract owners that hold Service shares. The
impact of the service plan is to increase operating expenses of the Service
shares, which results in lower performance compared to the Fund's shares that
are not subject to a service fee. Fees incurred by the Fund under the Plan are
detailed in the Statement of Operations.
- --------------------------------------------------------------------------------
PAYMENTS AND WAIVERS OF EXPENSES. OFS has voluntarily agreed to limit transfer
and shareholder servicing agent fees for all classes to 0.35% of average annual
net assets per class. This undertaking may be amended or withdrawn at any time.
35 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. FOREIGN CURRENCY CONTRACTS
A foreign currency contract is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. The Fund may enter into foreign
currency contracts to settle specific purchases or sales of securities
denominated in a foreign currency and for protection from adverse exchange rate
fluctuation. Risks to the Fund include the potential inability of the
counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using prevailing foreign currency exchange rates.
Unrealized appreciation and depreciation on foreign currency contracts are
reported in the Statement of Assets and Liabilities as a receivable or payable
and in the Statement of Operations with the change in unrealized appreciation or
depreciation.
The Fund may realize a gain or loss upon the closing or settlement of the
foreign transaction. Contracts closed or settled with the same broker are
recorded as net realized gains or losses. Such realized gains and losses are
reported with all other foreign currency gains and losses in the Statement of
Operations.
As of December 31, 2004, the Fund had no outstanding foreign currency
contracts.
- --------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of December 31, 2004, investments in securities included issues that are
illiquid or restricted. Restricted securities are purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Trustees as reflecting fair value. A security may also be considered
illiquid if it lacks a readily available market or if its valuation has not
changed for a certain period of time. The Fund will not invest more than 15% of
its net assets (determined at the time of purchase and reviewed periodically) in
illiquid or restricted securities. Certain restricted securities, eligible for
resale to qualified institutional investors, are not subject to that limitation.
Information concerning restricted securities is as follows:
UNREALIZED
ACQUISITION VALUATION AS OF APPRECIATION
SECURITY DATES COST DECEMBER 31, 2004 (DEPRECIATION)
- ------------------------------------------------------------------------------------
Lightning Energy Ltd. 11/8/04 $ 53,664 $ 49,293 $ (4,371)
ProspEx Resources Ltd. 11/17/04 9,233 9,605 372
Tusk Energy Corp. 11/15/04 38,148 49,671 11,523
- --------------------------------------------------------------------------------
7. SECURITIES LENDING
The Fund lends portfolio securities from time to time in order to earn
additional income. In return, the Fund receives collateral in the form of US
Treasury obligations or cash, against the loaned securities and maintains
collateral 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 business of the funds 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.
Cash collateral is invested in cash equivalents. The Fund retains a portion of
the interest earned from the collateral. The Fund also continues to receive
interest or dividends paid on the securities loaned. As of December 31, 2004,
the Fund had on loan securities valued at $42,237,021. Cash of $43,213,171 was
received as collateral for the loans, all of which was invested in approved
instruments.
36 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
- --------------------------------------------------------------------------------
8. LITIGATION
A consolidated amended complaint has been filed as putative derivative and class
actions against the Manager, OFS and the Distributor (collectively, the
"Oppenheimer defendants"), as well as 51 of the Oppenheimer funds (as "Nominal
Defendants") excluding the Fund, 31 present and former Directors or Trustees and
9 present and former officers of the funds. This complaint, filed in the U.S.
District Court for the Southern District of New York on January 10, 2005,
consolidates into a single action and amends six individual previously-filed
putative derivative and class action complaints. Like those prior complaints,
the complaint alleges that the Manager charged excessive fees for distribution
and other costs, improperly used assets of the funds in the form of directed
brokerage commissions and 12b-1 fees to pay brokers to promote sales of the
funds, and failed to properly disclose the use of assets of the funds to make
those payments in violation of the Investment Company Act of 1940 and the
Investment Advisers Act of 1940. Also, like those prior complaints, the
complaint further alleges that by permitting and/or participating in those
actions, the Directors/Trustees and the Officers breached their fiduciary duties
to shareholders of the funds under the Investment Company Act of 1940 and at
common law. The complaint seeks unspecified compensatory and punitive damages,
rescission of the funds' investment advisory agreements, an accounting of all
fees paid, and an award of attorneys' fees and litigation expenses.
The Oppenheimer defendants believe that the allegations contained in the
Complaints are without merit and that they, the funds named as Nominal
Defendants, and the Directors/Trustees of those funds have meritorious defenses
against the claims asserted. The Oppenheimer defendants intend to defend these
lawsuits vigorously and to contest any claimed liability, and they have retained
legal counsel to defend such suits. The Oppenheimer defendants believe that it
is premature to render any opinion as to the likelihood of an outcome
unfavorable to them and that no estimate can yet be made with any degree of
certainty as to the amount or range of any potential loss.
37 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF OPPENHEIMER MAIN STREET SMALL CAP
FUND/VA:
We have audited the accompanying statement of assets and liabilities of
Oppenheimer Main Street Small Cap Fund/VA, a series of Oppenheimer Variable
Account Funds, including the statement of investments, as of December 31, 2004,
and the related statement of operations for the year then ended, the statements
of changes in net assets for each of the two years in the period then ended, and
the financial highlights for the periods presented. These financial statements
and financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes consideration of internal control over financial reporting as
a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 2004, by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing procedures.
Additionally, an audit includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer Main Street Small Cap Fund/VA as of December 31, 2004, the results
of its operations for the year then ended, the changes in its net assets for
each of the two years in the period then ended, and the financial highlights for
the periods presented, in conformity with accounting principles generally
accepted in the United States of America.
DELOITTE & TOUCHE LLP
Denver, Colorado
February 11, 2005
38 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2005, if applicable, shareholders of record received information
regarding all dividends and distributions paid to them by the Fund during
calendar year 2004. Regulations of the U.S. Treasury Department require the Fund
to report this information to the Internal Revenue Service.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
- --------------------------------------------------------------------------------
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF
INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file new Form N-PX, with its complete proxy voting record for the 12 months
ended June 30th, no later than August 31st of each year. The Fund's Form N-PX
filing is available (i) without charge, upon request, by calling the Fund
toll-free at 1.800.525.7048, and (ii) on the SEC's website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at www.sec.gov. Those
forms may be reviewed and copied at the SEC's Public Reference Room in
Washington D.C. Information on the operation of the Public Reference Room may be
obtained by calling 1-800-SEC-0330.
39 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
TRUSTEES AND OFFICERS Unaudited
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NAME, POSITION(S) HELD WITH PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS HELD BY TRUSTEE;
FUND, LENGTH OF SERVICE, AGE NUMBER OF PORTFOLIOS IN FUND COMPLEX CURRENTLY OVERSEEN BY TRUSTEE
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, CO 80112-3924.
TRUSTEES EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR
REMOVAL.
WILLIAM L. ARMSTRONG, Chairman of the following private mortgage banking companies: Cherry Creek Mortgage Company (since
Chairman of the Board 1991), Centennial State Mortgage Company (since 1994), The El Paso Mortgage Company (since 1993),
of Trustees (since 2003) Transland Financial Services, Inc. (since 1997); Chairman of the following private companies: Great
and Trustee (since 1999) Frontier Insurance (insurance agency) (since 1995), Ambassador Media Corporation and Broadway
Age: 67 Ventures (since 1984); a director of the following public companies: Helmerich & Payne, Inc. (oil
and gas drilling/production company) (since 1992) and UNUMProvident (insurance company) (since
1991). Mr. Armstrong is also a Director/ Trustee of Campus Crusade for Christ and the Bradley
Foundation. Formerly a director of the following: Storage Technology Corporation (a publicly-held
computer equipment company) (1991-February 2003), and International Family Entertainment
(television channel) (1992-1997), Frontier Real Estate, Inc. (residential real estate brokerage)
(1994-1999), and Frontier Title (title insurance agency) (1995-June 1999); a U.S. Senator (January
1979-January 1991). Oversees 38 portfolios in the OppenheimerFunds complex.
ROBERT G. AVIS, Formerly, Director and President of A.G. Edwards Capital, Inc. (General Partner of private equity
Trustee (since 1993) funds) (until February 2001); Chairman, President and Chief Executive Officer of A.G. Edwards
Age: 73 Capital, Inc. (until March 2000); Vice Chairman and Director of A.G. Edwards, Inc. and Vice
Chairman of A.G. Edwards & Sons, Inc. (its brokerage company subsidiary) (until March 1999);
Chairman of A.G. Edwards Trust Company and A.G.E. Asset Management (investment advisor) (until
March 1999); and a Director (until March 2000) of A.G. Edwards & Sons and A.G. Edwards Trust
Company. Oversees 38 portfolios in the OppenheimerFunds complex.
GEORGE C. BOWEN, Formerly Assistant Secretary and a director (December 1991-April 1999) of Centennial Asset
Trustee (since 1999) Management Corporation; President, Treasurer and a director (June 1989-April 1999) of Centennial
Age: 68 Capital Corporation; Chief Executive Officer and a director of MultiSource Services, Inc. (March
1996-April 1999). Until April 1999 Mr. Bowen held several positions in subsidiary or affiliated
companies of the Manager. Oversees 38 portfolios in the OppenheimerFunds complex.
EDWARD L. CAMERON, A member of The Life Guard of Mount Vernon, George Washington's home (since June 2000). Formerly
Trustee (since 1999) Director (March 2001-May 2002) of Genetic ID, Inc. and its subsidiaries (a privately held biotech
Age: 66 company); a partner (July 1974-June 1999) with PricewaterhouseCoopers LLP (an accounting firm); and
Chairman (July 1994-June 1998) of Price Waterhouse LLP Global Investment Management Industry
Services Group. Oversees 38 portfolios in the OppenheimerFunds complex.
JON S. FOSSEL, Director (since February 1998) of Rocky Mountain Elk Foundation (a not-for-profit foundation); a
Trustee (since 1990) director (since 1997) of Putnam Lovell Finance (finance company); a director (since June 2002) of
Age: 63 UNUMProvident (an insurance company). Formerly a director (October 1999-October 2003) of P.R.
Pharmaceuticals (a privately held company); Chairman and a director (until October 1996) and
President and Chief Executive Officer (until October 1995) of the Manager; President, Chief
Executive Officer and a director (until October 1995) of Oppenheimer Acquisition Corp.,
Shareholders Services Inc. and Shareholder Financial Services, Inc. Oversees 38 portfolios in the
OppenheimerFunds complex.
SAM FREEDMAN, Director of Colorado Uplift (a non-profit charity) (since September 1984). Formerly (until October
Trustee (since 1996) 1994) Mr. Freedman held several positions in subsidiary or affiliated companies of the Manager.
Age: 64 Oversees 38 portfolios in the OppenheimerFunds complex.
40 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
BEVERLY L. HAMILTON, Trustee of Monterey International Studies (an educational organization) (since February 2000); a
Trustee (since 2002) director of The California Endowment (a philanthropic organization) (since April 2002) and of
Age: 58 Community Hospital of Monterey Peninsula (educational organization) (since February 2002); a
director of America Funds Emerging Markets Growth Fund (since October 1991) (an investment
company); an advisor to Credit Suisse First Boston's Sprout venture capital unit. Mrs. Hamilton
also is a member of the investment committees of the Rockefeller Foundation and of the University
of Michigan. Formerly, Trustee of MassMutual Institutional Funds (open-end investment company)
(1996-May 2004); a director of MML Series Investment Fund (April 1989-May 2004) and MML Services
(April 1987-May 2004) (investment companies); member of the investment committee (2000-2003) of
Hartford Hospital; an advisor (2000-2003) to Unilever (Holland)'s pension fund; and President
(February 1991-April 2000) of ARCO Investment Management Company. Oversees 37 portfolios in the
OppenheimerFunds complex.
ROBERT J. MALONE, Chairman, Chief Executive Officer and Director of Steele Street State Bank (a commercial banking
Trustee (since 2002) entity) (since August 2003); director of Colorado UpLIFT (a non-profit organization) (since 1986);
Age: 60 trustee (since 2000) of the Gallagher Family Foundation (non-profit organization). Formerly,
Chairman of U.S. Bank-Colorado (a subsidiary of U.S. Bancorp and formerly Colorado National Bank,)
(July 1996-April 1, 1999), a director of: Commercial Assets, Inc. (a REIT) (1993-2000), Jones
Knowledge, Inc. (a privately held company) (2001-July 2004) and U.S. Exploration, Inc. (oil and gas
exploration) (1997-February 2004). Oversees 37 portfolios in the OppenheimerFunds complex.
F. WILLIAM MARSHALL, JR., Trustee of MassMutual Institutional Funds (since 1996) and MML Series Investment Fund (since 1987)
Trustee (since 2000) (both open-end investment companies) and the Springfield Library and Museum Association (since
Age: 62 1995) (museums) and the Community Music School of Springfield (music school) (since 1996); Trustee
(since 1987), Chairman of the Board (since 2003) and Chairman of the investment committee (since
1994) for the Worcester Polytech Institute (private university); and President and Treasurer (since
January 1999) of the SIS Fund (a private not for profit charitable fund). Formerly, member of the
investment committee of the Community Foundation of Western Massachusetts (1998 - 2003); Chairman
(January 1999-July 1999) of SIS & Family Bank, F.S.B. (formerly SIS Bank) (commercial bank); and
Executive Vice President (January 1999-July 1999) of Peoples Heritage Financial Group, Inc.
(commercial bank). Oversees 38 portfolios in the OppenheimerFunds complex.
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INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IN THE CHART BELOW IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET,
AND OFFICER 11TH FLOOR, NEW YORK, NY 10281-1008. MR. MURPHY SERVES FOR AN INDEFINITE TERM, UNTIL HIS
RESIGNATION, DEATH OR REMOVAL.
JOHN V. MURPHY, Chairman, Chief Executive Officer and director (since June 2001) and President (since September
President and Trustee 2000) of the Manager; President and a director or trustee of other Oppenheimer funds; President and
(since 2001) a director (since July 2001) of Oppenheimer Acquisition Corp. (the Manager's parent holding
Age: 55 company) and of Oppenheimer Partnership Holdings, Inc. (a holding company subsidiary of the
Manager); a director (since November 2001) of OppenheimerFunds Distributor, Inc. (a subsidiary of
the Manager); Chairman and a director (since July 2001) of Shareholder Services, Inc. and of
Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager); President and a
director (since July 2001) of OppenheimerFunds Legacy Program (a charitable trust program
established by the Manager); a director of the following investment advisory subsidiaries of the
Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity
Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001),
HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001);
President (since November 1, 2001) and a director (since July 2001) of Oppenheimer Real Asset
Management, Inc.; Executive Vice President (since February 1997) of Massachusetts Mutual Life
Insurance Company (the Manager's parent company); a director (since June 1995) of DLB Acquisition
Corporation (a holding company that owns the shares of Babson Capital Management LLC); a member of
the Investment Company Institute's Board of Governors (elected to serve from October 3, 2003
through September 30, 2006). Formerly, Chief Operating Officer (September 2000- June 2001) of the
Manager; President and trustee (November 1999-November 2001) of MML Series Investment Fund and
MassMutual Institutional Funds (open-end investment companies); a director (September 1999-August
2000) of C.M. Life Insurance Company; President, Chief Executive Officer and director (September
1999-August 2000) of MML Bay State Life Insurance Company; a director (June 1989-June 1998) of
Emerald Isle Bancorp and Hibernia Savings Bank (a wholly-owned subsidiary of Emerald Isle Bancorp).
Oversees 62 portfolios as Trustee/Director and 21 additional portfolios as Officer in the
OppenheimerFunds complex.
41 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
TRUSTEES AND OFFICERS Unaudited / Continued
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OFFICERS THE ADDRESS OF THE OFFICERS IN THE CHART BELOW IS AS FOLLOWS: FOR MESSRS. ZAVANELLI AND ZACK, TWO
WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW YORK, NY 10281-1008, FOR MESSRS.
VANDEHEY AND WIXTED 6803 S. TUCSON WAY, CENTENNIAL, CO 80112-3924. EACH OFFICER SERVES FOR AN
ANNUAL TERM OR UNTIL HIS OR HER EARLIER RESIGNATION, DEATH OR REMOVAL.
MARK ZAVANELLI, Vice President of the Manager since November 2000; a Chartered Financial Analyst; an officer of 3
Vice President and portfolios in the OppenheimerFunds complex. Prior to joining the Manager in May 1998 he was
Portfolio Manager President of Waterside Capital Management, a registered investment advisor (August 1995 - April
(since 2001) 1998).
Age: 34
BRIAN W. WIXTED, Senior Vice President and Treasurer (since March 1999) of the Manager; Treasurer of HarbourView
Treasurer (since 1999) Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc.,
Age: 45 Oppenheimer Real Asset Management Corporation, and Oppenheimer Partnership Holdings, Inc. (since
March 1999), of OFI Private Investments, Inc. (since March 2000), of OppenheimerFunds International
Ltd. and OppenheimerFunds plc (since May 2000), of OFI Institutional Asset Management, Inc. (since
November 2000), and of OppenheimerFunds Legacy Program (a Colorado non-profit corporation) (since
June 2003); Treasurer and Chief Financial Officer (since May 2000) of OFI Trust Company (a trust
company subsidiary of the Manager); Assistant Treasurer (since March 1999) of Oppenheimer
Acquisition Corp. Formerly Assistant Treasurer of Centennial Asset Management Corporation (March
1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003); Principal and Chief
Operating Officer (March 1995-March 1999) at Bankers Trust Company-Mutual Fund Services Division.
An officer of 83 portfolios in the OppenheimerFunds complex.
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since February 2002) of the
Vice President and Manager; General Counsel and a director (since November 2001) of the Distributor; General Counsel
Secretary (since 2001) (since November 2001) of Centennial Asset Management Corporation; Senior Vice President and General
Age: 56 Counsel (since November 2001) of HarbourView Asset Management Corporation; Secretary and General
Counsel (since November 2001) of Oppenheimer Acquisition Corp.; Assistant Secretary and a director
(since October 1997) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice
President and a director (since November 2001) of Oppenheimer Partnership Holdings, Inc.; a
director (since November 2001) of Oppenheimer Real Asset Management, Inc.; Senior Vice President,
General Counsel and a director (since November 2001) of Shareholder Financial Services, Inc.,
Shareholder Services, Inc., OFI Private Investments, Inc. and OFI Trust Company; Vice President
(since November 2001) of OppenheimerFunds Legacy Program; Senior Vice President and General Counsel
(since November 2001) of OFI Institutional Asset Management, Inc.; a director (since June 2003) of
OppenheimerFunds (Asia) Limited. Formerly Senior Vice President (May 1985-December 2003), Acting
General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001)
of the Manager; Assistant Secretary of Shareholder Services, Inc. (May 1985-November 2001),
Shareholder Financial Services, Inc. (November 1989-November 2001); and OppenheimerFunds
International Ltd. (October 1997-November 2001). An officer of 83 portfolios in the
OppenheimerFunds complex.
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer (since March 2004) of the Manager; Vice President
Vice President and (since June 1983) of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and
Chief Compliance Officer Shareholder Services, Inc. Formerly (until February 2004) Vice President and Director of Internal
(since 2004) Audit of OppenheimerFunds, Inc. An officer of 83 portfolios in the OppenheimerFunds complex.
Age: 54
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE FUND'S TRUSTEES AND IS AVAILABLE WITHOUT CHARGE, UPON REQUEST, BY
CALLING 1.800.981.2871.
42 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal
accounting officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of the registrant has determined that Edward L.
Cameron, the Chairman of the Board's Audit Committee, and George C. Bowen, a
member of the Board's Audit Committee, possess the technical attributes
identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as "audit
committee financial experts," and has designated Messrs. Cameron and Bowen as
the Audit Committee's financial experts. Messrs. Cameron and Bowen are
"independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a) Audit Fees
The principal accountant for the audit of the registrant's annual
financial statements billed $11,000 in fiscal 2004 and $6,500 in
fiscal 2003.
(b) Audit-Related Fees
The principal accountant for the audit of the registrant's annual
financial statements billed no such fees to the registrant during
the last two fiscal years.
The principal accountant for the audit of the registrant's annual
financial statements billed no such fees in fiscal 2004 and $35,859
in fiscal 2003 to the registrant's investment adviser or any entity
controlling, controlled by, or under common control with the adviser
that provides ongoing services to the registrant.
Such fees include: internal control reviews.
(c) Tax Fees
The principal accountant for the audit of the registrant's annual
financial statements billed no such fees to the registrant during
the last two fiscal years.
The principal accountant for the audit of the registrant's annual
financial statements billed no such fees in fiscal 2004 and $5,548
in fiscal 2003 to the registrant's investment adviser or any entity
controlling, controlled by, or under common control with the adviser
that provides ongoing services to the registrant.
Such fees include: tax compliance, tax planning and tax advice. Tax
compliance generally involves preparation of original and amended
tax returns, claims for a refund and tax payment-planning services.
Tax planning and tax advice includes assistance with tax audits and
appeals, tax advice related to mergers and acquisitions and requests
for rulings or technical advice from taxing authorities.
(d) All Other Fees
The principal accountant for the audit of the registrant's annual
financial statements billed no such fees to the registrant during
the last two fiscal years.
The principal accountant for the audit of the registrant's annual
financial statements billed no such fees during the last two fiscal
years to the registrant's investment adviser or any entity
controlling, controlled by, or under common control with the adviser
that provides ongoing services to the registrant.
(e) (1) During its regularly scheduled periodic meetings, the
registrant's audit committee will pre-approve all audit,
audit-related, tax and other services to be provided by the
principal accountants of the registrant.
The audit committee has delegated pre-approval authority to its
Chairman for any subsequent new engagements that arise between
regularly scheduled meeting dates provided that any fees such
pre-approved are presented to the audit committee at its next
regularly scheduled meeting.
Under applicable laws, pre-approval of non-audit services maybe
waived provided that: 1) the aggregate amount of all such services
provided constitutes no more than five percent of the total amount
of fees paid by the registrant to it principal accountant during the
fiscal year in which services are provided 2) such services were not
recognized by the registrant at the time of engagement as non-audit
services and 3) such services are promptly brought to the attention
of the audit committee of the registrant and approved prior to the
completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's annual
financial statements billed no such fees in fiscal 2004 and $41,407
in fiscal 2003 to the registrant and the registrant's investment
adviser or any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the
registrant related to non-audit fees. Those billings did not include
any prohibited non-audit services as defined by the Securities
Exchange Act of 1934.
(h) The registrant's audit committee of the board of trustees has
considered whether the provision of non-audit services that were
rendered to the registrant's investment adviser, and any entity
controlling, controlled by, or under common control with the
investment adviser that provides ongoing services to the registrant
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is compatible with maintaining the principal
account's independence. No such services were rendered.
ITEM 5. NOT APPLICABLE
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The registrant's Board of Trustees has established a Governance Committee,
one function of which is to create and oversee the process by which shareholders
can submit nominees for positions on the Board. The Governance Committee has not
yet adopted a charter, but anticipates that it will do so by the end of this
calendar year. The Committee has temporarily adopted the process previously
adopted by the Audit Committee regarding shareholder submission of nominees for
board positions. Shareholders may submit names of individuals, accompanied by
complete and properly supported resumes, for the Governance Committee's
consideration by mailing such information to the Committee in care of the Fund.
The Committee may consider such persons at such time as it meets to consider
possible nominees. The Committee, however, reserves solo discretion to determine
the candidates for trustees and independent trustees to recommend to the Board
and/or shareholders and may identify candidates other than those submitted by
Shareholders. The Committee may, but need not, consider the advice and
recommendation of the Manager and its affiliates in selecting nominees. The full
Board elects new trustees except for those instances when a shareholder vote is
required.
Shareholders who desire to communicate with the Board should address
correspondence to the Board of Trustees of the registrant, or to an individual
Trustee c/o the Secretary of the Fund at 6803 South Tucson Way, Centennial,
Colorado 80112 and may submit their correspondence electronically at
WWW.OPPENHEIMERFUNDS.COM under the caption "contact us." If your correspondence
is intended for a particular Trustee, please indicate the name of the Trustee
for whom it is intended. The sender should indicate in the address whether it is
intended for the entire board, the Independent Trustees as group, or to an
individual Trustee. The Governance Committee will consider if a different
process should be recommended to the Board.
ITEM 10. CONTROLS AND PROCEDURES
(a) Based on their evaluation of 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 December 31, 2004,
registrant's principal executive officer and principal financial
officer found registrant's disclosure controls and procedures to
provide reasonable assurances that information required to be
disclosed by registrant in the reports that it files under the
Securities Exchange Act of 1934 (a) is accumulated and communicated
to 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 changes in 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 11. EXHIBITS.
(A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)(NOT
APPLICABLE TO SEMIANNUAL REPORTS)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)