nvcsrs

Non-Service Shares

OPPENHEIMER MIDCAP FUND/VA

Fund Objective. The Fund seeks capital appreciation by investing in “growth type” companies.

Cumulative Total Returns
For the 6-Month Period Ended 6/30/09


Non-Service Shares	7.59	%
Service Shares	7.44

Average Annual Total Returns
For the Periods Ended 6/30/09


	1-Year			5-Year			10-Year

Non-Service Shares		-39.36	%		-6.02	%		-3.82	%

								Since
								Inception
	1-Year			5-Year				(10/16/00)

Service Shares		-39.52	%		-6.29	%		-11.17	%

Expense Ratios
For the Fiscal Year Ended 12/31/08


	Gross Expense		Net Expense
	Ratios		Ratios

Non-Service Shares	0.81	%	0.71	%
Service Shares	1.05		0.96

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 and expense ratios may be lower or higher than the data 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. The expense ratios in the table are based on the Fund’s expenses during its fiscal year ended December 31, 2008, but have been restated as if the changes in the transfer agent fee structure and voluntary limits to the Fund’s total annual operating expenses that went into effect May 1, 2009 had been in effect during that entire fiscal year. The net expense ratios take into account a voluntary fee waiver or expense reimbursement, without which performance would have been less. This undertaking may be modified or terminated at any time.

Sector Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on the total market value of common stocks.


Top Ten Common Stock Holdings
Rovi Corp.	2.7	%
Edwards Lifesciences Corp.	2.6
Cablevision Systems Corp. New York Group, Cl. A	2.6
Amphenol Corp., Cl. A	2.4
Ansys, Inc.	2.2
Equinix, Inc.	2.1
Alexion Pharmaceuticals, Inc.	2.1
Affiliated Managers Group, Inc.	2.0
C.H. Robinson Worldwide, Inc.	2.0
NuVasive, Inc.	1.9

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on net assets.

2 | OPPENHEIMER MIDCAP FUND/VA

Narrative by Ronald J. Zibelli, Jr., Portfolio Manager¹

Oppenheimer MidCap Fund/VA’s Non-Service shares returned 7.59% for the six-month period ended June 30, 2009, compared to the Russell Midcap Growth^® Index (“the Index”), which returned 16.61%. The Fund’s underperformance relative to the Index can be primarily attributed to a strong market advance beginning in early March through period end, which was led by lower-quality stocks. This caused the Fund to underperform during this period, since our investment process typically emphasizes higher-quality companies.

The Fund’s weakest performing sectors versus the Index were in the consumer discretionary, industrials and health care sectors. Relative Fund performance was primarily hurt by weaker stock selection than the Index in the consumer discretionary sector. The Fund was overweight compared to the Index in a few securities that suffered during the reporting period, including Burger King Holdings, Inc., New Oriental Education & Technology Group, Inc. (which we exited), Strayer Education, Inc. and DeVry, Inc.

Within industrials, the Fund was overweight the commercial services and supplies subsector, which hurt relative results. Within this subsector, Stericycle, Inc., Clean Harbors, Inc. and Waste Connections, Inc. had a rocky reporting period and detracted from relative Fund performance. Within the health care sector, a few performance detractors included Cephalon, Inc., C.R. Bard, Inc. (which we exited) and Shire Ltd.

The Fund outperformed the Index in the utilities sector due to its underweight position, and the energy sector, due to better relative stock selection. There were also a number of individual holdings that contributed to performance during the reporting period. Top performing securities included information technology companies Rovi Corp. (formerly Macrovision Solutions Corp.) and Equinix, Inc. Rovi, the Fund’s largest equity holding at period end, is a global company which focuses on digital entertainment technology solutions. Other top contributors to Fund performance included energy companies Petrohawk Energy Corp., Range Resources Corp. and IHS, Inc.; and within financials, Affiliated Managers Group, Inc. The Fund’s overweight position to each of these holdings benefited performance relative to the Index, as they performed well over the reporting period amidst a rallying stock market and market optimism over the recessionary period coming to a close sooner than expected.

At the end of the reporting period, the Fund was overweight versus the Index in the energy, financials, health care, industrials, information technology and telecommunication services sectors, and was underweight in the consumer discretionary, consumer staples, materials, and utilities sectors.

Mid-cap stocks tend to be more sensitive to changes in earnings expectations, and tend to have lower trading volumes than large-cap securities, and therefore they may experience more abrupt and erratic price movements.


1.		Effective November 17, 2008.

Investors should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing. The Fund’s prospectus contains this and other information about the Fund, and may be obtained by asking your financial advisor or calling us at 1.800.981.2871. Read the prospectus carefully before investing.

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

3 | OPPENHEIMER MIDCAP 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 applicable); 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 June 30, 2009.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section 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 first section 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 second section of the table provides 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 for each class before expenses, which is not the 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
	January 1, 2009		June 30, 2009		June 30, 2009

Actual
Non-Service shares	$	1,000.00	$	1,075.90		$3.56
Service shares		1,000.00		1,074.40		5.00

Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,021.37		3.46
Service shares		1,000.00		1,019.98		4.87

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended June 30, 2009 are as follows:


Class	Expense Ratios

Non-Service shares		0.69	%
Service shares		0.97

The expense ratios reflect voluntary waivers or reimbursements of expenses by the Fund’s Manager that can be terminated at any time, without advance notice. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

4 | OPPENHEIMER MIDCAP FUND/VA

STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited


	Shares		Value

Common Stocks—94.7%
Consumer Discretionary—15.2%
Diversified Consumer Services—1.7%
DeVry, Inc.		54,410	$	2,722,676
Strayer Education, Inc.		26,400		5,758,104

				8,480,780

Hotels, Restaurants & Leisure—3.8%
Burger King Holdings, Inc.		349,100		6,028,957
Chipotle Mexican Grill, Inc., Cl. A¹		45,630		3,650,400
Darden Restaurants, Inc.		132,970		4,385,351
Penn National Gaming, Inc.¹		165,400		4,814,794

				18,879,502

Media—3.4%
Cablevision Systems Corp. New York Group, Cl. A		647,080		12,559,823
Liberty Media Corp.- Entertainment, Series A¹		152,800		4,087,400

				16,647,223

Multiline Retail—1.5%
Dollar Tree, Inc.¹		169,150		7,121,215
Specialty Retail—3.5%
Aeropostale, Inc.¹		68,600		2,350,922
GameStop Corp., Cl. A¹		227,100		4,998,471
O’Reilly Automotive, Inc.¹		130,480		4,968,678
Urban Outfitters, Inc.¹		230,280		4,805,944

				17,124,015

Textiles, Apparel & Luxury Goods—1.3%
Polo Ralph Lauren Corp., Cl. A		118,240		6,330,570
Consumer Staples—0.4%
Beverages—0.4%
Hansen Natural Corp.¹		60,300		1,858,446
Energy—8.7%
Energy Equipment & Services—3.9%
Cameron International Corp.¹		206,150		5,834,045
Core Laboratories NV		27,000		2,353,050
IHS, Inc., Cl. A¹		175,880		8,771,136
Oceaneering International, Inc.¹		51,600		2,332,320

				19,290,551

Oil, Gas & Consumable Fuels—4.8%
Concho Resources, Inc.¹		238,850		6,852,607
Petrohawk Energy Corp.¹		384,500		8,574,350
Range Resources Corp.		189,046		7,828,395

				23,255,352

Financials—10.4%
Capital Markets—5.1%
Affiliated Managers Group, Inc.¹		170,060		9,895,791
Greenhill & Co., Inc.		35,200		2,541,792
Jefferies Group, Inc.¹		282,000		6,015,060
Waddell & Reed Financial, Inc., Cl. A		258,900		6,827,193

				25,279,836

Diversified Financial Services—2.3%
IntercontinentalExchange, Inc.¹		32,280		3,687,667
MSCI, Inc., Cl. A¹		318,110		7,774,608

				11,462,275

Insurance—1.3%
Fidelity National Financial, Inc., Cl. A		185,550		2,510,492
RenaissanceRe Holdings Ltd.		78,960		3,674,798

				6,185,290

Real Estate Investment Trusts—1.0%
Digital Realty Trust, Inc.		132,800		4,760,880
Thrifts & Mortgage Finance—0.7%
Hudson City Bancorp, Inc.		265,130		3,523,578
Health Care—16.9%
Biotechnology—4.2%
Alexion Pharmaceuticals, Inc.¹		247,300		10,168,976
Cephalon, Inc.¹		101,030		5,723,350
Myriad Genetics, Inc.¹		121,150		4,318,998
Myriad Pharmaceuticals, Inc.¹		30,287		140,835

				20,352,159

Health Care Equipment & Supplies—6.2%
Edwards Lifesciences Corp.¹		187,270		12,739,978
Haemonetics Corp.¹		66,910		3,813,870
IDEXX Laboratories, Inc.¹		102,440		4,732,728
NuVasive, Inc.¹		205,600		9,169,760

				30,456,336

Health Care Providers & Services—2.1%
MEDNAX, Inc.¹		93,200		3,926,516
Schein (Henry), Inc.¹		132,370		6,347,142

				10,273,658

Life Sciences Tools & Services—2.8%
Covance, Inc.¹		100,320		4,935,744
Illumina, Inc.¹		228,001		8,878,359

				13,814,103

F1 | OPPENHEIMER MIDCAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares			Value

Pharmaceuticals—1.6%
Perrigo Co.		155,210		$	4,311,734
Shire Ltd., ADR		85,500			3,546,540

					7,858,274

Industrials—14.8%
Aerospace & Defense—1.4%
Curtiss-Wright Corp.		101,940			3,030,676
Rockwell Collins, Inc.		98,600			4,114,578

					7,145,254

Air Freight & Logistics—3.0%
C.H. Robinson Worldwide, Inc.		187,480			9,777,082
Expeditors International of Washington, Inc.		155,300			5,177,702

					14,954,784

Commercial Services & Supplies—5.8%
Clean Harbors, Inc.¹		75,800			4,092,442
Copart, Inc.¹		150,780			5,227,543
FTI Consulting, Inc.¹		110,440			5,601,517
Stericycle, Inc.¹		159,722			8,230,475
Waste Connections, Inc.¹		198,100			5,132,771

					28,284,748

Construction & Engineering—2.4%
Quanta Services, Inc.¹		281,310			6,506,700
URS Corp.¹		103,270			5,113,930

					11,620,630

Electrical Equipment—0.7%
Regal-Beloit Corp.		88,800			3,527,136
Machinery—1.5%
Bucyrus International, Inc., Cl. A		135,700			3,875,592
Flowserve Corp.		47,600			3,322,956

					7,198,548

Information Technology—22.0%
Communications Equipment—0.8%
Brocade Communications Systems, Inc.¹		500,000			3,910,000
Computers & Peripherals—1.7%
NetApp, Inc.¹		417,470			8,232,508
Electronic Equipment & Instruments—3.2%
Amphenol Corp., Cl. A		371,710			11,760,904
FLIR Systems, Inc.¹		180,540			4,072,982

					15,833,886

Internet Software & Services—2.9%
Baidu, Inc., ADR¹		12,500			3,763,625
Equinix, Inc.¹		142,483			10,364,213

					14,127,838

IT Services—3.5%
Cognizant Technology Solutions Corp.¹		322,410			8,608,347
SAIC, Inc.¹		458,390			8,503,135

					17,111,482

Semiconductors & Semiconductor Equipment—2.0%
Lam Research Corp.¹		182,820			4,753,320
MEMC Electronic Materials, Inc.¹		299,310			5,330,711

					10,084,031

Software—7.9%
Ansys, Inc.¹		344,830			10,744,903
FactSet Research Systems, Inc.		123,480			6,157,948
Rovi Corp.¹		597,459			13,030,581
Salesforce.com, Inc.¹		229,080			8,743,984

					38,677,416

Materials—3.5%
Chemicals—2.8%
Airgas, Inc.		99,200			4,020,576
Intrepid Potash, Inc.¹		108,570			3,048,646
Lubrizol Corp. (The)		142,020			6,718,966

					13,788,188

Metals & Mining—0.7%
Steel Dynamics, Inc.		230,200			3,390,846
Telecommunication Services—2.1%
Wireless Telecommunication Services—2.1%
American Tower Corp.¹		179,780			5,668,463
SBA Communications Corp.¹		187,070			4,590,698

					10,259,161

Utilities—0.7%
Gas Utilities—0.7%
Questar Corp.		109,390			3,397,651

Total Common Stocks (Cost $458,481,242)					464,498,150

Investment Companies—3.7%
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%^2,4		113,679			113,679
Oppenheimer Institutional Money Market Fund, Cl. E, 0.48%^2,3		17,970,886			17,970,886

Total Investment Companies (Cost $18,084,565)					18,084,565
Total Investments, at Value (Cost $476,565,807)		98.4	%		482,582,715
Other Assets Net of Liabilities		1.6			8,014,521

Net Assets		100.0	%	$	490,597,236

F2 | OPPENHEIMER MIDCAP FUND/VA

Footnotes to Statement of Investments


1.		Non-income producing security.

2.		Rate shown is the 7-day yield as of June 30, 2009.

3.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2009, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2008

Additions

Reductions

June 30, 2009

Oppenheimer Institutional Money Market Fund, Cl. E

28,742,391

105,096,342

115,867,847

17,970,886


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	17,970,886	$	102,246


4.		Interest rate less than 0.0005%.

Valuation Inputs

Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

	1)		Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

	3)		Level 3—unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2009 based on valuation input level:


					Level 3
	Level 1—		Level 2—		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	74,583,305	$	—	$	—	$	74,583,305
Consumer Staples		1,858,446		—		—		1,858,446
Energy		42,545,903		—		—		42,545,903
Financials		51,211,859		—		—		51,211,859
Health Care		82,754,530		—		—		82,754,530
Industrials		72,731,100		—		—		72,731,100
Information Technology		107,977,161		—		—		107,977,161
Materials		17,179,034		—		—		17,179,034
Telecommunication Services		10,259,161		—		—		10,259,161
Utilities		3,397,651		—		—		3,397,651
Investment Companies		18,084,565		—		—		18,084,565

Total Assets	$	482,582,715	$	—	$	—	$	482,582,715

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation techniques, if any, during the reporting period.

See accompanying Notes to Financial Statements.

F3 | OPPENHEIMER MIDCAP FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2009


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $458,594,921)	$	464,611,829
Affiliated companies (cost $17,970,886)		17,970,886

		482,582,715

Receivables and other assets:
Shares of beneficial interest sold		4,997,125
Investments sold		4,721,405
Dividends		121,122
Other		18,955

Total assets		492,441,322

Liabilities
Payables and other liabilities:
Investments purchased		1,484,551
Shares of beneficial interest redeemed		249,446
Transfer and shareholder servicing agent fees		40,113
Shareholder communications		26,357
Distribution and service plan fees		12,896
Trustees’ compensation		12,482
Other		18,241

Total liabilities		1,844,086

Net Assets	$	490,597,236


Composition of Net Assets
Par value of shares of beneficial interest	$	16,574
Additional paid-in capital		1,248,314,812
Accumulated net investment loss		(171,972	)
Accumulated net realized loss on investments		(763,579,086	)
Net unrealized appreciation on investments		6,016,908

Net Assets	$	490,597,236


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 $468,681,050 and 15,819,688 shares of beneficial interest outstanding)	$	29.63
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $21,916,186 and 754,693 shares of beneficial interest outstanding)	$	29.04

See accompanying Notes to Financial Statements.

F4 | OPPENHEIMER MIDCAP FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Non-Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	27.54		$	54.07		$	50.85		$	49.39		$	43.97		$	36.71

Income (loss) from investment operations:
Net investment loss¹		(.01	)		(.13	)		(.02	)		(.02	)		(.12	)		(.15	)
Net realized and unrealized gain (loss)		2.10			(26.40	)		3.24			1.48			5.54			7.41

Total from investment operations		2.09			(26.53	)		3.22			1.46			5.42			7.26

Net asset value, end of period	$	29.63		$	27.54		$	54.07		$	50.85		$	49.39		$	43.97


Total Return, at Net Asset Value²		7.59	%		(49.07	)%		6.33	%		2.96	%		12.33	%		19.78	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	468,681		$	461,684		$	1,002,442		$	1,054,809		$	1,227,881		$	1,209,459

Average net assets (in thousands)	$	443,559		$	754,170		$	1,045,592		$	1,135,831		$	1,177,979		$	1,124,874

Ratios to average net assets:³
Net investment loss		(0.10	)%		(0.30	)%		(0.04	)%		(0.04	)%		(0.26	)%		(0.39	)%
Total expenses		0.83	%⁴		0.71	%⁴		0.69	%⁴		0.69	%⁴		0.69	%		0.69	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.69	%		0.68	%		0.69	%		0.69	%		0.69	%		0.69	%

Portfolio turnover rate		43	%		78	%		112	%		56	%		32	%		53	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	0.83	%
Year Ended December 31, 2008	0.71	%
Year Ended December 31, 2007	0.69	%
Year Ended December 31, 2006	0.69	%

See accompanying Notes to Financial Statements.

F7 | OPPENHEIMER MIDCAP FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	27.03		$	53.22		$	50.19		$	48.87		$	43.64		$	36.54
Income (loss) from investment operations:
Net investment loss¹		(.05	)		(.24	)		(.17	)		(.16	)		(.25	)		(.27	)
Net realized and unrealized gain (loss)		2.06			(25.95	)		3.20			1.48			5.48			7.37

Total from investment operations		2.01			(26.19	)		3.03			1.32			5.23			7.10

Net asset value, end of period	$	29.04		$	27.03		$	53.22		$	50.19		$	48.87		$	43.64


Total Return, at Net Asset Value²		7.44	%		(49.21	)%		6.04	%		2.70	%		11.99	%		19.43	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	21,916		$	21,952		$	47,270		$	47,131		$	36,551		$	24,151

Average net assets (in thousands)	$	20,929		$	35,815		$	49,421		$	44,273		$	28,798		$	17,579

Ratios to average net assets:³
Net investment loss		(0.38	)%		(0.57	)%		(0.31	)%		(0.33	)%		(0.54	)%		(0.68	)%
Total expenses		1.11	%⁴		0.98	%⁴		0.96	%⁴		0.97	%⁴		0.97	%		0.99	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.97	%		0.95	%		0.96	%		0.97	%		0.97	%		0.99	%

Portfolio turnover rate		43	%		78	%		112	%		56	%		32	%		53	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	1.11	%
Year Ended December 31, 2008	0.98	%
Year Ended December 31, 2007	0.96	%
Year Ended December 31, 2006	0.97	%

See accompanying Notes to Financial Statements.

F8 | OPPENHEIMER MIDCAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer MidCap Fund/VA (the “Fund”), is a separate series of Oppenheimer Variable Account Funds, 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 by investing in “growth type” companies. The Fund’s investment adviser 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 trading.

Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than unadjusted quoted prices for an asset that are observable are classified as “Level 2” and unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable inputs.

Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the “bid” and “asked” prices.

“Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2.

F9 | OPPENHEIMER MIDCAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

Fair valued securities may be classified as “Level 3” if the Manager’s own assumptions about the inputs that market participants would use in valuing such securities are significant to the fair value.

There have been no significant changes to the fair valuation methodologies during the period.

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund’s investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF’s Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF.

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. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended December 31, 2008, the Fund utilized $4,134,778 of capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2008, the Fund had available for federal income tax purposes post-October losses of $217,996,958 and unused capital loss carryforwards as follows:


Expiring

2009	$	225,332,848
2010		230,224,822

Total	$	455,557,670

As of June 30, 2009, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $755,092,121 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or

F10 | OPPENHEIMER MIDCAP FUND/VA

decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2009, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

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.

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 June 30, 2009 are noted in the following table. 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	$	476,565,807


Gross unrealized appreciation	$	41,617,572
Gross unrealized depreciation		(35,600,664	)

Net unrealized appreciation	$	6,016,908

Trustees’ Compensation. The Board of Trustees has adopted a compensation deferral 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 compensation deferral plan.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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 is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

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, to the extent they are not offset by positive cash balances maintained by the Fund, 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.

F11 | OPPENHEIMER MIDCAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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.

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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:


	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		452,606		$	12,765,688			1,670,583		$	61,944,000
Redeemed		(1,396,268	)		(37,623,746	)		(3,445,654	)		(150,696,649	)

Net decrease		(943,662	)	$	(24,858,058	)		(1,775,071	)	$	(88,752,649	)


Service Shares
Sold		69,113		$	1,901,719			131,251		$	5,180,963
Redeemed		(126,429	)		(3,349,887	)		(207,366	)		(8,836,346	)

Net decrease		(57,316	)	$	(1,448,168	)		(76,115	)	$	(3,655,383	)

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2009, were as follows:


	Purchases		Sales

Investment securities	$	188,564,837	$	195,654,936

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $700 million	0.60
Over $1.5 billion	0.58

F12 | OPPENHEIMER MIDCAP FUND/VA

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. For the six months ended June 30, 2009, the Fund paid $48,661 to OFS for services to the Fund.

Distribution and Service Plan for Service Shares. The Fund has adopted a Distribution and Service Plan (the “Plan”) in accordance with Rule 12b-1 under the Investment Company Act of 1940 for Service shares to pay OppenheimerFunds Distributor, Inc. (the “Distributor”), for distribution related services, personal service and account maintenance for the Fund’s Service shares. Under the Plan, payments are made periodically 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. These fees are paid out of the Fund’s assets on an on-going basis and 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.

Effective April 1, 2009 through March 31, 2010, the Manager has agreed to voluntarily waive its advisory fee by 0.09% of the Fund’s average annual net assets. This voluntary waiver will be applied after all other waivers and/or reimbursements.

During the six months ended June 30, 2009, the Manager waived $336,988 in advisory fees as a result of these voluntary arrangements. These voluntary undertakings may be amended or withdrawn at any time.

Prior to May 1, 2009, OFS had voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the six months ended June 30, 2009, the Manager waived $11,147 for IMMF management fees.

5. Subsequent Events Evaluation

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through August 13, 2009, the date the financial statements were available to be issued. This evaluation determined that there were no subsequent events that necessitated disclosures and/or adjustments.

6. Pending Litigation

During 2009, a number of complaints have been filed in federal courts against the Manager, the Distributor, and certain mutual funds (“Defendant Funds”) advised by the Manager and distributed by the Distributor—excluding the Fund. The complaints naming the Defendant Funds also name certain officers, trustees and former trustees of the respective Defendant Funds. The plaintiffs seek class action status on behalf of purchasers of shares of the respective Defendant Fund during a particular time period. The complaints against the Defendant Funds raise claims under federal securities laws alleging that, among other things, the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions, that such Defendant Fund’s investment policies were not followed, and that such Defendant

F13 | OPPENHEIMER MIDCAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Pending Litigation Continued

Fund and the other defendants violated federal securities laws and regulations. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses.

A complaint has been brought in state court against the Manager, the Distributor and another subsidiary of the Manager (but not against the Fund), on behalf of the Oregon College Savings Plan Trust. The complaint alleges breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seeks compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff ”) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

The Manager believes that the lawsuits described above are without legal merit and intends to defend them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to defend the suits vigorously on behalf of those Funds, their boards and the Trustees named in those suits. While it is premature to render any opinion as to the likelihood of an outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer Funds.

F14 | OPPENHEIMER MIDCAP FUND/VA

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 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 voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing 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 http://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.

5 | OPPENHEIMER MIDCAP FUND/VA

OPPENHEIMER MIDCAP FUND/VA


A Series of Oppenheimer Variable Account Funds

Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		John V. Murphy, Trustee, President and Principal Executive Officer
		Ronald J. Zibelli, Jr., Vice President and Portfolio Manager
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President and Secretary

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered		KPMG llp
Public Accounting Firm

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.981.2871. Read prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.



©Copyright 2009 OppenheimerFunds, Inc. All rights reserved.

OPPENHEIMER BALANCED FUND/VA

Fund Objective. The Fund seeks high total investment return, which includes current income and capital appreciation.

Cumulative Total Returns

For the 6-Month Period Ended 6/30/09


Non-Service Shares	8.05	%
Service Shares	8.00

Average Annual Total Returns

For the Periods Ended 6/30/09


	1-Year			5-Year			10-Year

Non-Service Shares		-34.41	%		-4.48	%		0.12	%


							Since
							Inception
	1-Year			5-Year			(5/1/02)

Service Shares		-34.52	%		-4.71	%		-1.49	%

Expense Ratios

For the Fiscal Year Ended 12/31/08


	Gross		Net
	Expense		Expense
	Ratios		Ratios

Non-Service Shares	0.86	%	0.59	%
Service Shares	1.10		0.84

Portfolio Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on the total market value of investments.

Top Ten Common Stock Holdings


Take-Two Interactive Software, Inc.	5.6	%
Microsoft Corp.	3.4
Exxon Mobil Corp.	2.9
THQ, Inc.	2.6
Google, Inc., Cl. A	2.5
QUALCOMM, Inc.	2.2
Everest Re Group Ltd.	2.1
Research in Motion Ltd.	2.0
Chevron Corp.	1.8
Wells Fargo & Co.	1.6

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on net assets.

2 | OPPENHEIMER BALANCED FUND/VA

Fund Performance Discussion

For the six-month period ended June 30, 2009, the Fund’s Non-Service shares returned 8.05%, outperforming its benchmarks, the S&P 500 Index, which returned 3.19% and the Barclays Capital Aggregate Bond Index, which returned 1.90%. The Fund’s relative outperformance was primarily due to its equity component’s performance versus the S&P 500 Index. In the second half of the reporting period, the Fund’s fixed-income component also provided alpha versus its benchmark, handily outperforming the Barclays Capital Aggregate Bond Index.

The Fund’s equity component outperformed in eight of ten sectors versus the S&P 500 Index. Relative outperformance was strongest in the information technology sector, which was also the Fund’s largest sector weighting at period end, followed by significant outperformance in the health care and industrials sectors.

Fund performance in the information technology sector was helped by both its relative overweight and successful stock selection. The top contributor to relative Fund performance in the sector was Research in Motion Ltd. The Canadian-based developer of mobile communications and wireless email products, including the BlackBerry smartphone, saw its stock price jump as year-over-year revenue growth, net income and sales of BlackBerry devices jumped in the 1st quarter of 2009. The Fund’s largest equity holding at period end, Take-Two Interactive Software, Inc., was the second largest contributor to relative Fund performance. Take-Two, a leading publisher and distributor of video games and video game peripherals, continues to be a leader in the video gaming space. THQ, Inc., another developer and publisher of video games, was the third largest contributor to relative Fund performance during the period and produced solid returns for the Fund. A few other notables included QUALCOMM, Inc., a leading manufacturer of the CDMA chip-technology that is used in 3G wireless communications, Google, Inc., Apple, Inc., eBay, Inc. and Microsoft Corp.

The Fund outperformed the S&P 500 Index in the health care sector, where it had better relative stock selection. Within the sector, the two top contributors to Fund performance were pharmaceutical stocks Schering-Plough Corp. and Mylan, Inc. In the industrials sector, relative performance was aided by both the Fund’s stock selection and underweight position. Mining equipment manufacturer Joy Global, Inc. and commercial trucking manufacturer Navistar International Corp. were the top contributors to Fund performance within the sector.

In terms of performance detractors, financials and consumer discretionary were the two sectors where the Fund’s equity component underperformed the S&P 500 Index for the reporting period. Stock selection within financials fared worse than the S&P 500 Index. Relative Fund performance was hurt by the Fund’s holdings in Julius Baer Holding AG, and we exited our position by period end. Stock selection in the consumer discretionary sector also detracted from Fund performance. In particular, Las Vegas Sands Corp. had a difficult reporting period and we exited our position in the security. Liberty Global, Inc. also detracted from relative Fund performance. We retained our holdings in Liberty Global as of period end.

The Fund’s fixed-income component underperformed the Barclays Capital Aggregate Bond Index during the reporting period. In the first half of the reporting period, with the credit markets still “frozen” and suffering from the aftershocks of the financial disarray that occurred in the second half of 2008, the fixed-income component’s performance declined and underperformed its benchmark. An easing of credit conditions helped the Fund’s fixed-income component outpace the Barclays Capital Aggregate Bond Index in the second half of the period.

Effective April 2009, Krishna Memani was named the head of OppenheimerFunds’ Investment Grade Fixed Income team and Mr. Memani and Peter Strzalkowski, another key member of the team, have been appointed as portfolio managers of the Fund’s fixed-income component. Since taking over the Fund’s fixed-income component, Messrs. Memani and Strzalkowski have transitioned the portfolio to a position they feel is suitable for market conditions existing as of period end. They believe that a core bond allocation should act as a “ballast” in a portfolio, providing competitive returns, while holding its value in a down market.

3 | OPPENHEIMER BALANCED FUND/VA

OPPENHEIMER BALANCED FUND/VA

At period end, the portfolio has been positioned to source risk and return from a diversified set of factors. The Fund’s investments in the commercial mortgage-backed securities (CMBS), non-agency mortgage-backed securities (MBS) and investment grade financials sectors were reduced, while its investments in investment grade non-financials increased during the period. The Fund’s largest allocation within the MBS sector at period end was comprised mostly of agency mortgages.

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

4 | OPPENHEIMER BALANCED FUND/VA

FUND EXPENSES

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 June 30, 2009.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2009		June 30, 2009		June 30, 2009

Non-Service Shares	$	1,000.00	$	1,080.50	$	3.15

Service Shares		1,000.00		1,080.00		4.44

Hypothetical
(5% return before expenses)

Non-Service Shares		1,000.00		1,021.77		3.06

Service Shares		1,000.00		1,020.53		4.32


Class	Expense Ratios

Non-Service shares		0.61	%

Service shares		0.86

5 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited


	Shares		Value

Common Stocks—53.4%
Consumer Discretionary—4.6%
Media—4.6%
Cablevision Systems Corp. New York Group, Cl. A		193,360	$	3,753,118
Cinemark Holdings, Inc.		2,100		23,772
Jupiter Telecommunications Co. Ltd.		4,088		3,106,260
Liberty Global, Inc., Series A¹		128,838		2,047,236
Liberty Global, Inc., Series C¹		85,760		1,355,866
National CineMedia, Inc.		40,660		559,482

				10,845,734

Consumer Staples—4.3%
Food & Staples Retailing—0.8%
Kroger Co. (The)		89,600		1,975,680
Food Products—1.4%
Nestle SA		87,780		3,305,837
Tobacco—2.1%
Altria Group, Inc.		83,010		1,360,534
Lorillard, Inc.		50,660		3,433,228

				4,793,762

Energy—4.7%
Oil, Gas & Consumable Fuels—4.7%
Chevron Corp.		64,600		4,279,750
Exxon Mobil Corp.		96,370		6,737,227

				11,016,977

Financials—5.4%
Commercial Banks—1.7%
Wells Fargo & Co.		158,100		3,835,506
Diversified Financial Services—1.1%
JPMorgan Chase & Co.		78,000		2,660,580
Insurance—2.6%
Assurant, Inc.		51,500		1,240,635
Everest Re Group Ltd.		68,430		4,897,535

				6,138,170

Health Care—7.2%
Biotechnology—1.4%
Amicus Therapeutics, Inc.¹		95,449		1,092,891
Genzyme Corp. (General Division)¹		13,400		745,978
Human Genome Sciences, Inc.¹		256,420		733,361
Orexigen Therapeutics, Inc.¹		153,170		785,762

				3,357,992

Health Care Equipment & Supplies—1.5%
Beckman Coulter, Inc.		32,120		1,835,337
Covidien plc		46,700		1,748,448

				3,583,785

Health Care Providers & Services—2.0%
Aetna, Inc.		87,140		2,182,857
Medco Health Solutions, Inc.¹		53,320		2,431,925

				4,614,782

Pharmaceuticals—2.3%
Abbott Laboratories		48,410		2,277,206
Wyeth		69,000		3,131,910

				5,409,116

Industrials—2.7%
Aerospace & Defense—0.4%
Orbital Sciences Corp.¹		65,404		992,179
Machinery—1.8%
Joy Global, Inc.		57,780		2,063,902
Navistar International Corp.¹		46,350		2,020,860

				4,084,762

Trading Companies & Distributors—0.5%
Aircastle Ltd.		168,100		1,235,535
Information Technology—22.2%
Communications Equipment—4.2%
QUALCOMM, Inc.		113,360		5,123,872
Research in Motion Ltd.¹		65,680		4,666,564

				9,790,436

Computers & Peripherals—1.2%
Apple, Inc.¹		19,600		2,791,628
Electronic Equipment & Instruments—0.0%
CalAmp Corp.¹		19		15
Internet Software & Services—3.6%
eBay, Inc.¹		150,600		2,579,778
Google, Inc., Cl. A¹		13,810		5,822,158

				8,401,936

Software—13.2%
Microsoft Corp.		338,700		8,050,899
Novell, Inc.¹		337,980		1,531,049
Synopsys, Inc.¹		114,640		2,236,626
Take-Two Interactive Software, Inc.		1,387,976		13,144,133
THQ, Inc.¹		853,300		6,109,628

				31,072,335

Materials—1.8%
Chemicals—1.8%
Lubrizol Corp. (The)		60,140		2,845,223
Potash Corp. of Saskatchewan, Inc.		15,100		1,405,055

				4,250,278

F1 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Telecommunication Services—0.0%
Diversified Telecommunication Services—0.0%
XO Holdings, Inc.¹		85	$	26
Utilities—0.5%
Energy Traders—0.5%
NRG Energy, Inc.¹		50,540		1,312,018


Total Common Stocks (Cost $135,393,040)				125,469,069

Preferred Stocks—3.6%
Mylan, Inc., 6.50% Cv., Non-Vtg.		4,800		4,134,720
Schering-Plough Corp., 6% Cv.		18,800		4,261,960


Total Preferred Stocks (Cost $5,743,030)				8,396,680

	Units

Rights, Warrants and Certificates—0.0%
XO Communications, Inc.:
Series A Wts., Strike Price $6.25, Exp. 1/16/10^1,2		171		1
Series B Wts., Strike Price $7.50, Exp. 1/16/10^1,2		128		—
Series C Wts., Strike Price $10, Exp. 1/16/10^1,2		128		—


Total Rights, Warrants and Certificates (Cost $0)				1

	Principal
	Amount		Value

Asset-Backed Securities—2.4%
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 0.794%, 5/25/34³	$	830,484	$	478,634
Bank of America Credit Card Trust, Credit Card Asset-Backed Certificates, Series 2006-A16, Cl. A16, 4.72%, 5/15/13		165,000		170,739
Chase Issuance Trust, Credit Card Asset-Backed Certificates, Series 2007-A15, Cl. A, 4.96%, 9/17/12		665,000		688,649
Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15		180,000		154,590
Countrywide Home Loans, Asset-Backed Certificates:
Series 2002-4, Cl. A1, 1.054%, 2/25/33³		18,836		8,079
Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36³		349,986		269,967
Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36³		203,211		148,230
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.434%, 6/25/47³		480,000		230,272
Ford Credit Auto Owner Trust, Automobile Receivables Nts., Series 2009-B, Cl. A2, 2.10%, 11/15/11		120,000		120,100
HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.575%, 1/20/35³		278,708		185,500
HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.425%, 3/20/36³		180,000		156,375
Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35³		12,595		12,515
MBNA Credit Card Master Note Trust, Credit Card Receivables:
Series 2003-C7, Cl. C7, 1.669%, 3/15/16³		1,710,000		1,298,576
Series 2005-A6, Cl. A6, 4.50%, 1/15/13		660,000		678,678
Option One Mortgage Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 0.414%, 7/1/36³		776,281		507,803
RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.414%, 9/25/36³		472,324		410,148
Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-BNC3, Cl. A2, 0.354%, 9/25/36³		101,427		97,487


Total Asset-Backed Securities (Cost $7,318,662)				5,616,342

Mortgage-Backed Obligations—21.3%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2006-1, Cl. AM, 5.421%, 9/1/45⁴		1,800,000		932,776
ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 0.414%, 9/25/36³		39,923		38,820
Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates:
Series 2008-C7, Cl. A4, 6.299%, 12/1/49³		300,000		246,098
Series 2008-C7, Cl. AM, 6.299%, 12/1/49³		780,000		420,867
Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		510,749		351,274
Federal Home Loan Mortgage Corp., 7%, 10/1/37		2,426,564		2,612,278

F2 | OPPENHEIMER BALANCED FUND/VA


	Principal
	Amount		Value

Mortgage-Backed Obligations Continued
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Certificates:
Series 3279, Cl. PH, 6%, 2/1/27	$	675,000	$	702,714
Series 3306, Cl. PA, 5.50%, 10/1/27		255,254		264,118
Series R001, Cl. AE, 4.375%, 4/1/15		194,957		200,189
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Certificates, Interest-Only Mtg.-Backed Security, Series 3399, Cl. SC, 12.252%, 12/15/37⁵		1,176,827		102,230
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 3045, Cl. DI, 44.089%, 10/15/35⁵		1,344,778		112,730
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 2006-11, Cl. PS, 23.416%, 3/25/36³		297,828		357,614
Series 3025, Cl. SJ, 23.579%, 8/15/35³		94,492		113,504
Series 3094, Cl. HS, 23.212%, 6/15/34³		182,320		214,089
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 176, Cl. IO, 12.892%, 6/1/26⁵		159,333		31,341
Series 183, Cl. IO, 10.333%, 4/1/27⁵		253,559		45,991
Series 184, Cl. IO, 17.303%, 12/1/26⁵		276,825		53,834
Series 192, Cl. IO, 10.868%, 2/1/28⁵		73,846		15,450
Series 200, Cl. IO, 10.248%, 1/1/29⁵		90,530		15,905
Series 2130, Cl. SC, 48.922%, 3/15/29⁵		196,624		23,769
Series 224, Cl. IO, 1.677%, 3/1/33⁵		439,385		74,084
Series 243, Cl. 6, 1.711%, 12/15/32⁵		268,102		40,173
Series 2527, Cl. SG, 47.357%, 2/15/32⁵		157,096		9,819
Series 2531, Cl. ST, 63.467%, 2/15/30⁵		1,874,370		129,642
Series 2796, Cl. SD, 65.696%, 7/15/26⁵		283,754		32,917
Series 2802, Cl. AS, 99.999%, 4/15/33⁵		365,955		28,501
Series 2920, Cl. S, 77.044%, 1/15/35⁵		1,578,912		158,333
Series 3000, Cl. SE, 99.999%, 7/15/25⁵		1,546,692		131,274
Series 3110, Cl. SL, 99.999%, 2/15/26⁵		230,959		19,348
Series 3146, Cl. SA, 49.905%, 4/15/36⁵		1,514,203		163,276
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security:
Series 176, Cl. PO, 4.662%, 6/1/26⁶		70,121		58,830
Series 192, Cl. PO, 8.951%, 2/1/28⁶		73,846		62,684
Federal National Mortgage Assn.:
4.50%, 7/1/24-7/1/39⁷		2,487,000		2,506,898
5%, 7/1/24-7/1/39⁷		4,968,000		5,078,381
5.50%, 9/25/20		17,175		18,062
5.50%, 7/1/24-7/1/39⁷		8,638,000		8,939,324
6%, 3/1/37-10/1/37		2,251,266		2,358,012
6%, 7/1/23-7/1/39⁷		5,198,000		5,470,737
6.50%, 7/1/37⁷		3,277,000		3,490,516
7%, 11/1/17⁸		351,221		370,250
7.50%, 1/1/33		285,007		311,057
8.50%, 7/1/32		12,870		14,015
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates:
Trust 1998-61, Cl. PL, 6%, 11/25/28		235,683		251,995
Trust 2005-57, Cl. PA, 5.50%, 5/1/27		633,217		646,390
Trust 2005-69, Cl. LE, 5.50%, 11/1/33		620,625		654,324
Trust 2006-46, Cl. SW, 23.049%, 6/25/36³		222,243		265,598
Trust 2006-57, Cl. PA, 5.50%, 8/25/27		644,093		664,111
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Trust 2005-14, Cl. SE, 42.618%, 3/25/35⁵		235,853		20,998
Trust 2006-60, Cl. DI, 42.267%, 4/25/35⁵		155,596		13,514
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-65, Cl. S, 52.087%, 11/25/31⁵		692,807		74,969
Trust 2001-81, Cl. S, 36.828%, 1/25/32⁵		151,553		17,159
Trust 2002-47, Cl. NS, 35.792%, 4/25/32⁵		342,550		37,058
Trust 2002-51, Cl. S, 36.115%, 8/25/32⁵		314,541		33,562
Trust 2002-52, Cl. SD, 39.685%, 9/25/32⁵		361,609		38,101
Trust 2002-77, Cl. SH, 45.207%, 12/18/32⁵		210,297		25,382
Trust 2002-84, Cl. SA, 54.817%, 12/25/32⁵		625,398		64,114
Trust 2002-9, Cl. MS, 36.493%, 3/25/32⁵		231,448		25,820
Trust 2003-33, Cl. SP, 62.33%, 5/25/33⁵		714,132		76,472
Trust 2003-4, Cl. S, 50.418%, 2/25/33⁵		405,305		42,812
Trust 2003-46, Cl. IH, (8.622)%, 6/1/33⁵		2,349,131		262,419
Trust 2003-89, Cl. XS, 66.925%, 11/25/32⁵		340,662		22,145
Trust 2004-54, Cl. DS, 51.606%, 11/25/30⁵		307,632		38,631
Trust 2005-40, Cl. SA, 76.253%, 5/25/35⁵		892,827		85,535
Trust 2005-6, Cl. SE, 88.843%, 2/25/35⁵		1,188,599		111,116
Trust 2005-71, Cl. SA, 74.882%, 8/25/25⁵		990,553		94,424
Trust 2005-87, Cl. SE, 49.35%, 10/25/35⁵		1,147,858		102,755
Trust 222, Cl. 2, 16.107%, 6/1/23⁵		558,513		77,212
Trust 233, Cl. 2, 18.665%, 8/1/23⁵		475,575		91,716
Trust 240, Cl. 2, 21.617%, 9/1/23⁵		903,965		124,070
Trust 252, Cl. 2, 16.868%, 11/1/23⁵		436,205		82,440
Trust 273, Cl. 2, 14.646%, 8/1/26⁵		120,596		23,658
Trust 319, Cl. 2, 5.94%, 2/1/32⁵		154,604		27,250
Trust 331, Cl. 9, 15.30%, 2/1/33⁵		452,167		68,801
Trust 334, Cl. 17, 22.198%, 2/1/33⁵		258,457		31,094
Trust 334, Cl. 3, (15.137)%, 7/1/33⁵		62,759		7,683
Trust 339, Cl. 12, 3.909%, 7/1/33⁵		457,413		65,587
Trust 339, Cl. 7, (8.136)%, 7/1/33⁵		1,655,657		185,396
Trust 339, Cl. 8, (7.298)%, 8/1/33⁵		36,050		4,466
Trust 343, Cl. 13, 6.355%, 9/1/33⁵		376,766		59,556
Trust 345, Cl. 9, 2.362%, 1/1/34⁵		649,439		113,801
Trust 351, Cl. 10, 3.464%, 4/1/34⁵		63,441		8,165
Trust 351, Cl. 11, (0.318)%, 11/1/34⁵		63,950		8,261
Trust 351, Cl. 8, 2.745%, 4/1/34⁵		195,879		26,612

F3 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Mortgage-Backed Obligations Continued
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued
Trust 356, Cl. 10, (2.058)%, 6/1/35⁵	$	163,233	$	20,045
Trust 356, Cl. 12, (3.812)%, 2/1/35⁵		88,000		10,609
Trust 362, Cl. 12, 1.301%, 8/1/35⁵		1,061,063		163,101
Trust 362, Cl. 13, (0.567)%, 8/1/35⁵		585,856		82,102
Trust 364, Cl. 16, 0.008%, 9/1/35⁵		464,390		71,358
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 5.34%, 9/25/23⁶		200,861		181,610
First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35		335,183		273,722
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		365,824		263,478
GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2005-C4, Cl. AM, 5.513%, 11/1/45³		355,000		226,642
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2001-LIBA, Cl. B, 6.733%, 2/10/16		290,000		312,284
Government National Mortgage Assn.:
4.50%, 7/1/24⁷		2,490,000		2,486,111
8%, 4/15/23		118,843		130,509
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2001-21, Cl. SB, 77.329%, 1/16/27⁵		323,798		38,054
Series 2002-15, Cl. SM, 69.603%, 2/16/32⁵		388,591		50,663
Series 2002-76, Cl. SY, 71.058%, 12/16/26⁵		830,133		96,062
Series 2004-11, Cl. SM, 52.612%, 1/17/30⁵		270,497		33,331
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates:
Series 2005-LDP4, Cl. AM, 4.999%, 10/1/42		485,000		309,039
Series 2007-LD11, Cl. A2, 5.992%, 6/15/49³		270,000		249,324
Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49		235,000		212,800
LB-UBS Commercial Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates:
Series 2006-C1, Cl. A2, 5.084%, 2/11/31		345,000		334,667
Series 2006-C1, Cl. AM, 5.217%, 2/11/31³		1,010,000		637,036
LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg.
Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.166%, 9/11/45³		550,000		267,338
Mastr Adjustable Rate Mortgages Trust 2004-13, Mtg. Pass-Through Certificates, Series 2004-13, Cl. 2A2, 4.369%, 4/1/34³		321,142		282,936
Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34		686,469		525,992
Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30		3,127		3,131
RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33		243,409		231,554
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		257,133		238,653
RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 5/1/36		28,635		27,886
WaMu Mortgage Pass-Through Certificates 2003-AR9 Trust, Mtg. Pass-Through Certificates, Series 2003-AR9, Cl. 2A, 4.478%, 9/25/33³		447,856		403,464
Wells Fargo Mortgage-Backed Securities 2004-AA Trust, Mtg. Pass-Through Certificates, Series 2004-AA, Cl. 2A, 4.981%, 12/25/34³		345,680		308,216
Wells Fargo Mortgage-Backed Securities 2004-S Trust, Mtg. Pass-Through Certificates, Series 2004-S, Cl. A1, 3.581%, 9/25/34³		294,122		255,932
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.092%, 3/25/36³		370,450		251,879


Total Mortgage-Backed Obligations (Cost $52,039,544)				49,976,424

U.S. Government Obligations—0.6%
Federal Home Loan Mortgage Corp. Nts., 2.50%, 4/23/14		765,000		754,075
Federal National Mortgage Assn. Nts., 2.50%, 5/15/14		625,000		615,404


Total U.S. Government Obligations (Cost $1,387,524)				1,369,479

Non-Convertible Corporate Bonds and Notes—8.3%
Altria Group, Inc., 9.70% Sr. Unsec. Nts., 11/10/18		280,000		321,514
American Express Bank FSB, 5.50% Sr. Unsec. Nts., 4/16/13		155,000		152,291

F4 | OPPENHEIMER BALANCED FUND/VA


	Principal
	Amount		Value

Non-Convertible Corporate Bonds and Notes Continued
American Express Co., 8.125% Sr. Unsec. Nts., 5/20/19	$	100,000	$	103,949
American International Group, Inc., 6.25% Jr. Sub. Bonds, 3/15/37		320,000		84,000
Analog Devices, Inc., 5% Sr. Unsec. Nts., 7/1/14		67,000		67,217
Anheuser-Busch InBev Worldwide, Inc.:
8% Sr. Nts., 11/15/39⁹		65,000		70,983
8.20% Sr. Unsec. Unsub. Nts., 1/15/39⁹		250,000		278,915
AT&T Inc., 6.30% Sr. Unsec. Bonds, 1/15/38		365,000		353,459
Atmos Energy Corp., 8.50% Sr. Unsec. Nts., 3/15/19		80,000		93,574
Axa SA, 6.379% Sub. Perpetual Bonds^9,10		260,000		166,804
BAE Systems Holdings, Inc., 6.375% Nts., 6/1/19⁹		170,000		174,124
Barclays Bank plc, 6.278% Perpetual Bonds¹⁰		130,000		70,315
Browning-Ferris Industries, Inc., 7.40% Sr. Unsec. Debs., 9/15/35		150,000		140,757
Bunge Ltd. Finance Corp.:
5.35% Sr. Unsec. Unsub. Nts., 4/15/14		190,000		185,137
8.50% Sr. Unsec. Nts., 6/15/19		150,000		157,112
Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09²		485,000		485,606
CenturyTel, Inc., 8.375% Sr. Unsec. Nts., Series H, 10/15/10		125,000		130,978
CIT Group Funding Co. of Canada, 4.65% Sr. Unsec. Nts., 7/1/10		330,000		280,527
Citigroup, Inc.:
5.50% Unsec. Sub. Nts., 2/15/17		215,000		175,445
5.625% Unsec. Sub. Nts., 8/27/12		140,000		131,202
6.125% Sub. Nts., 8/25/36		185,000		137,993
8.30% Jr. Sub. Bonds, 12/21/57³		85,000		66,387
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		115,000		134,721
Comcast Cable Communications, Inc., 8.875% Unsub. Nts., 5/1/17		200,000		235,469
ConAgra Foods, Inc., 7% Nts., 4/15/19		160,000		175,719
ConocoPhillips, 6.50% Sr. Unsec. Nts., 2/1/39		70,000		74,662
Covidien International Finance SA, 6.55% Sr. Unsec. Unsub. Nts., 10/15/37		170,000		188,718
Credit Suisse New York, 6% Unsec. Sub. Nts., 2/15/18		210,000		209,997
CSX Corp., 7.375% Sr. Unsec. Nts., 2/1/19		265,000		288,300
Daimler Finance North America LLC, 6.50% Sr. Unsec. Unsub. Nts., 11/15/13		175,000		178,128
Delhaize America, Inc., 9% Unsub. Debs., 4/15/31		95,000		115,507
Deutsche Telekom International Finance BV, 8.50% Unsub. Nts., 6/15/10³		167,000		175,681
Duke Energy Carolinas LLC, 6.10% Sr. Unsec. Unsub. Nts., 6/1/37		165,000		173,062
Enterprise Products Operating LP, 7.50% Sr. Unsec. Unsub. Nts., 2/1/11		195,000		204,467
Exelon Generation Co. LLC, 6.20% Sr. Nts., 10/1/17		102,000		101,676
Fisher Scientific International, Inc., 6.125% Sr. Unsec. Sub. Nts., 7/1/15		185,000		185,924
Ford Motor Credit Co. LLC, 9.75% Sr. Unsec. Nts., 9/15/10		595,000		570,102
Genentech, Inc., 5.25% Sr. Unsec. Unsub. Nts., 7/15/35		190,000		177,375
General Electric Capital Corp.:
5.45% Sr. Unsec. Nts., Series A, 1/15/13		285,000		292,825
5.875% Unsec. Unsub. Nts., 1/14/38		135,000		107,031
Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34		313,000		252,934
Goldman Sachs Group, Inc. (The), 7.50% Sr. Unsec. Nts., 2/15/19		120,000		128,714
Home Depot, Inc. (The), 5.40% Sr. Nts., 3/1/16		120,000		119,974
Hospira, Inc., 6.40% Sr. Unsec. Unsub. Nts., 5/15/15		30,000		31,634
HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35³		430,000		227,545
John Deere Capital Corp., 5.75% Sr. Nts., 9/10/18		160,000		163,547
JPMorgan Chase & Co.:
5.125% Unsec. Sub. Nts., 9/15/14		155,000		154,493
7.90% Perpetual Bonds, Series 1¹⁰		345,000		302,748
Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13		350,000		326,563
Kinder Morgan Energy Partners LP, 9% Sr. Unsec. Nts., 2/1/19		150,000		170,894
Kraft Foods, Inc., 6.875% Sr. Unsec. Unsub. Nts., 2/1/38		135,000		143,078
Lehman Brothers Holdings, Inc., 7.50% Sub. Nts., 5/11/38^2,11		1,895,000		190
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38		640,000		595,475
MetLife, Inc., 6.40% Jr. Unsec. Sub. Bonds, 12/15/36³		155,000		111,116
Monongahela Power Co., 7.36% Unsec. Nts., Series A, 1/15/10		330,000		334,257
Morgan Stanley:
5.55% Sr. Unsec. Unsub. Nts., Series F, 4/27/17		100,000		93,232

F5 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Non-Convertible Corporate Bonds and Notes Continued
Morgan Stanley: Continued
7.30% Sr. Unsec. Nts., 5/13/19	$	445,000	$	462,253
News America, Inc., 6.65% Sr. Unsec. Unsub. Nts., 11/15/37		165,000		148,686
Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37		170,000		156,466
Noble Energy, Inc., 8.25% Sr. Unsec. Nts., 3/1/19		185,000		210,842
Nokia Corp., 5.375% Sr. Unsec. Nts., 5/15/19		175,000		177,390
Oncor Electric Delivery Co.:
5.95% Sec. Bonds, 9/1/13		110,000		114,599
6.375% Sr. Sec. Nts., 1/15/15		125,000		130,905
Oracle Corp., 6.125% Sr. Unsec. Nts., 7/8/39⁷		225,000		222,615
Pacific Gas & Electric Co., 6.25% Sr. Unsec. Unsub. Nts., 3/1/39		115,000		123,196
Petro-Canada, 5.95% Sr. Unsec. Unsub. Bonds, 5/15/35		100,000		90,313
PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13⁹		219,741		225,349
Plains All American Pipeline LP, 6.50% Sr. Unsec. Unsub. Nts., 5/1/18		215,000		217,923
PNC Funding Corp., 5.25% Gtd. Unsec. Sub. Nts., 11/15/15		210,000		200,007
Pride International, Inc., 8.50% Sr. Nts., 6/15/19		200,000		198,500
Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23⁹		185,000		177,371
Prudential Insurance Co. of America, 8.30% Nts., 7/1/25⁹		235,000		213,899
R.R. Donnelley & Sons Co., 5.625% Sr. Unsec. Nts., 1/15/12		350,000		338,324
Rogers Wireless, Inc., 9.625% Sr. Sec. Nts., 5/1/11		33,000		36,017
Safeway, Inc., 6.50% Sr. Unsec. Nts., 3/1/11		115,000		121,848
Sara Lee Corp., 6.25% Sr. Unsec. Unsub. Nts., 9/15/11		165,000		174,502
Schering-Plough Corp., 6% Sr. Unsec. Nts., 9/15/17		165,000		175,988
Sempra Energy:
6.50% Sr. Unsec. Nts., 6/1/16		100,000		104,518
9.80% Sr. Unsec. Nts., 2/15/19		145,000		175,898
Staples, Inc., 7.75% Sr. Unsec. Unsub. Nts., 4/1/11		137,000		144,948
Target Corp., 7% Bonds, 1/15/38		135,000		144,165
Telecom Italia Capital SA, 4.875% Sr. Unsec. Unsub. Nts., 10/1/10		345,000		348,635
Telefonica Europe BV, 7.75% Unsec. Nts., 9/15/10		165,000		174,121
Telus Corp., 8% Nts., 6/1/11		265,000		284,583
TEPPCO Partners LP, 6.125% Nts., 2/1/13		490,000		488,650
Time Warner Cable, Inc., 7.30% Sr. Nts., 7/1/38		65,000		67,854
Time Warner Cos., Inc., 9.125% Debs., 1/15/13		250,000		275,526
Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33		100,000		112,142
Tyco International Ltd./Tyco International Finance SA, 6.875% Sr. Unsec. Unsub. Nts., 1/15/21		355,000		336,291
Union Pacific Corp.:
5.75% Sr. Unsec. Unsub. Nts., 11/15/17		100,000		100,968
6.125% Sr. Unsec. Nts., 2/15/20		180,000		187,006
United Health Group, Inc., 6% Sr. Unsec. Nts., 2/15/18		80,000		76,904
Vale Overseas Ltd.:
6.25% Nts., 1/23/17		135,000		136,774
6.875% Bonds, 11/21/36		210,000		200,256
Valero Logistics Operations LP, 6.05% Nts., 3/15/13		35,000		33,437
Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38		285,000		279,625
Viacom, Inc.:
6.25% Sr. Unsec. Nts., 4/30/16		75,000		73,980
6.875% Sr. Unsec. Nts., 4/30/36		155,000		143,085
Wachovia Corp., 5.625% Sub. Nts., 10/15/16		90,000		86,104
WellPoint, Inc., 5% Sr. Unsec. Unsub. Nts., 1/15/11		170,000		174,366
Wells Fargo Capital X, 5.95% Unsec. Sub. Bonds, 12/15/36		285,000		211,499
Williams Cos., Inc. (The), 8.75% Unsec. Nts., 3/15/32		140,000		141,046
Xstrata Canada Corp.:
5.375% Sr. Unsec. Unsub. Nts., 6/1/15		180,000		159,663
6% Sr. Unsec. Unsub. Nts., 10/15/15		132,000		117,076
Xstrata Finance Canada Ltd., 6.90% Nts., 11/15/37^7,9		233,000		186,110
XTO Energy, Inc., 6.50% Sr. Unsec. Unsub. Nts., 12/15/18		65,000		69,858


Total Non-Convertible Corporate Bonds and Notes (Cost $21,400,746)				19,526,128

F6 | OPPENHEIMER BALANCED FUND/VA


	Shares			Value

Investment Companies—21.9%
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%^12,14		185,881		$	185,881
Oppenheimer Institutional Money Market Fund, Cl. E, 0.48%^12,13		51,211,612			51,211,612

Total Investment Companies (Cost $51,397,493)					51,397,493

Total Investments, at Value (Cost $274,680,039)		111.5	%		261,751,616
Liabilities in Excess of Other Assets		(11.5	)		(26,968,077	)

Net Assets		100.0	%	$	234,783,539



Footnotes to Statement of Investments

1.		Non-income producing security.

2.		Illiquid security. The aggregate value of illiquid securities as of June 30, 2009 was $485,797, which represents 0.21% of the Fund’s net assets. See Note 6 of accompanying Notes.

3.		Represents the current interest rate for a variable or increasing rate security.

4.		A sufficient amount of liquid assets has been designated to cover outstanding written put options. See Note 5 of accompanying Notes.

5.		Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $3,946,696 or 1.68% of the Fund’s net assets as of June 30, 2009.

6.		Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $303,124 or 0.13% of the Fund’s net assets as of June 30, 2009.

7.		When-issued security or delayed delivery to be delivered and settled after June 30, 2009. See Note 1 of accompanying Notes.

8.		All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $370,250. See Note 5 of accompanying Notes.

9.		Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $1,493,555 or 0.64% of the Fund’s net assets as of June 30, 2009.

10.		This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security.

11.		Issue is in default. See Note 1 of accompanying Notes.

12.		Rate shown is the 7-day yield as of June 30, 2009.

13.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2009, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2008

Additions

Reductions

June 30, 2009

Oppenheimer Institutional Money Market Fund, Cl. E

8,646,429

94,480,379

51,915,196

51,211,612


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	51,211,612	$	137,168


14.		Interest rate less than 0.0005%.

Valuation Inputs

	1)		Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

	3)		Level 3—unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

F7 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2009 based on valuation input level:


							Level 3—
	Level 1—			Level 2—			Significant
	Unadjusted			Other Significant			Unobservable
	Quoted Prices			Observable Inputs			Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	10,845,734		$	—		$	—	$	10,845,734
Consumer Staples		10,075,279			—			—		10,075,279
Energy		11,016,977			—			—		11,016,977
Financials		12,634,256			—			—		12,634,256
Health Care		16,965,675			—			—		16,965,675
Industrials		6,312,476			—			—		6,312,476
Information Technology		52,056,350			—			—		52,056,350
Materials		4,250,278			—			—		4,250,278
Telecommunication Services		26			—			—		26
Utilities		1,312,018			—			—		1,312,018
Preferred Stocks		4,134,720			4,261,960			—		8,396,680
Rights, Warrants and Certificates		1			—			—		1
Asset-Backed Securities		—			5,616,342			—		5,616,342
Mortgage-Backed Obligations		—			49,976,424			—		49,976,424
U.S. Government Obligations		—			1,369,479			—		1,369,479
Non-Convertible Corporate Bonds and Notes		—			19,526,128			—		19,526,128
Investment Companies		51,397,493			—			—		51,397,493

Total Investments, at Value		181,001,283			80,750,333			—		261,751,616
Other Financial Instruments:
Swaps		—			32,214			—		32,214
Futures		9,204			—			—		9,204

Total Assets	$	181,010,487		$	80,782,547		$	—	$	261,793,034


Liabilities Table
Other Financial Instruments:
Swaps	$	—		$	(54,784	)	$	—	$	(54,784	)
Options written		—			—			—		—
Futures		(21,608	)		—			—		(21,608	)

Total Liabilities	$	(21,608	)	$	(54,784	)	$	—	$	(76,392	)

Futures Contracts as of June 30, 2009 are as follows:


		Number of		Expiration				Unrealized
Contract Description	Buy/Sell	Contracts		Date		Value		Appreciation

U.S. Treasury Long Bonds	Buy		60		9/21/09	$	7,101,563	$	130,049
U.S. Treasury Nts., 2 yr.	Sell		10		9/30/09		2,162,188		5,465
U.S. Treasury Nts., 5 yr.	Sell		19		9/30/09		2,179,656		23,544
U.S. Treasury Nts., 10 yr.	Buy		105		9/21/09		12,207,891		165,430

								$	324,488

F8 | OPPENHEIMER BALANCED FUND/VA

Written Options as of June 30, 2009 are as follows:


		Number of		Exercise		Expiration		Premiums
Description	Type	Contracts		Price		Date		Received		Value

Aetna, Inc.	Put		494	$	17.50		7/20/09	$	104,769	$	—
Electronic Arts, Inc.	Put		494		12.50		9/21/09		72,618		—

								$	177,387	$	—

Credit Default Swap Contracts as of June 30, 2009 are as follows:


		Buy/Sell	Notional		Receive
Swap		Credit	Amount		Fixed			Termination
Reference Entity	Counterparty	Protection	(000’s)		Rate			Date		Value

Inco Ltd.:
	Morgan Stanley Capital Services, Inc.	Buy	$	545		0.70	%		3/20/17	$	10,659
	Morgan Stanley Capital Services, Inc.	Buy		550		0.63			3/20/17		13,308

		Total		1,095							23,967

Merrill Lynch & Co., Inc.:
	Barclays Bank plc	Sell		1,080		4.15			9/20/09		5,498
	Credit Suisse International	Sell		540		4.15			9/20/09		2,749

		Total		1,620							8,247

Vale Overseas:
	Morgan Stanley Capital Services, Inc.	Sell		545		1.17			3/20/17		(26,026	)
	Morgan Stanley Capital Services, Inc.	Sell		550		1.10			3/20/17		(28,758	)

		Total		1,095							(54,784	)

							Grand Total Buys				23,967
							Grand Total Sells				(46,537	)

						Total Credit Default Swaps				$	(22,570	)

The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:

Total Maximum Potential

Type of Reference Asset

Payments for Selling Credit

Reference Asset

on which the Fund Sold Protection

Protection (Undiscounted)

Amount Recoverable*

Rating Range**

Investment Grade Single Name Corporate Debt

2,715,000

—

A to BBB+


*		The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.

**		The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor’s rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund.

Swap Summary as of June 30, 2009 is as follows:

The following table aggregates, as of period, the amount receivable from/(payable to) each counterparty with whom the Fund has entered into a swap agreement. Swaps are individually disclosed in the preceding tables.


		Notional
	Swap Type from	Amount
Swap Counterparty	Fund Perspective	(000’s)		Value

Barclays Bank plc	Credit Default Sell Protection	$	1,080	$	5,498
Credit Suisse International	Credit Default Sell Protection		540		2,749
Morgan Stanley Capital Services, Inc.:
	Credit Default Buy Protection		1,095		23,967
	Credit Default Sell Protection		1,095		(54,784	)

					(30,817	)

		Total Swaps		$	(22,570	)

See accompanying Notes to Financial Statements.

F9 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2009


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $223,468,427)	$	210,540,004
Affiliated companies (cost $51,211,612)		51,211,612

		261,751,616
Swaps, at value		32,214
Receivables and other assets:
Investments sold (including $3,362,506 sold on a when-issued or delayed delivery basis)		4,069,169
Interest, dividends and principal paydowns		744,817
Terminated investment contracts		20,836
Futures margins		9,204
Other		13,128

Total assets		266,640,984

Liabilities
Swaps, at value		54,784
Option written, at value (premiums received $177,387)		—
Payables and other liabilities:
Investments purchased (including $31,295,733 purchased on a when-issued or delayed delivery basis)		31,412,560
Shares of beneficial interest redeemed		272,727
Distribution and service plan fees		43,941
Futures margins		21,608
Transfer and shareholder servicing agent fees		19,222
Trustees’ compensation		8,148
Shareholder communications		5,504
Other		18,951

Total liabilities		31,857,445

Net Assets	$	234,783,539


Composition of Net Assets
Par value of shares of beneficial interest	$	25,788
Additional paid-in capital		341,381,668
Accumulated net investment income		3,943,815
Accumulated net realized loss on investments and foreign currency transactions		(98,123,258	)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(12,444,474	)

Net Assets	$	234,783,539


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 $157,773,058 and 17,274,194 shares of beneficial interest outstanding)	$	9.13
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $77,010,481 and 8,513,417 shares of beneficial interest outstanding)	$	9.05

See accompanying Notes to Financial Statements.

F10 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2009


Investment Income
Interest (net of foreign withholding taxes of $102)	$	2,700,427
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $20,030)		1,219,219
Affiliated companies		137,168

Total investment income		4,056,814

Expenses
Management fees		835,020
Distribution and service plan fees—Service shares		84,838
Transfer and shareholder servicing agent fees:
Non-Service shares		29,565
Service shares		15,736
Shareholder communications:
Non-Service shares		30,125
Service shares		13,281
Trustees’ compensation		5,968
Custodian fees and expenses		1,951
Other		27,551

Total expenses		1,044,035
Less waivers and reimbursements of expenses		(273,067	)

Net expenses		770,968

Net Investment Income		3,285,846

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies		(29,412,709	)
Closing and expiration of futures contracts		(447,919	)
Foreign currency transactions		(602,684	)
Short positions		2,696
Swap contracts		(4,860,274	)

Net realized loss		(35,320,890	)
Net change in unrealized appreciation (depreciation) on:
Investments		49,828,061
Translation of assets and liabilities denominated in foreign currencies		(169,603	)
Futures contracts		(622,210	)
Option contracts written		177,387
Swap contracts		(469,957	)

Net change in unrealized depreciation		48,743,678

Net Increase in Net Assets Resulting from Operations	$	16,708,634

See accompanying Notes to Financial Statements.

F11 | OPPENHEIMER BALANCED FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2009			December 31,
	(Unaudited)			2008

Operations
Net investment income	$	3,285,846		$	12,177,619
Net realized loss		(35,320,890	)		(85,153,827	)
Net change in unrealized depreciation		48,743,678			(121,531,304	)

Net increase (decrease) in net assets resulting from operations		16,708,634			(194,507,512	)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		—			(8,878,080	)
Service shares		—			(2,607,795	)

		—			(11,485,875	)
Distributions from net realized gain:
Non-Service shares		—			(21,412,945	)
Service shares		—			(7,011,379	)

		—			(28,424,324	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(22,928,595	)		(42,030,701	)
Service shares		2,584,227			7,520,395

		(20,344,368	)		(34,510,306	)

Net Assets
Total decrease		(3,635,734	)		(268,928,017	)
Beginning of period		238,419,273			507,347,290

End of period (including accumulated net investment income of $3,943,815 and $657,969, respectively)	$	234,783,539		$	238,419,273

See accompanying Notes to Financial Statements.

F12 | OPPENHEIMER BALANCED FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Non-Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	8.45		$	16.41		$	17.69		$	17.07		$	17.35		$	15.92

Income (loss) from investment operations:
Net investment income¹		.13			.41			.43			.40			.33			.26
Net realized and unrealized gain (loss)		.55			(7.03	)		.19			1.38			.31			1.33

Total from investment operations		.68			(6.62	)		.62			1.78			.64			1.59

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.39	)		(.46	)		(.36	)		(.30	)		(.16	)
Distributions from net realized gain		—			(.95	)		(1.44	)		(.80	)		(.62	)		—

Total dividends and/or distributions to shareholders		—			(1.34	)		(1.90	)		(1.16	)		(.92	)		(.16	)

Net asset value, end of period	$	9.13		$	8.45		$	16.41		$	17.69		$	17.07		$	17.35


Total Return, at Net Asset Value²		8.05	%		(43.47	)%		3.79	%		11.15	%		3.89	%		10.10	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	157,773		$	169,621		$	385,948		$	435,639		$	503,753		$	547,290

Average net assets (in thousands)	$	156,267		$	295,669		$	418,103		$	456,513		$	522,754		$	528,655

Ratios to average net assets:³
Net investment income		3.02	%		3.14	%		2.55	%		2.42	%		1.98	%		1.59	%
Total expenses		0.86	%⁴		0.76	%⁴		0.75	%⁴		0.75	%⁴		0.74	%		0.74	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.61	%		0.67	%		0.73	%		0.75	%		0.74	%		0.74	%

Portfolio turnover rate⁵		43	%		67	%		68	%		76	%		67	%		68	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	0.88	%
Year Ended December 31, 2008	0.76	%
Year Ended December 31, 2007	0.75	%
Year Ended December 31, 2006	0.75	%


5.		The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2009	$	223,852,742	$	244,141,910
Year Ended December 31, 2008	$	474,582,075	$	434,587,487
Year Ended December 31, 2007	$	296,201,319	$	315,527,720
Year Ended December 31, 2006	$	612,825,833	$	666,549,894
Year Ended December 31, 2005	$	1,224,652,741	$	1,250,455,539
Year Ended December 31, 2004	$	1,460,076,994	$	1,473,590,963

See accompanying Notes to Financial Statements.

F13 | OPPENHEIMER BALANCED FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	8.38		$	16.28		$	17.57		$	16.97		$	17.26		$	15.87

Income (loss) from investment operations:
Net investment income¹		.11			.37			.38			.36			.29			.23
Net realized and unrealized gain (loss)		.56			(6.97	)		.19			1.37			.31			1.31

Total from investment operations		.67			(6.60	)		.57			1.73			.60			1.54

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.35	)		(.42	)		(.33	)		(.27	)		(.15	)
Distributions from net realized gain		—			(.95	)		(1.44	)		(.80	)		(.62	)		—

Total dividends and/or distributions to shareholders		—			(1.30	)		(1.86	)		(1.13	)		(.89	)		(.15	)

Net asset value, end of period	$	9.05		$	8.38		$	16.28		$	17.57		$	16.97		$	17.26


Total Return, at Net Asset Value²		8.00	%		(43.62	)%		3.49	%		10.86	%		3.67	%		9.79	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	77,011		$	68,798		$	121,399		$	111,363		$	88,156		$	59,650

Average net assets (in thousands)	$	69,262		$	100,164		$	117,012		$	100,010		$	72,977		$	39,851

Ratios to average net assets:³
Net investment income		2.75	%		2.90	%		2.30	%		2.17	%		1.74	%		1.41	%
Total expenses		1.11	%⁴		1.01	%⁴		1.00	%⁴		1.01	%⁴		1.00	%		1.02	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.86	%		0.92	%		0.98	%		1.01	%		1.00	%		1.02	%

Portfolio turnover rate⁵		43	%		67	%		68	%		76	%		67	%		68	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	1.13	%
Year Ended December 31, 2008	1.01	%
Year Ended December 31, 2007	1.00	%
Year Ended December 31, 2006	1.01	%


5.		The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2009	$	223,852,742	$	244,141,910
Year Ended December 31, 2008	$	474,582,075	$	434,587,487
Year Ended December 31, 2007	$	296,201,319	$	315,527,720
Year Ended December 31, 2006	$	612,825,833	$	666,549,894
Year Ended December 31, 2005	$	1,224,652,741	$	1,250,455,539
Year Ended December 31, 2004	$	1,460,076,994	$	1,473,590,963

See accompanying Notes to Financial Statements.

F14 | OPPENHEIMER BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Balanced Fund/VA (the “Fund”), is a separate series of Oppenheimer Variable Account Funds, an open end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek a high total investment return, which includes current income and capital appreciation. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The following is a summary of significant accounting policies consistently followed by the Fund.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

F15 | OPPENHEIMER BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

There have been no significant changes to the fair valuation methodologies during the period.

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of June 30, 2009, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery
	Basis Transactions

Purchased securities	$	31,295,733
Sold securities		3,362,506

The Fund may enter into “forward roll” transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that have been sold. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price.

Forward roll transactions may be deemed to entail embedded leverage since the Fund purchases mortgage-related securities with extended settlement dates rather than paying for the securities under a normal settlement cycle. This embedded leverage increases the Fund’s market value of investments relative to its net assets which can incrementally increase the volatility of the Fund’s performance. Forward roll transactions can be replicated over multiple settlement periods.

F16 | OPPENHEIMER BALANCED FUND/VA

Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; and counterparty credit risk. To assure its future payment of the purchase price, the Fund maintains internally designated assets with a market value equal to or greater than the payment obligation under the roll.

Securities Sold Short. The Fund may short sell when-issued securities for future settlement. The value of the open short position is recorded as a liability, and the Fund records an unrealized gain or loss for the change in value of the open short position. The Fund records a realized gain or loss when the short position is closed out.

As of June 30, 2009, the Fund held no securities sold short.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of June 30, 2009, securities with an aggregate market value of $190, representing less than 0.005% of the Fund’s net assets, were in default.

Foreign Currency Translation. The Fund’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees.

Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates.

The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund’s Statement of Operations.

F17 | OPPENHEIMER BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended December 31, 2008, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2008, the Fund had available for federal income tax purposes post-October losses of $15,792,384, post-October foreign currency losses of $526, straddle losses of $277,087 and unused capital loss carryforward as follows:


Expiring

2016	$	44,402,106

As of June 30, 2009, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $95,792,993 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2009, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	277,475,534
Federal tax cost of other investments		14,465,734

Total federal tax cost	$	291,941,268


Gross unrealized appreciation	$	20,232,245
Gross unrealized depreciation		(35,476,858	)

Net unrealized depreciation	$	(15,244,613	)

F18 | OPPENHEIMER BALANCED FUND/VA

as deemed necessary by the Manager. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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.

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:


	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		347,403		$	2,920,141			908,475		$	11,841,885
Dividends and/or distributions reinvested		—			—			2,214,256			30,291,025
Redeemed		(3,144,586	)		(25,848,736	)		(6,571,367	)		(84,163,611	)

Net decrease		(2,797,183	)	$	(22,928,595	)		(3,448,636	)	$	(42,030,701	)


Service Shares
Sold		1,045,383		$	8,538,373			1,716,888		$	19,475,736
Dividends and/or distributions reinvested		—			—			707,292			9,619,174
Redeemed		(739,831	)		(5,954,146	)		(1,673,753	)		(21,574,515	)

Net increase		305,552		$	2,584,227			750,427		$	7,520,395

F19 | OPPENHEIMER BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF for the six months ended June 30, 2009, were as follows:


	Purchases		Sales

Investment securities	$	73,799,352	$	127,803,607
U.S. government and government agency obligations		1,387,523		—
To Be Announced (TBA) mortgage-related securities		223,852,742		244,141,910

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Over $800 million	0.60

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to waive a portion of the advisory fee and/or reimburse certain expenses so the “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses” will not exceed 0.67% of average annual net assets for Non-Service shares and 0.92% of average annual net assets for Service shares. During the six months ended June 30, 2009, the Manager waived $143,643 and $65,190 for Non-Service and Service shares, respectively. This voluntary undertaking may be amended or withdrawn at any time.

Effective April 1, 2009 through March 31, 2010, the Manager has agreed to voluntarily waive its advisory fee by 0.08% of the Fund’s average annual net assets. During the six months ended June 30, 2009, the Manager waived $45,632. This voluntary waiver will be applied after all other waivers and may be withdrawn at any time.

Prior to May 1, 2009, OFS had voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

F20 | OPPENHEIMER BALANCED FUND/VA

5. Risk Exposures and the Use of Derivative Instruments

The Fund’s investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors.

Market Risk Factors. In pursuit of its investment objectives, the Fund may seek to use derivatives to increase or decrease its exposure to the following market risk factors:

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Risks of Investing in Derivatives. The Fund’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.

F21 | OPPENHEIMER BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5.		Risk Exposures and the Use of Derivative Instruments Continued transactions failed to perform would be $32,214, which represents the gross unrealized appreciation on these derivative contracts. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to net unrealized appreciation and depreciation for positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. The amount of loss that the Fund would incur taking into account these master netting arrangements would be $8,247 as of June 30, 2009.

		Credit Related Contingent Features. The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and or a percentage decrease in the Fund’s Net Asset Value or NAV. The contingent features are established within the Fund’s ISDA master agreements which govern positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty.

		As of June 30, 2009, the total value of derivative positions with credit related contingent features in a net liability position was $30,817. If a contingent feature would have been triggered as of June 30, 2009, the Fund could have been required to pay this amount in cash to its counterparties. The Fund did not hold or post collateral for its derivative transactions.

Valuations of derivative instruments as of June 30, 2009 are as follows:

Asset Derivatives

Liability Derivatives

Derivatives not Accounted for as Hedging

Statement of Assets

Instruments under Statement 133(a)

and Liabilities Location

Value

and Liabilities Location

Value

Credit contracts

Swaps, at value

32,214

Swaps, at value

54,784

Interest rate contracts

Futures margins

9,204

Futures margins

21,608

Equity contracts

Options written, at value

—

Total

41,418

76,392


*		Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.

The effect of derivative instruments on the Statement of Operations is as follows:


	Amount of Realized Gain or Loss Recognized on Derivative
Derivatives Not
Accounted for as	Closing and
Hedging Instruments	expiration of
under Statement 133(a)	futures contracts			Swap contracts			Total

Interest rate contracts	$	(447,919	)	$	584,634		$	136,715
Credit contracts		—			(5,444,908	)		(5,444,908	)

Total	$	(447,919	)	$	(4,860,274	)	$	(5,308,193	)


	Amount of Change in Unrealized Gain or Loss Recognized on Derivative
Derivatives Not
Accounted for as
Hedging Instruments	Option
under Statement 133(a)	contracts written		Futures contracts			Swap contracts			Total

Interest rate contracts	$	—	$	(622,210	)	$	(1,133,699	)	$	(1,755,909	)
Equity contracts		177,387		—			—			177,387
Credit contracts		—		—			663,742			663,742

Total	$	177,387	$	(622,210	)	$	(469,957	)	$	(914,780	)

F22 | OPPENHEIMER BALANCED FUND/VA

Foreign Currency Exchange Contracts

The Fund may enter into foreign currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date.

Forward contracts are reported on a schedule following the Statement of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations.

The Fund has purchased and sold foreign currency exchange contracts of different currencies in order to acquire currencies to pay for related foreign securities purchase transactions, or to convert foreign currencies to U.S. dollars from related foreign securities sale transactions. These foreign currency exchange contracts are negotiated at the current spot exchange rate with settlement typically within two business days thereafter.

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received.

As of June 30, 2009, the Fund had no outstanding forward contracts.

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts.

Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses.

Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations. Realized gains (losses) are reported in the Statement of Operations at the closing or expiration of futures contracts.

The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk.

The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk.

Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.

Option Activity

The Fund may buy and sell put and call options, or write put and covered call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option.

F23 | OPPENHEIMER BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations.

Securities designated to cover outstanding call or put options are noted in the Statement of Investments where applicable. Options written are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities.

The Fund has written put options on individual equity securities and, or, equity indexes to increase exposure to equity risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk that there may be an illiquid market where the Fund is unable to close the contract.

Additional associated risks to the Fund include counterparty credit risk for over-the-counter options and liquidity risk.

Written option activity for the six months ended June 30, 2009 was as follows:


	Put Options
	Number of		Amount of
	Contracts		Premiums
Options outstanding as of December 31, 2008		—	$	—
Options written		988		177,387

Options outstanding as of June 30, 2009		988	$	177,387

Swap Contracts

The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, or the occurrence of a credit event, over a specified period. Such contracts may include interest rate, equity, debt, index, total return, credit and currency swaps.

Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations. The Fund also records any periodic payments received from (paid to) the counter-party, including at termination, under such contracts as realized gain (loss) on the Statement of Operations.

Swap contract agreements are exposed to the market risk factor of the specific underlying reference asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps require little or no initial cash investment, they can expose the Fund to substantial risk in the isolated market risk factor.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. If there is an illiquid market for the agreement, the Fund may be unable to close the contract prior to contract termination.

F24 | OPPENHEIMER BALANCED FUND/VA

Credit Default Swap Contracts. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer’s failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security, or a basket of securities (the “reference asset”).

The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of debt securities underlying the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection.

The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract.

If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the reference asset less the market value of the reference asset. Upon exercise of the contract the difference between the value of the underlying reference asset and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations.

The Fund has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and, or, indexes.

The Fund has sold credit protection through credit default swaps to increase exposure to the credit risk of individual securities and, or, indexes that are either unavailable or considered to be less attractive in the bond market.

The Fund has also engaged in pairs trades by purchasing protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer. The intent of a pairs trade is to realize gains from the pricing differences of the two issuers who are expected to have similar market risks. Pairs trades attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements.

The Fund has engaged in spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curve trades attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Interest Rate Swap Contracts. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

The Fund has entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. Typically, if relative interest rates rise, payments made by the Fund under a swap agreement will be greater than the payments received by the Fund.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

As of June 30, 2009, the Fund had no such interest rate swap agreements outstanding.

Total Return Swap Contracts. A total return swap is an agreement between counterparties to exchange periodic payments based on asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate or index) and the other on the total return of a reference asset (such as a security or a basket of securities). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments.

F25 | OPPENHEIMER BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument or index. Total return swaps are less standard in structure than other types of swaps and can isolate and, or, include multiple types of market risk factors including equity risk, credit risk, and interest rate risk.

The Fund has entered into total return swaps to increase exposure to the credit risk of various indexes or basket of securities. These credit risk related total return swaps require the fund to pay, or receive payments, to, or from, the counterparty based on the movement of credit spreads of the related indexes.

The Fund has entered into total return swaps to decrease exposure to the credit risk of various indexes or basket of securities. These credit risk related total return swaps require the fund to pay, or receive payments, to, or from, the counterparty based on the movement of credit spreads of the related indexes.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

As of June 30, 2009, the Fund had no such total return swap agreements outstanding.

6. Illiquid Securities

As of June 30, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments.

7. Subsequent Events Evaluation

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through August 13, 2009, the date the financial statements were available to be issued. This evaluation determined that there are no subsequent events that necessitated disclosures and/or adjustments.

8. Pending Litigation

Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

F26 | OPPENHEIMER BALANCED FUND/VA

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 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 voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form
N-PX filing on the SEC’s website at www.sec.gov.

7 | OPPENHEIMER BALANCED FUND/VA

OPPENHEIMER BALANCED FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		John V. Murphy, Trustee, President and Principal Executive Officer
		Emmanuel Ferreira, Vice President and Portfolio Manager
		Krishna Memani, Vice President and Portfolio Manager
		Peter A. Strzalkowski, Vice President and Portfolio Manager
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President and Secretary

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered		KPMG llp
Public Accounting Firm

Counsel		K&L Gates llp

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.981.2871. Read prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.



©Copyright 2009 OppenheimerFunds, Inc. All rights reserved.

OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Fund Objective. The Fund seeks capital appreciation by investing in securities of well-known, established companies.

Cumulative Total Returns
For the 6-Month Period Ended 6/30/09


Non-Service Shares	17.84	%
Service Shares	17.71

Average Annual Total Returns
For the Periods Ended 6/30/09

1-Year

5-Year

10-Year

Non-Service Shares

-29.67%

-2.78%

-0.96%

Since

Inception

1-Year

5-Year

(9/18/01)

Service Shares

-29.83%

-3.02%

-0.46%

Expense Ratios
For the Fiscal Year Ended 12/31/08


Non-Service Shares	0.76	%
Service Shares	1.01

Sector Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on the total market value of common stocks.

Top Ten Common Stock Holdings


Google, Inc., Cl. A	3.6	%
QUALCOMM, Inc.	3.6
Apple, Inc.	3.3
Monsanto Co.	2.6
Baxter International, Inc.	2.1
PepsiCo, Inc.	2.1
Nestle SA	2.0
Express Scripts, Inc.	2.0
Wal-Mart Stores, Inc.	1.9
Occidental Petroleum Corp.	1.9

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on net assets.

2 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Narrative by Marc L. Baylin, Portfolio Manager

During the six-month reporting period ended June 30, 2009, the Fund’s Non-Service shares returned 17.84%, outperforming the Russell 1000 Growth Index (the “Index”), which returned 11.53%. The Fund outperformed the Index in eight of the ten Index sectors, particularly in the financials, information technology and industrials sectors. The Fund underperformed in the consumer discretionary sector. Performance in the health care sector was essentially flat versus the benchmark.

Performance was best versus the Index in the financials sector, as the Fund benefited from better relative stock selection as well as a substantial overweight position in the sector. Within the sector, a number of securities had double-digit positive performance as financial stocks rebounded over the second half of the reporting period after being beaten down in 2008 and early 2009. For the Fund, positive contributors included The Goldman Sachs Group, Inc., IntercontinentalExchange, Inc., Credit Suisse Group AG, MSCI, Inc. and BM&F BOVESPA SA. In general, financials had a strong reporting period. As market volatility lessened, most major global financial markets stabilized and overall conditions for financial institutions showed improvement.

An overweight to the information technology sector helped relative Fund performance and the Fund outperformed the Index in terms of stock selection within the sector. Similar to the financials sector, the information technology sector rebounded partly as a result of renewed market optimism that market conditions have improved. The Fund’s second largest holding at period end, QUALCOMM, Inc. performed well during the reporting period. QUALCOMM, a leading manufacturer of the CDMA chip-technology that is used in 3G wireless communications, has weathered the economic downturn relatively well and continued to expand on its product line. Research in Motion Ltd., a Canadian-based developer of mobile communications and wireless email products including the BlackBerry smartphone, saw its stock price jump as year-over-year revenue growth and net income jumped in the 1^stquarter of 2009 as did sales of BlackBerry devices. Other solid contributors to Fund performance included the Fund’s first and third largest holdings at period end, respectively, Google, Inc. and Apple, Inc. Broadcom Corp. and NVIDIA Corp. also positively contributed.

The Fund outperformed in the industrials sector due to better stock selection relative to the Index and an underweight position, as it was one of the weaker performing sectors in the Index during the reporting period. The main contributor to Fund performance was worldwide mining machinery and services company Joy Global, Inc., which had a strong reporting period. The Fund was heavily overweight Joy Global relative to the Index.

Another individual holding of note was Crown Castle International Corp. (“CCI”) within the telecommunication services sector. As market conditions improved for the company, which is the largest cell phone tower company in the U.S., its stock price rose significantly. The Fund did not hold any utilities stocks, which benefited relative performance as it was the second worst performing sector in the Index.

The Fund underperformed in the consumer discretionary sector due to weaker stock selection versus the Index. An overweight to Apollo Group, Inc. detracted from Fund performance as the stock had a difficult reporting period. Within the sector, Fund performance was also hurt by an underweight to the internet and catalog retail subsector as certain stocks in that subsector performed strongly. In terms of the health care sector, while Fund performance was roughly flat against the Index, the Fund’s overweight to the sector hurt relative Fund performance as it was one of the weaker performing sectors within the Index.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

3 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

FUND EXPENSES

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 June 30, 2009.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2009		June 30, 2009		June 30, 2009

Non-Service shares	$	1,000.00	$	1,178.40	$	4.06
Service shares		1,000.00		1,177.10		5.41

Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,021.08		3.77
Service shares		1,000.00		1,019.84		5.02


Class	Expense Ratios

Non-Service shares		0.75	%
Service shares		1.00

4 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited


	Shares		Value

Common Stocks—98.9%
Consumer Discretionary—7.6%
Diversified Consumer Services—1.3%
Apollo Group, Inc., Cl. A¹		243,410	$	17,311,319
Hotels, Restaurants & Leisure—0.7%
McDonald’s Corp.		144,800		8,324,552
Media—2.2%
Cablevision Systems Corp. New York Group, Cl. A		676,835		13,137,367
McGraw-Hill Cos., Inc. (The)		281,600		8,478,976
Walt Disney Co. (The)		303,100		7,071,323

				28,687,666

Specialty Retail—1.1%
Bed Bath & Beyond, Inc.¹		126,900		3,902,175
Staples, Inc.		525,010		10,589,452

				14,491,627

Textiles, Apparel & Luxury Goods—2.3%
Coach, Inc.		598,510		16,087,949
Nike, Inc., Cl. B		124,600		6,451,788
Polo Ralph Lauren Corp., Cl. A		124,800		6,681,792

				29,221,529

Consumer Staples—8.7%
Beverages—2.1%
PepsiCo, Inc.		485,600		26,688,576
Food & Staples Retailing—1.9%
Wal-Mart Stores, Inc.		502,200		24,326,568
Food Products—2.7%
Cadbury plc		987,080		8,412,014
Nestle SA		688,466		25,927,963

				34,339,977

Household Products—1.0%
Colgate-Palmolive Co.		192,800		13,638,672
Tobacco—1.0%
Philip Morris International, Inc.		287,700		12,549,474
Energy—8.9%
Energy Equipment & Services—3.0%
Cameron International Corp.¹		309,400		8,756,020
Schlumberger Ltd.		340,700		18,435,277
Transocean Ltd.¹		67,300		4,999,717
Weatherford International Ltd.¹		286,800		5,609,808

				37,800,822

Oil, Gas & Consumable Fuels—5.9%
Apache Corp.		138,200		9,971,130
Occidental Petroleum Corp.		365,000		24,020,650
Range Resources Corp.		300,980		12,463,582
Southwestern Energy Co.¹		185,100		7,191,135
XTO Energy, Inc.		584,830		22,305,416

				75,951,913

Financials—9.1%
Capital Markets—4.3%
Charles Schwab Corp. (The)		718,200		12,597,228
Credit Suisse Group AG		331,141		15,116,280
Goldman Sachs Group, Inc. (The)		108,800		16,041,472
Julius Baer Holding AG		146,815		5,724,311
T. Rowe Price Group, Inc.		131,500		5,479,605

				54,958,896

Commercial Banks—0.6%
Wells Fargo & Co.		345,280		8,376,493
Diversified Financial Services—3.8%
BM&F BOVESPA SA		1,889,000		11,279,051
IntercontinentalExchange, Inc.¹		196,100		22,402,464
MSCI, Inc., Cl. A¹		593,813		14,512,790

				48,194,305

Real Estate Management & Development—0.4%
Jones Lang LaSalle, Inc.		173,830		5,689,456
Health Care—18.1%
Biotechnology—4.3%
Amgen, Inc.¹		155,300		8,221,582
Celgene Corp.¹		408,820		19,557,949
Gilead Sciences, Inc.¹		449,430		21,051,301
Vertex Pharmaceuticals, Inc.¹		190,150		6,776,946

				55,607,778

Health Care Equipment & Supplies—4.1%
Bard (C.R.), Inc.		91,790		6,833,766
Baxter International, Inc.		514,100		27,226,736
Dentsply International, Inc.		385,500		11,765,460
Stryker Corp.		170,800		6,787,592

				52,613,554

Health Care Providers & Services—3.5%
Express Scripts, Inc.¹		367,900		25,293,125
Medco Health Solutions, Inc.¹		203,200		9,267,952
Schein (Henry), Inc.¹		211,490		10,140,946

				44,702,023

Life Sciences Tools & Services—2.4%
Illumina, Inc.¹		307,100		11,958,474
Thermo Fisher Scientific, Inc.¹		460,880		18,790,078

				30,748,552

F1 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares			Value

Pharmaceuticals—3.8%
Abbott Laboratories		219,900		$	10,344,096
Allergan, Inc.		248,230			11,810,783
Novo Nordisk AS, Cl. B		117,100			6,364,625
Roche Holding AG		91,942			12,498,121
Shire plc		598,090			8,248,971

					49,266,596

Industrials—6.6%
Aerospace & Defense—3.4%
General Dynamics Corp.		147,100			8,147,869
Goodrich Corp.		95,402			4,767,238
Lockheed Martin Corp.		290,020			23,390,113
United Technologies Corp.		128,500			6,676,860

					42,982,080

Construction & Engineering—0.5%
Quanta Services, Inc.¹		300,290			6,945,708
Electrical Equipment—1.5%
ABB Ltd.		1,200,114			18,865,167
Machinery—0.7%
Joy Global, Inc.		248,217			8,866,311
Road & Rail—0.5%
Burlington Northern Santa Fe Corp.		87,700			6,449,458
Information Technology—32.4%
Communications Equipment—6.7%
F5 Networks, Inc.¹		179,860			6,221,357
Juniper Networks, Inc.¹		403,300			9,517,880
QUALCOMM, Inc.		1,021,310			46,163,212
Research in Motion Ltd.¹		332,000			23,588,600

					85,491,049

Computers & Peripherals—5.7%
Apple, Inc.¹		297,110			42,317,377
Dell, Inc.¹		237,500			3,260,875
Hewlett-Packard Co.		394,500			15,247,425
NetApp, Inc.¹		653,030			12,877,752

					73,703,429

Internet Software & Services—4.5%
eBay, Inc.¹		609,900			10,447,587
Google, Inc., Cl. A¹		110,900			46,754,331

					57,201,918

IT Services—5.2%
Accenture Ltd., Cl. A		359,700			12,035,562
MasterCard, Inc., Cl. A		136,260			22,797,661
SAIC, Inc.¹		516,300			9,577,365
Visa, Inc., Cl. A		369,037			22,976,244

					67,386,832

Semiconductors & Semiconductor Equipment—5.3%
Applied Materials, Inc.		823,300			9,031,601
Broadcom Corp., Cl. A¹		687,700			17,048,083
MEMC Electronic Materials, Inc.¹		417,100			7,428,551
NVIDIA Corp.¹		1,683,900			19,011,231
Texas Instruments, Inc.		751,550			16,008,015

					68,527,481

Software—5.0%
Adobe Systems, Inc.¹		545,500			15,437,650
Microsoft Corp.		779,800			18,535,846
Nintendo Co. Ltd.		51,600			14,200,533
Oracle Corp.		405,200			8,679,384
Salesforce.com, Inc.¹		176,385			6,732,615

					63,586,028

Materials—5.3%
Chemicals—5.3%
Ecolab, Inc.		70,991			2,767,939
Monsanto Co.		450,600			33,497,604
Potash Corp. of Saskatchewan, Inc.		129,000			12,003,450
Praxair, Inc.		282,032			20,044,012

					68,313,005

Telecommunication Services—2.2%
Wireless Telecommunication Services—2.2%
Crown Castle International Corp.¹		707,020			16,982,620
NII Holdings, Inc.¹		569,870			10,867,421

					27,850,041


Total Common Stocks (Cost $1,152,148,810)					1,269,658,855

Investment Companies—1.5%
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%^2,4		238,893			238,893
Oppenheimer Institutional Money Market Fund, Cl. E, 0.48%^2,3		18,895,479			18,895,479

Total Investment Companies (Cost $19,134,372)					19,134,372

Total Investments, at Value (Cost $1,171,283,182)		100.4	%		1,288,793,227
Liabilities in Excess of Other Assets		(0.4	)		(4,635,497	)

Net Assets		100.0	%	$	1,284,157,730

F2 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Footnotes to Statement of Investments


1.		Non-income producing security.

2.		Rate shown is the 7-day yield as of June 30, 2009.

3.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2009, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2008

Additions

Reductions

June 30, 2009

Oppenheimer Institutional Money Market Fund, Cl. E

22,383,442

107,265,600

110,753,563

18,895,479


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	18,895,479	$	111,357


4.		Interest rate less than 0.0005%.

Valuation Inputs

1) Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level 2—inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3—unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2009 based on valuation input level:


					Level 3
	Level 1—		Level 2—		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	98,036,693	$	—	$	—	$	98,036,693
Consumer Staples		111,543,267		—		—		111,543,267
Energy		113,752,735		—		—		113,752,735
Financials		111,494,839		5,724,311		—		117,219,150
Health Care		218,324,907		14,613,596		—		232,938,503
Industrials		84,108,724		—		—		84,108,724
Information Technology		401,696,204		14,200,533		—		415,896,737
Materials		68,313,005		—		—		68,313,005
Telecommunication Services		27,850,041		—		—		27,850,041
Investment Companies		19,134,372		—		—		19,134,372

Total Assets	$	1,254,254,787	$	34,538,440	$	—	$	1,288,793,227

See accompanying Notes to Financial Statements.

F3 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2009


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,152,387,703)	$	1,269,897,748
Affiliated companies (cost $18,895,479)		18,895,479

		1,288,793,227
Receivables and other assets:
Investments sold		8,119,595
Dividends		2,119,735
Other		29,053

Total assets		1,299,061,610

Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		7,285,743
Investments purchased		7,193,003
Distribution and service plan fees		213,803
Transfer and shareholder servicing agent fees		106,539
Shareholder communications		56,471
Trustees’ compensation		19,260
Other		29,061

Total liabilities		14,903,880

Net Assets	$	1,284,157,730


Composition of Net Assets
Par value of shares of beneficial interest	$	42,716
Additional paid-in capital		1,637,374,184
Accumulated net investment income		755,268
Accumulated net realized loss on investments and foreign currency transactions		(471,560,904	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		117,546,466

Net Assets	$	1,284,157,730


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 $916,816,926 and 30,437,220 shares of beneficial interest outstanding)	$	30.12
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $367,340,804 and 12,278,485 shares of beneficial interest outstanding)	$	29.92

See accompanying Notes to Financial Statements.

F4 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2009


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $235,305)	$	7,091,862
Affiliated companies		111,357
Interest		4,029

Total investment income		7,207,248

Expenses
Management fees		3,878,461
Distribution and service plan fees—Service shares		403,870
Transfer and shareholder servicing agent fees:
Non-Service shares		154,954
Service shares		63,065
Shareholder communications:
Non-Service shares		138,729
Service shares		53,674
Trustees’ compensation		21,422
Custodian fees and expenses		8,558
Other		30,034

Total expenses		4,752,767
Less waivers and reimbursements of expenses		(11,906	)

Net expenses		4,740,861

Net Investment Income		2,466,387

Realized and Unrealized Gain (Loss)
Net realized loss on:
Investments from unaffiliated companies		(64,294,557	)
Foreign currency transactions		(3,572,479	)

Net realized loss		(67,867,036	)
Net change in unrealized appreciation on:
Investments		252,998,647
Translation of assets and liabilities denominated in foreign currencies		5,589,585

Net change in unrealized appreciation		258,588,232

Net Increase in Net Assets Resulting from Operations	$	193,187,583

See accompanying Notes to Financial Statements.

F5 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Non-Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	25.67		$	47.18		$	41.43		$	38.52		$	36.99		$	34.70

Income (loss) from investment operations:
Net investment income¹		.07			.10			.07			.07			.18			.35	²
Net realized and unrealized gain (loss)		4.47			(21.55	)		5.78			2.98			1.68			2.05

Total from investment operations		4.54			(21.45	)		5.85			3.05			1.86			2.40

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.09	)		(.06	)		(.10	)		(.14	)		(.33	)		(.11	)

Net asset value, end of period	$	30.12		$	25.67		$	47.18		$	41.43		$	38.52		$	36.99


Total Return, at Net Asset Value³		17.84	%		(45.52	)%		14.15	%		7.95	%		5.10	%		6.93	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	916,817		$	829,931		$	1,631,791		$	1,598,967		$	1,652,282		$	1,770,273

Average net assets (in thousands)	$	838,358		$	1,256,525		$	1,631,686		$	1,615,352		$	1,658,910		$	1,708,511

Ratios to average net assets:⁴
Net investment income		0.50	%		0.25	%		0.15	%		0.17	%		0.47	%		0.99	%²
Total expenses		0.75	%^5,6		0.66	%^5,6,7		0.65	%^5,6,7		0.67	%^5,6,7		0.66	%⁷		0.66	%⁷

Portfolio turnover rate		28	%		67	%		59	%		47	%		70	%		44	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		Net investment income per share and the net investment income ratio include $.16 and 0.43%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004.

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 less than one full year.

5.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	0.75	%
Year Ended December 31, 2008	0.66	%
Year Ended December 31, 2007	0.65	%
Year Ended December 31, 2006	0.67	%


6.		Waiver or reimbursement of indirect management fees less than 0.005%.

7.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F7 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	25.42		$	46.78		$	41.09		$	38.23		$	36.73		$	34.53

Income (loss) from investment operations:
Net investment income (loss)¹		.03			—	²		(.05	)		(.03	)		.08			.29	³
Net realized and unrealized gain (loss)		4.47			(21.36	)		5.74			2.96			1.69			1.99

Total from investment operations		4.50			(21.36	)		5.69			2.93			1.77			2.28

Dividends and/or distributions to shareholders:
Dividends from net investment income		—	²		—			—	²		(.07	)		(.27	)		(.08	)

Net asset value, end of period	$	29.92		$	25.42		$	46.78		$	41.09		$	38.23		$	36.73


Total Return, at Net Asset Value⁴		17.71	%		(45.66	)%		13.86	%		7.68	%		4.87	%		6.62	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	367,341		$	313,931		$	546,887		$	463,140		$	381,852		$	248,649

Average net assets (in thousands)	$	326,073		$	454,558		$	510,874		$	426,539		$	301,780		$	184,273

Ratios to average net assets:⁵
Net investment income (loss)		0.25	%		0.00	%⁶		(0.10	)%		(0.08	)%		0.20	%		0.85	%³
Total expenses		1.00	%^7,8		0.91	%^7,8,9		0.91	%^7,8,9		0.92	%^7,8,9		0.91	%⁹		0.91	%⁹

Portfolio turnover rate		28	%		67	%		59	%		47	%		70	%		44	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		Less than $0.005 per share.

3.		Net investment income per share and the net investment income ratio include $.16 and 0.43%, respectively, resulting from a special dividend from Microsoft Corp. in November 2004.

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 less than one full year.

6.		Less than 0.005%.

7.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	1.00	%
Year Ended December 31, 2008	0.91	%
Year Ended December 31, 2007	0.91	%
Year Ended December 31, 2006	0.92	%


8.		Voluntary waiver or reimbursement of indirect management fees less than 0.005%.

9.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F8 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Capital Appreciation Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, 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 by investing in securities of well-known, established companies. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The following is a summary of significant accounting policies consistently followed by the Fund.

Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than unadjusted quoted prices for an asset that are observable are classified as “Level 2” and unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

F9 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

There have been no significant changes to the fair valuation methodologies during the period.

F10 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended December 31, 2008, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2008, the Fund had available for federal income tax purposes post-October losses of $138,475,074, post-October foreign currency losses of $63,277 and unused capital loss carryforwards as follows:


Expiring

2011	$	96,270,872
2013		34,677,838
2016		112,971,841

Total	$	243,920,551

As of June 30, 2009, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $450,325,938 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2009, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	1,198,469,831


Gross unrealized appreciation	$	169,226,928
Gross unrealized depreciation		(78,903,532	)

Net unrealized appreciation	$	90,323,396

F11 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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.

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:


	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		1,507,447		$	40,078,631			5,158,989		$	168,163,089
Dividends and/or distributions reinvested		134,506			2,975,281			45,642			1,851,681
Redeemed		(3,535,272	)		(92,475,602	)		(7,457,105	)		(284,829,068	)

Net decrease		(1,893,319	)	$	(49,421,690	)		(2,252,474	)	$	(114,814,298	)


Service Shares
Sold		1,348,813		$	36,574,478			2,605,573		$	92,870,576
Dividends and/or distributions reinvested		1,099			24,157			—			—
Redeemed		(1,420,334	)		(37,069,494	)		(1,946,810	)		(72,584,281	)

Net increase (decrease)		(70,422	)	$	(470,859	)		658,763		$	20,286,295

F12 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2009, were as follows:


	Purchases		Sales

Investment securities	$	319,402,407	$	336,253,456

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Over $800 million	0.60

Prior to May 1, 2009, OFS had voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

5. Foreign Currency Exchange Contracts

The Fund may enter into current and forward foreign currency exchange contracts for the purchase or sale of a foreign currency at a negotiated rate at a future date.

F13 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Foreign Currency Exchange Contracts Continued

as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations.

As of June 30, 2009, the Fund had no outstanding forward contracts.

6. Subsequent Events Evaluation

7. Pending Litigation

Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

F14 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

5 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA

OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		John V. Murphy, Trustee, President and Principal Executive Officer
		Marc L. Baylin, Vice President and Portfolio Manager
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President and Secretary

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.981.2871. Read prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

OPPENHEIMER CORE BOND FUND/VA

Fund Objective. The Fund’s main objective is to seek a high level of current income. As a secondary objective, the Fund seeks capital appreciation when consistent with its primary objective.

Cumulative Total Returns

For the 6-Month Period Ended 6/30/09


Non-Service Shares	–1.71	%
Service Shares	–2.03

Average Annual Total Returns

For the Periods Ended 6/30/09

Expense Ratios

For the Fiscal Year Ended 12/31/08


	Gross		Net
	Expense		Expense
	Ratios		Ratios

Non-Service Shares	0.73	%	0.55	%
Service Shares	0.97		0.79

Credit Allocation


Agency	50.0	%
AAA	14.3
AA	1.4
A	8.3
BBB	11.3
BB	0.6
B	0.6
Not Rated	0.3
Other Securities	13.2

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on the total market value of investments. Securities rated by any rating organization are included in the equivalent Standard & Poor’s rating category. Average credit quality and allocation include rated securities and those not rated by a national rating organization but which the ratings given above have been assigned by the Manager for internal purposes as being comparable, in the Manager’s judgment, to securities rated by a rating agency in the same category.

Corporate Bonds & Notes—Top Ten Industries


Oil, Gas & Consumable Fuels	3.3	%
Diversified Financial Services	2.6
Diversified Telecommunication Services	2.4
Media	1.7
Capital Markets	1.7
Food Products	1.2
Commercial Banks	1.1
Automobiles	1.0
Electric Utilities	1.0
Industrial Conglomerates	1.0

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on net assets.

2 | OPPENHEIMER CORE BOND FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares returned –1.71% for the six-month period ended June 30, 2009. The Fund’s benchmarks, the Barclays Capital Credit Index, the Barclays Capital Aggregate Bond Index and the Citigroup Broad Investment Grade Bond Index, returned 6.87%, 1.90% and 1.44%, respectively, over the same time frame.

In the first half of the reporting period, with the credit markets still frozen and suffering from the aftershocks of the financial disarray that occurred in the second half of 2008, the Fund’s performance during that time declined and underperformed its benchmarks. An easing of credit conditions in the bond space over the reporting period helped the Fund outpace the Barclays Capital Aggregate Bond Index and the Citigroup Broad Investment Grade Bond Index over the second half of the period.

During the first half of the reporting period, the Fund’s investments in the high yield, investment grade and commercial mortgage-backed securities (CMBS) sectors detracted from Fund performance, while investments in the mortgage-backed securities (MBS) sector added to Fund performance. In the second half of the reporting period, the investment grade sector rebounded strongly and, along with the MBS and CMBS sectors, added to Fund performance.

Effective April 2009, Krishna Memani and Peter Strzalkowski, with the support of the Investment Grade Fixed Income team, are the new portfolio managers of the Fund. Since taking over the Fund, they have transitioned the portfolio to a position they feel is suitable for the market conditions existing as of the period’s end. The team believes that a core bond allocation should act as a “ballast” in a portfolio, providing competitive returns, while holding its value in a down market.

At period end, the portfolio has been positioned to diversify its sources of risk and return. The Fund’s investments in the commercial mortgage-backed securities (CMBS), non-agency mortgage-backed securities (MBS) and investment grade financials sectors have been reduced, while its investments in investment grade non-financials have increased. The Fund’s largest allocation within the MBS sector at period end was comprised mostly of agency mortgages.

Although it appears that the worst of the financial crisis may be behind us, the team believes volatility is likely to be with us for some time due to lower economic growth. As such, the portfolio managers plan to manage risk very tightly in the coming months.

Fixed income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. The Fund invests in debt securities below investment grade, which may entail greater credit risks, as described in the prospectus. Mortgage-related securities have greater potential for loss when interest rates rise. Please note that derivative instruments, securities whose values depend on the performance of an underlying security or asset, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

3 | OPPENHEIMER CORE BOND FUND/VA

FUND EXPENSES

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 June 30, 2009.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2009		June 30, 2009		June 30, 2009

Non-Service shares	$	1,000.00	$	982.90	$	3.05
Service shares		1,000.00		979.70		4.33

Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,021.72		3.11
Service shares		1,000.00		1,020.43		4.42


Class	Expense Ratios

Non-Service shares		0.62	%
Service shares		0.88

4 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited


	Principal
	Amount		Value

Asset-Backed Securities—5.7%
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 0.794%, 5/25/34¹	$	1,538,283	$	886,560
Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.414%, 9/25/36¹		30,000		20,501
Argent Securities Trust 2006-W5, Asset-Backed Pass-Through Certificates, Series 2006-W5, Cl. A2B, 0.414%, 5/26/36¹		12,585		11,592
Bank of America Credit Card Trust, Credit Card Asset-Backed Certificates, Series 2006-A16, Cl. A16, 4.72%, 5/15/13		730,000		755,389
Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 0.414%, 5/16/36¹		11,631		11,218
Chase Issuance Trust, Credit Card Asset-Backed Certificates, Series 2007-A15, Cl. A, 4.96%, 9/17/12		1,730,000		1,791,522
Citibank Credit Card Issuance Trust Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15		310,000		266,238
Countrywide Home Loans, Asset-Backed Certificates:
Series 2002-4, Cl. A1, 1.054%, 2/25/33¹		35,747		15,333
Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36¹		680,528		524,936
Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36¹		389,489		284,108
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.434%, 6/25/47¹		40,000		19,189
First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 0.404%, 7/25/36¹		47,229		43,023
First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.424%, 7/7/36¹		27,723		18,965
Ford Credit Auto Owner Trust, Automobile Receivables Nts., Series 2009-B, Cl. A2, 2.10%, 11/15/11		545,000		545,453
HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.575%, 1/20/35¹		553,976		368,710
HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.425%, 3/20/36¹		25,000		21,719
Lehman XS Trust, Mtg. Pass-Through Certificates:
Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35¹		912		906
Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35		183,403		172,901
Litigation Settlement Monetized Fee Trust, Asset-Backed Certificates, Series 2001-1A, Cl. A1, 8.33%, 4/25/31²		1,050,363		1,040,532
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.414%, 8/25/36¹		70,000		22,327
MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2005-A6, Cl. A6, 4.50%, 1/15/13		1,740,000		1,789,243
NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 2.199%, 1/25/29^1,2		3,370,016		572,903
Option One Mortgage Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 0.414%, 7/1/36¹		882,138		577,049
Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36¹		598,711		510,329
RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.414%, 9/25/36¹		35,424		30,761
Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-BNC3, Cl. A2, 0.354%, 9/25/36¹		205,867		197,870
Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 0.414%, 7/25/36¹		22,733		22,219


Total Asset-Backed Securities (Cost $14,941,129)				10,521,496

Mortgage-Backed Obligations—78.8%
Government Agency—65.5%
FHLMC/FNMA/Sponsored—61.2%
Federal Home Loan Mortgage Corp.:
5%, 8/15/33-12/15/34		3,643,913		3,726,897
6%, 5/15/18-10/15/29		5,386,038		5,692,707
6.50%, 4/15/18-4/1/34		1,091,326		1,166,596
7%, 8/15/16-10/1/37		968,164		1,041,332
7%, 10/1/31³		614,260		665,843
8%, 4/1/16		382,371		409,823

F1 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

FHLMC/FNMA/Sponsored Continued
Federal Home Loan Mortgage Corp.: Continued
9%, 8/1/22-5/1/25	$	108,368	$	119,801
10.50%, 11/14/20		4,765		5,398
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Certificates:
Series 3279, Cl. PH, 6%, 2/1/27		1,030,000		1,072,289
Series 3306, Cl. PA, 5.50%, 10/1/27		903,738		935,122
Series R001, Cl. AE, 4.375%, 4/1/15		603,850		620,056
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Certificates, Interest-Only Mtg.-Backed Security, Series 3399, Cl. SC, 12.252%, 12/15/37⁴		1,866,967		162,182
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 3045, Cl. DI, 44.194%, 10/15/35⁴		1,931,997		161,956
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 151, Cl. F, 9%, 5/15/21		23,871		25,838
Series 1674, Cl. Z, 6.75%, 2/15/24		79,463		85,539
Series 2006-11, Cl. PS, 23.416%, 3/25/36¹		572,642		687,595
Series 2034, Cl. Z, 6.50%, 2/15/28		10,423		11,216
Series 2042, Cl. N, 6.50%, 3/15/28		28,988		30,628
Series 2043, Cl. ZP, 6.50%, 4/15/28		901,998		961,225
Series 2046, Cl. G, 6.50%, 4/15/28		86,496		92,465
Series 2053, Cl. Z, 6.50%, 4/15/28		12,558		13,445
Series 2066, Cl. Z, 6.50%, 6/15/28		1,587,563		1,687,670
Series 2195, Cl. LH, 6.50%, 10/15/29		978,082		1,039,775
Series 2220, Cl. PD, 8%, 3/15/30		4,368		4,785
Series 2326, Cl. ZP, 6.50%, 6/15/31		311,784		333,105
Series 2435, Cl. EQ, 6%, 5/15/31		22,224		22,742
Series 2461, Cl. PZ, 6.50%, 6/15/32		1,458,369		1,560,745
Series 2470, Cl. LF, 1.319%, 2/15/32¹		14,385		14,519
Series 2500, Cl. FD, 0.819%, 3/15/32¹		252,186		248,912
Series 2526, Cl. FE, 0.719%, 6/15/29¹		395,610		387,753
Series 2538, Cl. F, 0.919%, 12/15/32¹		2,173,889		2,161,558
Series 2551, Cl. FD, 0.719%, 1/15/33¹		290,784		287,637
Series 2641, Cl. CE, 3.50%, 9/15/25		8,114		8,160
Series 2750, Cl. XG, 5%, 2/1/34		130,000		135,432
Series 2890, Cl. PE, 5%, 11/1/34		130,000		135,549
Series 2936, Cl. PE, 5%, 2/1/35		69,000		71,781
Series 2939, Cl. PE, 5%, 2/15/35		247,000		257,418
Series 3025, Cl. SJ, 23.579%, 8/15/35¹		119,690		143,772
Series 3035, Cl. DM, 5.50%, 11/15/25		34,789		35,402
Series 3094, Cl. HS, 23.212%, 6/15/34¹		336,590		395,241
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 176, Cl. IO, 12.978%, 6/1/26⁴		430,280		84,638
Series 183, Cl. IO, 10.404%, 4/1/27⁴		660,638		119,828
Series 184, Cl. IO, 17.374%, 12/1/26⁴		728,656		141,700
Series 192, Cl. IO, 10.935%, 2/1/28⁴		176,331		36,891
Series 200, Cl. IO, 10.312%, 1/1/29⁴		216,044		37,956
Series 202, Cl. IO, (1.583)%, 4/1/29⁴		1,452,634		233,409
Series 205, Cl. IO, 8.953%, 9/1/29⁴		33,609		7,135
Series 206, Cl. IO, (6.616)%, 12/1/29⁴		407,957		76,281
Series 2074, Cl. S, 47.868%, 7/17/28⁴		6,628		905
Series 2079, Cl. S, 59.96%, 7/17/28⁴		11,169		1,522
Series 2130, Cl. SC, 49.149%, 3/15/29⁴		460,661		55,686
Series 224, Cl. IO, 1.656%, 3/1/33⁴		859,666		144,946
Series 243, Cl. 6, 1.711%, 12/15/32⁴		523,735		78,478
Series 2526, Cl. SE, 43.684%, 6/15/29⁴		17,866		2,133
Series 2527, Cl. SG, 55.703%, 2/15/32⁴		1,827,328		114,215
Series 2531, Cl. ST, 55.753%, 2/15/30⁴		566,201		39,162
Series 2796, Cl. SD, 65.624%, 7/15/26⁴		739,307		85,763
Series 2802, Cl. AS, 99.999%, 4/15/33⁴		718,230		55,936
Series 2819, Cl. S, 53.49%, 6/15/34⁴		150,230		14,243
Series 2920, Cl. S, 77.123%, 1/15/35⁴		2,818,477		282,637
Series 3000, Cl. SE, 99.999%, 7/15/25⁴		3,197,401		271,377
Series 3004, Cl. SB, 99.999%, 7/15/35⁴		165,584		13,470
Series 3110, Cl. SL, 99.999%, 2/15/26⁴		461,917		38,696
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security:
Series 176, Cl. PO, 4.652%, 6/1/26⁵		175,303		147,074
Series 192, Cl. PO, 8.951%, 2/1/28⁵		176,331		149,677
Federal National Mortgage Assn.:
4.50%, 7/1/24-7/1/39⁶		6,330,000		6,379,146
5%, 2/25/22-7/25/22		40,225		41,712
5%, 7/1/24-7/1/39⁶		8,889,000		9,062,448
5.296%, 10/1/36		438,734		457,177
5.50%, 7/1/24-7/1/39⁶		19,990,000		20,685,802
6%, 10/1/37		1,622,015		1,697,825
6%, 7/1/23-7/1/39⁶		7,464,000		7,859,836
6.50%, 3/25/11-1/1/34		1,997,386		2,119,680
6.50%, 8/25/17³		325,775		345,335
6.50%, 7/1/37⁶		9,566,000		10,189,282
7%, 11/1/17-7/25/35		1,194,554		1,273,824
7.50%, 1/1/33		18,213		19,878
8.50%, 7/1/32		47,191		51,387
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates:
Trust 1989-17, Cl. E, 10.40%, 4/25/19		29,997		32,617
Trust 1993-87, Cl. Z, 6.50%, 6/25/23		986,475		1,060,976
Trust 1998-58, Cl. PC, 6.50%, 10/25/28		844,647		899,933
Trust 1998-61, Cl. PL, 6%, 11/25/28		443,638		474,344
Trust 1999-54, Cl. LH, 6.50%, 11/25/29		672,443		709,562
Trust 2001-44, Cl. QC, 6%, 9/25/16		48,030		51,365
Trust 2001-51, Cl. OD, 6.50%, 10/25/31		49,158		52,529
Trust 2001-74, Cl. QE, 6%, 12/25/31		1,328,289		1,418,417
Trust 2002-12, Cl. PG, 6%, 3/25/17		23,306		24,944
Trust 2003-28, Cl. KG, 5.50%, 4/25/23		3,964,000		4,041,790
Trust 2004-101, Cl. BG, 5%, 1/25/20		1,975,000		2,093,349
Trust 2005-100, Cl. BQ, 5.50%, 11/25/25		1,160,000		1,180,811

F2 | OPPENHEIMER CORE BOND FUND/VA


	Principal
	Amount		Value

FHLMC/FNMA/Sponsored Continued
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Continued
Trust 2005-117, Cl. LA, 5.50%, 12/25/27	$	96,075	$	98,553
Trust 2005-57, Cl. PA, 5.50%, 5/1/27		983,875		1,004,343
Trust 2006-110, Cl. PW, 5.50%, 5/25/28		138,434		143,140
Trust 2006-46, Cl. SW, 23.049%, 6/25/36¹		433,125		517,619
Trust 2006-50, Cl. KS, 23.05%, 6/25/36¹		917,741		1,030,281
Trust 2006-57, Cl. PA, 5.50%, 8/25/27		1,365,403		1,407,839
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Interest- Only Stripped Mtg.-Backed Security:
Trust 2005-14, Cl. SE, 42.618%, 3/25/35⁴		562,554		50,083
Trust 2006-60, Cl. DI, 42.267%, 4/25/35⁴		416,774		36,199
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-61, Cl. SH, 55.49%, 11/18/31⁴		53,801		5,760
Trust 2001-63, Cl. SD, 43.456%, 12/18/31⁴		16,425		1,844
Trust 2001-65, Cl. S, 52.087%, 11/25/31⁴		1,349,854		146,069
Trust 2001-68, Cl. SC, 34.096%, 11/25/31⁴		11,200		1,233
Trust 2001-81, Cl. S, 37.084%, 1/25/32⁴		342,905		38,825
Trust 2002-28, Cl. SA, 40.872%, 4/25/32⁴		8,960		1,208
Trust 2002-38, Cl. SO, 58.622%, 4/25/32⁴		20,307		1,989
Trust 2002-39, Cl. SD, 42.792%, 3/18/32⁴		13,428		1,438
Trust 2002-47, Cl. NS, 35.792%, 4/25/32⁴		891,639		96,459
Trust 2002-48, Cl. S, 37.70%, 7/25/32⁴		14,977		1,632
Trust 2002-51, Cl. S, 36.115%, 8/25/32⁴		818,528		87,338
Trust 2002-52, Cl. SD, 39.252%, 9/25/32⁴		945,077		99,578
Trust 2002-52, Cl. SL, 38.523%, 9/25/32⁴		9,261		1,015
Trust 2002-53, Cl. SK, 40.205%, 4/25/32⁴		46,786		5,003
Trust 2002-56, Cl. SN, 40.571%, 7/25/32⁴		20,420		2,256
Trust 2002-60, Cl. SM, 55.601%, 8/25/32⁴		189,196		16,852
Trust 2002-7, Cl. SK, 55.314%, 1/25/32⁴		87,862		10,065
Trust 2002-77, Cl. BS, 45.141%, 12/18/32⁴		112,213		11,637
Trust 2002-77, Cl. IS, 50.974%, 12/18/32⁴		34,597		3,728
Trust 2002-77, Cl. JS, 43.621%, 12/18/32⁴		189,609		20,690
Trust 2002-77, Cl. SA, 45.93%, 12/18/32⁴		180,922		18,827
Trust 2002-77, Cl. SH, 45.245%, 12/18/32⁴		438,964		52,980
Trust 2002-84, Cl. SA, 54.817%, 12/25/32⁴		1,221,095		125,183
Trust 2002-9, Cl. MS, 36.818%, 3/25/32⁴		17,196		1,918
Trust 2002-90, Cl. SN, 58.034%, 8/25/32⁴		97,332		8,673
Trust 2002-90, Cl. SY, 59.287%, 9/25/32⁴		61,114		5,310
Trust 2003-26, Cl. DI, 10.585%, 4/25/33⁴		35,800		4,441
Trust 2003-33, Cl. SP, 62.33%, 5/25/33⁴		1,312,274		140,524
Trust 2003-4, Cl. S, 50.438%, 2/25/33⁴		853,525		90,157
Trust 2003-89, Cl. XS, 66.926%, 11/25/32⁴		999,556		64,976
Trust 2004-54, Cl. DS, 51.606%, 11/25/30⁴		684,018		85,896
Trust 2005-40, Cl. SA, 76.277%, 5/25/35⁴		1,609,382		154,182
Trust 2005-40, Cl. SB, 90.122%, 5/25/35⁴		72,277		8,984
Trust 2005-6, Cl. SE, 88.998%, 2/25/35⁴		2,076,287		194,101
Trust 2005-71, Cl. SA, 74.914%, 8/25/25⁴		2,044,428		194,885
Trust 2005-87, Cl. SE, 80.932%, 10/25/35⁴		6,381,791		571,293
Trust 2005-87, Cl. SG, 99.999%, 10/25/35⁴		4,000,110		419,722
Trust 221, Cl. 2, 19.434%, 5/1/23⁴		11,556		2,141
Trust 222, Cl. 2, 16.841%, 6/1/23⁴		1,410,407		194,983
Trust 240, Cl. 2, 20.422%, 9/1/23⁴		1,749,738		240,152
Trust 252, Cl. 2, 19.613%, 11/1/23⁴		1,141,161		215,672
Trust 273, Cl. 2, 14.757%, 8/1/26⁴		325,691		63,894
Trust 294, Cl. 2, 8.333%, 2/1/28⁴		127,831		18,088
Trust 301, Cl. 2, 0.719%, 4/1/29⁴		15,591		2,766
Trust 303, Cl. IO, (2.865)%, 11/1/29⁴		190,575		35,816
Trust 319, Cl. 2, 6.021%, 2/1/32⁴		311,656		54,932
Trust 321, Cl. 2, 1.106%, 4/1/32⁴		3,383,134		606,520
Trust 324, Cl. 2, 0.028%, 7/1/32⁴		58,090		9,755
Trust 331, Cl. 5, 2.085%, 2/1/33⁴		47,274		6,485
Trust 331, Cl. 9, 15.376%, 2/1/33⁴		797,452		121,338

F3 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

FHLMC/FNMA/Sponsored Continued
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued
Trust 334, Cl. 12, (7.843)%, 2/1/33⁴	$	82,047	$	11,058
Trust 334, Cl. 17, 22.317%, 2/1/33⁴		545,620		65,641
Trust 334, Cl. 3, (15.137)%, 7/1/33⁴		385,213		47,157
Trust 334, Cl. 5, (15.087)%, 5/1/33⁴		54,986		6,656
Trust 338, Cl. 2, (4.661)%, 7/1/33⁴		1,632,272		258,964
Trust 339, Cl. 12, 3.909%, 7/1/33⁴		1,096,999		157,296
Trust 339, Cl. 7, (7.218)%, 7/1/33⁴		2,785,724		311,939
Trust 339, Cl. 8, (7.298)%, 8/1/33⁴		218,877		27,118
Trust 343, Cl. 13, 6.355%, 9/1/33⁴		898,951		142,097
Trust 343, Cl. 18, 3.918%, 5/1/34⁴		273,699		51,911
Trust 345, Cl. 9, 2.401%, 1/1/34⁴		1,234,793		216,372
Trust 351, Cl. 10, 3.464%, 4/1/34⁴		384,173		49,445
Trust 351, Cl. 11, (0.318)%, 11/1/34⁴		195,845		25,298
Trust 351, Cl. 8, 2.745%, 4/1/34⁴		596,303		81,015
Trust 355, Cl. 6, 4.166%, 12/1/33⁴		224,737		29,796
Trust 355, Cl. 7, 1.119%, 11/1/33⁴		166,546		22,869
Trust 356, Cl. 10, (2.058)%, 6/1/35⁴		515,350		63,285
Trust 356, Cl. 12, (3.812)%, 2/1/35⁴		264,000		31,828
Trust 362, Cl. 12, 1.298%, 8/1/35⁴		1,568,322		241,074
Trust 362, Cl. 13, (0.567)%, 8/1/35⁴		865,934		121,352
Trust 364, Cl. 15, (0.136)%, 9/1/35⁴		59,012		7,918
Trust 364, Cl. 16, 0.008%, 9/1/35⁴		1,115,077		171,341
Trust 365, Cl. 16, 15.722%, 3/1/36⁴		1,819,558		263,585
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security:
Trust 1993-184, Cl. M, 5.894%, 9/25/23⁵		425,000		384,265
Trust 324, Cl. 1, 7.759%, 7/1/32⁵		14,506		13,086

				112,437,272

GNMA/Guaranteed—4.3%
Government National Mortgage Assn.:
4.50%, 7/1/24⁶		6,430,000		6,419,956
7%, 12/29/23-3/15/26		39,844		43,365
8.50%, 8/1/17-12/15/17		177,669		192,449
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 1998-19, Cl. SB, 44.934%, 7/16/28⁴		22,443		3,067
Series 2001-21, Cl. SB, 77.772%, 1/16/27⁴		835,579		98,201
Series 2002-15, Cl. SM, 69.603%, 2/16/32⁴		900,875		117,453
Series 2004-11, Cl. SM, 52.623%, 1/17/30⁴		617,678		76,112
Series 2006-47, Cl. SA, 82.744%, 8/16/36⁴		8,028,796		828,466
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates:
Series 1999-32, Cl. ZB, 8%, 9/16/29		106,249		117,576
Series 2000-7, Cl. Z, 8%, 1/16/30		47,496		51,057

				7,947,702

Non-Agency—13.3%
Commercial—9.8%
Asset Securitization Corp., Commercial Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 0.997%, 4/14/29⁴		9,589,382		322,132
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2006-1, Cl. AM, 5.421%, 9/1/45		4,070,000		2,109,110
Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, (6.526)%, 6/22/24⁴		8,392,195		225,881
ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 0.414%, 9/25/36¹		2,893		2,813
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35		80,000		62,223
Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.299%, 12/1/49¹		1,920,000		1,035,981
Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49		380,000		348,200
CWALT Alternative Loan Trust 2007-8CB, Mtg. Pass-Through Certificates, Series 2007-8CB, Cl. A1, 5.50%, 5/25/37		128,153		88,840
Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		39,288		27,021
First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35		692,712		565,692
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		706,847		509,093
First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.124%, 11/1/37¹		587,462		370,961
GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2004-C3, Cl. A2, 4.433%, 7/10/39		33,077		33,005

F4 | OPPENHEIMER CORE BOND FUND/VA


	Principal
	Amount		Value

Commercial Continued
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2001-LIBA, Cl. B, 6.733%, 2/10/16	$	605,000	$	651,489
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates:
Series 2005-LDP4, Cl. AM, 4.999%,10/1/42		1,110,000		707,285
Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49		3,950,000		3,576,852
Series 2007-LD12, Cl. A2, 5.827%, 2/15/51		1,080,000		960,235
Series 2007-LD11, Cl. A2, 5.992%, 6/15/49¹		110,000		101,576
LB-UBS Commercial Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates:
Series 2006-C1, Cl. A2, 5.084%, 2/11/31		2,320,000		2,250,511
Series 2006-C1, Cl. AM, 5.217%, 2/11/31¹		2,300,000		1,450,677
Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, (1.976)%, 2/18/30⁴		4,542,258		112,899
Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/1/24		218,480		161,450
Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34		1,321,081		1,012,250
Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30		241		241
Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, (0.457)%, 5/18/32⁴		60,015,566		252,023
Structured Asset Securities Corp., Mtg. Pass-Through Certificates, Series 2002-AL1, Cl. B2, 3.45%, 2/25/32		2,064,534		830,289
Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.275%, 11/15/48		370,000		343,660

				18,112,389

Manufactured Housing—1.2%
Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.071%, 3/25/36¹		3,294,728		2,152,207
Multifamily—0.9%
Wells Fargo Mortgage-Backed Securities 2004-AA Trust, Mtg. Pass-Through Certificates, Series 2004-AA, Cl. 2A, 4.981%, 12/25/34¹		711,694		634,561
Wells Fargo Mortgage-Backed Securities 2004-S Trust, Mtg. Pass-Through Certificates, Series 2004-S, Cl. A1, 3.581%, 9/25/34¹		599,556		521,708
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.092%, 3/25/36¹		766,449		521,129

				1,677,398

Other—0.0%
JPMorgan Mortgage Trust 2005-S2, Mtg. Pass-Through Certificates, Series 2005-S2, Cl. 3A1, 6.732%, 2/25/32¹		59,218		46,528
Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. B, 55.858%, 10/23/17⁴		2,898		329
Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series1987-3, Cl. A, 4.164%, 10/23/17⁵		4,289		4,211

				51,068

Residential—1.4%
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35		40,000		31,076
JP Morgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 5A3, 5.122%, 11/1/33¹		1,218,731		1,035,094
Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36		547,666		404,246
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 6.077%, 10/25/36¹		87,158		69,268
RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33		485,237		461,605
RALI Series 2006-QS13 Trust:
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36		91,637		63,707

F5 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Residential Continued
RALI Series 2006-QS13 Trust: Continued
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36	$	20,349	$	18,886
RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 5/1/36		55,738		54,281
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		34,701		15,127
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 4A1, 5.394%, 2/1/37¹		78,639		46,682
Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 4.36%, 9/1/34¹		392,719		323,436

				2,523,408


Total Mortgage-Backed Obligations (Cost $151,290,719)				144,901,444

U.S. Government Obligations—2.1%
Federal Home Loan Mortgage Corp. Nts., 2.50%, 4/23/14		2,020,000		1,991,152
Federal National Mortgage Assn. Nts., 2.50%, 5/15/14		1,630,000		1,604,973
Resolution Funding Corp. Bonds, Residual Funding STRIPS, 4.994%, 1/15/21⁷		272,000		157,694


Total U.S. Government Obligations (Cost $3,797,397)				3,753,819

Corporate Bonds and Notes—27.0%
Consumer Discretionary—3.8%
Automobiles—1.0%
Daimler Finance North America LLC, 6.50% Sr. Unsec. Unsub. Nts., 11/15/13		455,000		463,133
Ford Motor Credit Co. LLC, 9.75% Sr. Unsec. Nts., 9/15/10		1,525,000		1,461,186

				1,924,319

Household Durables—0.5%
Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09²		910,000		911,138
Media—1.7%
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		290,000		339,730
Comcast Cable Communications, Inc., 8.875% Unsub. Nts., 5/1/17		525,000		618,107
News America, Inc., 6.65% Sr. Unsec. Unsub. Nts., 11/15/37		425,000		382,979
Time Warner Cable, Inc., 7.30% Sr. Nts., 7/1/38		170,000		177,464
Time Warner Cos., Inc., 9.125% Debs., 1/15/13		655,000		721,877
Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33		255,000		285,961
Viacom, Inc.:
6.25% Sr. Unsec. Nts., 4/30/16		190,000		187,416
6.875% Sr. Unsec. Nts., 4/30/36		400,000		369,252

				3,082,786

Multiline Retail—0.2%
Target Corp., 7% Bonds, 1/15/38		365,000		389,779
Specialty Retail—0.4%
Home Depot, Inc. (The), 5.40% Sr. Nts., 3/1/16		320,000		319,931
Staples, Inc., 7.75% Sr. Unsec. Unsub. Nts., 4/1/11		355,000		375,596

				695,527

Consumer Staples—2.5%
Beverages—0.5%
Anheuser-Busch InBev Worldwide, Inc.:
8% Sr. Nts., 11/15/39⁸		170,000		185,648
8.20% Sr. Unsec. Unsub. Nts., 1/15/39⁸		645,000		719,599

				905,247

Food & Staples Retailing—0.3%
Delhaize America, Inc., 9% Unsub. Debs., 4/15/31		250,000		303,966
Safeway, Inc., 6.50% Sr. Unsec. Nts., 3/1/11		300,000		317,864

				621,830

Food Products—1.2%
Bunge Ltd. Finance Corp.:
5.35% Sr. Unsec. Unsub. Nts., 4/15/14		506,000		493,049
8.50% Sr. Unsec. Nts., 6/15/19		380,000		398,016
ConAgra Foods, Inc., 7% Nts., 4/15/19		420,000		461,263
Kraft Foods, Inc., 6.875% Sr. Unsec. Unsub. Nts., 2/1/38		355,000		376,241
Sara Lee Corp., 6.25% Sr. Unsec. Unsub. Nts., 9/15/11		420,000		444,187

				2,172,756

F6 | OPPENHEIMER CORE BOND FUND/VA


	Principal
	Amount		Value

Tobacco—0.5%
Altria Group, Inc., 9.70% Sr. Unsec. Nts., 11/10/18	$	730,000	$	838,232
Energy—3.6%
Energy Equipment & Services—0.3%
Pride International, Inc., 8.50% Sr. Nts., 6/15/19		515,000		511,138
Oil, Gas & Consumable Fuels—3.3%
ConocoPhillips, 6.50% Sr. Unsec. Nts., 2/1/39		180,000		191,987
Enterprise Products Operating LP, 7.50% Sr. Unsec. Unsub. Nts., 2/1/11		515,000		540,004
Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13		930,000		867,724
Kinder Morgan Energy Partners LP, 9% Sr. Unsec. Nts., 2/1/19		400,000		455,718
Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37		450,000		414,174
Noble Energy, Inc., 8.25% Sr. Unsec. Nts., 3/1/19		480,000		547,048
Petro-Canada, 5.95% Sr. Unsec. Unsub. Bonds, 5/15/35		255,000		230,297
PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13⁸		787,611		807,713
Plains All American Pipeline LP, 6.50% Sr. Unsec. Unsub. Nts., 5/1/18		550,000		557,478
TEPPCO Partners LP, 6.125% Nts., 2/1/13		900,000		897,521
Valero Logistics Operations LP, 6.05% Nts., 3/15/13		95,000		90,757
Williams Cos., Inc. (The), 8.75% Unsec. Nts., 3/15/32		360,000		362,691
XTO Energy, Inc., 6.50% Sr. Unsec. Unsub. Nts., 12/15/18		170,000		182,707

				6,145,819

Financials—6.8%
Capital Markets—1.7%
Credit Suisse New York, 6% Unsec. Sub. Nts., 2/15/18		550,000		549,992
Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34		826,000		667,486
Goldman Sachs Group, Inc. (The), 7.50% Sr. Unsec. Nts., 2/15/19		295,000		316,423
Lehman Brothers Holdings, Inc., 7.50% Sub. Nts., 5/11/38^2,9		4,692,000		469
Morgan Stanley:
5.55% Sr. Unsec. Unsub. Nts., Series F, 4/27/17		215,000		200,448
7.30% Sr. Unsec. Nts., 5/13/19		1,180,000		1,225,749
Xstrata Finance Canada Ltd., 6.90% Nts., 11/15/37^6,8		231,000		184,513

				3,145,080

Commercial Banks—1.1%
Barclays Bank plc, 6.278% Perpetual Bonds¹⁰		350,000		189,309
HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35¹		1,120,000		592,676
PNC Funding Corp., 5.25% Gtd. Unsec. Sub. Nts., 11/15/15		535,000		509,541
Wachovia Corp., 5.625% Sub. Nts., 10/15/16		240,000		229,610
Wells Fargo Capital X, 5.95% Unsec. Sub. Bonds, 12/15/36		755,000		560,286

				2,081,422

Consumer Finance—0.4%
American Express Bank FSB, 5.50% Sr. Unsec. Nts., 4/16/13		410,000		402,835
American Express Co., 8.125% Sr. Unsec. Nts., 5/20/19		255,000		265,070

				667,905

Diversified Financial Services—2.6%
CIT Group Funding Co. of Canada, 4.65% Sr. Unsec. Nts., 7/1/10		700,000		595,057
Citigroup, Inc.:
5.50% Unsec. Sub. Nts., 2/15/17		545,000		444,731
5.625% Unsec. Sub. Nts., 8/27/12		370,000		346,747
6.125% Sub. Nts., 8/25/36		475,000		354,306
8.30% Jr. Sub. Bonds, 12/21/57¹		235,000		183,542
JPMorgan Chase & Co.:
5.125% Unsec. Sub. Nts., 9/15/14		405,000		403,676
7.90% Perpetual Bonds, Series 1¹⁰		920,000		807,328
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38		1,730,000		1,609,644

				4,745,031

Insurance—1.0%
American International Group, Inc., 6.25% Jr. Sub. Bonds, 3/15/37		740,000		194,250
Axa SA, 6.379% Sub. Perpetual Bonds^8,10		665,000		426,633
MetLife, Inc., 6.40% Jr. Unsec. Sub. Bonds, 12/15/36¹		415,000		297,503
Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23⁸		470,000		450,619
Prudential Insurance Co. of America, 8.30% Nts., 7/1/25⁸		435,000		395,940

				1,764,945

F7 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Health Care—1.4%
Health Care Equipment & Supplies—0.3%
Covidien International Finance SA, 6.55% Sr. Unsec. Unsub. Nts., 10/15/37	$	450,000	$	499,547
Hospira, Inc., 6.40% Sr. Unsec. Unsub. Nts., 5/15/15		90,000		94,901

				594,448

Health Care Providers & Services—0.3%
United Health Group, Inc., 6% Sr. Unsec. Nts., 2/15/18		215,000		206,681
WellPoint, Inc., 5% Sr. Unsec. Unsub. Nts., 1/15/11		425,000		435,914

				642,595

Life Sciences Tools & Services—0.3%
Fisher Scientific International, Inc., 6.125% Sr. Unsec. Sub. Nts., 7/1/15		470,000		472,347
Pharmaceuticals—0.5%
Genentech, Inc., 5.25% Sr. Unsec. Unsub. Nts., 7/15/35		500,000		466,776
Schering-Plough Corp., 6% Sr. Unsec. Nts., 9/15/17		425,000		453,303

				920,079

Industrials—3.0%
Aerospace & Defense—0.3%
BAE Systems Holdings, Inc., 6.375% Nts., 6/1/19⁸		450,000		460,917
Commercial Services & Supplies—0.7%
Browning-Ferris Industries, Inc., 7.40% Sr. Unsec. Debs., 9/15/35		375,000		351,891
R.R. Donnelley & Sons Co., 5.625% Sr. Unsec. Nts., 1/15/12		920,000		889,308

				1,241,199

Industrial Conglomerates—1.0%
General Electric Capital Corp.:
5.45% Sr. Unsec. Nts., Series A, 1/15/13		740,000		760,318
5.875% Unsec. Unsub. Nts., 1/14/38		340,000		269,558
Tyco International Ltd./Tyco International Finance SA, 6.875% Sr. Unsec. Unsub. Nts., 1/15/21		920,000		871,515

				1,901,391

Machinery—0.2%
John Deere Capital Corp., 5.75% Sr. Nts., 9/10/18		430,000		439,534
Road & Rail—0.8%
CSX Corp., 7.375% Sr. Unsec. Nts., 2/1/19		685,000		745,229
Union Pacific Corp.:
5.75% Sr. Unsec. Unsub. Nts., 11/15/17		255,000		257,469
6.125% Sr. Unsec. Nts., 2/15/20		470,000		488,293

				1,490,991

Information Technology—0.6%
Communications Equipment—0.3%
Nokia Corp., 5.375% Sr. Unsec. Nts., 5/15/19		455,000		461,215
Semiconductors & Semiconductor Equipment—0.1%
Analog Devices, Inc., 5% Sr. Unsec. Nts., 7/1/14		174,000		174,564
Software—0.2%
Oracle Corp., 6.125% Sr. Unsec. Nts., 7/8/39⁶		430,000		425,442
Materials—0.9%
Metals & Mining—0.9%
Vale Overseas Ltd.:
6.25% Nts., 1/23/17		350,000		354,600
6.875% Bonds, 11/21/36		545,000		519,713
Xstrata Canada Corp.:
5.375% Sr. Unsec. Unsub. Nts., 6/1/15		475,000		421,333
6% Sr. Unsec. Unsub. Nts., 10/15/15		347,000		307,769

				1,603,415

Telecommunication Services—2.5%
Diversified Telecommunication Services—2.4%
AT&T Inc., 6.30% Sr. Unsec. Bonds, 1/15/38		970,000		939,329
CenturyTel, Inc., 8.375% Sr. Unsec. Nts., Series H, 10/15/10		335,000		351,020
Deutsche Telekom International Finance BV, 8.50% Unsub. Nts., 6/15/10¹		427,000		449,196
Telecom Italia Capital SA, 4.875% Sr. Unsec. Unsub. Nts., 10/1/10		880,000		889,272
Telefonica Europe BV, 7.75% Unsec. Nts., 9/15/10		420,000		443,216
Telus Corp., 8% Nts., 6/1/11		690,000		740,990
Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38		750,000		735,856

				4,548,879

Wireless Telecommunication Services—0.1%
Rogers Wireless, Inc., 9.625% Sr. Sec. Nts., 5/1/11		86,000		93,863
Utilities—1.9%
Electric Utilities—1.0%
Duke Energy Carolinas LLC, 6.10% Sr. Unsec. Unsub. Nts., 6/1/37		440,000		461,498
Exelon Generation Co. LLC, 6.20% Sr. Nts., 10/1/17		267,000		266,153
Monongahela Power Co., 7.36% Unsec. Nts., Series A, 1/15/10		875,000		886,287
Oncor Electric Delivery Co., 5.95% Sec. Bonds, 9/1/13		290,000		302,124

				1,916,062

F8 | OPPENHEIMER CORE BOND FUND/VA


	Principal
	Amount		Value

Energy Traders—0.2%
Oncor Electric Delivery Co., 6.375% Sr. Sec. Nts., 1/15/15	$	330,000	$	345,589
Gas Utilities—0.1%
Atmos Energy Corp., 8.50% Sr. Unsec. Nts., 3/15/19		205,000		239,785
Multi-Utilities—0.6%
Pacific Gas & Electric Co., 6.25% Sr. Unsec. Unsub. Nts., 3/1/39		300,000		321,381
Sempra Energy:
6.50% Sr. Unsec. Nts., 6/1/16		250,000		261,294
9.80% Sr. Unsec. Nts., 2/15/19		390,000		473,110

				1,055,785


Total Corporate Bonds and Notes (Cost $54,154,245)				49,631,054


	Units			Value

Rights, Warrants and Certificates—0.0%
Pathmark Stores, Inc. Wts., Strike Price $22.31, Exp. 9/19/10^2,11 (Cost $14,872)		5,408		$	2

	Shares

Investment Companies—17.4%
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%^12,14		84,682			84,682
Oppenheimer Institutional Money Market Fund, Cl. E, 0.48%^12,13		31,897,417			31,897,417


Total Investment Companies (Cost $31,982,099)					31,982,099

Total Investments, at Value (Cost $256,180,461)		131.0	%		240,789,914
Liabilities in Excess of Other Assets		(31.0	)		(56,913,773	)

Net Assets		100.0	%	$	183,876,141

Footnotes to Statement of Investments


1.		Represents the current interest rate for a variable or increasing rate security.

2.		Illiquid security. The aggregate value of illiquid securities as of June 30, 2009 was $2,525,044, which represents 1.37% of the Fund’s net assets. See Note 6 of accompanying Notes.

3.		All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $768,169. See Note 5 of accompanying Notes.

4.		Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $11,058,218 or 6.01% of the Fund’s net assets as of June 30, 2009.

5.		Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $698,313 or 0.38% of the Fund’s net assets as of June 30, 2009.

6.		When-issued security or delayed delivery to be delivered and settled after June 30, 2009. See Note 1 of accompanying Notes.

7.		Zero coupon bond reflects effective yield on the date of purchase.

8.		Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $3,631,582 or 1.98% of the Fund’s net assets as of June 30, 2009.

9.		Issue is in default. See Note 1 of accompanying Notes.

10.		This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security.

11.		Non-income producing security.

12.		Rate shown is the 7-day yield as of June 30, 2009.

13.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2009, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares		Gross		Gross		Shares
	December 31, 2008		Additions		Reductions		June 30, 2009

OFI Liquid Assets Fund, LLC		—		810,000		810,000		—
Oppenheimer Institutional Money Market Fund, Cl. E		13,605,218		121,901,580		103,609,381		31,897,417


	Value		Income

OFI Liquid Assets Fund, LLC	$	—	$	1,106	^a
Oppenheimer Institutional Money Market Fund, Cl. E		31,897,417		84,465

	$	31,897,417	$	85,571


a.		Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties.

14.		Interest rate less than 0.0005%.

F9 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Valuation Inputs

1) Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

3) Level 3—unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2009 based on valuation input level:


							Level 3–
	Level 1–			Level 2–			Significant
	Unadjusted			Other Significant			Unobservable
	Quoted Prices			Observable Inputs			Inputs		Value

Assets Table
Investments, at Value:
Asset-Backed Securities	$	—		$	10,521,496		$	—	$	10,521,496
Mortgage-Backed Obligations		—			144,901,444			—		144,901,444
U.S. Government Obligations		—			3,753,819			—		3,753,819
Corporate Bonds and Notes		—			49,631,054			—		49,631,054
Rights, Warrants and Certificates		—			2			—		2
Investment Companies		31,982,099			—			—		31,982,099

Total Investments, at Value		31,982,099			208,807,815			—		240,789,914
Other Financial Instruments:
Swaps		—			682,022			—		682,022
Futures		21,544			—			—		21,544

Total Assets	$	32,003,643		$	209,489,837		$	—	$	241,493,480


Liabilities Table
Other Financial Instruments:
Swaps	$	—		$	(102,259	)	$	—	$	(102,259	)
Futures		(44,059	)		—			—		(44,059	)

Total Liabilities	$	(44,059	)	$	(102,259	)	$	—	$	(146,318	)

Futures Contracts as of June 30, 2009 are as follows:


								Unrealized
		Number of		Expiration				Appreciation
Contract Description	Buy/Sell	Contracts		Date		Value		(Depreciation)

U.S. Treasury Long Bonds	Buy		99		9/21/09	$	11,717,578	$	304,545
U.S. Treasury Nts., 2 yr.	Sell		139		9/30/09		30,054,406		(59,339	)
U.S. Treasury Nts., 5 yr.	Sell		49		9/30/09		5,621,219		59,380
U.S. Treasury Nts., 10 yr.	Buy		83		9/21/09		9,650,047		48,704

								$	353,290

F10 | OPPENHEIMER CORE BOND FUND/VA

Credit Default Swap Contracts as of June 30, 2009 are as follows:


		Buy/Sell	Notional
Swap		Credit	Amount		Receive/Pay			Termination
Reference Entity	Counterparty	Protection	(000’s)		Fixed Rate			Date		Value

Inco Ltd.:
	Morgan Stanley Capital Services, Inc.	Buy	$	1,015		0.63	%		3/20/17	$	24,559
	Morgan Stanley Capital Services, Inc.	Buy		1,030		0.70			3/20/17		20,145

		Total		2,045							44,704
Merrill Lynch & Co., Inc.:
	Barclays Bank plc	Sell		2,575		4.15			9/20/09		13,109
	Credit Suisse International	Sell		1,285		4.15			9/20/09		6,542

		Total		3,860							19,651
Vale Overseas:
	Morgan Stanley Capital Services, Inc.	Sell		1,015		1.10			3/20/17		(53,072	)
	Morgan Stanley Capital Services, Inc.	Sell		1,030		1.17			3/20/17		(49,187	)

		Total		2,045							(102,259	)

					Grand Total Buys						44,704
					Grand Total Sells						(82,608	)

					Total Credit Default Swaps					$	(37,904	)

The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:

Total Maximum Potential

Type of Reference Asset on

Payments for Selling Credit

Amount

Reference Asset

which the Fund Sold Protection

Protection (Undiscounted)

Recoverable*

Rating Range**

Investment Grade Single Name Corporate Debt

5,905,000

—

A to BBB+


*		The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.

**		The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor’s rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund.

Interest Rate Swap Contracts as of June 30, 2009 are as follows:

Interest Rate/

Notional

Paid by

Received by

Termination

Swap Counterparty

Amount (000’s)

the Fund

Date

Value

USD BBA LIBOR

Deutsche Bank AG

3,870

Three-Month USD BBA LIBOR

5.445

8/8/17

617,667

Abbreviation is as follows:
BBA LIBOR British Bankers’ Association London-Interbank Offered Rate

Swap Summary as of June 30, 2009 is as follows:

The following table aggregates, as of period , the amount receivable from/(payable to) each counterparty with whom the Fund has entered into a swap agreement. Swaps are individually disclosed in the preceding tables.


	Swap Type from Fund	Notional
Swap Counterparty	Perspective	Amount (000’s)		Value

Barclays Bank plc	Credit Default Sell Protection	$	2,575	$	13,109
Credit Suisse International	Credit Default Sell Protection		1,285		6,542
Deutsche Bank AG	Interest Rate		3,870		617,667
Morgan Stanley Capital Services, Inc.:
	Credit Default Buy Protection		2,045		44,704
	Credit Default Sell Protection		2,045		(102,259	)

					(57,555	)

Total Swaps				$	579,763

See accompanying Notes to Financial Statements.

F11 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2009


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $224,283,044)	$	208,892,497
Affiliated companies (cost $31,897,417)		31,897,417

		240,789,914
Swaps, at value		682,022
Receivables and other assets:
Investments sold (including $7,041,144 sold on a when-issued or delayed delivery basis)		7,041,645
Shares of beneficial interest sold		1,995,843
Interest, dividends and principal paydowns		1,594,444
Terminated investment contracts		33,605
Futures margins		21,544
Other		18,012

Total assets		252,177,029

Liabilities
Swaps, at value		102,259
Payables and other liabilities:
Investments purchased (including $67,510,985 purchased on a when-issued or delayed delivery basis)		68,041,738
Futures margins		44,059
Shares of beneficial interest redeemed		35,334
Distribution and service plan fees		24,574
Transfer and shareholder servicing agent fees		14,863
Shareholder communications		10,346
Trustees’ compensation		10,058
Other		17,657

Total liabilities		68,300,888

Net Assets	$	183,876,141


Composition of Net Assets
Par value of shares of beneficial interest	$	29,095
Additional paid-in capital		326,336,904
Accumulated net investment income		7,348,725
Accumulated net realized loss on investments		(135,381,089	)
Net unrealized depreciation on investments		(14,457,494	)

Net Assets	$	183,876,141


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 $134,099,706 and 21,167,932 shares of beneficial interest outstanding)	$	6.34
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $49,776,435 and 7,927,526 shares of beneficial interest outstanding)	$	6.28

See accompanying Notes to Financial Statements.

F12 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2009


Investment Income
Interest (net of foreign withholding taxes of $266)	$	7,550,091
Fee income		810,242
Dividends:
Unaffiliated companies		4,895
Affiliated companies		84,465
Income from investment of securities lending cash collateral, net—affiliated companies		1,106
Other income		5,302

Total investment income		8,456,101

Expenses
Management fees		561,917
Distribution and service plan fees — Service shares		63,782
Transfer and shareholder servicing agent fees:
Non-Service shares		25,562
Service shares		11,157
Shareholder communications:
Non-Service shares		45,498
Service shares		17,190
Trustees’ compensation		6,763
Custodian fees and expenses		1,100

Total expenses		732,969
Less waivers and reimbursements of expenses		(91,663	)

Net expenses		641,306

Net Investment Income		7,814,795

Realized and Unrealized Gain (Loss)
Net realized loss on:
Investments from unaffiliated companies		(51,006,955	)
Closing and expiration of futures contracts		(1,666,649	)
Swap contracts		(17,103,465	)

Net realized loss		(69,777,069	)
Net change in unrealized appreciation (depreciation) on:
Investments		54,103,830
Futures contracts		446,760
Swap contracts		1,242,346

Net change in unrealized depreciation		55,792,936

Net Decrease in Net Assets Resulting from Operations	$	(6,169,338	)

See accompanying Notes to Financial Statements.

F13 | OPPENHEIMER CORE BOND FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Non-Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	6.45		$	11.06		$	11.16		$	11.19		$	11.50		$	11.42

Income (loss) from investment operations:
Net investment income¹		.25			.66			.55			.53			.51			.43
Net realized and unrealized gain (loss)		(.36	)		(4.82	)		(.08	)		.03			(.23	)		.18

Total from investment operations		(.11	)		(4.16	)		.47			.56			.28			.61

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.45	)		(.57	)		(.59	)		(.59	)		(.53	)

Net asset value, end of period	$	6.34		$	6.45		$	11.06		$	11.16		$	11.19		$	11.50


Total Return, at Net Asset Value²		(1.71	)%		(39.05	)%		4.39	%		5.28	%		2.59	%		5.49	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	134,100		$	156,339		$	325,661		$	367,106		$	430,642		$	504,244

Average net assets (in thousands)	$	137,287		$	271,355		$	345,723		$	391,750		$	466,033		$	552,293

Ratios to average net assets:³
Net investment income		8.41	%		6.76	%		5.07	%		4.83	%		4.56	%		3.82	%
Total expenses		0.71	%⁴		0.63	%⁴		0.68	%⁴		0.77	%⁴		0.76	%		0.75	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.62	%		0.62	%		0.68	%		0.77	%		0.76	%		0.75	%

Portfolio turnover rate⁵		91	%		51	%		89	%		114	%		111	%		95	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods of less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	0.72	%
Year Ended December 31, 2008	0.63	%
Year Ended December 31, 2007	0.68	%
Year Ended December 31, 2006	0.77	%


5.		The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2009	$	504,610,617	$	533,041,473
Year Ended December 31, 2008	$	1,019,711,829	$	963,377,934
Year Ended December 31, 2007	$	662,784,931	$	678,316,693
Year Ended December 31, 2006	$	1,168,229,255	$	1,270,329,129
Year Ended December 31, 2005	$	2,420,041,493	$	2,423,498,913
Year Ended December 31, 2004	$	2,841,348,053	$	2,925,500,296

See accompanying Notes to Financial Statements.

F15 | OPPENHEIMER CORE BOND FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	6.41		$	10.98		$	11.10		$	11.15		$	11.47		$	11.39

Income from investment operations:
Net investment income¹		.25			.63			.52			.49			.47			.40
Net realized and unrealized gain (loss)		(.38	)		(4.77	)		(.08	)		.03			(.22	)		.18

Total from investment operations		(.13	)		(4.14	)		.44			.52			.25			.58

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.43	)		(.56	)		(.57	)		(.57	)		(.50	)

Net asset value, end of period	$	6.28		$	6.41		$	10.98		$	11.10		$	11.15		$	11.47


Total Return, at Net Asset Value²		(2.03	)%		(39.07	)%		4.09	%		4.93	%		2.33	%		5.22	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	49,776		$	63,093		$	103,542		$	41,191		$	11,110		$	3,505

Average net assets (in thousands)	$	51,364		$	101,597		$	70,116		$	21,265		$	7,213		$	3,002

Ratios to average net assets:³
Net investment income		8.21	%		6.55	%		4.85	%		4.56	%		4.29	%		3.55	%
Total expenses		0.97	%⁴		0.88	%⁴		0.92	%⁴		1.06	%⁴		1.03	%		0.99	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.88	%		0.87	%		0.92	%		1.06	%		1.03	%		0.99	%

Portfolio turnover rate⁵		91	%		51	%		89	%		114	%		111	%		95	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods of less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	0.98	%
Year Ended December 31, 2008	0.88	%
Year Ended December 31, 2007	0.92	%
Year Ended December 31, 2006	1.06	%


5.		The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2009	$	504,610,617	$	533,041,473
Year Ended December 31, 2008	$	1,019,711,829	$	963,377,934
Year Ended December 31, 2007	$	662,784,931	$	678,316,693
Year Ended December 31, 2006	$	1,168,229,255	$	1,270,329,129
Year Ended December 31, 2005	$	2,420,041,493	$	2,423,498,913
Year Ended December 31, 2004	$	2,841,348,053	$	2,925,500,296

See accompanying Notes to Financial Statements.

F16 | OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Core Bond Fund/VA (the “Fund”), is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s main investment objective is to seek a high level of current income. As a secondary objective, the Fund seeks capital appreciation when consistent with its primary objective. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The following is a summary of significant accounting policies consistently followed by the Fund.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

F17 | OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

There have been no significant changes to the fair valuation methodologies during the period.

As of June 30, 2009, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed
	Delivery Basis Transactions

Purchased securities	$	67,510,985
Sold securities		7,041,144

F18 | OPPENHEIMER CORE BOND FUND/VA

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of June 30, 2009, securities with an aggregate market value of $469, representing less than 0.005% of the Fund’s net assets, were in default.

Investment in OFI Liquid Assets Fund, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund’s Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC (“LAF”) is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. When applicable, the Fund’s investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF’s expenses, including its management fee of 0.08%.

F19 | OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

During the fiscal year ended December 31, 2008, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2008, the Fund had available for federal income tax purposes post-October losses of $16,717,149 and unused capital loss carryforwards as follows:


Expiring

2010	$	29,885,554
2013		57,295
2014		6,081,496
2015		1,245,459
2016		12,777,851

Total	$	50,047,655

As of June 30, 2009, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $136,541,873 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2009, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	267,485,470
Federal tax cost of other investments		(14,661,290	)

Total federal tax cost	$	252,824,180


Gross unrealized appreciation	$	7,095,591
Gross unrealized depreciation		(32,858,094	)

Net unrealized depreciation	$	(25,762,503	)

F20 | OPPENHEIMER CORE BOND FUND/VA

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.

F21 | OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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:


	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		650,084		$	3,945,032			1,056,698		$	9,889,610
Dividends and/or distributions reinvested		—			—			1,288,991			12,773,902
Acquisition-Note 10		—			—			1,626,777			17,178,762
Redeemed		(3,703,464	)		(22,399,740	)		(9,205,898	)		(87,681,397	)

Net decrease		(3,053,380	)	$	(18,454,708	)		(5,233,432	)	$	(47,839,123	)



Service Shares
Sold		965,772		$	5,807,344			4,464,539		$	42,884,220
Dividends and/or distributions reinvested		—			—			449,051			4,423,158
Redeemed		(2,886,623	)		(16,738,732	)		(4,496,387	)		(40,111,059	)

Net increase (decrease)		(1,920,851	)	$	(10,931,388	)		417,203		$	7,196,319

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF and LAF, for the six months ended June 30, 2009, were as follows:


	Purchases		Sales

Investment securities	$	108,001,997	$	130,584,081
U.S. government and government agency obligations		16,147,940		12,734,254
To Be Announced (TBA) mortgage-related securities		504,610,617		533,041,473

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $1 billion	0.60	%
Over $1 billion	0.50

F22 | OPPENHEIMER CORE BOND FUND/VA

Waivers and Reimbursements of Expenses. Effective May 1, 2009, the Manager has voluntarily undertaken to limit the Fund’s total annual operating expenses so that those expenses, as percentages of daily net assets will not exceed the annual rate of 0.75% for Non-Service shares and 1.00% for Service shares. During the six months ended June 30, 2009, the Manager waived $87 and $30 for Non-Service and Service shares, respectively. This voluntary undertaking may be amended or withdrawn at any time.

Effective April 1, 2009 through March 31, 2010, the Manager has agreed to voluntarily waive its advisory fee by 0.18% of the Fund’s average annual net assets. During the six months ended June 30, 2009, the Manager waived $80,429. This voluntary waiver will be applied after all other waivers and may be withdrawn at any time.

Prior to May 1, 2009, OFS had voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

5. Risk Exposures and the Use of Derivative Instruments

Market Risk Factors. In pursuit of its investment objectives, the Fund may seek to use derivatives to increase or decrease its exposure to the following market risk factors:

Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher- yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

F23 | OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. As of June 30, 2009, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $682,022, which represents the gross unrealized appreciation on these derivative contracts. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to net unrealized appreciation and depreciation for positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. The amount of loss that the Fund would incur taking into account these master netting arrangements would be $637,318 as of June 30, 2009.

Credit Related Contingent Features. The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and or a percentage decrease in the Fund’s Net Asset Value or NAV. The contingent features are established within the Fund’s ISDA master agreements which govern positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty.

As of June 30, 2009, the total value of derivative positions with credit related contingent features in a net liability position was $57,555. If a contingent feature would have been triggered as of June 30, 2009, the Fund could have been required to pay this amount in cash to its counterparties. The Fund did not hold or post collateral for its derivative transactions.

Valuations of derivative instruments as of June 30, 2009 are as follows:

Asset Derivatives

Liability Derivatives

Derivatives not Accounted for as Hedging

Statement of Assets

Instruments under Statement 133(a)

and Liabilities Location

Value

and Liabilities Location

Value

Credit contracts

Swaps, at value

64,355

Swaps, at value

102,259

Interest rate contracts

Futures margins

21,544

Futures margins

44,059

Interest rate contracts

Swaps, at value

617,667

Total

703,566

146,318


*		Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.

F24 | OPPENHEIMER CORE BOND FUND/VA

The effect of derivative instruments on the Statement of Operations is as follows:


Amount of Realized Gain or Loss Recognized on Derivative

Derivatives Not
Accounted for as
Hedging Instruments	Closing and expiration
under Statement 133(a)	of futures contracts			Swap contracts			Total

Interest rate contracts	$	(1,666,649	)	$	(4,588,850	)	$	(6,255,499	)
Credit contracts		—			(12,514,615	)		(12,514,615	)

Total	$	(1,666,649	)	$	(17,103,465	)	$	(18,770,114	)


Amount of Change in Unrealized Gain or Loss Recognized on Derivative

Derivatives Not
Accounted for as
Hedging Instruments
under Statement 133(a)	Futures contracts			Swap contracts			Total

Interest rate contracts	$	446,760		$	1,672,302		$	2,119,062
Credit contracts		—			(429,956	)		(429,956	)

Total	$	446,760		$	1,242,346		$	1,689,106

Futures Contracts

The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk.

The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk.

Swap Contracts

F25 | OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations.

The Fund has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and, or, indexes.

F26 | OPPENHEIMER CORE BOND FUND/VA

Risks of credit default swaps include credit, market and liquidity risk. Additional risks include but are not limited to: the cost of paying for credit protection if there are no credit events or the cost of selling protection when a credit event occurs (paying the notional amount to the protection buyer); and pricing transparency when assessing the value of a credit default swap.

The Fund has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. Typically, if relative interest rates rise, payments received by the Fund under the swap agreement will be greater than the payments made by the Fund.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

As of June 30, 2009, the Fund had no such total return swap agreements outstanding.

6. Illiquid Securities

F27 | OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Illiquid Securities Continued

acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments.

7. Securities Lending

The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

As of June 30, 2009, the Fund had no securities on loan.

8. Subsequent Events Evaluation

9. Pending Litigation

Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

F28 | OPPENHEIMER CORE BOND FUND/VA

10. Acquisition of Government Securities Portfolio

On April 30, 2008, the Fund acquired all of the net assets of Government Securities Portfolio, pursuant to an Agreement and Plan of Reorganization approved by the Government Securities Portfolio shareholders on April 25, 2008. The Fund issued (at an exchange ratio of 1.0341 for Non-Service of the Fund to one share of Government Securities Portfolio) 1,626,777 shares of beneficial interest for Non-Service, valued at $17,178,762 in exchange for the net assets, resulting in combined Non-Service net assets of $321,759,067 on April 30, 2008. The net assets acquired included net unrealized appreciation $284,900 and an unused capital loss carryforward of $194,746, potential utilization subject to tax limitations. The exchange qualified as a tax-free reorganization for federal income tax purposes.

F29 | OPPENHEIMER CORE BOND FUND/VA

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 (“portfolio proxies”) relating to securities 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 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 voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Fund’s Form N-PX filing on the SEC’s website at www.sec.gov.

5 | OPPENHEIMER CORE BOND FUND/VA

OPPENHEIMER CORE BOND FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		John V. Murphy, Trustee, President and Principal Executive Officer
		Krishna Memani, Vice President and Portfolio Manager
		Peter A. Strzalkowski, Vice President and Portfolio Manager
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President and Secretary

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered		KPMG llp
Public Accounting Firm

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.981.2871. Read prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent auditors.



©Copyright 2009 OppenheimerFunds, Inc. All rights reserved.

OPPENHEIMER GLOBAL SECURITIES FUND/VA

Fund Objective. The Fund seeks long-term capital appreciation by investing a substantial portion of its assets in securities of foreign issuers, “growth-type” companies, cyclical industries and special situations that are considered to have appreciation possibilities.

Cumulative Total Returns
For the 6-Month Period Ended 6/30/09


Non-Service Shares	12.19	%
Service Shares	12.05
Class 3 Shares	12.15
Class 4 Shares	12.06

Average Annual Total Returns
For the Periods Ended 6/30/09


	1-Year			5-Year			10-Year

Non-Service Shares		-22.54	%		2.05	%		5.07	%


							Since
							Inception
	1-Year			5-Year			(7/13/00)

Service Shares		-22.70	%		1.80	%		0.22	%


							Since
							Inception
	1-Year			5-Year			(5/1/03)

Class 3 Shares		-22.55	%		2.05	%		8.38	%


							Since
							Inception
	1-Year			5-Year			(5/3/04)

Class 4 Shares		-22.71	%		1.79	%		1.96	%

Expense Ratios
For the Fiscal Year Ended 12/31/08


Non-Service Shares	0.75	%
Service Shares	1.00
Class 3 Shares	0.75
Class 4 Shares	1.00

Regional Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on the total market value of investments.


Top Ten Common Stock Holdings
Telefonaktiebolaget LM Ericsson, B Shares	4.6	%
Juniper Networks, Inc.	2.4
Roche Holding AG	2.3
Siemens AG	2.3
Credit Suisse Group AG	2.2
Microsoft Corp.	2.0
LVMH Moet Hennessey Louis Vuitton	1.9
Infosys Technologies Ltd.	1.9
Intuit, Inc.	1.9
SAP AG	1.8

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on net assets.

2 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

Narrative by Rajeev Bhaman, Portfolio Manager

The Fund’s Non-Service shares returned 12.19% for the six-month period ended June 30, 2009, outperforming its benchmark, the MSCI World Index (“the Index”), which returned 6.35% over the same time-span.

Our strategy of focusing on high-quality companies, which we believed had significant opportunities for earnings growth, bore out well during the reporting period. We held a number of companies in the information technology and consumer discretionary sectors, which were the largest contributors to Fund performance during the reporting period. Our significant overweight positions to these sectors, along with our stock selection strategy within them, benefited relative Fund performance. At the end of the reporting period, approximately 47% of the Fund was invested in these two sectors.

In information technology, notable successes were Telefonaktiebolaget LM Ericsson (“Ericsson”), our largest holding at period end; Infosys Technologies Ltd.; Juniper Networks, Inc.; and Corning, Inc. Infosys Technologies and Juniper Networks were also among the top ten holdings of the Fund at period end. In consumer discretionary, leading contributors included LVMH Moet Hennessey Louis Vuitton, which was among the top ten holdings of the Fund at period end; Burberry Group plc and footwear manufacturer Tod’s SpA.¹

Overall, the Fund outperformed in seven of ten sectors versus the Index for the period. The three sectors that underperformed for the Fund were materials, industrials and telecommunication services. Weaker relative stock selection versus the Index in the telecommunication services sector, and an overweight position to the industrials sector detracted from Fund performance. Not holding materials stocks detracted from Fund performance, as the sector performed relatively well for the Index.

The first two months of the reporting period were characterized by very weak global markets. Fear was on the rise as investors worried about the possibility of a new depression driven by excessive leverage, the disappearance of credit and very real risks to many of the world’s financial institutions. Add to this the decrease in world trade alongside an aggressive global inventory reduction.

As the mood improved over the second half of the reporting period, markets recovered sharply. In mid-March, confidence and risk appetite began to return to the markets, as economic news became more mixed as opposed to being universally bad. Rates of increase in unemployment and declines in housing prices have slowed in many regions of the globe. The U.S. Treasury conducted stress tests for the country’s largest banks, which have begun to recapitalize with the issuance of tens of billions of dollars of new equity. This has allowed some companies to repay their TARP funding. First quarter results in the U.S., although sharply lower than the previous year, came in ahead of consensus for the first time in seven quarters. Globally, there are signs that the worst of inventory destocking is over, a process whereby manufacturers reduce output as a result of a reduction in consumer spending, and which is indicative of why wholesale inventories fell sharply in late 2008 and early 2009. Energy and material prices have recovered sharply from their first quarter lows.

Despite these improvements, we are still in the grips of a steep recession. Growth forecasts continue to fall in the developed world. At the end of the reporting period, the latest 2009 consensus numbers for the U.S., Japan, the U.K. and other major European countries are all lower than they were in March, but forecasts for China and India have begun to move upwards. Many of the major trading nations are beginning to see month over month improvements in export demand and a consequent recovery in manufacturing output.

The Fund’s investment strategy continues to be focused on identifying long-term structural growth stocks – companies we believe have durable long-term earnings, good cash flow characteristics, strong economic returns on invested capital and healthy balance sheets. We also expect to generally continue to be contrarians in terms of acquiring stocks, buying them when they are out of fashion and neglected.

1. These companies are being listed for informational purposes only. OppenheimerFunds is not making any recommendation with respect to these companies and the Fund may or may not still hold shares.

3 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

OPPENHEIMER GLOBAL SECURITIES FUND/VA

We are seeking to situate the Fund around quality companies that we believe should perform well in most market conditions. Our focus on quality franchises remains the bedrock of the Fund.

As part of our outlook, we currently anticipate a number of major themes. First, deleveraging will continue, both at the corporate and the individual level. This suggests slower growth. Second, we believe the strong will get stronger. In our opinion, many of the companies with the strongest franchises and brands will continue to pull away from the pack. We also currently anticipate little or no inflation. We believe that the world is running at around 65% capacity utilization while the extent of credit withdrawal from the system has been roughly twice the cumulative size of stimulus packages.

As well as placing emphasis on companies we believe are strong franchises, we have built the Fund around companies with strong free cash-flow characteristics. We have added very selectively to what we believe are quality financial stocks while retaining an underweight stance to the sector overall at period end. We currently see opportunities in U.S. healthcare insurers which have free cash flows and low single-figure multiples, and also because we believe the existing structure will be the basis of any healthcare reform package. We are also currently optimistic in regards to consumer non-durables with restructuring stories. Clearly, the markets have rallied strongly from their March lows, but we believe certain valuations are still compelling.

As of the reporting period’s end, we do not plan to stray from our underweight stance in the energy and materials sectors. We view the recent firming of energy and materials prices as a recovery from an oversold position, a sign of growing appetite for risk and a reaction to the weakness of the U.S. dollar. In our opinion, the fundamentals of supply and demand do not support any sustained material upside move in prices.

We continue to be diversified across a number of geographies at period end. At the end of the reporting period, we had approximately one-third of the Fund invested in the U.S., which we continue to believe is the largest and most innovative economy in the world. The second largest allocation is to Japan. As well as having an economy consisting of large companies, with long track records of significant innovations, Japan is seeing the first signs of adopting more shareholder friendly ways of running companies. We are invested in the United Kingdom, our third largest geographical holding, for the same reasons – it is one of the world’s most open economies, with many high-quality companies. The next largest geographic weightings for the Fund at period end were France, Sweden, Germany, Switzerland, and Mexico.

As always, we urge shareholders to keep in mind the added volatility and risk—including currency fluctuation, foreign taxes, and economic and political instability—that investing in the securities of international markets entails.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc and the Fund may or may not continue to hold those securities.

4 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

FUND EXPENSES

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 June 30, 2009.

5 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

FUND EXPENSES Continued


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	January 1, 2009		June 30, 2009		June 30, 2009

Actual
Non-Service Shares	$	1,000.00	$	1,121.90		$3.79
Service Shares		1,000.00		1,120.50		5.11
Class 3 Shares		1,000.00		1,121.50		3.79
Class 4 Shares		1,000.00		1,120.60		5.16

Hypothetical (5% return before expenses)
Non-Service Shares		1,000.00		1,021.22		3.61
Service Shares		1,000.00		1,019.98		4.87
Class 3 Shares		1,000.00		1,021.22		3.61
Class 4 Shares		1,000.00		1,019.93		4.92


Class	Expense Ratios

Non-Service Shares		0.72	%
Service Shares		0.97
Class 3 Shares		0.72
Class 4 Shares		0.98

6 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited


	Shares		Value

Common Stocks—99.2%
Consumer Discretionary—16.7%
Automobiles—2.0%
Bayerische Motoren Werke (BMW) AG		402,709	$	15,203,586
Bayerische Motoren Werke (BMW) AG, Preference		537,990		12,981,255
Toyota Motor Corp.		439,100		16,599,866

				44,784,707

Hotels, Restaurants & Leisure—3.5%
Aristocrat Leisure Ltd.		486,264		1,477,719
Carnival Corp.		1,222,426		31,501,918
International Game Technology		437,800		6,961,020
McDonald’s Corp.		591,500		34,005,335
Shuffle Master, Inc.¹		610,200		4,033,422

				77,979,414

Household Durables—1.6%
Sony Corp.		1,367,000		35,312,927
Media—3.6%
Dish TV India Ltd.¹		2,654,022		2,118,514
Grupo Televisa SA, Sponsored GDR		1,737,696		29,540,832
Sirius XM Radio, Inc.¹		13,465,610		5,790,212
Walt Disney Co. (The)		1,345,300		31,385,849
Wire & Wireless India Ltd.¹		2,223,250		921,230
Zee Entertainment Enterprises Ltd.		3,163,110		11,703,606

				81,460,243

Specialty Retail—2.4%
Industria de Diseno Textil SA		649,300		31,124,645
Tiffany & Co.		903,800		22,920,368

				54,045,013

Textiles, Apparel & Luxury Goods—3.6%
Bulgari SpA		1,932,918		10,418,860
Burberry Group plc		1,571,688		10,970,761
LVMH Moet Hennessey Louis Vuitton		575,170		43,894,404
Tod’s SpA		292,997		16,741,177

				82,025,202

Consumer Staples—10.9%
Beverages—3.4%
Companhia de Bebidas das Americas, Sponsored ADR, Preference		376,115		24,383,535
Diageo plc		985,365		14,128,056
Fomento Economico Mexicano SA de CV, UBD		7,886,400		25,435,074
Grupo Modelo SA de CV, Series C¹		3,786,000		13,524,458

				77,471,123

Food & Staples Retailing—3.2%
Seven & I Holdings Co. Ltd.		429,553		10,077,808
Tesco plc		4,656,185		27,086,965
Wal-Mart Stores, Inc.		696,500		33,738,460

				70,903,233

Food Products—2.0%
Cadbury plc		2,152,111		18,340,547
Nestle SA		192,085		7,234,014
Unilever plc		833,003		19,515,264

				45,089,825

Household Products—2.3%
Colgate-Palmolive Co.		401,600		28,409,184
Reckitt Benckiser Group plc		523,568		23,825,561

				52,234,745

Energy—5.0%
Energy Equipment & Services—2.5%
Technip SA		596,400		29,316,243
Transocean Ltd.¹		383,572		28,495,564

				57,811,807

Oil, Gas & Consumable Fuels—2.5%
Husky Energy, Inc.		789,830		22,089,301
Total SA		625,940		33,902,495

				55,991,796

Financials—13.4%
Capital Markets—3.5%
3i Group plc		2,556,548		10,228,833
Credit Suisse Group AG		1,107,294		50,546,944
UBS AG¹		1,519,364		18,583,910

				79,359,687

Commercial Banks—3.4%
HDFC Bank Ltd.		142,800		4,424,643
HSBC Holdings plc		3,788,573		31,747,099
Societe Generale, Cl. A		263,640		14,381,608
Sumitomo Mitsui Financial Group, Inc.		658,700		26,636,766

				77,190,116

F1 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Consumer Finance—1.3%
SLM Corp.¹		2,868,650	$	29,461,036
Diversified Financial Services—1.1%
Investor AB, B Shares		1,580,854		24,384,985
Insurance—4.1%
AFLAC, Inc.		692,200		21,520,498
Allianz SE		305,462		28,152,102
Prudential plc		2,873,487		19,548,013
Sony Financial Holdings, Inc.		1,542		4,244,579
XL Capital Ltd., Cl. A		1,516,500		17,379,090

				90,844,282

Health Care—6.8%
Biotechnology—1.3%
Basilea Pharmaceutica AG¹		30,816		2,630,513
InterMune, Inc.¹		324,300		4,929,360
NicOx SA¹		234,290		2,934,081
Regeneron Pharmaceuticals, Inc.¹		200,802		3,598,372
Seattle Genetics, Inc.¹		758,728		7,374,836
Theravance, Inc.¹		509,600		7,460,544

				28,927,706

Health Care Equipment & Supplies—0.1%
Zimmer Holdings, Inc.¹		67,900		2,892,540
Health Care Providers & Services—2.0%
Aetna, Inc.		1,011,900		25,348,095
WellPoint, Inc.¹		401,135		20,413,760

				45,761,855

Pharmaceuticals—3.4%
Roche Holding AG		386,564		52,547,515
Sanofi-Aventis SA		352,105		20,681,840
Schering-Plough Corp.		80,700		2,027,184

				75,256,539

Industrials—13.0%
Aerospace & Defense—3.7%
Boeing Co. (The)		247,100		10,501,750
Empresa Brasileira de Aeronautica SA, ADR		889,383		14,728,182
European Aeronautic Defense & Space Co.		1,443,000		23,384,916
Lockheed Martin Corp.		185,200		14,936,380
Raytheon Co.		439,300		19,518,099

				83,069,327

Air Freight & Logistics—0.8%
TNT NV		934,527		18,150,928
Building Products—1.6%
Assa Abloy AB, Cl. B		2,606,085		36,314,562
Commercial Services & Supplies—0.7%
Secom Co. Ltd.		398,700		16,172,175
Electrical Equipment—1.2%
Emerson Electric Co.		479,900		15,548,760
Mitsubishi Electric Corp.		1,677,000		10,551,934

				26,100,694

Industrial Conglomerates—4.6%
3M Co.		497,400		29,893,740
Koninklijke (Royal) Philips Electronics NV		1,159,000		21,431,580
Siemens AG		752,233		52,151,915

				103,477,235

Machinery—0.4%
Fanuc Ltd.		129,000		10,292,990
Information Technology—29.7%
Communications Equipment—7.5%
Juniper Networks, Inc.¹		2,278,500		53,772,600
Tandberg ASA		660,850		11,125,248
Telefonaktiebolaget LM Ericsson, B Shares		10,611,280		103,791,652

				168,689,500

Electronic Equipment & Instruments—5.0%
Corning, Inc.		1,689,700		27,136,582
Hoya Corp.		1,033,800		20,699,222
Keyence Corp.		95,074		19,348,460
Kyocera Corp.		160,900		12,069,827
Murata Manufacturing Co. Ltd.		579,000		24,540,633
Nidec Corp.		170,300		10,290,709

				114,085,433

Internet Software & Services—1.7%
eBay, Inc.¹		2,231,200		38,220,456
IT Services—3.2%
Automatic Data Processing, Inc.		859,800		30,471,312
Infosys Technologies Ltd.		1,145,526		42,480,470

				72,951,782

Semiconductors & Semiconductor Equipment—4.3%
Altera Corp.		1,319,100		21,474,948
Linear Technology Corp.		378,496		8,837,882
Maxim Integrated Products, Inc.		1,346,865		21,132,312
MediaTek, Inc.		1,953,238		23,234,458
Taiwan Semiconductor Manufacturing Co. Ltd.		13,248,942		22,008,296

				96,687,896

F2 | OPPENHEIMER GLOBAL SECURITIES FUND/VA


	Shares			Value

Software—8.0%
Adobe Systems, Inc.¹		1,222,463		$	34,595,703
Intuit, Inc.¹		1,504,700			42,372,352
Microsoft Corp.		1,919,900			45,636,023
Nintendo Co. Ltd.		60,400			16,622,329
SAP AG		1,018,098			40,847,892

					180,074,299

Telecommunication Services—2.8%
Wireless Telecommunication Services—2.8%
KDDI Corp.		5,649			30,023,231
Turkcell Iletisim Hizmetleri AS, ADR		820,800			11,376,288
Vodafone Group plc		10,884,692			20,987,544

					62,387,063

Utilities—0.9%
Electric Utilities—0.9%
Fortum Oyj		937,700			21,336,781


Total Common Stocks (Cost $2,369,665,742)					2,237,199,902

	Principal
	Amount

Convertible Corporate Bonds and Notes—0.1%
Theravance, Inc., 3%
Cv. Sub. Nts., 1/15/15 (Cost $2,882,000)	$	2,882,000			2,125,475

	Shares

Investment Companies—0.9%
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%^2,4		178,056			178,056
Oppenheimer Institutional Money Market Fund, Cl. E, 0.48%^2,3		21,284,006			21,284,006


Total Investment Companies (Cost $21,462,062)					21,462,062

Total Investments, at Value (Cost $2,394,009,804)		100.2	%		2,260,787,439
Liabilities in Excess of Other Assets		(0.2	)		(5,285,837	)


Net Assets		100.0	%	$	2,255,501,602

Footnotes to Statement of Investments


1.		Non-income producing security.

2.		Rate shown is the 7-day yield as of June 30, 2009.

3.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2009, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares		Gross		Gross		Shares
	December 31, 2008		Additions		Reductions		June 30, 2009

OFI Liquid Assets Fund, LLC		—		342,533,185		342,533,185		—
Oppenheimer Institutional Money Market Fund, Cl. E		24,247,807		171,080,160		174,043,961		21,284,006


	Value		Income

OFI Liquid Assets Fund, LLC	$	—	$	935,043	^a
Oppenheimer Institutional Money Market Fund, Cl. E		21,284,006		106,131

	$	21,284,006	$	1,041,174



a.		Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties.


4.		Interest rate less than 0.0005%.

F3 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Valuation Inputs

	1)		Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

	3)		Level 3—unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2009 based on valuation input level:


					Level 3—
	Level 1—		Level 2—		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	266,764,096	$	108,843,410	$	—	$	375,607,506
Consumer Staples		235,621,118		10,077,808		—		245,698,926
Energy		50,584,865		63,218,738		—		113,803,603
Financials		195,806,084		105,434,022		—		301,240,106
Health Care		149,904,559		2,934,081		—		152,838,640
Industrials		159,592,401		133,985,510		—		293,577,911
Information Technology		418,103,780		252,605,586		—		670,709,366
Telecommunication Services		62,387,063		—		—		62,387,063
Utilities		21,336,781		—		—		21,336,781
Convertible Corporate Bonds and Notes		—		2,125,475		—		2,125,475
Investment Companies		21,462,062		—		—		21,462,062

Total Assets	$	1,581,562,809	$	679,224,630	$	—	$	2,260,787,439

F4 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited


June 30, 2009

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $2,372,725,798)	$	2,239,503,433
Affiliated companies (cost $21,284,006)		21,284,006

		2,260,787,439
Receivables and other assets:
Interest and dividends		3,410,630
Investments sold		153,417
Shares of beneficial interest sold		121,870
Other		207,402

Total assets		2,264,680,758

Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		7,515,028
Foreign capital gains tax		604,625
Distribution and service plan fees		518,098
Transfer and shareholder servicing agent fees		188,207
Shareholder communications		97,375
Investments purchased		85,027
Trustees’ compensation		31,202
Other		139,594

Total liabilities		9,179,156

Net Assets	$	2,255,501,602


Composition of Net Assets
Par value of shares of beneficial interest	$	106,252
Additional paid-in capital		2,481,311,978
Accumulated net investment income		23,318,417
Accumulated net realized loss on investments and foreign currency transactions		(115,640,573	)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(133,594,472	)

Net Assets	$	2,255,501,602


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 $1,198,754,091 and 56,350,565 shares of beneficial interest outstanding)	$	21.27
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $811,608,374 and 38,415,917 shares of beneficial interest outstanding)	$	21.13
Class 3 Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $179,591,897 and 8,387,341 shares of beneficial interest outstanding)	$	21.41
Class 4 Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $65,547,240 and 3,098,272 shares of beneficial interest outstanding)	$	21.16

See accompanying Notes to Financial Statements.

F6 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

STATEMENT OF OPERATIONS Unaudited


For the Six Months Ended June 30, 2009

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $2,086,042)	$	32,360,014
Affiliated companies		106,131
Income from investment of securities lending cash collateral, net—affiliated companies		935,043
Interest		50,975

Total investment income		33,452,163

Expenses
Management fees		6,531,456
Distribution and service plan fees:
Service shares		906,127
Class 4 shares		72,605
Transfer and shareholder servicing agent fees:
Non-Service shares		204,019
Service shares		137,221
Class 3 shares		32,994
Class 4 shares		14,051
Shareholder communications:
Non-Service shares		134,492
Service shares		89,972
Class 3 shares		20,158
Class 4 shares		7,238
Custodian fees and expenses		102,410
Trustees’ compensation		25,751
Other		42,613

Total expenses		8,321,107
Less waivers and reimbursements of expenses		(12,208	)

Net expenses		8,308,899

Net Investment Income		25,143,264

Realized and Unrealized Gain (Loss)
Net realized loss on:
Investments from unaffiliated companies (net of foreign capital gains tax of $380,371)		(68,716,533	)
Foreign currency transactions		(1,624,867	)

Net realized loss		(70,341,400	)
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains tax of $603,456)		285,096,556
Translation of assets and liabilities denominated in foreign currencies		(2,117,392	)

Net change in unrealized depreciation		282,979,164

Net Increase in Net Assets Resulting from Operations	$	237,781,028

See accompanying Notes to Financial Statements.

F7 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months
	Ended			Year Ended
	June 30, 2009			December 31,
	(Unaudited)			2008

Operations
Net investment income	$	25,143,264		$	57,466,025
Net realized gain (loss)		(70,341,400	)		24,747,758
Net change in unrealized depreciation		282,979,164			(1,596,274,756	)

Net increase (decrease) in net assets resulting from operations		237,781,028			(1,514,060,973	)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(27,800,589	)		(26,708,494	)
Service shares		(16,163,769	)		(13,401,398	)
Class 3 shares		(4,130,611	)		(4,326,225	)
Class 4 shares		(1,262,683	)		(1,190,079	)

		(49,357,652	)		(45,626,196	)
Distributions from net realized gain:
Non-Service shares		(26,507,538	)		(117,354,093	)
Service shares		(17,924,453	)		(71,861,924	)
Class 3 shares		(3,946,570	)		(19,045,871	)
Class 4 shares		(1,437,851	)		(6,614,741	)

		(49,816,412	)		(214,876,629	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(25,688,263	)		(78,197,928	)
Service shares		(10,588,139	)		71,375,736
Class 3 shares		(6,748,562	)		(30,841,100	)
Class 4 shares		(1,370,115	)		(6,272,856	)

		(44,395,079	)		(43,936,148	)

Net Assets
Total increase (decrease)		94,211,885			(1,818,499,946	)
Beginning of period		2,161,289,717			3,979,789,663

End of period (including accumulated net investment income of $23,318,417 and $47,532,805, respectively)	$	2,255,501,602		$	2,161,289,717

See accompanying Notes to Financial Statements.

F8 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Non-Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	20.21		$	36.60		$	36.79		$	33.38		$	29.51		$	25.08

Income (loss) from investment operations:
Net investment income¹		.24			.55			.45			.43			.32			.26
Net realized and unrealized gain (loss)		1.80			(14.46	)		1.69			5.20			3.85			4.49

Total from investment operations		2.04			(13.91	)		2.14			5.63			4.17			4.75

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.50	)		(.46	)		(.50	)		(.36	)		(.30	)		(.32	)
Distributions from net realized gain		(.48	)		(2.02	)		(1.83	)		(1.86	)		—			—

Total dividends and/or distributions to shareholders		(.98	)		(2.48	)		(2.33	)		(2.22	)		(.30	)		(.32	)


Net asset value, end of period	$	21.27		$	20.21		$	36.60		$	36.79		$	33.38		$	29.51


Total Return, at Net Asset Value²		12.19	%		(40.19	)%		6.32	%		17.69	%		14.31	%		19.16	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,198,754		$	1,150,113		$	2,193,638		$	2,297,315		$	2,124,413		$	2,518,867

Average net assets (in thousands)	$	1,098,029		$	1,679,720		$	2,302,726		$	2,189,511		$	2,123,523		$	2,451,188

Ratios to average net assets:³
Net investment income		2.57	%		1.95	%		1.21	%		1.27	%		1.08	%		1.01	%
Total expenses		0.72	%^4,5		0.65	%^4,5,6		0.65	%^4,5,6		0.66	%^4,5,6		0.67	%⁶		0.66	%⁶

Portfolio turnover rate		9	%		19	%		18	%		21	%		35	%		30	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	0.72	%
Year Ended December 31, 2008	0.65	%
Year Ended December 31, 2007	0.65	%
Year Ended December 31, 2006	0.66	%


5.		Waiver or reimbursement of indirect management fees less than 0.005%.

6.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F9 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	20.02		$	36.27		$	36.49		$	33.16		$	29.33		$	24.96

Income (loss) from investment operations:
Net investment income¹		.22			.47			.33			.33			.24			.20
Net realized and unrealized gain (loss)		1.80			(14.32	)		1.72			5.16			3.84			4.46

Total from investment operations		2.02			(13.85	)		2.05			5.49			4.08			4.66

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.43	)		(.38	)		(.44	)		(.30	)		(.25	)		(.29	)
Distributions from net realized gain		(.48	)		(2.02	)		(1.83	)		(1.86	)		—			—

Total dividends and/or distributions to shareholders		(.91	)		(2.40	)		(2.27	)		(2.16	)		(.25	)		(.29	)


Net asset value, end of period	$	21.13		$	20.02		$	36.27		$	36.49		$	33.16		$	29.33


Total Return, at Net Asset Value²		12.05	%		(40.33	)%		6.08	%		17.36	%		14.06	%		18.88	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	811,609		$	772,107		$	1,300,989		$	983,558		$	557,284		$	346,403

Average net assets (in thousands)	$	734,340		$	1,051,239		$	1,180,656		$	750,499		$	413,849		$	247,490

Ratios to average net assets:³
Net investment income		2.31	%		1.70	%		0.91	%		0.98	%		0.79	%		0.77	%
Total expenses		0.97	%^4,5		0.90	%^4,5,6		0.89	%^4,5,6		0.91	%^4,5,6		0.92	%⁶		0.91	%⁶

Portfolio turnover rate		9	%		19	%		18	%		21	%		35	%		30	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	0.97	%
Year Ended December 31, 2008	0.90	%
Year Ended December 31, 2007	0.89	%
Year Ended December 31, 2006	0.91	%


5.		Waiver or reimbursement of indirect management fees less than 0.005%.

6.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F10 | OPPENHEIMER GLOBAL SECURITIES FUND/VA


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Class 3 Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	20.34		$	36.82		$	36.99		$	33.55		$	29.65		$	25.19

Income (loss) from investment operations:
Net investment income¹		.24			.56			.45			.43			.32			.26
Net realized and unrealized gain (loss)		1.81			(14.56	)		1.71			5.23			3.88			4.52

Total from investment operations		2.05			(14.00	)		2.16			5.66			4.20			4.78

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.50	)		(.46	)		(.50	)		(.36	)		(.30	)		(.32	)
Distributions from net realized gain		(.48	)		(2.02	)		(1.83	)		(1.86	)		—			—

Total dividends and/or distributions to shareholders		(.98	)		(2.48	)		(2.33	)		(2.22	)		(.30	)		(.32	)


Net asset value, end of period	$	21.41		$	20.34		$	36.82		$	36.99		$	33.55		$	29.65


Total Return, at Net Asset Value²		12.15	%		(40.19	)%		6.34	%		17.69	%		14.34	%		19.19	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	179,592		$	175,971		$	361,621		$	395,901		$	346,064		$	265,044

Average net assets (in thousands)	$	164,240		$	269,650		$	391,270		$	369,406		$	296,252		$	199,388

Ratios to average net assets:³
Net investment income		2.55	%		1.95	%		1.22	%		1.26	%		1.06	%		1.00	%
Total expenses		0.72	%^4,5		0.65	%^4,5,6		0.65	%^4,5,6		0.66	%^4,5,6		0.67	%⁶		0.66	%⁶

Portfolio turnover rate		9	%		19	%		18	%		21	%		35	%		30	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	0.72	%
Year Ended December 31, 2008	0.65	%
Year Ended December 31, 2007	0.65	%
Year Ended December 31, 2006	0.66	%


5.		Waiver or reimbursement of indirect management fees less than 0.005%.

6.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F11 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Class 4 Shares	(Unaudited)			2008			2007			2006			2005			2004¹

Per Share Operating Data
Net asset value, beginning of period	$	20.03		$	36.28		$	36.49		$	33.15		$	29.35		$	25.21

Income (loss) from investment operations:
Net investment income²		.22			.47			.34			.34			.24			.09
Net realized and unrealized gain (loss)		1.81			(14.34	)		1.70			5.16			3.84			4.05

Total from investment operations		2.03			(13.87	)		2.04			5.50			4.08			4.14

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.42	)		(.36	)		(.42	)		(.30	)		(.28	)		—
Distributions from net realized gain		(.48	)		(2.02	)		(1.83	)		(1.86	)		—			—

Total dividends and/or distributions to shareholders		(.90	)		(2.38	)		(2.25	)		(2.16	)		(.28	)		—

Net asset value, end of period	$	21.16		$	20.03		$	36.28		$	36.49		$	33.15		$	29.35


Total Return, at Net Asset Value³		12.06	%		(40.35	)%		6.06	%		17.40	%		14.05	%		16.42	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	65,547		$	63,099		$	123,542		$	114,232		$	90,604		$	37,384

Average net assets (in thousands)	$	59,151		$	93,909		$	122,385		$	100,973		$	61,380		$	19,774

Ratios to average net assets:⁴
Net investment income		2.29	%		1.69	%		0.93	%		1.00	%		0.79	%		0.53	%
Total expenses		0.98	%^5,6		0.91	%^5,6,7		0.90	%^5,6,7		0.91	%^5,6,7		0.93	%⁷		0.94	%⁷

Portfolio turnover rate		9	%		19	%		18	%		21	%		35	%		30	%


1.		For the period from May 3, 2004 (inception of offering) to December 31, 2004.

2.		Per share amounts calculated based on the average shares outstanding during the period.

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 less than one full year.

5.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	0.98	%
Year Ended December 31, 2008	0.91	%
Year Ended December 31, 2007	0.90	%
Year Ended December 31, 2006	0.91	%


6.		Waiver or reimbursement of indirect management fees less than 0.005%.

7.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F12 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Global Securities Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek long-term capital appreciation by investing a substantial portion of its assets in securities of foreign issuers, “growth-type” companies, cyclical industries and special situations that are considered to have appreciation possibilities. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The Fund offers Non-Service, Service, Class 3 and Class 4 shares. All 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 being designated as Service shares and Class 4 shares are subject to a distribution and service plan. All 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 Fund assesses a 1% fee on the proceeds of Class 3 and Class 4 shares that are redeemed (either by selling or exchanging to another Oppenheimer fund or other investment option offered through your variable life insurance or variable annuity contract) within 60 days of their purchase. The fee, which is retained by the Fund, is accounted for as an addition to paid-in capital.

The following is a summary of significant accounting policies consistently followed by the Fund.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

F13 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

There have been no significant changes to the fair valuation methodologies during the period.

F14 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

As of June 30, 2009, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $93,499,260 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2009, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	2,433,368,350

Gross unrealized appreciation	$	280,684,655
Gross unrealized depreciation		(453,708,314	)

Net unrealized depreciation	$	(173,023,659	)

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

F15 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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.

F16 | OPPENHEIMER GLOBAL SECURITIES 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:


	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		3,460,231		$	65,363,301			9,646,046		$	259,758,983
Dividends and/or distributions reinvested		3,644,841			54,308,127			4,840,813			144,062,587
Redeemed		(7,650,865	)		(145,359,691	)		(17,521,140	)		(482,019,498	)

Net decrease		(545,793	)	$	(25,688,263	)		(3,034,281	)	$	(78,197,928	)


Service Shares
Sold		1,129,690		$	21,669,946			6,325,047		$	162,252,325
Dividends and/or distributions reinvested		2,301,703			34,088,222			2,887,346			85,263,322
Redeemed		(3,586,639	)		(66,346,307	)		(6,514,971	)		(176,139,911	)

Net increase (decrease)		(155,246	)	$	(10,588,139	)		2,697,422		$	71,375,736


Class 3 Shares
Sold		151,988		$	2,966,728			277,654		$	8,012,360
Dividends and/or distributions reinvested		538,120			8,077,181			780,370			23,372,096
Redeemed		(953,160	)		(17,792,471	)¹		(2,229,618	)		(62,225,556	)²

Net decrease		(263,052	)	$	(6,748,562	)		(1,171,594	)	$	(30,841,100	)


Class 4 Shares
Sold		74,400		$	1,484,900			101,469		$	2,904,870
Dividends and/or distributions reinvested		181,977			2,700,534			264,033			7,804,820
Redeemed		(307,546	)		(5,555,549	)¹		(621,183	)		(16,982,546	)²

Net decrease		(51,169	)	$	(1,370,115	)		(255,681	)	$	(6,272,856	)


1.		Net of redemption fees of $3,149 and $3,235 for Class 3 and Class 4, respectively.

2.		Net of redemption fees of $7,921 and $5,109 for Class 3 and Class 4, respectively.

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF and LAF, for the six months ended June 30, 2009, were as follows:


	Purchases		Sales

Investment securities	$	172,968,473	$	273,592,947

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Over $800 million	0.60

F17 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

Distribution and Service Plan for Service Shares and Class 4 Shares. The Fund has adopted a Distribution and Service Plan (the “Plan”) in accordance with Rule 12b-1 under the Investment Company Act of 1940 for Service shares and Class 4 shares to pay OppenheimerFunds Distributor, Inc. (the “Distributor”), for distribution related services, personal service and account maintenance for the Fund’s Service shares and Class 4 shares. Under the Plan, payments are made periodically at an annual rate of up to 0.25% of the average annual net assets of Service shares and Class 4 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 and Class 4 shares. These fees are paid out of the Fund’s assets on an on-going basis and increase operating expenses of the Service shares and Class 4 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.

Waivers and Reimbursements of Expenses. Effective May 1, 2009, the Manager has voluntarily undertaken to limit the Fund’s total annual operating expenses so that those expenses, as percentages of daily net assets will not exceed the annual rate of 1.00% for Non-Service and Class 3 shares and 1.25% for Service and Class 4 shares. This voluntary undertaking may be amended or withdrawn at any time.

Prior to May 1, 2009, OFS had voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

5. Foreign Currency Exchange Contracts

The Fund may enter into current and forward foreign currency exchange contracts for the purchase or sale of a foreign currency at a negotiated rate at a future date.

Foreign currency exchange contracts are reported on a schedule following the Statement of Investments. These contracts will be valued daily based upon the closing prices of the currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations.

As of June 30, 2009, the Fund had no outstanding forward contracts.

F18 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

6. Securities Lending

As of June 30, 2009, the Fund had no securities on loan.

7. Subsequent Events Evaluation

8. Pending Litigation

Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneyss’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

F19 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

7 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

OPPENHEIMER GLOBAL SECURITIES FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		John V. Murphy, Trustee, President and Principal Executive Officer
		Rajeev Bhaman, Vice President and Portfolio Manager
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President and Secretary

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG llp

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.981.2871. Read prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firms.

OPPENHEIMER HIGH INCOME FUND/VA

Fund Objective. The Fund seeks a high level of current income by investing mainly in a diversified portfolio of high-yield, lower-grade, fixed-income securities that the Fund’s investment manager, OppenheimerFunds, Inc., believes does not involve undue risk.

Cumulative Total Returns
For the 6-Month Period Ended 6/30/09


Non-Service Shares	6.33	%
Service Shares	5.70
Class 3	6.37
Class 4	6.29

Average Annual Total Returns
For the Periods Ended 6/30/09


	1-Year			5-Year			10-Year

Non-Service Shares		-76.10	%		-22.93	%		-10.50	%


							Since
							Inception
	1-Year			5-Year			(9/18/01)

Service Shares		-76.11	%		-23.10	%		-13.13	%


						Since
						Inception
	1-Year			5-Year		(5/01/07)

Class 3		-76.35	%		N/A		-50.65	%
Class 4		-76.03	%		N/A		-50.41	%

Expense Ratios
For the Fiscal Year Ended 12/31/08


	Gross			Net
	Expense			Expense
	Ratios			Ratios

Non-Service Shares		0.90	%		0.49	%
Service Shares		1.14			0.74
Class 3		0.90			0.49
Class 4		1.12			0.74

Credit Allocation


A	0.2	%
BBB	7.6
BB	38.5
B	37.3
CCC	13.1
CC	0.7
C	0.7
D	0.1
Not Rated	1.0
Other Securities	0.8

Corporate Bonds & Notes—Top Ten Industries


Oil, Gas & Consumable Fuels	12.7	%
Media	7.6
Health Care Providers & Services	7.9
Hotels, Restaurants & Leisure	6.8
Food Products	4.8
Wireless Telecommunication Services	3.8
Energy Traders	3.7
Aerospace & Defense	3.4
Diversified Telecommunication Services	3.3
Automobiles	3.2

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on net assets.

2 | OPPENHEIMER HIGH INCOME FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares returned 6.33% for the six-month period ended June 30, 2009, underperforming the Merrill Lynch High Yield Master Index, which returned 28.99%. In the first quarter of 2009, the market dislocations and credit crunch that dominated the second half of 2008 continued. During this time, the Fund’s performance suffered. In the second quarter of 2009, market volatility diminished and the markets stabilized. The Fund’s performance in the second quarter improved dramatically, allowing it to finish the reporting period in positive territory.

In the first quarter of 2009, Fund performance declined primarily due to the portfolio’s exposure to commercial mortgage-backed securities (CMBS) and investment-grade credit. Within a difficult market environment, these investments underperformed. The CMBS market improved somewhat late in the quarter, but still finished in negative territory. The Fund’s investments in non-agency mortgages benefited modestly from positive returns in the first quarter, but underperformed versus the high yield market.

In the second quarter of 2009, Fund performance improved, both on an absolute basis and versus the Merrill Lynch High Yield Master Index. During the second quarter, we made a number of changes to the Fund’s portfolio. We eliminated virtually all positions in CMBS, investment grade financials and credit default swaps by period end. The Fund at period end was fully invested primarily in high yield corporate debt. We significantly increased our exposure to the energy sector during the reporting period, specifically within oil, gas and consumable fuels holdings.

Effective April 1, 2009, Joseph Welsh, CFA, was named head of OppenheimerFunds’ High Yield Corporate Debt team and was named the sole Portfolio Manager of Oppenheimer High Income Fund/VA. Mr. Welsh and his team are responsible for all high yield strategies. Mr. Welsh has worked for OppenheimerFunds since 1995, when he joined the firm as a high yield bond analyst, supporting a number of portfolios. Prior to that, he served as a senior bond analyst at W.R. Huff Asset Management, a private institutional money manager.

At period end, the team has transitioned the portfolio to a positioning they feel is suitable for market conditions existing as of period end. They will continue to employ their bottom-up, fundamental analysis and continue to monitor industry weightings within the Fund to ensure that they are within target ranges set for the portfolio.

The High Yield Corporate Debt team’s process emphasizes a high commitment to consistent investment approach and will employ a bottom-up, credit-research driven approach to security selection. The team has been together for many years and possesses a proven process to analyze balance sheet dynamics. They will study each company’s strategy, assets, and competitive position and assess their business prospects, management quality, and value and seek to diversify by issuer and industry sector.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

3 | OPPENHEIMER HIGH INCOME FUND/VA

FUND EXPENSES

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 June 30, 2009.

4 | OPPENHEIMER HIGH INCOME FUND/VA


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2009		June 30, 2009		June 30, 2009

Non-Service Shares	$	1,000.00	$	1,063.30	$	3.28
Service shares		1,000.00		1,057.00		4.50
Class 3		1,000.00		1,063.70		3.07
Class 4		1,000.00		1,062.90		4.41

Hypothtical (5% return before expenses)
Non-Service Shares		1,000.00		1,021.62		3.21
Service shares		1,000.00		1,020.43		4.42
Class 3		1,000.00		1,021.82		3.01
Class 4		1,000.00		1,020.53		4.32


Class	Expense Ratios

Non-Service Shares		0.64	%
Service shares		0.88
Class 3		0.60
Class 4		0.86

The expense ratios reflect reduction to custodian expenses and voluntary waivers or reimbursements of expenses by the Fund’s Manager that can be terminated at any time, without advance notice. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

5 | OPPENHEIMER HIGH INCOME FUND/VA

STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited


	Principal
	Amount		Value

Mortgage-Backed Obligations—0.4%
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 2527, Cl. SG, 47.357%, 2/15/32¹	$	198,539	$	12,409
Series 2531, Cl. ST, 55.753%, 2/15/30¹		243,481		16,841
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Trust 364, Cl. 16, 0.008%, 9/1/35¹		116,098		17,839
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 2A4, 5.833%, 2/1/37²		687,432		124,279
WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates, Series 2007-HY2, Cl. 1A2, 5.581%, 12/1/36²		1,691,156		311,027

Total Mortgage-Backed Obligations (Cost $1,773,983)				482,395

Corporate Bonds and Notes—95.5%
Consumer Discretionary—23.3%
Auto Components—1.1%
Allison Transmission, Inc., 11% Sr. Nts., 11/1/15³		900,000		715,500
Goodyear Tire & Rubber Co. (The):
7.857% Nts., 8/15/11		370,000		362,600
9% Sr. Unsec. Nts., 7/1/15		255,000		253,725

				1,331,825

Automobiles—3.2%
Case New Holland, Inc., 7.125% Sr. Unsec. Nts., 3/1/14		1,515,000		1,390,013
Ford Motor Co.:
6.50% Sr. Unsec. Unsub. Nts., 8/1/18		435,000		258,825
7.45% Bonds, 7/16/31		1,935,000		1,151,325
Ford Motor Credit Co. LLC:
8% Unsec. Nts., 6/1/14		610,000		494,218
9.75% Sr. Unsec. Nts., 9/15/10		830,000		795,269

				4,089,650

Diversified Consumer Services—0.5%
Service Corp. International:
6.75% Sr. Unsec. Nts., 4/1/15		285,000		259,350
7% Sr. Unsec. Unsub. Nts., 6/15/17		340,000		309,400

				568,750

Hotels, Restaurants & Leisure—6.8%
CCM Merger, Inc., 8% Unsec. Nts., 8/1/13³		735,000		510,825
Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13^3,4		1,155,000		77,963
Harrah’s Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18³		1,438,000		834,040
Harrah’s Operating Escrow LLC/ Harrah’s Escrow Group, 11.25% Sr. Sec. Nts., 6/1/17³		420,000		399,000
Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14		850,000		688,500
Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15³		1,770,000		893,850
MGM Mirage, Inc., 6.75% Sr. Unsec. Nts., 4/1/13		375,000		252,188
Mohegan Tribal Gaming Authority, 6.125% Sr. Unsec. Sub. Nts., 2/15/13		975,000		741,000
Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10		880,000		809,600
Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12		605,000		605,000
Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14³		445,000		438,325
Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14⁴		3,280,000		82,000
Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16		650,000		386,750
Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15⁴		715,000		92,056
Wendy’s/Arby’s Group, Inc., 10% Sr. Unsec. Nts., 7/15/16³		985,000		946,831
Wynn Las Vegas LLC/ Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14		1,010,000		893,850

				8,651,778

Household Durables—1.8%
Jarden Corp., 7.50% Sr. Unsec. Sub. Nts., 5/1/17		805,000		708,400
K. Hovnanian Enterprises, Inc.:
7.75% Sr. Unsec. Sub. Nts., 5/15/13		285,000		129,675
8.875% Sr. Sub. Nts., 4/1/12		805,000		503,125
Lennar Corp., 12.25% Sr. Unsec. Nts., 6/1/17		485,000		511,675
Toll Brothers Finance Corp., 8.91% Sr. Unsec. Nts., 10/15/17		380,000		389,162

				2,242,037

Leisure Equipment & Products—0.3%
Remington Arms Co., Inc., 10.50% Sr. Unsec. Nts., 2/1/11		415,000		420,188

F1 | OPPENHEIMER HIGH INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Media—7.6%
Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12	$	365,000	$	283,788
AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14		245,000		210,088
American Media Operations, Inc.:
9% Sr. Unsec. Nts., 5/1/13³		1,774		781
14% Sr. Sub. Nts., 11/1/13³		514,077		185,068
CCH I LLC/CCH I Capital Corp., 11% Sr. Sec. Nts., 10/1/15⁴		1,455,000		181,875
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp., 10.25% Sr. Unsec. Nts., 9/15/10^4,5		605,000		641,300
Cinemark USA, Inc., 8.625% Sr. Nts., 6/15/19³		625,000		620,313
EchoStar DBS Corp., 6.375% Sr. Unsec. Nts., 10/1/11		1,010,000		982,225
Fisher Communications, Inc., 8.625% Sr. Unsec. Nts., 9/15/14		185,000		163,263
Lamar Media Corp., 7.25% Sr. Unsec. Sub. Nts., 1/1/13		915,000		874,969
Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13		1,380,000		1,000,500
Mediacom LLC/Mediacom Capital Corp., 9.50% Sr. Unsec. Nts., 1/15/13		940,000		900,050
MediaNews Group, Inc.:
6.375% Sr. Sub. Nts., 4/1/14⁶		1,460,000		7,446
6.875% Sr. Unsec. Sub. Nts., 10/1/13^4,6		2,510,000		12,801
NTL Cable plc, 9.125% Sr. Nts., 8/15/16		675,000		653,063
Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11		280,000		116,900
Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12³		275,000		278,438
Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12		1,640,000		1,102,900
Virgin Media Finance plc, 8.75% Sr. Unsec. Nts., 4/15/14		220,000		215,600
Warner Music Group Corp., 7.375% Sr. Sub. Bonds, 4/15/14		1,030,000		876,788
WMG Acquisition Corp., 9.50% Sr. Sec. Nts., 6/15/16³		305,000		305,000

				9,613,156

Specialty Retail—1.3%
Claire’s Stores, Inc., 10.50% Sr. Unsec. Sub. Nts., 6/1/17		1,530,000		543,150
GameStop Corp., 8% Sr. Unsec. Nts., 10/1/12		475,000		480,938
Leslie’s Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13⁶		575,000		550,563

				1,574,651

Textiles, Apparel & Luxury Goods—0.7%
Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15		895,000		883,813
Consumer Staples—7.0%
Food & Staples Retailing—1.7%
Albertson’s, Inc., 8% Sr. Unsec. Debs., 5/1/31		1,160,000		1,000,500
Delhaize America, Inc., 9% Unsub. Debs., 4/15/31		1,010,000		1,228,021
Real Time Data Co., 11% Nts., 5/31/09^4,5,6,7		476,601		—

				2,228,521

Food Products—4.8%
Chiquita Brands International, Inc.:
7.50% Sr. Unsec. Nts., 11/1/14		730,000		616,850
8.875% Sr. Unsec. Unsub. Nts., 12/1/15		285,000		247,238
Dean Foods Co., 7% Sr. Unsec. Unsub. Nts., 6/1/16		1,520,000		1,394,600
Dole Food Co., Inc.:
7.25% Sr. Unsec. Nts., 6/15/10		590,000		584,100
8.875% Sr. Unsec. Nts., 3/15/11		621,000		608,580
JBS USA LLC/JBS USA Finance, Inc., 11.625% Sr. Nts., 5/1/14³		895,000		850,250
Pinnacle Foods Finance LLC/ Pinnacle Foods Finance Corp., 10.625% Sr. Sub. Nts., 4/1/17		1,620,000		1,377,000
Smithfield Foods, Inc., 7% Sr. Nts., 8/1/11		360,000		343,800

				6,022,418

Personal Products—0.5%
Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14		730,000		635,100
Energy—14.5%
Energy Equipment & Services—1.8%
Helix Energy Solutions Group, Inc., 9.50% Sr. Unsec. Nts., 1/15/16³		1,025,000		940,438
Key Energy Services, Inc., 8.375% Sr. Unsec. Nts., 12/1/14		815,000		723,313
Pride International, Inc., 7.375% Sr. Unsec. Nts., 7/15/14		630,000		628,425

				2,292,176

Oil, Gas & Consumable Fuels—12.7%
Atlas Energy Resources LLC, 10.75% Sr. Nts., 2/1/18³		1,010,000		956,975
Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15		555,000		399,600
Berry Petroleum Co.:
8.25% Sr. Sub. Nts., 11/1/16		470,000		405,375
10.25% Sr. Unsec. Nts., 6/1/14		460,000		466,900

F2 | OPPENHEIMER HIGH INCOME FUND/VA


	Principal
	Amount		Value

Oil, Gas & Consumable Fuels Continued
Bill Barrett Corp., 9.875% Sr. Nts., 7/15/16⁸	$	90,000	$	88,650
Chesapeake Energy Corp., 6.875% Sr. Unsec. Nts., 1/15/16		1,360,000		1,207,000
Cimarex Energy Co., 7.125% Sr. Nts., 5/1/17		285,000		252,225
Denbury Resources, Inc., 7.50% Sr. Sub. Nts., 12/15/15		1,190,000		1,136,450
El Paso Corp.:
7% Sr. Unsec. Sub. Nts., 6/15/17		180,000		164,816
7.25% Sr. Unsec. Nts., 6/1/18		205,000		190,298
Enterprise Products Operating LLP, 8.375% Jr. Sub. Nts., 8/1/66²		1,570,000		1,265,417
Forest Oil Corp.:
7.25% Sr. Unsec. Nts., 6/15/19³		335,000		301,500
8.50% Sr. Nts., 2/15/14³		910,000		898,625
Kinder Morgan Finance Co. ULC, 5.70% Sr. Unsec. Unsub. Nts., 1/5/16		620,000		534,750
Mariner Energy, Inc., 11.75% Sr. Unsec. Nts., 6/30/16		430,000		430,000
Massey Energy Co., 6.875% Sr. Unsec. Nts., 12/15/13		1,265,000		1,163,800
Newfield Exploration Co., 6.625% Sr. Unsec. Unsub. Nts., 4/15/16		660,000		598,950
Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13		590,000		587,050
Petrohawk Energy Corp., 10.50% Sr. Nts., 8/1/14³		520,000		534,300
Pioneer Natural Resources Co.:
5.875% Sr. Unsec. Nts., 7/15/16		150,000		130,071
6.65% Sr. Unsec. Nts., 3/15/17		105,000		92,427
6.875% Sr. Unsec. Unsub. Nts., 5/1/18		150,000		131,411
Plains Exploration & Production, 10% Sr. Unsec. Nts., 3/1/16		1,225,000		1,264,813
Quicksilver Resources, Inc.:
7.125% Sr. Sub. Nts., 4/1/16		555,000		435,675
8.25% Sr. Unsec. Nts., 8/1/15		335,000		299,825
11.75% Sr. Nts., 1/1/16		615,000		639,600
SandRidge Energy, Inc.:
8.625% Sr. Unsec. Unsub. Nts., 4/1/15⁷		355,000		320,388
9.875% Sr. Unsec. Nts., 5/15/16³		660,000		640,200
Southwestern Energy Co., 7.50% Sr. Nts., 2/1/18³		510,000		492,150

				16,029,241

Financials—2.4%
Capital Markets—0.3%
Lehman Brothers Holdings, Inc., 7.50% Sub. Nts., 5/11/38^4,6		3,481,000		348
RailAmerica, Inc., 9.25% Sr. Sec. Nts., 7/1/17³		335,000		324,950

				325,298

Consumer Finance—0.9%
SLM Corp., 4.50% Nts., Series A, 7/26/10		1,195,000		1,129,622

Diversified Financial Services—0.4%
GMAC LLC, 8% Sr. Unsec. Unsub. Nts., 11/1/31³		745,000		528,950

Insurance—0.3%
Multiplan, Inc., 10.375% Sr. Sub. Nts., 4/15/16⁶		400,000		387,000
Prudential Insurance Co. of America, 8.30% Nts., 7/1/25³		35,000		31,857

				418,857

Real Estate Investment Trusts—0.5%
HCP, Inc.:
6% Sr. Unsec. Nts., 1/30/17		245,000		207,993
6.70% Sr. Unsec. Nts., 1/30/18		475,000		413,272

				621,265

Health Care—10.5%
Health Care Equipment & Supplies—2.1%
Biomet, Inc., 10.375% Sr. Unsec. Nts., 10/15/17⁷		1,210,000		1,176,725
Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/15²		1,320,000		1,009,800
Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/15⁷		500,000		473,750

				2,660,275

Health Care Providers & Services—7.9%
Apria Healthcare Group, Inc., 11.25% Sr. Sec. Nts., 11/1/14³		915,000		887,550
Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/15⁷		1,080,000		568,350
Community Health Systems, Inc., 8.875% Sr. Unsec. Nts., 7/15/15		1,455,000		1,433,175
DaVita, Inc., 6.625% Sr. Unsec. Nts., 3/15/13		300,000		284,250
HCA, Inc.:
6.375% Nts., 1/15/15		1,590,000		1,299,825
8.50% Sr. Sec. Nts., 4/15/19³		340,000		334,900
HEALTHSOUTH Corp., 10.75% Sr. Unsec. Nts., 6/15/16		1,360,000		1,373,600
Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15		1,520,000		1,242,600
Tenet Healthcare Corp., 7.375% Nts., 2/1/13		620,000		561,100
US Oncology Holdings, Inc., 6.904% Sr. Unsec. Nts., 3/15/12^2,7		579,000		490,703
US Oncology, Inc., 9.125% Sr. Sec. Nts., 8/15/17³		615,000		613,463

F3 | OPPENHEIMER HIGH INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Health Care Providers & Services Continued
Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Nts., 10/1/15⁹	$	960,000		$	940,800

					10,030,316

Pharmaceuticals—0.5%
DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14		715,000			629,200

Industrials—11.5%
Aerospace & Defense—3.4%
Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16		1,005,000			927,113
BE Aerospace, Inc., 8.50% Sr. Unsec. Nts., 7/1/18		1,080,000			1,020,600
Bombardier, Inc.:
6.30% Sr. Unsec. Unsub. Nts., 5/1/14³		645,000			567,600
8% Sr. Nts., 11/15/14³		440,000			416,350
L-3 Communications Corp., 5.875% Sr. Sub. Nts., 1/15/15		1,570,000			1,401,225

					4,332,888

Airlines—0.8%
American Airlines Pass Through Trust 2009-1A, 10.375%, Pass-Through Certificates, Series 2009-1A, 7/2/19⁸		225,000			226,125
American Airlines, Pass Through Trust 2001-2, 7.858% Pass-Through Certificates, Series 2001-2, Cl. A-2, 10/1/11⁶		830,000			778,125

					1,004,250

Building Products—0.1%
Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14		355,000			102,950

Commercial Services & Supplies—3.2%
Allied Waste North America, Inc., 7.375% Sr. Sec. Nts., Series B, 4/15/14		820,000			837,234
American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/05^4,5,6		200,000			—
Aramark Services, Inc., 8.50% Sr. Unsec. Nts., 2/1/15		320,000			312,000
Corrections Corp. of America, 7.75% Sr. Nts., 6/1/17		535,000			529,650
Iron Mountain, Inc.:
7.75% Sr. Sub. Nts., 1/15/15		405,000			390,825
8.625% Sr. Unsec. Sub. Nts., 4/1/13		795,000			796,988
West Corp., 9.50% Sr. Unsec. Nts., 10/15/14		1,360,000			1,196,800

					4,063,497

Electrical Equipment—0.1%
Baldor Electric Co., 8.625% Sr. Nts., 2/15/17		110,000			102,300

Machinery—1.0%
Manitowoc Co., Inc. (The), 7.125% Sr. Nts., 11/1/13		575,000			427,656
Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17		1,025,000			793,094

					1,220,750

Professional Services—0.5%
US Investigations Services, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15³		755,000			619,100

Road & Rail—1.4%
Avis Budget Car Rental LLC, 7.625% Sr. Unsec. Unsub. Nts., 5/15/14		1,285,000			918,775
Hertz Corp., 10.50% Sr. Unsec. Sub. Nts., 1/1/16		910,000			814,450

					1,733,225

Trading Companies & Distributors—1.0%
RSC Equipment Rental, Inc., 10% Sr. Sec. Nts., 7/15/17^6,8		185,000			176,342
United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14		1,380,000			1,135,050

					1,311,392

Information Technology—4.9%
Communications Equipment—0.0%
Orion Network Systems, Inc., 12.50% Sr. Unsub. Nts., 1/15/07^4,5,6		1,150,000			12

Computers & Peripherals—1.0%
Seagate Technology International, 10% Sr. Sec. Nts., 5/1/14³		1,205,000			1,248,681

Electronic Equipment & Instruments—1.2%
Celestica, Inc., 7.625% Sr. Unsec. Sub. Nts., 7/1/13		600,000			588,000
Flextronics International Ltd., 6.50% Sr. Unsec. Sub. Nts., 5/15/13		640,000			619,200
RBS Global & Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16		420,000			311,850

					1,519,050

Internet Software & Services—0.0%
Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09^4,5,6		844,866	EUR		—
NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10^4,5,6		240,208			—

					—

IT Services—2.2%
Affiliated Computer Services, Inc., 5.20% Sr. Unsec. Nts., 6/1/15		630,000			538,650

F4 | OPPENHEIMER HIGH INCOME FUND/VA


	Principal
	Amount		Value

IT Services Continued
First Data Corp., 9.875% Sr. Unsec. Nts., 9/24/15	$	1,245,000	$	890,175
Sabre Holdings Corp., 7.35% Sr. Unsec. Unsub. Nts., 8/1/11		160,000		136,800
SunGard Data Systems, Inc., 9.125% Sr. Unsec. Nts., 8/15/13		1,260,000		1,197,000

				2,762,625

Semiconductors & Semiconductor Equipment—0.5%
Amkor Technology, Inc.:
7.75% Sr. Nts., 5/15/13		415,000		382,319
9.25% Sr. Unsec. Nts., 6/1/16		250,000		232,813

				615,132

Materials—8.7%
Chemicals—1.8%
Huntsman International LLC, 7.875% Sr. Unsec. Sub. Nts., 11/15/14		95,000		75,763
Huntsman LLC:
11.50% Sr. Unsec. Nts., 7/15/12		190,000		193,325
11.625% Sr. Unsec. Nts., 10/15/10		460,000		472,650
Momentive Performance Materials, Inc., 11.50% Sr. Unsec. Sub. Nts., 12/1/16		2,645,000		753,825
Nalco Co., 8.875% Unsec. Sub. Nts., 11/15/13		725,000		743,125

				2,238,688

Construction Materials—0.0%
NTK Holdings, Inc., 0%/10.75% Sr. Unsec. Nts., 3/1/14⁹		455,000		38,675

Containers & Packaging—3.1%
Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14		1,085,000		919,538
Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15		810,000		795,825
Graham Packaging Co., Inc.:
8.50% Sr. Unsec. Nts., 10/15/12		360,000		349,200
9.875% Sr. Unsec. Sub. Nts., 10/15/14		950,000		888,250
Graphic Packaging International, Inc.:
8.50% Sr. Nts., 8/15/11		388,000		386,060
9.50% Sr. Unsec. Nts., 6/15/17³		550,000		544,500

				3,883,373

Metals & Mining—2.5%
Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17		1,640,000		1,654,626
Steel Dynamics, Inc., 7.375% Sr. Unsec. Unsub. Nts., 11/1/12		610,000		581,025
Teck Resourches Ltd., 10.25% Sr. Sec. Nts., 5/15/16³		915,000		959,640

				3,195,291

Paper & Forest Products—1.3%
Georgia-Pacific LLC, 8.25% Sr. Unsec. Nts., 5/1/16³		1,155,000		1,126,125
NewPage Corp., 10% Sr. Sec. Nts., 5/1/12		1,170,000		567,450

				1,693,575

Telecommunication Services—7.1%
Diversified Telecommunication Services—3.3%
Citizens Communications Co., 6.25% Sr. Nts., 1/15/13		1,365,000		1,262,625
Intelsat Subsidiary Holdings Co. Ltd., 8.50% Sr. Unsec. Nts., 1/15/13³		605,000		583,825
Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12		1,225,000		1,240,313
Windstream Corp.:
8.125% Sr. Unsec. Unsub. Nts., 8/1/13		670,000		651,575
8.625% Sr. Unsec. Unsub. Nts., 8/1/16		435,000		418,688
Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10^4,5,6		1,000,000		—

				4,157,026

Wireless Telecommunication Services—3.8%
American Tower Corp., 7.25% Sr. Unsec. Nts., 5/15/19³		660,000		641,850
Cricket Communications, Inc., 7.75% Sr. Sec. Nts., 5/15/16³		735,000		711,113
Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15		1,545,000		1,239,863
Sprint Capital Corp., 8.75% Nts., 3/15/32		2,725,000		2,207,250
Teligent, Inc., 11.50% Sr. Nts., 12/1/08^4,5,6		400,000		—

				4,800,076

Utilities—5.6%
Electric Utilities—1.9%
Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17		1,480,000		1,143,300
Energy Future Holdings Corp., 10.875% Sr. Unsec. Nts., 11/1/17		1,295,000		951,825
Texas Competitive Electric Holdings Co. LLC, 10.25% Sr. Unsec. Nts., Series A, 11/1/15		510,000		320,025

				2,415,150

Energy Traders—3.7%
AES Corp. (The), 8.75% Sr. Sec. Nts., 5/15/13³		265,000		270,300
Dynegy Holdings, Inc., 8.375% Sr. Unsec. Nts., 5/1/16		1,115,000		950,538

F5 | OPPENHEIMER HIGH INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Energy Traders Continued
Mirant North America LLC, 7.375% Sr. Unsec. Nts., 12/31/13	$	1,275,000		$	1,230,375
NRG Energy, Inc.:
7.375% Sr. Nts., 1/15/17		440,000			415,800
7.375% Sr. Nts., 2/1/16		800,000			759,000
Reliant Energy, Inc., 7.625% Sr. Unsec. Unsub. Nts., 6/15/14		1,170,000			1,076,400

					4,702,413


Total Corporate Bonds and Notes (Cost $138,848,247)					120,687,206

	Shares

Preferred Stocks—0.0%
AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg.^5,6,7		13,764			—
Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg.^5,6		8,000			—
ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg.^5,6,7		342			—


Total Preferred Stocks (Cost $1,097,476)					—

	Shares			Value

Common Stocks—0.5%
American Media, Inc.^5,6		9,424		$	94
Charter Communications, Inc.⁵		33,081			652,538
Global Aero Logistics, Inc.^5,6		4,647			4,647

Total Common Stocks (Cost $880,300)					657,279

	Units

Rights, Warrants and Certificates—0.0%
Global Aero Logistics, Inc. Wts., Strike Price $10, Exp. 2/28/11^5,6 (Cost $4,339)		570			6

	Shares

Investment Companies—0.8%
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%^10,12		84,942			84,942
Oppenheimer Institutional Money Market Fund, Cl. E, 0.48%^10,11		935,865			935,865

Total Investment Companies (Cost $1,020,807)					1,020,807
Total Investments, at Value (Cost $143,625,152)		97.2	%		122,847,693
Other Assets Net of Liabilities		2.8			3,534,754

Net Assets		100.0	%	$	126,382,447

Footnotes to Statement of Investments

Principal amount is reported in U.S. Dollars, except for those denoted in the following currency:

EUR Euro

1.		Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $47,089 or 0.04% of the Fund’s net assets as of June 30, 2009.

2.		Represents the current interest rate for a variable or increasing rate security.

3.		Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $22,231,126 or 17.59% of the Fund’s net assets as of June 30, 2009.

4.		Issue is in default. See Note 1 of accompanying Notes.

5.		Non-income producing security.

6.		Illiquid security. The aggregate value of illiquid securities as of June 30, 2009 was $1,917,384, which represents 1.52% of the Fund’s net assets. See Note 6 of accompanying Notes.

7.		Interest or dividend is paid-in-kind, when applicable.

8.		When-issued security or delayed delivery to be delivered and settled after June 30, 2009. See Note 1 of accompanying Notes.

9.		Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

10.		Rate shown is the 7-day yield as of June 30, 2009.

11.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2009, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2008

Additions

Reductions

June 30, 2009

Oppenheimer Institutional Money Market Fund, Cl. E

76,839,590

101,987,171

177,890,896

935,865


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	935,865	$	232,030

12.

Interest rate less than 0.0005%.

F6 | OPPENHEIMER HIGH INCOME FUND/VA

Valuation Inputs

	1)		Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

	3)		Level 3—unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2009 based on valuation input level:


	Level 1—		Level 2—		Level 3—
	Unadjusted		Other Significant		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs		Value

Assets Table
Investments, at value:
Mortgage-Backed Obligations	$	—	$	482,395	$	—	$	482,395
Corporate Bonds and Notes		—		120,687,194		12		120,687,206
Preferred Stocks		—		—		—		—
Common Stocks		—		652,632		4,647		657,279
Rights, Warrants and Certificates		—		—		6		6
Investment Companies		1,020,807		—		—		1,020,807

Total Assets	$	1,020,807	$	121,822,221	$	4,665	$	122,847,693

See accompanying Notes to Financial Statements.

F7 | OPPENHEIMER HIGH INCOME FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2009


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $142,689,287)	$	121,911,828
Affiliated companies (cost $935,865)		935,865

		122,847,693
Receivables and other assets:
Interest, dividends and principal paydowns		2,861,273
Investments sold (including $60,300 sold on a when-issued or delayed delivery basis)		2,666,283
Shares of beneficial interest sold		9,353
Other		12,014

Total assets		128,396,616

Liabilities
Payables and other liabilities:
Investments purchased (including $549,454 purchased on a when-issued or delayed delivery basis)		1,417,232
Shares of beneficial interest redeemed		498,626
Shareholder communications		31,582
Distribution and service plan fees		30,291
Transfer and shareholder servicing agent fees		10,499
Trustees’ compensation		7,618
Other		18,321

Total liabilities		2,014,169

Net Assets	$	126,382,447


Composition of Net Assets
Par value of shares of beneficial interest	$	75,380
Additional paid-in capital		450,871,263
Accumulated net investment income		42,020,925
Accumulated net realized loss on investments		(345,807,662	)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(20,777,459	)

Net Assets	$	126,382,447


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 $63,056,753 and 37,531,044 shares of beneficial interest outstanding)	$	1.68
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $53,825,708 and 32,193,258 shares of beneficial interest outstanding)	$	1.67
Class 3 Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $3,813,406 and 2,287,725 shares of beneficial interest outstanding)	$	1.67
Class 4 Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $5,686,580 and 3,368,185 shares of beneficial interest outstanding)	$	1.69

See accompanying Notes to Financial Statements.

F8 | OPPENHEIMER HIGH INCOME FUND/VA

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2009


Investment Income
Interest	$	7,036,344
Dividends:
Unaffiliated companies		3,400
Affiliated companies		232,030
Fee income		2,922

Total investment income		7,274,696

Expenses
Management fees		500,637
Distribution and service plan fees:
Service shares		59,518
Class 4 shares		7,415
Transfer and shareholder servicing agent fees:
Non-Service shares		13,966
Service shares		12,084
Class 3 shares		704
Shareholder communications:
Non-Service shares		22,543
Service shares		12,931
Class 3 shares		654
Class 4 shares		1,747
Trustees’ compensation		5,563
Custodian fees and expenses		716
Other		29,087

Total expenses		667,565
Less reduction to custodian expenses		(241	)
Less waivers and reimbursements of expenses		(179,314	)

Net expenses		488,010

Net Investment Income		6,786,686

Realized and Unrealized Gain (Loss)
Net realized loss on:
Investments from unaffiliated companies		(65,916,098	)
Closing and expiration of futures contracts		(46,063	)
Swap contracts		(50,318,230	)

Net realized loss		(116,280,391	)
Net change in unrealized appreciation (depreciation) on:
Investments		75,163,534
Translation of assets and liabilities denominated in foreign currencies		4,895
Swap contracts		37,794,637

Net change in unrealized depreciation		112,963,066

Net Increase in Net Assets Resulting from Operations	$	3,469,361

See accompanying Notes to Financial Statements.

F9 | OPPENHEIMER HIGH INCOME FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2009			December 31,
	(Unaudited)			2008

Operations
Net investment income	$	6,786,686		$	31,706,472
Net realized loss		(116,280,391	)		(241,823,086	)
Net change in unrealized depreciation		112,963,066			(101,899,131	)

Net increase (decrease) in net assets resulting from operations		3,469,361			(312,015,745	)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		—			(16,471,157	)
Service shares		—			(8,570,925	)
Class 3 shares		—			(292,606	)
Class 4 shares		—			(611,268	)

		—			(25,945,956	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(48,096,872	)		19,699,234
Service shares		7,347,718			5,209,593
Class 3 shares		2,015,032			1,808,854
Class 4 shares		1,482,885			4,859,490

		(37,251,237	)		31,577,171

Net Assets
Total decrease		(33,781,876	)		(306,384,530	)
Beginning of period		160,164,323			466,548,853

End of period (including accumulated net investment income of $42,020,925 and $35,234,239, respectively)	$	126,382,447		$	160,164,323

See accompanying Notes to Financial Statements.

F10 | OPPENHEIMER HIGH INCOME FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Non-Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	1.58		$	7.95		$	8.55		$	8.44		$	8.80		$	8.61

Income (loss) from investment operations:
Net investment income¹		.08			.54			.57			.58			.57			.58
Net realized and unrealized gain (loss)		.02			(6.44	)		(.56	)		.17			(.37	)		.15

Total from investment operations		.10			(5.90	)		.01			.75			.20			.73

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.47	)		(.61	)		(.64	)		(.56	)		(.54	)

Net asset value, end of period	$	1.68		$	1.58		$	7.95		$	8.55		$	8.44		$	8.80


Total Return, at Net Asset Value²		6.33	%		(78.67	)%		(0.10	)%		9.42	%		2.31	%		8.97	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	63,057		$	111,040		$	294,819		$	361,445		$	384,726		$	479,405

Average net assets (in thousands)	$	77,607		$	211,186		$	335,702		$	365,154		$	444,477		$	460,877

Ratios to average net assets:³
Net investment income		10.21	%		9.30	%		6.96	%		7.05	%		6.79	%		6.91	%
Total expenses		0.90	%⁴		0.80	%⁴		0.75	%⁴		0.74	%⁴		0.75	%		0.75	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.64	%		0.78	%		0.74	%		0.74	%		0.75	%		0.75	%

Portfolio turnover rate		77	%		53	%⁵		67	%⁵		57	%		64	%		51	%

1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	0.93	%
Year Ended December 31, 2008	0.80	%
Year Ended December 31, 2007	0.76	%
Year Ended December 31, 2006	0.74	%

The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Year Ended December 31, 2008	$	40,240,084	$	41,196,921
Year Ended December 31, 2007	$	30,798,147	$	24,096,458

See accompanying Notes to Financial Statements.

F11 | OPPENHEIMER HIGH INCOME FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	1.58		$	7.89		$	8.50		$	8.39		$	8.76		$	8.58

Income (loss) from investment operations:
Net investment income¹		.08			.54			.55			.56			.55			.56
Net realized and unrealized gain (loss)		.01			(6.40	)		(.57	)		.17			(.38	)		.15

Total from investment operations		.09			(5.86	)		(.02	)		.73			.17			.71

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.45	)		(.59	)		(.62	)		(.54	)		(.53	)

Net asset value, end of period	$	1.67		$	1.58		$	7.89		$	8.50		$	8.39		$	8.76


Total Return, at Net Asset Value²		5.70	%		(78.57	)%		(0.47	)%		9.23	%		2.01	%		8.73	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	53,826		$	43,375		$	157,333		$	173,299		$	155,617		$	134,013

Average net assets (in thousands)	$	48,068		$	116,236		$	169,569		$	160,703		$	141,287		$	101,464

Ratios to average net assets:³
Net investment income		10.13	%		9.13	%		6.71	%		6.80	%		6.54	%		6.63	%
Total expenses		1.16	%⁴		1.05	%⁴		1.01	%⁴		1.00	%⁴		1.00	%		1.01	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.88	%		1.03	%		1.00	%		1.00	%		1.00	%		1.01	%

Portfolio turnover rate		77	%		53	%⁵		67	%⁵		57	%		64	%		51	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	1.19	%
Year Ended December 31, 2008	1.05	%
Year Ended December 31, 2007	1.02	%
Year Ended December 31, 2006	1.00	%


5.		The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Year Ended December 31, 2008	$	40,240,084	$	41,196,921
Year Ended December 31, 2007	$	30,798,147	$	24,096,458

See accompanying Notes to Financial Statements.

F12 | OPPENHEIMER HIGH INCOME FUND/VA


	Six Months
	Ended			Year Ended
	June 30, 2009			December 31,
Class 3 Shares	(Unaudited)			2008			2007¹

Per Share Operating Data
Net asset value, beginning of period	$	1.57		$	7.98		$	8.26

Income (loss) from investment operations:
Net investment income²		.08			.56			.37
Net realized and unrealized gain (loss)		.02			(6.50	)		(.65	)

Total from investment operations		.10			(5.94	)		(.28	)

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.47	)		—

Net asset value, end of period	$	1.67		$	1.57		$	7.98


Total Return, at Net Asset Value³		6.37	%		(78.89	)%		(3.39	)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,813		$	1,582		$	4,921

Average net assets (in thousands)	$	2,763		$	5,292		$	3,750

Ratios to average net assets:⁴
Net investment income		10.48	%		9.29	%		6.90	%
Total expenses⁵		0.91	%		0.80	%		0.76	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.60	%		0.78	%		0.75	%

Portfolio turnover rate		77	%		53	%⁶		67	%⁶


1.		For the period from May 1, 2007 (inception of offering) to December 31, 2007.

2.		Per share amounts calculated based on the average shares outstanding during the period.

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 less than one full year.

5.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	0.94	%
Year Ended December 31, 2008	0.80	%
Period Ended December 31, 2007	0.77	%


6.		The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Year Ended December 31, 2008	$	40,240,084	$	41,196,921
Period Ended December 31, 2007	$	30,798,147	$	24,096,458

See accompanying Notes to Financial Statements.

F13 | OPPENHEIMER HIGH INCOME FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended			Year Ended
	June 30, 2009			December 31,
Class 4 Shares	(Unaudited)			2008			2007¹

Per Share Operating Data
Net asset value, beginning of period	$	1.59		$	7.97		$	8.26

Income (loss) from investment operations:
Net investment income²		.08			.54			.36
Net realized and unrealized gain (loss)		.02			(6.46	)		(.65	)

Total from investment operations		.10			(5.92	)		(.29	)

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.46	)		—

Net asset value, end of period	$	1.69		$	1.59		$	7.97


Total Return, at Net Asset Value³		6.29	%		(78.63	)%		(3.51	)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,686		$	4,167		$	9,476

Average net assets (in thousands)	$	5,990		$	10,658		$	7,201

Ratios to average net assets:⁴
Net investment income		10.14	%		9.00	%		6.61	%
Total expenses⁵		1.11	%		1.07	%		1.05	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.86	%		1.05	%		1.04	%

Portfolio turnover rate		77	%		53	%⁶		67	%⁶


1.		For the period from May 1, 2007 (inception of offering) to December 31, 2007.

2.		Per share amounts calculated based on the average shares outstanding during the period.

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 less than one full year.

5.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	1.14	%
Year Ended December 31, 2008	1.07	%
Period Ended December 31, 2007	1.06	%


6.		The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Year Ended December 31, 2008	$	40,240,084	$	41,196,921
Period Ended December 31, 2007	$	30,798,147	$	24,096,458

See accompanying Notes to Financial Statements.

F14 | OPPENHEIMER HIGH INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer High Income Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek a high level of current income by investing mainly in a diversified portfolio of high-yield, lower-grade, fixed-income securities that the Fund’s investment manager, OppenheimerFunds, Inc. (the “Manager”), believes does not involve undue risk.

The following is a summary of significant accounting policies consistently followed by the Fund.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

F15 | OPPENHEIMER HIGH INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

There have been no significant changes to the fair valuation methodologies during the period.

As of June 30, 2009, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed
	Delivery Basis Transactions

Purchased securities		$549,454
Sold securities		60,300

F16 | OPPENHEIMER HIGH INCOME FUND/VA

The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of June 30, 2009, securities with an aggregate market value of $1,088,355, representing 0.86% of the Fund’s net assets, were in default.

F17 | OPPENHEIMER HIGH INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

During the fiscal year ended December 31, 2008, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2008, the Fund had available for federal income tax purposes post-October losses of $93,885,653 and unused capital loss carryforwards as follows:


Expiring

2009	$	22,696,701
2010		56,061,391
2011		8,529,303
2012		128,504
2016		48,571,742

Total	$	135,987,641

As of June 30, 2009, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $346,153,685 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2009, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	158,116,083


Gross unrealized appreciation	$	3,441,788
Gross unrealized depreciation		(38,710,178	)

Net unrealized depreciation	$	(35,268,390	)

F18 | OPPENHEIMER HIGH INCOME FUND/VA

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.

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:


	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		16,025,180		$	24,250,128			46,686,845		$	99,443,229
Dividends and/or distributions reinvested		—			—			2,553,668			16,471,157
Redeemed		(48,697,377	)		(72,347,000	)		(16,133,552	)		(96,215,152	)

Net increase (decrease)		(32,672,197	)	$	(48,096,872	)		33,106,961		$	19,699,234

F19 | OPPENHEIMER HIGH INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Shares of Beneficial Interest Continued


	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount

Service Shares
Sold		7,880,715		$	12,229,965			11,108,688		$	27,272,759
Dividends and/or distributions reinvested		—			—			1,335,035			8,570,925
Redeemed		(3,180,646	)		(4,882,247	)		(4,887,160	)		(30,634,091	)

Net increase		4,700,069		$	7,347,718			7,556,563		$	5,209,593


Class 3 Shares
Sold		2,224,988		$	3,480,963			1,353,807		$	7,210,645
Dividends and/or distributions reinvested		—			—			45,225			292,606
Redeemed		(946,193	)		(1,465,931	)¹		(1,006,838	)		(5,694,397	)²

Net increase		1,278,795		$	2,015,032			392,194		$	1,808,854


Class 4 Shares
Sold		3,067,947		$	4,877,791			2,743,234		$	12,307,065
Dividends and/or distributions reinvested		—			—			94,331			611,268
Redeemed		(2,316,575	)		(3,394,906	)¹		(1,409,411	)		(8,058,843	)²

Net increase		751,372		$	1,482,885			1,428,154		$	4,859,490


1.		Net of redemption fees of $3,083 and $2,653 for Class 3 and Class 4 shares, respectively.

2.		Net of redemption fees of $3,056 and $11,199 for Class 3 and Class 4 shares, respectively.

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2009, were as follows:


	Purchases		Sales

Investment securities	$	64,951,187	$	77,063,118

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Over $1 billion	0.50

F20 | OPPENHEIMER HIGH INCOME FUND/VA

service and account maintenance for the Fund’s Service shares and Class 4 shares. Under the Plan, payments are made periodically at an annual rate of up to 0.25% of the average annual net assets of Service shares and Class 4 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 and Class 4 shares. These fees are paid out of the Fund’s assets on an on-going basis and increase operating expenses of the Service shares and Class 4 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.

Waivers and Reimbursements of Expenses. Effective May 1, 2009, the Manager has voluntarily undertaken to limit the Fund’s total annual operating expenses so that those expenses, as percentages of daily net assets will not exceed the annual rate of 0.75% for Non-Service and Class 3 shares and 1.00% for Service and Class 4 shares. During the six months ended June 30, 2009, the Fund waived $6,034, $4,930, $355 and $258 for Non-Service, Service, Class 3 shares and Class 4 shares, respectively. This voluntary undertaking may be amended or withdrawn at any time.

Effective September 1, 2008 through August 31, 2009 (the “waiver period”), the Manager has voluntarily agreed to reduce its advisory fee rate by 0.10% of the Fund’s average daily net assets if the Fund’s trailing one-year total return performance is in the fifth quintile of the Fund’s Lipper peer group and by 0.05% of the Fund’s average daily net assets if the Fund’s trailing one-year total return performance is in the fourth quintile of the Fund’s Lipper peer group as of August 31, 2008. However, if the Fund’s trailing one-year total return performance, as measured at the end of any calendar quarter during the waiver period, improves from the fifth quintile to the fourth quintile, the advisory fee waiver for subsequent quarters during the waiver period will be reduced only by an annualized rate of 0.05% of the Fund’s average daily net assets, and if the Fund’s trailing one-year total return performance at the end of any calendar quarter during the waiver period improves to the third or higher quintile of the Fund’s Lipper peer group, the advisory fee reduction will be terminated effective the following business day. During the six months ended June 30, 2009, OFI waived $66,751 The advisory fee reduction is a voluntary undertaking and may be terminated by the Manager at any time.

Effective April 1, 2009 through March 31, 2010, the Manager has agreed to voluntarily waive its advisory fee by 0.26% of the Fund’s average annual net assets. During the six months ended June 30, 2009, the Manager waived $79,426. This voluntary waiver will be applied after all other waivers and/or reimbursements and may be withdrawn at any time.

Prior to May 1, 2009, OFS had voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

Capital Stock Activity. On December 17, 2008, the Manager purchased Non-Service Shares of the Fund for $50,000,000. As of that date, the Manager owned approximately 51% of the Non-Service Shares representing approximately 37% of the Fund’s net assets. The Manager redeemed this investment on February 25, 2009. The proceeds of the redemption were $48,344,371.

5. Risk Exposures and the Use of Derivative Instruments

F21 | OPPENHEIMER HIGH INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors.

Market Risk Factors. In pursuit of its investment objectives, the Fund may seek to use derivatives to increase or decrease its exposure to the following market risk factors:

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

F22 | OPPENHEIMER HIGH INCOME FUND/VA

counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and or a percentage decrease in the Fund’s Net Asset Value or NAV. The contingent features are established within the Fund’s ISDA master agreements which govern positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty.

The effect of derivative instruments on the Statement of Operations is as follows:

Amount of Realized Gain or Loss Recognized on Derivative


Derivatives Not Accounted for as
Hedging Instruments under	Closing and expiration
Statement 133(a)	of futures contracts			Swap contracts			Total

Interest rate contracts	$	(46,063	)	$	(2,540,928	)	$	(2,586,991	)
Credit contracts		—			(47,777,302	)		(47,777,302	)

Total	$	(46,063	)	$	(50,318,230	)	$	(50,364,293	)

Amount of Change in Unrealized Gain or Loss Recognized on Derivative


Derivatives Not Accounted
for as Hedging Instruments
under Statement 133(a)	Swap contracts

Interest rate contracts	$	2,415,563
Credit contracts		35,379,074

Total	$	37,794,637

Futures Contracts

The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk.

The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk.

As of June 30, 2009, the Fund had no outstanding futures contracts.

F23 | OPPENHEIMER HIGH INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

Swap Contracts

Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations.

The Fund has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and, or, indexes.

F24 | OPPENHEIMER HIGH INCOME FUND/VA

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

As of June 30, 2009, the Fund had no such credit default swaps outstanding.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

As of June 30, 2009, the Fund had no such interest rate swap agreements outstanding.

Risks of total return swaps include credit, market and liquidity risk.

As of June 30, 2009, the Fund had no such total return swap agreements outstanding.

6. Illiquid Securities

F25 | OPPENHEIMER HIGH INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Subsequent Events Evaluation

8. Pending Litigation

Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

F26 | OPPENHEIMER HIGH INCOME FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

7 | OPPENHEIMER HIGH INCOME FUND/VA

OPPENHEIMER HIGH INCOME FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		John V. Murphy, Trustee, President and Principal Executive Officer
		Joseph Welsh, Vice President and Portfolio Manager
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President and Secretary

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered		KPMG llp
Public Accounting Firm

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.981.2871. Read prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

OPPENHEIMER MAIN STREET FUND^{^®}/VA

Fund Objective. Oppenheimer Main Street^® Fund/VA seeks high total return from equity and debt securities.

Cumulative Total Returns
For the 6-Month Period Ended 6/30/09


Non-Service Shares	7.12	%
Service Shares	6.99

Average Annual Total Returns
For the Periods Ended 6/30/09


	1-Year			5-Year			10-Year

Non-Service Shares		-27.12	%		-2.19	%		-1.94	%


							Since
							Inception
	1-Year			5-Year			(7/13/00)

Service Shares		-27.29	%		-2.43	%		-3.36	%

Expense Ratios
For the Fiscal Year Ended 12/31/08


Non-Service Shares	0.76	%
Service Shares	1.01

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 and expense ratios may be lower or higher than the data 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. The expense ratios in the table are based on the Fund’s expenses during its fiscal year ended December 31, 2008, but have been restated as if the changes in the transfer agent fee structure and voluntary limits to the Fund’s total annual operating expenses that went into effect May 1, 2009 had been in effect during that entire fiscal year.

Sector Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on the total market value of common stocks.

Top Ten Common Stock Holdings


Exxon Mobil Corp.	4.5	%
Microsoft Corp.	2.8
Philip Morris International, Inc.	2.4
Cisco Systems, Inc.	2.3
Chevron Corp.	2.2
JPMorgan Chase & Co.	1.8
International Business Machines Corp.	1.7
Wal-Mart Stores, Inc.	1.7
Merck & Co., Inc.	1.5
Bank of America Corp.	1.5

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on net assets.

2 | OPPENHEIMER MAIN STREET FUND/VA

Fund Performance Discussion

Oppenheimer Main Street Fund/VA’s Non-Service shares returned 7.12% for the six-month period ended June 30, 2009. In comparison, the S&P 500 Index (the “Index”) returned 3.19%. 2008 was a historically volatile and unprecedented period in the financial markets and the volatility continued during the first quarter of 2009. Given this backdrop, Fund performance was negative in the 1st quarter of 2009. The Index’s performance during the first quarter of 2009 also was negative, falling further than the Fund’s returns. However, in the second quarter of 2009, all ten sectors within the Index were in positive territory and seven of them had double-digit returns. The Fund’s performance was particularly strong in the last half of the reporting period, as market conditions improved.

Overall for the reporting period, the Fund’s stock selection strategy within the consumer discretionary sector and overweight allocation strategy to the information technology sector benefited performance the most versus the Index. Stock selection within the energy and materials sectors also outperformed versus the Index as did the Fund’s overweight strategy in materials. During the reporting period, the Fund outperformed the Index in eight of the ten sectors.

Relative performance was flat against the Index in financials and slightly negative in health care. Within financials, an underweight position helped relative performance as financials was the third worst performing sector in the Index. However, stock selection within the sector hurt Fund performance resulting in flat relative performance versus the Index. In terms of health care, an underweight to the sector helped relative performance as this was another Index sector which did not perform well. In this sector as well, stock selection strategy hurt relative Fund performance, causing the Fund to slightly underperform in health care.

At the end of the reporting period, the Fund maintained its relative overweights to energy, health care, industrials, information technology and materials. The Fund at period end was underweight utilities, consumer staples, financials and telecommunication services.

Effective May 19, 2009, Manind (“Mani”) Govil was named Team Leader of the Main Street Team. He was joined by several colleagues consisting of portfolio managers, analysts and a trader from his previous employer, RS Investment Management Co. LLC. The new 12-person Main Street Team will apply their time-tested approach, which combines fundamental security analysis with robust quantitative tools, to the three Oppenheimer Main Street funds as well as their related accounts.

Oppenheimer Main Street Fund/VA is managed by Mani Govil and Benjamin Ram. Messrs. Govil and Ram will combine quantitative and fundamental disciplines in managing the Fund. Prior to joining OppenheimerFunds, Mr. Govil was a portfolio manager with RS Investment Management Co. LLC from October 2006 to March 2009. He served as the head of equity investments at The Guardian Life Insurance Company of America from August 2005 to October 2006. Earlier in his career, he served as lead manager for large-cap equities, co-head of equities and head of equity research at Mercantile Capital Advisers, Inc., where he managed the Mercantile Growth & Income Fund from April 1996 through July 2005.

Before joining OppenheimerFunds, Mr. Ram was a sector manager for financial investments and a co-portfolio manager for mid-cap portfolios with the RS Core Equity Team of RS Investment Management Co. LLC from October 2006 to May 2009. He served as a portfolio manager for mid-cap strategies and a sector manager for financials at The Guardian Life Insurance Company of America from January 2006 to October 2006. He was a financials sector analyst from 2003 to 2005 and co-portfolio manager from 2005 to 2006 at Mercantile Capital Advisers, Inc. Mr. Ram was a bank analyst at Legg Mason Securities from 2000 to 2003 and was a senior financial analyst at the CitiFinancial division of Citigroup, Inc. from 1997 to 2000.

3 | OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND^{^®}/VA

The portfolio managers will seek to invest in competitively advantaged companies that are mispriced by the market. They believe that fundamental research combined with quantitative inputs can identify companies which may lead to long-term alpha generation. The approach will seek to combine the strengths from both quantitative and fundamental disciplines, resulting in a portfolio that will be comprised of stocks the portfolio managers believe are attractively priced relative to a company’s underlying prospects.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

4 | OPPENHEIMER MAIN STREET FUND/VA

FUND EXPENSES

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 June 30, 2009.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2009		June 30, 2009		June 30, 2009

Non-Service Shares	$	1,000.00	$	1,071.20	$	3.81
Service Shares		1,000.00		1,069.90		5.09

Hypothetical (5% return before expenses)
Non-Service Shares		1,000.00		1,021.12		3.72
Service Shares		1,000.00		1,019.89		4.97


Class	Expense Ratios

Non-Service Shares		0.74	%
Service Shares		0.99

5 | OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited


	Shares		Value

Common Stocks—95.7%
Consumer Discretionary—8.6%
Auto Components—0.5%
Autoliv, Inc.		40,700	$	1,170,939
BorgWarner, Inc.		40,300		1,376,245
Gentex Corp.		32,448		376,397
Goodyear Tire & Rubber Co. (The)¹		34,373		387,040
Johnson Controls, Inc.		114,500		2,486,940
TRW Automotive Holdings Corp.¹		68,400		772,920
WABCO Holdings, Inc.		44,800		792,960

				7,363,441

Automobiles—0.0%
Thor Industries, Inc.		26,600		488,642
Diversified Consumer Services—0.1%
Apollo Group, Inc., Cl. A¹		2,500		177,800
Brink’s Home Security Holdings, Inc.¹		2,441		69,105
Career Education Corp.¹		17,331		431,369
Corinthian Colleges, Inc.¹		7,330		124,097
H&R Block, Inc.		13,400		230,882
Regis Corp.		8,200		142,762
Service Corp. International		31,081		170,324

				1,346,339

Hotels, Restaurants & Leisure—1.1%
Ameristar Casinos, Inc.		1,000		19,030
Bob Evans Farms, Inc.		17,800		511,572
Boyd Gaming Corp.¹		1,400		11,900
Brinker International, Inc.		35,200		599,456
Carnival Corp.		103,467		2,666,345
CEC Entertainment, Inc.¹		14,375		423,775
Chipotle Mexican Grill, Inc., Cl. B¹		619		43,200
International Game Technology		3,800		60,420
International Speedway Corp., Cl. A		795		20,360
Jack in the Box, Inc.¹		2,700		60,615
McDonald’s Corp.		145,016		8,336,970
Royal Caribbean Cruises Ltd.		35,367		478,869
Speedway Motorsports, Inc.		7,300		100,448
WMS Industries, Inc.¹		13,700		431,687
Wyndham Worldwide Corp.		75,800		918,696

				14,683,343

Household Durables—0.2%
American Greetings Corp., Cl. A		5,277		61,635
Centex Corp.		10,700		90,522
Harman International Industries, Inc.		28,200		530,160
Lennar Corp., Cl. A		21,195		205,380
Meritage Homes Corp.¹		2,900		54,694
Ryland Group, Inc. (The)		17,700		296,652
Snap-On, Inc.		14,883		427,737
Stanley Works (The)		22,664		766,950
Whirlpool Corp.		2,800		119,168

				2,552,898

Internet & Catalog Retail—0.4%
Expedia, Inc.¹		99,377		1,501,586
Liberty Media Corp.-Interactive, Series A¹		185,927		931,494
NetFlix.com, Inc.¹		26,700		1,103,778
Priceline.com, Inc.¹		15,815		1,764,163

				5,301,021

Leisure Equipment & Products—0.0%
Brunswick Corp.		40,196		173,647
Callaway Golf Co.		5,500		27,885
Polaris Industries, Inc.		4,200		134,904

				336,436

Media—3.7%
Cablevision Systems Corp. New York Group, Cl. A		53,980		1,047,752
CBS Corp., Cl. B		261,574		1,810,092
Clear Channel Outdoor Holdings, Inc., Cl. A¹		22,100		117,130
Comcast Corp., Cl. A		225,000		3,260,250
DirecTV Group, Inc. (The)¹		144,191		3,562,960
Dish Network Corp., Cl. A¹		93,961		1,523,108
DreamWorks Animation SKG, Inc., Cl. A¹		20,588		568,023
Gannett Co., Inc.		2,593		9,257
Grupo Televisa SA, Sponsored GDR		92,100		1,565,700
Liberty Media Corp.-Entertainment, Series A¹		77,170		2,064,298
Liberty Media Holding Corp.-Capital, Series A¹		9,400		127,464
McGraw-Hill Cos., Inc. (The)		107,812		3,246,219
Meredith Corp.		35,000		894,250
News Corp., Inc., Cl. A		607,769		5,536,776
Scholastic Corp.		20,317		402,073
Time Warner Cable, Inc.		202,914		6,426,286
Time Warner, Inc.		385,600		9,713,264
Viacom, Inc., Cl. B¹		78,690		1,786,263
Walt Disney Co. (The)		316,021		7,372,770
Warner Music Group Corp.¹		3,200		18,720

F1 | OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Media Continued
Washington Post Co. (The), Cl. B		1,200	$	422,616

				51,475,271

Multiline Retail—0.2%
Kohl’s Corp.¹		57,089		2,440,555
Nordstrom, Inc.		45,651		907,998

				3,348,553

Specialty Retail—1.9%
Aaron Rents, Inc.		5,421		161,654
Abercrombie & Fitch Co., Cl. A		40,892		1,038,248
Advance Auto Parts, Inc.		25,438		1,055,423
Aeropostale, Inc.¹		35,900		1,230,293
American Eagle Outfitters, Inc.		82,452		1,168,345
AnnTaylor Stores Corp.¹		47,600		379,848
AutoNation, Inc.¹		47,600		825,860
AutoZone, Inc.¹		3,800		574,218
Barnes & Noble, Inc.		13,300		274,379
bebe stores, inc.		7,200		49,536
Best Buy Co., Inc.		74,671		2,500,732
Buckle, Inc. (The)		10,800		343,116
Children’s Place Retail Stores, Inc.¹		24,700		652,821
Dress Barn, Inc. (The)¹		31,464		449,935
Foot Locker, Inc.		19,917		208,531
Gap, Inc. (The)		309,330		5,073,012
Guess?, Inc.		27,730		714,879
Gymboree Corp.¹		1,100		39,028
Home Depot, Inc. (The)		56,047		1,324,391
Limited Brands, Inc.		105,211		1,259,376
Lowe’s Cos., Inc.		304,436		5,909,103
Men’s Wearhouse, Inc. (The)		400		7,672
Office Depot, Inc.¹		44,726		203,951
Penske Automotive Group, Inc.		19,300		321,152
Rent-A-Center, Inc.¹		20,500		365,515
Ross Stores, Inc.		10,724		413,946
Sally Beauty Holdings, Inc.¹		21,138		134,438
Talbots, Inc. (The)		19,200		103,680
Tractor Supply Co.¹		1,500		61,980
Urban Outfitters, Inc.¹		13,839		288,820
Williams-Sonoma, Inc.		500		5,935

				27,139,817

Textiles, Apparel & Luxury Goods—0.5%
Carter’s, Inc.¹		813		20,008
Coach, Inc.		56,535		1,519,661
Fossil, Inc.¹		17,000		409,360
Jones Apparel Group Inc.		42,300		453,879
Liz Claiborne, Inc.		89,500		257,760
Nike, Inc., Cl. B		29,900		1,548,222
Polo Ralph Lauren Corp., Cl. A		15,815		846,735
Quicksilver, Inc.¹		700		1,295
Timberland Co., Cl. A¹		29,500		391,465
UniFirst Corp.		800		29,736
Warnaco Group, Inc. (The)¹		38,900		1,260,360
Wolverine World Wide, Inc.		3,099		68,364

				6,806,845

Consumer Staples—9.7%
Beverages—0.8%
Coca-Cola Co. (The)		104,010		4,991,440
PepsiCo, Inc.		117,973		6,483,796

				11,475,236

Food & Staples Retailing—2.8%
Casey’s General Stores, Inc.		13,286		341,317
CVS Caremark Corp.		98,053		3,124,949
Kroger Co. (The)		146,200		3,223,710
Safeway, Inc.		314,921		6,414,941
SUPERVALU, Inc.		22,300		288,785
Sysco Corp.		140,600		3,160,688
Wal-Mart Stores, Inc.		478,615		23,184,111

				39,738,501

Food Products—1.1%
Bunge Ltd.		4,000		241,000
General Mills, Inc.		185,425		10,387,509
Kraft Foods, Inc., Cl. A		52,800		1,337,952
Unilever NV CVA		154,300		3,715,556

				15,682,017

Household Products—2.3%
Colgate-Palmolive Co.		220,300		15,584,022
Kimberly-Clark Corp.		8,600		450,898
Procter & Gamble Co. (The)		323,899		16,551,239

				32,586,159

Personal Products—0.1%
Herbalife Ltd.		24,600		775,884
Mead Johnson Nutrition Co., Cl. A¹		14,400		457,488

				1,233,372

Tobacco—2.6%
Altria Group, Inc.		127,231		2,085,316
Philip Morris International, Inc.		768,499		33,521,926

				35,607,242

F2 | OPPENHEIMER MAIN STREET FUND/VA


	Shares		Value

Energy—13.0%
Energy Equipment & Services—2.0%
Baker Hughes, Inc.		120,360	$	4,385,918
Complete Production Services, Inc.¹		39,314		250,037
Diamond Offshore Drilling, Inc.		4,253		353,212
Dresser-Rand Group, Inc.¹		38,960		1,016,856
Exterran Holdings, Inc.¹		3,825		61,353
Halliburton Co.		475,389		9,840,552
Helix Energy Solutions Group, Inc.¹		4,317		46,926
Key Energy Services, Inc.¹		31,594		181,981
National Oilwell Varco, Inc.¹		65,701		2,145,795
Noble Corp.		10,600		320,650
Oceaneering International, Inc.¹		14,959		676,147
Oil States International, Inc.¹		18,145		439,290
Parker Drilling Co.¹		8,300		36,022
Pride International, Inc.¹		31,462		788,438
Schlumberger Ltd.		77,253		4,180,160
Seacor Holdings, Inc.¹		6,600		496,584
Superior Energy Services, Inc.¹		7,200		124,344
Tidewater, Inc.		18,315		785,164
Transocean Ltd.¹		14,182		1,053,581
Unit Corp.¹		15,688		432,518

				27,615,528

Oil, Gas & Consumable Fuels—11.0%
Anadarko Petroleum Corp.		159,000		7,217,010
Apache Corp.		84,718		6,112,404
Bill Barrett Corp.¹		6,906		189,639
Chevron Corp.		455,629		30,185,421
Cimarex Energy Co.		18,700		529,958
ConocoPhillips		43,302		1,821,282
Denbury Resources, Inc.¹		32,510		478,872
Devon Energy Corp.		20,617		1,123,627
Enterprise Products Partners LP		86,100		2,147,334
Exxon Mobil Corp.		896,985		62,708,221
Hess Corp.		67,378		3,621,568
Kinder Morgan Energy Partners LP		32,400		1,656,288
Marathon Oil Corp.		87,294		2,630,168
Mariner Energy, Inc.¹		6,000		70,500
Murphy Oil Corp.		136,700		7,425,544
Noble Energy, Inc.		67,300		3,968,681
Occidental Petroleum Corp.		282,100		18,565,001
Overseas Shipholding Group, Inc.		2,991		101,814
Plains All American Pipeline LP		8,200		348,910
Plains Exploration & Production Co.¹		22,900		626,544
Stone Energy Corp.¹		6,828		50,664
Valero Energy Corp.		87,793		1,482,824
XTO Energy, Inc.		24,082		918,487

				153,980,761

Financials—12.4%
Capital Markets—2.8%
Affiliated Managers Group, Inc.¹		5,200		302,588
Ameriprise Financial, Inc.		36,026		874,351
Bank of New York Mellon Corp.		13,384		392,285
BlackRock, Inc.		23,215		4,072,375
Eaton Vance Corp.		5,600		149,800
Franklin Resources, Inc.		84,705		6,099,607
GAMCO Investors, Inc., Cl. A		1,800		87,300
Goldman Sachs Group, Inc. (The)		42,097		6,206,782
Greenhill & Co., Inc.		1,800		129,978
Investment Technology Group, Inc.¹		3,150		64,229
Janus Capital Group, Inc.		79,700		908,580
Jefferies Group, Inc.¹		2,224		47,438
Morgan Stanley		68,800		1,961,488
Northern Trust Corp.		23,500		1,261,480
SEI Investments Co.		26,216		472,937
State Street Corp.		224,680		10,604,896
T. Rowe Price Group, Inc.		57,142		2,381,107
TD Ameritrade Holding Corp.¹		164,300		2,881,822
Teton Advisors, Inc.^1,2		49		154
Virtus Investment Partners, Inc.¹		1,330		19,538
Waddell & Reed Financial, Inc., Cl. A		2,335		61,574

				38,980,309

Commercial Banks—0.9%
Pacific Capital Bancorp		4,900		10,486
PacWest Bancorp		1,311		17,253
Popular, Inc.		94,300		207,460
Regions Financial Corp.		885,478		3,577,331
U.S. Bancorp		465,786		8,346,885
Wells Fargo & Co.		23,782		576,951

				12,736,366

Consumer Finance—1.1%
American Express Co.		357,800		8,315,272
AmeriCredit Corp.¹		39,100		529,805
Capital One Financial Corp.		8,600		188,168
Cash America International, Inc.		8,984		210,136
Discover Financial Services		529,323		5,436,147
Student Loan Corp. (The)		1,800		66,960

				14,746,488

F3 | OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Diversified Financial Services—3.4%
Bank of America Corp.		1,536,196	$	20,277,787
CIT Group, Inc.		64,600		138,890
Interactive Brokers Group, Inc., Cl. A¹		35,973		558,661
JPMorgan Chase & Co.		722,390		24,640,723
Leucadia National Corp.¹		21,029		443,502
NASDAQ OMX Group, Inc. (The)¹		15,500		330,305
NYSE Euronext		23,155		630,974
PHH Corp.¹		14,200		258,156

				47,278,998

Insurance—3.9%
Allied World Assurance Holdings Ltd.		12,500		510,375
Allstate Corp.		142,261		3,471,168
American Financial Group, Inc.		46,637		1,006,426
Aon Corp.		75,627		2,863,994
Aspen Insurance Holdings Ltd.		38,600		862,324
Assurant, Inc.		10,400		250,536
Axis Capital Holdings Ltd.		18,400		481,712
Berkley (W.R.) Corp.		46,567		999,793
Berkshire Hathaway, Inc., Cl. B¹		965		2,794,379
Brown & Brown, Inc.		55,200		1,100,136
Chubb Corp.		159,008		6,341,239
Cincinnati Financial Corp.		21,995		491,588
CNA Financial Corp.		48,210		745,809
Delphi Financial Group, Inc., Cl. A		19,800		384,714
First American Corp.		3,300		85,503
Genworth Financial, Inc., Cl. A		74,800		522,852
Harleysville Group, Inc.		3,000		84,660
Hartford Financial Services Group, Inc. (The)		27,737		329,238
HCC Insurance Holdings, Inc.		17,217		413,380
IPC Holdings Ltd.		20,971		573,347
Lincoln National Corp.		159,702		2,748,471
Loews Corp.		230,233		6,308,384
MetLife, Inc.		72,434		2,173,744
Navigators Group, Inc. (The)¹		2,000		88,860
Old Republic International Corp.		28,841		284,084
OneBeacon Insurance Group Ltd.		7,800		91,182
Phoenix Cos., Inc. (The)¹		6,668		11,136
Platinum Underwriters Holdings Ltd.		10,200		291,618
Protective Life Corp.		36,100		412,984
Prudential Financial, Inc.		152,310		5,668,978
Reinsurance Group of America, Inc.		3,600		125,676
RLI Corp.		5,900		264,320
Selective Insurance Group, Inc.		6,400		81,728
StanCorp Financial Group, Inc.		1,012		29,024
State Auto Financial Corp.		1,300		22,750
Torchmark Corp.		3,000		111,120
Transatlantic Holdings, Inc.		4,200		181,986
Travelers Cos., Inc. (The)		259,718		10,658,827
United Fire & Casualty Co.		500		8,575
Unitrin, Inc.		18,100		217,562
XL Capital Ltd., Cl. A		63,310		725,533

				54,819,715

Real Estate Management & Development—0.0%
Forest City Enterprises, Inc., Cl. A		9,200		60,720
Jones Lang LaSalle, Inc.		600		19,638

				80,358

Thrifts & Mortgage Finance—0.3%
Hudson City Bancorp, Inc.		6,685		88,844
People’s United Financial, Inc.		267,100		4,017,184
Provident Financial Services, Inc.		11,759		107,007
Tree.com, Inc.¹		1,106		10,618

				4,223,653

Health Care—14.3%
Biotechnology—1.7%
Amgen, Inc.¹		268,357		14,206,820
Biogen Idec, Inc.¹		41,700		1,882,755
Celgene Corp.¹		99,054		4,738,743
Facet Biotech Corp.¹		6,240		57,970
Gilead Sciences, Inc.¹		60,100		2,815,084

				23,701,372

Health Care Equipment & Supplies—1.5%
Bard (C.R.), Inc.		29,343		2,184,586
Baxter International, Inc.		25,986		1,376,219
Becton, Dickinson & Co.		61,100		4,357,041
Inverness Medical Innovations, Inc.¹		10,000		355,800
Medtronic, Inc.		59,142		2,063,464
Sirona Dental Systems, Inc.¹		395		7,896
Steris Corp.		9,400		245,152
Stryker Corp.		129,400		5,142,356
Zimmer Holdings, Inc.¹		110,800		4,720,080

				20,452,594

Health Care Providers & Services—3.7%
Aetna, Inc.		369,500		9,255,975
AMERIGROUP Corp.¹		40,900		1,098,165
Cardinal Health, Inc.		10,718		327,435

F4 | OPPENHEIMER MAIN STREET FUND/VA


	Shares		Value

Health Care Providers & Services Continued
Centene Corp.¹		6,073	$	121,339
CIGNA Corp.		70,496		1,698,249
Coventry Health Care, Inc.¹		42,117		788,009
Kindred Healthcare, Inc.¹		2,400		29,688
Laboratory Corp. of America Holdings¹		157,100		10,649,809
Lincare Holdings, Inc.¹		31		729
McKesson Corp.		104,486		4,597,384
Medco Health Solutions, Inc.¹		133,758		6,100,702
MEDNAX, Inc.¹		1,900		80,047
Omnicare, Inc.		21,617		556,854
Quest Diagnostics, Inc.		24,100		1,359,963
UnitedHealth Group, Inc.		33,700		841,826
Universal Health Services, Inc., Cl. B		19,500		952,575
WellCare Health Plans, Inc.¹		5,300		97,997
WellPoint, Inc.¹		272,500		13,867,525

				52,424,271

Health Care Technology—0.0%
IMS Health, Inc.		10,206		129,616
Life Sciences Tools & Services—0.4%
Thermo Fisher Scientific, Inc.¹		130,455		5,318,650
Pharmaceuticals—7.0%
Abbott Laboratories		406,980		19,144,339
Allergan, Inc.		91,000		4,329,780
Bristol-Myers Squibb Co.		222,000		4,508,820
Eli Lilly & Co.		168,000		5,819,520
Endo Pharmaceuticals Holdings, Inc.¹		38,046		681,784
Forest Laboratories, Inc.¹		68,690		1,724,806
Johnson & Johnson		338,472		19,225,210
King Pharmaceuticals, Inc.¹		124,531		1,199,234
Merck & Co., Inc.		728,500		20,368,860
Pfizer, Inc.		1,009,300		15,139,500
Schering-Plough Corp.		91,400		2,295,968
Warner Chilcott Ltd., Cl. A¹		2,206		29,009
Watson Pharmaceuticals, Inc.¹		27,317		920,310
Wyeth		43,371		1,968,610

				97,355,750

Industrials—11.2%
Aerospace & Defense—4.9%
BE Aerospace, Inc.¹		7,400		106,264
Boeing Co. (The)		355,314		15,100,845
Ceradyne, Inc.¹		26,300		464,458
General Dynamics Corp.		133,751		7,408,468
Goodrich Corp.		29,724		1,485,308
Honeywell International, Inc.		196,812		6,179,897
L-3 Communications Holdings, Inc.		35,600		2,469,928
Lockheed Martin Corp.		16,326		1,316,692
Northrop Grumman Corp.		179,600		8,204,128
Precision Castparts Corp.		20,046		1,463,959
Raytheon Co.		137,100		6,091,353
Spirit Aerosystems Holdings, Inc., Cl. A¹		8,714		119,730
Triumph Group, Inc.		13,602		544,080
United Technologies Corp.		336,938		17,507,298

				68,462,408

Air Freight & Logistics—0.3%
FedEx Corp.		37,000		2,057,940
Pacer International, Inc.		3,479		7,758
United Parcel Service, Inc., Cl. B		46,300		2,314,537

				4,380,235

Airlines—0.0%
SkyWest, Inc.		30,323		309,295
Building Products—0.1%
Armstrong World Industries, Inc.¹		16,391		270,288
Lennox International, Inc.		19,412		623,319
Owens Corning, Inc.¹		16,600		212,148

				1,105,755

Commercial Services & Supplies—0.7%
Copart, Inc.¹		17,018		590,014
CoStar Group, Inc.¹		7,700		306,999
Deluxe Corp.		600		7,686
Equifax, Inc.		34,826		908,959
First Advantage Corp., Cl. A¹		2,894		44,018
HNI Corp.		29,471		532,246
Interface, Inc., Cl. A		25,796		159,935
Korn-Ferry International¹		14,361		152,801
Manpower, Inc.		29,549		1,251,105
Miller (Herman), Inc.		15,607		239,411
Monster Worldwide, Inc.¹		4,400		51,964
Pitney Bowes, Inc.		43,800		960,534
R.R. Donnelley & Sons Co.		73,700		856,394
Republic Services, Inc.		65,200		1,591,532
Resources Connection, Inc.¹		564		9,684
Robert Half International, Inc.		21,199		500,720
TrueBlue, Inc.¹		11,600		97,440
Viad Corp.		500		8,610
Waste Management, Inc.		69,675		1,962,048

				10,232,100

F5 | OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Construction & Engineering—0.3%
Chicago Bridge & Iron Co. NV		33,300	$	412,920
EMCOR Group, Inc.¹		13,345		268,501
Fluor Corp.		47,169		2,419,298
Granite Construction, Inc.		2,800		93,184
KBR, Inc.		43,187		796,368
Shaw Group, Inc. (The)¹		16,700		457,747
Tutor Perini Corp.¹		566		9,826

				4,457,844

Electrical Equipment—0.8%
Acuity Brands, Inc.		29,400		824,670
Baldor Electric Co.		39,158		931,569
Belden, Inc.		42,038		702,035
Cooper Industries Ltd., Cl. A		20,130		625,037
Emerson Electric Co.		162,000		5,248,800
GrafTech International Ltd.¹		84,812		959,224
Hubbell, Inc., Cl. B		16,400		525,784
Rockwell Automation, Inc.		24,521		787,615
Smith (A.O.) Corp.		4,737		154,284
Thomas & Betts Corp.¹		15,900		458,874
Woodward Governor Co.		12,115		239,877

				11,457,769

Industrial Conglomerates—0.7%
3M Co.		8,617		517,882
General Electric Co.		619,393		7,259,286
Tyco International Ltd.		48,138		1,250,625

				9,027,793

Machinery—2.5%
AGCO Corp.¹		18,306		532,155
Barnes Group, Inc.		6,000		71,340
Briggs & Stratton Corp.		15,400		205,436
Caterpillar, Inc.		180,576		5,966,231
Chart Industries, Inc..¹		700		12,726
CIRCOR International, Inc.		9,369		221,202
Crane Co.		10,681		238,293
Cummins, Inc.		65,075		2,291,291
Danaher Corp.		37,500		2,315,250
Deere & Co.		54,171		2,164,131
Dover Corp.		46,936		1,553,112
EnPro Industries, Inc.¹		431		7,762
Flowserve Corp.		4,006		279,659
Gardner Denver, Inc.¹		485		12,207
Harsco Corp.		36,118		1,022,139
IDEX Corp.		25,064		615,822
Illinois Tool Works, Inc.		149,800		5,593,532
Ingersoll-Rand Co. Ltd., Cl. A		74,268		1,552,201
Joy Global, Inc.		28,486		1,017,520
Lincoln Electric Holdings, Inc.		8,700		313,548
Manitowoc Co., Inc. (The)		8,368		44,016
Mueller Water Products, Inc., Cl. A		26,200		97,988
Navistar International Corp.¹		20,849		909,016
Nordson Corp.		16,200		626,292
Paccar, Inc.		48,700		1,583,237
Parker-Hannifin Corp.		45,700		1,963,272
Sauer-Danfoss, Inc.		1,100		6,743
Terex Corp.¹		600		7,242
Timken Co.		51,200		874,496
Titan International, Inc.		24,600		183,762
Toro Co. (The)		25,999		777,370
Trinity Industries, Inc.		36,700		499,854
Watts Water Technologies, Inc., Cl. A		23,800		512,652

				34,071,497

Marine—0.0%
Alexander & Baldwin, Inc.		9,110		213,538
Genco Shipping & Trading Ltd.		6,400		139,008
Kirby Corp.¹		2,900		92,191

				444,737

Road & Rail—0.8%
Amerco¹		600		22,290
Arkansas Best Corp.		12,900		339,915
CSX Corp.		34,014		1,177,905
Hertz Global Holdings, Inc.¹		126,898		1,013,915
Norfolk Southern Corp.		105,700		3,981,719
Union Pacific Corp.		91,500		4,763,490

				11,299,234

Trading Companies & Distributors—0.1%
Watsco, Inc.		1,812		88,661
WESCO International, Inc.¹		40,500		1,014,120

				1,102,781

Information Technology—19.0%
Communications Equipment—3.6%
3Com Corp.¹		106,400		501,144
ADTRAN, Inc.		26,773		574,816
Avocent Corp.¹		38,600		538,856
Ciena Corp.¹		33,600		347,760

F6 | OPPENHEIMER MAIN STREET FUND/VA


	Shares		Value

Communications Equipment Continued
Cisco Systems, Inc.¹		1,701,600	$	31,717,824
CommScope, Inc.¹		13,685		359,368
Emulex Corp.¹		78,000		762,840
F5 Networks, Inc.¹		23,474		811,966
Harris Corp.		15,100		428,236
InterDigital, Inc.¹		18,820		459,961
JDS Uniphase Corp.¹		193,000		1,103,960
QUALCOMM, Inc.		269,831		12,196,361
Tellabs, Inc.¹		190,200		1,089,846

				50,892,938

Computers & Peripherals—3.6%
Apple, Inc.¹		131,668		18,753,473
Avid Technology, Inc.¹		5,458		73,192
Dell, Inc.¹		54,412		747,077
EMC Corp.¹		144,894		1,898,111
International Business Machines Corp.		223,111		23,297,251
QLogic Corp.¹		52,100		660,628
SanDisk Corp.¹		76,700		1,126,723
Sun Microsystems, Inc.¹		104,231		961,010
Synaptics, Inc.¹		38,700		1,495,755
Teradata Corp.¹		15,600		365,508
Western Digital Corp.¹		51,034		1,352,401

				50,731,129

Electronic Equipment & Instruments—1.1%
Agilent Technologies, Inc.¹		24,611		499,849
Amphenol Corp., Cl. A		18,100		572,684
Anixter International, Inc.¹		16,992		638,729
Arrow Electronics, Inc.¹		52,300		1,110,852
Avnet, Inc.¹		44,199		929,505
AVX Corp.		21,600		214,488
Coherent, Inc.¹		9,567		197,846
Corning, Inc.		277,132		4,450,740
Dolby Laboratories, Inc., Cl. A¹		20,900		779,152
Ingram Micro, Inc., Cl. A¹		83,766		1,465,905
Itron, Inc.¹		7,910		435,604
Jabil Circuit, Inc.		66,696		494,884
L-1 Identity Solutions, Inc.¹		600		4,644
Molex, Inc.		61,927		962,965
National Instruments Corp.		13,900		313,584
Plexus Corp.¹		4,500		92,070
Rofin-Sinar Technologies, Inc.¹		5,356		107,174
SYNNEX Corp.¹		200		4,998
Tech Data Corp.¹		5,774		188,868
Trimble Navigation Ltd.¹		46,470		912,206
Vishay Intertechnology, Inc.¹		122,000		828,380

				15,205,127

Internet Software & Services—1.5%
Akamai Technologies, Inc.¹		68,214		1,308,345
Digital River, Inc.¹		5,300		192,496
eBay, Inc.¹		403,205		6,906,902
Google, Inc., Cl. A¹		23,870		10,063,353
IAC/InterActiveCorp¹		1,225		19,661
Open Text Corp.¹		12,200		444,324
Sohu.com, Inc.¹		14,978		941,068
ValueClick, Inc.¹		70,400		740,608
VeriSign, Inc.¹		3,488		64,458

				20,681,215

IT Services—2.1%
Accenture Ltd., Cl. A		148,600		4,972,156
Affiliated Computer Services, Inc., Cl. A¹		4,710		209,218
Amdocs Ltd.¹		65,600		1,407,120
Broadridge Financial Solutions, Inc.		53,600		888,688
Computer Sciences Corp.¹		30,930		1,370,199
Fidelity National Information Services, Inc.		9,634		192,295
Fiserv, Inc.¹		17,000		776,900
Gartner, Inc.¹		1,800		27,468
Hewitt Associates, Inc.¹		59,612		1,775,245
MasterCard, Inc., Cl. A		44,600		7,462,026
Paychex, Inc.		177,192		4,465,238
Perot Systems Corp., Cl. A¹		54,700		783,851
Sapient Corp.¹		18,700		117,623
Total System Services, Inc.		16,870		225,889
Unisys Corp.¹		7,700		11,627
Western Union Co.		255,189		4,185,100

				28,870,643

Office Electronics—0.2%
Xerox Corp.		330,700		2,142,936
Zebra Technologies Corp., Cl. A¹		2,800		66,248

				2,209,184

Semiconductors & Semiconductor Equipment—2.4%
Amkor Technology, Inc.¹		70,772		334,752
Analog Devices, Inc.		56,239		1,393,602

F7 | OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Semiconductors & Semiconductor Equipment Continued
Applied Materials, Inc.		599,500	$	6,576,515
Atmel Corp.¹		78,200		291,686
Broadcom Corp., Cl. A¹		118,682		2,942,127
Cabot Microelectronics Corp.¹		2,900		82,041
Cymer, Inc.¹		676		20,097
Entegris, Inc.¹		22,800		62,016
Fairchild Semiconductor International, Inc., Cl. A¹		24,498		171,241
Integrated Device Technology, Inc.¹		64,500		389,580
International Rectifier Corp.¹		12,200		180,682
LSI Corp.¹		245,800		1,120,848
Marvell Technology Group Ltd.¹		128,120		1,491,317
MEMC Electronic Materials, Inc.¹		62,896		1,120,178
Microsemi Corp.¹		9,629		132,880
National Semiconductor Corp.		54,514		684,151
NVIDIA Corp.¹		99,254		1,120,578
ON Semiconductor Corp.¹		523		3,588
Semtech Corp.¹		300		4,773
Silicon Laboratories, Inc.¹		5,500		208,670
Skyworks Solutions, Inc.¹		58,886		575,905
Teradyne, Inc.¹		35,400		242,844
Texas Instruments, Inc.		570,600		12,153,780
Xilinx, Inc.		120,291		2,461,154

				33,765,005

Software—4.5%
Adobe Systems, Inc.¹		100,634		2,847,942
Advent Software, Inc.¹		600		19,674
Ansys, Inc.¹		22,841		711,726
Autodesk, Inc.¹		62,236		1,181,239
CA, Inc.		147,800		2,576,154
Cadence Design Systems, Inc.¹		18,255		107,705
Check Point Software Technologies Ltd.¹		43,779		1,027,493
FactSet Research Systems, Inc.		15,517		773,833
Lawson Software, Inc.¹		22,400		124,992
MICROS Systems, Inc.¹		38,400		972,288
Microsoft Corp.		1,659,600		39,448,692
Net 1 UEPS Technologies, Inc.¹		24,300		330,237
Nuance Communications, Inc.¹		28,905		349,461
Oracle Corp.		158,767		3,400,789
Parametric Technology Corp.¹		55,896		653,424
Progress Software Corp.¹		6,881		145,671
Quest Software, Inc.¹		11,700		163,098
Solera Holdings, Inc.¹		3,512		89,205
Sybase, Inc.¹		26,400		827,376
Symantec Corp.¹		416,200		6,476,072
Synopsys, Inc.¹		48,923		954,488
Take-Two Interactive Software, Inc.		20,400		193,188
THQ, Inc.¹		800		5,728

				63,380,475

Materials—3.8%
Chemicals—1.6%
Air Products & Chemicals, Inc.		15,615		1,008,573
Ashland, Inc.		26,858		753,367
CF Industries Holdings, Inc.		16,224		1,202,847
Cytec Industries, Inc.		200		3,724
Dow Chemical Co. (The)		35,931		579,926
E.I. du Pont de Nemours & Co.		14,736		377,536
Eastman Chemical Co.		20,001		758,038
Ferro Corp.		18,300		50,325
Fuller (H.B.) Co.		8,800		165,176
Monsanto Co.		96,399		7,166,302
Mosaic Co. (The)		108,712		4,815,942
Nalco Holding Co.		16,352		275,368
NewMarket Corp.		5,000		336,650
Praxair, Inc.		37,700		2,679,339
Rockwood Holdings, Inc.¹		13,000		190,320
RPM International, Inc.		36,000		505,440
Terra Industries, Inc.		43,400		1,051,148
Valhi, Inc.		1,300		9,659
Valspar Corp. (The)		35,300		795,309
Westlake Chemical Corp.		12,800		260,992

				22,985,981

Containers & Packaging—0.3%
Owens-Illinois, Inc.¹		49,170		1,377,252
Sealed Air Corp.		71,470		1,318,622
Sonoco Products Co.		32,400		775,980
Temple-Inland, Inc.		8,300		108,896

				3,580,750

Metals & Mining—1.8%
AK Steel Holding Corp.		3,400		65,246
Alcoa, Inc.		152,362		1,573,899
Allegheny Technologies, Inc.		18,621		650,432
Carpenter Technology Corp.		42,800		890,668
Cliffs Natural Resources, Inc.		3,806		93,133
Commercial Metals Co.		47,645		763,749
Freeport-McMoRan Copper & Gold, Inc., Cl. B		68,540		3,434,539
Kaiser Aluminum Corp.		2,400		86,184

F8 | OPPENHEIMER MAIN STREET FUND/VA


	Shares		Value

Metals & Mining Continued
Nucor Corp.		144,000	$	6,397,920
Reliance Steel & Aluminum Co.		39,200		1,504,888
Schnitzer Steel Industries, Inc.		19,864		1,050,011
Southern Copper Corp.		372,200		7,607,768
United States Steel Corp.		33,037		1,180,742
Worthington Industries, Inc.		28,790		368,224

				25,667,403

Paper & Forest Products—0.1%
Domtar Corp.¹		25,266		418,910
MeadWestvaco Corp.		22,000		361,020

				779,930

Telecommunication Services—2.5%
Diversified Telecommunication Services—2.0%
AT&T, Inc.		327,928		8,145,732
Embarq Corp.		37,600		1,581,456
NTELOS Holdings Corp.		5,500		101,310
Premiere Global Services, Inc.¹		13,672		148,204
Qwest Communications International, Inc.		337,715		1,401,517
tw telecom, Inc.¹		54,500		559,715
Verizon Communications, Inc.		469,089		14,415,105
Windstream Corp.		111,200		929,632

				27,282,671

Wireless Telecommunication Services—0.5%
America Movil SAB de CV, ADR, Series L		28,600		1,107,392
Centennial Communications Corp.¹		25,700		214,852
NII Holdings, Inc.¹		39,334		750,099
Sprint Nextel Corp.¹		941,894		4,530,510
Syniverse Holdings, Inc.¹		32,300		517,769

				7,120,622

Utilities—1.2%
Electric Utilities—0.5%
American Electric Power Co., Inc.		82,400		2,380,536
Duke Energy Corp.		303,800		4,432,442
Exelon Corp.		4,500		230,445

				7,043,423

Energy Traders—0.3%
AES Corp. (The)¹		310,000		3,599,100
RRI Energy, Inc.¹		36,824		184,488

				3,783,588

Multi-Utilities—0.4%
Integrys Energy Group, Inc.		7,315		219,377
PG&E Corp.		32,700		1,256,988
Public Service Enterprise Group, Inc.		78,500		2,561,455
Sempra Energy		12,300		610,449
Wisconsin Energy Corp.		33,000		1,343,427

				5,991,696


Total Common Stocks (Cost $1,320,049,452)				1,337,332,790

	Units

Rights, Warrants and Certificates—0.0%
Dime Bancorp, Inc. Wts., Strike Price $1, Exp. 1/2/10¹ (Cost $0)		31,300		313

	Principal
	Amount

Asset-Backed Securities—0.0%
GSAA Home Equity Trust 2005-15, Asset-Backed Certificates, Series 2005-15, Cl. 2A1, 0.404%, 1/25/36³ (Cost $391,169)	$	391,169		327,550


	Shares

Investment Companies—2.7%
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%^4,6		238,783			238,783
Oppenheimer Institutional Money Market Fund, Cl. E, 0.48%^4,5		27,079,138			27,079,138
Standard & Poor’s Depositary Receipts Trust, Series 1		106,300			9,771,096


Total Investment Companies (Cost $37,166,138)					37,089,017

Total Investments, at Value (Cost $1,357,606,759)		98.4	%		1,374,749,670
Other Assets Net of Liabilities		1.6			22,875,847

Net Assets		100.0	%	$	1,397,625,517

F9 | OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments

1.		Non-income producing security.

2.		Illiquid security. The aggregate value of illiquid securities as of June 30, 2009 was $154, which represents less than 0.005% of the Fund’s net assets. See Note 6 of accompanying Notes.

3.		Represents the current interest rate for a variable or increasing rate security.

4.		Rate shown is the 7-day yield as of June 30, 2009.

5.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2009, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser.Transactions during the period in which the issuer was an affiliate are as follows:


	Shares		Gross		Gross		Shares
	December 31, 2008		Additions		Reductions		June 30, 2009

OFI Liquid Assets Fund, LLC		93,229,008		463,250,677		556,479,685		—
Oppenheimer Institutional Money Market Fund, Cl. E		7,043,996		153,315,835		133,280,693		27,079,138


	Value		Income

OFI Liquid Assets Fund, LLC	$	—	$	615,179	^a
Oppenheimer Institutional Money Market Fund, Cl. E		27,079,138		42,885

	$	27,079,138	$	658,064

a.		Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties.

6.		Interest rate less than 0.0005%.

Valuation Inputs

	1)		Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

	3)		Level 3—unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2009 based on valuation input level:


	Level 1–		Level 2–			Level 3–
	Unadjusted		Other Significant			Significant
	Quoted Prices		Observable Inputs			Unobservable Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	120,842,606	$	—		$	—	$	120,842,606
Consumer Staples		136,322,527		—			—		136,322,527
Energy		181,596,289		—			—		181,596,289
Financials		172,865,733		154			—		172,865,887
Health Care		199,382,253		—			—		199,382,253
Industrials		156,351,448		—			—		156,351,448
Information Technology		265,735,716		—			—		265,735,716
Materials		53,014,064		—			—		53,014,064
Telecommunication Services		34,403,293		—			—		34,403,293
Utilities		16,818,707		—			—		16,818,707
Rights, Warrants and Certificates		—		313			—		313
Asset-Backed Securities		—		327,550			—		327,550
Investment Companies		37,089,017		—			—		37,089,017

Total Assets	$	1,374,421,653	$	328,017		$	—	$	1,374,749,670


Liabilities Table
Other Financial Instruments:
Foreign currency exchange contracts	$	—	$	(5,434	)	$	—	$	(5,434	)

Total Liabilities	$	—	$	(5,434	)	$	—	$	(5,434	)

F10 | OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2009


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,330,527,621)	$	1,347,670,532
Affiliated companies (cost $27,079,138)		27,079,138

		1,374,749,670
Receivables and other assets:
Investments sold		285,285,075
Interest and dividends		1,483,042
Shares of beneficial interest sold		245,780
Other		50,325

Total assets		1,661,813,892

Liabilities
Unrealized depreciation on foreign currency exchange contracts		5,434
Payables and other liabilities:
Investments purchased		261,613,786
Shares of beneficial interest redeemed		1,761,411
Distribution and service plan fees		613,459
Transfer and shareholder servicing agent fees		119,054
Shareholder communications		32,104
Trustees’ compensation		17,319
Other		25,808

Total liabilities		264,188,375

Net Assets	$	1,397,625,517


Composition of Net Assets
Par value of shares of beneficial interest	$	92,496
Additional paid-in capital		1,959,180,728
Accumulated net investment income		9,374,748
Accumulated net realized loss on investments and foreign currency transactions		(588,165,557	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		17,143,102

Net Assets	$	1,397,625,517


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 $422,741,848 and 27,846,902 shares of beneficial interest outstanding)	$	15.18
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $974,883,669 and 64,648,721 shares of beneficial interest outstanding)	$	15.08

See accompanying Notes to Financial Statements.

F12 | OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2009


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $123)	$	14,818,382
Affiliated companies		42,885
Income from investment of securities lending cash collateral, net:
Unaffiliated companies		17,130
Affiliated companies		615,179
Interest		4,989

Total investment income		15,498,565

Expenses
Management fees		4,408,011
Distribution and service plan fees—Service shares		1,162,425
Transfer and shareholder servicing agent fees:
Non-Service shares		74,566
Service shares		172,309
Shareholder communications:
Non-Service shares		66,937
Service shares		156,463
Trustees’ compensation		23,868
Custodian fees and expenses		3,748
Other		37,010

Total expenses		6,105,337
Less waivers and reimbursements of expenses		(5,253	)

Net expenses		6,100,084

Net Investment Income		9,398,481

Realized and Unrealized Gain (Loss)
Net realized loss on:
Investments from unaffiliated companies		(306,214,485	)
Foreign currency transactions		(5,704	)

Net realized loss		(306,220,189	)
Net change in unrealized appreciation (depreciation) on:
Investments		393,819,957
Translation of assets and liabilities denominated in foreign currencies		(3,380	)

Net change in unrealized appreciation		393,816,577

Net Increase in Net Assets Resulting from Operations	$	96,994,869

See accompanying Notes to Financial Statements.

F13 | OPPENHEIMER MAIN STREET FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2009			December 31,
	(Unaudited)			2008

Operations
Net investment income	$	9,398,481		$	24,773,186
Net realized loss		(306,220,189	)		(267,651,680	)
Net change in unrealized appreciation (depreciation)		393,816,577			(632,729,270	)

Net increase (decrease) in net assets resulting from operations		96,994,869			(875,607,764	)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(8,430,011	)		(10,725,797	)
Service shares		(16,363,358	)		(15,635,174	)

		(24,793,369	)		(26,360,971	)
Distributions from net realized gain:
Non-Service shares		—			(46,604,473	)
Service shares		—			(82,181,746	)

		—			(128,786,219	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(26,933,447	)		(112,358,225	)
Service shares		(100,105,575	)		223,159,438

		(127,039,022	)		110,801,213

Net Assets
Total decrease		(54,837,522	)		(919,953,741	)
Beginning of period		1,452,463,039			2,372,416,780

End of period (including accumulated net investment income of $9,374,748 and $24,769,636, respectively)	$	1,397,625,517		$	1,452,463,039

See accompanying Notes to Financial Statements.

F14 | OPPENHEIMER MAIN STREET FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Non-Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	14.56		$	25.61		$	24.78		$	21.79		$	20.84		$	19.20

Income (loss) from investment operations:
Net investment income¹		.11			.29			.33			.27			.26			.27
Net realized and unrealized gain (loss)		.81			(9.64	)		.75			2.98			.97			1.53

Total from investment operations		.92			(9.35	)		1.08			3.25			1.23			1.80

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.30	)		(.32	)		(.25	)		(.26	)		(.28	)		(.16	)
Distributions from net realized gain		—			(1.38	)		—			—			—			—

Total dividends and/or distributions to shareholders		(.30	)		(1.70	)		(.25	)		(.26	)		(.28	)		(.16	)


Net asset value, end of period	$	15.18		$	14.56		$	25.61		$	24.78		$	21.79		$	20.84


Total Return, at Net Asset Value²		7.12	%		(38.47	)%		4.43	%		15.03	%		5.98	%		9.46	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	422,742		$	432,360		$	907,727		$	1,046,146		$	1,121,476		$	1,238,948

Average net assets (in thousands)	$	400,591		$	670,994		$	1,006,655		$	1,054,522		$	1,156,299		$	1,216,081

Ratios to average net assets:³
Net investment income		1.59	%		1.42	%		1.28	%		1.19	%		1.26	%		1.39	%
Total expenses		0.74	%^4,5		0.66	%^4,5,6		0.65	%^4,5,6		0.66	%^4,5		0.67	%⁶		0.67	%⁶

Portfolio turnover rate		43	%		132	%		111	%		100	%		88	%		82	%

1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	0.74	%
Year Ended December 31, 2008	0.66	%
Year Ended December 31, 2007	0.65	%
Year Ended December 31, 2006	0.66	%

5.		Waiver or reimbursement of indirect management fees less than 0.005%.

6.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F15 | OPPENHEIMER MAIN STREET FUND/ VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	14.42		$	25.38		$	24.58		$	21.63		$	20.70		$	19.10

Income (loss) from investment operations:
Net investment income¹		.09			.24			.26			.22			.21			.25
Net realized and unrealized gain (loss)		.82			(9.56	)		.75			2.95			.96			1.49

Total from investment operations		.91			(9.32	)		1.01			3.17			1.17			1.74

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.25	)		(.26	)		(.21	)		(.22	)		(.24	)		(.14	)
Distributions from net realized gain		—			(1.38	)		—			—			—			—

Total dividends and/or distributions to shareholders		(.25	)		(1.64	)		(.21	)		(.22	)		(.24	)		(.14	)


Net asset value, end of period	$	15.08		$	14.42		$	25.38		$	24.58		$	21.63		$	20.70


Total Return, at Net Asset Value²		6.99	%		(38.63	)%		4.15	%		14.76	%		5.74	%		9.15	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	974,884		$	1,020,103		$	1,464,690		$	1,099,293		$	598,348		$	372,845

Average net assets (in thousands)	$	940,624		$	1,268,430		$	1,315,488		$	810,181		$	462,272		$	262,660

Ratios to average net assets:³
Net investment income		1.34	%		1.20	%		1.03	%		0.95	%		1.02	%		1.30	%
Total expenses		0.99	%^4,5		0.91	%^4,5,6		0.90	%^4,5,6		0.91	%^4,5		0.91	%⁶		0.92	%⁶

Portfolio turnover rate		43	%		132	%		111	%		100	%		88	%		82	%

1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	0.99	%
Year Ended December 31, 2008	0.91	%
Year Ended December 31, 2007	0.90	%
Year Ended December 31, 2006	0.91	%

5.		Waiver or reimbursement of indirect management fees less than 0.005%.

6.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F16 | OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Main Street Fund/VA (the “Fund”), is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek high total return from equity and debt securities. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The following is a summary of significant accounting policies consistently followed by the Fund.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

F17 | OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

There have been no significant changes to the fair valuation methodologies during the period.

F18 | OPPENHEIMER MAIN STREET FUND/VA

During the fiscal year ended December 31, 2008, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2008, the Fund had available for federal income tax purposes post-October losses of $30,270,322 and unused capital loss carryforward as follows:


Expiring

2016	$	217,993,206

As of June 30, 2009, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $554,483,717 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2009, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	1,408,046,324


Gross unrealized appreciation	$	81,869,674
Gross unrealized depreciation		(115,166,328	)

Net unrealized depreciation	$	(33,296,654	)

F19 | OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

as deemed necessary by the Manager. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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.

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:


	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		1,964,969		$	27,491,082			4,118,231		$	80,935,200
Dividends and/or distributions reinvested		776,960			8,430,011			2,774,941			57,330,270
Redeemed		(4,581,121	)		(62,854,540	)		(12,645,946	)		(250,623,695	)

Net decrease		(1,839,192	)	$	(26,933,447	)		(5,752,774	)	$	(112,358,225	)


Service Shares
Sold		3,820,572		$	44,882,765			17,273,881		$	299,271,029
Dividends and/or distributions reinvested		1,515,498			16,352,225			4,768,240			97,748,917
Redeemed		(11,406,152	)		(161,340,565	)		(9,024,762	)		(173,860,508	)

Net increase (decrease)		(6,070,082	)	$	(100,105,575	)		13,017,359		$	223,159,438

F20 | OPPENHEIMER MAIN STREET FUND/VA

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF and LAF, for the six months ended June 30, 2009, were as follows:


	Purchases		Sales

Investment securities	$	562,999,071	$	743,499,700

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Over $800 million	0.60

Prior to May 1, 2009, OFS had voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

5. Foreign Currency Exchange Contracts

The Fund may enter into current and forward foreign currency exchange contracts for the purchase or sale of a foreign currency at a negotiated rate at a future date.

F21 | OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Foreign Currency Exchange Contracts Continued

6. Illiquid Securities

7. Securities Lending

As of June 30, 2009, the Fund had no securities on loan.

8. Subsequent Events Evaluation

9. Pending Litigation

F22 | OPPENHEIMER MAIN STREET FUND/VA

Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

F23 | OPPENHEIMER MAIN STREET FUND/VA

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 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 voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form
N-PX filing on the SEC’s website at www.sec.gov.

7 | OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND ^®/VA


A Series of Oppenheimer Variable Account Funds

Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		John V. Murphy, Trustee, President and Principal Executive Officer
		Manind Govil, Vice President and Portfolio Manager
		Benjamin Ram, Vice President and Portfolio Manager
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President and Secretary

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered		KPMG llp
Public Accounting Firm

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.981.2871. Read prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.



©Copyright 2009 OppenheimerFunds, Inc. All rights reserved.

OPPENHEIMER MAIN STREET SMALL CAP FUND^®/VA

Fund Objective. The Fund seeks capital appreciation.

Cumulative Total Returns
For the 6-Month Period Ended 6/30/09


Non-Service Shares	13.19	%
Service Shares	13.11

Average Annual Total Returns
For the Periods Ended 6/30/09


	1-Year	5-Year	10-Year

Non-Service Shares	-22.63%	-0.09%	4.61%

Since

Inception

1-Year

5-Year

(7/16/01)

Service Shares

-22.79%

-0.32%

3.45%

Expense Ratios
For the Fiscal Year Ended 12/31/08


	Gross Expense	Net Expense
	Ratios	Ratios

Non-Service Shares	0.84%	0.80%
Service Shares	1.09	1.05

The expense ratios in the table are based on the Fund’s expenses during its fiscal year ended December 31, 2008, but have been restated as if the changes in the transfer agent fee structure and voluntary limits to the Fund’s total annual operating expenses that went into effect May 1, 2009 had been in effect during that entire fiscal year. The net expense ratios take into account a voluntary fee waiver or expense reimbursement, without which performance would have been less. This undertaking may be modified or terminated at any time.

Sector Allocation

Information Technology 22.5% Industrials 18.5 Consumer Discretionary 16.6 Financials 14.7 Health Care 10.9 Energy 5.9 Materials 5.8 Consumer Staples 2.8 Telecommunication Services 1.5 Utilities 0.8

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on the total market value of common stocks.

Top Ten Common Stock Holdings


TIBCO Software, Inc.	0.5	%
MSCI, Inc., Cl. A	0.5
Savient Pharmaceuticals, Inc.	0.4
NuVasive, Inc.	0.4
Gardner Denver, Inc.	0.4
Phillips/Van Heusen Corp.	0.4
Skyworks Solutions, Inc.	0.3
CommScope, Inc.	0.3
AK Steel Holding Corp.	0.3
3Com Corp.	0.3

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on net assets.

2 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

Fund Performance Discussion

Oppenheimer Main Street Small Cap Fund/VA’s Non-Service shares returned 13.19% for the six-month period ended June 30, 2009. By comparison, the Russell 2000 Index (the “Index”) returned 2.64%. During the first half of the period, as the significant market dislocations and historic market volatility in the 4th quarter of 2008 continued, Fund performance suffered. The Fund’s performance was particularly strong in the last half of the reporting period, where it handily outperformed the Index as market conditions improved.

2008 was a historically volatile and unprecedented period in the financial markets and the volatility continued during the first quarter of 2009. Given this backdrop, Fund performance was negative in the 1st quarter of 2009. The Index’s performance during the first quarter of 2009 also was negative, falling somewhat further than the Fund. However, in the second quarter of 2009, all sectors within the Index came roaring back and had double-digit returns for the Fund.

Overall for the reporting period, the Fund’s stock selection within the consumer discretionary and information technology sectors and relative overweights benefited relative performance versus the Index. Stock selection within the financials sector outperformed versus the Index as did the Fund’s allocation strategy within the sector. The Fund was underweight financials versus the Index, which helped relative performance as financials was by far the worst performing sector for the period. These three sectors primarily accounted for the Fund’s outperformance versus the Index during the reporting period. Successful stock selection in the energy and materials sectors also helped Fund performance.

During the reporting period, the Fund did not underperform in any of the ten sectors of the Index. The Fund outperformed in eight of the ten sectors while relative performance was flat against the Index in two sectors, telecommunication services and consumer staples. The Fund outperformed overall in the industrials sector due to better relative stock selection than the Index. However, an overweight to industrials hurt Fund performance as industrials was the second worst performing sector.

At the end of the reporting period, the Fund maintained its relative overweights to consumer discretionary, energy, industrials, information technology and materials. The Fund at period end remained underweight consumer staples, with more significant relative underweights in the health care, financials and utilities sectors.

Oppenheimer Main Street Small Cap Fund/VA is co-managed by Matthew P. Ziehl, who is the lead portfolio manager, and Raman Vardharaj, who is primarily responsible for quantitative strategy. Prior to joining OppenheimerFunds, Mr. Ziehl was a portfolio manager with RS Investment Management Co. LLC from October 2006 to May 2009 and served as a managing director at The Guardian Life Insurance Company of America from December 2001 to October 2006. He was a team leader and co-portfolio manager with Salomon Brothers Asset Management, Inc. for small growth portfolios from January 2001 to December 2001.

Prior to joining OppenheimerFunds, Mr. Vardharaj was a sector manager and a senior quantitative analyst creating stock selection models, monitoring portfolio risks and analyzing portfolio performance across the RS Core Equity Team of RS Investment Management Co. LLC from October 2006 to May 2009. He served as a quantitative analyst at The Guardian Life Insurance Company of America from 1998 to October 2006.

3 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

OPPENHEIMER MAIN STREET SMALL CAP FUND ^®/VA

The Fund’s investment process will be driven by in-depth fundamental research, supported by quantitative screening and implemented by an experienced team of portfolio managers and sector managers. The resulting portfolio will be comprised of stocks that they believe are attractively priced relative to a company’s underlying prospects.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

4 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FUND EXPENSES

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 June 30, 2009.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2009		June 30, 2009		June 30, 2009

Non-Service shares	$	1,000.00	$	1,131.90	$	4.50
Service shares		1,000.00		1,131.10		5.77

Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,020.58		4.27
Service shares		1,000.00		1,019.39		5.47


Class	Expense Ratios

Non-Service shares		0.85	%
Service shares		1.09

5 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited


	Shares		Value

Common Stocks—95.7%
Consumer Discretionary—15.9%
Auto Components—0.9%
ArvinMeritor, Inc.		22,871	$	100,404
Autoliv, Inc.		14,200		408,534
Cooper Tire & Rubber Co.		130,275		1,292,328
Drew Industries, Inc.¹		10,063		122,467
Exide Technologies¹		78,600		293,178
Federal-Mogul Corp.¹		1,691		15,980
Fuel Systems Solutions, Inc.¹		8,379		169,172
Gentex Corp.		3,300		38,280
Modine Manufacturing Co.		14,274		68,515
Stoneridge, Inc.¹		40,887		196,258
Superior Industries International, Inc.		12,600		177,660
Tenneco, Inc.¹		49,679		526,597
TRW Automotive Holdings Corp.¹		157,100		1,775,230
WABCO Holdings, Inc.		100,235		1,774,160

				6,958,763

Automobiles—0.2%
Thor Industries, Inc.		66,000		1,212,420
Winnebago Industries, Inc.		19,600		145,628

				1,358,048

Distributors—0.0%
Core-Mark Holding Co., Inc.¹		7,124		185,651
Diversified Consumer Services—0.6%
Capella Education Co.¹		6,200		371,690
Career Education Corp.¹		10,236		254,774
Corinthian Colleges, Inc.¹		31,000		524,830
Hillenbrand, Inc.		9,900		164,736
Lincoln Educational Services¹		5,300		110,929
Noah Education Holdings Ltd., ADR		15,900		61,692
Regis Corp.		95,860		1,668,923
Service Corp. International		24,600		134,808
Steiner Leisure Ltd.¹		26,550		810,572
Stewart Enterprises, Inc.		98,068		472,688

				4,575,642

Hotels, Restaurants & Leisure—2.6%
AFC Enterprises, Inc.¹		2,600		17,550
Ameristar Casinos, Inc.		19,900		378,697
Bally Technologies, Inc.¹		55,700		1,666,544
BJ’s Restaurants, Inc.¹		18,155		306,275
Bob Evans Farms, Inc.		75,214		2,161,650
Boyd Gaming Corp.¹		159,535		1,356,048
Brinker International, Inc.		75,420		1,284,403
Buffalo Wild Wings, Inc.¹		9,300		302,436
Burger King Holdings, Inc.		6,200		107,074
California Pizza Kitchen, Inc.¹		33,800		449,202
CEC Entertainment, Inc.¹		40,269		1,187,130
Churchill Downs, Inc.		2,800		94,248
CKE Restaurants, Inc.		53,400		452,832
Cracker Barrel Old Country Store, Inc.		37,450		1,044,855
Denny’s Corp.¹		170,600		366,790
DineEquity, Inc.		7,300		227,687
Dover Downs Gaming & Entertainment, Inc.		1,200		5,580
Gaylord Entertainment Co., Cl. A¹		3,900		49,569
International Speedway Corp., Cl. A		14,800		379,028
Interval Leisure Group, Inc.¹		16,825		156,809
Isle of Capri Casinos, Inc.¹		15,100		201,132
Jack in the Box, Inc.¹		17,819		400,037
Krispy Kreme Doughnuts, Inc.¹		36,200		108,600
Life Time Fitness, Inc.¹		13,321		266,553
Marcus Corp. (The)		12,600		132,552
O’Charley’s, Inc.		4,400		40,700
Orient-Express Hotel Ltd., Cl. A		43,100		365,919
Panera Bread Co., Cl. A¹		2,700		134,622
Papa John’s International, Inc.¹		26,938		667,793
Pinnacle Entertainment, Inc.¹		45,375		421,534
Red Robin Gourmet Burgers, Inc.¹		36,862		691,163
Ruby Tuesday, Inc.¹		67,600		450,216
Shuffle Master, Inc.¹		17,396		114,988
Sonic Corp.¹		4,000		40,120
Speedway Motorsports, Inc.		38,679		532,223
Steak n Shake Co. (The)¹		29,400		256,956
Texas Roadhouse, Inc., Cl. A¹		32,700		356,757
Town Sports International Holdings, Inc.¹		5,900		22,125
Vail Resorts, Inc.¹		35,689		957,179
WMS Industries, Inc.¹		44,414		1,399,485
Wyndham Worldwide Corp.		84,073		1,018,965

				20,574,026

Household Durables—1.4%
American Greetings Corp., Cl. A		145,155		1,695,410
Blyth, Inc.		27,157		890,478
Brookfield Homes Corp.¹		200		800
Centex Corp.		7,746		65,531

F1 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Household Durables Continued
CSS Industries, Inc.		11,650	$	237,427
Ethan Allen Interiors, Inc.		13,400		138,824
Furniture Brands International, Inc.		53,100		160,893
Harman International Industries, Inc.		58,000		1,090,400
Helen of Troy Ltd.¹		37,099		622,892
Hooker Furniture Corp.		8,210		94,251
Jarden Corp.¹		76,300		1,430,625
La-Z-Boy, Inc.		79,449		374,999
Lennar Corp., Cl. A		39,560		383,336
M/I Homes, Inc.¹		7,936		77,693
Meritage Homes Corp.¹		38,493		725,978
National Presto Industries, Inc.		6,591		501,575
Palm Harbor Homes, Inc.¹		4,600		9,890
Ryland Group, Inc. (The)		32,000		536,320
Sealy Corp.¹		41,020		80,399
Tempur-Pedic International, Inc.		46,013		601,390
Tupperware Brands Corp.		43,300		1,126,666

				10,845,777

Internet & Catalog Retail—0.7%
1-800-FLOWERS.com, Inc.¹		17,672		33,930
Bidz.com, Inc.¹		3,400		9,588
Blue Nile, Inc.¹		21,700		932,883
Gaiam, Inc.¹		6,400		35,008
HSN, Inc.¹		36,726		388,194
Liberty Media Corp.-Interactive, Series A¹		4,900		24,549
NetFlix.com, Inc.¹		37,200		1,537,848
NutriSystem, Inc.		51,488		746,576
Orbitz Worldwide, Inc.¹		7,500		14,250
Overstock.com, Inc.¹		27,489		328,768
PetMed Express, Inc.¹		20,600		309,618
Shutterfly, Inc.¹		25,600		357,120
Stamps.com, Inc.¹		37,083		314,464
Ticketmaster Entertainment, Inc.¹		60,220		386,612

				5,419,408

Leisure Equipment & Products—0.5%
Brunswick Corp.		183,200		791,424
Callaway Golf Co.		119,200		604,344
Hasbro, Inc.		4,000		96,960
JAKKS Pacific, Inc.¹		56,000		718,480
Leapfrog Enterprises, Inc.¹		66,300		151,827
Polaris Industries, Inc.		39,500		1,268,740
RC2 Corp.¹		14,600		193,158
Smith & Wesson Holding Corp.¹		42,400		240,832

				4,065,765

Media—0.9%
Arbitron, Inc.		9,800		155,722
Belo Corp., Cl. A		113,800		203,702
Central European Media Enterprises Ltd., Cl. A¹		2,997		59,011
CKX, Inc.¹		1,500		10,635
Clear Channel Outdoor Holdings, Inc., Cl. A¹		4,700		24,910
CTC Media, Inc.¹		5,000		59,100
Entercom Communications Corp.		4,900		7,497
Entravision Communications Corp.¹		125,215		60,103
EW Scripps Co. (The), Cl. A		60,700		126,863
Gannett Co., Inc.		16,800		59,976
Global Sources Ltd.¹		55,779		402,167
Harte-Hanks, Inc.		50,775		469,669
Journal Communications, Inc.		11,900		12,495
Knology, Inc.¹		5,100		44,013
Liberty Media Holding Corp.-Capital, Series A¹		26,272		356,248
Live Nation, Inc.¹		36,700		178,362
McClatchy Co., Cl. A		56,100		28,050
Mediacom Communications Corp.¹		41,900		214,109
Meredith Corp.		83,900		2,143,645
National CineMedia, Inc.		23,010		316,618
Scholastic Corp.		80,200		1,587,158
Sinclair Broadcast Group, Inc., Cl. A		104,499		202,728
Warner Music Group Corp.¹		68,000		397,800

				7,120,581

Multiline Retail—0.6%
99 Cents Only Stores¹		5,000		67,900
Big Lots, Inc.¹		60,100		1,263,903
Dillard’s, Inc., Cl. A		191,786		1,764,431
Fred’s, Inc.		96,298		1,213,355

				4,309,589

Specialty Retail—5.4%
Aaron Rents, Inc.		800		23,856
Advance Auto Parts, Inc.		2,700		112,023
Aeropostale, Inc.¹		61,400		2,104,178
America’s Car-Mart, Inc.¹		13,230		271,215
AnnTaylor Stores Corp.¹		168,100		1,341,438
Asbury Automotive Group, Inc.		86,412		884,859
AutoNation, Inc.¹		200		3,470
Barnes & Noble, Inc.		52,400		1,081,012
bebe stores, inc.		28,489		196,004
Big 5 Sporting Goods Corp.		3,225		35,669
Blockbuster, Inc., Cl. A¹		24,300		16,281

F2 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA


	Shares		Value

Specialty Retail Continued
Books-A-Million, Inc.		780	$	5,546
Borders Group, Inc.¹		31,092		114,419
Brown Shoe Co., Inc.		136,575		988,803
Buckle, Inc. (The)		64,200		2,039,634
Cabela’s, Inc.¹		56,093		689,944
Cato Corp., Cl. A		20,649		360,119
Charlotte Russe Holding, Inc.¹		37,000		476,560
Charming Shoppes, Inc.¹		117,627		437,572
Children’s Place Retail Stores, Inc.¹		77,000		2,035,110
Christopher & Banks Corp.		43,046		288,839
Citi Trends, Inc.¹		46,027		1,191,179
Collective Brands, Inc.¹		75,300		1,097,121
Conn’s, Inc.¹		26,571		332,138
Dress Barn, Inc. (The)¹		138,604		1,982,037
Finish Line, Inc. (The), Cl. A		94,500		701,190
Foot Locker, Inc.		81,600		854,352
Genesco, Inc.¹		53,039		995,542
Group 1 Automotive, Inc.		58,289		1,516,680
Guess?, Inc.		9,600		247,488
Gymboree Corp.¹		33,579		1,191,383
Haverty Furniture Cos., Inc.		6,000		54,900
hhgregg, Inc.¹		18,200		275,912
Hot Topic, Inc.¹		41,020		299,856
Jo-Ann Stores, Inc.¹		37,220		769,337
Jos. A. Banks Clothiers, Inc.¹		5,100		175,746
Men’s Wearhouse, Inc. (The)		129,536		2,484,500
Office Depot, Inc.¹		324,600		1,480,176
OfficeMax, Inc.		4,600		28,888
Pacific Sunwear of California, Inc.¹		65,900		222,083
Penske Automotive Group, Inc.		69,800		1,161,472
Pep Boys-Manny, Moe & Jack		71,888		728,944
RadioShack Corp.		14,100		196,836
Rent-A-Center, Inc.¹		91,800		1,636,794
Sally Beauty Holdings, Inc.¹		152,637		970,771
Signet Jewelers Ltd.		10,050		209,241
Sonic Automotive, Inc.		31,600		321,056
Stage Stores, Inc.		117,288		1,301,897
Systemax, Inc.¹		54,727		651,799
Talbots, Inc. (The)		89,940		485,676
Tractor Supply Co.¹		40,530		1,674,700
Wet Seal, Inc., Cl. A¹		232,309		713,189
Williams-Sonoma, Inc.		199,636		2,369,679
Zale Corp.¹		800		2,752
Zumiez, Inc.¹		23,100		185,031

				42,016,896

Textiles, Apparel & Luxury Goods—2.1%
American Apparel, Inc.¹		20,200		73,528
Carter’s, Inc.¹		59,770		1,470,940
Fossil, Inc.¹		49,867		1,200,797
Iconix Brand Group, Inc.¹		12,560		193,173
Jones Apparel Group, Inc.		131,739		1,413,559
K-Swiss, Inc., Cl. A		10,700		90,950
Liz Claiborne, Inc.		329,803		949,833
Maidenform Brands, Inc.¹		25,800		295,926
Movado Group, Inc.		14,088		148,488
Oxford Industries, Inc.		34,048		396,659
Perry Ellis International, Inc.¹		29,300		213,304
Phillips/Van Heusen Corp.		95,600		2,742,764
Quicksilver, Inc.¹		340,391		629,723
Steven Madden Ltd.¹		19,178		488,080
Timberland Co., Cl. A¹		105,335		1,397,795
Unifi, Inc.¹		57,800		82,076
UniFirst Corp.		13,554		503,802
Volcom, Inc.¹		16,100		201,250
Warnaco Group, Inc. (The)¹		74,104		2,400,970
Wolverine World Wide, Inc.		63,750		1,406,325

				16,299,942

Consumer Staples—2.7%
Beverages—0.1%
Boston Beer Co., Inc., Cl. A¹		7,200		213,048
Central European Distribution Corp.¹		17,951		476,958

				690,006

Food & Staples Retailing—0.5%
Andersons, Inc. (The)		11,871		355,418
Arden Group, Inc., Cl. A		1,405		175,766
Casey’s General Stores, Inc.		38,200		981,358
Ingles Markets, Inc., Cl. A		7,500		114,300
Nash Finch Co.		11,500		311,190
Pantry, Inc. (The)¹		64,260		1,066,716
PriceSmart, Inc.		5,600		93,800
Ruddick Corp.		4,800		112,464
Spartan Stores, Inc.		6,100		75,701
SUPERVALU, Inc.		300		3,885
United Natural Foods, Inc.¹		1,200		31,500
Weis Markets, Inc.		7,762		260,182
Whole Foods Market, Inc.		2,400		45,552
Winn-Dixie Stores, Inc.¹		22,600		283,404

				3,911,236

F3 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Food Products—0.9%
Bunge Ltd.		2,200	$	132,550
Calavo Growers, Inc.		400		7,932
Chiquita Brands International, Inc.¹		95,153		976,270
ConAgra Foods, Inc.		500		9,530
Darling International, Inc.¹		210,500		1,389,300
Del Monte Foods Co.		38,500		361,130
Diamond Foods, Inc.		9,900		276,210
Fresh Del Monte Produce, Inc.¹		39,200		637,392
J&J Snack Foods Corp.		7,500		269,250
J.M. Smucker Co. (The)		1,600		77,856
Lancaster Colony Corp.		8,300		365,781
Omega Protein Corp.¹		36,622		148,685
Ralcorp Holdings, Inc.¹		17,900		1,090,468
Sanderson Farms, Inc.		2,100		94,500
Smart Balance, Inc.¹		4,100		27,921
Smithfield Foods, Inc.¹		25,600		357,632
TreeHouse Foods, Inc.¹		27,800		799,806

				7,022,213

Household Products—0.2%
Central Garden & Pet Co., Cl. A¹		113,154		1,114,567
WD-40 Co.		11,686		338,894

				1,453,461

Personal Products—0.8%
American Oriental Bioengineering, Inc.¹		138,700		733,723
Bare Escentuals, Inc.¹		34,078		302,272
Chattem, Inc.¹		2,300		156,630
Elizabeth Arden, Inc.¹		27,835		243,000
Herbalife Ltd.		74,500		2,349,730
Inter Parfums, Inc.		33,750		247,725
NBTY, Inc.¹		53,300		1,498,796
Nu Skin Asia Pacific, Inc., Cl. A		30,492		466,528
Prestige Brands Holdings, Inc.¹		57,100		351,165

				6,349,569

Tobacco—0.2%
Alliance One International, Inc.¹		7,000		26,600
Universal Corp.		44,445		1,471,574

				1,498,174

Energy—5.7%
Energy Equipment & Services—3.8%
Allis-Chalmers Energy, Inc.¹		44,100		101,871
Basic Energy Services, Inc.¹		57,100		389,993
Bristow Group, Inc.¹		12,300		364,449
Bronco Drilling Co., Inc.¹		22,134		94,734
Cal Dive International, Inc.¹		18,700		161,381
Complete Production Services, Inc.¹		132,500		842,700
Dawson Geophysical Co.¹		13,722		409,602
Dresser-Rand Group, Inc.¹		21,000		548,100
Dril-Quip, Inc.¹		50,800		1,935,480
ENGlobal Corp.¹		37,100		182,532
Exterran Holdings, Inc.¹		98,500		1,579,940
Forbes Energy Services Ltd., Legend Shares^1,2		101,800		100,649
Global Industries Ltd.¹		174,400		987,104
Gulf Island Fabrication, Inc.		40,774		645,452
Gulfmark Offshore, Inc.¹		48,701		1,344,148
Helix Energy Solutions Group, Inc.¹		178,600		1,941,382
Helmerich & Payne, Inc.		3,700		114,219
Hercules Offshore, Inc.¹		11,358		45,091
Hornbeck Offshore Services, Inc.¹		11,100		237,429
Key Energy Services, Inc.¹		263,677		1,518,780
Lufkin Industries, Inc.		1,800		75,690
Matrix Service Co.¹		54,343		623,858
NATCO Group, Inc., Cl. A¹		22,728		748,206
Natural Gas Services Group¹		17,200		228,760
Newpark Resources, Inc.¹		134,897		384,456
North American Energy Partners, Inc.¹		18,900		115,101
Oceaneering International, Inc.¹		1,770		80,004
Oil States International, Inc.¹		89,300		2,161,953
Parker Drilling Co.¹		245,872		1,067,084
Patterson-UTI Energy, Inc.		36,600		470,676
Pioneer Drilling Co.¹		55,300		264,887
Precision Drilling Trust		231,567		1,130,047
RPC, Inc.		14,200		118,570
Seacor Holdings, Inc.¹		29,900		2,249,676
Superior Energy Services, Inc.¹		89,200		1,540,484
T-3 Energy Services, Inc.¹		29,730		354,084
Tetra Technologies, Inc.¹		181,050		1,441,158
Tidewater, Inc.		10,772		461,796
Union Drilling, Inc.¹		30,948		204,876
Unit Corp.¹		23,300		642,381
Willbros Group, Inc.¹		96,124		1,202,511

				29,111,294

Oil, Gas & Consumable Fuels—1.9%
Abraxas Petroleum Corp.¹		10,100		9,595
Arena Resources, Inc.¹		600		19,110
Atlas America, Inc.		3,300		58,971

F4 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA


	Shares		Value

Oil, Gas & Consumable Fuels Continued
ATP Oil & Gas Corp.¹		68,000	$	473,280
Berry Petroleum Co., Cl. A		58,600		1,089,374
Bill Barrett Corp.¹		4,400		120,824
Brigham Exploration Co.¹		50,400		175,896
Callon Petroleum Co.¹		6,804		13,472
Cimarex Energy Co.		17,200		487,448
Clean Energy Fuels Corp.¹		17,800		153,258
Comstock Resources, Inc.¹		12,300		406,515
Contango Oil & Gas Co.¹		9,900		420,651
Crosstex Energy, Inc.		38,700		160,992
CVR Energy, Inc.¹		119,314		874,572
Delek US Holdings, Inc.		64,180		544,246
Denbury Resources, Inc.¹		31,400		462,522
Encore Acquisition Co.¹		15,255		470,617
EXCO Resources, Inc.¹		300		3,876
Frontier Oil Corp.		49,953		654,884
Gasco Energy, Inc.¹		86,000		24,080
General Maritime Corp.		24,886		246,123
GeoResources, Inc.¹		8,400		85,680
Holly Corp.		19,391		348,650
International Coal Group, Inc.¹		47,500		135,850
James River Coal Co.¹		9,600		145,248
Knightsbridge Tankers Ltd.		22,240		303,354
Mariner Energy, Inc.¹		100,500		1,180,875
MarkWest Energy Partners LP		8,100		147,420
McMoRan Exploration Co.¹		4,700		28,012
Meridian Resource Corp. (The)¹		9,300		3,255
Nordic American Tanker Shipping Ltd.		2,500		79,550
Oilsands Quest, Inc.¹		17,700		16,992
Penn Virginia Corp.		20,800		340,496
PetroQuest Energy, Inc.¹		2,000		7,380
Rentech, Inc.¹		300		171
Rosetta Resources, Inc.¹		109,500		958,125
Southern Union Co.		600		11,034
St. Mary Land & Exploration Co.		4,685		97,776
Stone Energy Corp.¹		27,184		201,705
Swift Energy Co.¹		22,100		367,965
Teekay Corp.		12,500		262,875
Teekay Tankers Ltd., Cl. A		13,100		121,699
Tesoro Corp.		29,396		374,211
USEC, Inc.¹		139,800		743,736
VAALCO Energy, Inc.¹		133,000		562,590
W&T Offshore, Inc.		41,900		408,106
Western Refining, Inc.¹		121,314		856,477
Westmoreland Coal Co.¹		2,600		21,060
Whiting Petroleum Corp.¹		6,100		214,476
World Fuel Services Corp.		3,900		160,797

				15,055,871

Financials—14.0%
Capital Markets—1.3%
Ameriprise Financial, Inc.		300		7,281
BGC Partners, Inc., Cl. A		2,100		7,959
Cohen & Steers, Inc.		25,718		384,484
Eaton Vance Corp.		700		18,725
Evercore Partners, Inc., Cl. A		10,000		196,400
GAMCO Investors, Inc., Cl. A		8,540		414,190
GFI Group, Inc.		68,429		461,211
Greenhill & Co., Inc.		4,600		332,166
Investment Technology Group, Inc.¹		22,200		452,658
Janus Capital Group, Inc.		68,000		775,200
KBW, Inc.¹		9,400		270,344
Knight Capital Group, Inc., Cl. A¹		85,626		1,459,923
LaBranche & Co., Inc.¹		180,003		774,013
MF Global Ltd.¹		118,313		701,596
Penson Worldwide, Inc.¹		43,602		390,238
Piper Jaffray Cos., Inc.¹		6,200		270,754
Sanders Morris Harris Group, Inc.		5,600		30,800
SEI Investments Co.		400		7,216
Stifel Financial Corp.¹		12,750		613,148
SWS Group, Inc.		58,756		820,821
Teton Advisors, Inc.^1,3		131		413
Thomas Weisel Partners Group, Inc.¹		4,600		27,692
Tradestation Group, Inc.¹		13,850		117,171
U.S. Global Investors, Inc., Cl. A		900		8,334
Virtus Investment Partners, Inc.¹		4,349		63,887
W.P. Carey & Co. LLC		600		14,988
Waddell & Reed Financial, Inc., Cl. A		45,600		1,202,472

				9,824,084

Commercial Banks—1.8%
1st Source Corp.		564		9,740
Amcore Financial, Inc.		1,634		1,340
BancFirst Corp.		2,800		96,824
Banco Macro SA, ADR¹		4,100		66,379
Boston Private Financial Holdings, Inc.		32,478		145,501
CapitalSource, Inc.		193,680		945,158
Capitol Bancorp Ltd.		1,160		3,074
Cathay Bancorp, Inc.		32,200		306,222

F5 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Commercial Banks Continued
Central Pacific Financial Corp.		58,900	$	220,875
Chemical Financial Corp.		9,500		189,145
City Holding Co.		24,800		752,928
CoBiz Financial, Inc.		9,500		60,895
Columbia Banking System, Inc.		11,900		121,737
Community Bank System, Inc.		30,600		445,536
Community Trust Bancorp, Inc.		13,500		361,125
East West Bancorp, Inc.		63,718		413,530
Encore Bancshares, Inc.¹		8,400		60,900
F.N.B. Corp.		8,500		52,615
First BanCorp		10,400		41,080
First Citizens BancShares, Inc., Cl. A		1,650		220,523
First Community Bancshares, Inc.		6,500		83,460
First Financial Bancorp		9,800		73,696
First Financial Corp.		400		12,632
First Merchants Corp.		20,200		162,206
First Midwest Bancorp, Inc.		29,900		218,569
FirstMerit Corp.		25,587		434,467
Frontier Financial Corp.⁴		30,570		36,990
Glacier Bancorp, Inc.		11,100		163,947
Greene Bankshares, Inc.		7,450		33,376
Guaranty Bancorp¹		11,100		21,201
Hancock Holding Co.		1,900		61,731
Hanmi Financial Corp.		6,000		10,500
IBERIABANK Corp.		900		35,469
Independent Bank Corp.		3,856		75,963
International Bancshares Corp.		22,516		232,140
MainSource Financial Group, Inc.		10,700		79,394
MB Financial, Inc.		12,100		123,299
National Penn Bancshares, Inc.		71,200		328,232
NBT Bancorp, Inc.		6,500		141,115
Old National Bancorp		39,090		383,864
Old Second Bancorp, Inc.		300		1,770
Oriental Financial Group, Inc.		24,661		239,212
Pacific Capital Bancorp		103,800		222,132
PacWest Bancorp		41,100		540,876
Park National Corp.		800		45,184
Popular, Inc.		191,700		421,740
Prosperity Bancshares, Inc.		8,700		259,521
Renasant Corp.		5,000		75,100
Republic Bancorp, Inc., Cl. A		8,500		192,015
Sandy Spring Bancorp, Inc.		9,100		133,770
Santander BanCorp¹		6,200		43,152
Signature Bank¹		4,300		116,616
Simmons First National Corp.		8,800		235,136
South Financial Group, Inc. (The)		21,100		25,109
Southside Bancshares, Inc.		8,185		187,191
Sterling Bancorp		33,300		278,055
Sterling Bancshares, Inc.		12,300		77,859
Susquehanna Bancshares, Inc.		59,100		288,999
TCF Financial Corp.		5,800		77,546
Tompkins Financial Corp.		7,230		346,679
TowneBank		6,500		91,000
Trustmark Corp.		11,900		229,908
UMB Financial Corp.		8,700		330,687
Umpqua Holdings Corp.		37,212		288,765
United Bankshares, Inc.		9,000		175,860
United Community Banks, Inc.¹		37,105		222,259
Webster Financial Corp.		3,700		29,785
WesBanco, Inc.		13,800		200,652
West Coast Bancorp		3,408		6,952
Westamerica Bancorp		8,700		431,607
Western Alliance Bancorp¹		19,308		132,067
Whitney Holding Corp.		26,600		243,656
Wintrust Financial Corp.		19,100		307,128
Zions Bancorp		8,800		101,728

				13,827,094

Consumer Finance—0.9%
Advance America Cash Advance Centers, Inc.		7,100		31,453
Advanta Corp., Cl. B		31,650		13,293
AmeriCredit Corp.¹		161,400		2,186,970
Cash America International, Inc.		77,707		1,817,567
Discover Financial Services		38,700		397,449
Dollar Financial Corp.¹		20,285		279,730
EZCORP, Inc., Cl. A¹		12,890		138,954
First Cash Financial Services, Inc.¹		24,448		428,329
First Marblehead Corp. (The)¹		24,100		48,682
Nelnet, Inc., Cl. A¹		28,656		389,435
Student Loan Corp. (The)		5,544		206,237
World Acceptance Corp.¹		59,981		1,194,222

				7,132,321

Diversified Financial Services—1.0%
CIT Group, Inc.		258,987		556,822
Encore Capital Group, Inc.¹		14,813		196,272
Financial Federal Corp.		24,386		501,132
Life Partners Holdings, Inc.		17,077		242,152
MarketAxess Holdings, Inc.¹		14,700		140,091
MSCI, Inc., Cl. A¹		144,700		3,536,468
NewStar Financial, Inc.¹		2,800		5,348

F6 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA


	Shares		Value
Diversified Financial Services Continued
PHH Corp.¹		105,836	$	1,924,098
Pico Holdings, Inc.¹		6,000		172,200
Portfolio Recovery Associates, Inc.¹		4,500		174,285

				7,448,868

Insurance—4.8%
Alleghany Corp.¹		804		217,884
Allied World Assurance Holdings Ltd.		27,921		1,140,014
American Equity Investment Life Holding Co.		115,918		646,822
American Financial Group, Inc.		10,000		215,800
American National Insurance Co.		2,192		165,671
American Physicians Capital, Inc.		17,909		701,316
Amerisafe, Inc.¹		61,704		960,114
AmTrust Financial Services, Inc.		76,328		870,139
Argo Group International Holdings Ltd.¹		5,900		166,498
Aspen Insurance Holdings Ltd.		82,300		1,838,582
Assurant, Inc.		18,500		445,665
Assured Guaranty Ltd.		96,839		1,198,867
CNA Financial Corp.		13,900		215,033
CNA Surety Corp.¹		51,796		698,728
Conseco, Inc.¹		268,400		636,108
Crawford & Co.¹		3,000		14,400
Delphi Financial Group, Inc., Cl. A		89,537		1,739,704
eHealth, Inc.¹		3,400		60,044
EMC Insurance Group, Inc.		992		20,644
Employers Holdings, Inc.		42,600		577,230
Endurance Specialty Holdings Ltd.		40,461		1,185,507
Enstar Group Ltd.¹		800		47,080
FBL Financial Group, Inc., Cl. A		28,110		232,189
Fidelity National Financial, Inc., Cl. A		400		5,412
First American Corp.		3,000		77,730
First Mercury Financial Corp.		12,203		168,035
FPIC Insurance Group, Inc.¹		18,680		571,982
Gallagher (Arthur J.) & Co.		168		3,585
Genworth Financial, Inc., Cl. A		2,020		14,120
Greenlight Capital Re Ltd., Cl. A¹		3,800		65,778
Hallmark Financial Services, Inc.¹		7,400		52,910
Hanover Insurance Group, Inc.		27,100		1,032,781
Harleysville Group, Inc.		12,400		349,928
Hilltop Holdings, Inc.¹		7,800		92,586
Horace Mann Educators Corp.		72,809		725,906
Infinity Property & Casualty Corp.		29,851		1,088,367
IPC Holdings Ltd.		58,000		1,585,720
Lincoln National Corp.		11,900		204,799
Maiden Holdings Ltd.		3,880		25,453
Max Capital Group Ltd.		124,700		2,301,962
Meadowbrook Insurance Group, Inc.		33,005		215,523
Mercury General Corp.		4,200		140,406
Montpelier Re Holdings Ltd.		24,200		321,618
National Financial Partners Corp.		23,100		169,092
National Interstate Corp.		10,000		151,800
National Western Life Insurance Co., Cl. A		400		46,700
Navigators Group, Inc. (The)¹		13,500		599,805
NYMAGIC, Inc.		200		2,776
Odyssey Re Holdings Corp.		16,122		644,558
Old Republic International Corp.		14,966		147,415
OneBeacon Insurance Group Ltd.		42,080		491,915
Phoenix Cos., Inc. (The)¹		66,094		110,377
Platinum Underwriters Holdings Ltd.		50,000		1,429,500
PMA Capital Corp., Cl. A¹		14,900		67,795
Presidential Life Corp.		13,259		100,371
ProAssurance Corp.¹		29,972		1,385,006
Protective Life Corp.		157,800		1,805,232
RLI Corp.		5,800		259,840
Safety Insurance Group, Inc.		26,909		822,339
Seabright Insurance Holdings, Inc.¹		30,891		312,926
Selective Insurance Group, Inc.		50,572		645,804
StanCorp Financial Group, Inc.		56,602		1,623,345
State Auto Financial Corp.		5,900		103,250
Stewart Information Services Corp.		19,974		284,630
Tower Group, Inc.		3,600		89,208
Transatlantic Holdings, Inc.		1,010		43,763
United America Indemnity Ltd., Cl. A¹		67,444		323,057
United Fire & Casualty Co.		7,100		121,765
Unitrin, Inc.		80,400		966,408
UnumProvident Corp.		21,400		339,404
Validus Holdings Ltd.		48,353		1,062,799
White Mountains Insurance Group Ltd.		700		160,237

				37,349,757

Real Estate Investment Trusts—3.3%
Acadia Realty Trust		10,192		133,006
Agree Realty Corp.		9,600		175,968
Alexander’s, Inc.		300		80,880
Alexandria Real Estate Equities, Inc.		13,300		476,007
American Campus Communities, Inc.		10,000		221,800

F7 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Real Estate Investment Trusts Continued
American Capital Agency Corp.		19,800	$	454,806
Arbor Realty Trust, Inc.		1,600		2,800
Ashford Hospitality Trust		51,800		145,558
Associated Estates Realty Corp.		6,500		38,740
BioMed Realty Trust, Inc.		52,530		537,382
Capital Lease Funding, Inc.		15,200		41,952
Capstead Mortgage Corp.		24,100		306,311
CBL & Associates Properties, Inc.		1,191		6,419
Cedar Shopping Centers, Inc.		11,900		53,788
Colonial Properties Trust		11,100		82,140
Corporate Office Properties Trust		34,020		997,807
DCT Industrial Trust, Inc.		43,600		177,888
DiamondRock Hospitality Co.		73,900		462,614
Digital Realty Trust, Inc.		21,100		756,435
EastGroup Properties, Inc.		19,700		650,494
Entertainment Properties Trust		36,140		744,484
Equity Lifestyle Properties, Inc.		16,600		617,188
Equity One, Inc.		4,200		55,692
Essex Property Trust, Inc.		9,213		573,325
Extra Space Storage, Inc.		87,100		727,285
FelCor Lodging Trust, Inc.		78,300		192,618
First Industrial Realty Trust, Inc.		33,500		145,725
First Potomac Realty Trust		5,500		53,625
Getty Realty Corp.		3,600		67,932
Glimcher Realty Trust		4,800		13,920
Hatteras Financial Corp.		24,500		700,455
Healthcare Realty Trust, Inc.		45,300		762,399
Hersha Hospitality Trust		11,800		29,264
Highwoods Properties, Inc.		31,000		693,470
Home Properties of New York, Inc.		37,756		1,287,480
Inland Real Estate Corp.		52,000		364,000
Investors Real Estate Trust		5,100		45,339
Kite Realty Group Trust		22,400		65,408
LaSalle Hotel Properties		26,200		323,308
Lexington Realty Trust		45,519		154,765
Liberty Property Trust		20,052		461,998
LTC Properties, Inc.		20,800		425,360
Medical Properties Trust, Inc.		67,900		412,153
Mid-America Apartment Communities, Inc.		45,700		1,677,647
National Health Investors, Inc.		13,851		369,960
National Retail Properties, Inc.		65,179		1,130,856
Nationwide Health Properties, Inc.		5,700		146,718
Omega Healthcare Investors, Inc.		47,590		738,597
Parkway Properties, Inc.		23,200		301,600
Pennsylvania Real Estate Investment Trust		23,000		115,000
Post Properties, Inc.		5,600		75,264
Potlatch Corp.		16,010		388,883
PS Business Parks, Inc.		11,900		576,436
Ramco-Gershenson Properties Trust		7,400		74,074
Realty Income Corp.		31,558		691,751
Redwood Trust, Inc.		14,200		209,592
Saul Centers, Inc.		3,500		103,495
Senior Housing Properties Trust		72,400		1,181,568
SL Green Realty Corp.		39,900		915,306
Sovran Self Storage, Inc.		19,200		472,320
Strategic Hotels & Resorts, Inc.		39,700		44,067
Sunstone Hotel Investors, Inc.		35,225		188,454
Tanger Factory Outlet Centers, Inc.		18,390		596,388
Taubman Centers, Inc.		23,500		631,210
Universal Health Realty Income Trust		2,296		72,370
Urstadt Biddle Properties, Inc., Cl. A		10,296		144,968
Walter Investment Management Corp.¹		3,725		49,468
Washington Real Estate Investment Trust		22,400		501,088

				26,117,068

Real Estate Management & Development—0.1%
Avatar Holdings, Inc.¹		2,746		49,895
Consolidated-Tomoka Land Co.		500		17,540
Forest City Enterprises, Inc., Cl. A		43,014		283,892
Forestar Group, Inc.¹		37,862		449,801
Jones Lang LaSalle, Inc.		6,000		196,380
Tejon Ranch Co.¹		1,400		37,086

				1,034,594

Thrifts & Mortgage Finance—0.8%
Anchor BanCorp Wisconsin, Inc.		1,600		2,080
Bank Mutual Corp.		28,200		245,904
Dime Community Bancshares, Inc.		53,500		487,385
First Niagara Financial Group, Inc.		44,400		507,048
First Place Financial Corp.		4,648		14,455
Flushing Financial Corp.		27,300		255,255
Hudson City Bancorp, Inc.		700		9,303
MGIC Investment Corp.		54,999		241,996
NewAlliance Bancshares, Inc.		116,000		1,334,000
OceanFirst Financial Corp.		4,800		57,456
Ocwen Financial Corp.¹		118,497		1,536,906
PMI Group, Inc. (The)		74,700		147,906
Provident Financial Services, Inc.		71,500		650,650

F8 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA


	Shares		Value

Thrifts & Mortgage Finance Continued
Provident New York Bancorp		31,300	$	254,156
Radian Group, Inc.		90,500		246,160
TierOne Corp.¹		8,100		16,686
Tree.com, Inc.¹		886		8,506
Trustco Bank Corp. NY		12,900		76,239
United Financial Bancorp., Inc.		23,300		322,006
WSFS Financial Corp.		4,500		122,895

				6,536,992

Health Care—10.4%
Biotechnology—2.1%
Abraxis BioScience, Inc.¹		500		18,430
Acorda Therapeutics, Inc.¹		17,000		479,230
Alexion Pharmaceuticals, Inc.¹		28,600		1,176,032
Allos Therapeutics, Inc.¹		41,670		345,444
Alnylam Pharmaceuticals, Inc.¹		10,100		224,927
Anadys Pharmaceuticals, Inc.¹		14,400		26,784
ArQule, Inc.¹		17,203		105,626
Array BioPharma, Inc.¹		18,400		57,776
Celldex Therapeutics, Inc.¹		10,475		81,915
Cepheid, Inc.¹		7,600		71,592
Cougar Biotechnology, Inc.¹		1,400		60,144
Cubist Pharmaceuticals, Inc.¹		57,500		1,053,975
Dendreon Corp.¹		400		9,940
Emergent Biosolutions, Inc.¹		39,210		561,879
Enzon Pharmaceuticals, Inc.¹		70,700		556,409
Facet Biotech Corp.¹		26,620		247,300
Genomic Health, Inc.¹		1,500		25,995
Geron Corp.¹		62,600		480,142
GTx, Inc.¹		9,600		88,608
Human Genome Sciences, Inc.¹		43,700		124,982
ImmunoGen, Inc.¹		200		1,722
Incyte Corp.¹		53,900		177,331
Indevus Pharmaceuticals, Inc.^1,3		2,500		25
InterMune, Inc.¹		9,700		147,440
Isis Pharmaceuticals, Inc.¹		23,600		389,400
Ligand Pharmaceuticals, Inc., Cl. B¹		40,600		116,116
MannKind Corp.¹		12,492		103,809
Martek Biosciences Corp.		66,147		1,399,009
Medivation, Inc.¹		27,900		625,239
Momenta Pharmaceuticals, Inc.¹		53,200		639,996
Myriad Pharmaceuticals, Inc.¹		10,350		48,128
Nabi Biopharmaceuticals, Inc.¹		12,600		30,492
NPS Pharmaceuticals, Inc.¹		2,000		9,320
Onyx Pharmaceuticals, Inc.¹		7,900		223,254
OSI Pharmaceuticals, Inc.¹		25,800		728,334
Osiris Therapeutics, Inc.¹		10,900		146,387
PDL BioPharma, Inc.		123,200		973,280
Progenics Pharmaceuticals, Inc.¹		23,189		119,423
Protalix BioTherapeutics, Inc.¹		700		3,164
Rigel Pharmaceuticals, Inc.¹		27,800		336,936
RXi Pharmaceuticals Corp.¹		3,885		17,638
Sangamo BioSciences, Inc.¹		9,700		47,918
Savient Pharmaceuticals, Inc.¹		233,085		3,230,558
Theravance, Inc.¹		23,000		336,720
United Therapeutics Corp.¹		5,700		474,981
ZymoGenetics, Inc.¹		30,500		140,300

				16,264,050

Health Care Equipment & Supplies—2.5%
Abaxis, Inc.¹		12,490		256,545
Align Technology, Inc.¹		13,100		138,860
American Medical Systems Holdings, Inc.¹		36,100		570,380
Analogic Corp.		37,800		1,396,710
AngioDynamics, Inc.¹		13,800		183,126
Atrion Corp.		303		40,629
Cantel Medical Corp.¹		4,800		77,904
Cardiac Science Corp.¹		1,398		5,620
ConMed Corp.¹		21,200		329,024
Cooper Cos., Inc. (The)		30,300		749,319
CryoLife, Inc.¹		64,200		355,668
Cyberonics, Inc.¹		33,803		562,144
ev3, Inc.¹		14,800		158,656
Exactech, Inc.¹		12,900		187,050
Greatbatch, Inc.¹		2,800		63,308
Haemonetics Corp.¹		7,600		433,200
Hill-Rom Holdings, Inc.		91,297		1,480,837
ICU Medical, Inc.¹		200		8,230
Invacare Corp.		13,361		235,822
IRIS International, Inc.¹		5,800		68,440
Kensey Nash Corp.¹		32,481		851,327
Kinetic Concepts, Inc.¹		32,654		889,822
Masimo Corp.¹		15,200		366,472
Merit Medical Systems, Inc.¹		32,100		523,230
Natus Medical, Inc.¹		40,200		463,908
NuVasive, Inc.¹		68,200		3,041,720
Orthofix International NV¹		16,900		422,669
Palomar Medical Technologies, Inc.¹		7,400		108,484
Quidel Corp.¹		20,200		294,112
RTI Biologics, Inc.¹		7,500		32,175
Sirona Dental Systems, Inc.¹		10,300		205,897

F9 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Health Care Equipment & Supplies Continued
Somanetics Corp.¹		21,800	$	359,918
SonoSite, Inc.¹		17,817		357,409
Steris Corp.		70,000		1,825,600
SurModics, Inc.¹		6,100		138,043
Symmetry Medical, Inc.¹		12,800		119,296
Synovis Life Technologies, Inc.¹		16,300		338,551
Thoratec Corp.¹		19,800		530,244
Volcano Corp.¹		22,400		313,152
West Pharmaceutical Services, Inc.		3,200		111,520
Wright Medical Group, Inc.¹		19,900		323,574
Zoll Medical Corp.¹		38,900		752,326

				19,670,921

Health Care Providers & Services—4.1%
Alliance HealthCare Services, Inc.¹		28,700		210,371
Amedisys, Inc.¹		9,700		320,294
AMERIGROUP Corp.¹		56,200		1,508,970
AMN Healthcare Services, Inc.¹		58,346		372,247
AmSurg Corp.¹		12,800		274,432
Brookdale Senior Living, Inc.		42,700		415,898
Catalyst Health Solutions, Inc.¹		11,248		280,525
Centene Corp.¹		93,592		1,869,968
Chemed Corp.		33,152		1,308,841
Chindex International, Inc.¹		4,750		58,758
CIGNA Corp.		500		12,045
Community Health Systems, Inc.¹		21,382		539,896
CorVel Corp.¹		6,100		138,897
Coventry Health Care, Inc.¹		1,030		19,271
Cross Country Healthcare, Inc.¹		15,700		107,859
Emergency Medical Services LP, Cl. A¹		3,900		143,598
Enstar Group, Inc. (The)		1,100		15,653
Gentiva Health Services, Inc.¹		37,196		612,246
Hanger Orthopedic Group, Inc.¹		37,300		506,907
Health Management Associates, Inc., Cl. A¹		222,000		1,096,680
Health Net, Inc.¹		126,000		1,959,300
HEALTHSOUTH Corp.¹		17,800		257,032
Healthspring, Inc.¹		103,273		1,121,545
Healthways, Inc.¹		70,001		941,513
HMS Holdings Corp.¹		11,800		480,496
InVentiv Health, Inc.¹		67,356		911,327
Kindred Healthcare, Inc.¹		91,200		1,128,144
Laboratory Corp. of America Holdings¹		1,800		122,022
Landauer, Inc.		14,900		913,966
LHC Group, Inc.¹		23,700		526,377
LifePoint Hospitals, Inc.¹		58,884		1,545,705
Lincare Holdings, Inc.¹		62,244		1,463,979
Magellan Health Services, Inc.¹		11,900		390,558
MedCath Corp.¹		17,500		205,800
MEDNAX, Inc.¹		29,822		1,256,401
Molina Healthcare, Inc.¹		44,266		1,058,843
MWI Veterinary Supply, Inc.¹		6,800		237,048
Odyssey Healthcare, Inc.¹		30,400		312,512
Owens & Minor, Inc.		12,900		565,278
PharMerica Corp.¹		67,963		1,334,114
Providence Service Corp.¹		3,300		36,135
PSS World Medical, Inc.¹		1,800		33,318
RehabCare Group, Inc.¹		52,485		1,255,966
Res-Care, Inc.¹		24,492		350,236
Skilled Healthcare Group, Inc., Cl. A¹		8,200		61,500
Sun Healthcare Group, Inc.¹		46,792		394,924
Triple-S Management Corp., Cl. B¹		9,100		141,869
U.S. Physical Therapy, Inc.¹		1,400		20,650
Universal American Corp.¹		54,486		475,118
Universal Health Services, Inc., Cl. B		13,516		660,257
VCA Antech, Inc.¹		12,446		332,308
WellCare Health Plans, Inc.¹		78,209		1,446,084

				31,753,681

Health Care Technology—0.1%
Computer Programs & Systems, Inc.		3,400		130,254
Omnicell, Inc.¹		18,887		203,035
Quality Systems, Inc.		6,800		387,328

				720,617

Life Sciences Tools & Services—0.7%
Affymetrix, Inc.¹		9,900		58,707
Albany Molecular Research, Inc.¹		47,500		398,525
AMAG Pharmaceuticals, Inc.¹		1,500		82,005
Bruker Corp.¹		11,200		103,712
Dionex Corp.¹		16,830		1,027,135
eResearch Technology, Inc.¹		57,280		355,709
Exelixis, Inc.¹		11,500		56,005
Kendle International, Inc.¹		9,900		121,176
Life Sciences Research, Inc.¹		6,600		47,322
Luminex Corp.¹		30,100		558,054
Nektar Therapeutics¹		17,400		112,752
Parexel International Corp.¹		69,000		992,220
Varian, Inc.¹		37,927		1,495,462

				5,408,784

F10 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA


	Shares		Value

Pharmaceuticals—0.9%
Adolor Corp.¹		47,440	$	83,494
Akorn, Inc.¹		500		600
Auxilium Pharmaceuticals, Inc.¹		21,000		658,980
BioMimetic Therapeutics, Inc.¹		2,000		18,480
Cadence Pharmaceuticals, Inc.¹		2,900		28,971
CPEX Pharmaceuticals, Inc.¹		350		3,497
Cypress Bioscience, Inc.¹		19,600		184,632
Endo Pharmaceuticals Holdings, Inc.¹		36,302		650,532
Forest Laboratories, Inc.¹		370		9,291
K-V Pharmaceutical Co., Cl. A¹		12,813		41,130
King Pharmaceuticals, Inc.¹		70,118		675,236
Medicis Pharmaceutical Corp., Cl. A		31,436		513,036
MiddleBrook Pharmaceuticals, Inc.¹		8,500		11,475
Noven Pharmaceuticals, Inc.¹		59,169		846,117
Obagi Medical Products, Inc.¹		1,200		8,748
Optimer Pharmaceuticals, Inc.¹		19,400		290,418
Pain Therapeutics, Inc.¹		27,001		144,995
Perrigo Co.		11,100		308,358
Pozen, Inc.¹		15,500		119,040
Questcor Pharmaceuticals, Inc.¹		70,984		354,920
Salix Pharmaceuticals Ltd.¹		27,600		272,412
Sepracor, Inc.¹		34,387		595,583
Valeant Pharmaceuticals International, Inc.¹		39,500		1,015,940
ViroPharma, Inc.¹		14,100		83,613
Vivus, Inc.¹		61,000		370,880

				7,290,378

Industrials—17.7%
Aerospace & Defense—1.2%
AAR Corp.¹		35,700		572,985
Aerovironment, Inc.¹		1,668		51,474
American Science & Engineering, Inc.		1,600		110,592
Applied Signal Technology, Inc.		1,100		28,061
Argon ST, Inc.¹		20,000		411,400
Astronics Corp.¹		812		8,437
Axsys Technologies, Inc.¹		713		38,245
BE Aerospace, Inc.¹		72,199		1,036,778
Ceradyne, Inc.¹		70,440		1,243,970
Cubic Corp.		21,630		774,138
Curtiss-Wright Corp.		5,700		169,461
Ducommun, Inc.		38,200		717,778
DynCorp International, Inc., Cl. A¹		44,873		753,418
Esterline Technologies Corp.¹		63,800		1,727,066
Gencorp, Inc.¹		33,900		64,749
Herley Industries, Inc.¹		678		7,438
Ladish Co., Inc.¹		6,600		85,602
Spirit Aerosystems Holdings, Inc., Cl. A¹		2,100		28,854
Taser International, Inc.¹		34,244		156,153
TransDigm Group, Inc.¹		3,000		108,600
Triumph Group, Inc.		35,700		1,428,000

				9,523,199

Air Freight & Logistics—0.2%
Air Transport Services Group, Inc.¹		11,100		25,752
Atlas Air Worldwide Holdings, Inc.¹		40,300		934,557
Pacer International, Inc.		97,000		216,310
UTi Worldwide, Inc.¹		9,326		106,316
				1,282,935
Airlines—0.4%
Allegiant Travel Co.¹		13,300		527,212
Continental Airlines, Inc., Cl. B¹		27,010		239,309
Hawaiian Holdings, Inc.¹		104,078		626,550
Republic Airways Holdings, Inc.¹		76,500		499,545
SkyWest, Inc.		89,100		908,820

				2,801,436

Building Products—1.2%
Aaon, Inc.		29,470		587,042
American Woodmark Corp.		10,135		242,733
Ameron International Corp.		23,114		1,549,563
Apogee Enterprises, Inc.		88,354		1,086,754
Armstrong World Industries, Inc.¹		70,400		1,160,896
Gibraltar Industries, Inc.		94,800		651,276
Griffon Corp.¹		36,219		301,342
Insteel Industries, Inc.		60,300		496,872
Lennox International, Inc.		7,800		250,458
NCI Building Systems, Inc.¹		3,400		8,976
Quanex Building Products Corp.		94,430		1,059,505
Trex Co., Inc.¹		28,960		387,195
Universal Forest Products, Inc.		38,420		1,271,318
USG Corp.¹		18,299		184,271

				9,238,201

Commercial Services & Supplies—4.3%
ABM Industries, Inc.		6,000		108,420
Acco Brands Corp.¹		39,913		112,555
Administaff, Inc.		13,200		307,164
Advisory Board Co. (The)¹		6,400		164,480
American Ecology Corp.		43,100		772,352
American Reprographics Co.¹		74,826		622,552
AMREP Corp.¹		1,676		18,486

F11 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Commercial Services & Supplies Continued
ATC Technology Corp.¹		32,140	$	466,030
Bowne & Co., Inc.		39,356		256,208
Brink’s Co. (The)		7,100		206,113
Casella Waste Systems, Inc., Cl. A¹		9,975		19,850
CBIZ, Inc.¹		74,900		533,288
Cenveo, Inc.¹		42,700		180,621
Comfort Systems USA, Inc.		107,472		1,101,588
COMSYS IT Partners, Inc.¹		9,500		55,575
Consolidated Graphics, Inc.¹		47,200		822,224
Copart, Inc.¹		600		20,802
Cornell Corrections, Inc.¹		20,200		327,442
Corporate Executive Board Co. (The)		10,400		215,904
CoStar Group, Inc.¹		19,800		789,426
Courier Corp.		3,824		58,354
CRA International, Inc.¹		23,900		663,464
Deluxe Corp.		154,916		1,984,474
EnergySolutions, Inc.		35,600		327,520
EnerNOC, Inc.¹		3,900		84,513
Ennis, Inc.		27,000		336,420
Equifax, Inc.		3,300		86,130
First Advantage Corp., Cl. A¹		18,900		287,469
G&K Services, Inc., Cl. A		22,600		477,990
GeoEye, Inc.¹		3,300		77,748
Heidrick & Struggles International, Inc.		23,300		425,225
Hill International, Inc.¹		45,100		193,930
HNI Corp.		90,300		1,630,818
Hudson Highland Group, Inc.¹		29,000		56,840
ICF International, Inc.¹		14,000		386,260
Interface, Inc., Cl. A		168,100		1,042,220
Kelly Services, Inc., Cl. A		53,585		586,756
Kforce, Inc.¹		32,742		270,776
Kimball International, Inc., Cl. B		25,300		157,872
Knoll, Inc.		70,339		533,170
Korn-Ferry International¹		98,600		1,049,104
M&F Worldwide Corp.¹		7,712		154,240
Manpower, Inc.		8,500		359,890
McGrath Rentcorp		7,941		151,355
Metalico, Inc.¹		37,700		175,682
Miller (Herman), Inc.		126,700		1,943,578
Mine Safety Appliances Co.		3,700		89,170
Monster Worldwide, Inc.¹		96,040		1,134,232
MPS Group, Inc.¹		255,300		1,950,492
On Assignment, Inc.¹		36,900		144,279
PRG-Schultz International, Inc.¹		500		1,350
R.R. Donnelley & Sons Co.		1,100		12,782
Resources Connection, Inc.¹		118,088		2,027,571
Rollins, Inc.		6,900		119,439
Schawk, Inc.		25,800		193,758
School Specialty, Inc.¹		28,900		584,069
Spherion Corp.¹		53,400		220,008
Standard Parking Corp.¹		3,700		60,273
Standard Register Co. (The)		51,010		166,293
Steelcase, Inc., Cl. A		243,900		1,419,498
Sykes Enterprises, Inc.¹		23,733		429,330
Team, Inc.¹		17,675		276,967
Tetra Tech, Inc.¹		11,000		315,150
TrueBlue, Inc.¹		123,500		1,037,400
United Stationers, Inc.¹		15,488		540,221
Viad Corp.		54,300		935,046
Volt Information Sciences, Inc.¹		12,100		75,867
Waste Connections, Inc.¹		10,300		266,873
Waste Services, Inc.¹		9,400		48,692
Watson Wyatt & Co. Holdings		16,652		624,950

				33,276,588

Construction & Engineering—1.5%
Aecom Technology Corp.¹		4,200		134,400
Baker (Michael) Corp.¹		26,873		1,138,340
Chicago Bridge & Iron Co. NV		35,580		441,192
Dycom Industries, Inc.¹		126,600		1,401,462
EMCOR Group, Inc.¹		107,800		2,168,936
Furmanite Corp.¹		8,800		39,248
Granite Construction, Inc.		27,149		903,519
Insituform Technologies, Inc., Cl. A¹		38,400		651,648
Integrated Electrical Services, Inc.¹		16,186		126,413
Layne Christensen Co.¹		18,970		387,937
MasTec, Inc.¹		43,000		503,960
Northwest Pipe Co.¹		20,700		719,532
Orion Marine Group, Inc.¹		13,000		247,000
Pike Electric Corp.¹		39,806		479,662
Shaw Group, Inc. (The)¹		720		19,735
Tutor Perini Corp.¹		134,873		2,341,395

				11,704,379

Electrical Equipment—1.9%
Acuity Brands, Inc.		62,100		1,741,905
Advanced Battery Technologies, Inc.^1,4		2,500		10,050
AZZ, Inc.¹		18,200		626,262
Baldor Electric Co.		86,490		2,057,597
Belden, Inc.		104,800		1,750,160

F12 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA


	Shares		Value

Electrical Equipment Continued
Brady Corp., Cl. A		26,695	$	670,578
C&D Technologies, Inc.¹		19,000		38,000
Day4 Energy, Inc., Legend Shares¹		82,300		54,482
Encore Wire Corp.		45,485		971,105
EnerSys, Inc.¹		64,428		1,171,945
Franklin Electric Co., Inc.		1,500		38,880
GrafTech International Ltd.¹		209,900		2,373,969
Hubbell, Inc., Cl. B		4,900		157,094
II-VI, Inc.¹		2,000		44,340
LSI Industries, Inc.		14,900		81,205
Polypore International, Inc.¹		10,954		121,808
Powell Industries, Inc.¹		25,790		956,035
Regal-Beloit Corp.		2,200		87,384
Smith (A.O.) Corp.		29,200		951,044
Thomas & Betts Corp.¹		37,239		1,074,718
Valence Technology, Inc.¹		21,800		39,022
Vicor Corp.		17,370		125,411
Woodward Governor Co.		4,600		91,080

				15,234,074

Industrial Conglomerates—0.2%
Carlisle Cos., Inc.		7,200		173,088
Raven Industries, Inc.		15,100		386,560
Standex International Corp.		12,200		141,520
Tredegar Corp.		71,311		949,863

				1,651,031

Machinery—4.9%
3D Systems Corp.¹		400		2,884
Actuant Corp., Cl. A		48,539		592,176
Altra Holdings, Inc.¹		35,337		264,674
American Railcar Industries, Inc.		4,700		38,822
Ampco-Pittsburgh Corp.		28,700		673,015
Badger Meter, Inc.		34,020		1,394,820
Barnes Group, Inc.		79,600		946,444
Blount International, Inc.¹		64,500		555,345
Briggs & Stratton Corp.		75,500		1,007,170
Bucyrus International, Inc., Cl. A		3,500		99,960
Cascade Corp.		10,546		165,889
Chart Industries, Inc.¹		96,071		1,746,571
CIRCOR International, Inc.		46,299		1,093,119
Clarcor, Inc.		900		26,271
Colfax Corp.¹		25,100		193,772
Columbus McKinnon Corp.¹		62,170		786,451
Crane Co.		43,314		966,335
Cummins, Inc.		1,200		42,252
Dover Corp.		600		19,854
EnPro Industries, Inc.¹		78,463		1,413,119
Federal Signal Corp.		108,400		829,260
Force Protection, Inc.¹		47,311		418,229
Freightcar America, Inc.		13,802		232,012
Gardner Denver, Inc.¹		115,716		2,912,572
Gorman-Rupp Co. (The)		22,743		458,726
Graco, Inc.		22,400		493,248
Graham Corp.		14,332		190,616
Harsco Corp.		17,100		483,930
Hurco Cos., Inc.¹		5,076		79,338
IDEX Corp.		4,600		113,022
John Bean Technologies Corp.		15,313		191,719
K-Tron International, Inc.¹		1,634		130,197
Kadant, Inc.¹		38,700		436,923
Kennametal, Inc.		65,000		1,246,700
L.B. Foster Co., Cl. A¹		17,400		523,218
Lincoln Electric Holdings, Inc.		19,331		696,689
Lindsay Manufacturing Co.		14,600		483,260
Lydall, Inc.¹		16,100		54,740
Manitowoc Co., Inc. (The)		120,178		632,136
McCoy Corp., Legend Shares²		46,600		50,080
Mueller Industries, Inc.		64,400		1,339,520
Mueller Water Products, Inc., Cl. A		128,300		479,842
NACCO Industries, Inc., Cl. A		5,600		160,832
NN, Inc.		11,000		18,480
Nordson Corp.		20,000		773,200
Oshkosh Corp.		156,000		2,268,240
RBC Bearings, Inc.¹		3,000		61,350
Robbins & Myers, Inc.		69,849		1,344,593
Sauer-Danfoss, Inc.		21,437		131,409
Sun Hydraulics Corp.		46,450		751,097
Tecumseh Products Co., Cl. A¹		45,600		442,776
Tennant Co.		17,600		323,664
Terex Corp.¹		58,540		706,578
Thermadyne Holdings Corp.¹		5,500		19,305
Timken Co.		111,745		1,908,605
Titan International, Inc.		124,149		927,393
Toro Co. (The)		60,500		1,808,950
Trinity Industries, Inc.		90,800		1,236,696
Twin Disc, Inc.		4,400		29,964
Wabash National Corp.		4,600		3,220
Wabtec Corp.		11,300		363,521
Watts Water Technologies, Inc., Cl. A		10,113		217,834
Xerium Technologies, Inc.¹		34,952		38,447

				38,041,074

F13 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Marine—0.5%
Alexander & Baldwin, Inc.		1,700	$	39,848
American Commercial Lines, Inc.¹		28,841		446,459
Eagle Bulk Shipping, Inc.		53,700		251,853
Excel Maritime Carriers Ltd.		5,157		34,707
Genco Shipping & Trading Ltd.		61,600		1,337,952
Horizon Lines, Inc., Cl. A		6,700		25,862
Kirby Corp.¹		30,900		982,311
Safe Bulkers, Inc.		60,700		398,192
Star Bulk Carriers Corp.		54,693		200,723
TBS International Ltd., Cl. A¹		80,500		628,705

				4,346,612

Road & Rail—0.5%
Amerco¹		6,000		222,900
Arkansas Best Corp.		58,000		1,528,300
Avis Budget Group, Inc.¹		118,800		671,220
Celadon Group, Inc.¹		15,800		132,562
Marten Transport Ltd.¹		37,500		778,500
Ryder Systems, Inc.		9,994		279,032

				3,612,514

Trading Companies & Distributors—0.9%
Applied Industrial Technologies, Inc.		33,275		655,518
Beacon Roofing Supply, Inc.¹		71,896		1,039,616
BlueLinx Holdings, Inc.¹		3,300		9,900
DXP Enterprises, Inc.¹		7,837		89,890
GATX Corp.		3,228		83,024
H&E Equipment Services, Inc.¹		32,567		304,501
Houston Wire & Cable Co.		48,798		581,184
Interline Brands, Inc.¹		7,300		99,864
Kaman Corp.		1,900		31,730
MSC Industrial Direct Co., Inc., Cl. A		6,900		244,812
Rush Enterprises, Inc., Cl. A¹		69,400		808,510
Textainer Group Holdings Ltd.		8,668		99,595
Titan Machinery, Inc.¹		3,600		45,684
United Rentals, Inc.¹		63,743		413,692
Watsco, Inc.		12,600		616,518
WESCO International, Inc.¹		90,200		2,258,608

				7,382,646

Transportation Infrastructure—0.0%
CAI International, Inc.¹		19,097		97,395

Information Technology—21.5%
Communications Equipment—3.4%
3Com Corp.¹		546,430		2,573,685
Acme Packet, Inc.¹		31,100		314,732
ADC Telecommunications, Inc.¹		49,100		390,836
ADTRAN, Inc.		65,900		1,414,873
Arris Group, Inc.¹		24,000		291,840
Avocent Corp.¹		114,100		1,592,836
Bel Fuse, Inc., Cl. A		2,080		29,203
BigBand Networks, Inc.¹		32,400		167,508
Black Box Corp.		16,920		566,312
Blue Coat Systems, Inc.¹		34,200		565,668
Brocade Communications Systems, Inc.¹		5,210		40,742
Ciena Corp.¹		120,200		1,244,070
Cogo Group, Inc.¹		18,300		109,251
CommScope, Inc.¹		102,488		2,691,335
Comtech Telecommunications Corp.¹		6,800		216,784
Digi International, Inc.¹		23,300		227,175
EchoStar Holding Corp.¹		8,100		129,114
EMS Technologies, Inc.¹		29,100		608,190
Emulex Corp.¹		175,238		1,713,828
Extreme Networks, Inc.¹		19,120		38,240
Finisar Corp.¹		137,500		78,375
Harris Stratex Networks, Inc., Cl. A¹		18,185		117,839
InterDigital, Inc.¹		55,419		1,354,440
Ixia¹		59,500		401,030
JDS Uniphase Corp.¹		379,714		2,171,964
Netgear, Inc.¹		15,492		223,240
Oplink Communications, Inc.¹		7,164		81,670
ParkerVision, Inc.¹		12,900		39,474
Performance Technologies, Inc.¹		3,200		9,440
Plantronics, Inc.		106,264		2,009,452
Polycom, Inc.¹		28,600		579,722
Powerwave Technologies, Inc.¹		148,100		238,441
SeaChange International, Inc.¹		29,155		234,115
ShoreTel, Inc.¹		10,500		84,000
Sonus Networks, Inc.¹		110,900		178,549
Starent Networks Corp.¹		69,790		1,703,574
Tekelec, Inc.¹		57,676		970,687
Tellabs, Inc.¹		44,566		255,363
UTStarcom, Inc.¹		96,492		157,282
ViaSat, Inc.¹		15,100		387,164

				26,202,043

Computers & Peripherals—1.4%
3PAR, Inc.¹		3,260		40,424
Adaptec, Inc.¹		101,800		269,770
Avid Technology, Inc.¹		49,000		657,090

F14 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA


	Shares		Value

Computers & Peripherals Continued
Diebold, Inc.		3,600	$	94,896
Electronics for Imaging, Inc.¹		69,000		735,540
Hypercom Corp.¹		300		450
Imation Corp.		44,500		338,645
Lexmark International, Inc., Cl. A¹		18,481		292,924
NCR Corp.¹		23,700		280,371
Netezza Corp.¹		37,000		307,840
Novatel Wireless, Inc.¹		4,853		43,774
QLogic Corp.¹		154,150		1,954,622
Seagate Technology		800		8,368
STEC, Inc.¹		102,500		2,376,975
Sun Microsystems, Inc.¹		2,100		19,362
Synaptics, Inc.¹		61,450		2,375,043
Teradata Corp.¹		15,300		358,479
Western Digital Corp.¹		28,300		749,950
Xyratex Ltd.¹		9,000		44,910

				10,949,433

Electronic Equipment & Instruments—3.4%
Acacia Research Corp.¹		10,600		83,422
Agilent Technologies, Inc.¹		900		18,279
Agilysys, Inc.		4,634		21,687
Amphenol Corp., Cl. A		1,200		37,968
Anixter International, Inc.¹		45,520		1,711,097
Arrow Electronics, Inc.¹		27,208		577,898
AVX Corp.		15,400		152,922
Benchmark Electronics, Inc.¹		170,009		2,448,130
Brightpoint, Inc.¹		88,400		554,268
Checkpoint Systems, Inc.¹		10,800		169,452
China Security & Surveillance Technology, Inc.¹		31,300		236,002
Cognex Corp.		13,100		185,103
Coherent, Inc.¹		38,600		798,248
CPI International, Inc.¹		100		869
CTS Corp.		75,300		493,215
Daktronics, Inc.		39,200		301,840
Dolby Laboratories, Inc., Cl. A¹		3,500		130,480
DTS, Inc.¹		18,800		508,916
Echelon Corp.¹		5,800		49,184
Electro Scientific Industries, Inc.¹		22,100		247,078
FARO Technologies, Inc.¹		4,500		69,885
Gerber Scientific, Inc.¹		9,300		23,250
Ingram Micro, Inc., Cl. A¹		2,100		36,750
Insight Enterprises, Inc.¹		74,657		721,187
Jabil Circuit, Inc.		180,850		1,341,907
L-1 Identity Solutions, Inc.¹		16,112		124,707
Littlefuse, Inc.¹		38,963		777,701
Maxwell Technologies, Inc.¹		8,900		123,087
Methode Electronics, Inc.		85,290		598,736
Molex, Inc.		11,200		174,160
MTS Systems Corp.		16,000		330,400
Multi-Fineline Electronix, Inc.¹		61,052		1,306,513
NAM TAI Electronics, Inc.		9,300		39,618
National Instruments Corp.		5,900		133,104
OSI Systems, Inc.¹		31,096		648,352
Park Electrochemical Corp.		20,700		445,671
PC Connection, Inc.¹		7,100		37,275
Plexus Corp.¹		34,290		701,573
RadiSys Corp.¹		7,009		63,151
Rofin-Sinar Technologies, Inc.¹		69,900		1,398,699
Rogers Corp.¹		2,900		58,667
Sanmina-SCI Corp.¹		454,500		199,980
ScanSource, Inc.¹		41,028		1,006,007
SYNNEX Corp.¹		77,523		1,937,300
Tech Data Corp.¹		77,668		2,540,520
Technitrol, Inc.		58,900		381,083
Trimble Navigation Ltd.¹		300		5,889
TTM Technologies, Inc.¹		52,300		416,308
Vishay Intertechnology, Inc.¹		317,640		2,156,776

				26,524,314

Internet Software & Services—2.0%
Akamai Technologies, Inc.¹		400		7,672
Art Technology Group, Inc.¹		102,500		389,500
AsiaInfo Holdings, Inc.¹		30,300		521,463
comScore, Inc.¹		6,300		83,916
DealerTrack Holdings, Inc.¹		15,970		271,490
Digital River, Inc.¹		32,100		1,165,872
EarthLink, Inc.¹		156,917		1,162,755
InfoSpace, Inc.¹		2,000		13,260
j2 Global Communications, Inc.¹		62,200		1,403,232
Knot, Inc. (The)¹		5,900		46,492
Liquidity Services, Inc.¹		4,700		46,342
LoopNet, Inc.¹		32,500		251,875
Mercadolibre, Inc.¹		26,800		720,384
ModusLink Global Solutions, Inc.¹		27,710		190,091
Move, Inc.¹		20,300		43,848
National Information Consortium, Inc.		30,200		204,454
NaviSite, Inc.¹		10,400		14,248
Open Text Corp.¹		30,600		1,114,452
Perficient, Inc.¹		10,000		69,900

F15 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Internet Software & Services Continued
S1 Corp.¹		128,300	$	885,270
Savvis, Inc.¹		2,300		26,358
Sohu.com, Inc.¹		12,500		785,375
SonicWALL, Inc.¹		82,660		452,977
TheStreet.com, Inc.		10,450		21,841
United Online, Inc.		89,342		581,616
ValueClick, Inc.¹		177,400		1,866,248
Vignette Corp.¹		35,040		460,776
VistaPrint Ltd.¹		51,583		2,200,015
Vocus, Inc.¹		20,900		412,984
Zix Corp.¹		6,900		10,350

				15,425,056

IT Services—2.6%
Acxiom Corp.		191,800		1,693,594
Amdocs Ltd.¹		5,400		115,830
Broadridge Financial Solutions, Inc.		42,988		712,741
CACI International, Inc., Cl. A¹		11,600		495,436
CIBER, Inc.¹		190,473		590,466
Convergys Corp.¹		266,567		2,473,742
CSG Systems International, Inc.¹		57,361		759,460
DST Systems, Inc.¹		5,122		189,258
Euronet Worldwide, Inc.¹		11,089		215,016
Exlservice Holdings, Inc.¹		15,800		177,118
Fiserv, Inc.¹		6,200		283,340
Forrester Research, Inc.¹		10,974		269,412
Gartner, Inc.¹		91,230		1,392,170
Global Cash Access, Inc.¹		79,595		633,576
Hackett Group, Inc. (The)¹		2,500		5,825
Heartland Payment Systems, Inc.		53,568		512,646
iGate Corp.		35,556		235,381
infoGROUP, Inc.¹		16,300		93,073
Integral Systems, Inc.¹		41,954		349,057
Lender Processing Services, Inc.		4,300		119,411
ManTech International Corp.¹		8,900		383,056
Mastech Holdings, Inc.¹		540		1,874
Maximus, Inc.		900		37,125
Metavante Technologies, Inc.¹		240		6,206
NCI, Inc., Cl. A¹		2,680		81,526
Ness Technologies, Inc.¹		20,500		80,155
NeuStar, Inc., Cl. A¹		92,048		2,039,784
Online Resources & Communications Corp.¹		300		1,872
Perot Systems Corp., Cl. A¹		96,600		1,384,278
RightNow Technologies, Inc.¹		64,970		766,646
Sapient Corp.¹		216,900		1,364,301
Syntel, Inc.		17,868		561,770
TeleTech Holdings, Inc.¹		132,166		2,002,315
Total System Services, Inc.		3,700		49,543
Unisys Corp.¹		167,100		252,321

				20,329,324

Office Electronics—0.0%
Xerox Corp.		4,300		27,864
Zebra Technologies Corp., Cl. A¹		15,000		354,900

				382,764

Semiconductors & Semiconductor Equipment—5.1%
Actel Corp.¹		47,740		512,250
Advanced Analogic Technologies, Inc.¹		15,300		70,227
Advanced Energy Industries, Inc.¹		95,400		857,646
Advanced Micro Devices, Inc.¹		28,200		109,134
Amkor Technology, Inc.¹		342,400		1,619,552
Applied Micro Circuits Corp.¹		119,900		974,787
Atmel Corp.¹		266,700		994,791
ATMI, Inc.¹		70,300		1,091,759
Brooks Automation, Inc.¹		116,291		520,984
Cabot Microelectronics Corp.¹		48,600		1,374,894
Cavium Networks, Inc.¹		39,700		667,357
Cirrus Logic, Inc.¹		124,455		560,048
Cohu, Inc.		16,400		147,272
Cypress Semiconductor Corp.¹		11,300		103,960
Diodes, Inc.¹		27,600		431,664
DSP Group, Inc.¹		17,301		116,955
Entegris, Inc.¹		317,600		863,872
Exar Corp.¹		42,300		304,137
Fairchild Semiconductor International, Inc., Cl. A¹		272,100		1,901,979
FEI Co.¹		2,200		50,380
Hittite Microwave Corp.¹		13,800		479,550
Integrated Device Technology, Inc.¹		314,800		1,901,392
Intellon Corp.¹		17,600		74,800
International Rectifier Corp.¹		80,300		1,189,243
Intersil Corp., Cl. A		37,000		465,090
IXYS Corp.		27,200		275,264
Kulicke & Soffa Industries, Inc.¹		20,100		68,943
Lattice Semiconductor Corp.¹		235,889		443,471
LSI Corp.¹		6,100		27,816
MEMC Electronic Materials, Inc.¹		460		8,193
Micrel, Inc.		121,057		886,137
Microsemi Corp.¹		40,200		554,760
Microtune, Inc.¹		15,500		36,270

F16 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA


	Shares		Value

Semiconductors & Semiconductor Equipment Continued
MKS Instruments, Inc.¹		116,100	$	1,531,359
Monolithic Power Systems, Inc.¹		46,600		1,044,306
Novellus Systems, Inc.¹		15,500		258,850
OmniVision Technologies, Inc.¹		106,500		1,106,535
ON Semiconductor Corp.¹		3,500		24,010
Pericom Semiconductor Corp.¹		24,425		205,659
PMC-Sierra, Inc.¹		37,800		300,888
Power Integrations, Inc.		3,200		76,128
RF Micro Devices, Inc.¹		336,400		1,264,864
Semtech Corp.¹		106,539		1,695,035
Sigma Designs, Inc.¹		25,700		412,228
Silicon Image, Inc.¹		182,000		418,600
Silicon Laboratories, Inc.¹		7,300		276,962
Silicon Storage Technology, Inc.¹		60,800		113,696
Skyworks Solutions, Inc.¹		277,000		2,709,060
Standard Microsystems Corp.¹		19,700		402,865
Supertex, Inc.¹		18,466		463,681
Techwell, Inc.¹		6,200		52,700
Teradyne, Inc.¹		192,796		1,322,581
Tessera Technologies, Inc.¹		44,611		1,128,212
TriQuint Semiconductor, Inc.¹		123,400		655,254
Ultra Clean Holdings, Inc.¹		2,900		6,960
Ultratech, Inc.¹		63,575		782,608
Varian Semiconductor Equipment Associates, Inc.¹		62,759		1,505,588
Veeco Instruments, Inc.¹		95,600		1,108,004
Verigy Ltd.¹		15,000		182,550
Volterra Semiconductor Corp.¹		58,900		773,946
Xilinx, Inc.		5,600		114,576
Zoran Corp.¹		24,236		264,172

				39,886,454

Software—3.6%
ACI Worldwide, Inc.¹		14,300		199,628
Actuate Corp.¹		2,400		11,472
Advent Software, Inc.¹		10,400		341,016
Aspen Technology, Inc.¹		28,200		240,546
Blackbaud, Inc.		9,545		148,425
Blackboard, Inc.¹		36,400		1,050,504
Bottomline Technologies, Inc.¹		9,300		83,793
Cadence Design Systems, Inc.¹		89,074		525,537
Commvault Systems, Inc.¹		7,210		119,542
Compuware Corp.¹		131,558		902,488
Double-Take Software, Inc.¹		12,620		109,163
Epicor Software Corp.¹		10,200		54,060
EPIQ Systems, Inc.¹		13,676		209,927
FactSet Research Systems, Inc.		5,200		259,324
Fair Isaac Corp.		120,531		1,863,409
FalconStor Software, Inc.¹		12,500		59,375
Henry (Jack) & Associates, Inc.		20,904		433,758
i2 Technologies, Inc.¹		5,200		65,260
Informatica Corp.¹		8,600		147,834
Interactive Intelligence, Inc.¹		12,400		152,024
JDA Software Group, Inc.¹		45,700		683,672
Kenexa Corp.¹		25,300		292,721
Manhattan Associates, Inc.¹		48,575		885,037
Mentor Graphics Corp.¹		124,800		682,656
MICROS Systems, Inc.¹		48,700		1,233,084
MicroStrategy, Inc., Cl. A¹		14,046		705,390
MSC.Software Corp.¹		10,600		70,596
Net 1 UEPS Technologies, Inc.¹		99,100		1,346,769
NetScout Systems, Inc.¹		15,800		148,204
Novell, Inc.¹		30,400		137,712
Parametric Technology Corp.¹		139,900		1,635,431
Phoenix Technologies Ltd.¹		1,800		4,878
Progress Software Corp.¹		36,100		764,237
PROS Holdings, Inc.¹		1,650		13,398
Quest Software, Inc.¹		65,500		913,070
Radiant Systems, Inc.¹		43,900		364,370
Rosetta Stone, Inc.¹		6,400		175,616
Smith Micro Software, Inc.¹		4,200		41,244
Solera Holdings, Inc.¹		14,500		368,300
SPSS, Inc.¹		12,800		427,136
Sybase, Inc.¹		30,500		955,870
Symyx Technologies, Inc.¹		10,100		59,085
Synchronoss Technologies, Inc.¹		45,000		552,150
Synopsys, Inc.¹		480		9,365
Take-Two Interactive Software, Inc.		136,000		1,287,920
Taleo Corp., Cl. A¹		44,790		818,313
TIBCO Software, Inc.¹		580,600		4,162,902
Tyler Technologies, Inc.¹		46,100		720,082
Ultimate Software Group, Inc. (The)¹		12,245		296,819
Wind River Systems, Inc.¹		107,900		1,236,534

				27,969,646

Materials—5.5%
Chemicals—2.3%
Arch Chemicals, Inc.		2,400		59,016
Ashland, Inc.		80,059		2,245,655
Balchem Corp.		4,730		115,980
Cabot Corp.		26,889		338,264

F17 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Chemicals Continued
Celanese Corp., Series A		5,000	$	118,750
CF Industries Holdings, Inc.		5,800		430,012
Cytec Industries, Inc.		72,781		1,355,182
Ferro Corp.		54,438		149,705
Fuller (H.B.) Co.		40,900		767,693
GenTek, Inc.¹		1,400		31,262
ICO, Inc.¹		32,600		88,672
Innophos Holdings, Inc.		40,970		691,983
Innospec, Inc.		37,888		407,296
Koppers Holdings, Inc.		9,900		261,063
Landec Corp.¹		21,400		145,306
LSB Industries, Inc.¹		36,181		585,047
Minerals Technologies, Inc.		25,274		910,369
NewMarket Corp.		19,400		1,306,202
NOVA Chemicals Corp.		122,400		725,832
Olin Corp.		65,980		784,502
OM Group, Inc.¹		62,440		1,812,009
PolyOne Corp.¹		163,000		441,730
Quaker Chemical Corp.		15,300		203,337
Rockwood Holdings, Inc.¹		62,852		920,153
Schulman (A.), Inc.		39,567		597,857
Sensient Technologies Corp.		10,000		225,700
Solutia, Inc.¹		15,900		91,584
Spartech Corp.		50,131		460,704
Stepan Co.		9,500		419,520
Terra Industries, Inc.		16,403		397,281
Valhi, Inc.		1,200		8,916
W.R. Grace & Co.¹		9,500		117,515
Westlake Chemical Corp.		3,400		69,326
Zep, Inc.		41,600		501,280
Zoltek Cos., Inc.¹		44,200		429,624

				18,214,327

Construction Materials—0.1%
Eagle Materials, Inc.		1,400		35,336
Headwaters, Inc.¹		95,100		319,536
Texas Industries, Inc.		14,900		467,264

				822,136

Containers & Packaging—0.6%
Bway Holding Co.¹		4,600		80,638
Myers Industries, Inc.		51,700		430,144
Packaging Corp. of America		52,800		855,360
Rock-Tenn Co., Cl. A		17,699		675,394
Sonoco Products Co.		7,900		189,205
Temple-Inland, Inc.		177,443		2,328,052

				4,558,793

Metals & Mining—2.2%
A. M. Castle & Co.		47,027		568,086
AK Steel Holding Corp.		137,100		2,630,949
Allied Nevada Gold Corp.¹		4,400		35,464
AMCOL International Corp.		2,300		49,634
Brush Engineered Materials, Inc.¹		47,100		788,925
Carpenter Technology Corp.		89,000		1,852,090
Commercial Metals Co.		62,700		1,005,081
Compass Minerals International, Inc.		15,200		834,632
General Steel Holdings, Inc.¹		8,800		34,936
Haynes International, Inc.¹		29,300		694,410
Hecla Mining Co.¹		75,300		201,804
Horsehead Holding Corp.¹		19,555		145,685
Kaiser Aluminum Corp.		15,443		554,558
Olympic Steel, Inc.		38,490		941,850
Reliance Steel & Aluminum Co.		1,800		69,102
Royal Gold, Inc.		12,800		533,760
RTI International Metals, Inc.¹		63,800		1,127,346
Schnitzer Steel Industries, Inc.		38,955		2,059,161
Stillwater Mining Co.¹		94,442		539,264
Titanium Metals Corp.		112,700		1,035,713
Universal Stainless & Alloy Products, Inc.¹		4,700		76,469
Walter Industries, Inc.		4,100		148,584
Worthington Industries, Inc.		64,498		824,929

				16,752,432

Paper & Forest Products—0.3%
Buckeye Technologies, Inc.¹		47,027		211,151
Clearwater Paper Corp.¹		4,060		102,677
Deltic Timber Corp.		2,300		81,581
Domtar Corp.¹		21,350		353,983
Glatfelter		51,945		462,311
Louisiana-Pacific Corp.¹		104,370		356,945
MeadWestvaco Corp.		1,600		26,256
Mercer International, Inc.¹		10,200		5,814
Neenah Paper, Inc.		4,800		42,288
Schweitzer-Mauduit International, Inc.		12,341		335,799
Wausau Paper Corp.		78,600		528,192

				2,506,997

Telecommunication Services—1.5%
Diversified Telecommunication Services—1.0%
Alaska Communications Systems Group, Inc.		1,100		8,052
Atlantic Tele-Network, Inc.		16,697		656,025
Cbeyond, Inc.¹		20,400		292,740

F18 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA


	Shares		Value

Diversified Telecommunication Services Continued
Cincinnati Bell, Inc.¹		393,000	$	1,116,120
Cogent Communications Group, Inc.¹		66,771		544,184
Embarq Corp.		1,700		71,502
Frontier Communications Corp.		300		2,142
General Communication, Inc., Cl. A¹		4,200		29,106
Global Crossing Ltd.¹		9,344		85,778
Iowa Telecommunications Services, Inc.		25,837		323,221
Neutral Tandem, Inc.¹		12,100		357,192
NTELOS Holdings Corp.		39,000		718,380
PAETEC Holding Corp.¹		1,700		4,590
Premiere Global Services, Inc.¹		174,600		1,892,664
tw telecom, Inc.¹		168,200		1,727,414

				7,829,110

Wireless Telecommunication Services—0.5%
Centennial Communications Corp.¹		212,000		1,772,320
iPCS, Inc.¹		14,634		218,925
NII Holdings, Inc.¹		300		5,721
Syniverse Holdings, Inc.¹		86,600		1,388,198
USA Mobility, Inc.		20,302		259,054

				3,644,218

Utilities—0.8%
Electric Utilities—0.2%
Cleco Corp.		36,700		822,814
Empire District Electric Co.		1,900		31,388
Hawaiian Electric Industries, Inc.		5,800		110,548
IDACORP, Inc.		8,800		230,032
Portland General Electric Co.		18,800		366,224
UniSource Energy Corp.		2,700		71,658
Westar Energy, Inc.		12,400		232,748

				1,865,412

Energy Traders—0.0%
Calpine Corp.¹		9,100		101,465
RRI Energy, Inc.¹		47,400		237,474

				338,939

Gas Utilities—0.2%
Laclede Group, Inc. (The)		3,300		109,329
New Jersey Resources Corp.		10,600		392,624
Nicor, Inc.		7,200		249,264
Northwest Natural Gas Co.		2,380		105,482
Piedmont Natural Gas Co., Inc.		5,500		132,605
South Jersey Industries, Inc.		3,600		125,604
Southwest Gas Corp.		3,300		73,293
WGL Holdings, Inc.		6,900		220,938

				1,409,139

Multi-Utilities—0.3%
Avista Corp.		47,170		840,098
Black Hills Corp.		12,200		280,478
CH Energy Group, Inc.		15,483		723,056
DTE Energy Co.		2,500		80,000
NorthWestern Corp.		1,600		36,416
PNM Resources, Inc.		22,271		238,522

				2,198,570

Water Utilities—0.1%
California Water Service Group		1,500		55,260
Cascal NV		39,200		147,000
SJW Corp.		12,900		292,810

				495,070

Total Common Stocks (Cost $779,615,867)				745,697,382

	Units

Rights, Warrants and Certificates—0.0%

Redcorp Ventures Ltd. Wts., Strike Price 0.65CAD, Exp. 7/5/09¹,³ (Cost $0)		333,200		—

	Principal
	Amount

Asset-Backed Securities—0.0%

GSAA Home Equity Trust 2005-15, Asset-Backed Certificates, Series 2005-15, Cl. 2A1, 0.404%, 1/25/36⁵ (Cost $391,169)	$	391,169		327,550

	Shares

Investment Companies—4.7%
Allied Capital Corp.		86,300		300,324
Apollo Investment Corp.		141,900		851,400
Ares Capital Corp.		10,200		82,212
Gladstone Capital Corp.		2,800		21,084
Hercules Technology Growth Capital, Inc.		27,400		229,064
iShares Russell 2000 Index Fund		283,100		14,426,776
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%^6,9		143,643		143,643
MCG Capital Corp.		15,600		37,908
NGP Capital Resources Co.		5,200		30,524

F19 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares			Value

Investment Companies Continued
Oppenheimer Institutional Money Market Fund, Cl. E, 0.48%^6,7		20,113,968		$	20,113,968
PennantPark Investment Corp.		1,800			12,780
Prospect Capital Corp.		26,300			241,960


Total Investment Companies (Cost $35,296,921)					36,491,643

Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $815,303,957)					782,516,575

Investments Purchased with Cash Collateral from Securities Loaned—0.0%⁸
OFI Liquid Assets Fund, LLC, 1.02%^6,7 (Cost $42,326)		42,326			42,326
Total Investments, at Value (Cost $815,346,283)		100.4	%		782,558,901
Liabilities in Excess of Other Assets		(0.4	)		(3,358,324	)


Net Assets		100.0	%	$	779,200,577

Footnotes to Statement of Investments

Strike Price is reported in U.S. Dollars, except for those denoted in the following currency:

CAD Canadian Dollar

1. 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 $150,729 or 0.02% of the Fund’s net assets as of June 30, 2009.

3. Illiquid security. The aggregate value of illiquid securities as of June 30, 2009 was $438, which represents less than 0.005% of the Fund’s net assets. See Note 6 of accompanying Notes.

4. Partial or fully-loaned security. See Note 7 of accompanying Notes.

5. Represents the current interest rate for a variable or increasing rate security.

6. Rate shown is the 7-day yield as of June 30, 2009.

7. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2009, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares		Gross		Gross		Shares
	December 31, 2008		Additions		Reductions		June 30, 2009

OFI Liquid Assets Fund, LLC		65,710,173		292,363,967		358,031,814		42,326
Oppenheimer Institutional Money Market Fund, Cl. E		6,344,806		94,014,956		80,245,794		20,113,968


	Value		Income

OFI Liquid Assets Fund, LLC	$	42,326	$	799,113	^a
Oppenheimer Institutional Money Market Fund, Cl. E		20,113,968		34,986

	$	20,156,294	$	834,099

a. Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties.

8. The security/securities have been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 7 of accompanying Notes.

9. Interest rate less than 0.0005%.

Valuation Inputs

1) Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

3) Level 3—unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

F20 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2009 based on valuation input level:


	Level 1 —		Level 2 —		Level 3 —
	Unadjusted		Other Significant		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	123,730,088	$	—	$	—	$	123,730,088
Consumer Staples		20,924,659		—		—		20,924,659
Energy		44,167,165		—		—		44,167,165
Financials		109,270,365		413		—		109,270,778
Health Care		81,108,406		—		25		81,108,431
Industrials		138,192,084		—		—		138,192,084
Information Technology		167,667,160		1,874		—		167,669,034
Materials		42,854,685		—		—		42,854,685
Telecommunication Services		11,473,328		—		—		11,473,328
Utilities		6,307,130		—		—		6,307,130
Rights, Warrants and Certificates		—		—		—		—
Asset-Backed Securities		—		327,550		—		327,550
Investment Companies		36,491,643		—		—		36,491,643
Investments Purchased with Cash Collateral from Securities Loaned		42,326		—		—		42,326

Total Investments, at Value		782,229,039		329,837		25		782,558,901
Other Financial Instruments:
Foreign currency exchange contracts		—		260		—		260

Total Assets	$	782,229,039	$	330,097	$	25	$	782,559,161

Foreign Currency Exchange Contracts as of June 30, 2009 are as follows:

Contract Amount

Expiration

Unrealized

Counterparty/Contract Description

Sell

(000s)

Date

Value

Appreciation

JPMorgan

Canadian Dollar (CAD)

Sell

29 CAD

7/2/09

24,744

260

See accompanying Notes to Financial Statements.

F21 | OPPENHEIMER MAIN STREET SMALL CAP FUND/ VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2009


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $795,189,989)	$	762,402,607
Affiliated companies (cost $20,156,294)		20,156,294

		782,558,901
Cash		1,174
Unrealized appreciation on foreign currency exchange contracts		260
Receivables and other assets:
Investments sold		55,257,324
Interest and dividends		492,300
Other		65,258

Total assets		838,375,217

Liabilities
Return of collateral for securities loaned		43,500
Payables and other liabilities:
Investments purchased		56,145,653
Shares of beneficial interest redeemed		2,446,528
Distribution and service plan fees		413,858
Transfer and shareholder servicing agent fees		65,220
Shareholder communications		21,132
Trustees’ compensation		6,167
Other		32,582

Total liabilities		59,174,640

Net Assets	$	779,200,577


Composition of Net Assets
Par value of shares of beneficial interest	$	66,007
Additional paid-in capital		1,057,542,293
Accumulated net investment income		1,650,959
Accumulated net realized loss on investments and foreign currency transactions		(247,271,365	)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(32,787,317	)

Net Assets	$	779,200,577


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 $73,941,162 and 6,223,496 shares of beneficial interest outstanding)	$	11.88
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $705,259,415 and 59,783,482 shares of beneficial interest outstanding)	$	11.80

See accompanying Notes to Financial Statements.

F22 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2009


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $3,049)	$	4,192,364
Affiliated companies		34,986
Income from investment of securities lending cash collateral, net:
Unaffiliated companies		93,103
Affiliated companies		799,113
Interest		2,354

Total investment income		5,121,920

Expenses
Management fees		2,326,796
Distribution and service plan fees—Service shares		734,342
Transfer and shareholder servicing agent fees:
Non-Service shares		15,582
Service shares		120,162
Shareholder communications:
Non-Service shares		23,336
Service shares		229,998
Trustees’ compensation		12,246
Custodian fees and expenses		1,871
Other		37,699

Total expenses		3,502,032
Less waivers and reimbursements of expenses		(32,392	)

Net expenses		3,469,640

Net Investment Income		1,652,280

Realized and Unrealized Gain (Loss)
Net realized loss on:
Investments from unaffiliated companies		(112,660,249	)
Foreign currency transactions		(20,752	)
Net realized loss		(112,681,001	)
Net change in unrealized appreciation (depreciation) on:
Investments		204,501,180
Translation of assets and liabilities denominated in foreign currencies		183,458

Net change in unrealized depreciation		204,684,638

Net Increase in Net Assets Resulting from Operations	$	93,655,917

See accompanying Notes to Financial Statements.

F23 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2009			December 31,
	(Unaudited)			2008

Operations
Net investment income	$	1,652,280		$	4,647,051
Net realized loss		(112,681,001	)		(131,260,264	)
Net change in unrealized depreciation		204,684,638			(252,725,263	)

Net increase (decrease) in net assets resulting from operations		93,655,917			(379,338,476	)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(605,525	)		(406,564	)
Service shares		(4,276,612	)		(2,093,583	)

		(4,882,137	)		(2,500,147	)
Distributions from net realized gain:
Non-Service shares		—			(4,514,393	)
Service shares		—			(43,539,151	)

		—			(48,053,544	)

Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Non-Service shares		7,375,675			5,447,779
Service shares		72,928,641			118,985,953

		80,304,316			124,433,732

Net Assets
Total increase (decrease)		169,078,096			(305,458,435	)
Beginning of period		610,122,481			915,580,916

End of period (including accumulated net investment income of $1,650,959 and $4,880,816, respectively)	$	779,200,577		$	610,122,481

See accompanying Notes to Financial Statements.

F24 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Non-Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	10.65		$	18.20		$	19.15		$	17.18		$	16.05		$	13.44

Income (loss) from investment operations:
Net investment income¹		.04			.12			.09			.08			.04			.01
Net realized and unrealized gain (loss)		1.30			(6.73	)		(.30	)		2.46			1.51			2.60

Total from investment operations		1.34			(6.61	)		(.21	)		2.54			1.55			2.61

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.11	)		(.08	)		(.06	)		(.03	)		—			—
Distributions from net realized gain		—			(.86	)		(.68	)		(.54	)		(.42	)		—

Total dividends and/or distributions to shareholders		(.11	)		(.94	)		(.74	)		(.57	)		(.42	)		—

Net asset value, end of period	$	11.88		$	10.65		$	18.20		$	19.15		$	17.18		$	16.05


Total Return, at Net Asset Value²		13.19	%		(37.83	)%		(1.21	)%		15.00	%		9.92	%		19.42	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	73,941		$	58,478		$	93,939		$	81,405		$	44,820		$	38,636

Average net assets (in thousands)	$	61,591		$	80,406		$	94,815		$	62,659		$	39,708		$	30,871

Ratios to average net assets:³
Net investment income		0.72	%		0.80	%		0.48	%		0.46	%		0.23	%		0.06	%
Total expenses		0.86	%⁴		0.75	%⁴		0.73	%⁴		0.77	%⁴		0.81	%		0.83	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.85	%		0.75	%		0.73	%		0.77	%		0.81	%		0.83	%

Portfolio turnover rate		46	%		130	%		115	%		110	%		110	%		147	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods less than one full year.

4.		Total Expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	0.86	%
Year Ended December 31, 2008	0.75	%
Year Ended December 31, 2007	0.73	%
Year Ended December 31, 2006	0.77	%

See accompanying Notes to Financial Statements.

F25 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	10.54		$	18.03		$	18.98		$	17.06		$	15.97		$	13.40

Income (loss) from investment operations:
Net investment income (loss)¹		.02			.08			.05			.04			—²			(.02	)
Net realized and unrealized gain (loss)		1.31			(6.67	)		(.29	)		2.42			1.51			2.59

Total from investment operations		1.33			(6.59	)		(.24	)		2.46			1.51			2.57

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.07	)		(.04	)		(.03	)		—²			—			—
Distributions from net realized gain		—			(.86	)		(.68	)		(.54	)		(.42	)		—

Total dividends and/or distributions to shareholders		(.07	)		(.90	)		(.71	)		(.54	)		(.42	)		—

Net asset value, end of period	$	11.80		$	10.54		$	18.03		$	18.98		$	17.06		$	15.97


Total Return, at Net Asset Value³		13.11	%		(38.00	)%		(1.39	)%		14.66	%		9.71	%		19.18	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	705,260		$	551,644		$	821,642		$	636,430		$	314,868		$	173,612

Average net assets (in thousands)	$	596,625		$	769,150		$	766,102		$	479,456		$	221,324		$	112,279

Ratios to average net assets:⁴
Net investment income (loss)		0.48	%		0.52	%		0.23	%		0.23	%		0.02	%		(0.14	)%
Total expenses		1.10	%⁵		0.99	%⁵		0.97	%⁵		1.00	%⁵		1.04	%		1.06	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.09	%		0.99	%		0.97	%		1.00	%		1.04	%		1.06	%

Portfolio turnover rate		46	%		130	%		115	%		110	%		110	%		147	%


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 less than one full year.

5.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	1.10	%
Year Ended December 31, 2008	0.99	%
Year Ended December 31, 2007	0.97	%
Year Ended December 31, 2006	1.00	%

See accompanying Notes to Financial Statements.

F26 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Main Street Small Cap Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, 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 Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The following is a summary of significant accounting policies consistently followed by the Fund.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

F27 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

There have been no significant changes to the fair valuation methodologies during the period.

F28 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. When applicable, the Fund’s investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF’s expenses, including its management fee of 0.08%.

During the fiscal year ended December 31, 2008, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2008, the Fund had available for federal income tax purposes post-October losses of $22,025,415, post-October foreign currency losses of $57, post-October passive foreign investment company losses of $1,382 and unused capital loss carryforward as follows:


Expiring
2016	$	91,820,783

As of June 30, 2009, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $226,528,638 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2009, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	850,311,734


Gross unrealized appreciation	$	89,641,324
Gross unrealized depreciation		(157,394,157	)

Net unrealized depreciation	$	(67,752,833	)

F29 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 compensation deferral plan.

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.

F30 | 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:


	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		2,215,198		$	23,910,044			1,628,830		$	24,176,255
Dividends and/or distributions reinvested		83,752			605,525			326,974			4,920,957
Redeemed		(1,567,074	)		(17,139,894	)		(1,624,446	)		(23,649,433	)

Net increase		731,876		$	7,375,675			331,358		$	5,447,779


Service Shares
Sold		11,347,662		$	113,709,369			14,415,062		$	222,143,048
Dividends and/or distributions reinvested		592,905			4,262,989			3,047,035			45,492,232
Redeemed		(4,492,933	)		(45,043,717	)		(10,696,966	)		(148,649,327	)

Net increase		7,447,634		$	72,928,641			6,765,131		$	118,985,953

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF and LAF, for the six months ended June 30, 2009, were as follows:


	Purchases		Sales

Investment securities	$	367,668,940	$	296,196,590

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule
Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Over $800 million	0.60

F31 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

Waivers and Reimbursements of Expenses. Effective May 1, 2009, the Manager has voluntarily undertaken to limit the Fund’s total annual operating expenses so that those expenses, as percentages of daily net assets will not exceed the annual rate of 0.80% for Non-Service shares and 1.05% for Service shares. During the six months ended June 30, 2009, the Manager waived $3,059 and $24,884 for Non-Service and Service shares, respectively. This voluntary undertaking may be amended or withdrawn at any time.

Prior to May 1, 2009, OFS had voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

5. Foreign Currency Exchange Contracts

The Fund may enter into current and forward foreign currency exchange contracts for the purchase or sale of a foreign currency at a negotiated rate at a future date.

6. Illiquid Securities

As of June 30, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments.

7. Securities Lending

F32 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of June 30, 2009, the Fund had on loan securities valued at $41,101. Collateral of $43,500 was received for the loans, all of which was received in cash and subsequently invested in approved instruments or held as cash.

8. Subsequent Events Evaluation

9. Pending Litigation

F33 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

7 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

OPPENHEIMER MAINSTREET SMALL CAP FUND^®/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		John V. Murphy, Trustee, President and Principal Executive Officer
		Matthew P. Ziehl, Vice President and Portfolio Manager
		Raman Vardharaj, Vice President and Portfolio Manager
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President and Secretary

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG llp

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.981.2871. Read prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

OPPENHEIMER MONEY FUND/VA

Fund Objective: Oppenheimer Money Fund/VA seeks maximum current income from investments in “money market” securities consistent with low capital risk and the maintenance of liquidity.

Current Yield

For the 7-Day Period Ended 6/30/09


With and Without Compounding	0.25	%

For the 6-Month Period Ended 6/30/09

With and Without Compounding	0.60	%

The performance data quoted represents past performance, which does not guarantee future results. Yields include dividends in a hypothetical investment for the periods shown. 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 performance 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 performance does 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. Without a voluntary expense limit that can be terminated at any time, Fund performance may have been less.

Narrative by Carol Wolf, Portfolio Manager

During the six-month reporting period ended June 30, 2009, the Fund produced a 0.60% annualized yield with and without compounding. As of June 30, 2009 the Fund’s 7-day yield was 0.25% with and without compounding. The Fund was successful in preserving capital and maintaining liquidity despite a highly challenging investment environment that saw yields of money market funds remain below one percent. The Federal Reserve Board’s (the “Fed’s”) historically low target for short-term interest rates was designed to stimulate an economic recovery in the midst of the longest recession since the 1930s and a financial crisis that nearly led to the collapse of the global banking system.

Economic and Market Environment

The global recession which defined 2008, continued in the first half of 2009, as unemployment rates climbed, housing prices slumped and consumer confidence remained depressed. The economic downturn had been intensified by a global banking crisis that led to the failures of major financial institutions and nearly frozen conditions in some credit markets. In response, the Fed reduced short-term interest rates aggressively, including a cut in mid-December 2008 that drove its target for the overnight federal funds rate to an unprecedented low of 0% to 0.25%. As interest rates declined, so did yields of money market instruments.

Pronounced signs of economic weakness persisted through much of the first quarter of 2009. January’s economic news included a sharp decline in housing prices compared to one year earlier. In February and March, the U.S. economy lost more than 600,000 jobs in each month. Meanwhile, in February 2009, the Conference Board’s consumer confidence index fell to its lowest reading since recordkeeping began in 1967. In early March, the U.S. stock market hit a multi-year low. Yet, investor sentiment soon began to improve as evidence appeared that global credit markets were thawing in response to massive remedial efforts by the U.S. government and monetary authorities.

The Fed engaged in massive purchases of U.S. Treasury securities and U.S. government agency securities to bolster slumping fixed-income markets, and they continued to implement the Term Asset-Backed Securities Loan Facility (TALF) that it had implemented in late 2008 to support the issuance of fixed-income securities backed by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration. The U.S. government enacted the $787 billion American Recovery and Reinvestment Act of 2009, which was designed to retain and create jobs, provide budget relief to states and localities, maintain social programs and offer tax relief to businesses and individuals. The government also continued to implement a temporary facility that stood ready to purchase certain financial instruments from eligible money market funds should the need arise, and the commercial paper market subsequently stabilized.

As it became clearer that these measures had helped to avert a collapse of the U.S. banking system, investor sentiment began to improve. Fixed-income investors began to look forward to better credit-market conditions, and they became

2 | OPPENHEIMER MONEY FUND/VA

more tolerant of the risks they previously had shunned. Investors capitalized on historically low valuations among stocks and higher yielding bonds, sparking impressive springtime rallies over the second quarter of the year. Conversely, U.S. Treasury securities gave back some of their previous gains. However, in the absence of inflationary pressures or data showing actual economic improvement, the Fed consistently maintained its low target for short-term interest rates through the reporting period’s end. Consequently, money market yields generally remained well below one percent.

Portfolio Strategy

We maintained a highly conservative investment posture throughout the reporting period. We redoubled our credit surveillance efforts, paring the list of banks on our approved list to those in which we had the highest levels of confidence. Our credit committee continually reevaluated market conditions and established rigorous credit criteria for prospective holdings. We refrained from investing in money market instruments with maturities longer than approximately six months until April 2009, when we began to take advantage of attractive yields among longer-dated instruments from financially sound issuers. We also balanced these longer-dated holdings with very short-term instruments, such as taxable municipal securities with one- to seven-day demand features.

Although credit markets generally appear to have stabilized as of the reporting period’s end, we have remained cautious with regard to current market dynamics. In addition, we believe the Fed is likely to keep short-term interest rates at low levels for some time. Therefore, we intend to maintain an emphasis on liquidity and preservation of capital until we see more convincing evidence that the recession and banking crisis are behind us.

Special Announcement

The Fund’s Board of Trustees has elected for the Fund to participate in the Temporary Guarantee Program for Money Market Funds (the “Program”) established by the U.S. Treasury Department. The Treasury Department has accepted the Fund’s application to participate in the Program and entered into a Guarantee Agreement with the Fund dated as of September 19, 2008. The Fund has also notified the Treasury Department of its intent to continue its participation in the Program through September 18, 2009.

Under the Program, shareholders of the Fund as of the close of business on September 19, 2008, may be guaranteed against loss in the event that the Fund’s net asset value falls below $0.995. The Program applies only to shareholders of record as of the close of business on September 19, 2008. The number of shares covered by the Program will be the lesser of (a) the number of shares of the Fund owned by the shareholder on September 19, 2008 or (b) the number of shares owned by the shareholder on the date the Fund’s net asset value falls below $0.995. If the number of shares of the Fund you hold after September 19, 2008, fluctuates during the Program period due to purchases or redemptions of shares, any shares in excess of the amount held as of the close of business on September 19, 2008, will not be covered.

To be entitled to payments under the Program, an investor must have held shares of the Fund both on September 19, 2008, and if the Fund’s net asset value per share were to fall below $0.995 per share during the time period covered by the Program, on that date as well. In addition, the Fund’s Board of Trustees must take prompt action to liquidate the Fund and the Fund must comply with other requirements of the Program. Upon liquidation of the Fund, a covered shareholder would receive the liquidation value per share of the Fund and thereafter would receive a payment for each covered share equal to the shortfall between the liquidation proceeds and $1.00 per share. Guarantee payments to all participants in the Program will not exceed the amount available in the U.S. Government’s Exchange Stabilization Fund at the time of such payments. As of September 19, 2008, the Exchange Stabilization Fund was valued at approximately $50 billion, and there is no commitment by the government to increase that amount if it is depleted by claims.

The Program’s initial period was for a three month term from September 19, 2008, through December 18, 2008. The Treasury Secretary elected to extend the Program from December 19, 2008 through April 30, 2009, and again from May 1, 2009, to September 18, 2009. The Fund has elected to participate in the Program through September 18, 2009.

3 | OPPENHEIMER MONEY FUND/VA

OPPENHEIMER MONEY FUND/VA

The Program cannot be extended beyond September 18, 2009. The Fund paid a fee to participate in the Program’s initial term in the amount equal to 0.01% of the Fund’s net assets as of the close of business on September 19, 2008. The Fund paid an additional fee to continue its participation in the Program through April 30, 2009, in the amount of 0.015% of the Fund’s net assets as of the close of business on September 19, 2008. The Fund paid an additional fee to continue its participation in the Program through September 18, 2009, in the amount of 0.015% of the Fund’s net assets as of the close of business on September 19, 2008.

Further information about the Program can be obtained on the web site of the Treasury Department at www.ustreas.gov.

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

4 | OPPENHEIMER MONEY FUND/VA

FUND EXPENSES

Fund Expenses. As a shareholder of the Fund, you incur ongoing costs, including management fees; 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 June 30, 2009.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, 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 first section 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 second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio, and an assumed rate of return of 5% per year before expenses, which is not the 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 with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Beginning

Ending

Expenses

Account

Paid During

Value

6 Months Ended

Actual

January 1, 2009

June 30, 2009

1,000.00

1,003.00

2.54

Hypothetical
(5% return before expenses)

1,000.00

1,022.27

2.56

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The annualized expense ratio based on the 6-month period ended June 30, 2009 is as follows:


Expense Ratio

0.51%

The expense ratio reflects voluntary waivers or reimbursements of expenses by the Fund’s Manager that can be terminated at any time, without advance notice. The “Financial Highlights” table in the Fund’s financial statements, included in this report, also shows the gross expense ratio, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

5 | OPPENHEIMER MONEY FUND/VA

STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited


	Principal
	Amount		Value

Certificates of Deposit—26.1%
Yankee Certificates of Deposit—26.1%
Bank of Nova Scotia, Houston, TX:
0.896%, 9/4/09¹	$	3,000,000	$	3,000,000
0.937%, 9/8/09¹		3,000,000		3,000,000
BNP Paribas, New York:
0.34%, 9/11/09		5,000,000		5,000,000
0.34%, 9/23/09		2,000,000		2,000,000
0.36%, 8/19/09		1,000,000		1,000,000
National Australia Bank, New York, 0.57%, 7/9/09		6,000,000		6,000,000
Rabobank Nederland NV, New York:
0.65%, 2/18/10		2,000,000		2,000,000
0.80%, 7/7/09		2,000,000		2,000,000
0.95%, 6/23/10		1,000,000		1,000,000
Royal Bank of Canada, New York:
0.75%, 7/27/09		3,500,000		3,500,000
1.186%, 8/7/09¹		5,000,000		5,000,000
Societe Generale, 0.66%, 7/13/09		4,000,000		4,000,000
Societe Generale, New York:
0.605%, 8/3/09		2,400,000		2,400,011
0.66%, 7/22/09		4,000,000		4,000,000
0.705%, 7/14/09		1,000,000		1,000,000
Toronto Dominion Bank, New York:
0.90%, 9/30/09		2,000,000		2,000,000
1.47%, 11/12/09		5,000,000		5,000,000
1.50%, 11/3/09		1,500,000		1,500,000
Westpac Banking Corp., New York, 0.32%, 9/29/09²		3,000,000		3,000,000

Total Certificates of Deposit (Cost $56,400,011)				56,400,011

Direct Bank Obligations—18.6%
Bank of America NA, 1.40%, 7/6/09¹		2,000,000		1,999,818
Bank of Nova Scotia, Houston, TX, 0.42%, 7/30/09		2,000,000		1,999,323
CBA (Delaware) Finance:
0.35%, 8/21/09		3,000,000		2,998,513
0.45%, 8/4/09		4,700,000		4,697,958
0.51%, 7/24/09		3,000,000		2,999,023
HSBC USA, Inc., 1.31%, 8/14/09¹		8,000,000		7,994,943
Intesa Funding LLC, 0.30%, 7/23/09		2,400,000		2,399,560
National Australia Funding (Delaware), Inc.:
0.54%, 7/1/09³		3,000,000		3,000,000
0.55%, 7/6/09³		2,000,000		1,999,847
Royal Bank of Canada, Series D, 1.33%, 7/15/09¹		3,000,000		3,000,000
Toronto Dominion Bank, New York, 0.90%, 9/14/09		3,100,000		3,100,000
U.S. Bank NA, 0.90%, 8/21/09		4,000,000		4,000,000

Total Direct Bank Obligations (Cost $40,188,985)				40,188,985

Short-Term Notes—54.4%
Diversified Financial Services—3.7%
General Electric Capital Services:
0.55%, 7/27/09		5,000,000		4,998,014
0.55%, 7/28/09		3,000,000		2,998,763

				7,996,777

Food Products—2.4%
Nestle Capital Corp.:
0.50%, 3/15/10³		2,000,000		1,991,433
0.51%, 3/16/10³		3,300,000		3,287,939

				5,279,372

Insurance—2.1%
Jackson National Life Global Funding, Series 2004-6, 0.429%, 8/15/09^1,4		2,500,000		2,500,000
United of Omaha Life Insurance Co., 0.82%, 12/28/09¹		2,000,000		2,000,000

				4,500,000

Leasing & Factoring—2.3%
American Honda Finance Corp.:
0.763%, 9/18/09^1,5		1,000,000		1,000,000
0.811%, 8/26/09^1,5		2,000,000		2,000,905
Toyota Motor Credit Corp., 0.28%, 7/31/09		2,000,000		1,999,533

				5,000,438

Municipal—6.2%
Health Care Revenue Bonds, SFO Associates Project, Series 1994, 0.70%, 7/1/09¹		2,460,000		2,460,000
Laurel Grocery Project Nts., Series 1999, 2.75%, 7/1/09¹		1,445,000		1,445,000
Manassas, VA Industrial Development Authority Bonds, Aurora Flight Science, Series 2005, 0.70%, 7/1/09¹		985,000		985,000
Putnam Cnty., WV Solid Waste Disposal Revenue Bonds, FMC Corp., Series 1991, 0.62%, 8/1/09¹		1,730,000		1,730,000
San Antonio, TX Industrial Development Authority Revenue Bonds, Tindall Corp. Project, Series 2008, 1%, 7/1/09¹		3,800,000		3,800,000
Wake Cnty, NC Industrial Facilities & Pollution Control Finance Authority Bonds, Bob Barker Co., Series A, 1%, 7/1/09¹		1,700,000		1,700,000
Wright Brothers, Inc. Nts., Series 2005, 2.75%, 7/1/09¹		1,285,000		1,285,000

				13,405,000

F1 | OPPENHEIMER MONEY FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Oil, Gas & Consumable Fuels—0.9%
Total Capital Canada, 0.50%, 7/16/09	$	2,000,000		$	1,999,583
Personal Products—6.5%
Procter & Gamble International Funding SCA:
0.996%, 5/7/10^1,3		1,500,000			1,500,000
1.224%, 2/8/10^1,3		3,000,000			3,000,000
Reckitt Benckiser Treasury Services plc:
0.40%, 8/3/09³		4,000,000			3,998,533
0.55%, 9/3/09³		2,500,000			2,497,556
0.95%, 7/30/09³		3,000,000			2,997,704

					13,993,793

Pharmaceuticals—2.3%
Roche Holdings, Inc., 1.66%, 2/25/10¹		5,000,000			5,000,000
Receivables Finance—24.0%
Barton Capital Corp.:
0.30%, 7/2/09³		2,500,000			2,499,979
0.30%, 8/3/09³		3,000,000			2,999,120
Fairway Finance Corp.:
0.37%, 9/14/09³		2,400,000			2,398,150
0.50%, 7/6/09³		1,000,000			999,929
0.50%, 7/8/09³		1,209,000			1,208,882
Falcon Asset Securitization Co., LLC, 0.35%, 8/10/09³		1,900,000			1,899,219
Gemini Securitization Corp.:
0.35%, 9/28/09³		2,000,000			1,998,269
0.38%, 9/10/09³		3,000,000			2,997,752
0.57%, 7/17/09³		1,000,000			999,747
0.60%, 7/2/09³		2,000,000			1,999,967
Legacy Capital LLC, 0.55%, 7/10/09		3,000,000			2,999,588
Lexington Parker Capital Co. LLC:
0.60%, 7/17/09³		5,000,000			4,998,667
0.85%, 7/10/09³		2,000,000			1,999,575
Old Line Funding Corp.:
0.35%, 9/1/09³		1,522,000			1,521,083
0.35%, 9/10/09³		4,400,000			4,396,963
0.36%, 8/11/09³		5,000,000			4,997,950
Thunder Bay Funding LLC:
0.32%, 9/1/09⁵		3,400,000			3,398,126
0.50%, 7/1/09⁵		2,500,000			2,500,000
Yorktown Capital LLC:
0.35%, 9/2/09³		2,400,000			2,398,572
0.36%, 8/17/09³		1,000,000			999,530
0.40%, 9/8/09³		1,600,000			1,598,927

					51,809,995

Special Purpose Financial—4.0%
Ticonderoga Funding LLC:
0.34%, 9/2/09		5,000,000			4,997,025
0.38%, 9/3/09		1,700,000			1,698,852
0.47%, 8/5/09		2,000,000			1,999,083

					8,694,960

Total Short-Term Notes (Cost $117,679,918)					117,679,918

U.S. Government Agencies—1.9%
Federal Home Loan Bank, 0.90%, 3/12/10¹ (Cost $4,000,000)		4,000,000			4,000,000
Total Investments, at Value (Cost $218,268,914)		101.0	%		218,268,914
Liabilities in Excess of Other Assets		(1.0	)		(2,135,708	)

Net Assets		100.0	%	$	216,133,206

F2 | OPPENHEIMER MONEY FUND/VA

Footnotes to Statement of Investments

Short-term notes and direct bank obligations are generally traded on a discount basis; the interest rate shown is the discount rate received by the Fund at the time of purchase. Other securities normally bear interest at the rates shown.


1.		Represents the current interest rate for a variable or increasing rate security.

2.		When-issued security or delayed delivery to be delivered and settled after June 30, 2009. See Note 1 of accompanying Notes.

3.		Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $67,185,293, or 31.09% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

4.		Illiquid security. The aggregate value of illiquid securities as of June 30, 2009 was $2,500,000, which represents 1.16% of the Fund’s net assets. See Note 4 of accompanying Notes.

5.		Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $8,899,031 or 4.12% of the Fund’s net assets as of June 30, 2009.

Valuation Inputs

	1)		Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

	3)		Level 3—unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2009 based on valuation input level:


			Level 2 — Other		Level 3 —
	Level 1 —		Significant		Significant
	Unadjusted		Observable		Unobservable
	Quoted Prices		Inputs		Inputs		Value

Assets Table
Investments, at Value:
Certificates of Deposit	$	—	$	56,400,011	$	—	$	56,400,011
Direct Bank Obligations		—		40,188,985		—		40,188,985
Short-Term Notes		—		117,679,918		—		117,679,918
U.S. Government Agencies		—		4,000,000		—		4,000,000

Total Assets	$	—	$	218,268,914	$	—	$	218,268,914

See accompanying Notes to Financial Statements.

F3 | OPPENHEIMER MONEY FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Income from investment operations-net investment income and net realized gain¹		—	²		.03			.05			.05			.03			.01

Dividends and/or distributions to shareholders:
Dividends from net investment income		—	²		(.03	)		(.05	)		(.05	)		(.03	)		(.01	)

Distributions from net realized gain		—			—			—	²		—	²		—			—


Total dividends and/or distributions to shareholders		—	²		(.03	)		(.05	)		(.05	)		(.03	)		(.01	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Total Return³		0.30	%		2.78	%		4.98	%		4.71	%		2.86	%		0.98	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	216,133		$	243,356		$	189,749		$	171,521		$	173,162		$	196,503

Average net assets (in thousands)	$	237,960		$	212,564		$	181,271		$	171,118		$	186,453		$	218,243

Ratios to average net assets:⁴
Net investment income		0.61	%		2.72	%		4.86	%		4.61	%		2.80	%		0.97	%
Total expenses		0.54	%		0.50	%		0.50	%		0.49	%		0.48	%		0.48	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.51	%		0.50	%		0.50	%		0.49	%		0.48	%		0.48	%


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 less than one full year.

See accompanying Notes to Financial Statements.

F7 | OPPENHEIMER MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Money Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek maximum current income from investments in “money market” securities consistent with low capital risk and the maintenance of liquidity. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The following is a summary of significant accounting policies consistently followed by the Fund.

Securities Valuation. Securities are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures approved by the Fund’s Board of Trustees.

“Money market-type” instruments are typically designated as Level 2.

There have been no significant changes to the fair valuation methodologies during the period.

F8 | OPPENHEIMER MONEY FUND/VA

or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of June 30, 2009, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed
	Delivery Basis Transactions

Purchased securities	$	3,000,000

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 to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year end December 31, 2008, the Fund utilized $2 of capital loss carryforward to offset capital gains realized in that fiscal year.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually but may be paid at other times to maintain the net asset value per share at $1.00. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

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.

F9 | OPPENHEIMER MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount

Sold		43,413,155		$	43,413,155			163,835,502		$	163,835,502
Dividends and/or distributions reinvested		715,683			715,683			5,787,153			5,787,153
Redeemed		(71,361,703	)		(71,361,703	)		(116,015,165	)		(116,015,165	)

Net increase (decrease)		(27,232,865	)	$	(27,232,865	)		53,607,490		$	53,607,490

3. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $500 million	0.450	%
Next $500 million	0.425
Next $500 million	0.400
Over $1.5 billion	0.375

Waivers and Reimbursements of Expenses. The Manager has voluntarily undertaken to waive fees and/or reimburse expenses to the extent necessary to assist the Fund in attempting to maintain a positive yield. There is no guarantee that the Fund will maintain a positive yield. That undertaking may be amended or withdrawn at any time.

Effective May 1, 2009, the Manager has voluntarily undertaken to limit the Fund’s total annual operating expenses so that those expenses, as a percentage of daily net assets will not exceed the annual rate of 0.50%. This voluntary undertaking may be amended or withdrawn at any time. During the six months ended June 30, 2009, the Manager waived $39,179.

Prior to May 1, 2009, OFS had voluntarily agreed to limit transfer and shareholder servicing agent fees to 0.35% of average annual net assets of the Fund.

4. Illiquid Securities

As of June 30, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments.

F10 | OPPENHEIMER MONEY FUND/VA

5. Temporary Guarantee Program for Money Market Funds

Under the Program, shareholders of the Fund as of the close of business on September 19, 2008 may be guaranteed against loss in the event that the Fund’s net asset value falls below $0.995. The Program applies only to shareholders of record as of the close of business on September 19, 2008. The number of shares covered by the Program will be the lesser of (a) the number of shares of the Fund owned by the shareholder on September 19, 2008 or (b) the number of shares owned by the shareholder on the date the Fund’s net asset value falls below $0.995. If the number of shares of the Fund a shareholder holds after September 19, 2008 fluctuates during the Program period due to purchases or redemptions of shares, any shares in excess of the amount held as of the close of business on September 19, 2008 will not be covered.

The Fund paid a fee to participate in the Program’s initial term in the amount equal to 0.01% of the Fund’s net assets as of the close of business on September 19, 2008. The Fund paid a fee to continue its participation in the Program through April 30, 2009 in the amount of 0.015% of the Fund’s net assets as of the close of business on September 19, 2008. The Fund has paid an additional fee to continue its participation in the Program through September 18, 2009 in the amount of 0.015% of the Fund’s net assets as of the close of business on September 19, 2008. Fees paid by the Fund to participate in the Program are shown as “Insurance expense” on the Statement of Operations.

6. Subsequent Events Evaluation

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through August 13, 2009, the date the financial statements were available to be issued. This evaluation determined that there are no subsequent events that necessitated disclosures and/or adjustments.

7. Pending Litigation

Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’

F11 | OPPENHEIMER MONEY FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

7 | OPPENHEIMER MONEY FUND/VA

OPPENHEIMER MONEY FUND/ VA


A Series of Oppenheimer Variable Account Funds

Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		John V. Murphy, Trustee, President and Principal Executive Officer
		Carol E. Wolf, Vice President and Portfolio Manager
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President and Secretary

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered		KPMG llp
Public Accounting Firm

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.981.2871. Read prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.



©Copyright 2009 OppenheimerFunds, Inc. All rights reserved.

OPPENHEIMER STRATEGIC BOND FUND/VA

Fund Objective. The Fund seeks a high level of current income principally derived from interest on debt securities.

Cumulative Total Returns
For the 6-Month Period Ended 6/30/09


Non-Service Shares	6.05	%
Service Shares	5.86

Average Annual Total Returns
For the Periods Ended 6/30/09


	1-Year			5-Year			10-Year

Non-Service Shares		–11.00	%		3.63	%		5.31	%


							Since
							Inception
	1-Year			5-Year			(3/19/01)

Service Shares		–11.10	%		3.39	%		5.11	%

Expense Ratios
For the Fiscal Year Ended 12/31/08


	Gross Expense			Net Expense
	Ratios			Ratios

Non-Service Shares		0.70	%		0.68	%
Service Shares		0.95			0.93

Portfolio Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on the total market value of investments.


Corporate Bonds & Notes—Top Ten Industries

Oil, Gas & Consumable Fuels	3.1	%
Diversified Financial Services	1.6
Commercial Banks	1.5
Media	1.2
Diversified Telecommunication Services	1.1
Health Care Providers & Services	1.0
Metals & Mining	1.0
Capital Markets	0.9
Electric Utilities	0.9
Hotels, Restaurants & Leisure	0.8

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on net assets.

2 | OPPENHEIMER STRATEGIC BOND FUND/VA

Narrative by Arthur P. Steinmetz, Portfolio Manager

For the six-month period ended June 30, 2009, Oppenheimer Strategic Bond Fund/VA’s Non-Service shares provided a total return of 6.05%. In comparison, the Fund’s benchmarks, the Barclays Capital Aggregate Bond Index and the Citigroup World Government Bond Index, returned 1.90% and –1.50%, respectively, during the period.

Despite what we considered to be a generally defensive investment posture, the Fund’s returns were undermined by its holdings of commercial mortgage-backed securities (CMBS) during the first quarter of 2009. The Fund’s investments in international bonds produced better results, primarily due to a springtime rally that was particularly robust in the emerging markets. The Fund’s investments in high yield and investment-grade corporate bonds also benefited from the rebounding market. Conversely, U.S. government securities gave back some of their previous gains as investors generally turned to riskier investments.

Economic and Market Overview

In the months before the start of the reporting period, the escalation of an ongoing credit crunch into a global banking crisis sent shockwaves throughout global fixed-income markets. Massive investment losses among major financial institutions nearly led to the collapse of the global banking system. With the flow of credit nearly frozen, consumers and businesses reined in spending and investment, exacerbating already weak U.S. and global economic environments. Unemployment rates surged higher, mortgage foreclosures soared and commodity prices plummeted. Consequently, 2009 began in the grip of the most severe economic downturn since the 1930s.

Governments and central banks responded with injections of liquidity into their banking systems, sharply lower short-term interest rates and rescue packages for major corporations. In the United States, the Federal Reserve Board had reduced its target for the overnight federal funds rate in December 2008 to an all-time low of 0% to 0.25% and engaged in massive purchases of U.S. government securities, mortgage-backed securities and asset-backed securities. The U.S. government enacted the $787 billion American Recovery and Reinvestment Act of 2009 in an attempt to stimulate the economy.

By early March, evidence had appeared that these aggressive remedial measures had succeeded in stabilizing the credit markets to a degree. Investors were cheered by this news, and they began to grow more tolerant of risks as they looked forward to a resumption of economic growth. As a result, some of the bond market sectors that had been severely affected during the downturn began to rally in a sustained rebound that persisted through the reporting period’s end. Conversely, traditional safe havens, most notably U.S. Treasury securities, gave back some of their previous gains.

Portfolio Strategy

Although we maintained a relatively defensive investment posture as credit markets deteriorated, the Fund’s performance during the first quarter of 2009 was damaged by its holdings of CMBS, which we had regarded as attractively valued in the wake of steep declines over the second half of 2008. Unfortunately, despite investment-grade credit ratings and seniority in their issuers’ capital structures, the value of these securities continued to plunge early in 2009 amid recession-related concerns regarding business trends in the commercial real estate market. The unprecedented widening of CMBS credit spreads also had a negative impact on the Fund’s positions in total return swaps in the CMBS sector. We opportunistically reduced the Fund’s exposure to these troubled securities during the reporting period.

In an attempt to manage risks in the recession, the Fund began 2009 with underweight exposure to high yield corporate bonds, which we regarded as vulnerable to economic weakness, and U.S. government securities, which we believed were too richly valued. Instead, we established positions in investment-grade corporate bonds that, in our judgment, had been oversold during the bear market. While this strategy caused the Fund to miss participating fully in the rally among high yield bonds, it helped shelter the Fund from declines among U.S. government securities as investors rekindled their appetites for risk.

The Fund’s overweight exposure to international bonds contributed positively to performance over the first half of 2009. In our view, the growing U.S. budget deficit and historically low interest rates are likely to trigger deterioration in the value of the U.S. dollar relative to other currencies, making bonds denominated in foreign currencies more valuable for

3 | OPPENHEIMER STRATEGIC BOND FUND/VA

OPPENHEIMER STRATEGIC BOND FUND/VA

U.S. residents. The Fund’s holdings of sovereign bonds in Brazil, Turkey, Indonesia and other emerging markets fared well, as the emerging markets led international fixed-income markets higher during the springtime rally. In the developed markets, we have responded tactically to signals from our quantitative model to capture the benefits of short-term changes in exchange rates. We also have established long positions in European markets where we believe interest rates still have room to fall.

Looking forward, although the financial crisis and global recession have eased inflation concerns for now, we believe that the massively stimulative monetary and fiscal policies adopted by many governments may lead to renewed inflationary pressures in the future. An acceleration of inflation could put additional downward pressure on the U.S. dollar, potentially benefiting foreign currency-denominated investments in international markets. Meanwhile, credit spreads remain wide compared to historical norms, suggesting that corporate bonds still may be attractively valued. We have maintained the Fund’s positions in investment-grade corporate bonds, which we continue to believe is a more prudent strategy than focusing on high yield bonds. Most sectors of the U.S. government securities marketplace appear overvalued to us, and we have retained the Fund’s underweight exposure to the sector. These measures are designed to help position the Fund to achieve the level of performance we and our shareholders expect over the long term.

Please note that derivative instruments, securities whose values depend on the performance of an underlying security or asset, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. Fixed income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. The Fund invests in debt securities below investment grade, which may entail greater credit risks, as described in the prospectus. Mortgage-related securities have greater potential for loss when interest rates rise. We urge shareholders to keep in mind the added volatility and risks—including currency fluctuations, foreign taxes and political and economic uncertainties—that investing in the securities of international markets in general and emerging markets in particular entail.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

4 | OPPENHEIMER STRATEGIC BOND FUND/VA

FUND EXPENSES

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 June 30, 2009.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	January 1, 2009		June 30, 2009		June 30, 2009

Actual
Non-Service Shares	$	1,000.00	$	1,060.50	$	3.07
Service Shares		1,000.00		1,058.60		4.35

Hypothetical (5% return before expenses)
Non-Service Shares		1,000.00		1,021.82		3.01
Service Shares		1,000.00		1,020.58		4.27


Class	Expense Ratios

Non-Service Shares		0.60	%
Service Shares		0.85

5 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited


	Principal
	Amount		Value

Asset-Backed Securities—0.6%
AmeriCredit Prime Automobile Receivables Trust 2007-1, Automobile Receivables Nts., Series 2007-1, Cl. D, 5.62%, 9/8/14	$	1,319,000	$	786,784
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 0.794%, 5/25/34¹		924,857		533,024
Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.414%, 9/25/36¹		530,000		362,183
Argent Securities Trust 2006-W5, Asset-Backed Pass-Through Certificates, Series 2006-W5, Cl. A2B, 0.414%, 5/26/36¹		203,873		187,791
Bank of America Credit Card Trust, Credit Card Asset-Backed Certificates, Series 2006-A16, Cl. A16, 4.72%, 5/15/13		1,805,000		1,867,776
Capital Auto Receivables Asset Trust 2007-1, Automobile Asset- Backed Securities, Series 2007-1, Cl. B, 5.15%, 9/17/12		262,000		232,960
Capital One Auto Finance Trust, Automobile Receivables, Series 2006-C, Cl. A4, 0.349%, 5/15/13¹		1,312,000		1,201,727
Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 0.414%, 5/16/36¹		228,753		220,617
Citigroup Mortgage Loan Trust, Inc. 2006-WFH3, Asset-Backed Pass-Through Certificates, Series 2006-WFH3, Cl. A2, 0.409%, 10/25/36¹		411,158		385,897
Countrywide Home Loans, Asset-Backed Certificates:
Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36¹		1,487,439		1,147,361
Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36¹		211,679		154,407
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.434%, 6/25/47^1,2,3		1,050,000		503,719
CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates:
Series 2005-G, Cl. 2A, 0.549%, 12/15/35¹		250,257		96,851
Series 2006-H, Cl. 2A1A, 0.469%, 11/15/36¹		85,411		16,717
Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/25^4,5,6		1,820,063		—
First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 0.404%, 7/25/36¹		944,581		860,464
First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.424%, 7/7/36¹		397,369		271,831
First Franklin Mortgage Loan Trust 2006-FFA, Mtg. Pass-Through Certificates, Series 2006-FFA, Cl. A3, 0.434%, 9/25/36¹		960,476		97,947
Ford Credit Auto Owner Trust, Automobile Receivables Nts., Series 2009-B, Cl. A2, 2.10%, 11/15/11		1,380,000		1,381,148
Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.363%, 6/1/35		1,046,000		289,595
Home Equity Mortgage Trust 2006-5, Mtg. Pass-Through Certificates, Series 2006-5, Cl. A1, 5.50%, 1/25/37		428,407		55,454
HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.575%, 1/20/35¹		223,655		148,858
HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.425%, 3/20/36¹		440,000		382,249
Ice Em CLO, Collateralized Loan Obligations:
Series 2007-1A, Cl. B, 3.424%, 8/15/22^1,5		7,870,000		2,754,500
Series 2007-1A, Cl. C, 4.724%, 8/15/22^1,5		5,270,000		843,200
Series 2007-1A, Cl. D, 6.724%, 8/15/22^1,5		5,270,000		685,100
Lehman XS Trust, Mtg. Pass-Through Certificates:
Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35¹		8,452		8,398
Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35		68,909		64,963

F1 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Asset-Backed Securities Continued
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.414%, 8/25/36¹	$	1,310,000	$	417,839
NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 2.199%, 1/25/29^1,5		66,744		11,346
Option One Mortgage Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 0.414%, 7/1/36¹		2,455,871		1,606,504
Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36¹		332,617		283,516
RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.414%, 9/25/36¹		779,335		676,744
Securitized Asset-Backed Receivables LLC Trust 2007-BR2, Asset-Backed Securities, Series 2007-BR2, Cl. A2, 0.544%, 2/25/37¹		710,022		281,930
SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 1.72%, 6/15/39¹		2,487,000		783,322
Specialty Underwriting & Residential Finance Trust, Home Equity Asset-Backed Obligations, Series 2006-BC1, Cl. A2B, 0.464%, 12/25/36¹		324,875		317,839
Start CLO Ltd., Asset-Backed Credit Linked Securities, Series 2006-3A, Cl. F, 17.629%, 6/7/11^1,5		1,630,000		1,067,650
Taganka Car Loan Finance plc, Automobile Asset-Backed Certificates, Series 2006-1A, Cl. C, 3.621%, 11/14/13^1,5		121,707		97,366
Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 4.50%, 5/1/37		204,271		30,392
Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 0.414%, 7/25/36¹		454,651		444,375

Total Asset-Backed Securities (Cost $42,656,016)				21,560,344

Mortgage-Backed Obligations—16.4%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates:
Series 2007-1, Cl. AMFX, 5.482%, 1/1/49		3,900,000		1,658,746
Series 2007-4, Cl. AM, 6.002%, 8/1/17¹		6,560,000		3,297,044
Series 2008-1, Cl. A4, 6.354%, 12/1/17¹		3,670,000		2,858,242
Series 2008-1, Cl. AM, 6.397%, 1/1/18¹		2,920,000		1,411,242
Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 4.057%, 5/1/34^1,5		4,709,348		3,437,824
Bear Stearns ARM Trust 2004-9, Mtg. Pass-Through Certificates, Series 2004-9, Cl. 23A1, 4.948%, 11/1/34¹		2,384,213		2,081,916
Chase Mortgage Finance Trust 2006-S3, Multiclass Mtg. Pass-Through Certificates, Series 2006-S3, Cl. 1A2, 6%, 11/1/36		4,210,000		2,046,795
Chase Mortgage Finance Trust 2007-A1, Multiclass Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 9A1, 4.565%, 2/1/37¹		3,404,372		2,918,800
ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 0.414%, 9/25/36¹		52,652		51,197
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35		3,740,000		2,908,936
CHL Mortgage Pass-Through Trust 2005-26, Mtg. Pass-Through Certificates, Series 2005-26, Cl. 1A8, 5.50%, 11/1/35		3,376,497		3,151,837
CHL Mortgage Pass-Through Trust 2005-27, Mtg. Pass-Through Certificates, Series 2005-27, Cl. 2A1, 5.50%, 12/1/35		3,095,575		2,177,844
CHL Mortgage Pass-Through Trust 2005-31, Mtg. Pass-Through Certificates, Series 2005-31, Cl. 2A4, 5.473%, 1/1/36¹		1,356,052		340,439
CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 5.519%, 12/20/35¹		204,886		126,569

F2 | OPPENHEIMER STRATEGIC BOND FUND/VA


	Principal
	Amount		Value

Mortgage-Backed Obligations Continued
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35	$	2,110,000	$	1,639,241
CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 5.617%, 6/1/47^1,5		3,028,849		1,438,703
CHL Mortgage Pass-Through Trust 2007-HY4, Mtg. Pass-Through Certificates:
Series 2007-HY4, Cl. 1A1, 6.069%, 9/1/47¹		16,842,343		9,915,611
Series 2007-HY4, Cl. 1A2, 6.078%, 9/1/47^1,5		3,632,982		508,618
Series 2007-HY4, Cl. 2A2, 6.239%, 11/1/37^1,5		790,289		110,640
Series 2007-HY4, Cl. 3A2, 6.395%, 11/1/37^1,5		829,124		99,495
CHL Mortgage Pass-Through Trust 2007-HY5, Mtg. Pass-Through Certificates: Series 2007-HY5, Cl. 1A2, 5.917%, 9/1/37^1,5		3,979,084		795,817
Series 2007-HY5, Cl. 2A2, 5.998%, 9/1/37^1,5		1,049,671		209,934
Series 2007-HY5, Cl. 3A2, 6.188%, 9/1/37^1,5		2,596,745		519,349
Citigroup Commercial Mortgage Trust 2006-C4, Commercial Mtg. Pass-Through Certificates, Series 2006-C4, Cl. A3, 5.726%, 3/1/49¹		2,940,000		2,488,528
Citigroup Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates, Series 2007-C6, Cl. A2, 5.888%, 8/1/12¹		1,110,000		1,031,810
Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 4.953%, 5/1/35¹		3,766,955		2,334,041
Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 5.179%, 8/1/35¹		7,689,376		4,318,218
Citigroup Mortgage Loan Trust, Inc. 2006-AR1, Asset-Backed Pass-Through Certificates, Series 2006-AR1, Cl. 3A2, 5.50%, 3/1/36¹		4,097,574		968,290
Citigroup Mortgage Loan Trust, Inc. 2006-AR2, Asset-Backed Pass-Through Certificates, Series 2006-AR2, Cl. 1AB, 5.591%, 3/1/36		3,674,967		955,567
Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates:
Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49⁷		9,170,000		8,402,625
Series 2007-CD4, Cl. AMFX, 5.366%, 12/1/49		5,680,000		2,662,965
CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 2A1, 5.50%, 10/1/21		2,740,196		2,049,239
Commercial Mortgage Trust 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl.A4, 5.736%, 8/1/17		7,325,000		5,909,344
Credit Suisse Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-C3, Cl. A4, 5.723%, 6/1/39¹		1,560,000		1,066,416
CWALT Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl. 1A10, 6%, 2/1/37		13,881,101		8,178,334
CWALT Alternative Loan Trust 2007-8CB, Mtg. Pass-Through Certificates, Series 2007-8CB, Cl. A1, 5.50%, 5/25/37		4,563,673		3,163,682
Deutsche Alt-A Securities Inc. Mortgage, Mtg. Pass-Through Certificates, Series 2007-RS1, Cl. A2, 0.808%, 1/27/37^1,5		1,587,155		431,012
Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates:
Series 2006-AB1, Cl. A2A, 5.50%, 2/25/36		491,925		452,751
Series 2006-AB2, Cl. A1, 5.888%, 6/25/36		1,033,682		949,712
Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		1,400,351		963,108

F3 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Mortgage-Backed Obligations Continued
Federal Home Loan Mortgage Corp.:
5%, 8/15/33-9/15/33	$	3,705,300	$	3,789,682
6%, 5/15/18-3/15/33		2,333,596		2,464,280
6.50%, 3/15/18-6/15/35		4,599,819		4,936,082
7%, 10/1/31-10/1/37		1,228,253		1,323,624
7.50%, 4/25/36		1,173,578		1,280,185
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 3045, Cl. DI, 41.553%, 10/15/35⁸		4,424,319		370,883
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Participation Certificates, Series 1897, Cl. K, 7%, 9/15/26		2,634,351		2,859,547
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		1,407,767		1,515,823
Series 151, Cl. F, 9%, 5/15/21		35,806		38,756
Series 1674, Cl. Z, 6.75%, 2/15/24		1,072,745		1,154,777
Series 2006-11, Cl. PS, 23.416%, 3/25/36¹		663,345		796,505
Series 2043, Cl. ZP, 6.50%, 4/15/28		801,776		854,422
Series 2106, Cl. FG, 0.769%, 12/15/28¹		1,818,624		1,823,901
Series 2122, Cl. F, 0.769%, 2/15/29¹		59,839		59,374
Series 2135, Cl. OH, 6.50%, 3/15/29		1,049,329		1,124,116
Series 2148, Cl. ZA, 6%, 4/15/29		1,676,278		1,787,532
Series 2195, Cl. LH, 6.50%, 10/15/29		781,945		831,266
Series 2326, Cl. ZP, 6.50%, 6/15/31		119,917		128,117
Series 2344, Cl. FP, 1.269%, 8/15/31¹		569,007		570,607
Series 2368, Cl. PR, 6.50%, 10/15/31		509,897		546,486
Series 2412, Cl. GF, 1.269%, 2/15/32¹		1,245,154		1,250,013
Series 2415, Cl. ZA, 6.50%, 2/15/32		1,483,261		1,589,747
Series 2435, Cl. EQ, 6%, 5/15/31		666,731		682,267
Series 2449, Cl. FL, 0.869%, 1/15/32¹		735,531		730,088
Series 2451, Cl. FD, 1.319%, 3/15/32¹		402,094		404,070
Series 2453, Cl. BD, 6%, 5/15/17		201,421		215,888
Series 2461, Cl. PZ, 6.50%, 6/15/32		1,756,706		1,880,025
Series 2464, Cl. FI, 1.319%, 2/15/32¹		397,973		399,688
Series 2470, Cl. AF, 1.319%, 3/15/32¹		689,895		694,789
Series 2470, Cl. LF, 1.319%, 2/15/32¹		407,268		411,075
Series 2471, Cl. FD, 1.319%, 3/15/32¹		731,578		739,478
Series 2477, Cl. FZ, 0.869%, 6/15/31¹		1,506,486		1,495,560
Series 2500, Cl. FD, 0.819%, 3/15/32¹		42,356		41,806
Series 2517, Cl. GF, 1.319%, 2/15/32¹		354,098		357,048
Series 2526, Cl. FE, 0.719%, 6/15/29¹		87,417		85,681
Series 2551, Cl. FD, 0.719%, 1/15/33¹		44,987		44,500
Series 2641, Cl. CE, 3.50%, 9/15/25		235,302		236,643
Series 2676, Cl. KY, 5%, 9/15/23		3,843,000		3,915,418
Series 2750, Cl. XG, 5%, 2/1/34		6,037,000		6,289,245
Series 2857, Cl. MG, 5%, 9/1/34		2,045,000		2,130,684
Series 2890, Cl. PE, 5%, 11/1/34		6,120,000		6,381,252
Series 2934, Cl. NA, 5%, 4/15/24		355,139		359,089
Series 2936, Cl. PE, 5%, 2/1/35		4,858,000		5,053,765
Series 2947, Cl. HE, 5%, 3/1/35		1,650,000		1,720,708
Series 3025, Cl. SJ, 23.579%, 8/15/35¹		800,034		961,001
Series 3035, Cl. DM, 5.50%, 11/15/25		1,468,087		1,493,965
Series 3094, Cl. HS, 23.212%, 6/15/34¹		448,787		526,989
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 177, Cl. IO, 13.007%, 7/1/26⁸		153,648		29,945
Series 192, Cl. IO, 10.766%, 2/1/28⁸		39,685		8,303
Series 200, Cl. IO, 10.148%, 1/1/29⁸		48,794		8,572
Series 205, Cl. IO, 8.876%, 9/1/29⁸		207,630		44,080
Series 2074, Cl. S, 46.419%, 7/17/28⁸		50,817		6,936
Series 2079, Cl. S, 58.157%, 7/17/28⁸		83,972		11,447
Series 208, Cl. IO, (20.244)%, 6/1/30⁸		233,637		42,342
Series 2136, Cl. SG, 91.448%, 3/15/29⁸		2,281,896		263,598

F4 | OPPENHEIMER STRATEGIC BOND FUND/VA


	Principal
	Amount		Value

Mortgage-Backed Obligations Continued
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Continued
Series 2177, Cl. S, 80.116%, 8/15/29⁸	$	2,488,970	$	339,464
Series 224, Cl. IO, 2.539%, 3/1/33⁸		1,462,069		246,516
Series 2399, Cl. SG, 79.234%, 12/15/26⁸		1,361,744		171,751
Series 243, Cl. 6, 1.711%, 12/15/32⁸		635,964		95,294
Series 2437, Cl. SB, 94.303%, 4/15/32⁸		3,929,583		481,772
Series 2526, Cl. SE, 42.267%, 6/15/29⁸		109,750		13,103
Series 2802, Cl. AS, 99.999%, 4/15/33⁸		940,539		73,249
Series 2920, Cl. S, 76.77%, 1/15/35⁸		918,517		92,109
Series 3000, Cl. SE, 99.999%, 7/15/25⁸		1,013,038		85,981
Series 3110, Cl. SL, 99.999%, 2/15/26⁸		585,846		49,078
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 192, Cl. PO, 6.883%, 2/1/28⁹		39,685		33,686
Federal National Mortgage Assn.:
4.50%, 7/1/24-7/1/39¹⁰		13,175,000		13,279,980
5%, 11/25/21-11/1/33		34,941,990		35,763,870
5%, 7/1/39¹⁰		2,000,000		2,036,562
5.296%, 10/1/36		10,157,716		10,584,716
5.50%, 4/25/21-7/1/22		789,297		827,386
5.50%, 7/1/24-7/1/39¹⁰		55,503,000		57,324,485
6%, 10/25/16-10/1/37		5,187,421		5,461,349
6%, 7/1/23-7/1/39¹⁰		31,395,000		32,961,579
6.50%, 3/25/17-1/1/34		8,922,166		9,526,945
6.50%, 7/1/37¹⁰		7,011,000		7,467,809
7%, 11/1/17-6/25/34		8,899,874		9,751,923
7.50%, 2/25/27-3/25/33		4,170,236		4,549,238
8.50%, 7/1/32		6,912		7,526
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates:
Trust 1999-54, Cl. LH, 6.50%, 11/25/29		809,676		854,371
Trust 2001-44, Cl. QC, 6%, 9/25/16		1,435,246		1,534,898
Trust 2001-51, Cl. OD, 6.50%, 10/25/31		417,846		446,499
Trust 2001-69, Cl. PF, 1.314%, 12/25/31¹		906,006		912,034
Trust 2001-74, Cl. QE, 6%, 12/25/31		4,619,275		4,932,704
Trust 2001-80, Cl. ZB, 6%, 1/25/32		967,449		1,032,549
Trust 2002-12, Cl. PG, 6%, 3/25/17		631,584		675,975
Trust 2002-29, Cl. F, 1.314%, 4/25/32¹		440,818		443,785
Trust 2002-56, Cl. KW, 6%, 4/25/23		2,192,894		2,251,277
Trust 2002-60, Cl. FH, 1.314%, 8/25/32¹		927,169		932,456
Trust 2002-64, Cl. FJ, 1.314%, 4/25/32¹		135,742		135,771
Trust 2002-68, Cl. FH, 0.818%, 10/18/32¹		303,165		301,505
Trust 2002-71, Cl. UB, 5%, 11/25/15		950,824		958,844
Trust 2002-84, Cl. FB, 1.314%, 12/25/32¹		1,820,480		1,832,846
Trust 2002-9, Cl. PC, 6%, 3/25/17		656,656		703,000
Trust 2002-9, Cl. PR, 6%, 3/25/17		804,044		860,790
Trust 2002-90, Cl. FH, 0.814%, 9/25/32¹		1,018,563		1,009,771
Trust 2003-11, Cl. FA, 1.314%, 9/25/32¹		1,820,522		1,832,889
Trust 2003-116, Cl. FA, 0.714%, 11/25/33¹		119,753		117,224
Trust 2003-81, Cl. PW, 4%, 3/25/25		176,412		176,844
Trust 2004-101, Cl. BG, 5%, 1/25/20		1,825,000		1,934,360
Trust 2004-52, Cl. JR, 4.50%, 7/25/24		162,253		162,307
Trust 2005-100, Cl. BQ, 5.50%, 11/25/25		571,000		581,244
Trust 2005-109, Cl. AH, 5.50%, 12/25/25		2,160,000		2,203,480
Trust 2005-25, Cl. PS, 26.78%, 4/25/35¹		689,055		870,367
Trust 2005-31, Cl. PB, 5.50%, 4/25/35		560,000		590,256
Trust 2005-71, Cl. DB, 4.50%, 8/25/25		480,000		490,721
Trust 2006-46, Cl. SW, 23.049%, 6/25/36¹		1,141,745		1,364,476
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Trust 2005-14, Cl. SE, 42.618%, 3/25/35⁸		3,045,130		271,103
Trust 2006-60, Cl. DI, 42.267%, 4/25/35⁸		2,939,644		255,322

F5 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Mortgage-Backed Obligations Continued
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-61, Cl. SH, 54.038%, 11/18/31⁸	$	494,302	$	52,922
Trust 2001-63, Cl. SD, 42.385%, 12/18/31⁸		117,961		13,247
Trust 2001-68, Cl. SC, 33.763%, 11/25/31⁸		80,268		8,835
Trust 2001-81, Cl. S, 37.059%, 1/25/32⁸		93,288		10,562
Trust 2002-28, Cl. SA, 40.476%, 4/25/32⁸		56,925		7,675
Trust 2002-38, Cl. SO, 58.095%, 4/25/32⁸		285,868		28,006
Trust 2002-48, Cl. S, 37.329%, 7/25/32⁸		90,437		9,855
Trust 2002-52, Cl. SL, 38.225%, 9/25/32⁸		57,201		6,267
Trust 2002-56, Cl. SN, 40.167%, 7/25/32⁸		124,272		13,731
Trust 2002-77, Cl. IS, 49.818%, 12/18/32⁸		487,034		52,478
Trust 2002-77, Cl. SH, 45.207%, 12/18/32⁸		126,052		15,214
Trust 2002-9, Cl. MS, 36.522%, 3/25/32⁸		120,836		13,481
Trust 2003-117, Cl. KS, 63.628%, 8/25/33⁸		9,601,218		863,905
Trust 2003-13, Cl. IO, 9.753%, 3/25/33⁸		919,846		126,898
Trust 2003-26, Cl. DI, 10.64%, 4/25/33⁸		726,035		90,062
Trust 2003-33, Cl. SP, 62.33%, 5/25/33⁸		855,139		91,572
Trust 2003-38, Cl. SA, 34.567%, 3/25/23⁸		1,519,270		150,376
Trust 2003-4, Cl. S, 50.418%, 2/25/33⁸		255,104		26,946
Trust 2005-40, Cl. SA, 76.253%, 5/25/35⁸		2,621,144		251,111
Trust 2005-40, Cl. SB, 98.347%, 5/25/35⁸		4,129,513		513,278
Trust 2005-63, Cl. SA, 99.999%, 10/25/31⁸		196,256		20,859
Trust 2005-71, Cl. SA, 74.889%, 8/25/25⁸		651,322		62,087
Trust 2005-85, Cl. SA, 99.999%, 10/25/35⁸		10,056,942		974,201
Trust 2005-87, Cl. SE, 64.633%, 10/25/35⁸		32,635,930		2,921,546
Trust 2005-87, Cl. SG, 99.999%, 10/25/35⁸		2,643,551		277,381
Trust 2006-90, Cl. SX, 99.999%, 9/25/36⁸		2,542,516		339,099
Trust 214, Cl. 2, 24.715%, 3/1/23⁸		629,322		115,411
Trust 221, Cl. 2, 19.315%, 5/1/23⁸		69,236		12,825
Trust 240, Cl. 2, 25.699%, 9/1/23⁸		132,245		18,151
Trust 254, Cl. 2, 10.355%, 1/1/24⁸		1,108,046		186,664
Trust 2682, Cl. TQ, 99.999%, 10/15/33⁸		989,737		123,088
Trust 2981, Cl. BS, 99.999%, 5/15/35⁸		1,767,451		162,304
Trust 301, Cl. 2, 0.665%, 4/1/29⁸		285,580		50,670
Trust 313, Cl. 2, 28.537%, 6/1/31⁸		3,140,365		573,079
Trust 319, Cl. 2, 5.867%, 2/1/32⁸		92,180		16,248
Trust 321, Cl. 2, 5.718%, 4/1/32⁸		411,670		73,803
Trust 324, Cl. 2, (0.405)%, 7/1/32⁸		710,748		119,356
Trust 328, Cl. 2, (4.54)%, 12/1/32⁸		5,236,677		832,836
Trust 331, Cl. 5, 2.084%, 2/1/33⁸		1,546,342		212,115
Trust 334, Cl. 12, (7.844)%, 2/1/33⁸		1,318,045		177,647
Trust 334, Cl. 3, (15.137)%, 7/1/33⁸		757,442		92,724
Trust 334, Cl. 5, (15.088)%, 5/1/33⁸		891,540		107,926
Trust 339, Cl. 15, 10.83%, 7/1/33⁸		3,608,367		389,055
Trust 339, Cl. 7, (7.864)%, 7/1/33⁸		6,338,477		709,767
Trust 339, Cl. 8, (7.298)%, 8/1/33⁸		430,029		53,278
Trust 345, Cl. 9, 2.362%, 1/1/34⁸		1,728,854		302,946
Trust 351, Cl. 10, 3.464%, 4/1/34⁸		754,248		97,076
Trust 351, Cl. 11, (0.318)%, 11/1/34⁸		397,686		51,371
Trust 351, Cl. 8, 2.745%, 4/1/34⁸		1,215,141		165,092
Trust 351, Cl. 9, 1.126%, 10/1/34⁸		14,879,817		1,886,004
Trust 356, Cl. 10, (2.058)%, 6/1/35⁸		1,054,020		129,433
Trust 356, Cl. 12, (3.812)%, 2/1/35⁸		541,200		65,247
Trust 362, Cl. 12, 1.304%, 8/1/35⁸		1,007,252		154,829
Trust 362, Cl. 13, (0.564)%, 8/1/35⁸		598,488		83,872
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security:
Trust 322, Cl. 1, 7.806%, 4/1/32⁹		5,016,471		4,457,062
Trust 324, Cl. 1, 7.752%, 7/1/32⁹		177,479		160,107
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		998,266		718,983
First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.124%, 11/1/37¹		5,138,527		3,244,787

F6 | OPPENHEIMER STRATEGIC BOND FUND/VA


	Principal
	Amount		Value

Mortgage-Backed Obligations Continued
GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2004-C3, Cl. A2, 4.433%, 7/10/39	$	1,412,376	$	1,409,321
GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 7.112%, 5/15/30^1,5		1,567,000		1,563,707
Government National Mortgage Assn.:
4.125%, 12/9/25¹		6,673		6,778
4.50%, 7/1/24¹⁰		4,650,000		4,642,737
7%, 3/29/28-7/29/28		355,307		387,605
7.50%, 3/1/27		15,237		16,714
8%, 11/29/25-5/29/26		100,798		111,369
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates:
Series 1999-32, Cl. ZB, 8%, 9/16/29		1,341,395		1,484,391
Series 2000-12, Cl. ZA, 8%, 2/16/30		3,119,831		3,354,028
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 1998-19, Cl. SB, 43.573%, 7/16/28⁸		168,513		23,026
Series 1998-6, Cl. SA, 63.318%, 3/16/28⁸		103,593		14,691
Series 2001-21, Cl. SB, 77.475%, 1/16/27⁸		782,265		91,935
Series 2006-47, Cl. SA, 74.861%, 8/16/36⁸		3,934,201		405,958
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2006-GG8, Cl. A4, 5.56%, 11/1/39		1,960,000		1,603,699
GSR Mortgage Loan Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 2A1, 3.861%, 5/1/34¹		3,532,393		2,565,400
GSR Mortgage Loan Trust 2005-AR6, Mtg. Pass-Through Certificates:
Series 2005-AR6, Cl. 1A4, 3.949%, 9/1/35¹		9,499,158		6,979,518
Series 2005-AR6, Cl. 3A1, 4.56%, 9/25/35¹		4,355,776		3,576,597
GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 4A1, 5.348%, 11/25/35¹		4,594,964		3,286,770
GSR Mortgage Loan Trust 2007-AR1, Mtg. Pass-Through Certificates, Series 2007-AR1, Cl. 4A1, 5.799%, 3/1/37^1,5		3,500,304		2,275,198
Indymac Index Mortgage Loan Trust 2005-AR31, Mtg. Pass-Through Certificates, Series 2005-AR31, Cl. 2 A2, 5.258%, 1/1/36¹		576,091		176,005
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates:
Series 2007-CB18, Cl. A4, 5.44%, 6/1/47		5,600,000		4,232,145
Series 2007-CB18, Cl. AM, 5.466%, 6/1/47		6,380,000		3,126,865
Series 2007-LD12, Cl. A2, 5.827%, 2/15/51		5,682,000		5,051,903
Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49		2,380,000		2,155,166
Series 2007-LDPX, Cl. A3, 5.42%, 1/15/49		4,410,000		3,258,325
Series 2008-C2, Cl. A4, 6.068%, 2/1/51		8,390,000		5,234,033
Series 2008-C2, Cl. AM, 6.579%, 2/1/51¹		4,990,000		1,776,879
JPMorgan Commercial Mortgage Finance Corp., Mtg. Pass-Through Certificates, Series 2000-C9, Cl. A2, 7.77%, 10/15/32		1,767,960		1,774,692
JPMorgan Mortgage Trust 2005-S2, Mtg. Pass-Through Certificates, Series 2005-S2, Cl. 3A1, 6.732%, 2/25/32¹		1,240,655		974,799
JPMorgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 3A4, 5.677%, 4/1/36¹		2,687,574		780,974
JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 5.79%, 1/1/37¹		932,965		658,485
JPMorgan Mortgage Trust 2007-A1, Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 7A1, 5.295%, 7/1/35^1,5		5,768,945		3,361,564
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A3, 6.005%, 5/1/37^1,5		1,732,651		225,764

F7 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Mortgage-Backed Obligations Continued
LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.166%, 9/11/45¹	$	10,430,000	$	5,069,698
LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.149%, 4/11/41¹		2,610,000		1,241,269
Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36		238,297		175,893
Mastr Adjustable Rate Mortgages Trust 2006-2, Mtg. Pass-Through Certificates, Series 2006-2, Cl. 1A1, 4.712%, 4/1/36¹		3,078,467		1,910,389
Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34		378,887		290,314
Merrill Lynch Mortgage Investors Trust 2005-A2, Mtg. Pass-Through Certificates, Series 2005-A2, Cl. A2, 4.482%, 2/1/35¹		1,326,611		1,066,002
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 6.077%, 10/25/36¹		5,501,458		4,372,222
Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates:
Series 2006-HQ10, Cl. AM, 5.36%, 11/12/41		8,500,000		4,782,081
Series 2007-IQ16, Cl. A4, 5.809%, 12/1/49		3,420,000		2,615,516
Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30		101,920		102,043
Citigroup Mortgage Loan Trust, Inc. 2006-AR2, Asset-Backed Pass-Through Certificates, Series 2006-AR2, Cl. 1A2, 5.525%, 3/1/36^1,7		8,508,282		5,475,361
RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 5.38%, 4/25/35¹		153,997		34,036
RALI Series 2006-QS13 Trust:
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36		3,213,404		2,233,996
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		406,972		377,725
RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 5/1/36		35,066		34,150
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		1,353,332		589,934
Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35		3,720,000		2,258,832
Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35		5,817,459		4,051,268
Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36		1,078,862		619,663
Residential Funding Mortgage Securities I, Inc., Mtg. Pass-Through Certificates, 5.763%, 7/1/37^1,5		3,031,693		218,282
STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.827%, 2/1/37¹		13,532,303		8,303,456
Structured Asset Mortgage Investments, Inc., Mtg. Pass-Through Certificates, Series 2002-AR3, Cl. A2, 1.063%, 9/19/32^1,5		669,377		415,014
Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.275%, 11/15/48		2,997,000		2,783,650
Wachovia Bank Commercial Mortgage Trust 2007-C33, Commercial Mtg. Pass-Through Certificates, Series 2007-C33, Cl. A4, 5.902%, 2/1/51¹		5,790,000		4,279,455

F8 | OPPENHEIMER STRATEGIC BOND FUND/VA


	Principal
	Amount		Value

Mortgage-Backed Obligations Continued
Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. AJ, 5.951%, 5/1/46¹	$	2,610,000	$	779,681
WaMu Mortgage Pass-Through Certificates 2003-AR9 Trust, Mtg. Pass-Through Certificates, Series 2003-AR9, Cl. 2A, 4.478%, 9/25/33¹		1,475,723		1,329,447
WaMu Mortgage Pass-Through Certificates 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2007-AR12, Cl. 1A8, 4.825%, 10/1/35¹		3,610,417		2,558,228
WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 5.929%, 9/1/36¹		3,936,070		2,917,886
WaMu Mortgage Pass-Through Certificates 2006-AR15 Trust, Mtg. Pass-Through Certificates, Series 2006-AR15, Cl. 1A, 2.18%, 11/1/46^1,5		1,496,185		516,034
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates:
Series 2007-HY1, Cl. 2A4, 5.833%, 2/1/37¹		628,298		113,588
Series 2007-HY1, Cl. 4A1, 5.394%, 2/1/37¹		18,338,700		10,886,164
Series 2007-HY1, Cl. 5A1, 5.747%, 2/1/37¹		10,837,351		6,090,936
WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates:
Series 2007-HY2, Cl. 1A1, 5.581%, 12/1/36¹		13,390,114		8,260,317
Series 2007-HY2, Cl. 1A2, 5.581%, 12/1/36¹		1,503,249		276,468
WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 4A1, 5.33%, 3/1/37¹		11,705,732		7,896,518
WaMu Mortgage Pass-Through Certificates 2007-HY4 Trust, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 4A1, 5.501%, 9/25/36¹		10,594,462		6,419,277
WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 5.674%, 6/25/37¹		5,521,088		3,424,871
WaMu Mortgage Pass-Through Certificates 2007-HY7 Trust, Mtg. Pass-Through Certificates, Series 2007-HY7, Cl. 2A1, 5.805%, 7/1/37¹		2,973,767		1,641,643
WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 1.559%, 4/1/47^1,5		1,063,561		325,982
Wells Fargo Mortgage-Backed Securities 2004-V Trust, Mtg. Pass-Through Certificates, Series 2004-V, Cl. 1A1, 3.656%, 10/1/34¹		3,253,609		2,766,129
Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 4.537%, 11/1/34¹		1,141,463		509,812
Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 4.544%, 2/1/35¹		5,698,328		4,919,665
Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust, Mtg. Pass-Through Certificates, Series 2005-AR16, Cl. 2A1, 4.439%, 10/1/35¹		2,192,655		1,932,479
Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates:
Series 2006-AR10, Cl. 2A1, 5.613%, 7/25/36¹		4,374,904		2,904,777
Series 2006-AR10, Cl. 2A2, 5.613%, 7/1/36^1,5		2,265,346		362,455
Series 2006-AR10, Cl. 3A2, 4.577%, 7/1/36^1,5		899,981		152,997
Series 2006-AR10, Cl. 4A2, 5.557%, 7/1/36^1,5		3,219,227		547,269
Series 2006-AR10, Cl. 5A3, 5.594%, 7/1/36¹		1,573,477		1,065,387
Series 2006-AR10, Cl. 5A6, 5.594%, 7/1/36¹		16,408,328		11,019,016
Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.097%, 9/25/36¹		5,937,227		4,127,290
Wells Fargo Mortgage-Backed Securities 2006-AR13 Trust, Mtg. Pass-Through Certificates, Series 2006-AR13, Cl. A4, 5.751%, 9/1/36¹		11,440,000		6,731,875

F9 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Mortgage-Backed Obligations Continued
Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.071%, 3/25/36¹	$	1,757,188		$	1,147,844
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.092%, 3/25/36¹		2,446,251			1,663,270
Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates:
Series 2006-AR8, Cl. 1A3, 4.694%, 4/25/36¹		3,458,273			2,339,854
Series 2006-AR8, Cl. 2A1, 5.24%, 4/1/36¹		2,471,598			1,553,400

Total Mortgage-Backed Obligations (Cost $737,443,107)					620,240,389

U.S. Government Obligations—12.1%
Federal Home Loan Bank Bonds, 3%, 6/11/10		171,115,000			175,185,655
Federal Home Loan Bank Unsec. Bonds, 3.625%, 10/18/13¹¹		9,795,000			10,141,674
Federal Home Loan Mortgage Corp. Nts.:
1.625%, 4/26/11¹¹		75,000,000			75,618,375
2.50%, 4/23/14¹¹		18,400,000			18,137,230
Federal National Mortgage Assn. Nts., 2.50%, 5/15/14¹¹		16,335,000			16,084,192
Federal National Mortgage Assn. Unsec. Nts., 4.625%, 10/15/14¹¹		9,070,000			9,799,437
Resolution Funding Corp. Bonds, Residual Funding STRIPS, 4.994%, 1/15/21¹²		1,868,000			1,082,984
U.S. Treasury Bonds:
STRIPS, 4.201%, 2/15/11¹²		900,000			886,928
STRIPS, 4.833%, 2/15/16¹²		2,116,000			1,699,999
U.S. Treasury Nts., 0.875%, 5/31/11¹³		151,000,000			150,521,783

Total U.S. Government Obligations (Cost $457,919,197)					459,158,257

Foreign Government Obligations—23.8%

Argentina—0.2%
Argentina (Republic of) Bonds:
1.683%, 8/3/12¹		571,500			416,101
Series GDP, 1.626%,12/15/35¹		8,600,000			356,900
Series V, 7%, 3/28/11		2,320,000			1,616,396
Series VII, 7%, 9/12/13		3,035,000			1,741,837
Argentina (Republic of) Sr. Unsec. Nts., 7%, 10/3/15		5,760,000			2,836,800

					6,968,034

Australia—0.1%
New South Wales Treasury Corp. Bonds:
Series 12, 6%, 5/1/12		1,170,000	AUD		966,367
Series 14, 5.50%, 8/1/14		1,700,000	AUD		1,353,370

					2,319,737

Belgium—0.1%
Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35		2,140,000	EUR		3,180,714

Brazil—3.2%
Banco Nacional de Desenvolvimento Economico e Social Nts., 6.369%, 6/16/18¹⁴		3,870,000			3,821,625
Brazil (Federal Republic of) Bonds:
6%, 1/17/17		19,770,000			20,392,755
8%, 1/15/18		11,545,000			12,988,125
8.75%, 2/4/25		2,950,000			3,643,250
8.875%, 10/14/19		4,610,000			5,670,300
Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.:
10%, 1/10/10		3,322,000	BRR		1,775,747
10%, 1/1/12		36,251,000	BRR		18,849,003
10%, 1/1/14		8,370,000	BRR		3,940,054
10%, 1/1/17		88,036,000	BRR		41,584,713
10.812%, 5/15/45		4,545,000	BRR		4,016,238
Brazil (Federal Republic of) Nts., 7.875%, 3/7/15		130,000			147,680
Brazil (Federal Republic of) Sr. Nts., 5.875%, 1/15/19		3,380,000			3,427,320

					120,256,810

Bulgaria—0.0%
Bulgaria (Republic of) Bonds:
8.25%, 1/15/15		740,000			777,000
8.25%, 1/15/15¹⁴		710,000			745,500

					1,522,500

Canada—0.2%
Ontario (Province of) Bonds, 4.20%, 3/8/18		4,485,000	CAD		3,895,586
Quebec (Province of) Nts., 4.50%, 12/1/18		4,445,000	CAD		3,890,498

					7,786,084

Colombia—0.9%
Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28¹⁴		3,058,000,000	COP		1,222,073

F10 | OPPENHEIMER STRATEGIC BOND FUND/VA


	Principal
	Amount			Value

Colombia Continued
Colombia (Republic of) Bonds:
7.375%, 9/18/37	$	3,805,000		$	3,900,125
12%, 10/22/15		40,486,000,000	COP		21,597,695
Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19		5,680,000			6,091,800
Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17		1,640,000			1,773,660
Colombia (Republic of) Unsec. Unsub. Bonds, 9.85%, 6/28/27		1,002,000,000	COP		473,195
EEB International Ltd. Sr. Unsec. Bonds, 8.75%, 10/31/14¹⁴		1,320,000			1,369,500

					36,428,048

Denmark—0.1%
Denmark (Kingdom of) Bonds, 5%, 11/15/13		14,440,000	DKK		2,966,410

Egypt—0.1%
Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/12¹⁴		22,870,000	EGP		4,006,543

France—1.0%
France (Government of) Obligations Assimilables du Tresor Bonds, 4%, 10/25/38		4,635,000	EUR		6,129,055
France (Government of) Treasury Nts.:
1.5%, 9/12/11		10,590,000	EUR		14,835,924
3.75%, 1/12/13		11,270,000	EUR		16,618,835

					37,583,814

Germany—1.4%
Bundesschatzanweisungen Bonds, 1.25%, 3/11/11		7,080,000	EUR		9,938,201
Germany (Federal Republic of) Bonds:
3.50%, 7/4/19		15,805,000	EUR		22,407,212
Series 03, 3.75%, 7/4/13		8,556,000	EUR		12,658,218
Series 08, 4.75%, 7/4/40		4,875,000	EUR		7,455,126

					52,458,757

Greece—1.0%
Greece (Republic of) Bonds:
4.30%, 3/20/12		5,115,000	EUR		7,468,928
4.60%, 5/20/13		20,406,000	EUR		30,046,427

					37,515,355

Hungary—0.5%
Hungary (Republic of) Bonds:
Series 10/C, 6.75%, 4/12/10		345,000,000	HUF		1,742,170
Series 11/C, 6.75%, 4/22/11		471,000,000	HUF		2,323,459
Series 12/C, 6%, 10/24/12		1,609,000,000	HUF		7,505,559
Series 12/B, 7.25%, 6/12/12		793,000,000	HUF		3,870,149
Series 14/C, 5.50%, 2/12/14		503,700,000	HUF		2,207,481

					17,648,818

Indonesia—0.8%
Indonesia (Republic of) Nts.:
6.75%, 3/10/14¹⁴		1,418,000			1,425,090
6.875%, 1/17/18¹⁴		7,285,000			7,011,813
7.25%, 4/20/15¹⁴		4,293,000			4,346,663
Indonesia (Republic of) Sr. Unsec. Nts.:
7.75%, 1/17/38¹⁴		4,815,000			4,429,800
10.375%, 5/4/14¹⁴		2,720,000			3,114,400
11.625%, 3/4/19¹⁴		2,306,000			2,931,503
Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35¹⁴		6,700,000			6,875,875

					30,135,144

Israel—0.4%
Israel (State of) Bonds:
5.50%, 2/28/17		24,370,000	ILS		6,530,912
Series 2682, 7.50%, 3/31/14		25,080,000	ILS		7,488,901

					14,019,813

Italy—0.5%
Buoni Poliennali Del Tesoro Bonds, 3.75%, 12/15/13		12,332,000	EUR		17,760,239

Japan—2.8%
Japan (Government of) Bonds:
2 yr., Series 269, 0.90%, 6/15/10		1,891,000,000	JPY		19,762,309
5 yr., Series 72, 1.50%, 6/20/13		2,734,000,000	JPY		29,401,249
10 yr., Series 279, 2%, 3/20/16		718,000,000	JPY		7,979,053
10 yr., Series 282, 1.70%, 9/20/16		2,009,000,000	JPY		21,890,937
20 yr., Series 61, 1%, 3/20/23		1,195,000,000	JPY		11,319,969
20 yr., Series 73, 2%, 12/20/24		896,000,000	JPY		9,514,239
20 yr., Series 75, 2.10%, 3/20/25		498,000,000	JPY		5,346,205

					105,213,961

Korea, Republic of—0.1%
Export-Import Bank of Korea (The), 8.125% Sr. Nts., 1/21/14		3,400,000			3,726,427

Mexico—2.4%
United Mexican States Bonds:
5.625%, 1/15/17		5,820,000			5,913,120
Series A, 6.375%, 1/16/13		3,800,000			4,123,000
Series M 10, 7.75%, 12/14/17¹		224,000,000	MXN		16,662,576
Series MI10, 8%, 12/19/13		262,410,000	MXN		20,562,960
Series M20, 10%, 12/5/24¹		485,040,000	MXN		41,756,333
United Mexican States Sr. Unsec. Bonds, 6.05%, 1/11/40		2,070,000			1,890,945
United Mexican States Sr. Unsec. Nts., 5.875%, 2/17/14		2,045,000			2,152,364

					93,061,298

Norway—0.0%
Norway (Kingdom of) Bonds, 6.50%, 5/15/13		7,770,000	NOK		1,361,621

F11 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Panama—0.5%
Panama (Republic of) Bonds:
6.70%, 1/26/36	$	7,190,000		$	7,010,250
7.25%, 3/15/15		6,230,000			6,821,850
8.875%, 9/30/27		1,375,000			1,679,219
9.375%, 4/1/29		655,000			825,300
Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26		2,760,000			2,870,400

					19,207,019

Peru—0.8%
Peru (Republic of) Bonds:
7.84%, 8/12/20		28,080,000	PEN		10,645,883
9.91%, 5/5/15		10,351,000	PEN		4,301,819
Series 7, 8.60%, 8/12/17		27,250,000	PEN		10,839,364
Series 8-1, 12.25%, 8/10/11		5,415,000	PEN		2,118,163
Peru (Republic of) Sr. Nts., 4.533%, 2/28/16¹²		363,871			270,320
Peru (Republic of) Sr. Unsec. Nts., 7.125%, 3/30/19		1,730,000			1,855,425

					30,030,974

Philippines—0.4%
Philippines (Republic of the) Unsec. Bonds:
7.75%, 1/14/31		4,060,000			4,242,700
9%, 2/15/13		7,625,000			8,559,063
Power Sector Assets & Liabilities Management Corp., 7.25% Gtd. Sr. Unsec. Nts., 5/27/19¹⁴		2,280,000			2,308,500

					15,110,263

Poland—0.3%
Poland (Republic of) Bonds:
Series WS0922, 5.75%, 9/23/22		1,000,000	PLZ		298,988
Series 0413, 5.25%, 4/25/13		9,705,000	PLZ		3,019,677
Series 0511, 4.25%, 5/24/11		23,470,000	PLZ		7,269,842

					10,588,507

Portugal—0.1%
Portugal (Republic of) Obrigacoes Do Tesouro Bonds, 5%, 6/15/12		2,435,000	EUR		3,678,752

South Africa—0.1%
South Africa (Republic of) Nts., 6.875%, 5/27/19		2,300,000			2,374,750

Spain—0.1%
Spain (Government of) Bonos Y Oblig Del Estado, 4.25% 1/31/14		2,470,000	EUR		3,670,609

Sweden—0.1%
Sweden (Kingdom of) Bonds, Series 1049, 4.50%, 8/12/15		22,290,000	SEK		3,130,276

The Netherlands—0.1%
Netherlands (Kingdom of the) Bonds, 5%, 7/15/11		3,330,000	EUR		4,994,323

Turkey—4.0%
Turkey (Republic of) Bonds:
6.75%, 4/3/18		10,035,000			9,991,147
7%, 9/26/16		6,560,000			6,740,400
7%, 3/11/19		1,685,000			1,697,638
12.192%, 2/2/11¹²		21,945,000	TRY		11,860,811
14%, 1/19/11¹		15,250,000	TRY		10,199,328
14.559%, 11/3/10¹²		14,900,000	TRY		8,324,746
15.861%, 10/7/09¹²		18,240,000	TRY		11,547,975
15.895%, 6/23/10¹²		8,970,000	TRY		5,258,697
16%, 3/7/12¹		69,310,000	TRY		48,424,335
18.141%, 1/13/10¹²		28,520,000	TRY		17,571,693
Series CPI, 11.957%, 2/15/12¹		6,810,000	TRY		5,470,898
Series CPI, 12.463%, 8/14/13¹		6,930,000	TRY		5,236,606
Turkey (Republic of) Nts.:
7.25%, 3/15/15		4,115,000			4,300,175
7.50%, 7/14/17		800,000			840,000
Turkey (Republic of) Sr. Unsec. Nts., 7.50%, 11/7/19		3,410,000			3,546,400

					151,010,849

United Kingdom—0.7%
United Kingdom Treasury Bills, 0.454%, 11/23/09¹²		5,350,000	GBP		8,784,404
United Kingdom Treasury Bonds:
4.50%, 3/7/19		4,730,000	GBP		8,301,604
4.75%, 12/7/38		6,480,000	GBP		11,305,112

					28,391,120

Uruguay—0.4%
Uruguay (Oriental Republic of) Bonds:
4.82%, 4/5/27		48,300,000	UYU		1,664,339
7.625%, 3/21/36		3,525,000			3,410,438
Uruguay (Oriental Republic of) Unsec. Bonds:
5%, 9/14/18		54,110,000	UYU		2,584,460
8%, 11/18/22		7,030,000			7,381,500

					15,040,737

Venezuela—0.4%
Venezuela (Republic of) Bonds, 9%, 5/7/23		3,495,000			2,156,415
Venezuela (Republic of) Nts.:
8.50%, 10/8/14		8,170,000			5,841,550
10.75%, 9/19/13		2,385,000			1,979,550
Venezuela (Republic of) Unsec. Bonds, 7.65%, 4/21/25		8,795,000			4,755,896
Venezuela (Republic of) Unsec. Nts., 6%, 12/9/20		5,410,000			2,713,927

					17,447,338

Total Foreign Government Obligations (Cost $891,513,223)					900,595,644

F12 | OPPENHEIMER STRATEGIC BOND FUND/VA


	Principal
	Amount			Value

Loan Participations—1.7%
Bayerische Hypo-und Vereinsbank AG for the City of Kiev, Ukraine, 8.625% Nts., 7/15/11¹⁴	$	8,210,000		$	5,151,775
Credit Suisse First Boston International, Export-Import Bank of Ukraine, 8.40% Sec. Nts., 2/9/16		4,340,000			2,788,450
Dali Capital plc/Bank of Moscow, 7.25% Sec. Nts., Series 28, Tranche 1, 11/25/09		37,000,000	RUR		1,148,498
Dali Capital SA (ROSBANK), 8% Sec. Nts., Series 23, Tranche 1, 9/30/09		36,400,000	RUR		1,132,792
Gaz Capital SA:
7.288% Sr. Sec. Nts., 8/16/37¹⁴		13,510,000			10,149,388
7.51% Sr. Sec. Nts., 7/31/13¹⁴		5,970,000			5,813,288
8.625% Sr. Sec. Nts., 4/28/34¹⁴		3,590,000			3,500,250
RSHB Capital SA/OJSC Russian Agricultural Bank, 7.75% Nts., 5/29/18¹⁴		2,010,000			1,819,050
Steel Capital SA for OAO Severstal, 9.75% Sec. Nts., 7/29/13¹⁴		5,310,000			4,380,750
TransCapitalInvest Ltd. for OJSC AK Transneft, 5.67% Sec. Bonds, 3/5/14¹⁴		2,490,000			2,143,512
VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18¹⁴		6,680,000			5,694,700
VTB Capital SA:
6.315% Sub. Unsec. Nts., 2/4/15		16,280,000			15,038,650
6.875% Sr. Sec. Nts., 5/29/18¹⁴		6,940,000			6,280,700

Total Loan Participations (Cost $76,305,350)					65,041,803

Corporate Bonds and Notes—24.0%

Consumer Discretionary—3.3%

Auto Components—0.1%
Allison Transmission, Inc., 11% Sr. Nts., 11/1/15¹⁴		3,190,000			2,536,050
Goodyear Tire & Rubber Co. (The):
7.857% Nts., 8/15/11		1,315,000			1,288,700
9% Sr. Unsec. Nts., 7/1/15		910,000			905,450

					4,730,200

Automobiles—0.5%
Case New Holland, Inc., 7.125% Sr. Unsec. Nts., 3/1/14		6,550,000			6,009,625
Daimler Finance North America LLC:
5.75% Unsec. Unsub. Nts., Series E, 9/8/11		824,000			841,337
5.875% Sr. Unsec. Unsub. Nts., 3/15/11		1,542,000			1,568,365
Ford Motor Co.:
6.50% Sr. Unsec. Unsub. Nts., 8/1/18		1,725,000			1,026,375
7.45% Bonds, 7/16/31		7,300,000			4,343,500
Ford Motor Credit Co. LLC:
8% Unsec. Nts., 6/1/14		2,155,000			1,745,968
9.75% Sr. Unsec. Nts., 9/15/10		2,870,000			2,749,905

					18,285,075

Diversified Consumer Services—0.1%
Service Corp. International:
6.75% Sr. Unsec. Nts., 4/1/15		1,065,000			969,150
7% Sr. Unsec. Unsub. Nts., 6/15/17		840,000			764,400

					1,733,550

Hotels, Restaurants & Leisure—0.8%
CCM Merger, Inc., 8% Unsec. Nts., 8/1/13¹⁴		2,575,000			1,789,625
Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13^4,14		4,560,000			307,800
Harrah’s Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18¹⁴		5,117,000			2,967,860
Harrah’s Operating Escrow LLC/Harrah’s Escrow Group, 11.25% Sr. Sec. Nts., 6/1/17¹⁴		1,535,000			1,458,250
Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14		2,590,000			2,097,900
Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15¹⁴		6,420,000			3,242,100
McDonald’s Corp.:
5% Sr. Unsec. Nts., 2/1/19		551,000			565,951
5.80% Sr. Unsec. Nts., 10/15/17		775,000			846,987
MGM Mirage, Inc., 6.75% Sr. Unsec. Nts., 4/1/13		1,135,000			763,288
Mohegan Tribal Gaming Authority, 6.125% Sr. Unsec. Sub. Nts., 2/15/13		2,990,000			2,272,400
Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10		2,650,000			2,438,000
Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12		1,855,000			1,855,000
Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14¹⁴		1,570,000			1,546,450
Premier Cruise Ltd., 11% Sr. Nts., 3/15/08^4,5,6		250,000			—
Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14⁴		11,910,000			297,750
Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16		2,305,000			1,371,475

F13 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Hotels, Restaurants & Leisure Continued
Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/15^4,6	$	2,630,000	$	338,613
Wendy’s/Arby’s Group, Inc., 10% Sr. Unsec. Nts., 7/15/16¹⁴		3,510,000		3,373,988
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14		3,075,000		2,721,375

				30,254,812

Household Durables—0.2%
Jarden Corp., 7.50% Sr. Unsec. Sub. Nts., 5/1/17		2,520,000		2,217,600
K. Hovnanian Enterprises, Inc.:
7.75% Sr. Unsec. Sub. Nts., 5/15/13		1,005,000		457,275
8.875% Sr. Sub. Nts., 4/1/12		2,830,000		1,768,750
Lennar Corp., 12.25% Sr. Unsec. Nts., 6/1/17		1,470,000		1,550,850
Toll Brothers Finance Corp., 8.91% Sr. Unsec. Nts., 10/15/17		1,035,000		1,059,954

				7,054,429

Leisure Equipment & Products—0.0%
Remington Arms Co., Inc., 10.50% Sr. Unsec. Nts., 2/1/11		1,470,000		1,488,375

Media—1.2%
Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12		1,305,000		1,014,638
AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14		995,000		853,213
American Media Operations, Inc.:
9% Sr. Unsec. Nts., 5/1/13¹⁴		296		130
14% Sr. Sub. Nts., 11/1/13¹⁴		85,189		30,668
CCH I LLC/CCH I Capital Corp., 11% Sr. Sec. Nts., 10/1/15⁴		3,955,000		494,375
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp., 10.25% Sr. Unsec. Nts., 9/15/10^4,6		1,840,000		1,950,400
Cinemark USA, Inc., 8.625% Sr. Nts., 6/15/19¹⁴		2,150,000		2,133,875
Comcast Corp., 5.70% Unsec. Unsub. Nts., 5/15/18		3,093,000		3,114,552
EchoStar DBS Corp., 6.375% Sr. Unsec. Nts., 10/1/11		4,165,000		4,050,463
Fisher Communications, Inc., 8.625% Sr. Unsec. Nts., 9/15/14		670,000		591,275
Lamar Media Corp., 7.25% Sr. Unsec. Sub. Nts., 1/1/13		3,735,000		3,571,594
Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13		4,910,000		3,559,750
Mediacom LLC/Mediacom Capital Corp., 9.50% Sr. Unsec. Nts., 1/15/13		3,320,000		3,178,900
MediaNews Group, Inc.:
6.375% Sr. Sub. Nts., 4/1/14⁵		1,330,000		6,783
6.875% Sr. Unsec. Sub. Nts., 10/1/13^4,5		2,870,000		14,637
News America, Inc., 6.15% Sr. Unsec. Unsub. Nts., 3/1/37		1,489,000		1,265,154
NTL Cable plc, 9.125% Sr. Nts., 8/15/16		2,505,000		2,423,588
Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11		1,070,000		446,725
Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12¹⁴		2,020,000		2,045,250
Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12		6,665,000		4,482,213
Time Warner Cable, Inc.:
6.20% Sr. Unsec. Nts., 7/1/13		2,473,000		2,608,691
8.75% Sr. Unsub. Nts., 2/14/19		993,000		1,158,575
Time Warner, Inc., 6.50% Sr. Unsec. Debs., 11/15/36		1,374,000		1,205,626
Virgin Media Finance plc, 8.75% Sr. Unsec. Nts., 4/15/14		1,015,000		994,700
Walt Disney Co. (The), 4.50% Sr. Unsec. Unsub. Nts., Series D, 12/15/13		1,205,000		1,257,931
Warner Music Group Corp., 7.375% Sr. Sub. Bonds, 4/15/14		3,775,000		3,213,469
WMG Acquisition Corp., 9.50% Sr. Sec. Nts., 6/15/16¹⁴		1,155,000		1,155,000

				46,822,175

Multiline Retail—0.1%
Target Corp., 6% Sr. Unsec. Nts., 1/15/18		2,750,000		2,920,495

Specialty Retail—0.2%
Claire’s Stores, Inc., 10.50% Sr. Unsec. Sub. Nts., 6/1/17		5,425,000		1,925,875
GameStop Corp., 8% Sr. Unsec. Nts., 10/1/12		1,940,000		1,964,250
Home Depot, Inc. (The), 5.875% Sr. Unsec. Unsub. Nts., 12/16/36		2,664,000		2,354,827
Leslie’s Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13⁵		2,210,000		2,116,075

				8,361,027

F14 | OPPENHEIMER STRATEGIC BOND FUND/VA


	Principal
	Amount			Value

Textiles, Apparel & Luxury Goods—0.1%
Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15	$	3,635,000		$	3,589,563

Consumer Staples—1.4%
Beverages—0.1%
AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/17^1,14		4,470,000	BRR		2,098,699
Diageo Capital plc, 7.375% Sr. Unsec. Unsub. Nts., 1/15/14		1,362,000			1,543,142
PepsiCo, Inc., 7.90% Sr. Unsec. Nts., 11/1/18		1,342,000			1,635,487

					5,277,328

Food & Staples Retailing—0.4%
Albertson’s, Inc., 8% Sr. Unsec. Debs., 5/1/31		3,570,000			3,079,125
CVS Caremark Corp., 6.60% Nts., 3/15/19		1,339,000			1,433,304
Delhaize America, Inc., 9% Unsub. Debs., 4/15/31		3,390,000			4,121,772
Kroger Co. (The), 7.50% Sr. Unsec., Nts., 1/15/14		1,378,000			1,544,031
Real Time Data Co., 11% Nts., 5/31/09^4,5,6,15		142,981			—
Wal-Mart Stores, Inc.:
5.80% Sr. Unsec. Unsub. Nts., 2/15/18		2,477,000			2,702,915
6.20% Sr. Unsec. Nts., 4/15/38		2,143,000			2,307,797

					15,188,944

Food Products—0.7%
Chiquita Brands International, Inc.:
7.50% Sr. Unsec. Nts., 11/1/14		2,445,000			2,066,025
8.875% Sr. Unsec. Unsub. Nts., 12/1/15		1,060,000			919,550
Dean Foods Co., 7% Sr. Unsec. Unsub. Nts., 6/1/16		5,580,000			5,119,650
Dole Food Co., Inc.:
7.25% Sr. Unsec. Nts., 6/15/10		2,170,000			2,148,300
8.875% Sr. Unsec. Nts., 3/15/11		1,861,000			1,823,780
General Mills, Inc., 5.65% Sr. Unsec. Nts., 2/15/19		1,241,000			1,299,455
JBS USA LLC/JBS USA Finance, Inc., 11.625% Sr. Nts., 5/1/14¹⁴		2,730,000			2,593,500
Kraft Foods, Inc., 6.125% Sr. Unsec. Unsub. Nts., 2/1/18		2,754,000			2,852,158
MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/11¹⁴		1,360,000			904,400
Pinnacle Foods Finance LLC/ Pinnacle Foods Finance Corp., 10.625% Sr. Sub. Nts., 4/1/17		4,950,000			4,207,500
Smithfield Foods, Inc., 7% Sr. Nts., 8/1/11		1,305,000			1,246,275

					25,180,593

Household Products—0.0%
Proctor & Gamble Co. (The), 4.70% Sr. Unsec. Unsub. Nts., 2/15/19		1,837,000			1,866,563

Personal Products—0.1%
Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14		2,700,000			2,349,000

Tobacco—0.1%
Altria Group, Inc., 9.70% Sr. Unsec. Nts., 11/10/18		2,248,000			2,581,295
Philip Morris International, Inc., 5.65% Sr. Unsec. Unsub. Nts., 5/16/18		1,649,000			1,731,485

					4,312,780

Energy—3.3%

Energy Equipment & Services—0.2%
Helix Energy Solutions Group, Inc., 9.50% Sr. Unsec. Nts., 1/15/16¹⁴		3,535,000			3,243,363
Key Energy Services, Inc., 8.375% Sr. Unsec. Nts., 12/1/14		3,005,000			2,666,938
Pride International, Inc., 7.375% Sr. Unsec. Nts., 7/15/14		2,205,000			2,199,488

					8,109,789

Oil, Gas & Consumable Fuels—3.1%
Anadarko Petroleum Corp., 7.625% Sr. Unsec. Nts., 3/15/14		1,722,000			1,869,426
Atlas Energy Resources LLC, 10.75% Sr. Nts., 2/1/18¹⁴		4,110,000			3,894,225
Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15		2,285,000			1,645,200
Berry Petroleum Co.:
8.25% Sr. Sub. Nts., 11/1/16		1,940,000			1,673,250
10.25% Sr. Unsec. Nts., 6/1/14		1,655,000			1,679,825
Bill Barrett Corp., 9.875% Sr. Nts., 7/15/16¹⁰		325,000			320,125
Chesapeake Energy Corp., 6.875% Sr. Unsec. Nts., 1/15/16		5,010,000			4,446,375
Cimarex Energy Co., 7.125% Sr. Nts., 5/1/17		875,000			774,375
ConocoPhillips, 6.50% Sr. Unsec. Nts., 2/1/39		4,375,000			4,666,362
Denbury Resources, Inc., 7.50% Sr. Sub. Nts., 12/15/15		3,690,000			3,523,950
Devon Energy Corp., 6.30% Sr. Nts., 1/15/19		2,021,000			2,163,567

F15 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Oil, Gas & Consumable Fuels Continued
El Paso Corp.:
7% Sr. Unsec. Sub. Nts., 6/15/17	$	535,000	$	489,871
7.25% Sr. Unsec. Nts., 6/1/18		620,000		575,537
Empresa Nacional Del Petroleo, 6.25% Sr. Unsec. Nts., 7/8/19^10,14		1,500,000		1,489,200
Enterprise Products Operating LLP:
6.50% Sr. Unsec. Unsub. Nts., 1/31/19		1,334,000		1,358,148
8.375% Jr. Sub. Nts., 8/1/66¹		4,820,000		3,884,910
Forest Oil Corp.:
7.25% Sr. Unsec. Nts., 6/15/19¹⁴		1,035,000		931,500
8.50% Sr. Nts., 2/15/14¹⁴		3,520,000		3,476,000
Gaz Capital SA, 8.146% Sr. Sec. Nts., 4/11/18¹⁴		3,220,000		2,934,225
Kazmunaigaz Finance Sub BV, 9.125% Nts., 7/2/18¹⁴		6,490,000		5,824,775
Kinder Morgan Energy Partners LP, 6% Sr. Unsec. Nts., 2/1/17		1,615,000		1,604,591
Kinder Morgan Finance Co. ULC, 5.70% Sr. Unsec. Unsub. Nts., 1/5/16		1,935,000		1,668,938
Marathon Oil Corp., 5.90% Unsec. Unsub. Nts., 3/15/18		1,983,000		1,991,567
Mariner Energy, Inc., 11.75% Sr. Unsec. Nts., 6/30/16		1,510,000		1,510,000
Massey Energy Co., 6.875% Sr. Unsec. Nts., 12/15/13		3,830,000		3,523,600
Newfield Exploration Co., 6.625% Sr. Unsec. Unsub. Nts., 4/15/16		2,425,000		2,200,688
Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13		1,780,000		1,771,100
Pemex Project Funding Master Trust, 6.625% Sr. Unsec. Unsub. Nts., 6/15/38¹⁴		6,680,000		5,811,600
Petrobras International Finance Co.:
5.785% Sr. Unsec. Nts., 3/1/18		5,770,000		5,699,496
7.875% Sr. Unsec. Nts., 3/15/19		5,215,000		5,710,425
Petrohawk Energy Corp., 10.50% Sr. Nts., 8/1/14¹⁴		1,625,000		1,669,688
Petroleos Mexicanos, 8% Nts., 5/3/19		3,430,000		3,738,700
Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11¹⁴		2,093,558		2,017,830
Pioneer Natural Resources Co.:
5.875% Sr. Unsec. Nts., 7/15/16		465,000		403,219
6.65% Sr. Unsec. Nts., 3/15/17		290,000		255,273
6.875% Sr. Unsec. Unsub. Nts., 5/1/18		465,000		407,375
Plains Exploration & Production, 10% Sr. Unsec. Nts., 3/1/16		4,285,000		4,424,263
Quicksilver Resources, Inc.:
7.125% Sr. Sub. Nts., 4/1/16		2,005,000		1,573,925
8.25% Sr. Unsec. Nts., 8/1/15		755,000		675,725
11.75% Sr. Nts., 1/1/16		2,260,000		2,350,400
SandRidge Energy, Inc.:
8.625% Sr. Unsec. Unsub. Nts., 4/1/15¹⁵		1,235,000		1,114,588
9.875% Sr. Unsec. Nts., 5/15/16¹⁴		2,315,000		2,245,550
Shell International Finance, 6.375% Sr. Nts., 12/15/38		2,441,000		2,665,064
Southwestern Energy Co., 7.50% Sr. Nts., 2/1/18¹⁴		1,550,000		1,495,750
Tengizchevroil LLP, 6.124% Nts., 11/15/14¹⁴		1,668,485		1,509,979
TGI International Ltd., 9.50% Nts., 10/3/17¹⁴		2,692,000		2,718,920
TransCanada PipeLines Ltd., 7.625% Sr. Unsec. Nts., 1/15/39		1,647,000		1,926,417
Williams Cos., Inc. (The), 8.75% Unsec. Nts., 3/15/32		1,996,000		2,010,918
XTO Energy, Inc.:
5.50% Sr. Unsec. Nts., 6/15/18		1,498,000		1,503,715
6.50% Sr. Unsec. Unsub. Nts., 12/15/18		1,954,000		2,100,054

				115,920,204

Financials—5.4%
Capital Markets—0.9%
Credit Suisse New York, 5% Sr. Unsec. Nts., 5/15/13		4,910,000		5,025,734
Deutsche Bank AG London, 4.875% Sr. Unsec. Nts., 5/20/13		1,440,000		1,479,937
Goldman Sachs Group, Inc. (The):
6% Sr. Nts., 5/1/14		1,478,000		1,544,782
6.15% Sr. Unsec. Nts., 4/1/18		6,836,000		6,666,440
7.50% Sr. Unsec. Nts., 2/15/19		4,648,000		4,985,533
Lehman Brothers Holdings, Inc., 7.50% Sub. Nts., 5/11/38^4,5		3,036,000		304
Morgan Stanley, 6% Sr. Unsec. Unsub. Nts., Series F, 4/28/15		10,970,000		10,959,930
RailAmerica, Inc., 9.25% Sr. Sec. Nts., 7/1/17¹⁴		1,170,000		1,134,900
UBS AG Stamford CT, 5.75% Sr. Unsec. Nts., 4/25/18		1,471,000		1,341,937

				33,139,497

Commercial Banks—1.5%
Banco BMG SA, 9.15% Nts., 1/15/16¹⁴		3,520,000		3,423,200

F16 | OPPENHEIMER STRATEGIC BOND FUND/VA


	Principal
	Amount			Value

Commercial Banks Continued
Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/21^1,14	$	1,345,000		$	1,314,738
Bank of Scotland plc:
4.375% Sr. Sec. Nts., 7/13/16		8,405,000	EUR		11,180,255
4.50% Sr. Sec. Nts., 7/13/21		4,684,000	EUR		5,707,563
Corparacion Adina de Fomento, 8.125% Nts., 6/4/19		2,280,000			2,423,553
Hana Bank, 6.50% Sr. Unsec. Nts., 4/9/12¹⁴		2,610,000			2,701,094
HSBC Finance Corp.:
4.75% Sr. Unsec. Nts., 7/15/13		1,378,000			1,347,264
5.70% Sr. Unsec. Nts., 6/1/11		1,557,000			1,572,218
HSBC Holdings plc, 6.80% Sub. Nts., 6/1/38		2,292,000			2,307,741
HSBK Europe BV:
7.25% Unsec. Unsub. Nts., 5/3/17¹⁴		1,360,000			788,800
9.25% Sr. Nts., 10/16/13¹⁴		15,930,000			12,106,800
ICICI Bank Ltd., 6.375% Bonds, 4/30/22^1,14		6,960,000			5,442,762
Inter-American Development Bank:
6.26% Nts., 12/8/09¹		920,000	BRR		466,690
11.377% Nts., 1/25/12¹		530,142,871	COP		241,844
Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10^4,5,6		90,000			—
Salisbury International Investments Ltd., 5.257% Sec. Nts., Series 2006-003, Tranche E, 7/20/11^1,5		1,100,000			667,480
Wells Fargo & Co., 5.25% Sr. Unsec. Unsub. Nts., 10/23/12		6,942,000			7,193,488

					58,885,490

Consumer Finance—0.3%
American Express Credit Corp.:
5.875% Sr. Unsec. Nts., 5/2/13		2,045,000			2,033,022
7.30% Sr. Unsec. Nts., Series C, 8/20/13		2,196,000			2,286,029
JSC Astana Finance, 9.16% Nts., 3/14/12⁵		7,200,000			938,160
SLM Corp.:
4.50% Nts., Series A, 7/26/10		4,470,000			4,225,446
8.45% Sr. Unsec. Nts., Series A, 6/15/18		1,468,000			1,257,556

					10,740,213

Diversified Financial Services—1.6%
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26¹⁴		4,551,750			2,594,498
BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17		1,450,000	EUR		1,785,166
Banco Invex SA, 27.399% Mtg.-Backed Certificates, Series 062U, 3/13/34^1,16		4,830,734	MXN		1,149,148
Bank of America Corp.:
4.90% Sr. Unsec. Nts., 5/1/13		2,750,000			2,681,806
5.65% Sr. Unsec. Nts., 5/1/18		7,280,000			6,443,594
Bear Stearns Cos. LLC (The), 7.25% Sr. Unsec. Nts., 2/1/18		3,956,000			4,176,242
BP Capital Markets plc, 3.625% Sr. Unsec. Unsub. Nts., 5/8/14		1,519,000			1,517,274
CIT Group, Inc., 7.625% Sr. Unsec. Nts., Series A, 11/30/12		3,038,000			2,082,218
Citigroup, Inc.:
5.50% Sr. Unsec. Nts., 4/11/13		10,816,000			10,149,021
6.50% Sr. Nts., 8/19/13		2,944,000			2,863,287
Cloverie plc, 4.859% Sec. Nts., Series 2005-93, 12/20/10^1,5		1,100,000			900,790
Countrywide Financial Corp., 5.80% Nts., 6/7/12		1,271,000			1,280,066
GMAC LLC, 8% Sr. Unsec. Unsub. Nts., 11/1/31¹⁴		2,745,000			1,948,950
JPMorgan Chase & Co., 6.40% Sr. Unsec. Nts., 5/15/38		8,180,000			8,216,777
JPMorgan Hipotecaria su Casita:
6.47% Sec. Nts., 8/26/35⁵		5,808,600	MXN		355,529
25.628% Mtg.-Backed Certificates, Series 06U, 9/25/35¹		2,421,523	MXN		470,908
Korea Development Bank, 8% Sr. Nts., 1/23/14		2,770,000			3,007,533
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38		7,515,000			6,992,181
National Rural Utilities Cooperative Finance Corp., 10.375% Sec. Bonds, 11/1/18		835,000			1,048,470
Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97¹⁷		2,695,000			875,878

					60,539,336

Insurance—0.4%
American International Group, Inc., 8.25% Sr. Nts., 8/15/18¹⁴		3,753,000			2,211,568
Berkshire Hathaway Finance Corp., 5% Sr. Unsec. Unsub. Nts., 8/15/13		1,680,000			1,764,748
International Lease Finance Corp.:
6.375% Sr. Unsec. Nts., 3/25/13		1,790,000			1,363,327
6.625% Sr. Unsec. Nts., Series R, 11/15/13		1,372,000			1,057,346
MetLife, Inc., 6.817% Sr. Unsec. Nts., Series A, 8/15/18		1,269,000			1,280,170
MidAmerican Energy Holdings Co., 5.75% Sr. Unsec. Nts., 4/1/18		4,346,000			4,527,832

F17 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Insurance Continued
Multiplan, Inc., 10.375% Sr. Sub. Nts., 4/15/16⁵	$	1,425,000		$	1,378,688

					13,583,679

Real Estate Investment Trusts—0.1%
HCP, Inc.:
6% Sr. Unsec. Nts., 1/30/17		745,000			632,470
6.70% Sr. Unsec. Nts., 1/30/18		1,440,000			1,252,868
Simon Property Group LP, 5.30% Sr. Unsec. Nts., 5/30/13		1,851,000			1,792,027

					3,677,365

Thrifts & Mortgage Finance—0.6%
Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16¹⁴		1,585,000			966,850
WM Covered Bond Program:
3.875% Sec. Nts., Series1, 9/27/11		8,275,000	EUR		11,357,911
4% Sec. Mtg. Nts., Series 2, 9/27/16		10,035,000	EUR		12,151,862

					24,476,623

Health Care—1.8%

Biotechnology—0.1%
Amgen, Inc., 5.70% Sr. Nts., 2/1/19		1,325,000			1,400,473

Health Care Equipment & Supplies—0.3%
Biomet, Inc., 10.375% Sr. Unsec. Nts., 10/15/17¹⁵		3,695,000			3,593,388
Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/15¹		5,400,000			4,131,000
Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/15¹⁵		2,035,000			1,928,163

					9,652,551

Health Care Providers & Services—1.0%
Apria Healthcare Group, Inc., 11.25% Sr. Sec. Nts., 11/1/14¹⁴		3,355,000			3,254,350
Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/15¹⁵		3,285,000			1,728,731
Community Health Systems, Inc., 8.875% Sr. Unsec. Nts., 7/15/15		4,410,000			4,343,850
DaVita, Inc., 6.625% Sr. Unsec. Nts., 3/15/13		1,295,000			1,227,013
Fresenius Medical Care Capital Trust IV, 7.875% Sr. Sub. Nts., 6/15/11		595,000			608,388
HCA, Inc.:
6.375% Nts., 1/15/15		4,750,000			3,883,125
8.50% Sr. Sec. Nts., 4/15/19¹⁴		1,035,000			1,019,475
HEALTHSOUTH Corp., 10.75% Sr. Unsec. Nts., 6/15/16		4,135,000			4,176,350
Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15		5,310,000			4,340,925
Tenet Healthcare Corp., 7.375% Nts., 2/1/13		1,890,000			1,710,450
UnitedHealth Group, Inc., 6.875% Sr. Unsec. Nts., 2/15/38		2,346,000			2,175,329
US Oncology Holdings, Inc., 6.904% Sr. Unsec. Nts., 3/15/12^1,15		1,748,000			1,481,430
US Oncology, Inc.:
9% Sr. Unsec. Nts., 8/15/12		2,615,000			2,686,913
9.125% Sr. Sec. Nts., 8/15/17¹⁴		2,155,000			2,149,613
Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Nts., 10/1/15¹⁷		2,935,000			2,876,300
WellPoint, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/37		1,483,000			1,362,256

					39,024,498

Pharmaceuticals—0.4%
Abbott Laboratories:
5.125% Sr. Unsec. Nts., 4/1/19		572,000			590,075
5.60% Sr. Unsec. Nts., 11/30/17		1,392,000			1,493,528
AstraZeneca plc, 6.45% Sr. Unsec. Unsub. Nts., 9/15/37		1,726,000			1,917,826
DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14		2,480,000			2,182,400
Eli Lilly & Co., 4.20% Sr. Unsec. Nts., 3/6/14		1,236,000			1,274,420
GlaxosmithKline Capital, Inc., 6.375% Sr. Unsec. Nts., 5/15/38		2,179,000			2,374,406
Johnson & Johnson, 5.85% Sr. Unsec. Nts., 7/15/38¹⁰		1,219,000			1,309,236
Pfizer, Inc., 7.20% Sr. Unsec. Nts., 3/15/39		2,575,000			3,063,776
Wyeth, 5.95% Nts., 4/1/37		1,898,000			1,967,588

					16,173,255

Industrials—2.6%
Aerospace & Defense—0.6%
Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16		3,060,000			2,822,850
BE Aerospace, Inc., 8.50% Sr. Unsec. Nts., 7/1/18		3,810,000			3,600,450
Boeing Co. (The), 5% Sr. Unsec. Unsub. Nts., 3/15/14		2,634,000			2,777,195
Bombardier, Inc.:
6.30% Sr. Unsec. Unsub. Nts., 5/1/14¹⁴		2,230,000			1,962,400
8% Sr. Nts., 11/15/14¹⁴		1,235,000			1,168,619
Honeywell International, Inc., 5% Sr. Unsec. Nts., 2/15/19		2,449,000			2,506,123

F18 | OPPENHEIMER STRATEGIC BOND FUND/VA


	Principal
	Amount		Value

Aerospace & Defense Continued
L-3 Communications Corp.:
5.875% Sr. Sub. Nts., 1/15/15	$	3,540,000	$	3,159,450
6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15		1,185,000		1,081,313
United Technologies Corp.:
6.125% Sr. Unsec. Nts., 2/1/19		2,376,000		2,634,559
6.125% Sr. Unsec. Nts., 7/15/38		1,011,000		1,099,687

				22,812,646

Air Freight & Logistics—0.1%
United Parcel Service, Inc.:
5.125% Sr. Unsec. Unsub. Nts., 4/1/19		661,000		696,158
5.50% Sr. Unsec. Nts., 1/15/18		1,183,000		1,262,097

				1,958,255

Airlines—0.1%
American Airlines Pass Through Trust 2009-1A, 10.375% Pass-Through Certificates, Series 2009-1A, 7/2/19¹⁰		830,000		834,150
American Airlines Pass Through Trust 2001-2, 7.858% Pass-Through Certificates, Series 2001-2, Cl. A-2, 10/1/11⁵		2,905,000		2,723,438

				3,557,588

Building Products—0.0%
Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14		1,115,000		323,350

Commercial Services & Supplies—0.4%
Allied Waste North America, Inc., 7.375% Sr. Sec. Nts., Series B, 4/15/14		3,050,000		3,114,102
Aramark Services, Inc., 8.50% Sr. Unsec. Nts., 2/1/15		1,120,000		1,092,000
Corrections Corp. of America, 7.75% Sr. Nts., 6/1/17		1,975,000		1,955,250
Iron Mountain, Inc.:
7.75% Sr. Sub. Nts., 1/15/15		1,040,000		1,003,600
8.625% Sr. Unsec. Sub. Nts., 4/1/13		2,530,000		2,536,325
West Corp., 9.50% Sr. Unsec. Nts., 10/15/14		4,770,000		4,197,600

				13,898,877

Construction & Engineering—0.3%
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24¹⁴		8,343,361		7,801,042
Odebrecht Finance Ltd., 9.625% Sr. Unsec. Nts., 4/9/14¹⁴		2,900,000		3,172,020

				10,973,062

Electrical Equipment—0.0%
Baldor Electric Co., 8.625% Sr. Nts., 2/15/17		410,000		381,300

Industrial Conglomerates—0.5%
General Electric Capital Corp.:
4.80% Sr. Unsec. Nts., 5/1/13		2,518,000		2,523,791
5.40% Sr. Unsec. Nts., Series A, 9/20/13		3,392,000		3,367,974
6.875% Sr. Unsec. Nts., 1/10/39		4,119,000		3,714,123
General Electric Co., 5.25% Sr. Unsec. Nts., 12/6/17		8,095,000		7,963,003
Tyco International Finance SA, 8.50% Sr. Unsec. Unsub. Nts., 1/15/19		1,298,000		1,441,397

				19,010,288

Machinery—0.1%
Caterpillar Financial Services Corp., 7.15% Sr. Unsec. Nts., 2/15/19		2,229,000		2,390,052
Manitowoc Co., Inc. (The), 7.125% Sr. Nts., 11/1/13		1,955,000		1,454,031
Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17		3,130,000		2,421,838

				6,265,921

Professional Services—0.1%
US Investigations Services, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15¹⁴		2,680,000		2,197,600

Road & Rail—0.3%
Avis Budget Car Rental LLC, 7.625% Sr. Unsec. Unsub. Nts., 5/15/14		3,905,000		2,792,075
CSX Corp., 6.25% Sr. Unsec. Unsub. Nts., 4/1/15		1,376,000		1,424,964
Hertz Corp., 10.50% Sr. Unsec. Sub. Nts., 1/1/16		2,755,000		2,465,725
Norfolk Southern Corp., 5.75% Sr. Unsec. Nts., 1/15/16¹⁴		2,122,000		2,201,412
Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/26¹⁴		3,599,030		2,537,316

				11,421,492

Trading Companies & Distributors—0.1%
RSC Equipment Rental, Inc., 10% Sr. Sec. Nts., 7/15/17^5,10		655,000		624,346
United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14		5,085,000		4,182,413

				4,806,759

F19 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Information Technology—0.8%
Communications Equipment—0.0%
Cisco Systems, Inc., 4.95% Sr. Unsec. Nts., 2/15/19	$	1,830,000		$	1,833,378
Orion Network Systems, Inc., 12.50% Sr. Unsub. Nts., 1/15/07^4,5,6		675,000			7

					1,833,385

Computers & Peripherals—0.2%
Hewlett-Packard Co., 6.125% Sr. Unsec. Nts., 3/1/14		1,007,000			1,111,575
International Business Machines Corp., 8% Sr. Unsec. Unsub. Nts., 10/15/38		2,311,000			2,997,055
Seagate Technology International, 10% Sr. Sec. Nts., 5/1/14¹⁴		4,345,000			4,502,506

					8,611,136

Electronic Equipment & Instruments—0.1%
Celestica, Inc., 7.625% Sr. Unsec. Sub. Nts., 7/1/13		1,785,000			1,749,300
Flextronics International Ltd., 6.50% Sr. Unsec. Sub. Nts., 5/15/13		2,340,000			2,263,950
RBS Global & Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16		1,560,000			1,158,300

					5,171,550

Internet Software & Services—0.0%
Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09^4,5,6		337,947	EUR		—
NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10^4,5,6		200,173			—

					—

IT Services—0.3%
Affiliated Computer Services, Inc., 5.20% Sr. Unsec. Nts., 6/1/15		1,900,000			1,624,500
First Data Corp., 9.875% Sr. Unsec. Nts., 9/24/15		4,385,000			3,135,275
Sabre Holdings Corp., 7.35% Sr. Unsec. Unsub. Nts., 8/1/11		560,000			478,800
SunGard Data Systems, Inc., 9.125% Sr. Unsec. Nts., 8/15/13		4,460,000			4,237,000

					9,475,575

Office Electronics—0.1%
Xerox Corp., 5.65% Sr. Unsec. Nts., 5/15/13		1,868,000			1,847,196

Semiconductors & Semiconductor Equipment—0.1%
Amkor Technology, Inc.:
7.75% Sr. Nts., 5/15/13		1,635,000			1,506,244
9.25% Sr. Unsec. Nts., 6/1/16		740,000			689,125

					2,195,369

Software—0.0%
Oracle Corp., 5.75% Sr. Unsec. Unsub. Nts., 4/15/18		1,697,000			1,793,159

Materials—2.0%

Chemicals—0.4%
Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/18¹⁴		4,185,000			3,912,975
E.I. du Pont de Nemours & Co.:
5.75% Sr. Nts., 3/15/19		1,430,000			1,511,978
6% Sr. Unsec. Unsub. Nts., 7/15/18		1,315,000			1,419,966
Huntsman International LLC, 7.875% Sr. Unsec. Sub. Nts., 11/15/14		590,000			470,525
Huntsman LLC:
11.50% Sr. Unsec. Nts., 7/15/12		675,000			686,813
11.625% Sr. Unsec. Nts., 10/15/10		1,400,000			1,438,500
Momentive Performance Materials, Inc., 11.50% Sr. Unsec. Sub. Nts., 12/1/16		10,910,000			3,109,350
Nalco Co., 8.875% Unsec. Sub. Nts., 11/15/13		2,135,000			2,188,375

					14,738,482

Construction Materials—0.1%
C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs.^14,18		2,750,000			1,409,777
NTK Holdings, Inc., 0%/10.75% Sr. Unsec. Nts., 3/1/14¹⁷		2,095,000			178,075

					1,587,852

Containers & Packaging—0.4%
Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14		4,395,000			3,724,763
Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15		3,000,000			2,947,500
Graham Packaging Co., Inc.:
8.50% Sr. Unsec. Nts., 10/15/12		1,310,000			1,270,700
9.875% Sr. Unsec. Sub. Nts., 10/15/14		3,770,000			3,524,950
Graphic Packaging International, Inc.:
8.50% Sr. Nts., 8/15/11		1,564,000			1,556,180
9.50% Sr. Unsec. Nts., 6/15/17¹⁴		1,940,000			1,920,600

					14,944,693

F20 | OPPENHEIMER STRATEGIC BOND FUND/VA


	Principal
	Amount			Value

Metals & Mining—1.0%
Alcoa, Inc., 6.75% Sr. Unsec. Unsub. Nts., 7/15/18	$	961,000		$	853,962
Alrosa Finance SA, 8.875% Nts., 11/17/14¹⁴		13,025,000			11,201,500
BHP Billiton Finance (USA) Ltd., 6.50% Sr. Unsec. Unsub. Nts., 4/1/19		2,469,000			2,746,911
Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17		4,995,000			5,039,545
Rio Tinto Finance (USA) Ltd.:
5.875% Sr. Unsec. Unsub. Nts., 7/15/13		2,052,000			2,067,277
9% Sr. Unsec. Nts., 5/1/19		888,000			988,527
Steel Dynamics, Inc., 7.375% Sr. Unsec. Unsub. Nts., 11/1/12		2,250,000			2,143,125
Teck Resourches Ltd., 10.25% Sr. Sec. Nts., 5/15/16¹⁴		3,200,000			3,356,118
Vale Overseas Ltd., 6.875% Bonds, 11/21/36		604,000			575,975
Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/18¹⁴		11,010,000			9,193,350

					38,166,290

Paper & Forest Products—0.1%
Georgia-Pacific LLC, 8.25% Sr. Unsec. Nts., 5/1/16¹⁴		3,520,000			3,432,000
NewPage Corp., 10% Sr. Sec. Nts., 5/1/12		3,550,000			1,721,750

					5,153,750

Telecommunication Services—1.7%
Diversified Telecommunication Services—1.1%
AT&T Wireless Services, Inc., 8.125% Sr. Unsec. Nts., 5/1/12		1,747,000			1,957,555
AT&T, Inc., 6.70% Sr. Unsec. Unsub. Nts., 11/15/13		3,693,000			4,060,826
BellSouth Corp., 5.20% Sr. Unsec. Nts., 12/15/16		1,054,000			1,054,093
British Telecom plc, 5.15% Sr. Unsec. Unsub. Nts., 1/15/13		1,372,000			1,368,704
Citizens Communications Co., 6.25% Sr. Nts., 1/15/13		5,595,000			5,175,375
Deutsche Telekom International Finance BV, 6.75% Sr. Unsec. Nts., 8/20/18		1,955,000			2,078,132
France Telecom SA, 7.75% Sr. Unsec. Nts., 3/1/11¹		1,097,000			1,187,055
Intelsat Subsidiary Holdings Co. Ltd., 8.50% Sr. Unsec. Nts., 1/15/13¹⁴		2,135,000			2,060,275
Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12		5,015,000			5,077,688
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		2,028,000			2,069,296
Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16⁵		3,290,100	PEN		1,108,927
Telefonica Emisiones SAU, 5.855% Sr. Unsec. Unsub. Nts., 2/4/13		1,695,000			1,788,666
Telmar Norte Leste SA, 9.50% Sr. Unsec. Nts., 4/23/19¹⁴		2,495,000			2,728,906
Verizon Communications, Inc.:
6.90% Sr. Unsec. Unsub. Bonds, 4/15/38		1,377,000			1,439,608
8.95% Sr. Unsec. Unsub. Nts., 3/1/39		3,572,000			4,520,062
Windstream Corp.:
8.125% Sr. Unsec. Unsub. Nts., 8/1/13		2,410,000			2,343,725
8.625% Sr. Unsec. Unsub. Nts., 8/1/16		1,535,000			1,477,438
Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10^4,5,6		250,000			—

					41,496,331

Wireless Telecommunication Services—0.6%
America Movil SAB de CV, 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36		52,700,000	MXN		2,865,468
American Tower Corp., 7.25% Sr. Unsec. Nts., 5/15/19¹⁴		2,410,000			2,343,725
Cricket Communications, Inc., 7.75% Sr. Sec. Nts., 5/15/16¹⁴		2,585,000			2,500,988
Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15		5,825,000			4,674,563
Sprint Capital Corp., 8.75% Nts., 3/15/32		11,080,000			8,974,800
Teligent, Inc., 11.50% Sr. Nts., 12/1/08^4,5,6		500,000			—
Vodafone Group plc, 5.625% Sr. Unsec. Unsub. Nts., 2/27/17		1,991,000			2,025,076

					23,384,620

Utilities—1.7%
Electric Utilities—0.9%
Duke Energy Carolinas LLC, 7% Sec. Bonds, Series C, 11/15/18		1,725,000			2,014,224
Duke Energy Corp., 6.30% Sr. Unsec. Unsub. Nts., 2/1/14		2,665,000			2,881,020
Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17		4,405,000			3,402,863

F21 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Electric Utilities Continued
Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10⁵		1,115,000	BRR	$	606,009
Energy Future Holdings Corp., 10.875% Sr. Unsec. Nts., 11/1/17		4,520,000			3,322,200
FPL Group Capital, Inc., 6% Sr. Unsec. Nts., 3/1/19		1,158,000			1,245,910
Georgia Power Co., 5.95% Sr. Unsec. Bonds, 2/1/39		835,000			877,451
ISA Capital do Brasil SA, 8.80% Sr. Nts., 1/30/17¹⁴		1,110,000			1,143,300
Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19¹⁴		8,015,000			7,929,296
Majapahit Holding BV:
7.25% Nts., 10/17/11¹⁴		1,990,000			1,960,150
7.75% Nts., 10/17/16¹⁴		4,230,000			3,743,550
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16		109,600,000	PHP		2,043,969
Texas Competitive Electric Holdings Co. LLC, 10.25% Sr. Unsec. Nts., Series A, 11/1/15		1,795,000			1,126,363

					32,296,305

Energy Traders—0.5%
AES Corp. (The), 8.75% Sr. Sec. Nts., 5/15/13¹⁴		1,010,000			1,030,200
AES Panama SA, 6.35% Sr. Nts., 12/21/16¹⁴		615,000			585,136
Dynegy Holdings, Inc., 8.375% Sr. Unsec. Nts., 5/1/16		4,110,000			3,503,775
Electric Power Development Co. Ltd., 1.80% Gtd. Unsec., 6/28/10		233,000,000	JPY		2,438,742
Mirant North America LLC, 7.375% Sr. Unsec. Nts., 12/31/13		4,490,000			4,332,850
NRG Energy, Inc.:
7.375% Sr. Nts., 1/15/17		1,735,000			1,639,575
7.375% Sr. Nts., 2/1/16		2,820,000			2,675,475
Reliant Energy, Inc., 7.625% Sr. Unsec. Unsub. Nts., 6/15/14		3,540,000			3,256,800

					19,462,553

Multi-Utilities—0.3%
Consolidated Edison Co. of New York, Inc., 7.125% Sr. Unsec. Nts., 12/1/18		3,024,000			3,440,822
Dominion Resources, Inc., 6.40% Sr. Unsec. Nts., 6/15/18		1,263,000			1,335,263
Pacific Gas & Electric Co.:
6.25% Sr. Unsec. Nts., 12/1/13		2,595,000			2,853,171
8.25% Sr. Unsec. Nts., 10/15/18		1,354,000			1,654,897
Sempra Energy, 9.80% Sr. Unsec. Nts., 2/15/19		2,056,000			2,494,140

					11,778,293

Total Corporate Bonds and Notes (Cost $929,010,289)					906,281,559


	Shares

Preferred Stocks—0.0%
AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg.^5,6,15		4,253	—
Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg.^5,6		5,000	—
ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg.^5,6,15		151	—

Total Preferred Stocks (Cost $537,064)			—

Common Stocks—0.1%
American Media, Inc.^5,6		1,562	16
Arco Capital Corp. Ltd.^5,6		690,638	345,319
Charter Communications, Inc.⁶		89,923	1,773,816
Global Aero Logistics, Inc.^5,6		2,168	2,168
MHP SA, GDR^6,14		56,610	481,185
Premier Holdings Ltd.^5,6		18,514	—

Total Common Stocks (Cost $12,106,979)			2,602,504


	Units

Rights, Warrants and Certificates—0.0%
Global Aero Logistics, Inc. Wts., Strike Price $10, Exp. 2/28/11^5,⁶ (Cost $2,025)		266	3


	Principal
	Amount

Structured Securities—3.6%
Citibank NA, New York, Dominican Republic Credit Linked Nts., 12%, 2/22/11⁵		22,200,000	DOP	566,773
Citigroup Global Markets Holdings, Inc.:
Brazil (Federal Republic of) Credit Linked Nts., 9.762%, 1/3/17⁵		8,850,000	BRR	3,945,570
Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18		3,255,000,000	COP	1,729,166
Colombia (Republic of) Credit Linked Nts., 12.975%, 2/26/15^5,16		2,199,000,000	COP	2,045,666
Colombia (Republic of) Credit Linked Nts., Series 01, 12.975%, 2/26/15^5,16		811,000,000	COP	754,450

F22 | OPPENHEIMER STRATEGIC BOND FUND/VA


	Principal
	Amount			Value

Structured Securities Continued
Citigroup Global Markets Holdings, Inc.: Continued Colombia (Republic of) Credit Linked Nts., Series 02, 12.975% 12/26/15^5,16		1,345,000,000	COP	$	1,251,215
Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12		552,359,546	COP		305,564
Colombia (Republic of) Total Return Linked Nts., 11%, 5/19/11		6,880,000,000	COP		3,473,211
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12⁵		1,200,000,000	COP		663,837
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12		1,034,000,000	COP		572,006
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12		927,000,000	COP		512,814
Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12		49,300,000	DOP		1,266,891
Ghana (Republic of) Credit Linked Nts., 13.50%, 4/2/10		2,990,000	GHS		1,723,424
Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/2/10		880,000	UAH		108,764
Coriolanus Ltd., Peru (Republic of) Credit Linked Bonds, 3.346%, 4/30/25^5,12		2,135,063			1,165,833
Credit Suisse First Boston International:
Boryspil Airport Total Return Linked Nts., 10%, 4/19/10¹		4,840,000	UAH		236,721
Indonesia (Republic of) Total Return Linked Nts., 12%, 9/16/11		14,800,000,000	IDR		1,549,613
Moitk Total Return Linked Nts., 21%, 3/26/11^1,5		53,910,000	RUR		691,841
Oreniz Total Return Linked Nts., 9.24%, 2/21/12^1,5		116,835,000	RUR		1,874,218
Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09		2,195,000	UAH		220,888
Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/17⁵		14,609,000,000	VND		486,967
Credit Suisse First Boston, Inc. (Nassau Branch):
Russian Specialized Construction and Installation Administration Credit Linked Nts., 5/20/10^4,5,6		97,250,000	RUR		312,009
Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09⁵		5,650,000	UAH		568,572
Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09		661,000	UAH		66,518
Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09⁵		4,170,000	UAH		419,636
Credit Suisse Group AG, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/24/12⁵		106,500,000	RUR		1,879,271
Deutsche Bank AF:
Coriolanus Ltd. Sec. Credit Linked Nts., 10.62%, 9/10/10⁵		3,300,000			671,550
Coriolanus Ltd. Sec. Credit Linked Nts., 9.177%, 12/31/17^5,16		20,560,000	BRR		4,663,316
Coriolanus Ltd. Sec. Credit Linked Nts., Series 112, 8.33%, 12/7/09^1,14		650,000			616,701
Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, 9%, 4/26/11^1,5		655,000			623,495
Deutsche Bank AG:
Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11		7,118,596	MXN		505,990
Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11		4,724,887	MXN		335,845
European Investment Bank, Russian Federation Credit Linked Nts., 5.502%, 1/19/10^5,12		705,000			664,054
Grupo TMM SA Credit Linked Nts., 6%, 9/7/12		1,951,020			761,678
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15		820,000			711,874
Indonesia (Republic of) Credit Linked Nts., Series 02, 12.80%, 6/22/21		29,700,000,000	IDR		3,138,540
Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/22/13		873,600			922,343
Opic Reforma I Credit Linked Nts., Cl. 1A, 7.204%, 9/24/14^1,5		14,850,000	MXN		1,127,712
Opic Reforma I Credit Linked Nts., Cl. 1B, 7.204%, 9/24/14^1,5		2,970,000	MXN		225,543
Opic Reforma I Credit Linked Nts., Cl. 1C, 7.204%, 9/24/14^1,5		4,950,000	MXN		375,904
Opic Reforma I Credit Linked Nts., Cl. 2A, 8.704%, 5/22/15^1,5		1,417,014	MXN		107,608
Opic Reforma I Credit Linked Nts., Cl. 2B, 8.704%, 5/22/15^1,5		2,479,100	MXN		188,263
Opic Reforma I Credit Linked Nts., Cl. 2C, 8.704%, 5/22/15^1,5		37,378,810	MXN		2,838,556
Opic Reforma I Credit Linked Nts., Cl. 2D, 8.704%, 5/22/15^1,5		2,724,116	MXN		206,870
Opic Reforma I Credit Linked Nts., Cl. 2E, 8.704%, 5/22/15^1,5		1,979,122	MXN		150,295
Opic Reforma I Credit Linked Nts., Cl. 2F, 8.704%, 5/22/15^1,5		1,263,966	MXN		95,986
Opic Reforma I Credit Linked Nts., Cl. 2G, 8.704%, 5/22/15^1,5		232,771	MXN		17,677
Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/27/10		885,000			493,326
Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 3/1/11		885,000			423,924

F23 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Structured Securities Continued
Deutsche Bank AG: Continued Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/29/11	$	885,000		$	377,833
Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/29/12		885,000			370,019
Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/30/12		885,000			366,302
United Mexican States Credit Linked Nts., 9.52%, 1/5/11		4,715,044	MXN		335,146
Deutsche Bank AG, Singapore, Vietnam Shipping Industry Group Total Return Linked Nts., 9%, 4/20/17		36,800,000,000	VND		1,223,248
Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/12/11^1,14		34,190,000	RUR		938,058
Eirles Two Ltd. Sec. Nts.:
Series 324, 4.841%, 4/30/12^1,5		4,100,000			1,946,270
Series 335, 3.291%, 4/30/12^1,5		6,300,000			3,994,830
Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17^12,14		21,980,000	TRY		4,412,805
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37^5,12		63,720,800,000	COP		704,376
Hallertau SPC Credit Linked Nts., Series 2008-2A, 7.083%, 9/17/13^1,5		19,430,000			19,616,528
Hallertau SPC Philippines (Republic of) Credit Linked Nts., Series 2007-01, 3.211%, 12/20/17^1,5		14,290,000			10,831,820
Hallertau SPC Segregated Portfolio, Brazil (Federal Republic of) Credit Linked Nts., Series 2008-01, 9.888%, 8/2/104,^5,12		14,337,604	BRR		731,697
ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09⁵		4,689,000	UAH		561,174
JPMorgan Chase Bank NA:
Brazil (Federal Republic of) Credit Linked Nts., 10.703%, 5/16/45⁵		1,445,000	BRR		1,271,907
Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16^5,12		9,020,000,000	COP		2,212,088
Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16^5,12		12,177,000,000	COP		2,729,034
Colombia (Republic of) Credit Linked Bonds, Series A, 10.218%, 10/31/16^5,12		12,125,000,000	COP		2,717,380
Peru (Republic of) Credit Linked Nts., 8.115%, 9/2/15^12,14		3,470,000	PEN		744,258
Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10⁵		1,120,000			1,163,568
JPMorgan Chase Bank NA London Branch, Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/17/21¹⁴		25,490,000,000	IDR		2,693,649
Lehman Brothers Treasury Co. BV, Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/12⁵		6,875,641			6,698,937
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16⁵		1,784,000,000	COP		595,360
Morgan Stanley:
Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17¹⁴		4,885,000	PEN		1,065,817
Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34		89,030,318	RUR		1,357,958
Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc Total Return Linked Nts., Series A, 8.375%, 7/9/12		17,279,895	RUR		491,069
Morgan Stanley Capital Services, Inc.:
Brazil (Federal Republic of) Credit Linked Nts., 12.551%, 1/5/22^12,14		28,914,000	BRR		898,481
Ukraine (Republic of) Credit Linked Nts., 3.476%, 10/15/17^1,5		8,300,000			3,320,000
Ukraine (Republic of) Credit Linked Nts., Series 2, 4.346%, 10/15/17^1,5		6,800,000			2,720,000
United Mexican States Credit Linked Nts., 5.64%, 11/20/15⁵		2,000,000			1,424,600
WTI Trading Ltd. Total Return Linked Nts., Series A, 15%, 3/8/12		4,777,231			3,663,658
WTI Trading Ltd. Total Return Linked Nts., Series C, 15%, 3/8/12		6,391,949			4,915,378
UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11⁵		1,222,052	GHS		522,978

Total Structured Securities (Cost $197,386,559)					135,874,714

Event-Linked Bonds—0.9%
Akibare Ltd. Catastrophe Linked Nts., Cl. A, 3.666%, 5/22/12^1,14		1,888,000			1,801,624
Atlas V Capital Ltd. Catastrophe Linked Nts., Series 2, 12.708%, 2/24/12^1,14		820,000			809,996
Cascadia Ltd. Catastrophe Linked Nts., 4.668%, 8/31/09^1,14		1,130,000			1,129,040
East Lane Re III Ltd. Catastrophe Linked Nts., 11.806%, 3/16/12^1,14		3,373,000			3,378,650
Fhu-Jin Ltd. Catastrophe Linked Nts., Cl. B, 4.916%, 8/10/11^1,14		2,880,000			2,755,872

F24 | OPPENHEIMER STRATEGIC BOND FUND/VA


	Principal
	Amount		Value

Event-Linked Bonds Continued
Lakeside Re Ltd. Catastrophe Linked Nts., 7.098%, 12/31/09^1,14	$	4,100,000	$	4,097,130
Medquake Ltd. Catastrophe Linked Nts., 5.983%, 5/31/10^1,14		1,500,000		1,465,725
Midori Ltd. Catastrophe Linked Nts., 3.881%, 10/24/12^1,14		1,850,000		1,780,440
Muteki Ltd. Catastrophe Linked Nts., 5.21%, 5/24/11^1,14		2,100,000		1,999,935
Nelson Re Ltd. Catastrophe Linked Nts., Series 2007-I, Cl. A, 12.783%, 6/21/10^1,14		3,340,000		3,146,614
Osiris Capital plc Catastrophe Linked Combined Mortality Index Nts., Series D, 6.131%, 1/15/10^1,14		890,000		878,341
Residential Reinsurance 2007 Ltd. Catastrophe Linked Nts.:
Series CL2, 12.168%, 6/6/11^1,14		2,590,000		2,381,440
Series CL3, 12.918%, 6/7/10^1,14		1,000,000		948,200
Vega Capital Ltd. Catastrophe Linked Nts., Series D, 0%, 6/24/11^5,12		4,205,000		5,067,025
Willow Re Ltd. Catastrophe Linked Nts., 6/16/10^4,14		2,480,000		1,302,000

Total Event-Linked Bonds (Cost $34,146,207)				32,942,032

Expiration

Strike

Date

Price

Contracts

Options Purchased—0.0%

Hungarian Forint Put⁶ (Cost $372,532)

8/18/09

270

EUR

15,550,000

189,499


	Shares			Value

Investment Companies—18.5%
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%^19,22		3,536,645		$	3,536,645
Oppenheimer Institutional Money Market Fund, Cl. E, 0.48%^19,20		450,768,943			450,768,943
Oppenheimer Master Event-Linked Bond Fund, LLC²⁰		1,404,749			14,017,706
Oppenheimer Master Loan Fund, LLC²⁰		25,324,221			232,703,875

Total Investment Companies (Cost $714,601,116)					701,027,169
Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $4,093,999,664)					3,845,513,917
Investments Purchased with Cash Collateral from Securities Loaned—2.0%²¹
OFI Liquid Assets Fund, LLC, 1.02%^19,20 (Cost $74,026,020)		74,026,020			74,026,020
Total Investments, at Value (Cost $4,168,025,684)		103.7	%		3,919,539,937
Liabilities in Excess of Other Assets		(3.7	)		(138,641,278	)

Net Assets		100.0	%	$	3,780,898,659

Footnotes to Statement of Investments

Principal amount and strike price are reported in U.S. Dollars, except for those denoted in the following currencies:


AUD		Australian Dollar
BRR		Brazilian Real
CAD		Canadian Dollar
COP		Colombian Peso
DKK		Danish Krone
DOP		Dominican Republic Peso
EGP		Egyptian Pounds
EUR		Euro
GBP		British Pound Sterling
GHS		Ghana Cedi
HUF		Hungarian Forint
IDR		Indonesia Rupiah
ILS		Israeli Shekel
JPY		Japanese Yen
MXN		Mexican Nuevo Peso
NOK		Norwegian Krone
PEN		Peruvian New Sol
PHP		Philippines Peso
PLZ		Polish Zloty
RUR		Russian Ruble
SEK		Swedish Krona
TRY		New Turkish Lira
UAH		Ukraine Hryvnia
UYU		Uruguay Peso
VND		Vietnam Dong


1.		Represents the current interest rate for a variable or increasing rate security.

2.		A sufficient amount of liquid assets has been designated to cover outstanding written put options. See Note 5 of accompanying Notes.

3.		A sufficient amount of liquid assets has been designated to cover outstanding written call options. See Note 5 of accompanying Notes.

4.		Issue is in default. See Note 1 of accompanying Notes.

F25 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued


5.		Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of June 30, 2009 was $132,175,758, which represents 3.50% of the Fund’s net assets, of which $5,334,414 is considered restricted. See Note 6 of accompanying Notes. Information concerning restricted securities is as follows:


	Acquisition						Unrealized
Security	Date		Cost		Value		Depreciation

Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1A, 7.204%, 9/24/14		12/27/07	$	1,364,764	$	1,127,712	$	237,052
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1B, 7.204%, 9/24/14		6/12/08		286,334		225,543		60,791
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1C, 7.204%, 9/24/14		8/12/08		487,085		375,904		111,181
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 8.704%, 5/22/15		5/21/08		136,622		107,608		29,014
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 8.704%, 5/22/15		6/12/08		239,007		188,263		50,744
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 8.704%, 5/22/15		6/18/08		3,626,317		2,838,556		787,761
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 8.704%, 5/22/15		7/8/08		264,086		206,870		57,216
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 8.704%, 5/22/15		7/15/08		192,185		150,295		41,890
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 8.704%, 5/22/15		8/8/08		124,426		95,986		28,440
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 8.704%, 5/22/15		8/22/08		22,959		17,677		5,282

			$	6,743,785	$	5,334,414	$	1,409,371


6.		Non-income producing security.

7.		A sufficient amount of securities has been designated to cover outstanding foreign currency exchange contracts. See Note 5 of accompanying Notes.

8.		Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $17,400,869 or 0.46% of the Fund’s net assets as of June 30, 2009.

9.		Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $4,650,855 or 0.12% of the Fund’s net assets as of June 30, 2009.

10.		When-issued security or delayed delivery to be delivered and settled after June 30, 2009. See Note 1 of accompanying Notes.

11.		Partial or fully-loaned security. See Note 7 of accompanying Notes.

12.		Zero coupon bond reflects effective yield on the date of purchase.

13.		All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $25,618,608. See Note 5 of accompanying Notes.

14.		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 $322,766,868 or 8.54% of the Fund’s net assets as of June 30, 2009.

15.		Interest or dividend is paid-in-kind, when applicable.

16.		Denotes an inflation-indexed security: coupon and principal are indexed to a consumer price index.

17.		Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

18.		This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security.

19.		Rate shown is the 7-day yield as of June 30, 2009.

20.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2009, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser.Transactions during the period in which the issuer was an affiliate are as follows:


	Shares		Gross		Gross		Shares
	December 31, 2008		Additions		Reductions		June 30, 2009

OFI Liquid Assets Fund, LLC		325,265,870		115,905,820		367,145,670		74,026,020
Oppenheimer Institutional Money Market Fund, Cl. E		314,416,821		2,276,579,177		2,140,227,055		450,768,943
Oppenheimer Master Event-Linked Bond Fund, LLC		1,404,749		—		—		1,404,749
Oppenheimer Master Loan Fund, LLC		14,194,313		11,129,908		—		25,324,221


						Realized
	Value		Income			Loss

OFI Liquid Assets Fund, LLC	$	74,026,020	$	450,546	^a	$	—
Oppenheimer Institutional Money Market Fund, Cl. E		450,768,943		2,295,917			—
Oppenheimer Master Event-Linked Bond Fund, LLC		14,017,706		626,451	^b		91,029	^b
Oppenheimer Master Loan Fund, LLC		232,703,875		6,305,685	^c		5,754,170	^c

	$	771,516,544	$	9,678,599		$	5,845,199


a.		Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties.

b.		Represents the amount allocated to the Fund from Oppenheimer Master Event-Linked Bond Fund, LLC.

c.		Represents the amount allocated to the Fund from Oppenheimer Master Loan Fund, LLC.

21.		The security/securities have been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 7 of accompanying Notes.

22.		Interest rate less than 0.0005%.

F26 | OPPENHEIMER STRATEGIC BOND FUND/ VA

Valuation Inputs

	1)		Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

	3)		Level 3—unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2009 based on valuation input level:


							Level 3—
	Level 1—			Level 2—			Significant
	Unadjusted			Other Significant			Unobservable
	Quoted Prices			Observable Inputs			Inputs		Value

Assets Table
Investments, at Value:
Asset-Backed Securities	$	—		$	21,560,344		$	—	$	21,560,344
Mortgage-Backed Obligations		—			620,240,389			—		620,240,389
U.S. Government Obligations		—			459,158,257			—		459,158,257
Foreign Government Obligations		—			900,595,644			—		900,595,644
Loan Participations		—			65,041,803			—		65,041,803
Corporate Bonds and Notes		—			905,814,862			466,697		906,281,559
Preferred Stocks		—			—			—		—
Common Stocks		481,185			2,119,151			2,168		2,602,504
Rights, Warrants and Certificates		—			—			3		3
Structured Securities		—			135,874,714			—		135,874,714
Event-Linked Bonds		—			32,942,032			—		32,942,032
Options Purchased		—			189,499			—		189,499
Investment Companies		701,027,169			—			—		701,027,169
Investments Purchased with Cash Collateral from Securities Loaned		74,026,020			—			—		74,026,020

Total Investments, at Value		775,534,374			3,143,536,695			468,868		3,919,539,937
Other Financial Instruments:
Swaps		—			23,757,483			—		23,757,483
Foreign currency exchange contracts		—			13,203,275			—		13,203,275
Futures		1,534,891			—			—		1,534,891

Total Assets	$	777,069,265		$	3,180,497,453		$	468,868	$	3,958,035,586


Liabilities Table
Other Financial Instruments:
Swaps	$	—		$	(22,115,585	)	$	—	$	(22,115,585	)
Options written		—			(271,014	)		—		(271,014	)
Foreign currency exchange contracts		—			(5,100,488	)		—		(5,100,488	)
Futures		(1,833,379	)		—			—		(1,833,379	)
Unfunded loan commitments		—			(846,883	)		—		(846,883	)

Total Liabilities	$	(1,833,379	)	$	(28,333,970	)	$	—	$	(30,167,349	)

Currency contracts, forwards and unfunded loan commitments, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

F27 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Foreign Currency Exchange Contracts as of June 30, 2009 are as follows:


		Contract
Counterparty/		Amount			Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)			Dates		Value		Appreciation		Depreciation

Banc of America:
Hungarian Forint (HUF)	Buy		1,561,000	HUF		7/6/09	$	8,036,543	$	129,945	$	—
Indonesia Rupiah (IDR)	Buy		221,316,000	IDR		8/19/09-8/26/09		21,425,506		127,839		—
Japanese Yen (JPY)	Buy		1,047,000	JPY		11/12/09		10,888,167		258,725		—
New Zealand Dollar (NZD)	Buy		18,540	NZD		8/10/09		11,932,329		158,510		48,984
New Taiwan Dollar (TWD)	Sell		226,000	TWD		7/6/09		6,898,082		137,813		—
Philippines Peso (PHP)	Sell		92,900	PHP		7/17/09		1,926,866		—		2,276
Polish Zloty (PLZ)	Buy		15,190	PLZ		8/10/09		4,772,069		100,052		—

										912,884		51,260
Bank Paribas Asia—FGN:
Euro (EUR)	Sell		30,095	EUR		8/3/09-11/12/09		42,215,526		148,466		829,155
Hungarian Forint (HUF)	Buy		3,299,000	HUF		8/3/09		16,867,441		498,531		—
Japanese Yen (JPY)	Sell		286,770	JPY		8/10/09		2,978,236		—		64,558
Polish Zloty (PLZ)	Buy		66,780	PLZ		8/3/09		20,989,273		93,097		—
Polish Zloty (PLZ)	Sell		7,970	PLZ		11/12/09		2,489,529		—		75,109
Swedish Krona (SEK)	Sell		18,570	SEK		8/10/09		2,406,852		—		84,964
Swiss Franc (CHF)	Buy		732	CHF		8/10/09		674,041		2,580		—

										424,751		1,053,786
Barclay’s Capital:
Euro (EUR)	Buy		17,340	EUR		9/24/09		24,320,958		322,398		—
Euro (EUR)	Sell		13,232	EUR		8/10/09		18,562,579		11,120		147,718
Israeli Shekel (ILS)	Sell		29,100	ILS		7/6/09		7,404,787		91,233		—
Polish Zloty (PLZ)	Sell		15,950	PLZ		11/12/09		4,982,182		—		70,711

										424,751		218,429
Chase Manhattan Bank
Japanese Yen (JPY)	Buy		378	JPY		7/7/09		3,920		—		4
Citigroup:
British Pound Sterling (GBP)	Buy		1,110	GBP		8/10/09		1,826,105		54,559		—
Chilean Peso (CLP)	Sell		4,137,000	CLP		8/3/09		7,772,447		27,327		—
Chinese Renminbi (Yuan) (CNY)	Buy		87,300	CNY		9/2/09		12,789,773		—		328,184
Peruvian New Sol (PEN)	Buy		44,060	PEN		7/13/09		14,644,160		—		241,809
Peruvian New Sol (PEN)	Sell		10,880	PEN		10/26/09		3,598,497		—		122,459
Singapore Dollar (SGD)	Buy		2,100	SGD		8/11/09		1,449,315		6,016		—

										87,902		692,452
Credit Suisse:
Japanese Yen (JPY)	Buy		2,429,000	JPY		11/12/09		25,260,130		600,795		—
Japanese Yen (JPY)	Sell		91,000	JPY		8/10/09		945,076		—		18,245
Mexican Nuevo Peso (MXN)	Sell		214,060	MXN		8/10/09		16,154,971		—		286,920
New Turkish Lira (TRY)	Buy		32,474	TRY		7/2/09-7/29/09		21,023,351		—		32,562
New Turkish Lira (TRY)	Sell		21,231	TRY		8/10/09		13,637,575		11,413		—
Russian Ruble (RUR)	Sell		3,050	RUR		11/16/09		93,976		—		2,467
South African Rand (ZAR)	Buy		166,885	ZAR		7/15/09-8/17/09		21,463,756		962,666		—

										1,574,874		340,194
Deutsche Bank Capital Corp.:
Australian Dollar (AUD)	Buy		1,199	AUD		7/20/09		964,613		24,010		—
British Pound Sterling (GBP)	Buy		2,325	GBP		7/20/09		3,825,041		39,127		—
Canadian Dollar (CAD)	Buy		4,130	CAD		7/20/09		3,551,049		—		59,059
Euro (EUR)	Buy		15,030	EUR		7/20/09		21,085,366		279,787		—
Euro (EUR)	Sell		9,830	EUR		11/12/09		13,786,816		—		476,996
Japanese Yen (JPY)	Buy		489,000	JPY		7/21/09		5,077,311		—		28,885
Japanese Yen (JPY)	Sell		1,728,000	JPY		7/22/09		17,942,125		62,752		—
Russian Ruble (RUR)	Sell		107,800	RUR		9/18/09		3,385,192		634,946		—

F28 | OPPENHEIMER STRATEGIC BOND FUND/VA

Foreign Currency Exchange Contracts: Continued


		Contract
Counterparty/		Amount			Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)			Dates		Value		Appreciation		Depreciation

Deutsche Bank Capital Corp. Continued
Swiss Franc (CHF)	Buy		952	CHF		7/20/09		876,394	$	274	$	—

										1,040,896		564,940
Goldman, Sachs & Co.:
Brazilian Real (BRR)	Buy		195,022	BRR		7/2/09-1/5/10	$	98,440,343		4,767,726		543,536
Brazilian Real (BRR)	Sell		8,680	BRR		8/4/09		4,399,119		52,620		—
Mexican Nuevo Peso (MXN)	Buy		326,650	MXN		8/10/09		24,652,066		335,628		—
South African Rand (ZAR)	Buy		31,210	ZAR		7/15/09		4,034,089		172,182		—
South Korean Won (KRW)	Buy		12,420,000	KRW		8/24/09		9,777,223		—		281,337

										5,328,156		824,872
Hong Kong & Shanghai Bank Corp.:
Hungarian Forint (HUF)	Buy		2,447,000	HUF		7/20/09		12,553,524		527,181		—
Israeli Shekel (ILS)	Sell		51,660	ILS		7/31/09		13,146,978		—		94,437
Russian Ruble (RUR)	Buy		45,980	RUR		9/18/09		1,443,888		46,320		—

										573,501		94,437
JP Morgan Chase:
Argentine Peso (ARP)	Buy		26,150	ARP		7/28/09		6,782,045		33,658		—
Australian Dollar (AUD)	Buy		13,600	AUD		8/10/09		10,924,002		39,418		—
Chinese Renminbi (Yuan) (CNY)	Buy		80,050	CNY		12/17/09		11,764,245		265,440		41,782
Hong Kong Dollar (HKD)	Sell		58,500	HKD		8/3/09		7,550,595		—		455
Indonesia Rupiah (IDR)	Buy		24,670,000	IDR		8/18/09		2,389,882		4,002		—
Malaysian Ringgit (MYR)	Buy		6,340	MYR		7/8/09		1,803,152		—		8,639
Mexican Nuevo Peso (MXN)	Buy		129,125	MXN		8/10/09		9,744,981		197,069		—
Russian Ruble (RUR)	Buy		64,870	RUR		9/18/09-11/16/09		2,035,280		24,742		—
South Korean Won (KRW)	Sell		9,260,000	KRW		8/3/09		7,283,601		—		49,226

										564,329		100,102
Morgan Stanley & Co., Inc.
South African Rand (ZAR)	Buy		31,780	ZAR		7/15/09		4,107,765		242,526		—
RBS Greenwich Capital:
Norwegian Krone (NOK)	Buy		77,130	NOK		8/10/09		11,981,872		43,300		11,382
Polish Zloty (PLZ)	Buy		24,420	PLZ		8/3/09		7,675,323		176,935		—
Swiss Franc (CHF)	Sell		13,687	CHF		8/10/09		12,603,282		719		—

										220,954		11,382
Santander Investments:
Brazilian Real (BRR)	Buy		63,000	BRR		8/4/09		31,929,089		—		243,314
Colombian Peso (COP)	Buy		23,860,000	COP		8/5/09		11,060,876		776,393		—
Colombian Peso (COP)	Sell		15,056,000	COP		7/17/09-7/31/09		6,994,332		—		374,568
Mexican Nuevo Peso (MXN)	Sell		382,330	MXN		7/20/09-8/31/09		28,785,723		—		166,419
Peruvian New Sol (PEN)	Sell		11,779	PEN		9/4/09		3,903,693		—		364,330

										776,393		1,148,631
Standard New York Securities, Inc.
South African Rand (ZAR)	Buy		181,660	ZAR		8/3/09-8/17/09		23,342,583		660,619		—
State Street
Canadian Dollar (CAD)	Sell		7,500	CAD		8/10/09		6,449,499		52,816		—

Total unrealized appreciation and depreciation									$	13,203,275	$	5,100,488

F29 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Futures Contracts as of June 30, 2009 are as follows:


								Unrealized
		Number of		Expiration				Appreciation
Contract Description	Buy/Sell	Contracts		Date		Value		(Depreciation)

CAC40 10 Euro Index	Sell		141		7/17/09	$	6,203,106	$	232,763
DAX Index	Sell		76		9/18/09		12,846,050		44,802
Euro-Bundesobligation, 5 yr.	Buy		131		9/8/09		21,216,770		209,518
Euro-Bundesobligation, 10 yr.	Buy		51		9/8/09		8,662,767		179,921
Euro-Bundesobligation, 10 yr.	Sell		99		9/8/09		16,815,959		(199,394	)
FTSE 100 Index	Buy		51		9/18/09		3,539,115		(117,559	)
FTSE 100 Index	Sell		148		9/18/09		10,270,372		234,608
IBEX 35 Index	Buy		30		7/17/09		4,089,474		108,650
Japan (Government of) Bonds, 10 yr.	Buy		40		9/9/09		5,738,309		58,690
Mexican Bolsa Index	Sell		197		9/18/09		3,676,625		98,170
MSCI Taiwan Index	Buy		151		7/30/09		3,479,040		(6,351	)
NASDAQ 100 E-Mini Index	Buy		456		9/18/09		13,463,400		(83,174	)
NIKKEI 225 Index	Buy		21		9/10/09		1,083,952		14,634
NIKKEI 225 Index	Sell		96		9/10/09		9,895,469		(89,928	)
SGX CNX Nifty Index	Sell		407		7/30/09		3,502,235		(50,568	)
SPI 200 Index	Buy		54		9/17/09		4,243,634		(66,302	)
Standard & Poor’s 500 E-Mini Index	Sell		1,206		9/18/09		55,204,650		1,273,657
Standard & Poor’s/MIB Index, 10 yr.	Buy		28		9/18/09		3,748,888		(124,399	)
U.S. Treasury Long Bonds	Buy		2,006		9/21/09		237,428,906		4,090,442
U.S. Treasury Long Bonds	Sell		186		9/21/09		22,014,844		(544,189	)
U.S. Treasury Nts., 2 yr.	Buy		660		9/30/09		142,704,375		(12,869	)
U.S. Treasury Nts., 2 yr.	Sell		165		9/30/09		35,676,094		(2,186	)
U.S. Treasury Nts., 5 yr.	Buy		1,850		9/30/09		212,229,688		(654,557	)
U.S. Treasury Nts., 5 yr.	Sell		896		9/30/09		102,788,000		1,185,917
U.S. Treasury Nts., 10 yr.	Buy		3,975		9/21/09		462,155,859		3,175,973
U.S. Treasury Nts., 10 yr.	Sell		2,278		9/21/09		264,853,094		(471,133	)
United Kingdom Long Gilt	Buy		140		9/28/09		27,197,078		218,398

								$	8,703,534

Written Options as of June 30, 2009 are as follows:


		Number of		Exercise		Expiration		Premiums
Description	Type	Contracts		Price		Date		Received		Value

Hungarian Forint (HUF)	Put		15,550,000	255.000	EUR		8/18/09	$	100,626	$	(22,824	)
Polish Zloty (PLN)	Call		7,870,000	4.670	EUR		7/27/09		78,720		(93,402	)
Polish Zloty (PLN)	Call		7,870,000	4.687	EUR		7/27/09		81,472		(30,913	)
Polish Zloty (PLN)	Put		7,870,000	4.379	EUR		7/27/09		79,546		(68,341	)
Polish Zloty (PLN)	Put		7,870,000	4.381	EUR		7/27/09		76,518		(55,534	)

								$	416,882	$	(271,014	)

Exercise price is reported in U.S. Dollars (USD), except for those denoted in the following currency: EUR Euro

F30 | OPPENHEIMER STRATEGIC BOND FUND/VA

Credit Default Swap Contracts as of June 30, 2009 are as follows:


		Buy/Sell	Notional							Payment
	Swap	Credit	Amount		Receive			Termination		Received/
Reference Entity	Counterparty	Protection	(000’s)		Fixed Rate			Date		(Paid)			Value

American International Group, Inc.:
	Deutsche Bank AG	Sell	$	3,035		5.00	%		6/20/14	$	711,539		$	(832,317	)
	Morgan Stanley Capital Services, Inc.	Sell		3,035		5.00			6/20/14		696,785			(832,317	)

		Total		6,070							1,408,324			(1,664,634	)
Bolivarian Republic of Venezuela:
	Barclays Bank plc	Sell		1,360		30.50			1/20/10		—			328,036
	Morgan Stanley Capital Services, Inc.	Sell		1,360		30.00			1/20/10		—			321,348

		Total		2,720							—			649,384
CDX Emerging Market Index, Series 11:
	Barclays Bank plc	Buy		7,650		5.00			6/20/14		490,662			(351,224	)
	Barclays Bank plc	Buy		12,500		5.00			6/20/14		778,472			(573,895	)
	Deutsche Bank AG	Buy		4,600		5.00			6/20/14		295,039			(211,193	)
	Goldman Sachs International	Buy		12,250		5.00			6/20/14		762,903			(562,417	)

		Total		37,000							2,327,076			(1,698,729	)
Cemex SAB de CV:
	UBS AG	Buy		1,535		5.30			10/20/13		—			149,220
	UBS AG	Buy		1,535		5.30			10/20/13		—			149,220

		Total		3,070							—			298,440
CIT Group, Inc.	Deutsche Bank AG	Sell		6,070		5.00			6/20/14		696,364			(1,875,504	)

		Total		6,070							696,364			(1,875,504	)
ConocoPhillips	Deutsche Bank AG	Buy		6,070		1.00			6/20/14		150,637			(135,453	)

		Total		6,070							150,637			(135,453	)
Darden Restaurants, Inc.	Deutsche Bank AG	Sell		6,070		1.00			6/20/14		9,733			(67,363	)

		Total		6,070							9,733			(67,363	)
Development Bank of Kazakhstan JSC	Credit Suisse International	Sell		8,170		3.75			2/20/13		—			(1,416,980	)

		Total		8,170							—			(1,416,980	)
Devon Energy	Credit Suisse International	Buy		6,070		1.00			6/20/14		150,026			(143,109	)

		Total		6,070							150,026			(143,109	)
FirstEnergy Corp.	Morgan Stanley Capital Services, Inc.	Buy		6,070		1.00			6/20/14		(130,657	)		316,283

		Total		6,070							(130,657	)		316,283
HSBK Europe BV:
	Credit Suisse International	Sell		1,600		4.95			3/20/13		—			(577,391	)
	Morgan Stanley Capital Services, Inc.	Sell		3,200		4.88			3/20/13		—			(1,159,108	)
	Morgan Stanley Capital Services, Inc.	Sell		3,200		4.78			3/20/13		—			(1,165,289	)

		Total		8,000							—			(2,901,788	)
Islamic Republic of Pakistan	Citibank NA, New York	Sell		1,570		5.10			3/20/13		—			(553,030	)

		Total		1,570							—			(553,030	)

F31 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Credit Default Swap Contracts: Continued


		Buy/Sell	Notional							Payment
	Swap	Credit	Amount		Receive			Termination		Received/
Reference Entity	Counterparty	Protection	(000’s)		Fixed Rate			Date		(Paid)			Value

Istanbul Bond Co. SA	Morgan Stanley Capital Services, Inc.	Sell	$	5,180		1.30	%		3/24/13	$	—		$	(851,888	)

		Total		5,180							—			(851,888	)
Marsh & Mclennan Cos., Inc.	Deutsche Bank AG	Buy		6,070		1.00			6/20/14		161,719			(143,109	)

		Total		6,070							161,719			(143,109	)
McDonald’s Corp.	Morgan Stanley Capital Services, Inc.	Sell		6,070		1.00			6/20/14		(206,842	)		177,985

		Total		6,070							(206,842	)		177,985
Norfolk Southern	Barclays Bank plc	Buy		6,070		1.00			6/20/14		197,027			(160,505	)

		Total		6,070							197,027			(160,505	)
PEMEX Project Funding Master	Goldman Sachs International	Buy		1,005		3.45			11/20/13		—			(45,080	)

		Total		1,005							—			(45,080	)
Republic of Peru	Deutsche Bank AG	Buy		1,900		1.71			12/20/16		—			43,282

		Total		1,900							—			43,282
Republic of Turkey:
	Citibank NA, New York	Buy		3,250		5.25			12/20/13		—			(339,227	)
	Goldman Sachs International	Buy		6,500		5.29			12/20/13		—			(688,705	)

		Total		9,750							—			(1,027,932	)
Russian Federation	Citibank NA, New York	Sell		10,000		0.36			1/20/11		—			(439,554	)

		Total		10,000							—			(439,554	)
Standard Bank London Holdings plc for NAK Naftogaz Ukrainy	Credit Suisse International	Sell		2,570		3.25			4/20/11		—			(1,035,978	)

		Total		2,570							—			(1,035,978	)
Troy Capital SA for Yasar Holdings SA:
	Morgan Stanley Capital Services, Inc.	Sell		1,340		8.75			6/20/10		—			(200,329	)
	Morgan Stanley Capital Services, Inc.	Sell		1,340		8.50			10/20/09		—			(48,686	)

		Total		2,680							—			(249,015	)
Ukraine:
	Citibank NA, New York	Buy		1,660		4.18			8/20/13		—			607,656
	Citibank NA, New York	Buy		2,340		6.65			10/20/13		—			753,358
	Goldman Sachs International	Buy		4,600		4.22			8/20/13		—			1,679,455
	Merrill Lynch International	Buy		7,580		4.30			8/20/13		—			2,752,897

		Total		16,180							—			5,793,366
United Mexican States	Citibank NA, New York	Sell		2,760		3.75			2/20/14		—			202,460

		Total		2,760							—			202,460
VTB Capital SA	Goldman Sachs International	Buy		3,300		7.40			5/28/13		—			(168,283	)

		Total		3,300							—			(168,283	)
XL Capital Ltd.	Deutsche Bank AG	Sell		6,070		5.00			6/20/14		(614,883	)		128,277

		Total		6,070							(614,883	)		128,277

					Grand Total Buys						2,855,828			2,929,171
					Grand Total Sells						1,292,696			(9,897,628	)

					Total Credit Default Swaps					$	4,148,524		$	(6,968,457	)

F32 | OPPENHEIMER STRATEGIC BOND FUND/VA

The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:

Type of Reference

Total Maximum Potential

Asset on which the

Payments for Selling Credit

Amount

Reference Asset

Fund Sold Protection

Protection (Undiscounted)

Recoverable*

Rating Range**

Investment Grade Single Name Corporate Debt

24,280,000

—

A to BBB

Non-Investment Grade Single Name Corporate Debt

6,070,000

—

Investment Grade Sovereign Debt

26,110,000

—

BBB+ to BBB-

Non-Investment Grade Sovereign Debt

17,540,000

—

BB to CCC+

Total

74,000,000

—


*		The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.

**		The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor’s rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund.

Interest Rate Swap Contracts as of June 30, 2009 are as follows:


	Notional
Interest Rate/Swap	Amount			Paid by	Received by			Termination
Counterparty	(000’s)			the Fund	the Fund			Date		Value

AUD BBR BBSW:
Westpac Banking Corp.		12,305	AUD	Six-Month AUD BBR BBSW		5.580	%		6/23/14	$	85,143
Westpac Banking Corp.		6,185	AUD	Six-Month AUD BBR BBSW		5.368			6/19/14		(1,524	)
Westpac Banking Corp.		13,885	AUD	Six-Month AUD BBR BBSW		5.525			6/25/14		70,063

Total		32,375	AUD								153,682
BZDI:
Banco Santander Central Hispano SA		4,420	BRR	BZDI		14.000			1/3/12		194,780
Banco Santander SA, Inc.		32,480	BRR	BZDI		14.900			1/2/12		1,319,141
Goldman Sachs Group, Inc. (The)		30,100	BRR	BZDI		12.800			1/2/17		316,899
Goldman Sachs International		2,640	BRR	BZDI		14.100			1/2/17		84,919
Goldman Sachs International		17,000	BRR	BZDI		13.900			1/2/17		546,958
J Aron & Co.		43,800	BRR	BZDI		10.670			1/2/12		(410,332	)
J Aron & Co.		8,745	BRR	BZDI		14.160			1/2/17		303,837
J Aron & Co.		8,790	BRR	BZDI		12.920			1/2/14		209,439
J Aron & Co.		4,390	BRR	BZDI		12.870			1/2/14		100,653
J Aron & Co.		19,400	BRR	BZDI		12.390			1/2/12		255,769
J Aron & Co.		6,910	BRR	BZDI		12.260			1/2/15		68,035
J Aron & Co.		3,160	BRR	BZDI		12.290			1/2/15		30,428
J Aron & Co.		4,420	BRR	BZDI		14.050			1/2/12		196,747
J Aron & Co.		7,700	BRR	BZDI		14.300			1/2/17		335,770
J Aron & Co.		8,550	BRR	BZDI		13.670			1/2/17		276,558
J Aron & Co.		10,360	BRR	BZDI		13.100			1/2/17		171,607
JPMorgan Chase Bank NA		19,400	BRR	BZDI		12.380			1/2/12		254,878
JPMorgan Chase Bank NA		17,080	BRR	BZDI		13.900			1/2/17		549,681
JPMorgan Chase Bank NA		8,750	BRR	BZDI		13.910			1/2/12		387,090
JPMorgan Chase Bank NA		15,800	BRR	BZDI		13.900			1/2/17		425,233
Morgan Stanley		12,300	BRR	BZDI		12.810			1/2/17		177,849
Morgan Stanley		12,860	BRR	BZDI		15.000			1/2/17		564,449
Morgan Stanley		8,540	BRR	BZDI		14.880			1/2/17		353,969
Morgan Stanley		32,000	BRR	BZDI		13.900			1/2/17		861,232
Morgan Stanley		8,540	BRR	BZDI		14.860			1/2/17		373,075
Morgan Stanley		17,000	BRR	BZDI		12.050			1/2/12		222,479

Total		365,135	BRR								8,171,143

F33 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Interest Rate Swap Contracts: Continued


	Notional
Interest Rate/	Amount		Paid by			Received by			Termination
Swap Counterparty	(000’s)		the Fund			the Fund			Date		Value

CAD BA CDOR:
JPMorgan Chase Bank NA	11,525	CAD	Six-Month CAD BA CDOR				3.000	%		4/30/19	$	(432,080	)
JPMorgan Chase Bank NA	9,470	CAD	Six-Month CAD BA CDOR				3.010			5/1/19		(348,862	)

Total	20,995	CAD										(780,942	)
CZK PRIBOR PRBO:
Goldman Sachs Group, Inc. (The)	142,000	CZK	Six-Month CZK PRIBOR PRBO				3.760			10/6/18		111,508
Morgan Stanley	140,800	CZK	Six-Month CZK PRIBOR PRBO				3.830			10/3/18		106,624

Total	282,800	CZK										218,132
DKK DKNA13 CIBOR
Barclays Bank plc	92,170	DKK		3.845	%	Six-Month DKK DKNA13 CIBOR				4/3/19		105,723
HUF BUBOR Reuters:
Barclays Bank plc	1,433,000	HUF	Six-Month HUF BUBOR Reuters				7.820			9/19/13		(17,763	)
Barclays Bank plc	866,000	HUF	Six-Month HUF BUBOR Reuters				7.180			10/8/18		(250,170	)
Citibank NA	852,000	HUF	Six-Month HUF BUBOR Reuters				7.200			10/8/18		(236,811	)
Citibank NA	853,000	HUF	Six-Month HUF BUBOR Reuters				7.180			10/3/18		(248,879	)
JPMorgan Chase Bank NA	866,000	HUF	Six-Month HUF BUBOR Reuters				7.200			10/6/18		(240,702	)
JPMorgan Chase Bank NA	666,000	HUF	Six-Month HUF BUBOR Reuters				7.890			9/12/13		6,459
JPMorgan Chase Bank NA	1,142,000	HUF	Six-Month HUF BUBOR Reuters				8.480			6/6/13		(33,873	)
JPMorgan Chase Bank NA	753,000	HUF	Six-Month HUF BUBOR Reuters				7.880			8/12/13		7,470

Total	7,431,000	HUF										(1,014,269	)
ILS TELBOR01 Reuters:
Credit Suisse International	6,220	ILS	Three-Month ILS TELBOR01 Reuters				4.650			12/22/18		(88,553	)
Credit Suisse International	6,640	ILS	Three-Month ILS TELBOR01 Reuters				4.940			12/15/18		(64,883	)
UBS AG	15,300	ILS	Three-Month ILS TELBOR01 Reuters				5.880			8/28/10		280,488
UBS AG	15,550	ILS	Three-Month ILS TELBOR01 Reuters				5.850			9/4/18		272,157
UBS AG	17,164	ILS	Three-Month ILS TELBOR01 Reuters				4.780			1/7/19		(196,426	)
UBS AG	16,930	ILS	Three-Month ILS TELBOR01 Reuters				5.036			12/12/18		(119,946	)

Total	77,804	ILS										82,837

F34 | OPPENHEIMER STRATEGIC BOND FUND/VA

Interest Rate Swap Contracts: Continued


	Notional
Interest Rate/	Amount		Paid by			Received by			Termination
Swap Counterparty	(000’s)		the Fund			the Fund			Date		Value

JPY BBA LIBOR:
JPMorgan Chase Bank NA	536,100	JPY		1.210	%	Six-Month JPY BBA LIBOR				3/5/19	$	63,830
JPMorgan Chase Bank NA	536,100	JPY		1.268		Six-Month JPY BBA LIBOR				3/6/19		33,674
Citibank NA	536,100	JPY		1.236		Six-Month JPY BBA LIBOR				3/10/19		51,353

Total	1,608,300	JPY										148,857
MXN TIIE BANXICO:
Banco Santander SA, Inc.	90,600	MXN	MXN TIIE BANXICO				8.540	%		9/27/13		341,071
Banco Santander SA, Inc.	97,800	MXN	MXN TIIE BANXICO				8.060			2/6/14		296,217
Citibank NA	175,200	MXN	MXN TIIE BANXICO				8.920			11/24/11		686,324
Credit Suisse International	35,800	MXN	MXN TIIE BANXICO				8.560			9/27/13		155,456
Credit Suisse International	22,480	MXN	MXN TIIE BANXICO				8.300			12/17/26		(56,960	)
Goldman Sachs Group, Inc. (The)	54,800	MXN	MXN TIIE BANXICO				8.540			9/27/13		206,299
Goldman Sachs Group, Inc. (The)	227,000	MXN	MXN TIIE BANXICO				6.250			6/7/11		(65,352	)
Goldman Sachs Group, Inc. (The)	280,800	MXN	MXN TIIE BANXICO				6.000			6/6/11		(90,672	)
Goldman Sachs Group, Inc. (The)	44,400	MXN	MXN TIIE BANXICO				8.458			5/18/29		(79,427	)
Goldman Sachs Group, Inc. (The)	32,000	MXN	MXN TIIE BANXICO				8.729			8/27/26		6,384
Goldman Sachs Group, Inc. (The)	174,000	MXN	MXN TIIE BANXICO				9.350			11/18/11		993,147
Goldman Sachs Group, Inc. (The)	563,000	MXN	MXN TIIE BANXICO				10.000			11/11/11		1,105,542
Goldman Sachs Group, Inc. (The)	212,800	MXN	MXN TIIE BANXICO				9.270			11/21/11		947,304
Goldman Sachs Group, Inc. (The)	211,300	MXN	MXN TIIE BANXICO				9.080			11/22/11		869,093
JPMorgan Chase Bank NA	560,000	MXN	MXN TIIE BANXICO				10.000			11/11/11		1,099,651
JPMorgan Chase Bank NA	171,100	MXN	MXN TIIE BANXICO				8.920			11/24/11		670,263

Total	2,953,080	MXN										7,084,340
NZD BBR FRA:
Westpac Banking Corp.	7,775	NZD		5.218		Three-Month NZD BBR FRA				6/19/14		5,488
Westpac Banking Corp.	16,925	NZD		5.345		Three-Month NZD BBR FRA				6/25/14		(43,796	)
Westpac Banking Corp.	15,385	NZD		5.400		Three-Month NZD BBR FRA				6/23/14		(65,277	)

Total	40,085	NZD										(103,585	)

F35 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Interest Rate Swap Contracts: Continued

Interest Rate/

Notional
Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

PLZ WIBOR WIBO:

Goldman Sachs Group, Inc. (The)

21,640

PLZ

Six-Month PLZ
WIBOR WIBO

5.330

10/6/18

17,997

Goldman Sachs Group, Inc. (The)

21,700

PLZ

Six-Month PLZ WIBOR WIBO

5.320

10/3/18

13,280

Total

43,340

PLZ

31,277

USD BBA LIBOR

Goldman Sachs Group, Inc. (The)

18,300

Three-Month
USD BBA LIBOR

3.743

6/2/19

148,478

ZAR JIBAR SAFEX:

Barclays Bank plc

81,375

ZAR

Three-Month
ZAR JIBAR SAFEX

8.100

4/13/14

(217,777

)

JPMorgan Chase Bank NA

83,710

ZAR

Three-Month
ZAR JIBAR SAFEX

8.080

4/2/14

(226,893

)

Total

165,085

ZAR

(444,670

)

Total Interest Rate Swaps

13,801,003

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:


AUD		Australian Dollar
BRR		Brazilian Real
CAD		Canadian Dollar
CZK		Czech Koruna
DKK		Danish Krone
HUF		Hungarian Forint
ILS		Israeli Shekel
JPY		Japanese Yen
MXN		Mexican Nuevo Peso
NZD		New Zealand Dollar
PLZ		Polish Zloty
ZAR		South African Rand

Abbreviations/Definitions are as follows:


BA CDOR		Canada Bankers Acceptances Deposit Offering Rate
BANIXCO		Banco de Mexico
BBA LIBOR		British Bankers’ Association London-Interbank Offered Rate
BBR		Bank Bill Rate
BBR BBSW		Bank Bill Swap Reference Rate (Australian financial market)
BUBOR		Budapest Interbank Offered Rate
BZDI		Brazil Interbank Deposit Rate
CIBOR		Copenhagen Interbank Offered Rate
DKNA13		Reuters 12-Month CIBOR
FRA		Forward Rate Agreement
JIBAR		South Africa Johannesburg Interbank Agreed Rate
PRIBOR PRBO		Prague Interbank Offering Rate
SAFEX		South African Futures Exchange
TIIE		Interbank Equilibrium Interest Rate
TELBOR01		Tel Aviv Interbank Offered Rate 1 Month
WIBOR WIBO		Poland Warsaw Interbank Offer Bid Rate

F36 | OPPENHEIMER STRATEGIC BOND FUND/VA

Total Return Swap Contracts as of June 30, 2009 are as follows:

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

Custom basket of securities:

Citibank NA, New York

945,687

JPY

One-Month JPY BBA LIBOR plus 40 basis points and if negative, the absolute value of the Total Return of a custom basket of securities

If positive, the Total Return of a custom basket of securities

4/14/10

508,328

Citibank NA, New York

6,897

GBP

One-Month GBP BBA LIBOR plus 35 basis points and if negative, the absolute value of the Total Return of a custom basket of securities

If positive, the Total Return of a custom basket of securities

5/7/10

(217,340

)

Deutsche Bank AG

453

One-Month BBA LIBOR plus 21.354 basis points and if negative, the absolute value of the Total Return of a custom equity basket

If positive, the Total Return of a custom equity basket

10/5/09

(541,217

)

Deutsche Bank AG, London

38,333

One-Month BBA LIBOR plus 35 basis points and if negative, the absolute value of the Total Return of a custom equity basket

If positive, the Total Return of a custom equity basket

3/5/10

(2,112,746

)

Morgan Stanley

4,871

EUR

One-Month EUR BBA LIBOR plus 25 basis points and if negative, the absolute value of the Total Return of a custom basket of securities

If positive, the Total Return of a custom basket of securities

3/5/10

(602,689

)

Morgan Stanley International

5,231

EUR

One-Month EUR BBA LIBOR plus 30 basis points and if negative, the absolute value of the Total Return of a custom basket of securities

If positive, the Total Return of a custom basket of securities

10/7/09

(474,727

)

Reference Entity Total

(3,440,391

)

Korea Stock Price Index 200

Citibank NA

4,572,558

KRW

If positive, the Total Return of the KOSPI 200 Index

If negative, the absolute value of the Total Return of the KOSPI 200 Index

9/10/09

13,255

F37 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Total Return Swap Contracts: Continued

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

MSCI Daily TR Gross Belgium
USD Index

Morgan Stanley

3,539

If positive, the Total Return of MSCI Daily Gross Belgium USD Index

One-Month BBA LIBOR minus 95 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross Belgium USD Index

5/10/11

127,857

MSCI Daily TR Net Emerging Markets USD Index

UBS AG

9,025

One-Month BBA LIBOR plus 100 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Net Emerging Markets USD Index

If positive, the Total Return of the MSCI Daily Net Emerging Markets USD Index

5/12/10

(564,948

)

S&P 500 Citigroup Value Index

Citibank NA

9,317

If positive, the Total Return of the S&P 500 Citigroup Value Index

One-Month BBA LIBOR minus 15 basis points and if negative, the absolute value of the Total Return of the S&P 500 Citigroup Value Index

6/2/10

251,919

Total of Total Return Swaps

$(3,612,308

)


Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:
EUR		Euro
GBP		British Pounds Sterling
JPY		Japanese Yen
KRW		South Korean Won

Abbreviations are as follows:

BBA LIBOR		British Bankers’ Association London-Interbank Offered Rate
KOSPI 200		Korean Stock Exchange Capitalization-weighted Index
MSCI		Morgan Stanley Capital International
S&P		Standard & Poor’s
TR		Total Return

F38 | OPPENHEIMER STRATEGIC BOND FUND/VA

Currency Swaps as of June 30, 2009 are as follows:

Reference Entity/

Notional

Paid by

Received by

Termination

Swap Counterparty

Amount (000s)

the Fund

Date

Value

JSC “Rushydro” (Open Joint Stock Company) “Federal Hydrogeneration Company”) and OJSC Saratovskaya HPP and any Successor(s)

Morgan Stanley Capital Services, Inc.

271,430

RUR

Three-Month
USD BBA LIBOR

7.75% from debt obligations of JSC Rushydro and OJSC Saratovskaya HPP

12/26/13

(2,074,193

)

MXN TIIE BANXICO:

Deutsche Bank AG

1,620

Six-Month
USD BBA LIBOR

5.46% times UDI

5/13/15

177,884

Deutsche Bank AG

930

Six-Month
USD BBA LIBOR

5.25% times UDI

6/23/15

72,683

Goldman Sachs Group, Inc. (The)

920

Six-Month
USD BBA LIBOR

5.08% times UDI

1/20/15

124,761

Reference Entity Total

375,328

USD BBA LIBOR

Goldman Sachs Group, Inc. (The)

920

Six-Month
USD BBA LIBOR

5.10% times UDI

1/14/15

120,525

Total Currency Swaps

$(1,578,340

)


Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currency:

RUR		Russian Ruble

Abbreviations/Definitions are as follows:

BANXICO		Banco de Mexico
BBA LIBOR		British Bankers’ Association London-Interbank Offered Rate
MXN-TIIE		Mexican Nuevo Peso-Interbank Equilibrium Interest Rate
UDI		Unidad de Inversion (Unit of Investment)

Swap Summary as of June 30, 2009 is as follows:


	Swap Type from	Notional
Swap Counterparty	Fund Perspective	Amount (000’s)			Value

Banco Santander Central Hispano SA	Interest Rate		4,420	BRR	$	194,780
Banco Santander SA, Inc.:
	Interest Rate		32,480	BRR		1,319,141
	Interest Rate		188,400	MXN		637,288

						1,956,429
Barclays Bank plc:
	Credit Default Buy Protection		26,220			(1,085,624	)
	Credit Default Sell Protection		1,360			328,036
	Interest Rate		92,170	DKK		105,723
	Interest Rate		2,299,000	HUF		(267,933	)
	Interest Rate		81,375	ZAR		(217,777	)

						(1,137,575	)

F39 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Swap Summary: Continued


	Swap Type from	Notional
Swap Counterparty	Fund Perspective	Amount (000’s)			Value

Citibank NA:
	Interest Rate		1,705,000	HUF	$	(485,690	)
	Interest Rate		536,100	JPY		51,353
	Interest Rate		175,200	MXN		686,324
	Total Return		4,572,558	KRW		13,255
	Total Return		9,317			251,919

						517,161
Citibank NA, New York:
	Credit Default Buy Protection		7,250			1,021,787
	Credit Default Sell Protection		14,330			(790,124	)
	Total Return		6,897	GBP		(217,340	)
	Total Return		945,687	JPY		508,328

						522,651
Credit Suisse International:
	Credit Default Buy Protection		6,070			(143,109	)
	Credit Default Sell Protection		12,340			(3,030,349	)
	Interest Rate		12,860	ILS		(153,436	)
	Interest Rate		58,280	MXN		98,496

						(3,228,398	)
Deutsche Bank AG:
	Credit Default Buy Protection		18,640			(446,473	)
	Credit Default Sell Protection		21,245			(2,646,907	)
	Currency		2,550			250,567
	Total Return		453			(541,217	)

						(3,384,030	)
Deutsche Bank AG, London	Total Return		38,333			(2,112,746	)
Goldman Sachs Group, Inc. (The):
	Currency		1,840			245,286
	Interest Rate		30,100	BRR		316,899
	Interest Rate		142,000	CZK		111,508
	Interest Rate		1,800,100	MXN		3,892,318
	Interest Rate		43,340	PLZ		31,277
	Interest Rate		18,300			148,478

						4,745,766
Goldman Sachs International:
	Credit Default Buy Protection		27,655			214,970
	Interest Rate		19,640	BRR		631,877

						846,847
J Aron & Co.	Interest Rate		126,225	BRR		1,538,511
JPMorgan Chase Bank NA:
	Interest Rate		61,030	BRR		1,616,882
	Interest Rate		20,995	CAD		(780,942	)
	Interest Rate		3,427,000	HUF		(260,646	)
	Interest Rate		1,072,200	JPY		97,504
	Interest Rate		731,100	MXN		1,769,914
	Interest Rate		83,710	ZAR		(226,893	)

						2,215,819
Merrill Lynch International	Credit Default Buy Protection		7,580			2,752,897

F40 | OPPENHEIMER STRATEGIC BOND FUND/VA

Swap Summary: Continued


	Swap Type from	Notional
Swap Counterparty	Fund Perspective	Amount (000’s)			Value

Morgan Stanley:
	Interest Rate		91,240	BRR	$	2,553,053
	Interest Rate		140,800	CZK		106,624
	Total Return		4,871	EUR		(602,689	)
	Total Return		3,539			127,857

						2,184,845

Morgan Stanley Capital Services, Inc.:
	Credit Default Buy Protection		6,070			316,283
	Credit Default Sell Protection		24,725			(3,758,284	)
	Currency		271,430	RUR		(2,074,193	)

						(5,516,194	)

Morgan Stanley International	Total Return		5,231	EUR		(474,727	)
UBS AG:
	Credit Default Buy Protection		3,070			298,440
	Interest Rate		64,944	ILS		236,273
	Total Return		9,025			(564,948	)

						(30,235	)

Westpac Banking Corp.:
	Interest Rate		32,375	AUD		153,682
	Interest Rate		40,085	NZD		(103,585	)

						50,097

		Total Swaps			$	1,641,898

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:


AUD		Australian Dollar
BRR		Brazilian Real
CAD		Canadian Dollar
CZK		Czech Koruna
DKK		Danish Krone
EUR		Euro
GBP		British Pounds Sterling
HUF		Hungarian Forint
ILS		Israeli Shekel
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Nuevo Peso
NZD		New Zealand Dollar
PLZ		Polish Zloty
RUR		Russian Ruble
ZAR		South African Rand

See accompanying Notes to Financial Statements.

F41 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2009


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $3,382,935,193)	$	3,148,023,393
Affiliated companies (cost $785,090,491)		771,516,544

		3,919,539,937
Cash—foreign currencies (cost $6,088,172)		6,069,415
Unrealized appreciation on foreign currency exchange contracts		13,203,275
Swaps, at value (net upfront payments received $2,855,828)		23,757,483
Receivables and other assets:
Interest, dividends and principal paydowns		47,269,512
Investments sold (including $2,517,143 sold on a when-issued or delayed delivery basis)		16,047,469
Closed foreign currency contracts		10,905,771
Shares of beneficial interest sold		9,263,338
Futures margins		1,534,891
Other		62,829

Total assets		4,047,653,920

Liabilities
Options written, at value (premiums received $416,882)		271,014
Return of collateral for securities loaned		74,026,020
Unrealized depreciation on foreign currency exchange contracts		5,100,488
Swaps, at value (net upfront payments received $1,292,696)		22,115,585
Unrealized depreciation on unfunded loan commitments		846,883
Payables and other liabilities:
Investments purchased (including $121,982,524 purchased on a when-issued or delayed delivery basis)		151,852,118
Closed foreign currency contracts		6,147,548
Shares of beneficial interest redeemed		2,027,384
Futures margins		1,833,379
Distribution and service plan fees		1,818,877
Transfer and shareholder servicing agent fees		306,435
Shareholder communications		207,640
Trustees’ compensation		16,577
Other		185,313

Total liabilities		266,755,261

Net Assets	$	3,780,898,659


Composition of Net Assets
Par value of shares of beneficial interest	$	788,758
Additional paid-in capital		4,145,678,038
Accumulated net investment income		148,343,683
Accumulated net realized loss on investments and foreign currency transactions		(287,859,864	)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(226,051,956	)

Net Assets	$	3,780,898,659

F42 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2009


Allocation of Income and Expenses from Master Funds¹
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund:
Interest	$	624,895
Dividends		1,556
Expenses²		(37,036	)

Net investment income from Oppenheimer Master Event-Linked Bond Fund, LLC		589,415
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Interest		6,259,361
Dividends		46,324
Expenses³		(232,138	)

Net investment income from Oppenheimer Master Loan Fund, LLC		6,073,547

Investment Income
Interest (net of foreign withholding taxes of $65,691)		107,171,390
Dividends:
Unaffiliated companies		12,648
Affiliated companies		2,295,917
Fee income		1,889,949
Income from investment of securities lending cash collateral, net-affiliated companies		450,546

Total investment income		111,820,450

Expenses
Management fees		9,545,975
Distribution and service plan fees—Service shares		3,533,598
Transfer and shareholder servicing agent fees:
Non-Service shares		114,543
Service shares		505,722
Shareholder communications:
Non-Service shares		30,194
Service shares		132,709
Custodian fees and expenses		123,308
Trustees’ compensation		32,388
Other		90,940

Total expenses		14,109,377
Less waivers and reimbursements of expenses		(516,879	)

Net expenses		13,592,498

Net Investment Income		104,890,914


1.		The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes. See Note 1 of accompanying Notes.

2.		Net of expense waivers and/or reimbursements of $264.

3.		Net of expense waivers and/or reimbursements of $6,526.

F44 | OPPENHEIMER STRATEGIC BOND FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2009			December 31,
	(Unaudited)			2008

Operations
Net investment income	$	104,890,914		$	218,155,192
Net realized loss		(247,551,060	)		(197,517,639	)
Net change in unrealized depreciation		349,305,245			(643,679,330	)

Net increase (decrease) in net assets resulting from operations		206,645,099			(623,041,777	)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(3,468,223	)		(36,989,595	)
Service shares		(7,263,543	)		(140,242,199	)

		(10,731,766	)		(177,231,794	)
Distributions from net realized gain:
Non-Service shares		(522,726	)		(8,547,484	)
Service shares		(2,276,448	)		(33,595,865	)

		(2,799,174	)		(42,143,349	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(639,128	)		73,339,965
Service shares		129,538,887			617,334,287

		128,899,759			690,674,252

Net Assets
Total increase (decrease)		322,013,918			(151,742,668	)
Beginning of period		3,458,884,741			3,610,627,409

End of period (including accumulated net investment income of $148,343,683 and $54,184,535, respectively)	$	3,780,898,659		$	3,458,884,741

See accompanying Notes to Financial Statements.

F46 | OPPENHEIMER STRATEGIC BOND FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Non-Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	4.49		$	5.56		$	5.26		$	5.11		$	5.21		$	5.05

Income (loss) from investment operations:
Net investment income¹		.18			.30			.28			.26			.25			.22
Net realized and unrealized gain (loss)		.08			(1.04	)		.21			.11			(.12	)		.20

Total from investment operations		.26			(.74	)		.49			.37			.13			.42

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.02	)		(.27	)		(.19	)		(.22	)		(.23	)		(.26	)
Distributions from net realized gain		—	²		(.06	)		—			—			—			—

Total dividends and distributions to shareholders		(.02	)		(.33	)		(.19	)		(.22	)		(.23	)		(.26	)

Net asset value, end of period	$	4.73		$	4.49		$	5.56		$	5.26		$	5.11		$	5.21


Total Return, at Net Asset Value³		6.05	%		(14.21	)%		9.69	%		7.49	%		2.67	%		8.67	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	681,809		$	648,570		$	734,611		$	606,632		$	538,141		$	614,915

Average net assets (in thousands)	$	639,445		$	753,062		$	664,668		$	564,248		$	550,201		$	584,878

Ratios to average net assets:^4,5
Net investment income		6.27	%		5.78	%		5.34	%		5.05	%		4.91	%		4.50	%
Total expenses		0.63	%⁶		0.59	%⁶		0.59	%⁶		0.64	%⁶		0.71	%		0.74	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.60	%		0.57	%		0.57	%		0.63	%		0.71	%		0.74	%

Portfolio turnover rate⁷		70	%		86	%		76	%		93	%		98	%		88	%


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 less than one full year.

5.		Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.

6.		Total expenses including indirect expenses from affiliated funds were as follows:


Six Months Ended June 30, 2009	0.63	%
Year Ended December 31, 2008	0.60	%
Year Ended December 31, 2007	0.61	%
Year Ended December 31, 2006	0.64	%

The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2009	$	991,495,048	$	918,349,774
Year Ended December 31, 2008	$	634,319,548	$	594,845,589
Year Ended December 31, 2007	$	1,061,009,472	$	1,120,098,096
Year Ended December 31, 2006	$	742,785,501	$	749,719,239
Year Ended December 31, 2005	$	890,029,144	$	873,786,459
Year Ended December 31, 2004	$	959,649,113	$	973,488,511

See accompanying Notes to Financial Statements.

F47 | OPPENHEIMER STRATEGIC BOND FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	4.56		$	5.65		$	5.34		$	5.19		$	5.29		$	5.13

Income (loss) from investment operations:
Net investment income¹		.13			.29			.28			.25			.21			.19
Net realized and unrealized gain (loss)		.13			(1.06	)		.22			.11			(.08	)		.22

Total from investment operations		.26			(.77	)		.50			.36			.13			.41

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.01	)		(.26	)		(.19	)		(.21	)		(.23	)		(.25	)
Distributions from net realized gain		—	²		(.06	)		—			—			—			—

Total dividends and distributions to shareholders		(.01	)		(.32	)		(.19	)		(.21	)		(.23	)		(.25	)

Net asset value, end of period	$	4.81		$	4.56		$	5.65		$	5.34		$	5.19		$	5.29


Total Return, at Net Asset Value³		5.86	%		(14.49	)%		9.55	%		7.23	%		2.48	%		8.43	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,099,090		$	2,810,315		$	2,876,016		$	1,396,188		$	658,107		$	242,705

Average net assets (in thousands)	$	2,844,242		$	3,152,967		$	2,075,028		$	1,016,582		$	408,515		$	150,040

Ratios to average net assets:^4,5
Net investment income		6.03	%		5.54	%		5.08	%		4.83	%		4.20	%		3.82	%
Total expenses		0.88	%⁶		0.84	%⁶		0.84	%⁶		0.89	%⁶		0.96	%		0.99	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.85	%		0.82	%		0.82	%		0.88	%		0.96	%		0.99	%

Portfolio turnover rate⁷		70	%		86	%		76	%		93	%		98	%		88	%


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 less than one full year.

5.		Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.

6.		Total expenses including indirect expenses from affiliated funds were as follows:


Six Months Ended June 30, 2009	0.88	%
Year Ended December 31, 2008	0.85	%
Year Ended December 31, 2007	0.86	%
Year Ended December 31, 2006	0.89	%

The portfolio turnover rate excludes purchases and sales of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2009	$	991,495,048	$	918,349,774
Year Ended December 31, 2008	$	634,319,548	$	594,845,589
Year Ended December 31, 2007	$	1,061,009,472	$	1,120,098,096
Year Ended December 31, 2006	$	742,785,501	$	749,719,239
Year Ended December 31, 2005	$	890,029,144	$	873,786,459
Year Ended December 31, 2004	$	959,649,113	$	973,488,511

See accompanying Notes to Financial Statements.

F48 | OPPENHEIMER STRATEGIC BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Strategic Bond Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek a high level of current income principally derived from interest on debt securities. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The following is a summary of significant accounting policies consistently followed by the Fund.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

F49 | OPPENHEIMER STRATEGIC BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

There have been no significant changes to the fair valuation methodologies during the period.

Structured Securities. The Fund invests in structured securities whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured securities are often leveraged, increasing the volatility of each note’s market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Statement of Operations. The Fund records a realized gain or loss when a structured security is sold or matures.

Event-Linked Bonds. The Fund may invest in “event-linked” bonds. Event-linked bonds, which are sometimes referred to as “catastrophe” bonds, are fixed income securities for which the return of principal and payment of interest is contingent on the non-occurrence of a specific trigger event, such as a hurricane, earthquake, or other occurrence that leads to physical or economic loss. If the trigger event occurs prior to maturity, the Fund may lose all or a portion of its principal in addition to interest otherwise due from the security. Event-linked bonds may expose the Fund to certain other risks, including issuer default, adverse regulatory or jurisdictional interpretations, liquidity risk and adverse tax consequences. The Fund records the net change in market value of event-linked bonds on the Statement of Operations as a change in unrealized appreciation or depreciation on investments. The Fund records a realized gain or loss on the Statement of Operations upon the sale or maturity of such securities.

F50 | OPPENHEIMER STRATEGIC BOND FUND/VA

As of June 30, 2009, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery
	Basis Transactions

Purchased securities	$	121,982,524
Sold securities		2,517,143

At June 30, 2009, the Fund had no outstanding securities sold short.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of June 30, 2009, securities with an aggregate market value of $5,749,592, representing 0.15% of the Fund’s net assets, were in default.

F51 | OPPENHEIMER STRATEGIC BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Investment in Oppenheimer Master Funds. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the Investment Company Act of 1940 that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Loan Fund, LLC and Oppenheimer Master Event-Linked Bond Fund, LLC (the “master funds”). Each master fund has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one master fund than in another, the Fund will have greater exposure to the risks of that master fund.

The investment objective of Oppenheimer Master Loan Fund, LLC is to seek as high a level of current income and preservation of capital as is consistent with investing primarily in loans and other debt securities. The investment objective of Oppenheimer Master Event-Linked Bond Fund, LLC is to seek a high level of current income principally derived from interest on debt securities. The Fund’s investments in the master funds are included in the Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each master fund according to its allocated pro-rata share, based on its relative proportion of total outstanding master fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the master funds. As a shareholder, the Fund is subject to its proportional share of master funds’s expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the master funds.

F52 | OPPENHEIMER STRATEGIC BOND FUND/VA

During the fiscal year ended December 31, 2008, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2008, the Fund had available for federal income tax purposes post-October losses of $4,149,094, post-October foreign currency losses of $29,563,300, post-October passive foreign investment company losses of $66,312 and straddle losses of $586,197.

As of June 30, 2009, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $281,915,963 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2009, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	4,194,117,784
Federal tax cost of other investments		591,805,521

Total federal tax cost	$	4,785,923,305


Gross unrealized appreciation	$	145,014,465
Gross unrealized depreciation		(405,818,129	)

Net unrealized depreciation	$	(260,803,664	)

F53 | OPPENHEIMER STRATEGIC BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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.

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:


	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		14,200,287		$	63,157,123			44,736,337		$	230,966,547
Dividends and/or distributions reinvested		952,494			3,990,949			8,575,721			45,537,079
Redeemed		(15,335,347	)		(67,787,200	)		(40,970,673	)		(203,163,661	)

Net increase (decrease)		(182,566	)	$	(639,128	)		12,341,385		$	73,339,965


Service Shares
Sold		43,109,948		$	196,077,388			147,318,126		$	805,889,322
Dividends and/or distributions reinvested		2,234,190			9,539,991			32,192,234			173,838,064
Redeemed		(17,152,553	)		(76,078,492	)		(72,462,189	)		(362,393,099	)

Net increase		28,191,585		$	129,538,887			107,048,171		$	617,334,287

F54 | OPPENHEIMER STRATEGIC BOND FUND/VA

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, LAF and the master funds for the six months ended June 30, 2009, were as follows:


	Purchases		Sales

Investment securities	$	1,120,971,762	$	1,008,878,167
U.S. government and government agency obligations		457,985,192		561,524,096
To Be Announced (TBA) mortgage-related securities		991,495,048		918,349,774

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Over $1 billion	0.50

Waivers and Reimbursements of Expenses. Effective May 1, 2009, the Manager has voluntarily undertaken to limit the Fund’s total annual operating expnses so that those expenses, as a percentage of daily net assets will not exceed the annual rate of 0.75% for Non-Service shares and 1.00% for Service shares. This voluntary undertaking may be amended or withdrawn at any time.

Prior to May 1, 2009, OFS had voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in IMMF and the master funds. During the six months ended June 30, 2009, the Manager waived $516,879 for management fees.

F55 | OPPENHEIMER STRATEGIC BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments

Market Risk Factors. In pursuit of its investment objectives, the Fund may seek to use derivatives to increase or decrease its exposure to the following market risk factors:

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

F56 | OPPENHEIMER STRATEGIC BOND FUND/VA

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. As of June 30, 2009, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $39,737,422 which represents the gross unrealized appreciation on these derivative contracts. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to net unrealized appreciation and depreciation for positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. The amount of loss that the Fund would incur taking into account these master netting arrangements would be $21,662,796 as of June 30, 2009.

As of June 30, 2009, the total value of derivative positions with credit related contingent features in a net liability position was $11,996,881. If a contingent feature would have been triggered as of June 30, 2009, the Fund could have been required to pay this amount in cash to its counterparties. The Fund did not hold or post collateral for its derivative transactions.

Valuations of derivative instruments as of June 30, 2009 are as follows:

Derivatives not Accounted

Asset Derivatives

Liability Derivatives

for as Hedging Instruments

Statement of Assets

under Statement 133(a)

and Liabilities Location

Value

and Liabilities Location

Value

Credit contracts

Swaps, at value

5,022,310

Swaps, at value

11,990,767

Equity contracts

Futures margins

902,645

Futures margins

205,427

Equity contracts

Swaps, at value

901,359

Swaps, at value

4,513,667

Foreign exchange contracts

Investments, at value**

189,499

Foreign exchange contracts

Swaps, at value

495,853

Swaps, at value

2,074,193

Foreign exchange contracts

Unrealized appreciation
on foreign currency
exchange contracts

13,203,275

Unrealized depreciation
on foreign currency
exchange contracts

5,097,743

Foreign exchange contracts

Options written, at value

271,014

Interest rate contracts

Futures margins

632,246

Futures margins

1,627,952

Interest rate contracts

Swaps, at value

17,337,961

Swaps, at value

3,536,958

Total

38,685,148

29,317,721


*		Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.

**		Amounts relate to purchased options.

F57 | OPPENHEIMER STRATEGIC BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

The effect of derivative instruments on the Statement of Operations is as follows:


Amount of Realized Gain or Loss Recognized on Derivative
	Investments
	from
	unaffiliated		Closing
	companies		and
	(including		expiration		Closing and
Derivatives Not Accounted	premiums		of option		expiration of			Foreign
for as Hedging Instruments	on options		contracts		futures			currency			Swap
under Statement 133(a)	exercised)*		written		contracts			transactions			contracts			Total

Interest rate contracts	$	474,893	$	—	$	(13,344,203	)	$	—		$	7,816,190		$	(5,053,120	)
Foreign exchange contracts		880,378		682,270		—			(217,351,349	)		(5,490,027	)		(221,278,728	)
Equity contracts		—		—		(5,728,907	)		—			5,824,036			95,129
Credit contracts		—		—		—			—			(98,876,890	)		(98,876,890	)

Total	$	1,355,271	$	682,270	$	(19,073,110	)	$	(217,351,349	)	$	(90,726,691	)	$	(325,113,609	)


*		Includes purchased option contracts, purchased swaption contracts and written option contracts exercised, if any.


Amount of Change in Unrealized Gain or Loss Recognized on Derivative
									Translation of
									assets and
									liabilities
Derivatives Not Accounted				Option					denominated
for as Hedging Instruments				contracts		Futures			in foreign		Swap
under Statement 133(a)	Investments*			written		contracts			currencies		contracts			Total

Interest rate contracts	$	(759,635	)	$	—	$	(32,515	)	$	—	$	(5,417,671	)	$	(6,209,821	)
Foreign exchange contracts		(135,489	)		133,145		—			15,097,887		9,211,694			24,307,237
Equity contracts		—			—		2,874,150			—		(11,820,880	)		(8,946,730	)
Credit contracts		—			—		—			—		30,950,363			30,950,363

Total	$	(895,124	)	$	133,145	$	2,841,635		$	15,097,887	$	22,923,506		$	40,101,049


*		Includes purchased option contracts and purchased swaption contracts, if any.

Foreign Currency Exchange Contracts

The Fund may enter into foreign currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date.

The Fund has entered into forward foreign currency exchange contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to take a positive investment perspective on the related currency. These forward foreign currency exchange contracts seek to increase exposure to foreign exchange rate risk.

The Fund has entered into forward foreign currency exchange contracts with the obligation to buy specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the portfolio.

The Fund has entered into forward foreign currency exchange contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to take a negative investment perspective on the related currency. These forward foreign currency exchange contracts seek to increase exposure to foreign exchange rate risk.

F58 | OPPENHEIMER STRATEGIC BOND FUND/VA

The Fund has entered into forward foreign currency exchange contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the portfolio.

Futures Contracts

The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk.

The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk.

The Fund has purchased futures contracts on various equity indexes to increase exposure to equity risk.

The Fund has sold futures contracts on various equity indexes to decrease exposure to equity risk.

Option Activity

Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations.

F59 | OPPENHEIMER STRATEGIC BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

The Fund has written put options on currencies to increase exposure to foreign exchange rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has written call options on currencies to decrease exposure to foreign exchange rate risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

The Fund has purchased call options on currencies to increase exposure to foreign exchange rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has purchased put options on currencies to decrease exposure to foreign exchange rate risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

Additional associated risks to the Fund include counterparty credit risk for over-the-counter options and liquidity risk. Written option activity for the six months ended June 30, 2009 was as follows:


	Call Options						Put Options
	Number of			Amount of			Number of			Amount of
	Contracts			Premiums			Contracts			Premiums

Options outstanding as of December 31, 2008		4,945,000		$	78,520			4,945,000		$	78,520
Options written		474,205,000			763,942			489,755,000			864,570
Options closed or expired		(456,185,000	)		(544,584	)		(7,225,000	)		(137,686	)
Options exercised		(7,225,000	)		(137,686	)		(456,185,000	)		(548,714	)

Options outstanding as of June 30, 2009		15,740,000		$	160,192			31,290,000		$	256,690

Swap Contracts

Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations.

F60 | OPPENHEIMER STRATEGIC BOND FUND/VA

Credit Default Swap Contracts. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer’s failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security, sovereign debt, or a basket of securities (the “reference asset”).

The Fund has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and, or, indexes.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

F61 | OPPENHEIMER STRATEGIC BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments.

The Fund has entered into total return swaps on various equity indexes to increase exposure to equity risk. These equity risk related total return swaps require the Fund to pay a floating reference interest rate, or an amount equal to the negative price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same index multiplied by the notional amount of the contract.

The Fund has entered into total return swaps on various equity indexes to decrease exposure to equity risk. These equity risk related total return swaps require the Fund to pay an amount equal to the positive price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments of a floating reference interest rate or an amount equal to the negative price movement of the same index multiplied by the notional amount of the contract.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Currency Swaps. A currency swap is an agreement between counterparties to exchange different currencies equivalent to the notional value at contract inception and reverse the exchange of the same notional values of those currencies at contract termination. The contract may also include periodic exchanges of cash flows based on a specified index or interest rate.

The Fund has entered into currency swap contracts with the obligation to pay an interest rate on the dollar notional amount and receive an interest rate on various foreign currency notional amounts in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts seek to increase exposure to foreign exchange rate risk.

The Fund has entered into currency swap contracts with the obligation to pay an interest rate various foreign currency notional amounts and receive an interest rate on the dollar notional amount in order to take a negative investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts seek to decrease exposure to foreign exchange rate risk.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Swaption Transactions. The Fund may enter into a swaption contract which grants the purchaser the right, but not the obligation, to enter into an interest rate swap at a preset rate within a specified period of time. The purchaser pays a premium to the swaption writer who bears the risk of unfavorable changes in the preset rate on the underlying interest rate swap.

Swaptions are marked to market daily using primarily quotations from counterparties and brokers. Written swaptions are reported on a schedule following the Statement of Investments. Written swaptions are reported as a liability in the Statement of Assets and Liabilities. The difference between the premium received or paid, and market value of the swaption, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Statement of Operations for the amount of the premium paid or received.

F62 | OPPENHEIMER STRATEGIC BOND FUND/VA

Swaption contracts written by the Fund do not give rise to counterparty credit risk as they obligate the Fund, not its counterparty, to perform. The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the option, according to the terms of the underlying agreement. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the option expires unexercised. However, when the Fund purchases a swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract.

The Fund has purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. A purchased swaption of this type becomes more valuable as the reference interest rate depreciates relative to the preset interest rate.

As of June 30, 2009, the Fund had no written or purchased swaptions outstanding.

6. Illiquid or Restricted Securities

As of June 30, 2009, investments in securities included issues that are illiquid or restricted. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Directors as reflecting fair value. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid and restricted securities. Certain restricted securities, eligible for resale to qualified institutional purchasers, may not be subject to that limitation. Securities that are illiquid or restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

7. Securities Lending

8. Unfunded Purchase Commitments

Pursuant to the terms of certain indenture agreements, the Fund has unfunded purchase commitments of $20,260,727 at June 30, 2009. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the amount of unfunded purchase loan commitments. The following commitments are subject to funding based on the borrower’s discretion. The Fund is obligated to fund these commitments at the time of the request by the borrower. These commitments have been excluded from the Statement of Investments.

As of June 30, 2009, the Fund had unfunded purchase commitments as follows:


	Commitment
	Termination		Unfunded
	Date		Amount

Deutsche Bank AG,
Opic Reforma I Credit Linked Nts.		10/23/13	$	9,514,715

F63 | OPPENHEIMER STRATEGIC BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Unfunded Purchase Commitments Continued

Commitment

Interest

Termination

Unfunded

Unrealized

Rate

Date

Amount

Depreciation

Deutsche Bank AG; An unfunded commitment that the Fund receives 0.125% quarterly; and will pay out, upon request, up to 10,746,012 USD to a Peruvian Trust through Deutsche Bank’s Global Note Program. Upon funding requests, the unfunded portion decreases and new structured securities will be created and held by the Fund to maintain a consistent exposure level.

0.50

9/20/10

10,746,012

846,883

9. Subsequent Events Evaluation

10. Pending Litigation

Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff “) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

F64 | OPPENHEIMER STRATEGIC BOND FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

7 | OPPENHEIMER STRATEGIC BOND FUND/VA

OPPENHEIMER STRATEGIC BOND FUND/ VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		John V. Murphy, Trustee, President and Principal Executive Officer
		Arthur Steinmetz, Vice President and Portfolio Manager
		Krishna Memani, Vice President and Portfolio Manager
		Joseph Welsh, Vice President and Portfolio Manager
		Caleb Wong, Vice President and Portfolio Manager
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President and Secretary

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered		KPMG llp
Public Accounting Firm

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.981.2871. Read prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent auditors.



©Copyright 2009 OppenheimerFunds, Inc. All Rights reserved.

OPPENHEIMER VALUE FUND/VA

Fund Objective. The Fund seeks long-term growth of capital by investing primarily in common stocks with low price-earnings ratios and better-than-anticipated earnings. Realization of current income is a secondary consideration.

Cumulative Total Returns
For the 6-Month Period Ended 6/30/09


Non-Service Shares	16.23	%
Service Shares	11.63

Average Annual Total Returns
For the Periods Ended 6/30/09

Since

Inception

1-Year

5-Year

(1/2/03)

Non-Service Shares

-16.98%

1.27%

5.26%

Since

Inception

1-Year

5-Year

(9/18/06)

Service Shares

-26.71%

N/A

-10.44%

Expense Ratios
For the Fiscal Year Ended 12/31/08


	Gross Expense	Net Expense
	Ratios	Ratios

Non-Service Shares	1.58%	0.80%
Service Shares	2.23	1.05

Sector Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on the total market value of common stocks.

Top Ten Common Stock Holdings


Chevron Corp.	5.0	%
Lubrizol Corp. (The)	4.8
Tyco International Ltd.	4.6
Kroger Co. (The)	4.6
Merck & Co., Inc.	4.5
AT&T, Inc.	3.4
PG&E Corp.	3.3
News Corp., Inc., Cl. A	3.3
Navistar International Corp.	3.2
MetLife, Inc.	3.2

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2009, and are based on net assets.

2 | OPPENHEIMER VALUE FUND/VA

Narrative by Mitch Williams and John Damian, Portfolio Managers¹

During the six-month reporting period ended June 30, 2009, the Fund’s Non-Service shares returned 16.23%, outpacing the Russell 1000 Value Index (the “Index”), which returned -2.87% over the same period.²The Fund outperformed the Index in all sectors other than consumer staples and telecommunications services. Outperformance was highest versus the Index in the industrials, financials, health care, information technology, materials and energy sectors. The Fund underperformed primarily in the consumer staples sector.

In the industrials sector, the Fund outperformed the Index due to successful stock selection and an overweight positioning. The Fund’s sector return outperformed the Index’s sector return substantially. Top performers for the Fund included Goodrich Corp., whose stock continued to hold up well in adverse market conditions. We exited our position and locked in our gains over the period. Tyco International Ltd., one of the Fund’s top five holdings at period end, had solid returns during the reporting period, adding to Fund performance. The largest contributor to Fund performance within the sector was commercial trucking manufacturer Navistar International Corp. The firm’s stock price roared back in the first half of 2009 after a difficult 2008. The stock was up over 100% for the period, signaling some market optimism that there is renewed demand for Navistar’s products and services.

The Fund outpaced the Index in the financials sector due to successful stock selection. After a dismal 2008 for most financial securities, a number of the Fund’s holdings in this sector had strong performance during the reporting period. Top contributors in this sector included Morgan Stanley, student loan provider SLM Corp., with a total return near 100% for the Fund, Wells Fargo & Co. and MetLife, Inc.

The Fund outperformed the Index in the health care sector, where it had better relative stock selection. The two top contributors to Fund performance were Schering-Plough Corp. and Wyeth. A similar story here, 2008 was a historically volatile year for pharmaceutical stocks. As market volatility lessened over the first half of 2009, renewed market optimism about the intrinsic value of pharmaceutical companies was reflected in their higher stock prices. With regards to Schering-Plough, we locked in our gains over the period and exited our position.

The Fund was overweight the information technology sector, which helped given the Fund’s strong stock selection within the sector. The top contributors to Fund performance were Research in Motion Ltd. and QUALCOMM, Inc. Research in Motion, a Canadian-based developer of mobile communications and wireless email products including the BlackBerry smartphone, saw its stock price jump as year-over-year revenue growth and net income jumped in the 1st quarter of 2009 as did sales of BlackBerry devices. We exited our position by period end. QUALCOMM, a leading manufacturer of the CDMA chip-technology that is used in 3G wireless communications, has weathered the economic downturn relatively well and continued to expand on its product line.

In terms of the materials sector, the Fund’s overweight helped as the Fund’s holdings in the sector performed exceptionally well for the period. The Lubrizol Corp., a top five holding for the Fund at period end, and Mosaic Co. were the two top contributors. We exited our position in Mosaic and locked in our gains for the period. The Fund also outperformed the Index in the energy sector, as a result of better relative stock selection. The energy sector had a choppy reporting period and on a total return basis was basically flat for the Fund. However, the Index’s sector return was -7.15%, which accounted for the Fund’s relative outperformance.


1.		Effective January 1, 2009

2.		The Russell 1000 Value Index is an index of equity securities of large capitalization value companies. The index is unmanaged and cannot be purchased directly by investors and includes reinvestment of income but does not reflect any transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund

3 | OPPENHEIMER VALUE FUND/VA

OPPENHEIMER VALUE FUND/VA

Within consumer staples, the Fund was overweight the Index, which hurt relative performance and stock selection in this sector was weakest for the Fund. Performance detractors included The Kroger Co. and Molson Coors Brewing Co. Within telecommunication services, an underweight to Sprint Nextel Corp. hurt relative performance as the firm’s stock price returned triple-digits during the reporting period. Within the utilities sector, performance was roughly even with that of the Index. On a total return basis, utilities was one of the weaker performing sectors for the Fund during the period.

At the end of the reporting period, the Fund was overweight versus the Index in the health care, materials and consumer staples sectors. The Fund was underweight the Index primarily in the energy, telecommunication services, utilities, financials and information technology sectors.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

4 | OPPENHEIMER VALUE FUND/VA

FUND EXPENSES

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 June 30, 2009.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2009		June 30, 2009		June 30, 2009

Non-Service shares	$	1,000.00	$	1,162.30	$	5.43
Service shares		1,000.00		1,116.30		6.95

Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,019.79		5.07
Service shares		1,000.00		1,018.25		6.63


Class	Expense Ratios

Non-Service shares		1.01	%
Service shares		1.32

5 | OPPENHEIMER VALUE FUND/VA

STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited


	Shares		Value

Common Stocks—98.0%
Consumer Discretionary—8.6%
Media—7.6%
Cablevision Systems Corp.		3,030	$	58,812
New York Group, Cl. A
Cinemark Holdings, Inc.		850		9,622
News Corp., Inc., Cl. A		18,642		169,829
Time Warner Cable, Inc.		4,936		156,323

				394,586

Specialty Retail—1.0%
Bed Bath & Beyond, Inc.¹		1,610		49,508
Consumer Staples—11.3%
Beverages—2.8%
Molson Coors Brewing Co., Cl. B		3,370		142,652
Food & Staples Retailing—7.4%
Kroger Co. (The)		10,720		236,376
Walgreen Co.		5,060		148,764

				385,140

Food Products—1.1%
Campbell Soup Co.		1,980		58,252
Energy—15.8%
Oil, Gas & Consumable Fuels—15.8%
Apache Corp.		1,020		73,593
Chevron Corp.		3,930		260,363
Devon Energy Corp.		1,700		92,650
Exxon Mobil Corp.		1,920		134,227
Marathon Oil Corp.		4,780		144,021
Petroleo Brasileiro SA, Sponsored ADR		2,670		89,071
Valero Energy Corp.		1,570		26,517

				820,442

Financials—19.6%
Capital Markets—3.4%
Goldman Sachs Group, Inc. (The)		850		125,324
Morgan Stanley		1,730		49,322

				174,646

Commercial Banks—2.2%
Wells Fargo & Co.		4,820		116,933
Consumer Finance—1.2%
SLM Corp.¹		5,890		60,490
Diversified Financial Services—4.0%
Bank of America Corp.		6,630		87,516
JPMorgan Chase & Co.		3,580		122,114

				209,630

Insurance—8.8%
Assurant, Inc.		5,100		122,859
Everest Re Group Ltd.		1,567		112,150
MetLife, Inc.		5,470		164,155
National Financial Partners Corp.		4,940		36,161
Prudential Financial, Inc.		630		23,449

				458,774

Health Care—13.7%
Health Care Equipment & Supplies—3.1%
Covidien plc		4,310		161,366
Health Care Providers & Services—1.4%
Aetna, Inc.		2,850		71,393
Pharmaceuticals—9.2%
Merck & Co., Inc.		8,400		234,864
Pfizer, Inc.		7,130		106,950
Wyeth		3,060		138,893

				480,707

Industrials—9.8%
Air Freight & Logistics—0.9%
United Parcel Service, Inc., Cl. B		980		48,990
Industrial Conglomerates—4.6%
Tyco International Ltd.		9,130		237,197
Machinery—3.2%
Navistar International Corp.¹		3,793		165,375
Trading Companies & Distributors—1.1%
Aircastle Ltd.		7,860		57,771
Information Technology—3.9%
Communications Equipment—2.0%
Motorola, Inc.		11,700		77,571
QUALCOMM, Inc.		560		25,312

				102,883

Computers & Peripherals—0.5%
Apple, Inc.¹		200		28,486
Internet Software & Services—1.4%
Google, Inc., Cl. A¹		170		71,670
Materials—5.6%
Chemicals—5.6%
Lubrizol Corp. (The)		5,267		249,182
Potash Corp. of Saskatchewan, Inc.		430		40,012

				289,194

Telecommunication Services—3.9%
Diversified Telecommunication Services—3.4%
AT&T, Inc.		7,020		174,377
Wireless Telecommunication Services—0.5%
Sprint Nextel Corp.¹		5,770		27,754

F1 | OPPENHEIMER VALUE FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares			Value

Utilities—5.8%
Electric Utilities—2.5%
Exelon Corp.		2,536		$	129,869
Multi-Utilities—3.3%
PG&E Corp.		4,470			171,827


Total Common Stocks (Cost $4,962,486)					5,089,912

Investment Companies—8.0%
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%^2,4		22,090			22,090
Oppenheimer Institutional Money Market Fund, Cl. E, 0.48%^2,3		396,414			396,414


Total Investment Companies (Cost $418,504)					418,504

Total Investments, at Value (Cost $5,380,990)		106.0	%		5,508,416
Liabilities in Excess of Other Assets		(6.0	)		(313,865	)


Net Assets		100.0	%	$	5,194,551

Footnotes to Statement of Investments


1.		Non-income producing security.

2.		Rate shown is the 7-day yield as of June 30, 2009.

3.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2009, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2008

Additions

Reductions

June 30, 2009

Oppenheimer Institutional Money Market Fund, Cl. E

664,973

7,805,189

8,073,748

396,414


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	396,414	$	1,141

Interest rate less than 0.0005%.

F2 | OPPENHEIMER VALUE FUND/VA

Valuation Inputs

1) Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

3) Level 3—unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2009 based on valuation input level:


					Level 3 —
			Level 2 —		Significant
	Level 1 —		Other Significant		Unobservable
	Unadjusted Quoted Prices		Observable Inputs		Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	444,094	$	—	$	—	$	444,094
Consumer Staples		586,044		—		—		586,044
Energy		820,442		—		—		820,442
Financials		1,020,473		—		—		1,020,473
Health Care		713,466		—		—		713,466
Industrials		509,333		—		—		509,333
Information Technology		203,039		—		—		203,039
Materials		289,194		—		—		289,194
Telecommunication Services		202,131		—		—		202,131
Utilities		301,696		—		—		301,696
Investment Companies		418,504		—		—		418,504

Total Assets	$	5,508,416	$	—	$	—	$	5,508,416

See accompanying Notes to Financial Statements.

F3 | OPPENHEIMER VALUE FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2009


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $4,984,576)	$	5,112,002
Affiliated companies (cost $396,414)		396,414

		5,508,416
Receivables and other assets:
Investments sold		119,931
Dividends		8,984
Shares of beneficial interest sold		875
Other		3,335


Total assets		5,641,541

Liabilities
Payables and other liabilities:
Investments purchased		407,697
Shares of beneficial interest redeemed		13,790
Distribution and service plan fees		2,937
Trustees’ compensation		2,317
Shareholder communications		1,919
Transfer and shareholder servicing agent fees		421
Other		17,909


Total liabilities		446,990

Net Assets	$	5,194,551


Composition of Net Assets
Par value of shares of beneficial interest	$	686
Additional paid-in capital		7,723,816
Accumulated net investment income		35,934
Accumulated net realized loss on investments and foreign currency transactions		(2,693,311	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		127,426

Net Assets	$	5,194,551


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 $18,974 and 3,270 shares of beneficial interest outstanding)	$	5.80
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $5,175,577 and 682,387 shares of beneficial interest outstanding)	$	7.58

See accompanying Notes to Financial Statements.

F4 | OPPENHEIMER VALUE FUND/VA

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2009


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $132)	$	61,211
Affiliated companies		1,141
Interest		17

Total investment income		62,369

Expenses
Management fees		16,454
Distribution and service plan fees—Service shares		4,110
Transfer and shareholder servicing agent fees:
Non-Service shares		12
Service shares		861
Shareholder communications:
Non-Service shares		13
Service shares		4,568
Legal, auditing and other professional fees		11,718
Trustees’ compensation		3,182
Registration and filing fees		2,030
Custodian fees and expenses		161
Other		880

Total expenses		43,989
Less waivers and reimbursements of expenses		(14,970	)

Net expenses		29,019

Net Investment Income		33,350

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies (including premiums on options exercised)		(445,019	)
Closing and expiration of option contracts written		3,628
Foreign currency transactions		(22,722	)

Net realized loss		(464,113	)
Net change in unrealized appreciation on:
Investments		964,892
Translation of assets and liabilities denominated in foreign currencies		3,599

Net change in unrealized appreciation		968,491

Net Increase in Net Assets Resulting from Operations	$	537,728

See accompanying Notes to Financial Statements.

F5 | OPPENHEIMER VALUE FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2009												Year Ended December 31,
Non-Service Shares	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	4.99		$	11.73		$	11.58		$	11.16		$	12.26		$	12.90

Income (loss) from investment operations:
Net investment income (loss)¹		.07			.12			.10			(.03	)		.02			(.01	)
Net realized and unrealized gain (loss)		.74			(4.44	)		.59			1.61			.71			1.82

Total from investment operations		.81			(4.32	)		.69			1.58			.73			1.81

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(2.42	)		(.10	)		(.01	)		(.02	)		(.03	)
Distributions from net realized gain		—			—			(.44	)		(1.15	)		(1.81	)		(2.42	)

Total dividends and/or distributions to shareholders		—			(2.42	)		(.54	)		(1.16	)		(1.83	)		(2.45	)


Net asset value, end of period	$	5.80		$	4.99		$	11.73		$	11.58		$	11.16		$	12.26


Total Return, at Net Asset Value²		16.23	%		(36.43	)%		5.89	%		14.03	%		5.88	%		14.50	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	19		$	6		$	1,728		$	2,657		$	2,562		$	2,815

Average net assets (in thousands)	$	11		$	857		$	2,753		$	2,695		$	2,878		$	3,370

Ratios to average net assets:³
Net investment income (loss)		2.89	%		1.07	%		0.80	%		(0.29	)%		0.15	%		(0.08	)%
Total expenses		2.15	%⁴		1.48	%⁴		1.49	%⁴		2.14	%⁴		1.78	%		1.82	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01	%		1.25	%		1.25	%		2.14	%		1.78	%		1.82	%

Portfolio turnover rate		104	%		175	%		142	%		124	%		86	%		100	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		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.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	2.16	%
Year Ended December 31, 2008	1.48	%
Year Ended December 31, 2007	1.49	%
Year Ended December 31, 2006	2.14	%

See accompanying Notes to Financial Statements.

F7 | OPPENHEIMER VALUE FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2009						Year Ended December 31,
Service Shares	(Unaudited)			2008			2007			2006¹

Per Share Operating Data
Net asset value, beginning of period	$	6.79		$	11.75		$	11.57		$	11.89

Income (loss) from investment operations:
Net investment income (loss)²		.05			.08			.06			(.05	)
Net realized and unrealized gain (loss)		.74			(4.97	)		.60			.88

Total from investment operations		.79			(4.89	)		.66			.83

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.07	)		(.04	)		—
Distributions from net realized gain		—			—			(.44	)		(1.15	)

Total dividends and/or distributions to shareholders		—			(.07	)		(.48	)		(1.15	)


Net asset value, end of period	$	7.58		$	6.79		$	11.75		$	11.57


Total Return, at Net Asset Value³		11.63	%		(41.62	)%		5.70	%		6.81	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,176		$	4,690		$	6,481		$	455

Average net assets (in thousands)	$	4,416		$	5,561		$	3,527		$	268

Ratios to average net assets:⁴
Net investment income (loss)		1.52	%		0.84	%		0.49	%		(1.30	)%
Total expenses⁵		2.00	%		2.13	%		1.63	%		2.89	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.32	%		1.50	%		1.50	%		2.88	%

Portfolio turnover rate		104	%		175	%		142	%		124	%


1.		For the period from September 18, 2006 (inception of offering) to December 31, 2006.

2.		Per share amounts calculated based on the average shares outstanding during the period.

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 less than one full year.

5.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2009	2.01	%
Year Ended December 31, 2008	2.13	%
Year Ended December 31, 2007	1.63	%
Period Ended December 31, 2006	2.89	%

See accompanying Notes to Financial Statements.

F8 | OPPENHEIMER VALUE FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Value Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek long-term growth of capital by investing primarily in common stocks with low price-earnings ratios and better-than-anticipated earnings. Realization of current income is a secondary consideration. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The following is a summary of significant accounting policies consistently followed by the Fund.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

F9 | OPPENHEIMER VALUE FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

There have been no significant changes to the fair valuation methodologies during the period.

F10 | OPPENHEIMER VALUE FUND/VA

During the fiscal year ended December 31, 2008, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2008, the Fund had available for federal income tax purposes post-October losses of $749,879 and unused capital loss carryforward as follows:


Expiring

2016	$	1,303,597

As of June 30, 2009, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $2,517,589 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2009, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	5,799,675


Gross unrealized appreciation	$	79,923
Gross unrealized depreciation		(371,182	)

Net unrealized depreciation	$	(291,259	)

F11 | OPPENHEIMER VALUE FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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.

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:


	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		2,353		$	11,508			957		$	8,036
Dividends and/or distributions reinvested		—			—			409			2,000
Redeemed		(329	)		(1,648	)		(147,464	)		(1,485,290	)

Net increase (decrease)		2,024		$	9,860			(146,098	)	$	(1,475,254	)


Service Shares
Sold		115,503		$	787,031			461,846		$	4,322,028
Dividends and/or distributions reinvested		—			—			7,057			47,216
Redeemed		(123,894	)		(836,212	)		(329,902	)		(3,213,369	)

Net increase (decrease)		(8,391	)	$	(49,181	)		139,001		$	1,155,875

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2009, were as follows:


	Purchases		Sales

Investment securities	$	4,601,080	$	4,446,184

F12 | OPPENHEIMER VALUE FUND/VA

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Over $800 million	0.60

Waivers and Reimbursements of Expenses. Effective January 1, 2007, the Manager voluntarily agreed to an expense waiver of any “Total expenses” over 1.25% of average annual net assets for Non-Service shares and 1.50% of average annual net assets for Service shares. Effective May 1, 2009, the Manager has voluntarily undertaken to limit the Fund’s total annual operating expenses so that those expenses, as percentages of daily net assets will not exceed the annual rate of 0.80% for Non-Service shares and 1.05% for Service shares. During the six months ended June 30, 2009, the Manager waived $59 and $14,770 for Non-Service and Service shares, respectively. This voluntary undertaking and may be amended or withdrawn at any time.

Prior to May 1, 2009, OFS had voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

5. Risk Exposures and the Use of Derivative Instruments

F13 | OPPENHEIMER VALUE FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

Market Risk Factors. In pursuit of its investment objectives, the Fund may seek to use derivatives to increase or decrease its exposure to the following market risk factors:

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

F14 | OPPENHEIMER VALUE FUND/VA

The effect of derivative instruments on the Statement of Operations is as follows:

Amount of Realized Gain or Loss Recognized on Derivative

Investments from

Derivatives Not Accounted

unaffiliated companies

Closing and

for as Hedging Instruments

(including premiums

expiration of option

under Statement 133(a)

on options exercised)*

contracts written

Total

Equity contracts

(110

)

3,628

3,518


*		Includes purchased option contracts, purchased swaption contracts and written option contracts exercised, if any.

Foreign Currency Exchange Contracts

The Fund may enter into current and forward foreign currency exchange contracts for the purchase or sale of a foreign currency at a negotiated rate at a future date.

As of June 30, 2009, the Fund had no outstanding forward contracts.

Option Activity

The Fund has written covered call options on individual equity securities and, or, equity indexes to decrease exposure to equity risk. A written covered call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

F15 | OPPENHEIMER VALUE FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

The Fund has purchased call options on individual equity securities and, or, equity indexes to increase exposure to equity risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional associated risk that there may be an illiquid market where the Fund is unable to close the contract.


	Call Options						Put Options
	Number of			Amount of			Number of			Amount of
	Contracts			Premiums			Contracts			Premiums

Options outstanding as of December 31, 2008		—		$	—			—		$	—
Options written		168			11,721			17			1,895
Options closed or expired		(160	)		(10,654	)		(17	)		(1,895	)
Options exercised		(8	)		(1,067	)		—			—

Options outstanding as of June 30, 2009		—		$	—			—		$	—

6. Subsequent Events Evaluation

7. Pending Litigation

Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation

F16 | OPPENHEIMER VALUE FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

7 | OPPENHEIMER VALUE FUND/VA

OPPENHEIMER VALUE FUND/VA


A Series of Oppenheimer Variable Account Funds

Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		John V. Murphy, Trustee, President and Principal Executive Officer
		Mitch Williams, Vice President and Portfolio Manager
		John Damian, Vice President and Portfolio Manager
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President and Secretary

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered		KPMG llp
Public Accounting Firm

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.981.2871. Read prospectuses carefully before investing.

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.



^©Copyright 2009 OppenheimerFunds, Inc. All rights reserved.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and

		whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3.		The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

	•		the name, address, and business, educational, and/or other pertinent background of the person being recommended;

	•		a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

	•		any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

	•		the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.

Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”

Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 06/30/2009, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to 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.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)		(1) Not applicable to semiannual reports.

		(2) Exhibits attached hereto.

		(3) Not applicable.

(b)		Exhibit attached hereto.


Geographic Holdings	Value		Percent

United States	$	789,903,993		34.9	%
Japan		263,483,456		11.7
United Kingdom		196,378,643		8.7
France		168,495,587		7.5
Sweden		164,491,199		7.3
Germany		149,336,750		6.6
Switzerland		131,542,896		5.8
Mexico		68,500,364		3.0
India		61,648,463		2.7
Taiwan		45,242,754		2.0
The Netherlands		39,582,508		1.7
Brazil		39,111,717		1.7
Spain		31,124,645		1.4
Italy		27,160,037		1.2
Canada		22,089,301		1.0
Finland		21,336,781		0.9
Cayman Islands		17,379,090		0.8
Turkey		11,376,288		0.5
Norway		11,125,248		0.5
Australia		1,477,719		0.1

Total	$	2,260,787,439		100.0	%


June 30, 2009

Assets
Investments, at value (cost $218,268,914)—see accompanying statement of investments	$	218,268,914
Cash		360,885
Receivables and other assets:
Shares of beneficial interest sold		562,304
Interest		187,596
Other		22,593

Total assets		219,402,292

Liabilities
Payables and other liabilities:
Investments purchased on a when-issued or delayed delivery basis		3,000,000
Shares of beneficial interest redeemed		214,264
Transfer and shareholder servicing agent fees		18,164
Dividends		13,495
Shareholder communications		6,324
Trustees’ compensation		3,152
Other		13,687

Total liabilities		3,269,086

Net Assets	$	216,133,206


Composition of Net Assets
Par value of shares of beneficial interest	$	216,098
Additional paid-in capital		215,908,169
Accumulated net investment loss		(1,384	)
Accumulated net realized gain on investments		10,323

Net Assets—applicable to 216,098,179 shares of beneficial interest outstanding	$	216,133,206


Net Asset Value, Redemption Price Per Share and Offering Price Per Share	$	1.00


By:		/s/ John V. Murphy John V. Murphy
		Principal Executive Officer

Date:		08/11/2009


By:		/s/ Brian W. Wixted Brian W. Wixted
		Principal Financial Officer

Date:		08/11/2009