UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4108

Oppenheimer Variable Account Funds

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OppenheimerFunds, Inc.

Two World Financial Center, New York, New York 10281-1008

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

        Date of fiscal year end: December 31

Date of reporting period: 9/28/2012

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS September 28, 2012* / Unaudited

	Shares		Value
Common Stocks–98.1%
Consumer Discretionary–20.2%
Distributors–0.5%
LKQ Corp.1		159,720	$	2,954,820
Hotels, Restaurants & Leisure–3.8%
Chipotle Mexican Grill, Inc., Cl. A1		21,211		6,735,341
Dunkin’ Brands Group, Inc.		142,550		4,161,747
Gaylord Entertainment Co., Cl. A1		65,300		2,581,309
Panera Bread Co., Cl. A1		58,700		10,031,243
				23,509,640
Household Durables–1.0%
Lennar Corp., Cl. A		186,710		6,491,907
Multiline Retail–2.7%
Dollar Tree, Inc.1		250,000		12,068,750
Nordstrom, Inc.		91,810		5,066,076
				17,134,826
Specialty Retail–8.9%
Foot Locker, Inc.		107,920		3,831,160
Genesco, Inc.1		72,480		4,836,590
GNC Holdings, Inc., Cl. A		119,900		4,672,503
PetSmart, Inc.		110,700		7,636,086
Sally Beauty Holdings, Inc.1		301,540		7,565,639
Tractor Supply Co.		96,500		9,542,885
Ulta Salon, Cosmetics & Fragrance, Inc.		146,070		14,067,271
Urban Outfitters, Inc.1		80,370		3,018,697
				55,170,831
Textiles, Apparel & Luxury Goods–3.3%
lululemon athletica, Inc.1		51,640		3,818,262
Michael Kors Holdings Ltd.1		159,770		8,496,569
Under Armour, Inc., Cl. A1		143,400		8,006,022
				20,320,853
Consumer Staples–4.9%
Beverages–1.0%
Monster Beverage Corp.1		117,210		6,348,094
Food & Staples Retailing–3.0%
Fresh Market, Inc. (The)1		114,910		6,892,302
Whole Foods Market, Inc.		122,150		11,897,410
				18,789,712
Personal Products–0.9%
Estee Lauder Cos., Inc. (The), Cl. A		89,520		5,511,746
Energy–7.6%
Energy Equipment & Services–4.0%
Atwood Oceanics, Inc.1		156,150		7,097,017
Core Laboratories NV		26,070		3,166,984
Oceaneering International, Inc.		117,380		6,485,245
Oil States International, Inc.1		101,230		8,043,736
				24,792,982
Oil, Gas & Consumable Fuels–3.6%
Cabot Oil & Gas Corp., Cl. A		140,390		6,303,511
Concho Resources, Inc.1		92,830		8,795,642
Laredo Petroleum Holdings, Inc.1		68,720		1,510,466
Oasis Petroleum, Inc.1		197,210		5,811,779
				22,421,398
Financials–6.6%
Capital Markets–2.0%
Affiliated Managers Group, Inc.1		76,220		9,375,060
Raymond James Financial, Inc.		82,000		3,005,300
				12,380,360
Commercial Banks–2.1%
First Republic Bank		141,430		4,873,678
Signature Bank1		76,410		5,125,583
SVB Financial Group1		48,800		2,950,448
				12,949,709
Insurance–1.8%
Arthur J. Gallagher & Co.		130,820		4,685,972
ProAssurance Corp.		70,640		6,388,682
				11,074,654
Real Estate Investment Trusts (REITs)–0.7%
Digital Realty Trust, Inc.		64,780		4,524,883
Health Care–15.6%
Biotechnology–4.2%
Alexion Pharmaceuticals, Inc.1		134,890		15,431,416
Medivation, Inc.1		70,040		3,947,454
Onyx Pharmaceuticals, Inc.1		46,060		3,892,070
Regeneron Pharmaceuticals, Inc.1		22,340		3,410,424
				26,681,364
Health Care Equipment & Supplies–4.6%
Cooper Cos., Inc. (The)		94,430		8,919,858

1 OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

STATEMENT OF INVESTMENTS September 28, 2012* / Unaudited

	Shares		Value
Health Care Equipment & Services (Continued)
Edwards Lifesciences Corp.1		83,090	$	8,921,373
IDEXX Laboratories, Inc.1		57,030		5,665,930
Sirona Dental Systems, Inc.1		100,110		5,702,266
				29,209,427
Health Care Providers & Services–3.4%
Catamaran Corp.1		118,137		11,573,882
DaVita, Inc.1		36,830		3,815,956
HMS Holdings Corp.1		167,760		5,608,217
				20,998,055
Health Care Technology–1.6%
Cerner Corp.1		125,980		9,752,112
Pharmaceuticals–1.8%
Perrigo Co.		38,600		4,484,162
Watson Pharmaceuticals, Inc.1		81,400		6,932,024
				11,416,186
Industrials–13.1%
Aerospace & Defense–3.4%
B/E Aerospace, Inc.1		114,860		4,835,606
Hexcel Corp.1		196,890		4,729,298
TransDigm Group, Inc.1		78,720		11,168,006
				20,732,910
Building Products–0.7%
Fortune Brands Home & Security, Inc.1		166,060		4,485,281
Commercial Services & Supplies–1.2%
Clean Harbors, Inc.1		69,940		3,416,569
Stericycle, Inc.1		46,130		4,175,688
				7,592,257
Electrical Equipment–2.7%
AMETEK, Inc.		274,992		9,748,466
Roper Industries, Inc.		65,690		7,218,674
				16,967,140
Machinery–1.8%
Nordson Corp.		50,710		2,972,620
Wabtec Corp.		104,620		8,399,940
				11,372,560
Professional Services–0.7%
IHS, Inc., Cl. A1		46,630		4,539,430
Road & Rail–1.4%
Kansas City Southern		114,980		8,713,184
Trading Companies & Distributors–1.2%
Fastenal Co.		64,750		2,783,602
United Rentals, Inc.1		136,700		4,471,457
				7,255,059
Information Technology–23.7%
Communications Equipment–1.4%
Aruba Networks, Inc.1		69,260		1,570,595
F5 Networks, Inc.1		32,620		3,415,314
Palo Alto Networks, Inc.1		55,170		3,396,817
				8,382,726
Internet Software & Services–6.7%
CoStar Group, Inc.1		45,500		3,710,070
Equinix, Inc.1		57,090		11,763,394
IAC/InterActiveCorp		132,780		6,912,527
LinkedIn Corp., Cl. A1		66,650		8,024,660
MercadoLibre, Inc.		35,470		2,928,049
Rackspace Hosting, Inc.1		129,210		8,539,489
				41,878,189
IT Services–3.4%
Alliance Data Systems Corp.1		38,240		5,428,168
Teradata Corp.1		138,220		10,423,170
Vantiv, Inc., Cl. A1		244,320		5,265,096
				21,116,434
Semiconductors & Semiconductor Equipment–1.6%
Avago Technologies Ltd.		135,020		4,707,472
Mellanox Technologies Ltd.1		52,570		5,337,432
				10,044,904
Software–10.6%
Citrix Systems, Inc.1		95,240		7,292,527
CommVault Systems, Inc.1		69,900		4,103,130
Concur Technologies, Inc.1		130,548		9,625,304
Fortinet, Inc.1		294,360		7,105,850
NetSuite, Inc.1		102,052		6,510,918
Red Hat, Inc.1		132,490		7,543,981
ServiceNow, Inc.1		95,820		3,706,318
SolarWinds, Inc.1		134,490		7,496,473
Splunk, Inc.1		67,800		2,489,616
TIBCO Software, Inc.1		226,670		6,852,234
Ultimate Software Group, Inc. (The)1		32,510		3,319,271
				66,045,622
Materials–4.3%
Chemicals–3.1%
Airgas, Inc.		56,880		4,681,224
CF Industries Holdings, Inc.		34,750		7,722,840
Cytec Industries, Inc.		46,170		3,025,058
Westlake Chemical Corp.		49,550		3,620,123
				19,049,245
Construction Materials–0.5%
Eagle Materials, Inc.		71,450		3,305,277

2 OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

STATEMENT OF INVESTMENTS September 28, 2012* / Unaudited

	Shares			Value
Containers & Packaging–0.7%
Ball Corp.		99,890		$	4,226,346
Telecommunication Services–1.5%
Wireless Telecommunication Services–1.5%
SBA Communications Corp., Cl. A1		152,850			9,614,265
Utilities–0.6%
Electric Utilities–0.6%
ITC Holdings Corp.		45,720			3,455,518
Total Common Stocks (Cost $407,184,869)					611,209,906
Investment Company–1.5%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.18%2,3 (Cost $9,428,830)		9,428,830			9,428,830
Total Investments, at Value (Cost $416,613,699)		99.6	%		620,638,736
Assets in Excess of Other Liabilities		0.4			2,553,431
Net Assets		100.0	%	$	623,192,167

Footnotes to Statement of Investments

* September 28, 2012 represents the last business day of the Fund’s quarterly period. See accompanying Notes.

1. Non-income producing security.

2. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 28, 2012, 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 December 30 2011ª		Gross Additions		Gross Reductions		Shares September 28, 2012
Oppenheimer Institutional Money Market Fund, Cl. E		14,138,260		153,142,890		157,852,320		9,428,830
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	9,428,830	$	12,174

a. December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See accompanying Notes.

3. Rate shown is the 7-day yield as of September 28, 2012.

3 OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

NOTES TO STATEMENT OF INVESTMENTS

Unaudited / (Continued)

Quarterly and Annual Periods. The last day of the Fund’s quarterly period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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

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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale

4 OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

NOTES TO STATEMENT OF INVESTMENTS

Unaudited / (Continued)

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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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 and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has

5 OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

STATEMENT OF INVESTMENTS Unaudited / (Continued)

occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

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

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

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

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

6 OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

NOTES TO STATEMENT OF INVESTMENTS

Unaudited / (Continued)

The table below categorizes amounts as of September 28, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	125,582,877	$	—	$	—	$	125,582,877
Consumer Staples		30,649,552		—		—		30,649,552
Energy		47,214,380		—		—		47,214,380
Financials		40,929,606		—		—		40,929,606
Health Care		98,057,144		—		—		98,057,144
Industrials		81,657,821		—		—		81,657,821
Information Technology		147,467,875		—		—		147,467,875
Materials		26,580,868		—		—		26,580,868
Telecommunication Services		9,614,265		—		—		9,614,265
Utilities		3,455,518		—		—		3,455,518
Investment Company		9,428,830		—		—		9,428,830
Total Assets	$	620,638,736	$	—	$	—	$	620,638,736

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.

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

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 28, 2012 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. 

Federal tax cost of securities	$	417,086,426
Gross unrealized appreciation	$	208,305,691
Gross unrealized depreciation		(4,753,381	)
Net unrealized appreciation	$	203,552,310

7 OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Common Stocks–58.8%
Consumer Discretionary–6.4%
Automobiles–0.8%
Ford Motor Co.		251,390	$	2,478,705
Household Durables–0.3%
Newell Rubbermaid, Inc.		47,090		898,948
Media–1.8%
Comcast Corp., Cl. A		125,460		4,487,704
Viacom, Inc., Cl. B		17,930		960,869
				5,448,573
Multiline Retail–2.1%
Target Corp.		97,730		6,202,923
Specialty Retail–1.4%
Lowe’s Cos., Inc.		133,900		4,049,136
Consumer Staples–6.3%
Beverages–2.9%
Coca-Cola Co. (The)		78,000		2,958,540
Molson Coors Brewing Co., Cl. B, Non-Vtg.		69,960		3,151,698
PepsiCo, Inc.		37,690		2,667,321
				8,777,559
Food & Staples Retailing–1.4%
Walgreen Co.		113,280		4,127,923
Food Products–0.6%
Kellogg Co.		35,590		1,838,579
Household Products–1.4%
Church & Dwight Co., Inc.		40,540		2,188,755
Procter & Gamble Co.		26,850		1,862,316
				4,051,071
Energy–6.5%
Energy Equipment & Services–0.6%
Baker Hughes, Inc.		42,340		1,915,038
Oil, Gas & Consumable Fuels–5.9%
Apache Corp.		17,710		1,531,384
Chevron Corp.		88,670		10,335,375
Exxon Mobil Corp.		63,930		5,846,399
				17,713,158
Financials–12.5%
Capital Markets–1.8%
BlackRock, Inc., Cl. A		10,150		1,809,745
Goldman Sachs Group, Inc. (The)		32,110		3,650,265
				5,460,010
Commercial Banks–5.6%
M&T Bank Corp.		47,270		4,498,213
PNC Financial Services Group, Inc.		55,810		3,521,611
SunTrust Banks, Inc.		101,800		2,877,886
Wells Fargo & Co.		170,860		5,899,796
				16,797,506
Diversified Financial Services–0.5%
Citigroup, Inc.		44,420		1,453,422

1 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Insurance–4.6%
ACE Ltd.		58,610	$	4,430,916
Marsh & McLennan Cos., Inc.		157,280		5,336,510
MetLife, Inc.		50,130		1,727,480
Travelers Cos., Inc. (The)		32,390		2,210,941
				13,705,847
Health Care–9.3%
Health Care Equipment & Supplies–1.2%
Baxter International, Inc.		61,640		3,714,426
Health Care Providers & Services–4.4%
Humana, Inc.		115,810		8,124,072
UnitedHealth Group, Inc.		89,690		4,969,723
				13,093,795
Pharmaceuticals–3.7%
Merck & Co., Inc.		144,130		6,500,263
Teva Pharmaceutical Industries Ltd., Sponsored ADR		111,290		4,608,519
				11,108,782
Industrials–5.5%
Aerospace & Defense–2.2%
Honeywell International, Inc.		108,800		6,500,800
Commercial Services & Supplies–1.3%
Tyco International Ltd.		67,020		3,770,545
Construction & Engineering–0.8%
Quanta Services, Inc.1		96,800		2,390,960
Machinery–0.6%
AGCO Corp.1		23,270		1,104,860
Navistar International Corp.1		35,360		745,742
				1,850,602
Trading Companies & Distributors–0.6%
AerCap Holdings NV1		150,550		1,881,875
Information Technology–5.0%
Communications Equipment–2.4%
Cisco Systems, Inc.		187,960		3,588,156
Juniper Networks, Inc.1		205,280		3,512,341
				7,100,497
Computers & Peripherals–0.6%
Apple, Inc.		2,920		1,948,399
Electronic Equipment, Instruments & Components–0.6%
TE Connectivity Ltd.		54,320		1,847,423
Semiconductors & Semiconductor Equipment–1.4%
Analog Devices, Inc.		48,820		1,913,256
Xilinx, Inc.		65,770		2,197,376
				4,110,632
Materials–2.7%
Chemicals–1.6%
Celanese Corp., Series A		23,650		896,572
Mosaic Co. (The)		66,300		3,819,543
				4,716,115

2 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Containers & Packaging–1.1%
Rock-Tenn Co., Cl. A		46,740	$	3,373,693
Telecommunication Services–2.3%
Diversified Telecommunication Services–2.3%
AT&T, Inc.		73,880		2,785,276
Orbcomm, Inc.1		375		1,403
Verizon Communications, Inc.		91,470		4,168,288
				6,954,967
Utilities–2.3%
Electric Utilities–1.4%
American Electric Power Co., Inc.		53,540		2,352,548
Edison International		40,300		1,841,307
				4,193,855
Multi-Utilities–0.9%
NiSource, Inc.		40,540		1,032,959
Public Service Enterprise Group, Inc.		49,200		1,583,256
				2,616,215
Total Common Stocks (Cost $158,953,161)				176,091,979
	Principal Amount
Asset-Backed Securities–4.0%
AESOP Funding II LLC, Automobile Receivables Nts., Series 2011-1A, Cl. A, 1.85%, 11/20/132	$	185,000		186,358
Ally Master Owner Trust, Asset-Backed Nts., Series 2012-2, Cl. A, 0.721%, 3/15/163		350,000		350,291
American Credit Acceptance Receivables Trust 2012-1, Automobile Receivables-Backed Nts., Series 2012-1, Cl. A1, 1.96%, 1/15/142		37,642		37,645
American Credit Acceptance Receivables Trust 2012-2, Automobile Receivables-Backed Nts., Series 2012-2, Cl. A, 1.89%, 7/15/162		341,224		341,544
AmeriCredit Automobile Receivables Trust 2010-1, Automobile Receivables-Backed Nts., Series 2010-1, Cl. D, 6.65%, 7/17/17		210,000		225,640
AmeriCredit Automobile Receivables Trust 2010-2, Automobile Receivables-Backed Nts.:
Series 2010-2, Cl. C, 4.52%, 10/8/15		290,000		301,369
Series 2010-2, Cl. D, 6.24%, 6/8/16		40,000		43,315
AmeriCredit Automobile Receivables Trust 2011-1, Automobile Receivables-Backed Nts., Series 2011-1, Cl. D, 4.26%, 2/8/17		90,000		95,966
AmeriCredit Automobile Receivables Trust 2011-2, Automobile Receivables-Backed Nts.:
Series 2011-2, Cl. B, 2.33%, 3/8/16		300,000		305,220
Series 2011-2, Cl. D, 4%, 5/8/17		300,000		311,536
AmeriCredit Automobile Receivables Trust 2011-4, Automobile Receivables-Backed Nts., Series 2011-4, Cl. D, 4.08%, 7/10/17		500,000		523,855

3 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
AmeriCredit Automobile Receivables Trust 2011-5, Automobile Receivables-Backed Nts., Series 2011-5, Cl. D, 5.05%, 12/8/17	$	305,000	$	329,110
AmeriCredit Automobile Receivables Trust 2012-1, Automobile Receivables-Backed Nts., Series 2012-1, Cl. D, 4.72%, 3/8/18		270,000		289,812
AmeriCredit Automobile Receivables Trust 2012-2, Automobile Receivables-Backed Nts., Series 2012-2, Cl. D, 3.38%, 4/9/18		455,000		467,393
Avis Budget Rental Car Funding AESOP LLC, Automobile Receivable Nts.:
Series 2010-3A, Cl. A, 4.64%, 5/20/162		20,000		21,754
Series 2011-2A, Cl. A, 2.37%, 11/20/142		300,000		308,313
Series 2012-1A, Cl. A, 2.054%, 8/20/162		235,000		241,805
Centre Point Funding LLC, Asset-Backed Nts., Series 2010-1A, Cl. 1, 5.43%, 7/20/152		54,889		57,586
Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15		250,000		257,035
Citibank Omni Master Trust, Credit Card Receivables Nts., Series 2009-A17, Cl. A17, 4.90%, 11/15/182		40,000		43,620
CNH Wholesale Master Note Trust 2011-1, Equipment Nts., Series 2011-1, Cl. 1A, 1.021%, 1/20/413		115,000		115,183
CPS Auto Trust, Automobile Receivable Nts.:
Series 2012-B, Cl. A, 3.09%, 9/1/192		352,200		353,729
Series 2012-C, Cl. A., 2.26%, 12/16/192		130,000		130,115
Credit Acceptance Auto Loan Trust, Automobile Receivable Nts.:
Series 2012-1A, Cl. A, 2.20%, 9/16/192		175,000		176,280
Series 2012-2A, Cl. A, 2.35%, 3/15/202		100,000		100,055
Series 2012-2A, Cl. B, 5.45%, 9/15/202		50,000		49,711
DSC Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2011-1, Cl. A, 3.91%, 3/15/16		310,000		317,746
DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/15/152		430,000		430,938
DT Auto Owner Trust 2011-2A, Automobile Receivable Nts., Series 2011-2A, Cl. C, 3.05%, 7/15/132		105,000		105,082
DT Auto Owner Trust 2011-3A, Automobile Receivable Nts., Series 2011-3A, Cl. C, 4.03%, 12/15/412		299,000		303,543
DT Auto Owner Trust 2012-1A, Automobile Receivable Nts., Series 2012-1A, Cl. A, 1.05%, 1/15/152		188,775		188,914
DT Auto Owner Trust 2012-2, Automobile Receivable Nts.:
Series 2012-2, Cl. C, 2.72%, 4/17/172		35,000		35,096
Series 2012-2, Cl. D, 4.35%, 3/15/192		80,000		80,325
Enterprise Fleet Financing LLC, Automobile Receivable Nts., Series 2012-2, Cl. A2, 0.72%, 11/20/172,3		40,000		40,029
Exeter Automobile Receivables Trust, Automobile Receivable Nts.:
Series 2012-1A, Cl. A, 2.02%, 8/15/162		178,197		178,574
Series 2012-2A, Cl. A, 1.30%, 6/15/172		160,000		160,033

4 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
First Investors Auto Owner Trust 2011-1, Automobile Receivable Nts., Series 2011-1, Cl. A2, 1.47%, 3/16/15	$	85,166	$	85,172
Ford Credit Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2012-1, Cl. A, 0.691%, 1/15/163		155,000		155,689
Hertz Vehicle Financing LLC, Automobile Receivable Nts., Series 2010-1A, Cl. A1, 2.60%, 2/25/152		490,000		500,471
MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 1.571%, 3/15/163		375,000		377,529
Rental Car Finance Corp., Automobile Receivable Nts., Series 2011-1A, Cl. A1, 2.51%, 2/25/162		265,000		270,191
Santander Drive Auto Receivables Trust 2010-3, Automobile Receivables Nts., Series 2010-3, Cl. C, 3.06%, 11/15/17		350,000		355,305
Santander Drive Auto Receivables Trust 2010-A, Automobile Receivables Nts., Series 2010-A, Cl. A3, 1.83%, 11/17/142		85,206		85,920
Santander Drive Auto Receivables Trust 2010-B, Automobile Receivables Nts., Series 2010-B, Cl. C, 3.02%, 10/17/162		290,000		295,414
Santander Drive Auto Receivables Trust 2011-1, Automobile Receivables Nts., Series 2011-1, Cl. D, 4.01%, 2/15/17		360,000		368,152
Santander Drive Auto Receivables Trust 2011-4, Automobile Receivables Nts., Series 2011-4, Cl. B, 2.90%, 5/16/16		105,000		108,098
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/174		249,003		249,986
Santander Drive Auto Receivables Trust 2011-S2A, Automobile Receivables Nts., Series 2011-S2A, Cl. D, 3.35%, 6/15/174		174,084		175,063
Santander Drive Auto Receivables Trust 2012-1, Automobile Receivables Nts., Series 2012-1, Cl. A2, 1.25%, 4/15/15		63,022		63,319
Santander Drive Auto Receivables Trust 2012-2, Automobile Receivables Nts., Series 2012-2, Cl. D, 5%, 2/15/18		375,000		386,332
SNAAC Auto Receivables Trust, Automobile Receivable Nts., Series 2012-1A, Cl. A, 1.78%, 6/15/162		170,284		170,642
United Auto Credit Securitization Trust 2012-1, Automobile Receivables Nts.:
Series 2012-1, Cl. A2, 1.10%, 3/16/15		100,000		100,000
Series 2012-1, Cl. B, 1.87%, 9/15/15		170,000		170,000
Series 2012-1, Cl. C, 2.52%, 3/15/16		120,000		120,000
Series 2012-1, Cl. D, 3.12%, 3/15/18		85,000		84,994
Westlake Automobile Receivables Trust 2011-1, Automobile Receivables Nts., Series 2011-1, Cl. A3, 1.49%, 6/16/142		132,198		132,412
Westlake Automobile Receivables Trust 2012-1, Automobile Receivable Nts., Series 2012-1, Cl. D, 1.03%, 6/16/142,3		100,000		100,012
Wheels SPV LLC, Asset-Backed Nts., Series 2012-1, Cl. A2, 1.19%, 3/20/212		170,000		170,541
World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2012-B, Cl. A, 1.76%, 5/17/21		115,000		115,856
Total Asset-Backed Securities (Cost $11,984,833)				12,145,618

5 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Mortgage-Backed Obligations–27.8%
Government Agency–22.4%
FHLMC/FNMA/FHLB/Sponsored–21.9%
Federal Home Loan Mortgage Corp.:
3.50%, 10/1/425	$	1,715,000	$	1,839,338
4.50%, 10/15/18		114,691		123,298
5%, 12/15/34		8,159		8,929
5.50%, 9/1/39		1,092,811		1,204,478
6.50%, 4/15/18-4/1/34		89,247		101,206
7%, 10/1/31-10/1/37		604,906		702,044
8%, 4/1/16		26,158		28,094
9%, 8/1/22-5/1/25		11,699		13,549
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 2006-11, Cl. PS, 23.773%, 3/25/363		229,213		346,216
Series 2426, Cl. BG, 6%, 3/15/17		215,567		231,012
Series 2427, Cl. ZM, 6.50%, 3/15/32		305,553		354,193
Series 2461, Cl. PZ, 6.50%, 6/15/32		150,400		174,536
Series 2500, Cl. FD, 0.721%, 3/15/323		20,433		20,686
Series 2526, Cl. FE, 0.621%, 6/15/293		26,463		26,680
Series 2551, Cl. FD, 0.621%, 1/15/333		17,581		17,738
Series 2626, Cl. TB, 5%, 6/1/33		384,205		421,301
Series 3025, Cl. SJ, 23.941%, 8/15/353		62,780		95,711
Series 3822, Cl. JA, 5%, 6/1/40		448,179		469,134
Series 3848, Cl. WL, 4%, 4/1/40		383,861		409,980
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 15.011%, 4/1/276		184,248		41,625
Series 192, Cl. IO, 12.502%, 2/1/286		49,953		10,434
Series 2130, Cl. SC, 51.51%, 3/15/296		154,655		35,088
Series 243, Cl. 6, 0.119%, 12/15/326		162,696		34,333
Series 2531, Cl. ST, 99.999%, 2/15/306		49,160		323
Series 2796, Cl. SD, 66.23%, 7/15/266		224,938		48,917
Series 2802, Cl. AS, 73.958%, 4/15/336		101,329		5,441
Series 2920, Cl. S, 65.57%, 1/15/356		1,137,923		224,752
Series 2922, Cl. SE, 10.691%, 2/15/356		69,301		15,282
Series 3201, Cl. SG, 10.25%, 8/15/366		180,570		34,791
Series 3450, Cl. BI, 13.324%, 5/15/386		213,464		38,087
Series 3606, Cl. SN, 9.162%, 12/15/396		114,035		18,738
Series 3662, Cl. SM, 26.171%, 10/15/326		174,999		26,641
Series 3736, Cl. SN, 7.59%, 10/15/406		768,115		133,008
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 3.799%, 6/1/267		52,738		45,248
Federal National Mortgage Assn.:
2.50%, 10/1/275		8,240,000		8,662,300
3.50%, 11/1/425		10,040,000		10,744,369
4.50%, 10/1/27-10/1/425		7,924,000		8,576,239
5.50%, 9/25/20		8,008		8,759
5.50%, 10/1/27-10/1/425		2,018,000		2,204,702

6 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
6%, 11/25/17-3/1/37	$	777,375	$	856,826
6%, 10/1/425		1,065,000		1,175,993
6.50%, 5/25/17-10/25/19		180,053		194,589
7%, 11/1/17-10/25/35		93,177		101,373
7.50%, 1/1/33		153,548		187,302
8.50%, 7/1/32		7,019		8,750
Federal National Mortgage Assn., 15 yr.:
3%, 10/1/275		10,955,000		11,615,723
3.50%, 10/1/275		755,000		803,603
Federal National Mortgage Assn., 30 yr., 4%, 10/1/425		5,370,000		5,787,014
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Trust 1998-61, Cl. PL, 6%, 11/25/28		135,588		153,535
Trust 2003-130, Cl. CS, 13.667%, 12/25/333		36,083		45,601
Trust 2003-28, Cl. KG, 5.50%, 4/25/23		662,000		731,518
Trust 2004-101, Cl. BG, 5%, 1/25/20		750,158		800,951
Trust 2005-104, Cl. MC, 5.50%, 12/25/25		700,000		771,598
Trust 2005-31, Cl. PB, 5.50%, 4/25/35		250,000		312,036
Trust 2005-69, Cl. LE, 5.50%, 11/1/33		145,375		149,662
Trust 2006-46, Cl. SW, 23.405%, 6/25/363		170,250		259,510
Trust 2006-50, Cl. KS, 23.406%, 6/25/363		37,051		55,923
Trust 2007-42, Cl. A, 6%, 2/1/33		322,204		333,072
Trust 2009-36, Cl. FA, 1.157%, 6/25/373		418,581		425,518
Trust 2009-37, Cl. HA, 4%, 4/1/19		316,162		334,783
Trust 2009-70, Cl. PA, 5%, 8/1/35		270,014		272,941
Trust 2011-15, Cl. DA, 4%, 3/1/41		191,197		205,948
Trust 2011-3, Cl. KA, 5%, 4/1/40		372,508		406,825
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-65, Cl. S, 32.14%, 11/25/316		367,290		74,488
Trust 2001-78, Cl. JS, 0%, 8/25/416,8		323,126		56,050
Trust 2001-81, Cl. S, 25.699%, 1/25/326		90,348		17,801
Trust 2002-47, Cl. NS, 34.85%, 4/25/326		232,753		46,120
Trust 2002-51, Cl. S, 35.062%, 8/25/326		213,723		42,348
Trust 2002-52, Cl. SD, 42.004%, 9/25/326		280,537		55,806
Trust 2002-77, Cl. SH, 40.415%, 12/18/326		134,108		29,506
Trust 2002-84, Cl. SA, 36.496%, 12/25/326		348,845		58,695
Trust 2002-9, Cl. MS, 30.663%, 3/25/326		95,777		20,109
Trust 2003-33, Cl. SP, 33.637%, 5/25/336		394,452		64,705
Trust 2003-4, Cl. S, 32.014%, 2/25/336		221,819		42,898
Trust 2003-46, Cl. IH, 0%, 6/1/236,8		810,381		97,385
Trust 2003-89, Cl. XS, 99.999%, 11/25/326		43,405		1,118
Trust 2004-54, Cl. DS, 50.687%, 11/25/306		229,989		48,763
Trust 2004-56, Cl. SE, 16.916%, 10/25/336		71,580		13,025
Trust 2005-12, Cl. SC, 14.141%, 3/25/356		35,294		7,508
Trust 2005-14, Cl. SE, 47.153%, 3/25/356		116,057		20,096
Trust 2005-40, Cl. SA, 58.456%, 5/25/356		599,905		118,841
Trust 2005-5, Cl. SD, 12.751%, 1/25/356		161,277		30,895

7 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Trust 2005-71, Cl. SA, 63.097%, 8/25/256	$	615,920	$	93,139
Trust 2005-93, Cl. SI, 21.936%, 10/25/356		175,691		27,258
Trust 2007-75, Cl. BI, 2.546%, 8/25/376		1,140,585		268,855
Trust 2007-88, Cl. XI, 42.70%, 6/25/376		474,215		80,846
Trust 2008-46, Cl. EI, 14.589%, 6/25/386		217,770		39,135
Trust 2008-55, Cl. SA, 21.489%, 7/25/386		517,515		76,935
Trust 2009-8, Cl. BS, 21.07%, 2/25/246		132,447		13,579
Trust 222, Cl. 2, 25.847%, 6/1/236		395,887		77,988
Trust 233, Cl. 2, 45.648%, 8/1/236		263,739		59,012
Trust 252, Cl. 2, 40.374%, 11/1/236		346,147		76,332
Trust 319, Cl. 2, 3.804%, 2/1/326		91,435		18,098
Trust 320, Cl. 2, 11.627%, 4/1/326		26,120		6,193
Trust 321, Cl. 2, 0.587%, 4/1/326		306,408		61,654
Trust 331, Cl. 9, 6.557%, 2/1/336		309,743		60,678
Trust 334, Cl. 17, 13.913%, 2/1/336		189,087		36,795
Trust 339, Cl. 12, 0%, 7/1/336,8		299,548		52,684
Trust 339, Cl. 7, 19.762%, 7/1/336		898,920		116,877
Trust 343, Cl. 13, 2.345%, 9/1/336		280,528		38,611
Trust 345, Cl. 9, 49.26%, 1/1/346		312,221		37,194
Trust 351, Cl. 10, 3.541%, 4/1/346		40,357		5,362
Trust 351, Cl. 8, 4.991%, 4/1/346		131,322		18,152
Trust 356, Cl. 10, 18.134%, 6/1/356		101,725		13,520
Trust 356, Cl. 12, 22.149%, 2/1/356		54,880		6,987
Trust 362, Cl. 13, 7.378%, 8/1/356		365,503		54,336
Trust 364, Cl. 16, 13.545%, 9/1/356		273,409		39,024
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 4.217%, 9/25/237		143,846		134,486
				65,847,681
GNMA/Guaranteed–0.3%
Government National Mortgage Assn.:
7%, 1/30/24		70,910		83,557
7.50%, 1/30/23-6/30/24		68,290		78,253
8%, 5/30/17-4/15/23		54,152		62,878
8.50%, 8/1/17-12/15/17		15,475		16,604
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2001-21, Cl. SB, 81.346%, 1/16/276		276,461		56,962
Series 2002-15, Cl. SM, 79.607%, 2/16/326		319,310		72,428
Series 2002-76, Cl. SY, 81.88%, 12/16/266		725,341		167,492
Series 2004-11, Cl. SM, 70.41%, 1/17/306		254,306		64,934
Series 2007-17, Cl. AI, 22.03%, 4/16/376		722,506		162,928
Series 2011-52, Cl. HS, 9.436%, 4/16/416		343,933		99,410
				865,446
Other Agency–0.2%
NCUA Guaranteed Notes Trust 2010-R3, Gtd. Nts., Series 2010-R3, Cl. 2A, 0.788%, 12/8/203		521,753		525,666

8 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Non-Agency–5.4%
Commercial–3.4%
Banc of America Commercial Mortgage Trust 2007-1, Commercial Mtg. Pass-Through Certificates, Series 2007-1, Cl. A4, 5.451%, 1/1/49	$	515,000	$	597,962
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-3, Cl. A4, 5.893%, 6/1/493		270,000		311,433
Bear Stearns ARM Trust 2007-4, Mtg. Pass-Through Certificates, Series 2007-4, Cl. 22A1, 5.532%, 6/1/473		202,745		169,692
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, Commercial Mtg. Pass-Through Certificates, Series 2007-PWR17, Cl. AM, 5.915%, 6/1/503		305,000		336,117
CFCRE Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2011-C1, Cl. A1, 1.871%, 4/1/442		84,798		86,539
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37		42,279		33,223
Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. A4, 6.263%, 12/1/493		460,000		553,000
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A4, 5.322%, 12/1/49		425,000		486,619
Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		306,101		207,603
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 2010-C1, Cl. XPA, 4.898%, 9/1/202,6		3,091,820		193,998
First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35		307,133		296,503
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		546,776		374,594
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2006-GG7, Commercial Mtg. Pass-Through Certificates, Series 2006-GG7, Cl. AM, 6.065%, 7/1/383		190,000		209,142
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. A4, 5.736%, 12/1/49		300,000		352,083
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. AM, 5.475%, 3/1/39		115,000		119,424
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2011-GC3, Cl. A1, 2.331%, 3/1/44		224,865		231,221
GS Mortgage Securities Trust 2006-GG6, Commercial Mtg. Pass-Through Certificates, Series 2006-GG6, Cl. AM, 5.622%, 4/1/38		286,699		308,562
GSR Mortgage Loan Trust 2005-AR4, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 6A1, 5.25%, 7/1/35		111,006		109,687

9 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Commercial Continued
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 4.96%, 11/1/353	$	285,776	$	237,856
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates:
Series 2011-C3, Cl. A1, 1.875%, 2/1/462		268,339		273,290
Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/492		125,838		130,165
Series 2007-LDP10, Cl. A3S, 5.317%, 1/1/49		520,000		539,264
Series 2007-LDPX, Cl. A3, 5.42%, 1/15/49		60,000		69,466
Series 2007-LD11, Cl. A2, 5.988%, 6/15/493		210,930		218,036
JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 8/1/37		294,741		272,973
JPMorgan, Re-securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2009-5, Cl. 1A2, 2.614%, 7/1/362,3		265,992		183,894
LB-UBS Commercial Mortgage Trust 2007-C1, Commercial Mtg. Pass-Through Certificates, Series 2007-C1, Cl. A2, 5.318%, 2/11/40		51,224		51,774
LB-UBS Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates, Series 2007-C6, Cl. A4, 5.858%, 7/11/40		620,000		737,912
Mastr Adjustable Rate Mortgages Trust 2004-13, Mtg. Pass-Through Certificates, Series 2004-13, Cl. 2A2, 2.634%, 4/1/343		161,882		165,886
Merrill Lynch Mortgage Trust 2006-C2, Commercial Mtg. Pass-Through Certificates, Series 2006-C2, Cl. AM, 5.782%, 8/1/43		290,000		316,826
Morgan Stanley Capital I Trust 2007-IQ15, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ15, Cl. AM, 6.076%, 6/1/493		345,000		364,775
Structured Adjustable Rate Mortgage Loan Trust 2006-4, Commercial Mtg. Pass-Through Certificates, Series 2006-4, Cl. 6A, 5.402%, 5/1/363		187,532		152,872
Structured Adjustable Rate Mortgage Loan Trust 2007-6, Mtg. Pass-Through Certificates, Series 2007-6, Cl. 3A1, 4.876%, 7/1/373		294,729		226,496
Wachovia Bank Commercial Mortgage Trust 2006-C28, Commercial Mtg. Pass-Through Certificates, Series 2006-C28, Cl. A4, 5.572%, 10/1/48		40,000		46,226
Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. A3, 5.678%, 5/1/46		380,000		448,869
WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A4, 2.468%, 12/1/353		141,338		129,606
Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.61%, 2/1/353		60,139		59,933
Wells Fargo Mortgage-Backed Securities 2007-AR8 Trust, Mtg. Pass-Through Certificates, Series 2007-AR8, Cl. A1, 5.992%, 11/1/373		179,694		160,951

10 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Commercial Continued
WFRBS Commercial Mortgage Trust 2011-C3, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 8.956%, 3/1/446	$	4,093,381	$	337,796
				10,102,268
Multifamily–0.4%
CHL Mortgage Pass-Through Trust 2006-20, Mtg. Pass-Through Certificates, Series 2006-20, Cl. 1A17, 5.75%, 2/1/37		364,629		310,712
Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1A2A, 5.584%, 6/1/363		177,278		170,954
Countrywide Alternative Loan Trust 2005-86CB, Mtg. Pass-Through Certificates, Series 2005-86CB, Cl. A8, 5.50%, 2/1/36		58,245		52,106
Countrywide Alternative Loan Trust 2006-24CB, Mtg. Pass-Through Certificates, Series 2006-424B, Cl. A12, 5.75%, 6/1/36		111,923		88,049
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 5.046%, 5/1/373		37,593		35,575
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.693%, 3/25/363		687,080		647,084
				1,304,480
Other–0.2%
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A4, 5.444%, 3/1/39		555,000		637,151
Residential–1.4%
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.177%, 5/25/343		140,887		127,258
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates:
Series 2007-4, Cl. AM, 5.987%, 2/1/513		320,000		341,416
Series 2007-1, Cl. 1A3, 6%, 1/1/37		199,542		172,479
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.526%, 5/1/363		77,890		76,152
Banc of America Mortgage 2001-E Trust, Mtg. Pass-Through Certificates, Series 2004-E, Cl. 2A6, 3.106%, 6/1/343		221,037		217,648
Carrington Mortgage Loan Trust, Asset-Backed Pass-Through Certificates, Series 2006-FRE1, Cl. A2, 0.327%, 7/25/363		147,481		141,433
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35		54,749		50,833
CHL Mortgage Pass-Through Trust 2006-17, Mtg. Pass-Through Certificates, Series 2006-17, Cl. A2, 6%, 12/1/36		298,840		270,110
CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36		118,053		104,406
Countrywide Alternative Loan Trust 2005-29CB, Mtg. Pass-Through Certificates, Series 2005-29CB, Cl. A4, 5%, 7/1/35		724,674		563,806
Countrywide Alternative Loan Trust 2007-19, Mtg. Pass-Through Certificates, Series 2007-19, Cl. 1A34, 6%, 8/1/37		389,657		305,198
Countrywide Home Loans, Asset-Backed Certificates:
Series 2002-4, Cl. A1, 0.957%, 2/25/333		1,328		1,316

11 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Residential Continued
Series 2005-16, Cl. 2AF2, 5.287%, 5/1/363	$	355,367	$	278,824
CSMC Mortgage-Backed Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 2A10, 6%, 4/1/37		184,812		159,920
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.337%, 6/25/473		234,754		231,232
GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36		103,474		100,134
JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36		111,803		104,042
RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33		133,739		138,795
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		21,684		15,682
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36		35,768		31,982
WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 5.20%, 5/1/373		173,963		168,027
WaMu Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2006-AR18, Cl. 3A1, 4.744%, 1/1/373		94,227		81,499
Wells Fargo Alternative Loan 2007-PA5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-PA5, Cl. 1A1, 6.25%, 11/1/37		243,117		230,218
Wells Fargo Mortgage-Backed Securities 2005-9 Trust, Mtg. Pass-Through Certificates, Series 2005-9, Cl. 2A6, 5.25%, 10/25/35		95,874		102,133
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.649%, 10/1/363		175,838		174,234
				4,188,777
Total Mortgage-Backed Obligations (Cost $80,723,329)				83,471,469
U.S. Government Obligations–0.8%
Federal Home Loan Mortgage Corp. Nts.:
1%, 7/28/17		190,000		192,722
1.25%, 5/12/17-8/1/19		85,000		86,505
1.25%, 10/2/195		165,000		164,506
1.75%, 5/30/19		80,000		83,009
2.375%, 1/13/229		611,000		642,462
5.25%, 4/18/16		300,000		350,345
5.50%, 7/18/16		65,000		77,118
Federal National Mortgage Assn. Nts.:
0.875%, 8/28/17-10/26/17		416,000		418,608
1.125%, 4/27/17		191,000		194,751
5.375%, 6/12/17		75,000		91,030
U.S. Treasury Nts., 1.75%, 5/15/22		82,000		83,198
Total U.S. Government Obligations (Cost $2,298,767)				2,384,254

12 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Non-Convertible Corporate Bonds and Notes–19.4%
Consumer Discretionary–3.2%
Auto Components–0.1%
Dana Holding Corp., 6.75% Sr. Unsec. Nts., 2/15/21	$	289,000	$	313,565
Automobiles–0.3%
Daimler Finance North America LLC, 8.50% Sr. Unsec. Unsub. Nts., 1/18/31		164,000		260,729
Ford Motor Credit Co. LLC, 5.875% Sr. Unsec. Nts., 8/2/21		648,000		734,560
				995,289
Diversified Consumer Services–0.1%
Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15		344,000		381,840
Hotels, Restaurants & Leisure–0.3%
Darden Restaurants, Inc., 4.50% Sr. Unsec. Unsub. Nts., 10/15/21		163,000		175,411
Hyatt Hotels Corp., 5.75% Sr. Unsec. Unsub. Nts., 8/15/152		520,000		569,736
Starwood Hotels & Resorts Worldwide, Inc., 7.15% Sr. Unsec. Unsub. Nts., 12/1/19		79,000		96,733
				841,880
Household Durables–0.3%
Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22		323,000		350,455
Newell Rubbermaid, Inc., 5.50% Sr. Unsec. Nts., 4/15/13		330,000		337,948
Whirlpool Corp., 5.50% Sr. Unsec. Unsub. Nts., 3/1/13		134,000		136,309
				824,712
Media–1.0%
CBS Corp., 4.85% Sr. Unsec. Unsub. Nts., 7/1/42		97,000		103,255
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		205,000		306,696
Comcast Corp., 4.65% Sr. Unsec. Unsub. Nts., 7/15/42		70,000		75,282
CSC Holdings, Inc., 7.625% Sr. Unsec. Debs., 7/15/18		298,000		344,935
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.15% Sr. Unsec. Nts., 3/15/42		180,000		184,050
DISH DBS Corp., 6.75% Sr. Unsec. Nts., 6/1/21		317,000		347,115
Historic TW, Inc., 9.125% Debs., 1/15/13		115,000		117,721
Interpublic Group of Cos., Inc. (The):
6.25% Sr. Unsec. Nts., 11/15/14		120,000		130,200
10% Sr. Unsec. Nts., 7/15/17		324,000		361,665
News America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41		109,000		136,360
Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33		181,000		264,154
Time Warner, Inc., 9.15% Debs., 2/1/23		38,000		54,545
Virgin Media Secured Finance plc:
5.25% Sr. Sec. Nts., 1/15/21		195,000		226,664
6.50% Sr. Sec. Nts., 1/15/18		417,000		458,700
				3,111,342
Multiline Retail–0.3%
Dollar General Corp., 4.125% Nts., 7/15/17		289,000		303,450
Macy’s Retail Holdings, Inc., 5.75% Sr. Unsec. Nts., 7/15/14		414,000		448,966
				752,416
Specialty Retail–0.6%
Gap, Inc. (The), 5.95% Sr. Unsec. Unsub. Nts., 4/12/21		332,000		370,523
Limited Brands, Inc., 6.625% Sr. Nts., 4/1/21		315,000		359,100

13 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Specialty Retail Continued
Rent-A-Center, Inc., 6.625% Sr. Unsec. Nts., 11/15/20	$	355,000	$	385,175
Sally Holdings LLC/Sally Capital, Inc., 6.875% Sr. Unsec. Nts., 11/15/19		323,000		360,953
Staples, Inc., 9.75% Sr. Unsec. Unsub. Nts., 1/15/14		273,000		302,139
				1,777,890
Textiles, Apparel & Luxury Goods–0.2%
Hanesbrands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 12/15/20		271,000		295,390
Phillips-Van Heusen Corp., 7.375% Sr. Unsec. Unsub. Nts., 5/15/20		277,000		314,395
				609,785
Consumer Staples–1.5%
Beverages–0.5%
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		146,000		245,049
Coca-Cola HBC Finance BV, 5.125% Sr. Unsec. Unsub. Nts., 9/17/13		294,000		302,053
Constellation Brands, Inc., 6% Sr. Unsec. Unsub. Nts., 5/1/22		315,000		359,888
Fortune Brands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/14		87,000		94,922
Pernod-Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/222		307,000		334,987
SABMiller Holdings, Inc., 4.95% Sr. Unsec. Nts., 1/15/42		125,000		146,259
				1,483,158
Food & Staples Retailing–0.2%
Delhaize Group:
5.70% Sr. Unsec. Nts., 10/1/40		94,000		83,996
5.875% Sr. Unsec. Unsub. Bonds, 2/1/14		279,000		293,234
Safeway, Inc., 3.95% Sr. Unsec. Unsub. Nts., 8/15/20		191,000		186,333
				563,563
Food Products–0.4%
Bunge Ltd. Finance Corp.:
5.35% Sr. Unsec. Unsub. Nts., 4/15/14		236,000		249,310
8.50% Sr. Unsec. Nts., 6/15/19		207,000		262,663
Kraft Foods Group, Inc., 6.50% Sr. Unsec. Unsub. Nts., 2/9/402		192,000		258,278
TreeHouse Foods, Inc., 7.75% Sr. Unsec. Nts., 3/1/18		353,000		386,535
Tyson Foods, Inc., 4.50% Sr. Unsec. Unsub. Nts., 6/15/22		150,000		157,875
				1,314,661
Tobacco–0.4%
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		262,000		450,824
Lorillard Tobacco Co., 7% Sr. Unsec. Nts., 8/4/41		221,000		267,428
Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13		319,000		332,292
				1,050,544
Energy–2.0%
Energy Equipment & Services–0.5%
Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21		350,000		396,097
FMC Technologies, Inc., 2% Sr. Unsec. Unsub. Nts., 10/1/17		142,000		143,676
Nabors Industries, Inc., 4.625% Sr. Unsec. Nts., 9/15/21		269,000		289,740
Noble Holding International Ltd., 7.375% Sr. Unsec. Bonds, 3/15/14		276,000		300,587

14 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Energy Equipment & Services Continued
Precision Drilling Corp.:
6.50% Sr. Unsec. Nts., 12/15/21	$	152,000	$	163,020
6.625% Sr. Unsec. Nts., 11/15/20		145,000		155,150
Rowan Cos., Inc., 4.875% Sr. Unsec. Nts., 6/1/22		198,000		212,937
				1,661,207
Oil, Gas & Consumable Fuels–1.5%
Anadarko Petroleum Corp., 6.20% Sr. Unsec. Nts., 3/15/40		117,000		144,051
Canadian Oil Sands Ltd.:
5.80% Sr. Unsec. Nts., 8/15/132		318,000		332,335
6% Sr. Unsec. Nts., 4/1/422		129,000		149,162
DCP Midstream LLC, 5.35% Sr. Unsec. Nts., 3/18/202		197,000		216,526
El Paso Pipeline Partners LP, 6.50% Sr. Unsec. Nts., 4/1/20		488,000		581,477
Energy Transfer Partners LP:
4.65% Sr. Unsec. Unsub. Nts., 6/1/21		256,000		275,857
5.20% Sr. Unsec. Unsub. Nts., 2/1/22		92,000		102,265
Kinder Morgan Energy Partners LP, 5% Sr. Unsec. Unsub. Nts., 8/15/42		91,000		94,976
Newfield Exploration Co., 6.875% Sr. Unsec. Sub. Nts., 2/1/20		308,000		339,570
Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37		126,000		160,672
Phillips 66, 4.30% Unsec. Nts., 4/1/222		202,000		221,648
Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19		314,000		350,110
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/144		291,000		315,857
Rockies Express Pipeline LLC, 3.90% Sr. Unsec. Unsub. Nts., 4/15/152		327,000		323,730
Southwestern Energy Co., 4.10% Sr. Unsec. Nts., 3/15/222		160,000		170,196
Woodside Finance Ltd.:
4.60% Sr. Unsec. Nts., 5/10/212		245,000		269,468
5% Sr. Unsec. Nts., 11/15/132		312,000		324,756
				4,372,656
Financials–6.9%
Capital Markets–1.6%
Blackstone Holdings Finance Co. LLC:
4.75% Sr. Unsec. Nts., 2/15/232		85,000		88,827
6.625% Sr. Unsec. Nts., 8/15/192		467,000		539,671
Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34		340,000		342,919
Goldman Sachs Group, Inc. (The):
5.25% Sr. Unsec. Nts., 7/27/21		271,000		299,357
6.25% Sr. Nts., 2/1/41		307,000		356,863
Macquarie Bank Ltd.:
5% Sr. Nts., 2/22/172		101,000		108,006
6.625% Unsec. Sub. Nts., 4/7/212		466,000		499,579
Morgan Stanley:
5.625% Sr. Unsec. Nts., 9/23/19		753,000		823,974
6.375% Sr. Unsec. Nts., 7/24/42		243,000		268,872
Nomura Holdings, Inc.:
4.125% Sr. Unsec. Unsub. Nts., 1/19/16		330,000		341,402
6.70% Sr. Unsec. Nts., 3/4/20		28,000		32,064

15 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Capital Markets Continued
Raymond James Financial, Inc., 5.625% Sr. Nts., 4/1/24	$	314,000	$	346,649
TD Ameritrade Holding Corp., 2.95% Sr. Unsec. Unsub. Nts., 12/1/12		354,000		355,471
UBS AG Stamford CT, 2.25% Sr. Unsec. Nts., 8/12/13		139,000		140,834
UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Nts.10		302,000		300,490
				4,844,978
Commercial Banks–1.4%
ANZ National International Ltd., 2.375% Sr. Unsec. Nts., 12/21/122		382,000		383,694
Fifth Third Cap Trust IV, 6.50% Jr. Unsec. Sub. Nts., 4/15/37		641,000		645,006
HBOS plc, 6.75% Unsec. Sub. Nts., 5/21/182		293,000		298,860
HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/353		820,000		810,775
Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/202		237,000		250,090
Mercantile Bankshares Corp., 4.625% Unsec. Sub. Nts., Series B, 4/15/13		218,000		222,245
RBS Citizens Financial Group, Inc., 4.15% Sub. Nts., 9/28/222		595,000		597,463
Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K10		333,000		383,783
Zions Bancorp, 4.50% Sr. Unsec. Unsub. Nts., 3/27/17		521,000		538,462
				4,130,378
Consumer Finance–0.4%
American Express Bank FSB, 5.50% Sr. Unsec. Nts., 4/16/13		329,000		338,009
Discover Bank, 8.70% Unsec. Sub. Nts., 11/18/19		457,000		590,994
SLM Corp., 4.625% Sr. Unsec. Nts., 9/25/17		247,000		250,889
				1,179,892
Diversified Financial Services–1.4%
Bank of America Corp., 5.70% Sr. Unsec. Unsub. Nts., 1/24/22		466,000		548,481
Citigroup, Inc.:
4.50% Sr. Unsec. Nts., 1/14/22		469,000		516,058
6.125% Sr. Unsec. Unsub. Nts., 11/21/17		519,000		611,501
ING Bank NV:
2% Nts., 9/25/152		500,000		501,108
3.75% Unsec. Nts., 3/7/172		108,000		113,940
JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 110		1,037,000		1,181,986
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38		453,000		571,262
				4,044,336
Insurance–1.6%
American International Group, Inc., 6.25% Jr. Sub. Bonds, 3/15/37		147,000		149,205
Burlington Northern Santa Fe LLC, 5.75% Sr. Unsec. Bonds, 5/1/40		130,000		163,644
CNA Financial Corp.:
5.75% Sr. Unsec. Unsub. Nts., 8/15/21		290,000		337,938
5.875% Sr. Unsec. Unsub. Bonds, 8/15/20		169,000		197,664
Hartford Financial Services Group, Inc., 6.625% Sr. Unsec. Unsub. Nts., 4/15/42		178,000		216,280
Irish Life & Permanent Group Holdings plc, 3.60% Sr. Unsec. Unsub. Nts., 1/14/132		170,000		171,275
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Bonds, 4/20/67		688,000		676,820

16 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Insurance Continued
Principal Financial Group, Inc., 4.625% Sr. Unsec. Nts., 9/15/42	$	176,000	$	180,679
Prudential Covered Trust 2012-1, 2.997% Sec. Nts., 9/30/152		412,000		428,343
Prudential Financial, Inc., 5.875% Sub. Nts., 9/15/42		225,000		231,469
Swiss Re Capital I LP, 6.854% Perpetual Bonds2,10		673,000		685,434
Unum Group, 5.625% Sr. Unsec. Unsub. Nts., 9/15/20		520,000		582,345
Willis Group Holdings plc, 4.125% Sr. Unsec. Unsub. Nts., 3/15/16		116,000		123,251
ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/373,4		587,000		623,688
				4,768,035
Real Estate Investment Trusts (REITs)–0.5%
American Tower Corp.:
5.05% Sr. Unsec. Unsub. Nts., 9/1/20		75,000		83,855
7% Sr. Unsec. Nts., 10/15/17		294,000		350,344
CommonWealth REIT, 5.75% Sr. Unsec. Unsub. Bonds, 2/15/14		295,000		303,002
Duke Realty LP, 6.25% Sr. Unsec. Unsub. Nts., 5/15/13		322,000		332,784
National Retail Properties, Inc., 6.25% Sr. Unsec. Unsub. Nts., 6/15/14		211,000		226,788
WEA Finance LLC/WT Finance Aust Pty Ltd., 7.50% Sr. Unsec. Nts., 6/2/142		283,000		311,974
				1,608,747
Health Care–0.8%
Biotechnology–0.3%
Amgen, Inc., 3.625% Sr. Unsec. Unsub. Nts., 5/15/22		299,000		315,940
Celgene Corp., 3.25% Sr. Unsec. Nts., 8/15/22		322,000		325,822
Gilead Sciences, Inc., 5.65% Sr. Unsec. Nts., 12/1/41		167,000		209,967
				851,729
Health Care Providers & Services–0.3%
Aristotle Holding, Inc., 3.90% Unsec. Nts., 2/15/222		221,000		241,302
McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41		183,000		251,272
Quest Diagnostics, Inc., 5.75% Sr. Unsec. Nts., 1/30/40		215,000		255,747
				748,321
Pharmaceuticals–0.2%
Bristol-Myers Squibb Co., 2% Sr. Unsec. Unsub. Nts., 8/1/22		213,000		207,607
Mylan, Inc., 6% Sr. Nts., 11/15/182		365,000		388,725
Watson Pharmaceuticals, Inc., 3.25% Sr. Unsec. Nts., 10/1/225		106,000		107,608
				703,940
Industrials–1.3%
Aerospace & Defense–0.2%
BE Aerospace, Inc., 5.25% Sr. Unsec. Unsub. Nts., 4/1/22		200,000		208,500
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21		280,000		302,750
				511,250
Commercial Services & Supplies–0.1%
Clean Harbors, Inc., 5.25% Sr. Unsec. Nts., 8/1/202		298,000		308,430
R.R. Donnelley & Sons Co., 8.60% Sr. Unsec. Unsub. Nts., 8/15/16		50,000		54,500
				362,930

17 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Industrial Conglomerates–0.4%
General Electric Capital Corp.:
5.25% Sr. Unsec. Nts., 10/19/12	$	49,000	$	49,109
6.375% Unsec. Sub. Bonds, 11/15/67		644,000		681,159
7.125% Unsec. Sub. Nts., 12/15/49		300,000		335,631
				1,065,899
Machinery–0.5%
CNH Capital LLC, 6.25% Sr. Unsec. Nts., 11/1/162		338,000		368,843
ITT Corp., 7.375% Unsec. Debs., 11/15/15		217,000		252,545
Joy Global, Inc., 5.125% Sr. Unsec. Unsub. Nts., 10/15/21		208,000		231,274
Kennametal, Inc., 3.875% Sr. Unsec. Unsub. Nts., 2/15/22		234,000		245,290
SPX Corp., 6.875% Sr. Unsec. Nts., 9/1/172		286,000		321,035
				1,418,987
Professional Services–0.1%
FTI Consulting, Inc., 6.75% Sr. Unsec. Nts., 10/1/20		288,000		308,880
Road & Rail–0.0%
CSX Corp., 5.50% Sr. Unsec. Nts., 4/15/41		118,000		142,851
Information Technology–0.7%
Communications Equipment–0.1%
Juniper Networks, Inc., 5.95% Sr. Unsec. Unsub. Nts., 3/15/41		138,000		154,766
Computers & Peripherals–0.2%
Hewlett-Packard Co.:
4.65% Sr. Unsec. Nts., 12/9/21		249,000		260,174
4.75% Sr. Unsec. Nts., 6/2/14		276,000		291,097
				551,271
Electronic Equipment, Instruments & Components–0.2%
Arrow Electronics, Inc., 5.125% Sr. Unsec. Unsub. Nts., 3/1/21		340,000		371,932
Corning, Inc., 4.75% Sr. Unsec. Unsub. Nts., 3/15/42		125,000		135,818
				507,750
Internet Software & Services–0.0%
eBay, Inc., 4% Sr. Unsec. Unsub. Nts., 7/15/42		119,000		116,498
Office Electronics–0.1%
Xerox Corp., 5.65% Sr. Unsec. Nts., 5/15/13		330,000		340,207
Software–0.1%
Symantec Corp., 4.20% Sr. Unsec. Unsub. Nts., 9/15/20		391,000		406,841
Materials–1.3%
Chemicals–0.3%
Agrium, Inc.:
3.15% Sr. Unsec. Nts., 10/1/225		243,000		245,286
6.125% Sr. Unsec. Nts., 1/15/41		155,000		195,558
CF Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 5/1/20		227,000		285,453
Eastman Chemical Co., 4.80% Sr. Unsec. Nts., 9/1/42		145,000		157,949
				884,246
Containers & Packaging–0.4%
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25% Sr. Unsec. Nts., 2/1/21		308,000		344,960
Greif, Inc., 7.75% Sr. Unsec. Nts., 8/1/19		261,000		302,760
Rock-Tenn Co.:
3.50% Sr. Nts., 3/1/202		62,000		63,381
4.90% Sr. Unsec. Nts., 3/1/222		112,000		121,585

18 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Containers & Packaging Continued
Sealed Air Corp., 8.375% Sr. Unsec. Nts., 9/15/212	$	270,000	$	303,750
				1,136,436
Metals & Mining–0.5%
Allegheny Technologies, Inc., 5.95% Sr. Unsec. Unsub. Nts., 1/15/21		8,000		8,847
ArcelorMittal, 6.25% Sr. Unsec. Unsub. Nts., 2/25/22		171,000		168,757
Cliffs Natural Resources, Inc., 6.25% Sr. Unsec. Unsub. Nts., 10/1/40		86,000		84,516
Freeport-McMoRan Copper & Gold, Inc., 3.55% Sr. Unsec. Nts., 3/1/22		227,000		227,725
Petrohawk Energy Corp., 6.25% Sr. Unsec. Nts., 6/1/19		499,000		563,085
Xstrata Canada Corp.:
5.375% Sr. Unsec. Unsub. Nts., 6/1/15		135,000		147,176
6% Sr. Unsec. Unsub. Nts., 10/15/15		264,000		294,242
Xstrata Finance Canada Ltd., 5.80% Sr. Unsec. Unsub. Bonds, 11/15/162		35,000		39,588
				1,533,936
Paper & Forest Products–0.1%
International Paper Co., 6% Sr. Unsec. Unsub. Nts., 11/15/41		139,000		170,217
Westvaco Corp., 7.95% Sr. Unsec. Unsub. Nts., 2/15/31		242,000		318,971
				489,188
Telecommunication Services–0.9%
Diversified Telecommunication Services–0.8%
AT&T, Inc., 6.30% Sr. Unsec. Bonds, 1/15/38		236,000		311,259
British Telecommunications plc, 9.625% Bonds, 12/15/30		209,000		341,358
CenturyLink, Inc., 7.65% Sr. Unsec. Unsub. Nts., 3/15/42		244,000		261,003
Frontier Communications Corp., 8.50% Sr. Unsec. Nts., 4/15/20		267,000		303,045
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		400,000		404,000
Telefonica Emisiones SAU, 5.462% Sr. Unsec. Unsub. Nts., 2/16/21		469,000		460,793
Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38		199,000		269,472
Windstream Corp., 7.875% Sr. Unsec. Unsub. Nts., 11/1/17		303,000		340,118
				2,691,048
Wireless Telecommunication Services–0.1%
America Movil SAB de CV, 4.375% Sr. Unsec. Unsub. Nts., 7/16/42		151,000		157,200
Utilities–0.8%
Electric Utilities–0.5%
Edison International, 3.75% Sr. Unsec. Unsub. Nts., 9/15/17		438,000		471,121
Great Plains Energy, Inc., 2.75% Sr. Unsec. Unsub. Nts., 8/15/13		354,000		359,003
Oncor Electric Delivery Co. LLC, 4.10% Unsub. Nts., 6/1/22		60,000		63,792
PPL WEM Holdings plc, 5.375% Sr. Unsec. Nts., 5/1/212		492,000		549,821
				1,443,737
Energy Traders–0.1%
TransAlta Corp., 5.75% Sr. Unsec. Nts., 12/15/13		316,000		330,700
Multi-Utilities–0.2%
CMS Energy Corp., 5.05% Sr. Unsec. Unsub. Nts., 3/15/22		270,000		298,807

19 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount			Value
Multi-Utilities Continued
Nisource Finance Corp., 3.85% Sr. Unsec. Unsub. Nts., 2/15/23	$	210,000		$	220,788
					519,595
Total Non-Convertible Corporate Bonds and Notes (Cost $53,989,564)					58,009,080
	Shares
Investment Company–5.8%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.18%11,12 (Cost $17,455,594)		17,455,594			17,455,594
Total Investments, at Value (Cost $325,405,248)		116.6	%		349,557,994
Liabilities in Excess of Other Assets		(16.6	)		(49,854,789	)
Net Assets		100.0	%	$	299,703,205

Footnotes to Statement of Investments

* September 28, 2012 represents the last business day in the Fund’s quarterly period. See accompanying Notes.

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 $17,020,084 or 5.68% of the Fund’s net assets as of September 28, 2012.

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

4. Restricted security. The aggregate value of restricted securities as of September 28, 2012 was $1,364,594, which represents 0.46% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Date	Cost		Value		Unrealized Appreciation
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/14	7/16/09-2/16/12	$	295,898	$	315,857	$	19,959
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17	2/4/11-2/9/12		249,265		249,986		721
Santander Drive Auto Receivables Trust 2011-S2A, Automobile Receivables Nts., Series 2011-S2A, Cl. D, 3.35%, 6/15/17	5/19/11-11/18/11		173,794		175,063		1,269
ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/37	2/24/11-2/23/12		578,561		623,688		45,127
		$	1,297,518	$	1,364,594	$	67,076

5. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after September 28, 2012. See accompanying Notes.

6. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans or other receivables. 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 or asset-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 $4,048,809 or 1.35% of the Fund’s net assets as of September 28, 2012.

7. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $179,734 or 0.06% of the Fund’s net assets as of September 28, 2012.

8. The current amortization rate of the security’s cost basis exceeds the future interest payments currently estimated to be received. Both the amortization rate and interest payments are contingent on future mortgage pre-payment speeds and are therefore subject to change.

9. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $205,041. See accompanying Notes.

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

11. Rate shown is the 7-day yield as of September 28, 2012.

20 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

12. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 28, 2012, 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 December 30, 2011a		Gross Additions		Gross Reductions		Shares September  28, 2012
Oppenheimer Institutional Money Market Fund, Cl. E		32,784,414		88,641,777		103,970,597		17,455,594

	Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E	$	17,455,594	$	29,241

a. December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See accompanying Notes.

Futures Contracts as of September 28, 2012 are as follows:
Contract Description	Buy/Sell		Number of Contracts		Expiration Date		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury Long Bonds, 20 yr.		Sell		7		12/19/12	$	1,045,625	$	9,052
U.S. Treasury Nts., 2 yr.		Sell		78		12/31/12		17,201,438		(6,190	)
U.S. Treasury Nts., 5 yr.		Sell		48		12/31/12		5,982,375		(26,757	)
U.S. Treasury Nts., 10 yr.		Sell		58		12/19/12		7,742,094		(28,072	)
U.S. Treasury Ultra Bonds		Buy		34		12/19/12		5,617,438		3,403
									$	(48,564	)

Notes to Statement of Investments

Quarterly and Annual Periods. The last day of the Fund’s quarterly period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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

As of September 28, 2012, 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	$	62,442,983
Sold securities		10,866,152

21 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

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

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

Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; and counterparty credit risk.

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

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

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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager,

22 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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 and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

Futures contracts and futures options 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.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

23 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

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

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

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

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts as of September 28, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	19,078,285		$	—	$	—	$	19,078,285
Consumer Staples		18,795,132			—		—		18,795,132
Energy		19,628,196			—		—		19,628,196
Financials		37,416,785			—		—		37,416,785
Health Care		27,917,003			—		—		27,917,003
Industrials		16,394,782			—		—		16,394,782
Information Technology		15,006,951			—		—		15,006,951
Materials		8,089,808			—		—		8,089,808
Telecommunication Services		6,954,967			—		—		6,954,967
Utilities		6,810,070			—		—		6,810,070
Asset-Backed Securities		—			12,145,618		—		12,145,618
Mortgage-Backed Obligations		—			83,471,469		—		83,471,469
U.S. Government Obligations		—			2,384,254		—		2,384,254
Non-Convertible Corporate Bonds and Notes		—			58,009,080		—		58,009,080
Investment Company		17,455,594			—		—		17,455,594
Total Investments, at Value		193,547,573			156,010,421		—		349,557,994
Other Financial Instruments:
Futures margins		1,637			—		—		1,637
Total Assets	$	193,549,210		$	156,010,421	$	—	$	349,559,631
Liabilities Table
Other Financial Instruments:
Futures margins	$	(13,820	)	$	—	$	—	$	(13,820	)
Total Liabilities	$	(13,820	)	$	—	$	—	$	(13,820	)

24 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

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

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

Risk Exposures and the Use of Derivative Instruments

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

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

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

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

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

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

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

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

The Fund’s actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below.

25 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

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

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

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

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

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

Foreign Currency Exchange Contracts

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

Forward contracts are reported on a schedule following the Statement of Investments. The unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports.

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

During the period ended September 28, 2012, the Fund had daily average contract amounts on forward foreign currency contracts to sell of $74,665.

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default.

As of September 28, 2012, the Fund had no outstanding forward contracts.

26 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

Futures Contracts

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

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

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

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

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

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

During the period ended September 28, 2012, the Fund had an ending monthly average market value of $6,572,091 and $22,461,374 on futures contracts purchased and sold, respectively.

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

Option Activity

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

Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports.

The Fund has purchased put options on individual equity securities and/or equity indexes to decrease exposure to equity risk. A purchased put 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 treasury and/or euro futures to increase exposure to interest rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

27 Oppenheimer Balanced Fund/VA

Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

During the period ended September 28, 2012, the Fund had an ending monthly average market value of $700 and $3,239 on purchased call options and purchased put options, respectively.

Options written, if any, are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. Securities held in collateralized accounts to cover potential obligations with respect to outstanding written options are noted in the Statement of Investments.

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

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

As of September 28, 2012, the Fund had no outstanding written or purchased options.

Restricted Securities

As of September 28, 2012, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 28, 2012 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

Federal tax cost of securities	$	326,509,863
Federal tax cost of other investments		(26,305,530	)
Total federal tax cost	$	300,204,333
Gross unrealized appreciation	$	25,523,195
Gross unrealized depreciation		(2,523,628	)
Net unrealized appreciation	$	22,999,567

28 Oppenheimer Balanced Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* / Unaudited

	Shares		Value
Common Stocks–99.1%
Consumer Discretionary–14.6%
Auto Components–0.8%
Johnson Controls, Inc.		297,730	$	8,157,802
Hotels, Restaurants & Leisure–3.3%
McDonald’s Corp.		231,040		21,197,920
Yum! Brands, Inc.		162,300		10,766,982
				31,964,902
Internet & Catalog Retail–1.4%
Amazon.com, Inc.1		52,784		13,424,027
Media–1.9%
Walt Disney Co. (The)		365,130		19,088,996
Specialty Retail–3.9%
O’Reilly Automotive, Inc.1		174,350		14,579,147
Tiffany & Co.		135,960		8,413,205
TJX Cos., Inc. (The)		337,040		15,096,022
				38,088,374
Textiles, Apparel & Luxury Goods–3.3%
Coach, Inc.		204,220		11,440,404
Nike, Inc., Cl. B		138,760		13,169,712
Ralph Lauren Corp., Cl. A		54,900		8,302,527
				32,912,643
Consumer Staples–12.6%
Beverages–4.4%
Brown-Forman Corp., Cl. B		178,035		11,616,784
Coca-Cola Co. (The)		430,290		16,320,900
SABMiller plc		333,660		14,655,201
				42,592,885
Food & Staples Retailing–2.0%
Costco Wholesale Corp.		195,760		19,600,470
Food Products–2.6%
Mead Johnson Nutrition Co., Cl. A		141,010		10,333,213
Nestle SA		228,114		14,382,945
				24,716,158
Household Products–1.3%
Colgate-Palmolive Co.		122,720		13,158,038
Personal Products–1.1%
Estee Lauder Cos., Inc. (The), Cl. A		175,960		10,833,857
Tobacco–1.2%
Philip Morris International, Inc.		127,980		11,510,521
Energy–9.8%
Energy Equipment & Services–6.0%
Cameron International Corp.1		218,870		12,272,041
Ensco plc, Cl. A		201,210		10,978,018
National Oilwell Varco, Inc.		162,210		12,994,643
Oceaneering International, Inc.		79,890		4,413,922
Schlumberger Ltd.		240,810		17,417,787
				58,076,411
Oil, Gas & Consumable Fuels–3.8%
Chevron Corp.		100,550		11,720,108
Noble Energy, Inc.		128,060		11,872,443
Occidental Petroleum Corp.		89,330		7,687,740
Phillips 66		133,000		6,167,210
				37,447,501
Financials–1.8%
Commercial Banks–0.7%
Standard Chartered plc		307,190		6,944,706
Consumer Finance–1.1%
American Express Co.		185,530		10,549,236
Health Care–12.6%
Biotechnology–2.4%
Alexion Pharmaceuticals, Inc.1		67,120		7,678,528
Vertex Pharmaceuticals, Inc.1		280,030		15,667,679
				23,346,207
Health Care Equipment & Supplies–1.1%
Baxter International, Inc.		183,810		11,076,391
Health Care Technology–0.9%
Cerner Corp.1		110,380		8,544,516
Life Sciences Tools & Services–0.8%
Mettler-Toledo International, Inc.1		46,660		7,966,728
Pharmaceuticals–7.4%
Allergan, Inc.		204,080		18,689,646
Bristol-Myers Squibb Co.		433,710		14,637,712
Novo Nordisk AS, Cl. B		108,794		17,186,883
Perrigo Co.		78,560		9,126,315
Roche Holding AG		67,612		12,630,971
				72,271,527
Industrials–13.0%
Aerospace & Defense–3.0%
Precision Castparts Corp.		74,900		12,234,166
TransDigm Group, Inc.1		50,620		7,181,459

1 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF INVESTMENTS Unaudited / (Continued)

	Shares			Value
Aerospace & Defense (Continued)
United Technologies Corp.		141,580		$	11,084,298
					30,499,923
Air Freight & Couriers–0.9%
United Parcel Service, Inc., Cl. B		129,660			9,279,766
Industrial Conglomerates–1.6%
Danaher Corp.		280,320			15,459,648
Machinery–4.2%
Caterpillar, Inc.		87,520			7,530,221
Cummins, Inc.		87,480			8,066,531
Eaton Corp.		74,500			3,520,870
Joy Global, Inc.		152,977			8,575,891
Parker Hannifin Corp.		147,390			12,318,856
					40,012,369
Road & Rail–3.3%
J.B. Hunt Transport Services, Inc.		142,190			7,399,568
Kansas City Southern		119,890			9,085,264
Union Pacific Corp.		134,120			15,920,044
					32,404,876
Information Technology–30.0%
Communications Equipment–4.4%
Juniper Networks, Inc.1		295,480			5,055,663
QUALCOMM, Inc.		618,530			38,651,940
					43,707,603
Computers & Peripherals–9.7%
Apple, Inc.		135,410			90,353,677
SanDisk Corp.1		112,350			4,879,361
					95,233,038
Electronic Equipment, Instruments & Components–1.0%
Corning, Inc.		730,320			9,603,708
Internet Software & Services–5.1%
eBay, Inc.1		338,610			16,392,110
Google, Inc., Cl. A1		44,160			33,318,720
					49,710,830
IT Services–3.9%
Fiserv, Inc.1		74,390			5,359,804
International Business Machines Corp.		25,730			5,337,688
Teradata Corp.1		195,340			14,730,589
Visa, Inc., Cl. A		96,047			12,897,191
					38,429,287
Semiconductors & Semiconductor Equipment–2.6%
Avago Technologies Ltd.		165,240			5,922,160
Broadcom Corp., Cl. A1		342,600			11,847,108
Texas Instruments, Inc.		267,200			7,361,360
					24,969,561
Software–3.3%
Intuit, Inc.		186,500			10,981,120
Salesforce.com, Inc.1		76,960			11,751,022
VMware, Inc., Cl. A1		103,280			9,991,307
					32,723,449
Materials–4.7%
Chemicals–4.7%
Ecolab, Inc.		181,730			11,777,921
Monsanto Co.		166,580			15,162,112
PPG Industries, Inc.		81,920			9,407,693
Praxair, Inc.		93,342			9,696,367
					46,044,093
Total Common Stocks (Cost $637,898,026)					970,407,099
Investment Company–0.8%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.18%2,3 (Cost $7,750,730)		7,750,730			7,750,730
Total Investments, at Value (Cost $645,648,756)		99.9	%		978,157,829
Assets in Excess of Other Liabilities		0.1			551,037
Net Assets		100.0	%	$	978,708,866

2 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF INVESTMENTS Unaudited / (Continued)

Footnotes to Statement of Investments

* September 28, 2012 represents the last business day of the Fund’s quarterly period. See accompanying Notes.

1. Non-income producing security.

2. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 28, 2012, 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 December 30, 2011ª		Gross Additions		Gross Reductions		Shares September 28, 2012
Oppenheimer Institutional Money Market Fund, Cl. E		8,136,365		111,574,054		111,959,689		7,750,730
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	7,750,730	$	7,475

a. December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See accompanying Notes.

3. Rate shown is the 7-day yield as of September 28, 2012.

3 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

Quarterly and Annual Periods. The last day of the Fund’s quarterly period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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

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

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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

4 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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 and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from third party pricing services. When the settlement date of a contract is an interim date for which a quotation is not available, interpolated values are derived using the nearest dated forward currency rate.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

5 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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. 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)

6 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

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

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

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts as of September 28, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	143,636,744	$	—	$	—	$	143,636,744
Consumer Staples		122,411,929		—		—		122,411,929
Energy		95,523,912		—		—		95,523,912
Financials		17,493,942		—		—		17,493,942
Health Care		123,205,369		—		—		123,205,369
Industrials		127,656,582		—		—		127,656,582
Information Technology		294,434,528		—		—		294,434,528
Materials		46,044,093		—		—		46,044,093
Investment Company		7,750,730		—		—		7,750,730
Total Assets	$	978,157,829	$	—	$	—	$	978,157,829

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

The table below shows the transfers between Level 1 and Level 2. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers into Level 1*		Transfers out of Level 2*
Assets Table
Investments, at Value:
Common Stocks
Consumer Staples	$	13,234,908	$	(13,234,908	)
Financials		5,760,745		(5,760,745	)
Total Assets	$	18,995,653	$	(18,995,653	)

* Transferred from Level 2 to Level 1 due to the presence of a readily available unadjusted quoted market price.

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

7 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments

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

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

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

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

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

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

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt

8 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

The Fund’s actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below.

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

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

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

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

Credit Related Contingent Features. The Fund’s agreements with derivative counterparties have several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund

9 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and or a percentage decrease in the Fund’s Net Asset Value or NAV. The contingent features are established within the Fund’s International Swap and Derivatives Association, Inc. master agreements which govern certain positions in swaps, over-the-counter options and swaptions, and forward currency exchange contracts for each individual counterparty.

Foreign Currency Exchange Contracts

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

Forward contracts are reported on a schedule following the Statement of Investments. The unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports.

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

During the period ended September 28, 2012, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $38,563 and $589,868, respectively.

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default.

As of September 28, 2012, the Fund had no outstanding forward contracts.

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 28, 2012 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

Federal tax cost of securities	$	647,858,641
Gross unrealized appreciation	$	342,570,203
Gross unrealized depreciation		(12,271,015	)
Net unrealized appreciation	$	330,299,188

10 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Asset-Backed Securities–9.9%
AESOP Funding II LLC, Automobile Receivables Nts., Series 2011-1A, Cl. A, 1.85%, 11/20/131	$	235,000	$	236,725
Ally Master Owner Trust, Asset-Backed Nts., Series 2012-2, Cl. A, 0.721%, 3/15/162		515,000		515,428
American Credit Acceptance Receivables Trust 2012-1, Automobile Receivables-Backed Nts., Series 2012-1, Cl. A1, 1.96%, 1/15/141		188,211		188,225
American Credit Acceptance Receivables Trust 2012-2, Automobile Receivables-Backed Nts., Series 2012-2, Cl. A, 1.89%, 7/15/161		545,958		546,470
AmeriCredit Automobile Receivables Trust 2010-1, Automobile Receivables-Backed Nts., Series 2010-1, Cl. D, 6.65%, 7/17/17		300,000		322,344
AmeriCredit Automobile Receivables Trust 2010-2, Automobile Receivables-Backed Nts.:
Series 2010-2, Cl. C, 4.52%, 10/8/15		430,000		446,857
Series 2010-2, Cl. D, 6.24%, 6/8/16		275,000		297,787
AmeriCredit Automobile Receivables Trust 2011-1, Automobile Receivables-Backed Nts., Series 2011-1, Cl. D, 4.26%, 2/8/17		120,000		127,955
AmeriCredit Automobile Receivables Trust 2011-2, Automobile Receivables-Backed Nts.:
Series 2011-2, Cl. B, 2.33%, 3/8/16		440,000		447,656
Series 2011-2, Cl. D, 4%, 5/8/17		525,000		545,189
AmeriCredit Automobile Receivables Trust 2011-4, Automobile Receivables-Backed Nts., Series 2011-4, Cl. D, 4.08%, 7/10/17		650,000		681,012
AmeriCredit Automobile Receivables Trust 2011-5, Automobile Receivables-Backed Nts., Series 2011-5, Cl. D, 5.05%, 12/8/17		435,000		469,386
AmeriCredit Automobile Receivables Trust 2012-1, Automobile Receivables-Backed Nts., Series 2012-1, Cl. D, 4.72%, 3/8/18		425,000		456,186
AmeriCredit Automobile Receivables Trust 2012-2, Automobile Receivables-Backed Nts., Series 2012-2, Cl. D, 3.38%, 4/9/18		695,000		713,929

1 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Avis Budget Rental Car Funding AESOP LLC, Automobile Receivable Nts.:
Series 2010-3A, Cl. A, 4.64%, 5/20/161	$	240,000	$	261,047
Series 2011-2A, Cl. A, 2.37%, 11/20/141		455,000		467,609
Series 2012-1A, Cl. A, 2.054%, 8/20/161		765,000		787,152
Centre Point Funding LLC, Asset-Backed Nts., Series 2010-1A, Cl. 1, 5.43%, 7/20/151		73,981		77,616
Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15		310,000		318,724
Citibank Omni Master Trust, Credit Card Receivables Nts., Series 2009-A17, Cl. A17, 4.90%, 11/15/181		665,000		725,190
CPS Auto Trust, Automobile Receivable Nts.:
Series 2012-B, Cl. A, 3.09%, 9/1/191		570,008		572,483
Series 2012-C, Cl. A, 2.26%, 12/16/191		200,000		200,178
Credit Acceptance Auto Loan Trust, Automobile Receivable Nts.:
Series 2012-1A, Cl. A, 2.20%, 9/16/191		260,000		261,902
Series 2012-2A, Cl. A, 2.35%, 3/15/201		155,000		155,085
Series 2012-2A, Cl. B, 5.45%, 9/15/201		80,000		79,538
DSC Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2011-1, Cl. A, 3.91%, 3/15/16		400,000		409,994
DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/15/151		570,000		571,243
DT Auto Owner Trust 2011-2A, Automobile Receivable Nts., Series 2011-2A, Cl. C, 3.05%, 7/15/131		134,000		134,105
DT Auto Owner Trust 2011-3A, Automobile Receivable Nts., Series 2011-3A, Cl. C, 4.03%, 12/15/411		435,000		441,609
DT Auto Owner Trust 2012-1A, Automobile Receivable Nts., Series 2012-1A, Cl. A, 1.05%, 1/15/151		284,818		285,029
DT Auto Owner Trust 2012-2, Automobile Receivable Nts.:
Series 2012-2, Cl. C, 2.72%, 4/17/171		55,000		55,151
Series 2012-2, Cl. D, 4.35%, 3/15/191		130,000		130,528
Enterprise Fleet Financing LLC, Automobile Receivable Nts., Series 2012-2, Cl. A2, 0.72%, 11/20/171,2		60,000		60,044

2 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Exeter Automobile Receivables Trust, Automobile Receivable Nts.:
Series 2012-1A, Cl. A, 2.02%, 8/15/161	$	253,588	$	254,124
Series 2012-2A, Cl. A, 1.30%, 6/15/171		250,000		250,051
First Investors Auto Owner Trust 2011-1, Automobile Receivable Nts., Series 2011-1, Cl. A2, 1.47%, 3/16/15		111,999		112,007
Hertz Vehicle Financing LLC, Automobile Receivable Nts., Series 2010-1A, Cl. A1, 2.60%, 2/25/151		1,015,000		1,036,690
Rental Car Finance Corp., Automobile Receivable Nts., Series 2011-1A, Cl. A1, 2.51%, 2/25/161		365,000		372,149
Santander Drive Auto Receivables Trust 2010-3, Automobile Receivables Nts., Series 2010-3, Cl. C, 3.06%, 11/15/17		485,000		492,351
Santander Drive Auto Receivables Trust 2010-B, Automobile Receivables Nts., Series 2010-B, Cl. C, 3.02%, 10/17/161		470,000		478,774
Santander Drive Auto Receivables Trust 2011-1, Automobile Receivables Nts., Series 2011-1, Cl. D, 4.01%, 2/15/17		465,000		475,530
Santander Drive Auto Receivables Trust 2011-4, Automobile Receivables Nts., Series 2011-4, Cl. B, 2.90%, 5/16/16		180,000		185,311
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/173		325,967		327,255
Santander Drive Auto Receivables Trust 2011-S2A, Automobile Receivables Nts., Series 2011-S2A, Cl. D, 3.35%, 6/15/173		252,780		254,201
Santander Drive Auto Receivables Trust 2012-2, Automobile Receivables Nts., Series 2012-2, Cl. D, 5%, 2/15/18		545,000		561,469
SNAAC Auto Receivables Trust, Automobile Receivable Nts., Series 2012-1A, Cl. A, 1.78%, 6/15/161		277,206		277,789
United Auto Credit Securitization Trust 2012-1, Automobile Receivables Nts.:
Series 2012-1, Cl. A2, 1.10%, 3/16/15		155,000		155,000
Series 2012-1, Cl. B, 1.87%, 9/15/15		265,000		265,000
Series 2012-1, Cl. C, 2.52%, 3/15/16		190,000		190,000
Series 2012-1, Cl. D, 3.12%, 3/15/18		135,000		134,991
Westlake Automobile Receivables Trust 2011-1, Automobile Receivables Nts., Series 2011-1, Cl. A3, 1.49%, 6/16/141		174,842		175,126

3 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Westlake Automobile Receivables Trust 2012-1, Automobile Receivable Nts., Series 2012-1, Cl. D, 1.03%, 6/16/141,2	$	155,000	$	155,018
Wheels SPV LLC, Asset-Backed Nts., Series 2012-1, Cl. A2, 1.19%, 3/20/211		260,000		260,828
World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2012-B, Cl. A, 1.76%, 5/17/21		185,000		186,378
Total Asset-Backed Securities (Cost $18,354,893)				18,589,418
Mortgage-Backed Obligations–70.1%
Government Agency–57.3%
FHLMC/FNMA/FHLB/Sponsored–56.8%
Federal Home Loan Mortgage Corp.:
3.50%, 10/1/424		2,695,000		2,890,388
5%, 12/15/34		13,871		15,180
5.50%, 9/1/39		1,065,075		1,173,907
6%, 5/15/18-10/15/29		2,011,907		2,212,421
6.50%, 4/15/18-4/1/34		480,749		548,643
7%, 8/15/16-10/1/37		537,964		631,919
8%, 4/1/16		121,833		130,848
9%, 8/1/22-5/1/25		51,566		59,731
10.50%, 11/14/20		2,417		2,946
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 151, Cl. F, 9%, 5/15/21		13,068		15,059
Series 1674, Cl. Z, 6.75%, 2/15/24		39,550		45,107
Series 2006-11, Cl. PS, 23.773%, 3/25/362		306,342		462,715
Series 2034, Cl. Z, 6.50%, 2/15/28		4,757		5,479
Series 2042, Cl. N, 6.50%, 3/15/28		13,204		15,191
Series 2043, Cl. ZP, 6.50%, 4/15/28		565,812		654,757
Series 2046, Cl. G, 6.50%, 4/15/28		35,830		41,227
Series 2053, Cl. Z, 6.50%, 4/15/28		6,103		7,025
Series 2066, Cl. Z, 6.50%, 6/15/28		620,234		714,786
Series 2195, Cl. LH, 6.50%, 10/15/29		474,358		547,345
Series 2220, Cl. PD, 8%, 3/15/30		2,344		2,796
Series 2326, Cl. ZP, 6.50%, 6/15/31		130,492		151,085
Series 2461, Cl. PZ, 6.50%, 6/15/32		635,241		737,184
Series 2470, Cl. LF, 1.221%, 2/15/322		5,405		5,522
Series 2500, Cl. FD, 0.721%, 3/15/322		129,075		130,672
Series 2526, Cl. FE, 0.621%, 6/15/292		180,297		181,773
Series 2538, Cl. F, 0.821%, 12/15/322		633,046		640,371
Series 2551, Cl. FD, 0.621%, 1/15/332		117,030		118,075
Series 2936, Cl. PE, 5%, 2/1/35		69,000		78,051
Series 3025, Cl. SJ, 23.941%, 8/15/352		62,781		95,711
Series 3822, Cl. JA, 5%, 6/1/40		44,139		46,203

4 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Series 3848, Cl. WL, 4%, 4/1/40	$	58,414	$	62,388
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 205, Cl. IO, 14.308%, 9/1/295		16,857		4,114
Series 206, Cl. IO, 10.28%, 12/1/295		211,388		52,727
Series 2074, Cl. S, 57.696%, 7/17/285		3,573		779
Series 2079, Cl. S, 63.677%, 7/17/285		6,200		1,344
Series 2130, Cl. SC, 51.608%, 3/15/295		238,714		54,159
Series 243, Cl. 6, 0.118%, 12/15/325		220,426		46,516
Series 2526, Cl. SE, 38.755%, 6/15/295		8,143		1,805
Series 2531, Cl. ST, 99.999%, 2/15/305		14,603		96
Series 2796, Cl. SD, 99.999%, 7/15/265		382,079		83,090
Series 2802, Cl. AS, 74.343%, 4/15/335		138,176		7,419
Series 2819, Cl. S, 57.019%, 6/15/345		78,862		17,211
Series 2920, Cl. S, 66.206%, 1/15/355		1,444,661		285,336
Series 2922, Cl. SE, 10.179%, 2/15/355		176,655		38,954
Series 3004, Cl. SB, 99.999%, 7/15/355		78,725		14,750
Series 3201, Cl. SG, 10.435%, 8/15/365		417,682		80,476
Series 3450, Cl. BI, 13.334%, 5/15/385		931,953		166,281
Series 3606, Cl. SN, 9.161%, 12/15/395		247,077		40,600
Series 3662, Cl. SM, 26.186%, 10/15/325		734,994		111,891
Series 3736, Cl. SN, 7.59%, 10/15/405		1,958,347		339,110
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 3.79%, 6/1/266		87,896		75,413
Federal National Mortgage Assn.:
2.50%, 10/1/274		12,955,000		13,618,944
2.789%, 10/1/362		163,991		176,003
3.50%, 11/1/424		15,850,000		16,961,977
4.50%, 10/1/27-10/1/424		12,755,000		13,804,451
5%, 2/25/22-7/25/22		11,504		12,514
5.50%, 10/1/424		3,014,000		3,304,569
6%, 10/1/424		1,150,000		1,269,852
6.50%, 5/25/17-1/1/34		818,686		886,415
7%, 11/1/17-7/25/35		377,845		428,564
7.50%, 1/1/33		9,812		11,969
8.50%, 7/1/32		16,545		20,625
Federal National Mortgage Assn., 15 yr.:
3%, 10/1/274		17,215,000		18,253,280
3.50%, 10/1/274		1,230,000		1,309,181

5 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., 30 yr., 4%, 10/1/424	$	8,555,000	$	9,219,350
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Trust 1989-17, Cl. E, 10.40%, 4/25/19		6,928		7,490
Trust 1993-87, Cl. Z, 6.50%, 6/25/23		459,883		525,902
Trust 1998-58, Cl. PC, 6.50%, 10/25/28		368,159		424,169
Trust 1998-61, Cl. PL, 6%, 11/25/28		175,898		199,180
Trust 1999-54, Cl. LH, 6.50%, 11/25/29		296,615		341,131
Trust 2001-44, Cl. QC, 6%, 9/25/16		14,762		15,711
Trust 2001-51, Cl. OD, 6.50%, 10/25/31		23,452		27,233
Trust 2001-74, Cl. QE, 6%, 12/25/31		509,484		579,302
Trust 2002-12, Cl. PG, 6%, 3/25/17		7,682		8,290
Trust 2003-28, Cl. KG, 5.50%, 4/25/23		3,964,000		4,380,266
Trust 2004-101, Cl. BG, 5%, 1/25/20		1,020,359		1,089,448
Trust 2006-46, Cl. SW, 23.405%, 6/25/362		227,746		347,151
Trust 2006-50, Cl. KS, 23.406%, 6/25/362		322,559		486,863
Trust 2007-42, Cl. A, 6%, 2/1/33		444,976		459,985
Trust 2009-36, Cl. FA, 1.157%, 6/25/372		443,016		450,357
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-61, Cl. SH, 33.232%, 11/18/315		19,506		3,935
Trust 2001-63, Cl. SD, 33.259%, 12/18/315		6,459		1,274
Trust 2001-65, Cl. S, 32.179%, 11/25/315		489,408		99,254
Trust 2001-68, Cl. SC, 23.051%, 11/25/315		4,163		817
Trust 2001-78, Cl. JS, 0%, 8/25/415,7		621,710		107,842
Trust 2001-81, Cl. S, 25.739%, 1/25/325		137,048		27,003
Trust 2002-28, Cl. SA, 38.825%, 4/25/325		3,975		813
Trust 2002-38, Cl. SO, 53.837%, 4/25/325		10,213		2,243
Trust 2002-39, Cl. SD, 44.315%, 3/18/325		6,753		1,351
Trust 2002-47, Cl. NS, 34.865%, 4/25/325		395,537		78,375
Trust 2002-48, Cl. S, 34.111%, 7/25/325		6,489		1,229

6 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Trust 2002-51, Cl. S, 35.103%, 8/25/325	$	363,105	$	71,948
Trust 2002-52, Cl. SD, 41.734%, 9/25/325		475,287		94,546
Trust 2002-52, Cl. SL, 36.833%, 9/25/325		4,109		788
Trust 2002-53, Cl. SK, 38.484%, 4/25/325		23,529		5,587
Trust 2002-56, Cl. SN, 36.026%, 7/25/325		8,847		1,676
Trust 2002-60, Cl. SM, 30.999%, 8/25/325		66,314		12,502
Trust 2002-7, Cl. SK, 30.792%, 1/25/325		30,203		6,240
Trust 2002-77, Cl. BS, 25.788%, 12/18/325		40,334		6,895
Trust 2002-77, Cl. IS, 49.335%, 12/18/325		17,399		4,137
Trust 2002-77, Cl. JS, 22.572%, 12/18/325		65,179		11,073
Trust 2002-77, Cl. SA, 25.364%, 12/18/325		63,414		10,719
Trust 2002-77, Cl. SH, 40.43%, 12/18/325		192,018		42,247
Trust 2002-84, Cl. SA, 36.521%, 12/25/325		465,193		78,271
Trust 2002-9, Cl. MS, 30.962%, 3/25/325		7,116		1,494
Trust 2002-90, Cl. SN, 32.17%, 8/25/325		34,115		6,431
Trust 2002-90, Cl. SY, 37.216%, 9/25/325		23,282		4,489
Trust 2003-26, Cl. DI, 8.702%, 4/25/335		15,772		3,270
Trust 2003-33, Cl. SP, 33.684%, 5/25/335		498,029		81,695
Trust 2003-4, Cl. S, 32.083%, 2/25/335		317,645		61,431
Trust 2003-89, Cl. XS, 99.999%, 11/25/325		108,972		2,807
Trust 2004-54, Cl. DS, 50.765%, 11/25/305		338,253		71,718
Trust 2005-12, Cl. SC, 13.922%, 3/25/355		90,165		19,181
Trust 2005-14, Cl. SE, 45.718%, 3/25/355		276,817		47,934
Trust 2005-40, Cl. SA, 58.18%, 5/25/355		765,187		151,583

7 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Trust 2005-40, Cl. SB, 68.944%, 5/25/355	$	36,153	$	7,196
Trust 2005-5, Cl. SD, 12.536%, 1/25/355		365,642		70,045
Trust 2005-71, Cl. SA, 60.813%, 8/25/255		867,276		131,148
Trust 2005-93, Cl. SI, 99.999%, 10/25/355		722,687		112,123
Trust 2007-75, Cl. BI, 2.546%, 8/25/375		1,536,076		362,079
Trust 2008-46, Cl. EI, 14.595%, 6/25/385		950,753		170,858
Trust 2008-55, Cl. SA, 20.653%, 7/25/385		137,393		20,425
Trust 2009-8, Cl. BS, 21.865%, 2/25/245		427,789		43,858
Trust 221, Cl. 2, 42.368%, 5/1/235		6,056		1,312
Trust 222, Cl. 2, 26.579%, 6/1/235		657,515		129,528
Trust 252, Cl. 2, 40.501%, 11/1/235		590,247		130,161
Trust 294, Cl. 2, 16.845%, 2/1/285		66,816		16,345
Trust 301, Cl. 2, 1.353%, 4/1/295		6,820		1,380
Trust 303, Cl. IO, 8.271%, 11/1/295		105,467		24,969
Trust 320, Cl. 2, 11.639%, 4/1/325		460,040		109,070
Trust 321, Cl. 2, 0.817%, 4/1/325		1,365,212		274,701
Trust 324, Cl. 2, 1.40%, 7/1/325		14,145		2,852
Trust 331, Cl. 5, 1.683%, 2/1/335		19,789		3,769
Trust 331, Cl. 9, 6.632%, 2/1/335		384,013		75,228
Trust 334, Cl. 12, 10.163%, 2/1/335		34,846		6,194
Trust 334, Cl. 17, 14.026%, 2/1/335		269,932		52,527
Trust 339, Cl. 12, 0%, 7/1/335,7		505,943		88,984
Trust 339, Cl. 7, 17.897%, 7/1/335		1,124,335		146,185
Trust 343, Cl. 13, 2.346%, 9/1/335		471,010		64,828
Trust 343, Cl. 18, 4.612%, 5/1/345		129,249		17,093
Trust 345, Cl. 9, 49.233%, 1/1/345		414,811		49,416
Trust 351, Cl. 10, 3.54%, 4/1/345		175,958		23,379
Trust 351, Cl. 8, 4.991%, 4/1/345		280,589		38,785
Trust 356, Cl. 10, 18.02%, 6/1/355		222,586		29,583
Trust 356, Cl. 12, 22.031%, 2/1/355		109,760		13,973
Trust 362, Cl. 13, 7.289%, 8/1/355		403,678		60,011
Trust 364, Cl. 15, 13.548%, 9/1/355		23,553		3,268
Trust 364, Cl. 16, 13.546%, 9/1/355		462,778		66,053
Trust 365, Cl. 16, 0.741%, 3/1/365		756,585		119,938

8 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 4.195%, 9/25/236	$	206,128	$	192,716
				106,249,526
GNMA/Guaranteed–0.5%
Government National Mortgage Assn.:
7%, 12/29/23-3/15/26		18,236		21,610
8.50%, 8/1/17-12/15/17		71,898		77,134
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates:
Series 1999-32, Cl. ZB, 8%, 9/16/29		66,245		81,214
Series 2000-7, Cl. Z, 8%, 1/16/30		26,400		31,996
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 1998-19, Cl. SB, 68.87%, 7/16/285		13,346		2,974
Series 2001-21, Cl. SB, 81.673%, 1/16/275		470,919		97,028
Series 2002-15, Cl. SM, 79.59%, 2/16/325		490,801		111,327
Series 2004-11, Cl. SM, 70.953%, 1/17/305		385,699		98,484
Series 2007-17, Cl. AI, 22.033%, 4/16/375		151,222		34,101
Series 2011-52, Cl. HS, 9.436%, 4/16/415		979,811		283,203
				839,071
Non-Agency–12.8%
Commercial–7.7%
Asset Securitization Corp., Commercial Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 0.054%, 4/14/295		2,728,528		116,186
Banc of America Commercial Mortgage Trust 2007-1, Commercial Mtg. Pass-Through Certificates, Series 2007-1, Cl. A4, 5.451%, 1/1/49		710,000		824,375
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-3, Cl. A4, 5.893%, 6/1/492		385,000		444,081

9 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Commercial Continued
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, Commercial Mtg. Pass-Through Certificates, Series 2007-PWR17, Cl. AM, 5.915%, 6/1/502	$	440,000	$	484,890
Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 0%, 6/15/243,5,7		2,440,474		119,282
CFCRE Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2011-C1, Cl. A1, 1.871%, 4/1/441		115,634		118,007
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35		58,680		60,011
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37		263,622		207,153
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates:
Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49		81,079		82,644
Series 2007-CD4, Cl. A4, 5.322%, 12/1/49		875,000		1,001,862
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 2010-C1, Cl. XPA, 4.899%, 9/1/201,5		4,352,296		273,087
First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35		444,912		429,513
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		283,452		194,192
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. A4, 5.736%, 12/1/49		1,280,000		1,502,220
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2011-GC3, Cl. A1, 2.331%, 3/1/44		293,775		302,079

10 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Commercial Continued
GS Mortgage Securities Trust 2006-GG6, Commercial Mtg. Pass-Through Certificates, Series 2006-GG6, Cl. AM, 5.622%, 4/1/38	$	420,274	$	452,323
GSR Mortgage Loan Trust 2005-AR4, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 6A1, 5.25%, 7/1/35		313,655		309,931
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 4.96%, 11/1/352		593,846		494,269
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates:
Series 2011-C3, Cl. A1, 1.875%, 2/1/461		341,174		347,469
Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/491		900,224		931,179
JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 8/1/37		573,108		530,780
JPMorgan, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2009-5, Cl. 1A2, 2.614%, 7/1/361,2		425,587		294,231
LB-UBS Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates, Series 2007-C6, Cl. A4, 5.858%, 7/11/40		880,000		1,047,359
Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 40.408%, 2/18/305		2,381,531		33,709
Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/1/241		112,396		100,858
Merrill Lynch Mortgage Trust 2006-C2, Commercial Mtg. Pass-Through Certificates, Series 2006-C2, Cl. AM, 5.782%, 8/1/43		425,000		464,314
Morgan Stanley Capital I Trust 2007-IQ15, Commercial Mtg. Pass-Through Certificates:
Series 2007-IQ15, Cl. AM, 6.076%, 6/1/492		490,000		518,086
Series 2007-IQ15, Cl. A4, 6.076%, 6/1/492		400,000		472,867

11 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Commercial Continued
Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, 99.999%, 5/18/325	$	38,167,952	$	46,489
Structured Adjustable Rate Mortgage Loan Trust 2006-4, Commercial Mtg. Pass-Through Certificates, Series 2006-4, Cl. 6A, 5.402%, 5/1/362		351,123		286,229
Structured Adjustable Rate Mortgage Loan Trust 2007-6, Mtg. Pass-Through Certificates, Series 2007-6, Cl. 3A1, 4.876%, 7/1/372		572,122		439,669
Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. A3, 5.678%, 5/1/46		520,000		614,242
WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A4, 2.468%, 12/1/352		331,134		303,647
Wells Fargo Mortgage-Backed Securities 2007-AR3 Trust, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. A4, 5.733%, 4/1/372		151,375		135,847
Wells Fargo Mortgage-Backed Securities 2007-AR8 Trust, Mtg. Pass-Through Certificates, Series 2007-AR8, Cl. A1, 5.992%, 11/1/372		383,203		343,232
				14,326,312
Multifamily–1.0%
CHL Mortgage Pass-Through Trust 2006-20, Mtg. Pass-Through Certificates, Series 2006-20, Cl. 1A17, 5.75%, 2/1/37		594,210		506,345
Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1A2A, 5.584%, 6/1/362		362,523		349,590
Countrywide Alternative Loan Trust 2005-86CB, Mtg. Pass-Through Certificates, Series 2005-86CB, Cl. A8, 5.50%, 2/1/36		92,827		83,044
Countrywide Alternative Loan Trust 2006-24CB, Mtg. Pass-Through Certificates, Series 2006-424B, Cl. A12, 5.75%, 6/1/36		115,920		91,193

12 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Multifamily Continued
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 5.046%, 5/1/372	$	137,841	$	130,443
Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A3, 2.617%, 3/1/362		214,914		204,204
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.693%, 3/25/362		467,136		439,944
				1,804,763
Other–0.4%
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A4, 5.444%, 3/1/39		700,000		803,614
Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. B, 97.913%, 10/23/175		316		18
Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. A, 3.315%, 10/23/176		468		462
				804,094
Residential–3.7%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates:
Series 2007-4, Cl. AM, 5.987%, 2/1/512		470,000		501,455
Series 2007-1, Cl. 1A3, 6%, 1/1/37		372,478		321,961
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.526%, 5/1/362		150,912		147,544
Banc of America Mortgage 2007-1 Trust, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 1A24, 6%, 3/1/37		262,610		259,140
Carrington Mortgage Loan Trust, Asset-Backed Pass-Through Certificates, Series 2006-FRE1, Cl. A2, 0.327%, 7/25/362		285,839		274,118
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35		203,354		188,807
CHL Mortgage Pass-Through Trust 2005-30, Mtg. Pass-Through Certificates, Series 2005-30, Cl. A5, 5.50%, 1/1/36		233,003		237,428

13 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Residential Continued
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35	$	34,245	$	36,078
CHL Mortgage Pass-Through Trust 2006-17, Mtg. Pass-Through Certificates, Series 2006-17, Cl. A2, 6%, 12/1/36		470,233		425,026
Countrywide Alternative Loan Trust 2007-19, Mtg. Pass-Through Certificates, Series 2007-19, Cl. 1A34, 6%, 8/1/37		595,225		466,208
Countrywide Home Loans, Asset-Backed Certificates:
Series 2002-4, Cl. A1, 0.957%, 2/25/332		1,762		1,746
Series 2005-16, Cl. 2AF2, 5.287%, 5/1/362		327,312		256,811
CSMC Mortgage-Backed Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 2A10, 6%, 4/1/37		344,504		298,103
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.337%, 6/25/472		19,563		19,269
GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36		232,481		224,977
JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36		488,620		454,702
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.317%, 8/25/362		61,224		21,366
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 2.671%, 10/25/362		40,703		40,964
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/293,8		3,370,016		274,656
RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33		181,672		188,540
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates: Series 2006-QS13, Cl. 1A5, 6%, 9/25/36		48,962		35,410

14 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Residential Continued
Series 2006-QS13, Cl. 1A8, 6%, 9/25/36	$	1,716	$	1,241
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		21,456		15,253
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36		139,097		124,374
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 4A1, 2.704%, 2/1/372		54,781		42,861
WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 5.20%, 5/1/372		722,963		698,294
WaMu Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2006-AR18, Cl. 3A1, 4.744%, 1/1/372		240,698		208,185
Wells Fargo Alternative Loan 2007-PA5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-PA5, Cl. 1A1, 6.25%, 11/1/37		410,077		388,320
Wells Fargo Mortgage-Backed Securities 2005-9 Trust, Mtg. Pass-Through Certificates, Series 2005-9, Cl. 2A6, 5.25%, 10/25/35		419,448		446,831
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.649%, 10/1/362		343,895		340,759
				6,940,427
Total Mortgage-Backed Obligations (Cost $130,294,844)				130,964,193
U.S. Government Obligations–2.0%
Federal Home Loan Mortgage Corp. Nts.:
1%, 7/28/17		503,000		510,205
1.25%, 8/1/19		75,000		75,344
1.25%, 10/2/194		435,000		433,698
2.375%, 1/13/229		894,000		940,034
5.25%, 4/18/16		515,000		601,425
Federal National Mortgage Assn. Nts., 0.875%, 8/28/17-10/26/17		1,075,000		1,081,740
U.S. Treasury Nts., 1.75%, 5/15/22		140,000		142,045
Total U.S. Government Obligations (Cost $3,668,995)				3,784,491

15 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Corporate Bonds and Notes–45.7%
Consumer Discretionary–7.5%
Auto Components–0.2%
Dana Holding Corp., 6.75% Sr. Unsec. Nts., 2/15/21	$	420,000	$	455,700
Automobiles–0.8%
Daimler Finance North America LLC, 8.50% Sr. Unsec. Unsub. Nts., 1/18/31		237,000		376,785
Ford Motor Credit Co. LLC, 5.875% Sr. Unsec. Nts., 8/2/21		1,024,000		1,160,786
				1,537,571
Diversified Consumer Services–0.3%
Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15		496,000		550,560
Hotels, Restaurants & Leisure–0.7%
Darden Restaurants, Inc., 4.50% Sr. Unsec. Unsub. Nts., 10/15/21		238,000		256,122
Hyatt Hotels Corp., 5.75% Sr. Unsec. Unsub. Nts., 8/15/151		773,000		846,934
Starwood Hotels & Resorts Worldwide, Inc., 7.15% Sr. Unsec. Unsub. Nts., 12/1/19		116,000		142,038
				1,245,094
Household Durables–0.6%
Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22		467,000		506,695
Newell Rubbermaid, Inc., 5.50% Sr. Unsec. Nts., 4/15/13		438,000		448,549
Whirlpool Corp., 5.50% Sr. Unsec. Unsub. Nts., 3/1/13		152,000		154,619
				1,109,863
Media–2.4%
CBS Corp., 4.85% Sr. Unsec. Unsub. Nts., 7/1/42		155,000		164,994
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		292,000		436,854
Comcast Corp., 4.65% Sr. Unsec. Unsub. Nts., 7/15/42		111,000		119,376
CSC Holdings, Inc., 7.625% Sr. Unsec. Debs., 7/15/18		430,000		497,725
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.15% Sr. Unsec. Nts., 3/15/42		268,000		274,029
DISH DBS Corp., 6.75% Sr. Unsec. Nts., 6/1/21		459,000		502,605
Historic TW, Inc., 9.125% Debs., 1/15/13		149,000		152,526

16 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Media Continued
Interpublic Group of Cos., Inc. (The):
6.25% Sr. Unsec. Nts., 11/15/14	$	190,000	$	206,150
10% Sr. Unsec. Nts., 7/15/17		458,000		511,243
News America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41		162,000		202,664
Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33		257,000		375,070
Time Warner, Inc., 9.15% Debs., 2/1/23		61,000		87,559
Virgin Media Secured Finance plc:
5.25% Sr. Sec. Nts., 1/15/21		254,000		295,245
6.50% Sr. Sec. Nts., 1/15/18		555,000		610,500
				4,436,540
Multiline Retail–0.6%
Dollar General Corp., 4.125% Nts., 7/15/17		469,000		492,450
Macy’s Retail Holdings, Inc., 5.75% Sr. Unsec. Nts., 7/15/14		650,000		704,898
				1,197,348
Specialty Retail–1.4%
Gap, Inc. (The), 5.95% Sr. Unsec. Unsub. Nts., 4/12/21		522,000		582,569
Limited Brands, Inc., 6.625% Sr. Nts., 4/1/21		455,000		518,700
Rent-A-Center, Inc., 6.625% Sr. Unsec. Nts., 11/15/20		508,000		551,180
Sally Holdings LLC/Sally Capital, Inc., 6.875% Sr. Unsec. Nts., 11/15/19		467,000		521,873
Staples, Inc., 9.75% Sr. Unsec. Unsub. Nts., 1/15/14		398,000		440,481
				2,614,803
Textiles, Apparel & Luxury Goods–0.5%
Hanesbrands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 12/15/20		428,000		466,520
Phillips-Van Heusen Corp., 7.375% Sr. Unsec. Unsub. Nts., 5/15/20		400,000		454,000
				920,520
Consumer Staples–3.5%
Beverages–1.2%
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		232,000		389,394
Coca-Cola HBC Finance BV, 5.125% Sr. Unsec. Unsub. Nts., 9/17/13		469,000		481,847
Constellation Brands, Inc., 6% Sr. Unsec. Unsub. Nts., 5/1/22		475,000		542,688
Fortune Brands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/14		126,000		137,473
Pernod-Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/221		459,000		500,844
SABMiller Holdings, Inc., 4.95% Sr. Unsec. Nts., 1/15/42		198,000		231,673
				2,283,919

17 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Food & Staples Retailing–0.4%
Delhaize Group:
5.70% Sr. Unsec. Nts., 10/1/40	$	133,000	$	118,845
5.875% Sr. Unsec. Unsub. Bonds, 2/1/14		407,000		427,765
Safeway, Inc., 3.95% Sr. Unsec. Unsub. Nts., 8/15/20		300,000		292,670
				839,280
Food Products–1.1%
Bunge Ltd. Finance Corp.:
5.35% Sr. Unsec. Unsub. Nts., 4/15/14		434,000		458,477
8.50% Sr. Unsec. Nts., 6/15/19		289,000		366,714
Kraft Foods Group, Inc., 6.50% Sr. Unsec. Unsub. Nts., 2/9/401		290,000		390,107
TreeHouse Foods, Inc., 7.75% Sr. Unsec. Nts., 3/1/18		485,000		531,075
Tyson Foods, Inc., 4.50% Sr. Unsec. Unsub. Nts., 6/15/22		244,000		256,810
				2,003,183
Tobacco–0.8%
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		358,000		616,012
Lorillard Tobacco Co., 7% Sr. Unsec. Nts., 8/4/41		311,000		376,336
Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13		460,000		479,168
				1,471,516
Energy–4.8%
Energy Equipment & Services–1.4%
Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21		524,000		593,013
FMC Technologies, Inc., 2% Sr. Unsec. Unsub. Nts., 10/1/17		228,000		230,692
Nabors Industries, Inc., 4.625% Sr. Unsec. Nts., 9/15/21		424,000		456,691
Noble Holding International Ltd., 7.375% Sr. Unsec. Bonds, 3/15/14		403,000		438,900
Precision Drilling Corp.:
6.50% Sr. Unsec. Nts., 12/15/21		217,000		232,733
6.625% Sr. Unsec. Nts., 11/15/20		208,000		222,560
Rowan Cos., Inc., 4.875% Sr. Unsec. Nts., 6/1/22		314,000		337,687
				2,512,276
Oil, Gas & Consumable Fuels–3.4%
Anadarko Petroleum Corp., 6.20% Sr. Unsec. Nts., 3/15/40		178,000		219,155
Canadian Oil Sands Ltd.:
5.80% Sr. Unsec. Nts., 8/15/131		457,000		477,602
6% Sr. Unsec. Nts., 4/1/421		203,000		234,728

18 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Oil, Gas & Consumable Fuels Continued
DCP Midstream LLC, 5.35% Sr. Unsec. Nts., 3/18/201	$	312,000	$	342,924
El Paso Pipeline Partners LP, 6.50% Sr. Unsec. Nts., 4/1/20		665,000		792,382
Energy Transfer Partners LP:
4.65% Sr. Unsec. Unsub. Nts., 6/1/21		374,000		403,010
5.20% Sr. Unsec. Unsub. Nts., 2/1/22		136,000		151,175
Kinder Morgan Energy Partners LP, 5% Sr. Unsec. Unsub. Nts., 8/15/42		143,000		149,249
Newfield Exploration Co., 6.875% Sr. Unsec. Sub. Nts., 2/1/20		446,000		491,715
Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37		201,000		256,310
Phillips 66, 4.30% Unsec. Nts., 4/1/221		316,000		346,736
Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19		451,000		502,865
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/143		420,000		455,876
Rockies Express Pipeline LLC, 3.90% Sr. Unsec. Unsub. Nts., 4/15/151		471,000		466,290
Southwestern Energy Co., 4.10% Sr. Unsec. Nts., 3/15/221		232,000		246,785
Woodside Finance Ltd.:
4.60% Sr. Unsec. Nts., 5/10/211		354,000		389,354
5% Sr. Unsec. Nts., 11/15/131		455,000		473,602
				6,399,758
Financials–16.0%
Capital Markets–3.7%
Blackstone Holdings Finance Co. LLC:
4.75% Sr. Unsec. Nts., 2/15/231		135,000		141,079
6.625% Sr. Unsec. Nts., 8/15/191		623,000		719,947
Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34		477,000		481,096
Goldman Sachs Group, Inc. (The):
5.25% Sr. Unsec. Nts., 7/27/21		396,000		437,436
6.25% Sr. Nts., 2/1/41		443,000		514,952
Macquarie Bank Ltd.:
5% Sr. Nts., 2/22/171		146,000		156,127
6.625% Unsec. Sub. Nts., 4/7/211		672,000		720,424
Morgan Stanley:
5.625% Sr. Unsec. Nts., 9/23/19		1,091,000		1,193,832
6.375% Sr. Unsec. Nts., 7/24/42		385,000		425,991
Nomura Holdings, Inc.:
4.125% Sr. Unsec. Unsub. Nts., 1/19/16		433,000		447,961
6.70% Sr. Unsec. Nts., 3/4/20		42,000		48,095

19 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Capital Markets Continued
Raymond James Financial, Inc., 5.625% Sr. Nts., 4/1/24	$	458,000	$	505,622
TD Ameritrade Holding Corp., 2.95% Sr. Unsec. Unsub. Nts., 12/1/12		509,000		511,115
UBS AG Stamford CT, 2.25% Sr. Unsec. Nts., 8/12/13		181,000		183,388
UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Nts.10		488,000		485,560
				6,972,625
Commercial Banks–3.3%
ANZ National International Ltd., 2.375% Sr. Unsec. Nts., 12/21/121		507,000		509,248
Fifth Third Cap Trust IV, 6.50% Jr. Unsec. Sub. Nts., 4/15/37		845,000		850,281
HBOS plc, 6.75% Unsec. Sub. Nts., 5/21/181		451,000		460,020
HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/352		1,190,000		1,176,613
Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/201		377,000		397,822
Mercantile Bankshares Corp., 4.625% Unsec. Sub. Nts., Series B, 4/15/13		308,000		313,998
RBS Citizens Financial Group, Inc., 4.15% Sub. Nts., 9/28/221		942,000		945,899
Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K10		528,000		608,520
Zions Bancorp, 4.50% Sr. Unsec. Unsub. Nts., 3/27/17		830,000		857,819
				6,120,220
Consumer Finance–0.9%
American Express Bank FSB, 5.50% Sr. Unsec. Nts., 4/16/13		441,000		453,076
Discover Bank, 8.70% Unsec. Sub. Nts., 11/18/19		681,000		880,671
SLM Corp., 4.625% Sr. Unsec. Nts., 9/25/17		395,000		401,220
				1,734,967
Diversified Financial Services–3.1%
Bank of America Corp., 5.70% Sr. Unsec. Unsub. Nts., 1/24/22		716,000		842,731
Citigroup, Inc.:
4.50% Sr. Unsec. Nts., 1/14/22		746,000		820,851
6.125% Sr. Unsec. Unsub. Nts., 11/21/17		756,000		890,742
ING Bank NV, 2% Nts., 9/25/151		788,000		789,746
JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 110		1,494,000		1,702,881

20 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Diversified Financial Services Continued
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38	$	655,000	$	825,998
				5,872,949
Insurance–3.7%
American International Group, Inc., 6.25% Jr. Sub. Bonds, 3/15/37		225,000		228,375
Burlington Northern Santa Fe LLC, 5.75% Sr. Unsec. Bonds, 5/1/40		206,000		259,313
CNA Financial Corp.:
5.75% Sr. Unsec. Unsub. Nts., 8/15/21		368,000		428,832
5.875% Sr. Unsec. Unsub. Bonds, 8/15/20		260,000		304,098
Hartford Financial Services Group, Inc., 6.625% Sr. Unsec. Unsub. Nts., 4/15/42		289,000		351,152
Irish Life & Permanent Group Holdings plc, 3.60% Sr. Unsec. Unsub. Nts., 1/14/131		320,000		322,400
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Bonds, 4/20/67		945,000		929,644
Principal Financial Group, Inc., 4.625% Sr. Unsec. Nts., 9/15/42		283,000		290,524
Prudential Covered Trust 2012-1, 2.997% Sec. Nts., 9/30/151		600,000		623,800
Prudential Financial, Inc., 5.875% Sub. Nts., 9/15/42		355,000		365,206
Swiss Re Capital I LP, 6.854% Perpetual Bonds1,10		958,000		975,699
Unum Group, 5.625% Sr. Unsec. Unsub. Nts., 9/15/20		779,000		872,398
ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/372,3		848,000		901,000
				6,852,441
Real Estate Investment Trusts (REITs)–1.3%
American Tower Corp.:
5.05% Sr. Unsec. Unsub. Nts., 9/1/20		130,000		145,349
7% Sr. Unsec. Nts., 10/15/17		413,000		492,149
CommonWealth REIT, 5.75% Sr. Unsec. Unsub. Bonds, 2/15/14		425,000		436,529
Duke Realty LP, 6.25% Sr. Unsec. Unsub. Nts., 5/15/13		476,000		491,941
National Retail Properties, Inc., 6.25% Sr. Unsec. Unsub. Nts., 6/15/14		332,000		356,842
WEA Finance LLC/WT Finance Aust Pty Ltd., 7.50% Sr. Unsec. Nts., 6/2/141		408,000		449,772
				2,372,582

21 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Health Care–1.8%
Biotechnology–0.7%
Amgen, Inc., 3.625% Sr. Unsec. Unsub. Nts., 5/15/22	$	467,000	$	493,458
Celgene Corp., 3.25% Sr. Unsec. Nts., 8/15/22		504,000		509,983
Gilead Sciences, Inc., 5.65% Sr. Unsec. Nts., 12/1/41		243,000		305,520
				1,308,961
Health Care Providers & Services–0.5%
Aristotle Holding, Inc., 3.90% Unsec. Nts., 2/15/221		318,000		347,212
McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41		237,000		325,418
Quest Diagnostics, Inc., 5.75% Sr. Unsec. Nts., 1/30/40		310,000		368,752
				1,041,382
Pharmaceuticals–0.6%
Bristol-Myers Squibb Co., 2% Sr. Unsec. Unsub. Nts., 8/1/22		343,000		334,316
Mylan, Inc., 6% Sr. Nts., 11/15/181		511,000		544,215
Watson Pharmaceuticals, Inc., 3.25% Sr. Unsec. Nts., 10/1/224		169,000		171,563
				1,050,094
Industrials–3.0%
Aerospace & Defense–0.4%
BE Aerospace, Inc., 5.25% Sr. Unsec. Unsub. Nts., 4/1/22		319,000		332,558
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21		448,000		484,400
				816,958
Commercial Services & Supplies–0.3%
Clean Harbors, Inc., 5.25% Sr. Unsec. Nts., 8/1/201		475,000		491,625
Industrial Conglomerates–0.8%
General Electric Capital Corp.:
5.25% Sr. Unsec. Nts., 10/19/12		28,000		28,062
6.375% Unsec. Sub. Bonds, 11/15/67		934,000		987,892
7.125% Unsec. Sub. Nts., 12/15/49		400,000		447,508
				1,463,462
Machinery–1.1%
CNH Capital LLC, 6.25% Sr. Unsec. Nts., 11/1/161		489,000		533,621
ITT Corp., 7.375% Unsec. Debs., 11/15/15		322,000		374,744
Joy Global, Inc., 5.125% Sr. Unsec. Unsub. Nts., 10/15/21		335,000		372,484

22 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Machinery Continued
Kennametal, Inc., 3.875% Sr. Unsec. Unsub. Nts., 2/15/22	$	342,000	$	358,500
SPX Corp., 6.875% Sr. Unsec. Nts., 9/1/171		412,000		462,470
				2,101,819
Professional Services–0.3%
FTI Consulting, Inc., 6.75% Sr. Unsec. Nts., 10/1/20		436,000		467,610
Road & Rail–0.1%
CSX Corp., 5.50% Sr. Unsec. Nts., 4/15/41		187,000		226,383
Information Technology–1.7%
Communications Equipment–0.1%
Juniper Networks, Inc., 5.95% Sr. Unsec. Unsub. Nts., 3/15/41		201,000		225,420
Computers & Peripherals–0.5%
Hewlett-Packard Co.:
4.65% Sr. Unsec. Nts., 12/9/21		372,000		388,694
4.75% Sr. Unsec. Nts., 6/2/14		436,000		459,850
				848,544
Electronic Equipment, Instruments & Components–0.4%
Arrow Electronics, Inc., 5.125% Sr. Unsec. Unsub. Nts., 3/1/21		527,000		576,495
Corning, Inc., 4.75% Sr. Unsec. Unsub. Nts., 3/15/42		182,000		197,751
				774,246
Internet Software & Services–0.1%
eBay, Inc., 4% Sr. Unsec. Unsub. Nts., 7/15/42		187,000		183,069
Office Electronics–0.3%
Xerox Corp., 5.65% Sr. Unsec. Nts., 5/15/13		435,000		448,455
Software–0.3%
Symantec Corp., 4.20% Sr. Unsec. Unsub. Nts., 9/15/20		585,000		608,700
Materials–3.3%
Chemicals–0.7%
Agrium, Inc.:
3.15% Sr. Unsec. Nts., 10/1/224		386,000		389,631
6.125% Sr. Unsec. Nts., 1/15/41		230,000		290,182
CF Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 5/1/20		358,000		450,185
Eastman Chemical Co., 4.80% Sr. Unsec. Nts., 9/1/42		230,000		250,540
				1,380,538
Containers & Packaging–0.9%
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25% Sr. Unsec. Nts., 2/1/21		446,000		499,520

23 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Containers & Packaging Continued
Greif, Inc., 7.75% Sr. Unsec. Nts., 8/1/19	$	413,000	$	479,080
Rock-Tenn Co.:
3.50% Sr. Nts., 3/1/201		132,000		134,941
4.90% Sr. Unsec. Nts., 3/1/221		162,000		175,864
Sealed Air Corp., 8.375% Sr. Unsec. Nts., 9/15/211		388,000		436,500
				1,725,905
Metals & Mining–1.3%
Allegheny Technologies, Inc., 5.95% Sr. Unsec. Unsub. Nts., 1/15/21		13,000		14,377
ArcelorMittal, 6.25% Sr. Unsec. Unsub. Nts., 2/25/22		256,000		252,642
Cliffs Natural Resources, Inc., 6.25% Sr. Unsec. Unsub. Nts., 10/1/40		124,000		121,861
Freeport-McMoRan Copper & Gold, Inc., 3.55% Sr. Unsec. Nts., 3/1/22		331,000		332,057
Petrohawk Energy Corp., 6.25% Sr. Unsec. Nts., 6/1/19		743,000		838,421
Xstrata Canada Corp.:
5.375% Sr. Unsec. Unsub. Nts., 6/1/15		245,000		267,098
6% Sr. Unsec. Unsub. Nts., 10/15/15		463,000		516,038
				2,342,494
Paper & Forest Products–0.4%
International Paper Co., 6% Sr. Unsec. Unsub. Nts., 11/15/41		202,000		247,366
Westvaco Corp., 7.95% Sr. Unsec. Unsub. Nts., 2/15/31		388,000		511,407
				758,773
Telecommunication Services–2.3%
Diversified Telecommunication Services–2.2%
AT&T, Inc., 6.30% Sr. Unsec. Bonds, 1/15/38		371,000		489,309
British Telecommunications plc, 9.625% Bonds, 12/15/30		298,000		486,721
CenturyLink, Inc., 7.65% Sr. Unsec. Unsub. Nts., 3/15/42		365,000		390,435
Frontier Communications Corp., 8.50% Sr. Unsec. Nts., 4/15/20		429,000		486,915
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		629,000		635,290
Telefonica Emisiones SAU, 5.462% Sr. Unsec. Unsub. Nts., 2/16/21		692,000		679,890
Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38		286,000		387,281
Windstream Corp., 7.875% Sr. Unsec. Unsub. Nts., 11/1/17		439,000		492,778
				4,048,619

24 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Wireless Telecommunication Services–0.1%
America Movil SAB de CV, 4.375% Sr. Unsec. Unsub. Nts., 7/16/42	$	242,000		$	251,937
Utilities–1.8%
Electric Utilities–1.1%
Edison International, 3.75% Sr. Unsec. Unsub. Nts., 9/15/17		663,000			713,135
Great Plains Energy, Inc., 2.75% Sr. Unsec. Unsub. Nts., 8/15/13		464,000			470,558
Oncor Electric Delivery Co. LLC, 4.10% Unsub. Nts., 6/1/22		93,000			98,878
PPL WEM Holdings plc, 5.375% Sr. Unsec. Nts., 5/1/211		761,000			850,435
					2,133,006
Energy Traders–0.3%
TransAlta Corp., 5.75% Sr. Unsec. Nts., 12/15/13		455,000			476,166
Multi-Utilities–0.4%
CMS Energy Corp., 5.05% Sr. Unsec. Unsub. Nts., 3/15/22		431,000			476,985
Nisource Finance Corp., 3.85% Sr. Unsec. Unsub. Nts., 2/15/23		325,000			341,690
					818,675
Total Corporate Bonds and Notes (Cost $79,848,924)					85,496,556
	Shares
Investment Company–16.7%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.18%11,12 (Cost $31,146,478)		31,146,478			31,146,478
Total Investments, at Value (Cost $263,314,134)		144.4	%		269,981,136
Liabilities in Excess of Other Assets		(44.4	)		(83,050,268	)
Net Assets		100.0	%	$	186,930,868

Footnotes to Statement of Investments

* September 28, 2012 represents the last business day of the Fund’s quarterly period. See accompanying Notes.

1. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $27,467,081 or 14.69% of the Fund’s net assets as of September 28, 2012.

25 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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

3. Restricted security. The aggregate value of restricted securities as of September 28, 2012 was $2,332,270, which represents 1.25% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation (Depreciation)
Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 0%, 6/15/24		4/21/97	$	394,787	$	119,282	$	(275,505	)
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29		8/10/10		3,281,116		274,656		(3,006,460	)
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/14		7/16/09-2/16/12		428,211		455,876		27,665
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17		2/4/11-2/9/12		326,291		327,255		964
Santander Drive Auto Receivables Trust 2011-S2A, Automobile Receivables Nts., Series 2011-S2A, Cl. D, 3.35%, 6/15/17		5/19/11-1/19/12		252,261		254,201		1,940
ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/37		2/24/11-2/23/12		833,793		901,000		67,207
			$	5,516,459	$	2,332,270	$	(3,184,189	)

4. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after September 28, 2012. See accompanying Notes.

5. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans or other receivables. 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 or asset-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 $6,152,608 or 3.29% of the Fund’s net assets as of September 28, 2012.

26 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

6. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $268,591 or 0.14% of the Fund’s net assets as of September 28, 2012.

7. The current amortization rate of the security’s cost basis exceeds the future interest payments currently estimated to be received. Both the amortization rate and interest payments are contingent on future mortgage pre-payment speeds and are therefore subject to change.

8. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See accompanying Notes.

9. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $238,689. See accompanying Notes.

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

11. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 28, 2012, 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 December 30, 2011a		Gross Additions		Gross Reductions		Shares September 28, 2012
Oppenheimer Institutional Money Market Fund, Cl. E		28,319,973		63,754,496		60,927,991		31,146,478
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	31,146,478	$	45,909

a. December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See accompanying Notes.

12. Rate shown is the 7-day yield as of September 28, 2012.

Futures Contracts as of September 28, 2012 are as follows:

Contract Description	Buy/ Sell		Number of Contracts		Expiration Date		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury Long Bonds, 20 yr.		Sell		1		12/19/12	$	149,375	$	(1,814	)
U.S. Treasury Nts., 2 yr.		Sell		114		12/31/12		25,140,563		(9,340	)
U.S. Treasury Nts., 5 yr.		Sell		73		12/31/12		9,098,195		(38,826	)
U.S. Treasury Nts., 10 yr.		Sell		81		12/19/12		10,812,234		(68,418	)
U.S. Treasury Ultra Bonds		Buy		54		12/19/12		8,921,813		4,357
									$	(114,041	)

27 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Notes to Statement of Investments

Quarterly and Annual Periods. The last day of the Fund’s quarterly period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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

As of September 28, 2012, 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	$	98,371,549
Sold securities		17,262,515

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

28 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that have been sold. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price.

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

Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; and counterparty credit risk.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of September 28, 2012 is as follows:

Cost	$	3,281,116
Market Value	$	274,656
Market Value as a % of Net Assets		0.15	%

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

29 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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 and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

30 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

Futures contracts and futures options 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.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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

31 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

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

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

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

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

32 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

The table below categorizes amounts as of September 28, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—		$	18,589,418	$	—	$	18,589,418
Mortgage-Backed Obligations		—			130,964,193		—		130,964,193
U.S. Government Obligations		—			3,784,491		—		3,784,491
Corporate Bonds and Notes		—			85,496,556		—		85,496,556
Investment Company		31,146,478			—		—		31,146,478
Total investments, at Value		31,146,478			238,834,658		—		269,981,136
Other Financial Instruments:
Futures margins		1,213			—		—		1,213
Total Assets	$	31,147,691		$	238,834,658	$	—	$	269,982,349
Liabilities Table
Other Financial Instruments:
Futures margins	$	(21,232	)	$	—	$	—	$	(21,232	)
Total Liabilities	$	(21,232	)	$	—	$	—	$	(21,232	)

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.

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

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.

33 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

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

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

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

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

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

The Fund’s actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below.

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

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

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and

34 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

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

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a financial instrument, or currency, 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.

35 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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

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

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

During the period ended September 28, 2012, the Fund had an ending monthly average market value of $12,538,850 and $35,846,584 on futures contracts purchased and sold, respectively.

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

Option Activity

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

Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports.

The Fund has purchased call options on treasury and/or euro futures to increase exposure to interest rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

36 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

During the period ended September 28, 2012, the Fund had an ending monthly average market value of $1,100 on purchased call options.

Options written, if any, are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. Securities held in collateralized accounts to cover potential obligations with respect to outstanding written options are noted in the Statement of Investments.

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

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

As of September 28, 2012, the Fund had no outstanding written or purchased options.

Restricted Securities

As of September 28, 2012, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 28, 2012 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

Federal tax cost of securities	$	263,358,884
Federal tax cost of other investments		(36,164,513	)
Total federal tax cost	$	227,194,371

37 Oppenheimer Core Bond Fund/VA

Oppenheimer Core Bond Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Gross unrealized appreciation	$	11,399,439
Gross unrealized depreciation		(4,891,228	)
Net unrealized appreciation	$	6,508,211

38 Oppenheimer Core Bond Fund/VA

Oppenheimer Global Securities Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Shares		Value
Common Stocks–98.6%
Consumer Discretionary–19.4%
Automobiles–1.6%
Bayerische Motoren Werke (BMW) AG, Preference		777,404	$	39,900,172
Diversified Consumer Services–0.0%
Zee Learn Ltd.1		492,103		251,906
Hotels, Restaurants & Leisure–3.9%
Carnival Corp.		1,091,706		39,781,767
Lottomatica SpA		552,870		12,163,168
McDonald’s Corp.		521,140		47,814,595
				99,759,530
Media–5.1%
Grupo Televisa SA, Sponsored GDR		1,069,936		25,154,195
McGraw-Hill Cos., Inc. (The)		651,140		35,545,733
SITI Cable Network Ltd.1		2,281,600		984,101
Walt Disney Co. (The)		980,760		51,274,133
Zee Entertainment Enterprises Ltd.		4,094,715		15,169,349
				128,127,511
Multiline Retail–1.5%
Pinault-Printemps-Redoute SA		247,690		38,121,923
Specialty Retail–4.5%
Abercrombie & Fitch Co., Cl. A		350,430		11,886,586
Industria de Diseno Textil SA		438,148		54,406,746
Kingfisher plc		1,968,942		8,400,124
Tiffany & Co.		640,640		39,642,803
				114,336,259
Textiles, Apparel & Luxury Goods–2.8%
Brunello Cucinelli SpA1		143,920		2,487,502
LVMH Moet Hennessy Louis Vuitton SA		285,360		43,033,165
Tod’s SpA		236,844		25,596,366
				71,117,033
Consumer Staples–9.0%
Beverages–3.4%
Carlsberg AS, Cl. B		203,544		18,033,546
Companhia de Bebidas das Americas, Sponsored ADR, Preference		614,175		23,504,477
Fomento Economico Mexicano SA de CV, UBD		4,920,017		45,306,164
				86,844,187
Food & Staples Retailing–0.5%
E-Mart Co. Ltd.		62,230		13,577,862
Food Products–3.0%
Nestle SA		456,400		28,776,736
Unilever plc		1,323,723		48,137,714
				76,914,450

1 Oppenheimer Global Securities Fund/VA

Oppenheimer Global Securities Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Shares		Value
Household Products–2.1%
Colgate-Palmolive Co.		481,880	$	51,667,174
Energy–4.0%
Energy Equipment & Services–2.8%
Technip SA		425,350		47,460,355
Transocean Ltd.		505,762		22,703,656
				70,164,011
Oil, Gas & Consumable Fuels–1.2%
Repsol YPF SA		941,660		18,328,161
Total SA		246,440		12,224,144
				30,552,305
Financials–13.9%
Capital Markets–2.7%
Goldman Sachs Group, Inc. (The)		168,630		19,169,858
UBS AG		4,080,426		49,676,638
				68,846,496
Commercial Banks–5.1%
Banco Bilbao Vizcaya Argentaria SA		3,656,994		28,914,309
ICICI Bank Ltd., Sponsored ADR		974,400		39,112,416
Itau Unibanco Holding SA, ADR, Preference		1,642,800		25,101,984
Societe Generale SA, Cl. A1		344,369		9,822,230
Standard Chartered plc		281,650		6,367,336
Sumitomo Mitsui Financial Group, Inc.		669,800		20,836,724
				130,154,999
Diversified Financial Services–1.0%
BM&F BOVESPA SA		4,194,900		25,348,391
Insurance–4.5%
Allianz SE		328,539		39,090,475
Dai-ichi Life Insurance Co.		21,622		24,547,786
Fidelity National Financial, Inc., Cl. A		687,020		14,695,358
Prudential plc		2,685,537		34,757,988
				113,091,607
Real Estate Management & Development–0.6%
DLF Ltd.		3,100,027		13,706,063
Health Care–9.7%
Biotechnology–2.9%
Amgen, Inc.		362,170		30,538,174
Gilead Sciences, Inc.1		299,030		19,834,660
Theravance, Inc.1		598,130		15,497,548
ThromboGenics NV1		173,111		6,936,186
				72,806,568
Health Care Equipment & Supplies–1.4%
Zimmer Holdings, Inc.		538,630		36,422,161

2 Oppenheimer Global Securities Fund/VA

Oppenheimer Global Securities Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Shares		Value
Health Care Providers & Services–3.0%
Aetna, Inc.		856,390	$	33,913,044
WellPoint, Inc.		711,765		41,289,488
				75,202,532
Pharmaceuticals–2.4%
Allergan, Inc.		93,810		8,591,120
Bayer AG		453,800		38,972,287
Roche Holding AG		74,409		13,900,756
				61,464,163
Industrials–12.6%
Aerospace & Defense–2.6%
Embraer SA, ADR		867,823		23,101,448
European Aeronautic Defense & Space Co.		1,311,650		41,699,285
				64,800,733
Air Freight & Logistics–0.6%
United Parcel Service, Inc., Cl. B		224,260		16,050,288
Building Products–2.0%
Assa Abloy AB, Cl. B		1,534,183		49,794,150
Construction & Engineering–0.6%
FLSmidth & Co. AS		282,798		16,233,262
Electrical Equipment–2.0%
Emerson Electric Co.		461,440		22,273,709
Nidec Corp.		212,700		15,562,750
Prysmian SpA		708,371		12,681,223
				50,517,682
Industrial Conglomerates–4.0%
3M Co.		402,670		37,214,761
Siemens AG		632,857		63,116,543
				100,331,304
Machinery–0.7%
Fanuc Ltd.		118,800		19,150,487
Road & Rail–0.1%
All America Latina Logistica		744,700		3,078,350
Information Technology–26.5%
Communications Equipment–3.9%
Juniper Networks, Inc.1		1,426,760		24,411,864
Telefonaktiebolaget LM Ericsson, B Shares		8,278,064		75,423,537
				99,835,401
Computers & Peripherals–0.5%
Fusion-io, Inc.1		422,440		12,787,259
Electronic Equipment, Instruments & Components–3.5%
Hoya Corp.		686,800		15,093,055
Keyence Corp.		110,711		28,282,518
Kyocera Corp.		172,300		14,925,013

3 Oppenheimer Global Securities Fund/VA

Oppenheimer Global Securities Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Shares		Value
Electronic Equipment, Instruments & Components Continued
Murata Manufacturing Co. Ltd.		560,500	$	29,842,100
				88,142,686
Internet Software & Services–6.1%
eBay, Inc.1		1,669,730		80,831,629
Facebook, Inc., Cl. A1		827,380		17,912,777
Google, Inc., Cl. A1		72,900		55,003,050
				153,747,456
IT Services–1.1%
Infosys Ltd.		571,422		27,351,640
Semiconductors & Semiconductor Equipment–4.5%
Altera Corp.		1,405,440		47,763,878
Maxim Integrated Products, Inc.		1,494,095		39,772,809
Taiwan Semiconductor Manufacturing Co. Ltd.		8,711,184		26,544,122
				114,080,809
Software–6.9%
Adobe Systems, Inc.1		1,027,043		33,337,816
Intuit, Inc.		762,290		44,883,635
Microsoft Corp.		1,323,540		39,415,021
SAP AG		818,930		57,995,878
				175,632,350
Materials–1.5%
Chemicals–1.0%
Linde AG		145,840		25,113,161
Metals & Mining–0.5%
Iluka Resources Ltd.		1,375,000		13,883,532
Telecommunication Services–1.5%
Wireless Telecommunication Services–1.5%
KDDI Corp.		477,100		37,048,001
Utilities–0.5%
Electric Utilities–0.5%
Fortum OYJ		739,751		13,622,336
Total Common Stocks (Cost $1,808,021,591)				2,499,578,190
Investment Company–1.2%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.18%2,3 (Cost $31,172,783)		31,172,783		31,172,783

4 Oppenheimer Global Securities Fund/VA

Oppenheimer Global Securities Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Shares			Value
Total Investments, at Value (Cost $1,839,194,374)		99.8	%		2,530,750,973
Other Assets Net of Liabilities		0.2			4,047,291
Net Assets		100.0	%	$	2,534,798,264

Footnotes to Statement of Investments

* September 28, 2012 represents the last business day of the Fund’s quarterly period. See accompanying Notes.

1. Non-income producing security.

2. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 28, 2012, 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 December 30,  2011a		Gross Additions		Gross Reductions		Shares September 28, 2012
Oppenheimer Institutional Money Market Fund, Cl. E		36,459,796		218,373,613		223,660,626		31,172,783
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	31,172,783	$	38,092

a. December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See accompanying Notes.

3. Rate shown is the 7-day yield as of September 28, 2012.

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings	Value		Percent
United States	$	1,023,099,137		40.4	%
Germany		264,188,516		10.4
Japan		205,288,434		8.1
France		192,361,102		7.6
Sweden		125,217,687		4.9
Spain		101,649,216		4.0
Brazil		100,134,650		4.0
United Kingdom		97,663,162		3.9
India		96,575,475		3.8
Switzerland		92,354,130		3.7
Mexico		70,460,359		2.8

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Oppenheimer Global Securities Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Geographic Holdings	Value		Percent
Italy		52,928,259		2.1
Denmark		34,266,808		1.4
Taiwan		26,544,122		1.1
Australia		13,883,532		0.5
Finland		13,622,336		0.5
Korea, Republic of South		13,577,862		0.5
Belgium		6,936,186		0.3
Total	$	2,530,750,973		100.0	%

Foreign Currency Exchange Contracts as of September 28, 2012 are as follows:

Counterparty/Contract Description	Buy/Sell	Contract Amount (000’s)		Expiration Dates		Value		Unrealized Depreciation
JPMorgan Chase:
Brazilian Real (BRR)	Sell		4,857 BRR		10/1/12- 10/2/12	$	2,395,813	$	5,146
South Korean Won (KRW)	Sell		195,562 KRW		10/2/12		175,956		217
Total unrealized depreciation								$	5,363

Notes to Statement of Investments

Quarterly and Annual Periods. The last day of the Fund’s quarterly period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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

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STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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

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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean

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STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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 and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from third party pricing services. When the settlement date of a contract is an interim date for which a quotation is not available, interpolated values are derived using the nearest dated forward currency rate.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the

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STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

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

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

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

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STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts as of September 28, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	410,459,246	$	81,155,088		$	—	$	491,614,334
Consumer Staples		229,003,673		—			—		229,003,673
Energy		34,927,800		65,788,516			—		100,716,316
Financials		291,574,293		59,573,263			—		351,147,556
Health Care		245,895,424		—			—		245,895,424
Industrials		249,342,486		70,613,770			—		319,956,256
Information Technology		589,399,321		82,178,280			—		671,577,601
Materials		25,113,161		13,883,532			—		38,996,693
Telecommunication Services		37,048,001		—			—		37,048,001
Utilities		13,622,336		—			—		13,622,336
Investment Company		31,172,783		—			—		31,172,783
Total Assets	$	2,157,558,524	$	373,192,449		$	—	$	2,530,750,973
Liabilities Table
Other Financial Instruments:
Foreign currency exchange contracts	$	—	$	(5,363	)	$	—	$	(5,363	)
Total Liabilities	$	—	$	(5,363	)	$	—	$	(5,363	)

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.

10 Oppenheimer Global Securities Fund/VA

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STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

The table below shows the transfers between Level 1 and Level 2. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers into Level 1*		Transfers out of Level 1**			Transfers into Level 2**		Transfers out of Level 2*
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	26,770,927	$	(21,012,974	)	$	21,012,974	$	(26,770,927	)
Financials		34,441,405		(18,245,031	)		18,245,031		(34,441,405	)
Information Technology		94,139,824		(82,299,672	)		82,299,672		(94,139,824	)
Utilities		17,229,805		—			—		(17,229,805	)
Total Assets	$	172,581,961	$	(121,557,677	)	$	121,557,677	$	(172,581,961	)

* Transferred from Level 2 to Level 1 due to the presence of a readily available unadjusted quoted market price.

** Transferred from Level 1 to Level 2 because of the absence of a readily available unadjusted quoted market price due to a significant event occurring before the Fund’s assets were valued but after the close of the securities’ respective exchanges.

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

Risk Exposures and the Use of Derivative Instruments

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

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

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

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

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STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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

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

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

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

The Fund’s actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below.

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

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

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

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Oppenheimer Global Securities Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

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

Foreign Currency Exchange Contracts

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

Forward contracts are reported on a schedule following the Statement of Investments. The unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports.

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

During the period ended September 28, 2012, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $2,215,885 and $3,380,125, respectively.

13 Oppenheimer Global Securities Fund/VA

Oppenheimer Global Securities Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default.

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 28, 2012 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

Federal tax cost of securities	$	1,866,178,817
Federal tax cost of other investments		888
Total federal tax cost	$	1,866,179,705
Gross unrealized appreciation	$	738,072,428
Gross unrealized depreciation		(73,501,538	)
Net unrealized appreciation	$	664,570,890

14 Oppenheimer Global Securities Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Corporate Loans–6.8%
Atlantic Broadband Finance LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 10/4/191	$	190,000	$	199,263
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, Delayed Draw, 8.50%, 2/27/141,2		103,222		102,448
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, 8.50%, 2/17/141,2		151,778		150,640
Autoparts Holdings Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.50%, 7/29/171		243,844		243,844
BJ’S Wholesale Club, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 3/29/191,2		130,000		132,275
Brock Holdings III, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 3/16/181		155,000		155,388
Chesapeake Energy Corp., Sr. Sec. Credit Facilities Term Loan, 8.50%, 12/2/171		280,000		281,283
Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.866%, 1/29/161		452,762		371,265
Crestwood Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.75%, 3/26/181		272,790		277,223
Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan, Tranche B, 3.743%, 10/19/151,2,3		1,062,623		625,176
iStar Financial, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche A2, 7%, 3/19/171		565,000		569,238
Lonestar Intermediate Super Holdings LLC, Sr. Sec. Credit Facilities Term Loan, 11%, 9/2/191		340,000		363,375
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 2/28/191		640,000		645,867
OneLink Communications/San Juan Cable LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 6/9/181		420,000		426,300
PQ Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 6.716%, 7/30/151		625,000		598,438
Revel Entertainment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 9%, 2/17/171,2		545,000		433,019
Springleaf Financial Funding Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 5/10/171		305,000		299,205
SUPERVALU, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8%, 8/1/181		545,000		549,130
Texas Competitive Electric Holdings Co. LLC, Non-Extended Sr. Sec. Credit Facilities 1st Lien Term Loan:
3.728%, 10/10/141		637,556		476,494
3.938%, 10/10/141		102,444		76,564
Walter Investment Management Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 12.50%, 12/30/161		655,000		681,200
Total Corporate Loans (Cost $7,619,231)				7,657,635

1 Oppenheimer High Income Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Corporate Bonds and Notes–84.3%
Consumer Discretionary–23.6%
Auto Components–2.8%
Continental Rubber of America Corp., 4.50% Sr. Sec. Nts., 9/15/194	$	105,000	$	107,520
Goodyear Tire & Rubber Co. (The), 8.25% Sr. Unsec. Unsub. Nts., 8/15/20		610,000		678,625
Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/174		1,335,000		1,445,138
UCI International, Inc., 8.625% Sr. Unsec. Nts., 2/15/19		170,000		170,000
Visteon Corp., 6.75% Sr. Unsec. Nts., 4/15/19		690,000		727,950
				3,129,233
Automobiles–0.1%
Jaguar Land Rover plc, 7.75% Sr. Unsec. Bonds, 5/15/184		110,000		119,213
Diversified Consumer Services–0.7%
Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20		280,000		292,600
ServiceMaster Co.:
7% Sr. Nts., 8/15/204		255,000		262,650
8% Sr. Unsec. Unsub. Nts., 2/15/20		170,000		181,050
				736,300
Hotels, Restaurants & Leisure–6.5%
Boyd Gaming Corp., 9.125% Sr. Unsec. Nts., 12/1/18		530,000		559,150
Burger King Corp., 9.875% Sr. Unsec. Unsub. Nts., 10/15/18		245,000		285,425
Caesars Entertainment Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18		2,703,000		1,783,980
Chester Downs & Marina LLC, 9.25% Sr. Sec. Nts., 1/15/204		190,000		191,900
CKE Restaurants, Inc., 11.375% Sec. Nts., 7/15/18		218,000		253,970
Equinox Holdings, Inc., 9.50% Sr. Sec. Nts., 2/1/165		510,000		544,425
HOA Restaurants Group LLC/HOA Finance Corp., 11.25% Sr. Sec. Nts., 4/1/174		640,000		587,200
Isle of Capri Casinos, Inc., 7.75% Sr. Unsec. Unsub. Nts., 3/15/19		585,000		631,800
Landry’s, Inc., 9.375% Sr. Unsec. Nts., 5/1/204		555,000		588,300
MGM Mirage, Inc., 6.625% Sr. Unsec. Nts., 7/15/15		875,000		940,625
MGM Resorts International, 6.75% Sr. Unsec. Nts., 10/1/204		165,000		165,413
MTR Gaming Group, Inc., 11.50% Sec. Nts., 8/1/19		246,225		260,383
Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/19		435,000		489,375
				7,281,946
Household Durables–1.9%
Beazer Homes USA, Inc.:
6.875% Sr. Unsec. Nts., 7/15/15		280,000		282,800
9.125% Sr. Unsec. Nts., 5/15/19		790,000		797,900
Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22		65,000		70,525
K Hovnanian Enterprises, Inc., 9.125% Sec. Nts., 11/15/202,4		130,000		131,138
Libbey Glass, Inc., 6.875% Sr. Sec. Nts., 5/15/204		210,000		226,800
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA: 5.75% Sr. Sec. Nts., 10/15/204		275,000		275,344

2 Oppenheimer High Income Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Household Durables Continued
9% Sr. Unsec. Unsub. Nts., 4/15/19	$	285,000	$	292,125
				2,076,632
Leisure Equipment & Products–0.5%
FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sr. Sec. Nts., 5/1/204		555,000		603,563
Media–9.2%
Affinion Group Holdings, Inc., 11.625% Sr. Unsec. Nts., 11/15/15		325,000		222,625
Affinion Group, Inc., 7.875% Sr. Unsec. Nts., 12/15/18		760,000		625,100
AMC Entertainment, Inc., 8.75% Sr. Unsec. Nts., 6/1/19		265,000		293,488
Belo (A.H.) Corp., 7.75% Sr. Unsec. Unsub. Debs., 6/1/27		719,000		729,785
Clear Channel Communications, Inc., 5.75% Sr. Unsec. Unsub. Nts., 1/15/13		860,000		865,375
CSC Holdings LLC, 6.75% Sr. Unsec. Nts., 11/15/214		520,000		575,900
Cumulus Media Holdings, Inc., 7.75% Sr. Unsec. Unsub. Nts., 5/1/19		350,000		342,125
DISH DBS Corp.:
5.875% Sr. Unsec. Nts., 7/15/224		350,000		360,500
7.875% Sr. Unsec. Nts., 9/1/19		605,000		706,338
Entravision Communications Corp., 8.75% Sr. Sec. Nts., 8/1/17		507,000		550,095
Gray Television, Inc.: 7.50% Sr. Unsec. Nts., 10/1/202,4		555,000		555,000
10.50% Sr. Sec. Nts., 6/29/15		520,000		566,150
Newport Television LLC/NTV Finance Corp., 13.75% Sr. Nts., 3/15/173,4		419,232		453,819
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc., 8.875% Sec. Nts., 4/15/17		515,000		562,638
Sinclair Television Group, Inc.:
6.125% Sr. Nts., 10/1/222,4		430,000		432,688
8.375% Sr. Unsec. Nts., 10/15/18		315,000		348,863
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW Gmb H, 7.50% Sr. Sec. Nts., 3/15/19		395,000		435,488
Univision Communications, Inc., 7.875% Sr. Sec. Nts., 11/1/204		465,000		499,875
UPCB Finance V Ltd., 7.25% Sr. Sec. Nts., 11/15/214		350,000		382,375
UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/224		560,000		596,400
Virgin Media Finance plc, 5.25% Sr. Unsec. Unsub. Nts., 2/15/22		215,000		226,825
				10,331,452
Specialty Retail–1.5%
Burlington Coat Factory Warehouse Corp., 10% Sr. Unsec. Nts., 2/15/19		140,000		155,575
J. Crew Group, Inc., 8.125% Sr. Unsec. Nts., 3/1/19		275,000		289,438
Limited Brands, Inc., 5.625% Sr. Nts., 2/15/22		560,000		606,200
Michaels Stores, Inc., 7.75% Sr. Unsec. Nts., 11/1/18		45,000		48,488
Sally Holdings LLC/Sally Capital, Inc., 6.875% Sr. Unsec. Nts., 11/15/19		515,000		575,513
				1,675,214
Textiles, Apparel & Luxury Goods–0.4%
Levi Strauss & Co., 7.625% Sr. Unsec. Unsub. Nts., 5/15/20		265,000		287,525

3 Oppenheimer High Income Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Textiles, Apparel & Luxury Goods Continued
Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15	$	210,000	$	210,000
				497,525
Consumer Staples–2.7%
Food & Staples Retailing–0.1%
Rite Aid Corp., 7.50% Sr. Sec. Nts., 3/1/17		160,000		165,200
Food Products–2.0%
American Seafoods Group LLC, 10.75% Sr. Sub. Nts., 5/15/164		620,000		630,850
ASG Consolidated LLC, 12.863% Sr. Nts., 5/15/173,4		417,721		366,550
Bumble Bee Acquisition Corp., 9% Sr. Sec. Nts., 12/15/174		471,000		495,139
Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/154		690,000		722,775
				2,215,314
Household Products–0.3%
Spectrum Brands Holdings, Inc., 9.50% Sr. Sec. Nts., 6/15/18		250,000		283,125
Personal Products–0.1%
NBTY, Inc., 9% Sr. Unsec. Nts., 10/1/18		125,000		139,688
Tobacco–0.2%
Alliance One International, Inc., 10% Sr. Unsec. Nts., 7/15/16		260,000		270,400
Energy–10.3%
Energy Equipment & Services–2.9%
Forbes Energy Services Ltd., 9% Sr. Unsec. Nts., 6/15/19		220,000		214,500
Global Geophysical Services, Inc., 10.50% Sr. Unsec. Nts., 5/1/17		280,000		268,800
Hercules Offshore, Inc., 7.125% Sr. Sec. Nts., 4/1/174		280,000		291,550
Hornbeck Offshore Services, Inc., 5.875% Sr. Unsec. Nts., 4/1/20		565,000		577,713
Offshore Group Investments Ltd., 11.50% Sr. Sec. Nts., 8/1/15		990,000		1,098,900
Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20		525,000		561,750
SESI LLC, 6.375% Sr. Unsec. Nts., 5/1/19		200,000		215,000
				3,228,213
Oil, Gas & Consumable Fuels–7.4%
Antero Resources Finance Corp., 9.375% Sr. Unsec. Nts., 12/1/17		435,000		482,850
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.:
6.625% Sr. Nts., 10/1/204		170,000		173,400
8.75% Sr. Unsec. Sub. Nts., 6/15/18		280,000		302,400
Bill Barrett Corp., 7.625% Sr. Unsec. Unsub. Nts., 10/1/19		220,000		234,300
BreitBurn Energy Partners LP/BreitBurn Finance Corp., 8.625% Sr. Unsec. Nts., 10/15/20		665,000		729,838
Chaparral Energy, Inc., 9.875% Sr. Unsec. Nts., 10/1/20		510,000		578,850
Chesapeake Midstream Partners LP/CHKM Finance Corp., 6.125% Sr. Unsec. Unsub. Nts., 7/15/22		540,000		573,750
Cimarex Energy Co., 5.875% Sr. Unsec. Unsub. Nts., 5/1/22		500,000		530,000
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.50% Sr. Unsec. Unsub. Nts., 12/15/19		105,000		116,025
Continental Resources, Inc., 5% Sr. Unsec. Nts., 9/15/22		340,000		356,150
Hiland Partners LP/Hiland Partners Finance Corp., 7.25% Sr. Nts., 10/1/204		75,000		78,094
Linn Energy LLC/Linn Energy Finance Corp., 8.625% Sr. Unsec. Nts., 4/15/20		735,000		808,500
MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/214		795,000		854,625

4 Oppenheimer High Income Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Oil, Gas & Consumable Fuels Continued
Murray Energy Corp., 10.25% Sr. Sec. Nts., 10/15/154	$	420,000	$	413,700
Navios Maritime Acquisition Corp., 8.625% Sr. Sec. Nts., 11/1/17		195,000		186,713
Quicksilver Resources, Inc.:
8.25% Sr. Unsec. Nts., 8/1/15		280,000		268,100
11.75% Sr. Nts., 1/1/16		225,000		228,375
Samson Investment Co., 9.75% Sr. Unsec. Nts., 2/15/204		425,000		438,281
SandRidge Energy, Inc., 8.75% Sr. Unsec. Nts., 1/15/20		255,000		277,313
SM Energy Co., 6.50% Sr. Nts., 1/1/234		270,000		283,838
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.875% Sr. Nts., 10/1/204		155,000		159,263
Venoco, Inc., 8.875% Sr. Unsec. Nts., 2/15/19		345,000		301,875
				8,376,240
Financials–8.8%
Capital Markets–3.0%
Edgen Murray Corp., 12.25% Sr. Sec. Nts., 1/15/15		360,000		386,100
Nationstar Mortgage LLC/Nationstar Capital Corp.:
7.875% Sr. Unsec. Nts., 10/1/204		155,000		158,488
10.875% Sr. Unsec. Nts., 4/1/15		1,015,000		1,105,081
Nuveen Investments, Inc., 9.50% Sr. Unsec. Nts., 10/15/204		270,000		270,000
Pinafore LLC/Pinafore, Inc., 9% Sec. Nts., 10/1/18		628,000		703,360
Springleaf Finance Corp., 6.90% Nts., Series J, 12/15/17		370,000		316,350
Verso Paper Holdings LLC/Verso Paper, Inc.:
8.75% Sr. Sec. Nts., 2/1/19		625,000		306,250
11.375% Sr. Unsec. Sub. Nts., Series B, 8/1/16		147,000		87,465
				3,333,094
Consumer Finance–0.8%
Community Choice Financial, Inc., 10.75% Sr. Sec. Nts., 5/1/194		265,000		259,700
Speedy Cash, Inc., 10.75% Sr. Sec. Nts., 5/15/184		330,000		349,800
TMX Finance LLC/TitleMax Finance Corp., 13.25% Sr. Sec. Nts., 7/15/15		255,000		284,325
				893,825
Diversified Financial Services–0.9%
GMAC LLC, 8% Sr. Unsec. Nts., 11/1/31		240,000		281,040
PHH Corp., 9.25% Sr. Unsec. Unsub. Nts., 3/1/16		585,000		674,213
				955,253
Insurance–1.1%
International Lease Finance Corp.:
8.625% Sr. Unsec. Unsub. Nts., 9/15/15		410,000		468,425
8.75% Sr. Unsec. Unsub. Nts., 3/15/17		622,000		730,850
				1,199,275
Real Estate Investment Trusts (REITs)–1.2%
FelCor Escrow Holdings LLC, 6.75% Sr. Sec. Nts., 6/1/19		565,000		608,788
OMEGA Healthcare Investors, Inc., 6.75% Sr. Unsec. Nts., 10/15/22		695,000		771,450
				1,380,238

5 Oppenheimer High Income Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Real Estate Management & Development–1.8%
Ainsworth Lumber Co. Ltd., 11% Sr. Unsec. Unsub. Nts., 7/29/153,4	$	879,733	$	840,145
Realogy Corp.:
7.625% Sr. Sec. Nts., 1/15/204		560,000		620,200
9% Sr. Sec. Nts., 1/15/204		285,000		315,638
Wallace Theater Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/131,4		275,000		273,625
				2,049,608
Health Care–5.4%
Biotechnology–0.3%
Grifols SA, 8.25% Sr. Sec. Nts., 2/1/18		195,000		216,450
Universal Hospital Services, Inc., 7.625% Sr. Sec. Nts., 8/15/204		125,000		130,625
				347,075
Health Care Equipment & Supplies–1.3%
Accellent, Inc., 10% Sr. Unsec. Sub. Nts., 11/1/17		325,000		276,250
Alere, Inc.:
7.875% Sr. Unsec. Unsub. Nts., 2/1/16		290,000		304,500
8.625% Sr. Unsec. Sub. Nts., 10/1/18		290,000		305,950
Biomet, Inc., 6.50% Sr. Unsec. Nts., 8/1/204		215,000		223,331
Chiron Merger Sub, Inc., 10.50% Sec. Nts., 11/1/184		290,000		308,125
Hologic, Inc., 6.25% Sr. Unsec. Nts., 8/1/204		40,000		42,600
				1,460,756
Health Care Providers & Services–3.1%
Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/15		151		155
CHS/Community Health Systems, Inc., 7.125% Sr. Unsec. Unsub. Nts., 7/15/20		165,000		176,241
Fresenius Medical Care US Finance II, Inc.:
5.625% Sr. Unsec. Nts., 7/31/194		180,000		192,150
5.875% Sr. Unsec. Nts., 1/31/224		90,000		96,525
Gentiva Health Services, Inc., 11.50% Sr. Unsec. Unsub. Nts., 9/1/18		340,000		322,575
HealthSouth Corp., 8.125% Sr. Unsec. Unsub. Nts., 2/15/20		514,000		573,110
Kindred Healthcare, Inc., 8.25% Sr. Unsec. Nts., 6/1/19		620,000		606,050
Multiplan, Inc., 9.875% Sr. Nts., 9/1/184		240,000		266,400
Oncure Holdings, Inc., 11.75% Sr. Sec. Nts., 5/15/17		315,000		193,725
PSS World Medical, Inc., 6.375% Sr. Unsec. Unsub. Nts., 3/1/22		130,000		138,938
Radiation Therapy Services, Inc.:
8.875% Sr. Sec. Nts., 1/15/17		295,000		286,150
9.875% Sr. Unsec. Sub. Nts., 4/15/17		250,000		183,125
US Oncology, Inc., Escrow Shares (related to 9.125% Sr. Sec. Nts., 8/15/17)6		435,000		7,613
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18		375,000		402,188
				3,444,945
Health Care Technology–0.1%
MedAssets, Inc., 8% Sr. Unsec. Nts., 11/15/18		75,000		82,125

6 Oppenheimer High Income Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Life Sciences Tools & Services–0.2%
Jaguar Holding Co./Jaguar Merger Sub, Inc., 9.50% Sr. Unsec. Nts., 12/1/194	$	220,000	$	248,050
Pharmaceuticals–0.4%
DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14		150,000		156,000
Valeant Pharmaceuticals International, Inc., 6.875% Sr. Unsec. Nts., 12/1/184		190,000		200,925
Warner Chilcott Co. LLC/Warner Chilcott Finance LL C, 7.75% Sr. Unsec. Nts., 9/15/18		145,000		155,513
				512,438
Industrials–14.9%
Aerospace & Defense–3.6%
BE Aerospace, Inc., 6.875% Sr. Nts., 10/1/20		240,000		267,600
DynCorp International, Inc., 10.375% Sr. Unsec. Nts., 7/1/17		1,085,000		941,238
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21		805,000		870,406
Kratos Defense & Security Solutions, Inc., 10% Sr. Sec. Nts., 6/1/17		267,000		289,695
Schaeffler Finance BV, 8.50% Sr. Sec. Nts., 2/15/194		300,000		337,500
TransDigm, Inc., 7.75% Sr. Unsec. Sub. Nts., 12/15/18		480,000		532,800
Triumph Group, Inc., 8.625% Sr. Unsec. Nts., 7/15/18		650,000		736,125
				3,975,364
Air Freight & Logistics–1.0%
Air Medical Group Holdings, Inc., 9.25% Sr. Sec. Nts., 11/1/18		510,000		558,450
SPL Logistics Escrow LLC/SPL Logistics Finance Corp., 8.875% Sr. Sec. Nts., 8/1/204		540,000		580,500
				1,138,950
Airlines–0.5%
American Airlines 2011-2 Class A Pass-Through Trust, 8.625% Sec. Certificates, 4/15/23		543,468		584,907
Building Products–1.1%
Associated Materials LLC, 9.125% Sr. Sec. Nts., 11/1/174		265,000		261,025
Ply Gem Industries, Inc.:
9.375% Sr. Nts., 4/15/174		400,000		403,000
13.125% Sr. Unsec. Sub. Nts., 7/15/14		535,000		573,788
				1,237,813
Commercial Services & Supplies–1.9%
Cenveo Corp., 8.875% Sec. Nts., 2/1/18		205,000		195,263
R.R. Donnelley & Sons Co., 7.25% Sr. Nts., 5/15/18		1,130,000		1,127,175
STHI Holding Corp., 8% Sec. Nts., 3/15/184		200,000		214,000
West Corp., 8.625% Sr. Unsec. Nts., 10/1/18		500,000		527,500
				2,063,938
Electrical Equipment–0.2%
General Cable Corp., 5.75% Sr. Unsec. Unsub. Nts., 10/1/224		205,000		209,100
Machinery–3.2%
Actuant Corp., 5.625% Sr. Unsec. Unsub. Nts., 6/15/22		340,000		354,450
Cleaver-Brooks, Inc., 12.25% Sr. Sec. Nts., 5/1/165		540,000		581,850

7 Oppenheimer High Income Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Machinery Continued
CNH Capital LLC, 6.25% Sr. Unsec. Nts., 11/1/164	$	150,000	$	163,688
Manitowoc Co., Inc. (The), 8.50% Sr. Unsec. Nts., 11/1/20		755,000		848,431
Navistar International Corp., 3% Cv. Sr. Sub. Nts., 10/15/14		290,000		258,644
Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17		540,000		561,600
Thermadyne Holdings Corp., 9% Sr. Sec. Nts., 12/15/17		505,000		540,350
Xerium Technologies, Inc., 8.875% Sr. Unsec. Nts., 6/15/18		335,000		298,150
				3,607,163
Marine–0.9%
Drill Rigs Holdings, Inc., 6.50% Sr. Sec. Nts., 10/1/174		55,000		54,794
Marquette Transportation Co./Marquette Transportation Finance Corp., 10.875% Sec. Nts., 1/15/17		780,000		824,850
Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc., 8.875% Sr. Sec. Nts., 11/1/17		160,000		165,000
				1,044,644
Professional Services–0.2%
Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/155		280,000		246,400
Road & Rail–1.5%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25% Sr. Unsec. Unsub. Nts., 1/15/19		245,000		267,969
Hertz Corp. (The), 7.50% Sr. Unsec. Nts., 10/15/18		670,000		726,950
Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/154		1,045,000		705,375
				1,700,294
Trading Companies & Distributors–0.8%
UR Financing Escrow Corp.:
7.375% Sr. Unsec. Nts., 5/15/204		685,000		738,088
7.625% Sr. Unsec. Nts., 4/15/224		170,000		186,575
				924,663
Information Technology–5.0%
Communications Equipment–0.9%
Avaya, Inc., 7% Sr. Sec. Nts., 4/1/194		550,000		514,250
ViaSat, Inc., 6.875% Sr. Unsec. Unsub. Nts., 6/15/20		253,000		261,855
Zayo Group LLC/Zayo Capital, Inc.:
8.125% Sr. Sec. Nts., 1/1/20		125,000		137,188
10.125% Sr. Sec. Nts., 7/1/20		80,000		88,800
				1,002,093
Computers & Peripherals–0.4%
Seagate HDD (Cayman), 7% Sr. Unsec. Nts., 11/1/21		470,000		505,250
Electronic Equipment, Instruments & Components–0.2%
Anixter, Inc., 5.625% Sr. Unsec. Nts., 5/1/19		210,000		220,500
Internet Software & Services–1.0%
ITC DeltaCom, Inc., 10.50% Sr. Sec. Nts., 4/1/16		1,035,000		1,112,625
IT Services–0.9%
Ceridian Corp., 11.25% Sr. Unsec. Nts., 11/15/15		265,000		262,350
First Data Corp.:
9.875% Sr. Unsec. Nts., 9/24/15		265,000		271,625
12.625% Sr. Unsec. Nts., 1/15/21		475,000		494,594
				1,028,569

8 Oppenheimer High Income Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Semiconductors & Semiconductor Equipment–1.3%
Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 8/1/20	$	354,000	$	361,080
Amkor Technologies, Inc., 6.625% Sr. Unsec. Nts., 6/1/21		265,000		270,300
Freescale Semiconductor, Inc.:
9.25% Sr. Sec. Nts., 4/15/184		225,000		245,813
10.75% Sr. Unsec. Nts., 8/1/20		503,000		547,013
				1,424,206
Software–0.3%
Lawson Software, Inc., 9.375% Sr. Nts., 4/1/194		105,000		117,075
SunGard Data Systems, Inc., 7.375% Sr. Unsec. Nts., 11/15/18		160,000		172,400
				289,475
Materials–6.0%
Chemicals–1.3%
ADS Waste Holdings, Inc., 8.25% Sr. Nts., 10/1/202,4		85,000		86,913
Ferro Corp., 7.875% Sr. Unsec. Nts., 8/15/18		145,000		140,650
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 8.875% Sr. Sec. Nts., 2/1/18		280,000		289,100
Ineos Finance plc, 8.375% Sr. Sec. Bonds, 2/15/194		440,000		464,750
LyondellBasell Industries NV, 6% Sr. Unsec. Nts., 11/15/21		350,000		400,750
Scotts Miracle-Gro Co. (The), 6.625% Sr. Unsec. Unsub. Nts., 12/15/20		70,000		75,775
				1,457,938
Construction Materials–0.8%
Building Materials Corp. of America, 6.75% Sr. Nts., 5/1/214		435,000		477,413
Ply Gem Industries, Inc., 8.25% Sr. Sec. Nts., 2/15/18		370,000		388,038
				865,451
Containers & Packaging–1.5%
Consolidated Container Co. LLC/Consolidated Container Capital, Inc., 10.125% Sr. Unsec. Nts., 7/15/204		125,000		133,750
Polymer Group, Inc., 7.75% Sr. Sec. Nts., 2/1/19		650,000		695,500
Rock-Tenn Co., 4.45% Sr. Unsec. Nts., 3/1/194		130,000		137,393
Verso Paper Holdings LLC/Verso Paper, Inc., 11.75% Sr. Sec. Nts., 1/15/194		940,000		728,500
				1,695,143
Metals & Mining–0.8%
Aleris International, Inc., 7.625% Sr. Unsec. Nts., 2/15/18		760,000		811,300
Novelis, Inc., 8.75% Sr. Unsec. Nts., 12/15/20		135,000		150,188
				961,488
Paper & Forest Products–1.6%
Appleton Papers, Inc., 10.50% Sr. Sec. Nts., 6/15/154		335,000		357,613
Catalyst Paper Corp.:
13% Sec. Nts., 12/15/161,5		184,561		179,024
11% Sr. Sec. Nts., 12/15/16		724,926		572,692
NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/146		600,000		381,000
Norske Skogindustrier ASA, 6.125% Unsec. Bonds, 10/15/154		375,000		305,625
				1,795,954

9 Oppenheimer High Income Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Principal Amount		Value
Telecommunication Services–5.1%
Diversified Telecommunication Services–3.0%
Cincinnati Bell, Inc.:
8.25% Sr. Nts., 10/15/17	$	385,000	$	412,913
8.75% Sr. Unsec. Sub. Nts., 3/15/18		280,000		285,600
Frontier Communications Corp.:
8.25% Sr. Unsec. Nts., 4/15/17		270,000		307,800
8.50% Sr. Unsec. Nts., 4/15/20		180,000		204,300
Intelsat Bermuda Ltd.:
11.25% Sr. Unsec. Nts., 2/4/17		585,000		620,831
11.50% Sr. Unsec. Nts., 2/4/173		710		755
Level 3 Communications, Inc., 8.875% Sr. Unsec. Nts., 6/1/194		80,000		84,300
Level 3 Financing, Inc., 9.375% Sr. Unsec. Unsub. Nts., 4/1/19		535,000		596,525
Wind Acquisition Finance SA, 7.25% Sr. Sec. Nts., 2/15/184		560,000		534,800
Windstream Corp., 7.50% Sr. Unsec. Unsub. Nts., 6/1/224		255,000		271,575
				3,319,399
Wireless Telecommunication Services–2.1%
Cricket Communications, Inc.:
7.75% Sr. Unsec. Nts., 10/15/20		450,000		441,000
10% Sr. Unsec. Unsub. Nts., 7/15/15		260,000		274,300
Leap Wireless International, Inc., 4.50% Cv. Sr. Unsec. Nts., 7/15/14		145,000		138,838
MetroPCS Wireless, Inc., 6.625% Sr. Unsec. Nts., 11/15/20		545,000		572,931
SBA Telecommunications, Inc., 5.75% Sr. Unsec. Unsub. Nts., 7/15/204		165,000		173,869
Sprint Capital Corp., 8.75% Nts., 3/15/32		135,000		140,400
Sprint Nextel Corp., 9% Sr. Unsec. Nts., 11/15/184		515,000		619,288
				2,360,626
Utilities–2.5%
Electric Utilities–0.5%
Energy Future Intermediate Holding Co. LLC, 10% Sr. Sec. Nts., 12/1/20		507,000		572,910
Energy Traders–1.5%
AES Corp. (The), 8% Sr. Unsec. Unsub. Nts., 10/15/17		245,000		284,200
Calpine Corp., 7.50% Sr. Sec. Nts., 2/15/214		255,000		276,675
Energy Future Holdings Corp., 10% Sr. Sec. Nts., 1/15/20		530,000		586,975
First Wind Capital LLC, 10.25% Sr. Sec. Nts., 6/1/185		75,000		76,875
Foresight Energy LLC, 9.625% Sr. Unsec. Nts., 8/15/174		265,000		275,600
NRG Energy, Inc., 6.625% Sr. Unsec. Nts., 3/15/234		105,000		107,494
				1,607,819
Gas Utilities–0.5%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75% Sr. Unsec. Nts., 5/20/20		545,000		583,125
Total Corporate Bonds and Notes (Cost $92,648,483)				94,571,747
	Shares
Preferred Stocks–0.9%
Ally Financial, Inc., 7% Cum., Series G, Non-Vtg.		584		546,350

10 Oppenheimer High Income Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares			Value
Greektown Superholdings, Inc., Cv., Series A-17		7,236		$	510,138
Total Preferred Stocks (Cost $1,253,803)					1,056,488
Common Stocks–0.8%
American Media Operations, Inc. 7		58,065			754,845
Catalyst Paper Corp. 7		41,832			46,806
Global Aviation Holdings, Inc. 7		300			—
Greektown Superholdings, Inc., Series A-1 7		874			45,448
Total Common Stocks (Cost $2,872,161)					847,099
	Units
Rights, Warrants and Certificates–0.0%
MediaNews Group, Inc. Wts., Strike Price $0.001, Exp. 3/19/17 7 (Cost $3,168,495)		11,017			396
	Shares
Investment Company–4.3%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.18%8,9 (Cost $4,819,037)		4,819,037			4,819,037
Total Investments, at Value (Cost $112,381,210)		97.1	%		108,952,402
Other Assets Net of Liabilities		2.9			3,284,797
Net Assets		100.0	%	$	112,237,199

Footnotes to Statement of Investments

* September 28, 2012 represents the last business day of the Fund’s quarterly period. See accompanying Notes.

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

2. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after September 28, 2012. See accompanying Notes.

3. Interest or dividend is paid-in-kind, when applicable.

4. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $28,031,469 or 24.98% of the Fund’s net assets as of September 28, 2012.

5. Restricted security. The aggregate value of restricted securities as of September 28, 2012 was $1,628,574, which represents 1.45% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Date	Cost		Value		Unrealized Appreciation (Depreciation)
Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15	5/14/09-2/8/10	$	258,659	$	246,400	$	(12,259	)
Catalyst Paper Corp., 13% Sec. Nts., 12/15/16	9/6/12		166,064		179,024		12,960
Cleaver-Brooks, Inc., 12.25% Sr. Sec. Nts., 5/1/16	4/21/10-5/3/11		547,333		581,850		34,517
Equinox Holdings, Inc., 9.50% Sr. Sec. Nts., 2/1/16	1/22/10-12/20/11		508,247		544,425		36,178
First Wind Capital LLC, 10.25% Sr. Sec. Nts., 6/1/18	6/7/11		77,178		76,875		(303	)
		$	1,557,481	$	1,628,574	$	71,093

6. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See accompanying Notes.

7. Non-income producing security.

11 Oppenheimer High Income Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

8. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 28, 2012, 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 December 30, 2011a		Gross Additions		Gross Reductions		Shares September 28, 2012
Oppenheimer Institutional Money Market Fund, Cl. E		11,964,562		31,674,954		38,820,479		4,819,037
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	4,819,037	$	7,714

a. December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See accompanying Notes.

9. Rate shown is the 7-day yield as of September 28, 2012.

Notes to Statement of Investments

Quarterly and Annual Periods. The last day of the Fund’s quarterly period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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

As of September 28, 2012, 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	$	1,531,463
Sold securities		307,308

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of September 28, 2012 is as follows:

Cost	$	589,032
Market Value	$	388,613
Market Value as a % of Net Assets		0.35	%

12 Oppenheimer High Income Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

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

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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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 and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities

13 Oppenheimer High Income Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

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

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

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

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

14 Oppenheimer High Income Fund/VA

Oppenheimer High Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

The table below categorizes amounts as of September 28, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Corporate Loans	$	—	$	7,657,635	$	—	$	7,657,635
Corporate Bonds and Notes		—		94,392,723		179,024		94,571,747
Preferred Stocks		—		1,056,488		—		1,056,488
Common Stocks		—		800,293		46,806		847,099
Rights, Warrants and Certificates		—		—		396		396
Investment Company		4,819,037		—		—		4,819,037
Total Assets	$	4,819,037	$	103,907,139	$	226,226	$	108,952,402

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

The table below shows the transfers between Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers into Level 2*		Transfers out of Level 3*
Assets Table
Investments, at Value:
Common Stocks	$	52,929	$	(52,929	)
Preferred Stocks		751,905		(751,905	)
Total Assets	$	804,834	$	(804,834	)

* Transferred from Level 3 to Level 2 due to the availability of market data for this security.

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

Restricted Securities

As of September 28, 2012, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 28, 2012 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

Federal tax cost of securities	$	112,396,400
Gross unrealized appreciation	$	5,280,701
Gross unrealized depreciation		(8,724,699	)
Net unrealized depreciation	$	(3,443,998	)

15 Oppenheimer High Income Fund/VA

OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS September 28, 2012* / Unaudited

	Shares		Value
Common Stocks–98.8%
Consumer Discretionary–9.2%
Automobiles–2.1%
Ford Motor Co.		3,009,610	$	29,674,755
Hotels, Restaurants & Leisure–0.6%
Hyatt Hotels Corp., Cl. A1		54,558		2,190,504
Yum! Brands, Inc.		103,180		6,844,961
				9,035,465
Media–2.4%
McGraw-Hill Cos., Inc. (The)		607,401		33,158,021
Specialty Retail–4.1%
AutoZone, Inc.1		67,600		24,989,692
CarMax, Inc.1		534,760		15,133,708
TJX Cos., Inc. (The)		366,390		16,410,608
				56,534,008
Consumer Staples–10.6%
Beverages–2.3%
Dr Pepper Snapple Group, Inc.		722,910		32,191,182
Food Products–3.5%
J.M. Smucker Co. (The)		363,570		31,386,998
Kraft Foods, Inc., Cl. A		340,010		14,059,413
Mondelez International, Inc., Cl. A		134,410		3,568,585
				49,014,996
Household Products–0.3%
Henkel AG & Co. KGaA, Preference		47,374		3,767,737
Tobacco–4.5%
Philip Morris International, Inc.		704,189		63,334,759
Energy–11.1%
Energy Equipment & Services–3.6%
National Oilwell Varco, Inc.		626,630		50,199,329
Oil, Gas & Consumable Fuels–7.5%
Chevron Corp.		559,910		65,263,110
Kinder Morgan, Inc.		339,467		12,057,868
Noble Energy, Inc.		302,680		28,061,463
				105,382,441
Financials–17.5%
Commercial Banks–4.1%
CIT Group, Inc.1		1,247,810		49,151,236
M&T Bank Corp.		83,370		7,933,489
				57,084,725
Consumer Finance–1.4%
Discover Financial Services		506,930		20,140,329
Diversified Financial Services–10.2%
Citigroup, Inc.		1,689,578		55,282,992
CME Group, Inc., Cl. A		420,360		24,086,628
IntercontinentalExchange, Inc.1		15,570		2,077,194
JPMorgan Chase & Co.		1,303,040		52,747,059
MSCI, Inc., Cl. A1		283,840		10,158,634
				144,352,507
Insurance–1.8%
Marsh & McLennan Cos., Inc.		726,940		24,665,074
Health Care–12.2%
Health Care Equipment & Supplies–3.2%
Covidien plc		753,380		44,765,840
Health Care Providers & Services–2.6%
DaVita, Inc.1		36,310		3,762,079
Express Scripts Holding Co.1		514,507		32,244,154
				36,006,233
Pharmaceuticals–6.4%
Abbott Laboratories		634,650		43,511,604
Bristol-Myers Squibb Co.		910,190		30,718,912
Watson Pharmaceuticals, Inc.1		177,830		15,144,003
				89,374,519
Industrials–11.0%
Aerospace & Defense–2.4%
Boeing Co. (The)		382,190		26,608,068
L-3 Communications Holdings, Inc.		102,620		7,358,880
				33,966,948
Air Freight & Couriers–2.2%
United Parcel Service, Inc., Cl. B		429,850		30,764,365
Industrial Conglomerates–3.1%
Tyco International Ltd.		767,445		43,176,456
Professional Services–1.0%
Towers Watson & Co., Cl. A		278,390		14,768,589
Road & Rail–2.3%
CSX Corp.		1,412,720		29,313,940
QR National Ltd.		828,400		2,919,753
				32,233,693
Information Technology–21.6%
Communications Equipment–1.4%
QUALCOMM, Inc.		309,531		19,342,592
Computers & Peripherals–8.9%
Apple, Inc.		168,092		112,161,068
Western Digital Corp.		338,720		13,118,626
				125,279,694
Electronic Equipment, Instruments & Components–0.8%
Corning, Inc.		824,280		10,839,282
Internet Software & Services–6.0%
eBay, Inc.1		1,105,215		53,503,458

1 OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS Unaudited / (Continued)

	Shares			Value
Internet Software & Services (Continued)
Facebook, Inc., Cl. A1		393,330		$	8,515,594
Google, Inc., Cl. A1		30,170			22,763,265
					84,782,317
IT Services–4.5%
International Business Machines Corp.		304,170			63,100,066
Materials–2.1%
Chemicals–0.3%
PPG Industries, Inc.		31,350			3,600,234
Construction Materials–1.8%
Vulcan Materials Co.		525,130			24,838,649
Telecommunication Services–2.2%
Wireless Telecommunication Services–2.2%
America Movil SAB de CV, Series L, ADR		1,227,462			31,226,633
Utilities–1.3%
Energy Traders–1.3%
AES Corp. (The)1		1,687,020			18,506,609
Total Common Stocks (Cost $1,007,832,430)					1,385,108,047
	Units
Rights, Warrants and Certificates–0.0%
Kinder Morgan, Inc. Wts., Strike Price $40, Exp. 2/15/171 (Cost $68,117)		38,054			132,809
	Shares			Value
Investment Company–1.5%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.18%2,3 (Cost $21,621,887)		21,621,887		$	21,621,887
Total Investments,at Value (Cost $1,029,522,434)		100.3	%		1,406,862,743
Liabilities in Excess of Other
Assets		(0.3)			(4,444,724)
Net Assets		100.0	%	$	1,402,418,019

Footnotes to Statement of Investments

* September 28, 2012 represents the last business day of the Fund’s quarterly period. See accompanying Notes.

1. Non-income producing security.

2. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 28, 2012, 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 December 30, 2011a		Gross Additions		Gross Reductions		Shares September 28, 2012
Oppenheimer Institutional Money Market Fund, Cl. E		—		250,384,265		228,762,378		21,621,887
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	21,621,887	$	27,277

a. December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See accompanying Notes.

3. Rate shown is the 7-day yield as of September 28, 2012.

2 OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS Unaudited / (Continued)

Foreign Currency Exchange Contracts as of September 28, 2012 are as follows:

Counterparty/Contract Description	Buy/ Sell		Contract Amount (000’s)			Expiration Date		Value		Unrealized Appreciation
JP Morgan Chase
Australian Dollar (AUD)		Buy		7	AUD		10/2/12	$	7,007	$	17

3 OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

Quarterly and Annual Periods. The last day of the Fund’s quarterly period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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

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

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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

4 OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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 and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from third party pricing services. When the settlement date of a contract is an interim date for which a quotation is not available, interpolated values are derived using the nearest dated forward currency rate.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

5 OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

6 OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

Classifications

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

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

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

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

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts as of September 28, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	128,402,249	$	—	$	—	$	128,402,249
Consumer Staples		148,308,674		—		—		148,308,674
Energy		155,581,770		—		—		155,581,770
Financials		246,242,635		—		—		246,242,635
Health Care		170,146,592		—		—		170,146,592
Industrials		154,910,051		—		—		154,910,051
Information Technology		303,343,951		—		—		303,343,951
Materials		28,438,883		—		—		28,438,883
Telecommunication Services		31,226,633		—		—		31,226,633
Utilities		18,506,609		—		—		18,506,609
Rights, Warrants and Certificates		132,809		—		—		132,809
Investment Company		21,621,887		—		—		21,621,887
Total Investments, at Value		1,406,862,743		—		—		1,406,862,743
Other Financial Instruments:
Foreign currency exchange contracts		—		17		—		17
Total Assets	$	1,406,862,743	$	17	$	—	$	1,406,862,760

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

7 OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

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.

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

Risk Exposures and the Use of Derivative Instruments

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

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

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

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

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

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

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

8 OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

The Fund’s actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below.

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

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

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

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. As of September 28, 2012, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $17, which represents gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end.

9 OPPENHEIMER MAIN STREET FUND/VA

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NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

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

Foreign Currency Exchange Contracts

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

Forward contracts are reported on a schedule following the Statement of Investments. The unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports.

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

During the period ended September 28, 2012, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $53,686 and $264, respectively.

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default.

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 28, 2012 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

10 OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

Federal tax cost of securities	$	1,032,460,944
Federal tax cost of other investments		33,524
Total federal tax cost	$	1,032,494,468
Gross unrealized appreciation	$	391,854,232
Gross unrealized depreciation		(17,452,517	)
Net unrealized appreciation	$	374,401,715

11 OPPENHEIMER MAIN STREET FUND/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Common Stocks–97.2%
Consumer Discretionary–17.0%
Auto Components–1.2%
Cooper Tire & Rubber Co.		61,770	$	1,184,749
Dana Holding Corp.		724,037		8,905,655
Gentherm, Inc.1		45,640		567,762
Standard Motor Products, Inc.		22,572		415,776
				11,073,942
Distributors–0.8%
Pool Corp.		166,879		6,938,829
VOXX International Corp.1		70,450		526,966
				7,465,795
Diversified Consumer Services–0.4%
Bridgepoint Education, Inc.1		3,822		38,793
Coinstar, Inc.1		26,439		1,189,226
DeVry, Inc.		5,722		130,233
Grand Canyon Education, Inc.1		69,640		1,638,629
Regis Corp.		31,677		582,223
				3,579,104
Hotels, Restaurants & Leisure–3.0%
Ameristar Casinos, Inc.		63,464		1,129,659
Bob Evans Farms, Inc.		41,296		1,615,912
Brinker International, Inc.		63,954		2,257,576
CEC Entertainment, Inc.		1,570		47,288
Cheesecake Factory, Inc. (The)		51,102		1,826,897
Cracker Barrel Old Country Store, Inc.		9,999		671,033
Denny’s Corp.1		47,580		230,763
Dunkin’ Brands Group, Inc.		589,353		17,206,161
Multimedia Games, Inc.1		3,520		55,370
Papa John’s International, Inc.1		22,183		1,184,794
Penn National Gaming, Inc.1		250		10,775
Red Robin Gourmet Burgers, Inc.1		28,610		931,542
Ruth’s Chris Steak House, Inc.1		6,160		39,239
Texas Roadhouse, Inc., Cl. A		15,340		262,314
Town Sports International Holdings, Inc.1		14,610		180,726
				27,650,049
Household Durables–1.1%
CSS Industries, Inc.		12,958		266,287
Helen of Troy Ltd.1		13,873		441,578
Jarden Corp.		20,765		1,097,223
La-Z-Boy, Inc.1		44,700		653,961
NACCO Industries, Inc., Cl. A		6,860		860,313
Toll Brothers, Inc.1		166,460		5,531,466
Zagg, Inc.1		120,100		1,024,453
				9,875,281
Internet & Catalog Retail–0.0%
HSN, Inc.		3,436		168,536

1 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Leisure Equipment & Products–0.2%
Leapfrog Enterprises, Inc.1		167,790	$	1,513,466
Polaris Industries, Inc.		1,529		123,650
Smith & Wesson Holding Corp.1		69,620		766,516
				2,403,632
Media–1.8%
Cinemark Holdings, Inc.		41,190		923,892
IMAX Corp.1		489,006		9,736,109
Interpublic Group of Cos., Inc. (The)		139,350		1,549,572
Regal Entertainment Group		49,160		691,681
Scholastic Corp.		48,345		1,536,404
Valassis Communications, Inc.1		55,341		1,366,369
Wiley (John) & Sons, Inc., Cl. A		20,180		927,271
				16,731,298
Multiline Retail–0.5%
Big Lots, Inc.1		42,851		1,267,533
Dillard’s, Inc., Cl. A		18,793		1,359,110
Fred’s, Inc.		43,081		613,043
Saks, Inc.1		168,972		1,742,101
				4,981,787
Specialty Retail–5.9%
Aaron’s, Inc.		40,560		1,127,974
Advance Auto Parts, Inc.		19,987		1,367,910
AnnTaylor Stores Corp.1		72,413		2,732,142
Ascena Retail Group, Inc.1		110,180		2,363,361
Body Central Corp.1		43,740		457,083
Brown Shoe Co., Inc.		5,350		85,761
Buckle, Inc. (The)		7,770		352,991
CarMax, Inc.1		422,450		11,955,335
Cato Corp., Cl. A		78,197		2,323,233
Chico’s FAS, Inc.		146,089		2,645,672
Dick’s Sporting Goods, Inc.		3,196		165,713
Express, Inc.1		92,016		1,363,677
Finish Line, Inc. (The), Cl. A		99,273		2,257,468
Foot Locker, Inc.		64,021		2,272,746
GameStop Corp., Cl. A		91,545		1,922,445
Hibbett Sports, Inc.1		2,636		156,710
Hot Topic, Inc.		131,770		1,146,399
Men’s Wearhouse, Inc. (The)		365		12,567
Monro Muffler Brake, Inc.		190,499		6,703,660
Pier 1 Imports, Inc.		503,530		9,436,152
RadioShack Corp.		7,105		16,910
Rent-A-Center, Inc.		12,790		448,673
Rue21, Inc.1		33,975		1,058,321
Stage Stores, Inc.		22,990		484,169
Staples, Inc.		72,570		836,006
Williams-Sonoma, Inc.		25,980		1,142,341
				54,835,419

2 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Textiles, Apparel & Luxury Goods–2.1%
Fossil, Inc.1		92,432	$	7,828,990
Iconix Brand Group, Inc.1		4,943		90,160
Jones Group, Inc. (The)		54,400		700,128
PVH Corp.		117,158		10,980,048
True Religion Apparel, Inc.		15,870		338,507
				19,937,833
Consumer Staples–2.1%
Beverages–0.1%
Cott Corp.1		78,596		620,908
Food & Staples Retailing–0.3%
Andersons, Inc. (The)		370		13,934
Harris Teeter Supermarkets, Inc.		3,870		150,311
Roundy’s, Inc.		129,750		784,988
Safeway, Inc.		42,590		685,273
Spartan Stores, Inc.		21,677		331,875
Village Super Market, Inc., Cl. A		6,555		240,962
Weis Markets, Inc.		12,292		520,320
				2,727,663
Food Products–1.3%
Darling International, Inc.1		90,340		1,652,319
Dean Foods Co.1		100,660		1,645,791
Ingredion, Inc.		7,960		439,074
TreeHouse Foods, Inc.1		164,322		8,626,905
				12,364,089
Household Products–0.1%
Harbinger Group, Inc.1		29,650		249,950
Spectrum Brands Holdings, Inc.		3,200		128,032
				377,982
Personal Products–0.3%
Medifast, Inc.1		44,772		1,170,788
Nu Skin Asia Pacific, Inc., Cl. A		11,660		452,758
USANA Health Sciences, Inc.1		30,950		1,438,247
				3,061,793
Tobacco–0.0%
Universal Corp.		3,297		167,883
Energy–5.8%
Energy Equipment & Services–1.4%
Basic Energy Services, Inc.1		41,222		462,511
C&J Energy Services, Inc.1		81,630		1,624,437
Forum Energy Technologies, Inc.1		39,520		961,126
Helix Energy Solutions Group, Inc.1		95,388		1,742,739
Helmerich & Payne, Inc.		31,770		1,512,570
ION Geophysical Corp.1		99,150		688,101
Key Energy Services, Inc.1		32,020		224,140
Matrix Service Co.1		49,436		522,539

3 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Energy Equipment & Services Continued
Nabors Industries Ltd.1		42,140	$	591,224
Newpark Resources, Inc.1		7,630		56,538
Parker Drilling Co.1		276,223		1,168,423
Patterson-UTI Energy, Inc.		94,820		1,501,949
Pioneer Energy Services Corp.1		14,370		111,942
RPC, Inc.		164,357		1,954,205
Tesco Corp.1		6,290		67,177
				13,189,621
Oil, Gas & Consumable Fuels–4.4%
Alon USA Energy, Inc.		71,990		986,263
Cloud Peak Energy, Inc.1		4,100		74,210
Crosstex Energy, Inc.		21,780		305,573
CVR Energy, Inc.1		16,100		591,675
CVR Energy, Inc.2		43,316		—
Delek US Holdings, Inc.		47,590		1,213,069
Denbury Resources, Inc.1		18,500		298,960
EPL Oil & Gas, Inc.1		246,560		5,002,702
Gran Tierra Energy, Inc.1		194,260		1,004,324
Green Plains Renewable Energy, Inc.1		3,520		20,627
HollyFrontier Corp.		244,103		10,074,131
Kosmos Energy Ltd.1		284,513		3,240,603
PAA Natural Gas Storage LP		263,933		5,252,267
Renewable Energy Group, Inc.1		237,310		1,578,112
Rex Stores Corp.1		18,470		332,645
Targa Resources Corp.		31,410		1,581,179
Tesoro Corp.		68,841		2,884,438
TransGlobe Energy Corp.1		86,803		942,681
VAALCO Energy, Inc.1		233,417		1,995,715
Venoco, Inc.1		73,590		874,249
Warren Resources, Inc.1		116,600		354,464
Western Refining, Inc.		86,567		2,266,324
				40,874,211
Financials–21.5%
Capital Markets–1.0%
Federated Investors, Inc., Cl. B		51,317		1,061,749
Financial Engines, Inc.1		122,210		2,912,264
KBW, Inc.		293,671		4,836,761
				8,810,774
Commercial Banks–2.8%
Associated Banc-Corp.		27,720		365,072
BankUnited, Inc.		166,435		4,095,965
CapitalSource, Inc.		1,512,889		11,467,699
Citizens & Northern Corp.		9,086		178,176
Commerce Bancshares, Inc.		1,850		74,611
CVB Financial Corp.		104,440		1,247,014

4 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Commercial Banks Continued
Eagle Bancorp, Inc.1		24,173	$	404,173
First Horizon National Corp.		12,944		124,651
FirstMerit Corp.		232,736		3,428,201
Huntington Bancshares, Inc.		202,840		1,399,596
KeyCorp		59,560		520,554
Lakeland Financial Corp.		4,189		115,616
Old National Bancorp		67,910		924,255
Republic Bancorp, Inc., Cl. A		12,188		267,527
Southside Bancshares, Inc.		13,152		286,845
Univest Corp. of Pennsylvania		20,380		366,840
WesBanco, Inc.		25,159		521,043
				25,787,838
Consumer Finance–0.2%
Cash America International, Inc.		9,250		356,773
EZCORP, Inc., Cl. A1		29,074		666,667
First Cash Financial Services, Inc.1		2,180		100,302
Green Dot Corp., Cl. A1		52,140		637,672
Netspend Holdings, Inc.1		12,010		118,058
				1,879,472
Diversified Financial Services–2.6%
Moody’s Corp.		201,450		8,898,047
MSCI, Inc., Cl. A1		410,606		14,695,589
NASDAQ OMX Group, Inc. (The)		39,220		913,630
				24,507,266
Insurance–4.4%
Allied World Assurance Holdings Ltd.		9,670		747,008
Alterra Capital Holdings Ltd.		147,563		3,532,658
American Financial Group, Inc.		62,628		2,373,601
AmTrust Financial Services, Inc.		174,006		4,458,034
Aspen Insurance Holdings Ltd.		25,550		779,020
Assurant, Inc.		41,570		1,550,561
Axis Capital Holdings Ltd.		23,750		829,350
CNO Financial Group, Inc.		249,601		2,408,650
Everest Re Group Ltd.		10,640		1,138,054
FBL Financial Group, Inc., Cl. A		6,955		230,906
Fidelity National Financial, Inc., Cl. A		91,010		1,946,704
First American Financial Corp.		35,960		779,253
Greenlight Capital Re Ltd., Cl. A1		23,120		572,220
HCC Insurance Holdings, Inc.		69,070		2,340,782
Horace Mann Educators Corp.		78,134		1,415,007
Maiden Holdings Ltd.		33,010		293,459
Meadowbrook Insurance Group, Inc.		129,210		993,625
Montpelier Re Holdings Ltd.		39,670		877,897
PartnerRe Ltd.		9,710		721,259
Primerica, Inc.		81,795		2,342,609
ProAssurance Corp.		18,516		1,674,587
Protective Life Corp.		52,402		1,373,456
Reinsurance Group of America, Inc.		35,931		2,079,327

5 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Insurance Continued
RenaissanceRe Holdings Ltd.		9,360	$	721,094
StanCorp Financial Group, Inc.		6,740		210,558
Symetra Financial Corp.		175,173		2,154,628
Torchmark Corp.		35,297		1,812,501
Tower Group, Inc.		390		7,562
Validus Holdings Ltd.		25,100		851,141
				41,215,511
Real Estate Investment Trusts (REITs)–9.3%
Acadia Realty Trust		440		10,921
American Assets Trust, Inc.		14,690		393,545
American Campus Communities, Inc.		7,787		341,694
Apartment Investment & Management Co.		39,360		1,022,966
Ares Commercial Real Estate Corp.		77,680		1,325,221
Brandywine Realty Trust		49,140		599,017
Camden Property Trust		40		2,580
CBL & Associates Properties, Inc.		49,870		1,064,226
Cedar Shopping Centers, Inc.		13,840		73,075
Chatham Lodging Trust		154,840		2,149,179
Coresite Realty Corp.		29,210		786,917
CubeSmart		79,741		1,026,267
CYS Investments, Inc.		803,129		11,316,088
DCT Industrial Trust, Inc.		50,290		325,376
Digital Realty Trust, Inc.		122,935		8,587,010
Douglas Emmett, Inc.		13,030		300,602
Duke Realty Corp.		32,030		470,841
EastGroup Properties, Inc.		38,133		2,028,676
Education Realty Trust, Inc.		25,310		275,879
Essex Property Trust, Inc.		32		4,744
Extra Space Storage, Inc.		63,966		2,126,870
First Industrial Realty Trust, Inc.1		69,390		911,785
Glimcher Realty Trust		87,390		923,712
Hatteras Financial Corp.		439,510		12,389,787
Healthcare Realty Trust, Inc.		52,580		1,211,969
LaSalle Hotel Properties		384,246		10,255,526
Lexington Realty Trust		71,360		689,338
Liberty Property Trust		12,010		435,242
Mid-America Apartment Communities, Inc.		101,275		6,614,270
Omega Healthcare Investors, Inc.		21,180		481,421
Post Properties, Inc.		7,029		337,111
Ramco-Gershenson Properties Trust		58,990		739,145
Regency Centers Corp.		6,350		309,436
Sabra Health Care REIT, Inc.		53,820		1,076,938
Sovran Self Storage, Inc.		30,329		1,754,533
Starwood Property Trust, Inc.		365,242		8,499,181
Sun Communities, Inc.		20,077		885,797
Sunstone Hotel Investors, Inc.1		64,507		709,577
Tanger Factory Outlet Centers, Inc.		52,947		1,711,777
Taubman Centers, Inc.		24,073		1,847,121

6 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Real Estate Investment Trusts (REITs) Continued
Weingarten Realty Investors		25,520	$	717,367
				86,732,727
Thrifts & Mortgage Finance–1.2%
Flushing Financial Corp.		18,253		288,397
OceanFirst Financial Corp.		17,360		254,671
Ocwen Financial Corp.1		234,940		6,439,705
Oritani Financial Corp.		213,770		3,217,239
Washington Federal, Inc.		78,750		1,313,550
				11,513,562
Health Care–12.1%
Biotechnology–2.1%
Achillion Pharmaceuticals, Inc.1		245,579		2,556,477
Cepheid, Inc.1		169,640		5,854,276
Halozyme Therapeutics, Inc.1		255,772		1,933,636
Indevus Pharmaceuticals, Inc.1		2,500		25
Medivation, Inc.1		69,742		3,930,659
Myriad Genetics, Inc.1		86,623		2,337,955
PDL BioPharma, Inc.		317,159		2,438,953
United Therapeutics Corp.1		6,464		361,208
				19,413,189
Health Care Equipment & Supplies–2.4%
ConMed Corp.		55,554		1,583,289
Cyberonics, Inc.1		4,448		233,164
Dexcom, Inc.1		372,600		5,600,178
Greatbatch, Inc.1		202,581		4,928,796
IDEXX Laboratories, Inc.1		1,225		121,704
Masimo Corp.1		16,230		392,441
OraSure Technologies, Inc.1		122,010		1,356,751
Orthofix International NV1		85,500		3,826,125
ResMed, Inc.		45,940		1,859,192
RTI Biologics, Inc.1		174,142		726,172
Steris Corp.		20,420		724,297
Vascular Solutions, Inc.1		26,360		390,392
Young Innovations, Inc.		10,152		396,943
				22,139,444
Health Care Providers & Services–5.2%
AMERIGROUP Corp.1		37,680		3,445,082
AmSurg Corp.1		55,101		1,563,766
Bio-Reference Laboratories, Inc.1		44,150		1,261,807
Catamaran Corp.1		59,230		5,802,763
Chemed Corp.		25,470		1,764,816
DaVita, Inc.1		7,610		788,472
Ensign Group, Inc. (The)		51,250		1,568,506
Hanger Orthopedic Group, Inc.1		43,260		1,234,208

7 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Health Care Providers & Services Continued
Health Management Associates, Inc., Cl. A1		104,500	$	876,755
HealthSouth Corp.1		456,750		10,989,405
Laboratory Corp. of America Holdings1		6,810		629,721
LifePoint Hospitals, Inc.1		2,332		99,763
Magellan Health Services, Inc.1		1,651		85,208
Metropolitan Health Networks, Inc.1		115,854		1,082,076
Omnicare, Inc.		32,320		1,097,910
Owens & Minor, Inc.		26,460		790,625
Patterson Cos., Inc.		48,716		1,668,036
PharMerica Corp.1		27,560		348,910
PSS World Medical, Inc.1		6,168		140,507
Schein (Henry), Inc.1		18,770		1,487,898
Select Medical Holdings Corp.1		144,502		1,622,757
Skilled Healthcare Group, Inc., Cl. A1		12,120		77,932
Team Health Holdings, Inc.1		3,720		100,924
Triple-S Management Corp., Cl. B1		14,081		294,293
U.S. Physical Therapy, Inc.		36,873		1,018,801
Universal Health Services, Inc., Cl. B		7,910		361,724
WellCare Health Plans, Inc.1		142,180		8,040,279
				48,242,944
Health Care Technology–0.3%
MedAssets, Inc.1		98,310		1,749,918
Omnicell, Inc.1		73,100		1,016,090
				2,766,008
Life Sciences Tools & Services–0.8%
Cambrex Corp.1		140,214		1,644,710
Charles River Laboratories International, Inc.1		32,080		1,270,368
Parexel International Corp.1		20,580		633,041
PerkinElmer, Inc.		48,966		1,443,028
Waters Corp.1		34,805		2,900,301
				7,891,448
Pharmaceuticals–1.3%
Endo Pharmaceuticals Holdings, Inc.1		22,240		705,453
MAP Pharmaceuticals, Inc.1		127,970		1,992,493
Obagi Medical Products, Inc.1		57,090		708,487
Questcor Pharmaceuticals, Inc.1		285,400		5,279,900
Santarus, Inc.1		122,060		1,083,893
SciClone Pharmaceuticals, Inc.1		197,700		1,097,235
Vivus, Inc.1		79,020		1,408,136
				12,275,597
Industrials–15.9%
Aerospace & Defense–1.3%
B/E Aerospace, Inc.1		240,430		10,122,103
Exelis, Inc.		12,253		126,696

8 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Aerospace & Defense Continued
LMI Aerospace, Inc.1		12,040	$	246,098
Moog, Inc., Cl. A1		36,139		1,368,584
				11,863,481
Air Freight & Logistics–0.5%
Forward Air Corp.		6,350		193,104
Hub Group, Inc., Cl. A1		141,178		4,190,163
Park-Ohio Holdings Corp.1		17,372		376,451
UTi Worldwide, Inc.		28,200		379,854
				5,139,572
Airlines–0.5%
Alaska Air Group, Inc.1		24,320		852,659
Delta Air Lines, Inc.1		31,040		284,326
JetBlue Airways Corp.1		258,570		1,238,550
Republic Airways Holdings, Inc.1		5,110		23,659
Southwest Airlines Co.		87,260		765,270
Spirit Airlines, Inc.1		46,161		788,430
US Airways Group, Inc.1		69,330		725,192
				4,678,086
Commercial Services & Supplies–3.0%
Acco Brands Corp.1		830		5,387
Avery-Dennison Corp.		11,300		359,566
Cintas Corp.		40,570		1,681,627
Deluxe Corp.		54,617		1,669,096
Encore Capital Group, Inc.1		35,501		1,003,258
Intersections, Inc.		32,880		346,555
Kimball International, Inc., Cl. B		10,950		133,809
Knoll, Inc.		54,719		763,330
Miller (Herman), Inc.		58,540		1,138,018
Mine Safety Appliances Co.		17,730		660,797
Quad Graphics, Inc.		31,517		534,528
R.R. Donnelley & Sons Co.		152,110		1,612,366
Steelcase, Inc., Cl. A		138,280		1,362,058
Sykes Enterprises, Inc.1		50,726		681,757
Tetra Tech, Inc.1		69,494		1,824,912
UniFirst Corp.		1,590		106,196
Waste Connections, Inc.		463,410		14,018,153
				27,901,413
Construction & Engineering–1.9%
Aecom Technology Corp.1		54,160		1,146,026
Dycom Industries, Inc.1		2,750		39,545
EMCOR Group, Inc.		3,927		112,077
KBR, Inc.		549,031		16,372,104
URS Corp.		10,791		381,030
				18,050,782
Electrical Equipment–1.5%
AZZ, Inc.		4,814		182,836

9 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Electrical Equipment Continued
Belden, Inc.		37,150	$	1,370,092
EnerSys, Inc.1		56,580		1,996,708
General Cable Corp.1		150,143		4,411,201
Regal-Beloit Corp.		80,509		5,674,274
				13,635,111
Industrial Conglomerates–0.2%
Carlisle Cos., Inc.		16,180		840,066
Standex International Corp.		20,416		907,491
				1,747,557
Machinery–1.7%
Actuant Corp., Cl. A		71,190		2,037,458
Altra Holdings, Inc.		22,870		416,234
Barnes Group, Inc.		40,370		1,009,654
Columbus McKinnon Corp.1		21,290		321,692
EnPro Industries, Inc.1		12,590		453,366
Freightcar America, Inc.		22,970		408,636
Gardner Denver, Inc.		1,235		74,606
Kadant, Inc.1		31,660		734,195
Lincoln Electric Holdings, Inc.		8,510		332,316
Miller Industries, Inc.		30,706		492,831
Navistar International Corp.1		20,081		423,508
Tennant Co.		1,810		77,504
Timken Co.		14,520		539,563
Toro Co. (The)		37,770		1,502,491
TriMas Corp.1		40,320		972,115
Wabtec Corp.		62,439		5,013,227
Watts Water Technologies, Inc., Cl. A		18,940		716,500
Xylem, Inc.		5,293		133,119
				15,659,015
Professional Services–2.9%
Dun & Bradstreet Corp.		1,354		107,805
GP Strategies Corp.1		32,511		628,113
ICF International, Inc.1		54,031		1,086,023
Kforce, Inc.1		12,240		144,310
Korn-Ferry International1		381,831		5,853,469
Navigant Consulting, Inc.1		75,402		833,192
Resources Connection, Inc.		49,920		654,451
Robert Half International, Inc.		611,815		16,292,633
TrueBlue, Inc.1		88,238		1,387,101
				26,987,097
Road & Rail–2.1%
Celadon Group, Inc.		40,320		647,942
Genesee & Wyoming, Inc., Cl. A1		85,691		5,729,300
Old Dominion Freight Line, Inc.1		402,921		12,152,097
Swift Transportation Co.1		157,910		1,361,184
				19,890,523

10 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Trading Companies & Distributors–0.3%
Aceto Corp.		14,490	$	136,931
Applied Industrial Technologies, Inc.		15,933		660,104
Beacon Roofing Supply, Inc.1		75,024		2,138,184
				2,935,219
Information Technology–15.1%
Communications Equipment–2.4%
Arris Group, Inc.1		117,830		1,507,046
Aruba Networks, Inc.1		506,356		11,385,415
Brocade Communications Systems, Inc.1		318,192		1,882,106
Emulex Corp.1		125,590		905,504
Finisar Corp.1		374,661		5,357,652
Globecomm Systems, Inc.1		34,199		381,319
Harris Corp.		13,270		679,689
Polycom, Inc.1		31,370		309,622
				22,408,353
Computers & Peripherals–2.3%
Diebold, Inc.		41,140		1,386,829
Electronics for Imaging, Inc.1		86,894		1,443,309
Lexmark International, Inc., Cl. A		3,655		81,324
NCR Corp.1		70,940		1,653,611
Western Digital Corp.		431,743		16,721,406
				21,286,479
Electronic Equipment, Instruments & Components–0.3%
Avnet, Inc.1		6,763		196,736
Celestica, Inc.1		85,300		609,042
Flextronics International Ltd.1		119,990		719,940
GSI Group, Inc.1		47,000		418,770
Insight Enterprises, Inc.1		15,740		275,135
Itron, Inc.1		2,420		104,423
Molex, Inc.		9,570		251,500
Newport Corp.1		23,112		255,619
SYNNEX Corp.1		8,760		285,401
Zygo Corp.1		6,020		110,106
				3,226,672
Internet Software & Services–1.4%
Ancestry.com, Inc.1		28,798		866,244
AOL, Inc.1		12,898		454,397
Demand Media, Inc.1		24,678		268,250
Dice Holdings, Inc.1		145,690		1,226,710
Digital River, Inc.1		8,971		149,457
IAC/InterActiveCorp		23,330		1,214,560
j2 Global, Inc.		198,183		6,504,366
Move, Inc.1		27,170		234,205
Perficient, Inc.1		19,170		231,382

11 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Internet Software & Services Continued
Travelzoo, Inc.1		3,170	$	74,717
ValueClick, Inc.1		81,217		1,396,120
XO Group, Inc.1		18,480		154,308
				12,774,716
IT Services–2.8%
Acxiom Corp.1		137,092		2,504,671
Alliance Data Systems Corp.1		920		130,594
Amdocs Ltd.		43,118		1,422,463
Booz Allen Hamilton Holding Corp.		93,885		1,300,307
Broadridge Financial Solutions, Inc.		73,625		1,717,671
CACI International, Inc., Cl. A1		112,624		5,832,797
Convergys Corp.		18,079		283,298
CSG Systems International, Inc.1		65,516		1,473,455
EPAM Systems, Inc.1		19,580		370,845
Euronet Worldwide, Inc.1		78,506		1,475,128
Genpact Ltd.		43,150		719,742
Global Cash Access, Inc.1		110,040		885,822
Global Payments, Inc.		4,200		175,686
Heartland Payment Systems, Inc.		18,370		581,962
iGate Corp.1		41,090		746,605
ManTech International Corp.		8,190		196,560
Maximus, Inc.		19,299		1,152,536
SAIC, Inc.		69,940		842,078
Sapient Corp.1		113,440		1,209,270
TeleTech Holdings, Inc.1		45,160		769,978
TNS, Inc.1		17,890		267,456
Total System Services, Inc.		73,050		1,731,285
Virtusa Corp.1		2,030		36,073
				25,826,282
Office Electronics–0.1%
Zebra Technologies Corp., Cl. A1		19,680		738,787
Semiconductors & Semiconductor Equipment–2.4%
Brooks Automation, Inc.		20,738		166,526
Cabot Microelectronics Corp.		2,566		90,169
Cypress Semiconductor Corp.		4,974		53,321
Entegris, Inc.1		33,320		270,892
Integrated Silicon Solution, Inc.1		40,010		370,493
IXYS Corp.1		52,059		516,425
LSI Corp.1		110,520		763,693
Magnachip Semiconductor Corp.1		23,140		273,052
Semtech Corp.1		476,968		11,995,745
Skyworks Solutions, Inc.1		359,509		8,471,830
				22,972,146
Software–3.4%
Actuate Corp.1		112,754		792,661

12 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Software Continued
BMC Software, Inc.1		6,350	$	263,462
Cadence Design Systems, Inc.1		167,092		2,149,639
Deltek, Inc.1		17,950		233,709
Ebix, Inc.		49,260		1,163,029
Fair Isaac Corp.		3,606		159,602
Fortinet, Inc.1		347,121		8,379,501
Infoblox, Inc.1		9,250		215,063
JDA Software Group, Inc.1		5,862		186,294
Manhattan Associates, Inc.1		11,451		655,799
Mentor Graphics Corp.1		90,310		1,397,999
Net 1 UEPS Technologies, Inc.1		44,480		402,544
NetScout Systems, Inc.1		45,085		1,150,118
Parametric Technology Corp.1		17,570		383,026
SeaChange International, Inc.1		14,560		114,296
Splunk, Inc.1		3,000		110,160
Synopsys, Inc.1		34,480		1,138,530
TIBCO Software, Inc.1		372,766		11,268,716
Vasco Data Security International, Inc.1		36,690		344,152
Websense, Inc.1		87,206		1,364,774
				31,873,074
Materials–5.4%
Chemicals–2.2%
Chemtura Corp.1		75,230		1,295,461
Cytec Industries, Inc.		84,558		5,540,240
H.B. Fuller Co.		58,813		1,804,383
Huntsman Corp.		120,652		1,801,334
Innospec, Inc.1		22,870		775,750
Koppers Holdings, Inc.		19,547		682,777
Kronos Worldwide, Inc.		17,110		255,623
LSB Industries, Inc.1		8,070		354,031
Methanex Corp.		25,590		730,339
Olin Corp.		6,270		136,247
Omnova Solutions, Inc.1		35,040		265,253
PolyOne Corp.		4,450		73,737
RPM International, Inc.		25,120		716,925
Schulman (A.), Inc.		65,818		1,567,785
Valspar Corp. (The)		4,369		245,101
W.R. Grace & Co.1		78,710		4,650,187
				20,895,173
Containers & Packaging–1.4%
Ball Corp.		2,644		111,868
Bemis Co., Inc.		28,300		890,601
Boise, Inc.		28,549		250,089
Graphic Packaging Holding Co.1		145,097		843,014
Myers Industries, Inc.		52,675		822,784

13 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares		Value
Containers & Packaging Continued
Packaging Corp. of America		263,930	$	9,580,659
Silgan Holdings, Inc.		5,404		235,128
				12,734,143
Metals & Mining–1.0%
Aurizon Mines Ltd.1		134,490		707,417
Commercial Metals Co.		24,580		324,456
Compass Minerals International, Inc.		67,334		5,022,443
Metals USA Holdings Corp.1		33,160		443,349
Nevsun Resources Ltd.		29,320		137,804
Noranda Aluminum Holding Corp.		23,189		155,134
Worthington Industries, Inc.		105,097		2,276,401
				9,067,004
Paper & Forest Products–0.8%
Buckeye Technologies, Inc.		61,192		1,961,816
Glatfelter		118,450		2,109,595
KapStone Paper & Packing Corp.1		77,740		1,740,599
Neenah Paper, Inc.		33,610		962,590
Schweitzer-Mauduit International, Inc.		29,120		960,669
				7,735,269
Telecommunication Services–0.4%
Diversified Telecommunication Services–0.3%
Neutral Tandem, Inc.1		4,430		41,553
Portugal Telecom SA, Sponsored ADR		77,280		383,309
Telecom Corp. of New Zealand Ltd., Sponsored ADR		65,821		639,780
Vonage Holdings Corp.1		599,108		1,365,966
				2,430,608
Wireless Telecommunication Services–0.1%
USA Mobility, Inc.		84,446		1,002,374
Utilities–1.9%
Electric Utilities–0.3%
El Paso Electric Co.		23,440		802,820
Empire District Electric Co.		1,740		37,497
NV Energy, Inc.		72,300		1,302,123
Portland General Electric Co.		23,022		622,515
				2,764,955
Energy Traders–0.6%
AES Corp. (The)1		478,557		5,249,770
Gas Utilities–0.1%
Chesapeake Utilities Corp.		790		37,414
UGI Corp.		36,620		1,162,685
				1,200,099
Multi-Utilities–0.6%
Avista Corp.		40,510		1,042,727
CenterPoint Energy, Inc.		31,910		679,683
CMS Energy Corp.		11,353		267,363
NorthWestern Corp.		5,146		186,440
Teco Energy, Inc.		97,583		1,731,122

14 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Shares			Value
Multi-Utilities Continued
Vectren Corp.		52,719		$	1,507,763
					5,415,098
Water Utilities–0.3%
American States Water Co.		1,790			79,530
Aqua America, Inc.		103,203			2,555,300
					2,634,830
Total Common Stocks (Cost $765,267,340)					905,986,294
Investment Company–2.9%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.18%3,4 (Cost $27,570,654)		27,570,654			27,570,654
Total Investments, at Value (Cost $792,837,994)		100.1	%		933,556,948
Liabilities in Excess of Other Assets		(0.1	)		(1,246,666	)
Net Assets		100.0	%	$	932,310,282

Footnotes to Statement of Investments

* September 28, 2012 represents the last business day of the Fund’s quarterly period. See accompanying Notes.

1. Non-income producing security.

2. Escrow shares received as the result of issuer reorganization.

3. Rate shown is the 7-day yield as of September 28, 2012.

4. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 28, 2012, 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 December 30, 2011 a		Gross Additions		Gross Reductions		Shares September 28, 2012
Oppenheimer Institutional Money Market Fund, Cl. E		17,286,356		197,477,762		187,193,464		27,570,654
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	27,570,654	$	36,690

a. December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See accompanying Notes.

Notes to Statement of Investments

Quarterly and Annual Periods. The last day of the Fund’s quarterly period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund’s investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF’s Class E

15 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

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.

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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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 and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

16 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

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

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

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

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts as of September 28, 2012 based on valuation input level:

17 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012*(Unaudited)

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	158,702,676	$	—	$	—	$	158,702,676
Consumer Staples		19,320,318		—		—		19,320,318
Energy		54,063,832		—		—		54,063,832
Financials		200,447,150		—		—		200,447,150
Health Care		112,728,605		—		25		112,728,630
Industrials		148,487,856		—		—		148,487,856
Information Technology		141,106,509		—		—		141,106,509
Materials		50,431,589		—		—		50,431,589
Telecommunication Services		3,432,982		—		—		3,432,982
Utilities		17,264,752		—		—		17,264,752
Investment Company		27,570,654		—		—		27,570,654
Total Assets	$	933,556,923	$	—	$	25	$	933,556,948

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.

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

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 28, 2012 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

Federal tax cost of securities	$	798,459,934
Gross unrealized appreciation	$	157,674,161
Gross unrealized depreciation		(22,577,147	)
Net unrealized appreciation	$	135,097,014

18 Oppenheimer Main Street Small- & Mid-Cap Fund/VA

Oppenheimer Money Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Maturity Date**		Final Legal Maturity Date***		Principal Amount		Value
Certificates of Deposit–26.9%
Yankee Certificates of Deposit–26.9%
Bank of Nova Scotia, Houston TX:
0.33%		12/7/12		12/7/12	$	5,000,000	$	5,000,000
0.34%		12/10/12		12/10/12		2,000,000		2,000,000
DnB Bank ASA NY, 0.23%		12/26/12		12/26/12		4,400,000		4,400,000
Rabobank Nederland NV, New York, 0.29%		11/1/12		11/1/12		5,000,000		5,000,387
Royal Bank of Canada, New York:
0.46%1		12/11/12		12/11/12		3,000,000		3,000,000
0.49%1		10/1/12		6/7/13		3,500,000		3,500,000
0.77%		11/28/12		11/28/12		1,300,000		1,300,000
Svenska Handelsbanken, New York, 0.28%		12/21/12		12/21/12		5,000,000		5,000,505
Swedbank AB, New York, 0.15%		10/4/12		10/4/12		5,000,000		5,000,000
Toronto Dominion Bank, New York, 0.17%		10/10/12		10/10/12		8,000,000		8,000,000
Westpac Banking Corp., New York, 0.24%		10/4/12		10/4/12		3,000,000		3,000,000
Total Certificates of Deposit (Cost $45,200,892)								45,200,892
Direct Bank Obligations–16.4%
Aust & NZ Banking Group, 0.20%2		11/8/12		11/8/12		900,000		899,810
Commonwealth Bank of Australia, 0.23%2		1/30/13		1/30/13		2,000,000		1,998,454
Deutsche Bank Financial LLC, 0.10%		10/1/12		10/1/12		5,300,000		5,300,000
National Australia Funding (Delaware), Inc., 0.32%2		10/23/12		10/23/12		3,000,000		2,999,423
Nordea North America, Inc.:
0.20%		12/5/12		12/5/12		2,000,000		1,999,296
0.20%		11/27/12		11/27/12		4,882,000		4,880,454
Skandinaviska Enskilda Banken AB, 0.21%2		11/15/12		11/15/12		5,700,000		5,698,504
Societe Generale North America, Inc.:
0.19%		10/1/12		10/1/12		2,000,000		2,000,000
0.21%		10/5/12		10/5/12		1,700,000		1,699,960
Total Direct Bank Obligations (Cost $27,475,901)								27,475,901
Short-Term Notes/Commercial Paper–54.5%
Capital Markets–1.8%
BNP Paribas Finance, Inc., 0.16%		10/2/12		10/2/12		3,000,000		2,999,987
Diversified Financial Services–4.8%
General Electric Capital Corp.:
0.32%		1/22/13		1/22/13		3,000,000		2,996,987
0.32%		2/11/13		2/11/13		1,000,000		998,818
0.33%		10/29/12		10/29/12		4,000,000		3,998,973
								7,994,778
Leasing & Factoring–6.9%
American Honda Finance Corp.:
0.52%1		11/8/12		8/2/13		1,500,000		1,500,000
2.38%3		3/18/13		3/18/13		2,000,000		2,018,738
Toyota Motor Credit Corp.:
0.59%1		12/17/12		12/17/12		2,300,000		2,300,000
0.63%		2/6/13		2/6/13		2,700,000		2,693,952

1 Oppenheimer Money Fund/VA

Oppenheimer Money Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Maturity Date**		Final Legal Maturity Date***		Principal Amount		Value
Leasing & Factoring Continued
0.66%1		10/18/12		10/18/12	$	3,000,000	$	3,000,000
								11,512,690
Municipal–9.4%
Carroll Cnty., KY Solid Waste Disposal Revenue Bonds, North American Stainless Project, Series 2006, 0.20%1		10/7/12		10/7/12		4,300,000		4,300,000
Cobb Cnty., GA Development Authority Revenue Bonds, Presbyterian Village-Austell, Inc., 0.27%1		10/7/12		10/7/12		2,110,000		2,110,000
NC Capital Facilities Finance Agency Revenue Bonds, Pfeiffer University, Series 2006, 0.20%1		10/7/12		10/7/12		6,815,000		6,815,000
San Antonio, TX Industrial Development Authority Revenue Bonds, Tindall Corp. Project, 0.26%1		10/7/12		10/7/12		2,600,000		2,600,000
								15,825,000
Personal Products–3.6%
Reckitt Benckiser Treasury Services plc:
0.38%2		11/7/12		11/7/12		1,000,000		999,609
0.55%2		10/11/12		10/11/12		4,000,000		3,999,389
0.55%2		10/18/12		10/18/12		1,000,000		999,740
								5,998,738
Receivables Finance–17.7%
Alpine Securitization Corp., 0.20%		10/12/12		10/12/12		5,500,000		5,499,664
Barton Capital Corp., 0.20%2		10/3/12		10/3/12		2,800,000		2,799,966
Jupiter Securitization Co. LLC:
0.24%2		11/28/12		11/28/12		2,000,000		1,999,227
0.24%2		11/29/12		11/29/12		3,000,000		2,998,820
0.24%2		12/21/12		12/21/12		2,200,000		2,198,812
Market Street Funding LLC, 0.24%2		10/19/12		10/19/12		2,500,000		2,499,700
Mont Blanc Capital Corp., 0.19%2		10/1/12		10/1/12		3,260,000		3,260,000
Old Line Funding Corp.:
0.24%2		12/10/12		12/10/12		1,400,000		1,399,347
0.30%2		2/1/13		2/1/13		1,500,000		1,498,463
Thunder Bay Funding LLC:
0.18%2		10/1/12		10/1/12		3,000,000		3,000,000
0.21%2		10/29/12		10/29/12		2,600,000		2,599,575
								29,753,574
Special Purpose Financial–10.3%
Concord Minutemen Cap. Corp. LLC:
0.35%		10/2/12		10/2/12		2,500,000		2,499,976
0.35%		10/3/12		10/3/12		1,500,000		1,499,970
0.35%		11/6/12		11/6/12		3,500,000		3,498,775
FCAR Owner Trust I, 0.27%		12/5/12		12/5/12		6,000,000		5,997,075
Legacy Capital LLC, 0.36%		10/4/12		10/4/12		2,000,000		1,999,940

2 Oppenheimer Money Fund/VA

Oppenheimer Money Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Maturity Date**		Final Legal Maturity Date***		Principal Amount			Value
Special Purpose Financial Continued
Lexington Parker Capital Co. LLC, 0.35%2		10/2/12		10/2/12	$	1,800,000		$	1,799,983
									17,295,719
Total Short-Term Notes/Commercial Paper (Cost $91,380,486)									91,380,486
U.S. Government Obligations–5.1%
U.S. Treasury Bonds, 4.25%		8/15/13		8/15/13		1,000,000			1,035,159
U.S. Treasury Nts.:
0.38%		6/30/13		6/30/13		2,000,000			2,002,232
0.50%		10/15/13		10/15/13		2,500,000			2,507,743
0.75%		9/15/13		9/15/13		1,000,000			1,004,972
1.00%		7/15/13		7/15/13		1,000,000			1,005,949
3.38%		7/31/13		7/31/13		1,000,000			1,026,077
Total U.S. Government Obligations (Cost $8,582,132)									8,582,132
Total Investments, at Value (Cost $172,639,411)						102.9	%		172,639,411
Liabilities in Excess of Other Assets						(2.9	)		(4,847,257	)
Net Assets						100.0	%	$	167,792,154

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.

* September 28, 2012 represents the last business day of the Fund’s quarterly period. See accompanying Notes.

** The Maturity Date represents the date used to calculate the Fund’s weighted average maturity as determined under Rule 2a-7.

*** If different from the Maturity Date, the Final Legal Maturity Date includes any maturity date extensions which may be affected at the option of the issuer or unconditional payments of principal by the issuer which may be affected at the option of the Fund, and represents the date used to calculate the Fund’s weighted average life as determined under Rule 2a-7.

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

2. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $43,648,822 or 26.01% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

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 $2,018,738 or 1.20% of the Fund’s net assets as of September 28, 2012.

Notes to Statement of Investments

Quarterly Period. The last day of the Fund’s quarterly period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

3 Oppenheimer Money Fund/VA

Oppenheimer Money Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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 and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee

4 Oppenheimer Money Fund/VA

Oppenheimer Money Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

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

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

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

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts as of September 28, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Certificates of Deposit	$	—	$	45,200,892	$	—	$	45,200,892
Direct Bank Obligations		—		27,475,901		—		27,475,901
Short-Term Notes/Commercial Paper		—		91,380,486		—		91,380,486
U.S. Government Obligations		—		8,582,132		—		8,582,132
Total Assets	$	—	$	172,639,411	$	—	$	172,639,411

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.

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

5 Oppenheimer Money Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Shares		Value
Wholly-Owned Subsidiary–0.1%
Oppenheimer Global Strategic Income Fund/VA (Cayman) Ltd.1,2 (Cost $1,500,000)		15,000	$	1,445,849
	Principal Amount
Asset-Backed Securities–2.9%
Ally Auto Receviables Trust, Automobile Receivables Nts.:
Series 2012-2, Cl. C, 2.26%, 7/16/183	$	865,000		878,385
Series 2012-A, Cl. D, 3.15%, 10/15/183		2,125,000		2,193,738
Ally Master Owner Trust, Automobile Receivable Nts., Series 2012-3, Cl. D, 2.571%, 7/15/174		1,200,000		1,200,960
AmeriCredit Automobile Receivables Trust 2012-1, Automobile Receivable Nts., Series 2012-1, Cl. C, 2.67%, 1/8/18		150,000		153,780
AmeriCredit Automobile Receivables Trust 2012-1, Automobile Receivables-Backed Nts., Series 2012-1, Cl. D, 4.72%, 3/8/18		8,055,000		8,646,072
AmeriCredit Automobile Receivables Trust 2012-3, Automobile Receivable Nts., Series 2012-3, Cl. D, 3.03%, 7/9/18		2,625,000		2,665,513
AmeriCredit Automobile Receivables Trust 2012-4, Automobile Receivable Nts.:
Series 2012-4, Cl. C, 1.93%, 8/8/18		1,770,000		1,773,407
Series 2012-4, Cl. D, 2.68%, 10/9/18		1,190,000		1,192,345
Avis Budget Rental Car Funding AESOP LLC, Automobile Receivable Nts., Series 2010-3A, Cl. A, 4.64%, 5/20/163		550,000		598,233
Bank of America Auto Trust 2012-1, Automobile Receivable Nts., Series 2012-1, Cl. D., 2.99%, 3/15/19		625,000		639,844
CarMax Auto Owner Trust 2012-2, Automobile Receivables Nts., Series 2012-2, Cl. D, 3.77%, 11/15/18		1,200,000		1,213,801
CPS Auto Trust, Automobile Receivable Nts., Series 2012-C, Cl. A, 2.26%, 12/16/193		255,000		255,226
Credit Acceptance Auto Loan Trust, Automobile Receivable Nts.:
Series 2012-2A, Cl. A, 2.35%, 3/15/203		200,000		200,110
Series 2012-2A, Cl. B, 5.45%, 9/15/203		100,000		99,422

1 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
DSC Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2011-1, Cl. A, 3.91%, 3/15/16	$	520,000	$	532,993
DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/15/153		720,000		721,570
DT Auto Owner Trust 2012-2, Automobile Receivable Nts.:
Series 2012-2, Cl. C, 2.72%, 4/17/173		690,000		691,893
Series 2012-2, Cl. D, 4.35%, 3/15/193		1,640,000		1,646,664
Enterprise Fleet Financing LLC, Automobile Receivable Nts., Series 2012-2, Cl. A2, 0.72%, 11/20/173,4		80,000		80,059
Exeter Automobile Receivables Trust, Automobile Receivable Nts.:
Series 2012-2A, Cl. A, 1.30%, 6/15/173		315,000		315,064
Series 2012-2A, Cl. B, 2.22%, 12/15/173		875,000		878,230
Series 2012-2A, Cl. C, 3.06%, 7/15/183		1,035,000		1,039,546
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts.:
Series 2007-1A, Cl. B, 2.419%, 8/15/224,5		7,870,000		5,430,300
Series 2007-1A, Cl. C, 3.719%, 8/15/224,5		5,270,000		3,478,200
Series 2007-1A, Cl. D, 5.719%, 8/15/224,5		5,270,000		3,372,800
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/175		149,402		149,992
Santander Drive Auto Receivables Trust 2012-2, Automobile Receivables Nts., Series 2012-2, Cl. D, 5%, 2/15/18		545,000		561,469
Santander Drive Auto Receivables Trust 2012-3, Automobile Receivables Nts.:
Series 2012-3, Cl. C, 3.01%, 4/16/18		5,830,000		5,916,147
Series 2012-3, Cl. D, 3.64%, 5/15/18		6,890,000		7,033,684
Santander Drive Auto Receivables Trust 2012-4, Automobile Receivables Nts., Series 2012-4, Cl. D, 4.18%, 6/15/18		3,510,000		3,573,127
Santander Drive Auto Receivables Trust 2012-5, Automobile Receivables Nts.:
Series 2012-5, Cl. C, 3.80%, 8/15/18		2,725,000		2,768,819
Series 2012-5, Cl. D, 3.63%, 9/17/18		2,620,000		2,695,650
SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 0.789%, 6/15/394		2,487,000		1,622,861

2 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
SNAAC Auto Receivables Trust, Automobile Receivable Nts.:
Series 2012-1A, Cl. B, 3.11%, 6/15/173	$	525,000	$	528,072
Series 2012-1A, Cl. C, 4.38%, 6/15/173		545,000		549,032
United Auto Credit Securitization Trust 2012-1, Automobile Receivables Nts.:
Series 2012-1, Cl. A2, 1.10%, 3/16/15		195,000		195,000
Series 2012-1, Cl. B, 1.87%, 9/15/15		335,000		335,000
Series 2012-1, Cl. C, 2.52%, 3/15/16		2,665,000		2,665,000
Series 2012-1, Cl. D, 3.12%, 3/15/18		1,690,000		1,689,882
Westlake Automobile Receivables Trust 2012-1, Automobile Receivable Nts., Series 2012-1, Cl. D, 1.03%, 6/16/143,4		195,000		195,023
World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2012-B, Cl. A, 1.76%, 5/17/21		235,000		236,750
Total Asset-Backed Securities (Cost $74,934,122)				70,613,663
Corporate Loans–1.3%
Affinion Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5%, 10/9/164		1,132,102		1,042,949
Atlantic Broadband Finance LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 10/4/194		685,000		718,394
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, Delayed Draw, 8.50%, 2/27/144,6		390,625		387,695
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, 8.50%, 2/17/144,6		574,375		570,067
Autoparts Holdings Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.50%, 7/29/174		806,155		806,155
BJ’S Wholesale Club, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 3/29/194,6		500,000		508,750
Brock Holdings III, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 3/16/184		620,000		621,550
Chesapeake Energy Corp., Sr. Sec. Credit Facilities Term Loan, 8.50%, 12/2/174		1,015,000		1,019,652

3 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.866%, 1/29/164	$	3,612,256	$	2,962,050
Crestwood Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.75%, 3/26/184		979,121		995,032
Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan, Tranche B, 3.743%, 10/19/154,6,7		5,783,416		3,402,575
Hallertau SPC, Sr. Sec. Credit Facilities Term Loan, 7.94%, 9/17/138		12,143,750		4,250,313
iStar Financial, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche A2, 7%, 3/19/174		2,010,000		2,025,075
Lonestar Intermediate Super Holdings LLC, Sr. Sec. Credit Facilities Term Loan, 11%, 9/2/194		1,215,000		1,298,531
Navistar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7%, 8/17/174		645,000		655,481
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 2/28/194		2,275,000		2,295,855
OneLink Communications/San Juan Cable LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 6/9/184		1,055,000		1,070,825
Revel Entertainment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 9%, 2/17/174,6		1,920,000		1,525,499
Springleaf Financial Funding Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 5/10/174		1,085,000		1,064,385
SUPERVALU, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8%, 8/1/184		2,065,000		2,080,649
Texas Competitive Electric Holdings Co. LLC, Non-Extended Sr. Sec. Credit Facilities 1st Lien Term Loan:
3.728%, 10/10/144		2,313,296		1,728,899
3.938%, 10/10/144		371,704		277,803
Total Corporate Loans (Cost $31,422,905)				31,308,184
Mortgage-Backed Obligations–35.1%
Government Agency–22.5%
FHLMC/FNMA/FHLB/Sponsored–22.1%
Federal Home Loan Mortgage Corp.:
3.50%, 10/1/426		37,555,000		40,277,738
5%, 9/15/33		1,152,003		1,260,749
5.50%, 9/1/39		1,159,378		1,277,847

4 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
6%, 5/15/18-10/1/37	$	560,036	$	611,951
6.50%, 3/15/18-8/15/32		1,389,136		1,580,300
7%, 10/1/31-10/1/37		325,625		380,273
7.50%, 1/1/32		614,929		754,506
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		704,806		814,714
Series 151, Cl. F, 9%, 5/15/21		19,602		22,588
Series 1674, Cl. Z, 6.75%, 2/15/24		533,925		608,938
Series 1897, Cl. K, 7%, 9/15/26		1,274,991		1,490,076
Series 2006-11, Cl. PS, 23.773%, 3/25/364		354,864		536,005
Series 2043, Cl. ZP, 6.50%, 4/15/28		502,944		582,006
Series 2106, Cl. FG, 0.671%, 12/15/284		860,448		869,186
Series 2122, Cl. F, 0.671%, 2/15/294		24,961		25,215
Series 2148, Cl. ZA, 6%, 4/15/29		663,929		751,855
Series 2195, Cl. LH, 6.50%, 10/15/29		379,234		437,585
Series 2326, Cl. ZP, 6.50%, 6/15/31		50,189		58,110
Series 2344, Cl. FP, 1.171%, 8/15/314		258,220		264,630
Series 2368, Cl. PR, 6.50%, 10/15/31		205,348		237,861
Series 2412, Cl. GF, 1.171%, 2/15/324		459,698		471,104
Series 2449, Cl. FL, 0.771%, 1/15/324		317,058		321,805
Series 2451, Cl. FD, 1.221%, 3/15/324		166,437		170,728
Series 2453, Cl. BD, 6%, 5/15/17		62,932		67,570
Series 2461, Cl. PZ, 6.50%, 6/15/32		765,192		887,989
Series 2464, Cl. FI, 1.221%, 2/15/324		149,544		152,782
Series 2470, Cl. AF, 1.221%, 3/15/324		285,564		292,928
Series 2470, Cl. LF, 1.221%, 2/15/324		153,037		156,351
Series 2471, Cl. FD, 1.221%, 3/15/324		218,905		223,639
Series 2477, Cl. FZ, 0.771%, 6/15/314		606,411		614,401
Series 2500, Cl. FD, 0.721%, 3/15/324		21,679		21,947
Series 2517, Cl. GF, 1.221%, 2/15/324		133,058		135,939
Series 2526, Cl. FE, 0.621%, 6/15/294		39,840		40,166
Series 2551, Cl. FD, 0.621%, 1/15/334		18,106		18,267
Series 2668, Cl. AZ, 4%, 9/1/18		126,896		133,863
Series 2676, Cl. KY, 5%, 9/15/23		2,675,699		2,938,721
Series 3025, Cl. SJ, 23.941%, 8/15/354		419,638		639,754
Series 3465, Cl. HA, 4%, 7/1/17		83,207		85,701
Series 3617, Cl. DC, 4%, 7/1/27		350,703		360,087
Series 3676, Cl. DA, 4%, 4/1/22		166,959		168,137
Series 3822, Cl. JA, 5%, 6/1/40		129,021		135,054
Series 3848, Cl. WL, 4%, 4/1/40		688,447		735,290
Series 3917, Cl. BA, 4%, 6/1/38		808,905		860,574

5 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 192, Cl. IO, 12.474%, 2/1/289	$	17,880	$	3,735
Series 205, Cl. IO, 14.293%, 9/1/299		104,143		25,417
Series 2074, Cl. S, 57.428%, 7/17/289		27,394		5,970
Series 2079, Cl. S, 64.122%, 7/17/289		46,615		10,102
Series 2136, Cl. SG, 72.582%, 3/15/299		1,239,667		282,922
Series 2399, Cl. SG, 66.707%, 12/15/269		700,424		133,110
Series 243, Cl. 6, 0.111%, 12/15/329		267,660		56,483
Series 2437, Cl. SB, 77.437%, 4/15/329		2,158,694		438,690
Series 2526, Cl. SE, 38.726%, 6/15/299		50,018		11,087
Series 2795, Cl. SH, 18.692%, 3/15/249		1,045,598		187,451
Series 2802, Cl. AS, 78.575%, 4/15/339		180,945		9,715
Series 2920, Cl. S, 66.243%, 1/15/359		470,802		92,989
Series 2922, Cl. SE, 10.691%, 2/15/359		81,831		18,045
Series 3201, Cl. SG, 10.435%, 8/15/369		423,154		81,530
Series 3450, Cl. BI, 13.334%, 5/15/389		554,486		98,933
Series 3606, Cl. SN, 9.161%, 12/15/399		168,338		27,661
Series 3659, Cl. IE, 9.229%, 3/1/199		1,126,084		102,658
Series 3662, Cl. SM, 26.186%, 10/15/329		379,997		57,849
Series 3685, Cl. EI, 12.633%, 3/1/199		985,327		76,143
Series 3736, Cl. SN, 7.64%, 10/15/409		906,514		156,973
Federal Home Loan Mortgage Corp., Mtg.-Linked Global Debt Securities, 2.06%, 1/15/22		1,751,244		1,789,525
Federal National Mortgage Assn.:
2.50%, 10/1/276		119,070,000		125,172,338
2.789%, 10/1/364		3,796,781		4,074,881
3.50%, 11/1/426		123,245,000		131,891,407
4%, 9/1/18-10/1/18		1,610,971		1,727,622
4.50%, 10/1/27-10/1/426		16,845,000		18,227,342
5%, 2/25/18-7/25/33		4,934,250		5,393,152
5%, 10/1/426		490,000		534,559
5.50%, 4/25/21-1/1/36		565,023		620,744
5.50%, 10/1/27-10/1/426		4,138,000		4,529,149
6%, 10/25/16-1/25/19		317,996		341,773
6%, 10/1/426		4,305,000		4,753,663
6.50%, 4/25/17-1/1/34		1,803,190		2,089,354
7%, 11/1/17-6/25/34		1,977,170		2,350,590
7.50%, 2/25/27-3/25/33		2,220,266		2,709,749
8.50%, 7/1/32		2,423		3,021

6 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., 15 yr.:
3%, 10/1/276	$	123,800,000	$	131,266,688
3.50%, 10/1/276		1,485,000		1,580,597
Federal National Mortgage Assn., 30 yr., 4%, 10/1/426		10,635,000		11,460,875
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Trust 1999-54, Cl. LH, 6.50%, 11/25/29		357,148		410,750
Trust 2001-51, Cl. OD, 6.50%, 10/25/31		199,343		231,482
Trust 2001-69, Cl. PF, 1.217%, 12/25/314		337,819		345,303
Trust 2001-80, Cl. ZB, 6%, 1/25/32		396,309		449,436
Trust 2002-12, Cl. PG, 6%, 3/25/17		208,190		224,651
Trust 2002-29, Cl. F, 1.217%, 4/25/324		158,449		161,913
Trust 2002-60, Cl. FH, 1.217%, 8/25/324		324,976		332,171
Trust 2002-64, Cl. FJ, 1.217%, 4/25/324		48,792		49,858
Trust 2002-68, Cl. FH, 0.72%, 10/18/324		109,917		111,163
Trust 2002-84, Cl. FB, 1.217%, 12/25/324		693,537		708,709
Trust 2002-9, Cl. PC, 6%, 3/25/17		211,474		226,655
Trust 2002-9, Cl. PR, 6%, 3/25/17		258,940		276,993
Trust 2002-90, Cl. FH, 0.717%, 9/25/324		388,035		392,352
Trust 2003-11, Cl. FA, 1.217%, 9/25/324		693,553		708,725
Trust 2003-112, Cl. AN, 4%, 11/1/18		265,743		280,516
Trust 2003-116, Cl. FA, 0.617%, 11/25/334		59,091		59,660
Trust 2003-119, Cl. FK, 0.717%, 5/25/184		1,576,326		1,587,323
Trust 2004-101, Cl. BG, 5%, 1/25/20		942,863		1,006,705
Trust 2005-109, Cl. AH, 5.50%, 12/25/25		2,160,000		2,455,795
Trust 2005-25, Cl. PS, 27.207%, 4/25/354		434,515		744,310
Trust 2005-31, Cl. PB, 5.50%, 4/25/35		560,000		698,961
Trust 2005-71, Cl. DB, 4.50%, 8/25/25		442,081		480,725
Trust 2006-46, Cl. SW, 23.405%, 6/25/364		600,355		915,112
Trust 2007-42, Cl. A, 6%, 2/1/33		569,477		588,685
Trust 2008-14, Cl. BA, 4.25%, 3/1/23		125,873		133,690
Trust 2009-114, Cl. AC, 2.50%, 12/1/23		231,030		238,150

7 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Trust 2009-36, Cl. FA, 1.157%, 6/25/374	$	302,781	$	307,798
Trust 2011-122, Cl. EA, 3%, 11/1/29		752,197		769,997
Trust 2011-122, Cl. EC, 1.50%, 1/1/20		626,773		637,616
Trust 2011-15, Cl. DA, 4%, 3/1/41		634,669		683,631
Trust 2011-3, Cl. KA, 5%, 4/1/40		515,781		563,296
Trust 2011-6, Cl. BA, 2.75%, 6/1/20		672,573		697,812
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-61, Cl. SH, 32.659%, 11/18/319		179,215		36,149
Trust 2001-63, Cl. SD, 32.676%, 12/18/319		46,387		9,152
Trust 2001-68, Cl. SC, 22.875%, 11/25/319		29,835		5,855
Trust 2001-78, Cl. JS, 0%, 8/25/419,10		462,193		80,172
Trust 2001-81, Cl. S, 25.774%, 1/25/329		37,284		7,346
Trust 2002-28, Cl. SA, 38.57%, 4/25/329		25,252		5,165
Trust 2002-38, Cl. SO, 53.634%, 4/25/329		143,765		31,573
Trust 2002-48, Cl. S, 33.935%, 7/25/329		39,183		7,418
Trust 2002-52, Cl. SL, 36.719%, 9/25/329		25,375		4,866
Trust 2002-56, Cl. SN, 35.892%, 7/25/329		53,843		10,199
Trust 2002-77, Cl. IS, 48.734%, 12/18/329		244,933		58,241
Trust 2002-77, Cl. SH, 39.598%, 12/18/329		55,140		12,132
Trust 2002-9, Cl. MS, 29.427%, 3/25/329		50,004		10,499
Trust 2003-13, Cl. IO, 14.345%, 3/25/339		450,722		100,725
Trust 2003-26, Cl. DI, 8.859%, 4/25/339		319,871		66,326
Trust 2003-33, Cl. SP, 34.191%, 5/25/339		324,539		53,236
Trust 2003-38, Cl. SA, 31.187%, 3/25/239		423,474		43,876
Trust 2003-4, Cl. S, 32.122%, 2/25/339		94,939		18,361
Trust 2004-56, Cl. SE, 16.881%, 10/25/339		1,458,684		265,430
Trust 2005-12, Cl. SC, 14.13%, 3/25/359		41,774		8,887

8 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Trust 2005-14, Cl. SE, 47.241%, 3/25/359	$	1,498,423	$	259,468
Trust 2005-40, Cl. SA, 58.207%, 5/25/359		1,246,232		246,878
Trust 2005-40, Cl. SB, 93.459%, 5/25/359		2,065,599		411,150
Trust 2005-5, Cl. SD, 12.53%, 1/25/359		86,178		16,509
Trust 2005-63, Cl. SA, 52.975%, 10/25/319		79,595		15,912
Trust 2005-71, Cl. SA, 63.291%, 8/25/259		276,300		41,782
Trust 2006-51, Cl. SA, 14.977%, 6/25/369		6,451,787		935,672
Trust 2006-90, Cl. SX, 99.999%, 9/25/369		1,404,448		399,269
Trust 2007-75, Cl. BI, 2.546%, 8/25/379		2,036,448		480,025
Trust 2007-77, Cl. SB, 0%, 12/25/319,10		164,526		1,926
Trust 2007-88, Cl. XI, 42.664%, 6/25/379		2,156,197		367,598
Trust 2008-46, Cl. EI, 14.595%, 6/25/389		565,671		101,656
Trust 2008-55, Cl. SA, 21.286%, 7/25/389		420,195		62,467
Trust 2009-8, Cl. BS, 21.924%, 2/25/249		423,222		43,389
Trust 2010-95, Cl. DI, 10.012%, 11/1/209		1,474,648		118,175
Trust 2011-84, Cl. IG, 3.482%, 8/1/139		4,770,270		71,004
Trust 214, Cl. 2, 41.195%, 3/1/239		302,161		64,489
Trust 221, Cl. 2, 42.26%, 5/1/239		36,285		7,858
Trust 254, Cl. 2, 34.17%, 1/1/249		594,481		127,992
Trust 2682, Cl. TQ, 99.999%, 10/15/339		488,208		110,193
Trust 2981, Cl. BS, 99.999%, 5/15/359		873,576		171,661
Trust 301, Cl. 2, 1.314%, 4/1/299		124,923		25,278
Trust 313, Cl. 2, 22.581%, 6/1/319		1,255,104		228,827
Trust 319, Cl. 2, 1.108%, 2/1/329		598,284		118,418
Trust 321, Cl. 2, 5.989%, 4/1/329		166,081		33,418
Trust 324, Cl. 2, 3.356%, 7/1/329		172,687		34,820
Trust 328, Cl. 2, 22.177%, 12/1/329		395,077		73,341
Trust 331, Cl. 5, 1.602%, 2/1/339		647,309		123,298
Trust 332, Cl. 2, 16.151%, 3/1/339		3,315,802		557,247
Trust 334, Cl. 12, 10.124%, 2/1/339		559,776		99,508
Trust 339, Cl. 15, 4.903%, 7/1/339		1,719,575		303,249

9 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Trust 345, Cl. 9, 49.251%, 1/1/349	$	580,784	$	69,188
Trust 351, Cl. 10, 3.493%, 4/1/349		345,459		45,900
Trust 351, Cl. 8, 4.941%, 4/1/349		571,782		79,036
Trust 356, Cl. 10, 17.973%, 6/1/359		455,243		60,505
Trust 356, Cl. 12, 21.987%, 2/1/359		225,009		28,645
Trust 362, Cl. 13, 7.232%, 8/1/359		279,001		41,477
				539,162,201
GNMA/Guaranteed–0.2%
Government National Mortgage Assn.:
1.625%, 12/9/254		4,846		5,046
7%, 3/29/28-7/29/28		190,920		228,709
7.50%, 3/1/27		11,657		12,690
8%, 11/29/25-5/29/26		47,922		49,843
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates:
Series 1999-32, Cl. ZB, 8%, 9/16/29		836,344		1,025,321
Series 2000-12, Cl. ZA, 8%, 2/16/30		1,862,163		2,256,702
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 1998-19, Cl. SB, 68.458%, 7/16/289		100,207		22,330
Series 1998-6, Cl. SA, 83.021%, 3/16/289		60,807		13,603
Series 2001-21, Cl. SB, 82.124%, 1/16/279		440,872		90,837
Series 2007-17, Cl. AI, 22.033%, 4/16/379		539,546		121,670
Series 2010-111, Cl. GI, 28.396%, 9/1/139		10,317,656		158,960
Series 2011-52, Cl. HS, 9.436%, 4/16/419		891,828		257,772
				4,243,483
Other Agency—0.2%
NCUA Guaranteed Notes Trust 2010-C1, Gtd. Nts.:
Series 2010-C1, Cl. A1, 1.60%, 10/29/20		464,961		473,097
Series 2010-C1, Cl. A2, 2.90%, 10/29/20		1,015,000		1,091,125
Series 2010-C1, Cl. APT, 2.65%, 10/29/20		1,128,663		1,194,090
NCUA Guaranteed Notes Trust 2010-R1, Gtd. Nts., Series 2010-R1, Cl. 1A, 0.678%, 10/7/204		866,292		870,191
NCUA Guaranteed Notes Trust 2010-R3, Gtd. Nts., Series 2010-R3, Cl. 3A, 2.40%, 12/8/20		710,597		727,651
				4,356,154

10 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Non-Agency—12.6%
Commercial—7.7%
Banc of America Commercial Mortgage Trust 2006-1, Commercial Mtg. Pass-Through Certificates, Series 2006-1, Cl. AJ, 5.46%, 9/1/45	$	2,200,000	$	2,072,180
Banc of America Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AM, 6.053%, 7/10/444		4,242,000		4,321,586
Banc of America Commercial Mortgage Trust 2006-5, Commercial Mtg. Pass-Through Certificates, Series 2006-5, Cl. AM, 5.448%, 9/1/47		6,055,000		6,180,069
Banc of America Commercial Mortgage Trust 2007-1, Commercial Mtg. Pass-Through Certificates, Series 2007-1, Cl. AMFX, 5.482%, 1/1/49		4,159,386		4,301,207
Banc of America Commercial Mortgage Trust 2007-5, Commercial Mtg. Pass-Through Certificates, Series 2007-5, Cl. AM, 5.772%, 2/1/51		8,090,000		8,903,405
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2008-1, Cl. AM, 6.438%, 2/10/514		3,415,000		3,802,917
BCAP LLC Trust, Mtg. Pass-Through Certificates:
Series 2012-RR2, Cl. 6A3, 3.117%, 9/1/353,4		908,625		921,981
Series 2012-RR6, Cl. 1A5, 2.243%, 11/1/365		520,766		517,251
Bear Stearns ARM Trust 2007-4, Mtg. Pass-Through Certificates, Series 2007-4, Cl. 22A1, 5.532%, 6/1/474		909,685		761,381
Bear Stearns Commercial Mortgage Securities Trust 2006-PWR13, Commercial Mtg. Pass-Through Certificates, Series 2006-PWR13, Cl. AJ, 5.611%, 9/1/41		6,630,000		6,108,491
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, Commercial Mtg. Pass-Through Certificates:
Series 2007-PWR17, Cl. AJ, 6.089%, 6/1/504		7,400,000		5,874,801

11 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Commercial Continued
Series 2007-PWR17, Cl. AM, 5.915%, 6/1/504	$	2,330,000	$	2,567,711
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35		2,743,275		2,805,503
CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 5.806%, 12/20/354		150,038		111,948
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37		7,483,370		5,880,406
Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.263%, 12/1/494		4,270,000		4,690,354
Citigroup Mortgage Loan Trust, Inc. 2012-8, Mtg. Pass-Through Certificates, Series 2012-8, Cl. 1A1, 2.647%, 10/1/354,5		1,120,000		1,117,200
CSMC Mortgage-Backed Trust 2006-C1, Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.588%, 2/1/394		3,725,000		3,849,968
DBUBS Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2011-LC1, Cl. E, 5.728%, 11/1/463,4		2,515,000		2,510,530
Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates:
Series 2006-AB2, Cl. A1, 5.885%, 6/25/36		121,629		89,934
Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		587,478		398,439
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 2010-C1, Cl. XPA, 4.90%, 9/1/203,9		5,320,488		333,837
FDIC Trust, Commerical Mtg. Pass-Through Certificates, Series 2012-C1, Cl. A, 0.841%, 5/1/355		1,411,420		1,415,979
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		1,521,246		1,042,199
GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 7.109%, 5/15/304		1,445,988		1,465,046

12 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Commercial Continued
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2006-GG7, Commercial Mtg. Pass-Through Certificates, Series 2006-GG7, Cl. AJ, 6.065%, 7/10/384	$	6,150,000	$	5,482,156
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG11, Commercial Mtg. Pass-Through Certificates:
Series 2007-GG11, Cl. A4, 5.736%, 12/1/49		1,060,000		1,244,026
Series 2007-GG11, Cl. AM, 5.867%, 12/1/49		5,550,000		5,857,459
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. AM, 5.475%, 3/1/39		5,035,000		5,228,679
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2011-GC3, Cl. D, 5.728%, 3/1/443,4		3,130,000		2,889,740
GSR Mortgage Loan Trust 2005-AR4, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 6A1, 5.25%, 7/1/35		65,829		65,047
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 4.96%, 11/1/354		1,455,228		1,211,212
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates:
Series 2006-CIBC15, Cl. AM, 5.855%, 6/1/43		775,000		792,195
Series 2007-CB15, Cl. AJ, 5.502%, 6/1/47		8,281,000		6,391,400
Series 2007-CB18, Cl. AM, 5.466%, 6/1/47		6,400,000		6,929,987
JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, Commercial Mtg. Pass-Through Certificates, Series 2006-CIBC16, Cl. AJ, 5.623%, 5/1/45		2,175,000		1,887,570
JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB19, Commercial Mtg. Pass-Through Certificates, Series 2007-CB19, Cl. AM, 5.918%, 2/1/494		5,850,000		6,100,728

13 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Commercial Continued
JPMorgan Chase Commercial Mortgage Securities Trust 2007-LD11, Commercial Mtg. Pass-Through Certificates, Series 2007-LD11, Cl. A4, 6.003%, 6/1/494	$	1,050,000	$	1,221,911
JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDP11, Commercial Mtg. Pass-Through Certificates, Series 2007-LDP11, Cl. ASB, 6.003%, 6/1/494		504,933		553,073
JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 2.802%, 1/1/374		279,182		225,036
JPMorgan, Re-securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2009-5, Cl. 1A2, 2.614%, 7/1/363,4		5,387,547		3,724,699
LB-UBS Commercial Mortgage Trust 2006-C3, Commercial Mtg. Pass-Through Certificates, Series 2006-C3, Cl. AJ, 5.72%, 3/11/39		1,325,000		1,235,870
LB-UBS Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates, Series 2007-C6, Cl. AM, 6.114%, 7/11/40		5,855,000		6,220,440
LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.325%, 4/11/414		2,610,000		2,948,649
Lehman Structured Securities Corp., Mtg.-Backed Security, 6%, 5/1/29		57,523		11,041
Merrill Lynch Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.847%, 5/1/394		3,845,000		3,556,408
ML-CFC Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AJ, 5.485%, 7/1/46		5,820,000		5,109,483
Morgan Stanley Capital I Trust 2007-IQ15, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ15, Cl. AM, 6.076%, 6/1/494		5,875,000		6,211,740
Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates, Series 2006-HQ10, Cl. AM, 5.36%, 11/1/41		8,500,000		9,339,286
RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 3.479%, 4/25/354		112,139		22,664

14 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Commercial Continued
Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36	$	652,714	$	474,812
Sequoia Mortgage Trust, Mtg. Pass-Through Certificates, Series 2012-2, Cl. A2, 3.50%, 3/1/42		501,659		534,413
STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.809%, 2/1/374		8,364,874		6,864,843
Structured Adjustable Rate Mortgage Loan Trust 2006-4, Commercial Mtg. Pass-Through Certificates, Series 2006-4, Cl. 6A, 5.402%, 5/1/364		2,356,115		1,920,663
Structured Adjustable Rate Mortgage Loan Trust 2007-6, Mtg. Pass-Through Certificates, Series 2007-6, Cl. 3A1, 4.876%, 7/1/374		6,761,436		5,196,093
Wachovia Bank Commercial Mortgage Trust 2006-C23, Commercial Mtg. Pass-Through Certificates, Series 2006-C23, Cl. AJ, 5.515%, 1/1/45		4,510,000		4,346,021
Wachovia Bank Commercial Mortgage Trust 2006-C25, Commercial Mtg. Pass-Through Certificates, Series 2006-C25, Cl. AJ, 5.923%, 5/1/434		5,315,000		5,353,106
WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 2.366%, 4/1/474		724,773		496,572
Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 2.61%, 11/1/344		430,542		13,285
Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.61%, 2/1/354		3,423,507		3,411,819
Wells Fargo Mortgage-Backed Securities 2007-AR3 Trust, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. A4, 5.733%, 4/1/374		2,021,170		1,813,838

15 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Commercial Continued
WFRBS Commercial Mortgage Trust 2011-C3, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 9.116%, 3/1/449	$	6,034,673	$	497,996
				187,428,283
Multifamily—1.0%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2006-2, Cl. AJ, 5.952%, 5/1/454		4,295,000		4,270,896
CHL Mortgage Pass-Through Trust 2006-20, Mtg. Pass-Through Certificates, Series 2006-20, Cl. 1A17, 5.75%, 2/1/37		2,552,400		2,174,983
Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1A2A, 5.584%, 6/1/364		5,322,309		5,132,449
Countrywide Alternative Loan Trust 2006-24CB, Mtg. Pass-Through Certificates, Series 2006-424B, Cl. A12, 5.75%, 6/1/36		1,974,634		1,553,429
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 5.046%, 5/1/374		4,172,834		3,948,863
Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005-AR15, Cl. 1A2, 2.617%, 9/1/354		383,500		371,843
Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A3, 2.617%, 3/1/364		3,436,574		3,265,325
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.693%, 3/25/364		3,048,064		2,870,633
				23,588,421
Residential—3.9%
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.177%, 5/25/344		920,464		831,419

16 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Residential Continued
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates:
Series 2007-1, Cl. 1A3, 6%, 1/1/37	$	2,257,042	$	1,950,930
Series 2007-4, Cl. AM, 5.987%, 2/1/514		3,960,000		4,225,029
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.526%, 5/1/364		1,971,593		1,927,592
Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 2.935%, 5/1/344		2,598,795		2,467,759
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35		5,295,032		4,916,231
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35		1,806,427		1,903,106
CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36		461,619		408,256
CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 3.053%, 6/1/474		2,001,492		1,658,444
Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 2.662%, 5/1/354		2,231,854		2,173,327
Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 2.896%, 8/1/354		4,390,990		3,454,532
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AMFX, 5.366%, 12/1/49		6,060,000		6,195,217
Countrywide Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl. 1A10, 6%, 2/1/37		8,978,784		6,885,201
Countrywide Alternative Loan Trust 2007-19, Mtg. Pass-Through Certificates, Series 2007-19, Cl. 1A4, 6%, 8/1/37		2,502,878		1,960,371
Countrywide Home Loans, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.287%, 5/1/364		715,411		561,316

17 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Residential Continued
CSMC Mortgage-Backed Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 2A10, 6%, 4/1/37	$	2,354,108	$	2,037,039
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.337%, 6/25/474		2,601,854		2,562,825
CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates:
Series 2005-G, Cl. 2A, 0.451%, 12/15/354		154,142		84,778
Series 2006-H, Cl. 2A1A, 0.371%, 11/15/364		63,517		16,482
GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36		646,377		625,515
Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.863%, 6/1/35		1,046,000		749,849
JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36		285,718		265,885
LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.395%, 9/11/454		10,430,000		11,140,090
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.317%, 8/25/364		1,145,769		399,845
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 2.671%, 10/25/364		1,523,278		1,533,044
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/295,8		66,744		5,440
Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.175%, 1/1/364		173,515		136,761
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates:
Series 2006-QS13, Cl. 1A5, 6%, 9/25/36		1,716,951		1,241,716
Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		34,320		24,820

18 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Residential Continued
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37	$	836,771	$	594,875
Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35		3,333,039		2,958,695
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36		3,692,031		3,301,235
Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35		4,195,427		3,765,681
Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 2.706%, 5/1/373,4,11		163,254		75,292
WaMu Mortgage Pass-Through Certificates 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2007-AR12, Cl. 1A8, 2.488%, 10/1/354		2,197,201		2,009,331
WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 2.741%, 9/1/364		857,327		659,109
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates:
Series 2007-HY1, Cl. 4A1, 2.704%, 2/1/374		12,774,924		9,995,145
Series 2007-HY1, Cl. 5A1, 4.866%, 2/1/374		7,641,021		6,112,332
WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 5.20%, 5/1/374		937,593		905,601
Wells Fargo Mortgage-Backed Securities 2005-9 Trust, Mtg. Pass-Through Certificates, Series 2005-9, Cl. 2A6, 5.25%, 10/25/35		371,511		395,764
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.649%, 10/1/364		3,129,292		3,100,755
				96,216,634
Total Mortgage-Backed Obligations (Cost $835,388,951)				854,995,176

19 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
U.S. Government Obligations—4.2%
Federal Home Loan Mortgage Corp. Nts.:
1%, 7/28/17-9/29/17	$	5,149,000		$	5,209,079
1.25%, 8/1/19		1,420,000			1,426,505
1.25%, 10/2/196		8,045,000			8,020,925
2.375%, 1/13/22		1,113,000			1,170,311
Federal National Mortgage Assn. Nts.:
0.875%, 8/28/17-10/26/17		9,905,000			9,967,101
4.375%, 10/15/15		4,000,000			4,481,856
U.S. Treasury Bonds, STRIPS, 4.833%, 2/15/1612		2,116,000			2,088,801
U.S. Treasury Nts.:
1.625%, 8/15/2213,14		63,700,000			63,660,188
1.75%, 5/15/2215		5,500,000			5,580,355
Total U.S. Government Obligations (Cost $100,894,339)					101,605,121
Foreign Government Obligations—28.2%
Angola—0.1%
Angola (Republic of) Sr. Unsec. Nts., 7%, 8/16/19		1,940,000			2,138,850
Australia—0.4%
New South Wales Treasury Corp. Bonds:
Series 14, 5.50%, 8/1/14		875,000	AUD		951,084
Series 15, 6%, 4/1/25		640,000	AUD		712,880
Series 17, 5.50%, 3/1/17		625,000	AUD		713,568
Queensland Treasury Corp. Nts.:
Series 15, 6%, 10/14/15		1,275,000	AUD		1,438,533
Series 17, 6%, 9/14/17		1,020,000	AUD		1,193,305
Series 21, 6%, 6/14/21		1,255,000	AUD		1,539,157
Series 24, 5.75%, 7/22/24		1,065,000	AUD		1,255,113
Victoria Treasury Corp. Nts., Series 1116, 5.75%, 11/15/16		1,555,000	AUD		1,777,738
Western Australia Treasury Corp. Nts., Series 15, 7%, 4/15/15		630,000	AUD		717,917
					10,299,295
Belgium—0.2%
Belgium (Kingdom of) Bonds, Series 58, 3.75%, 9/28/20		2,550,000	EUR		3,664,368
Brazil—2.4%
Brazil (Federative Republic of) Nota Do Tesouro Nacional Nts.:
9.762%, 1/1/17		17,168,000	BRR		8,742,332
9.762%, 1/1/21		33,538,000	BRR		16,834,962
12.681%, 5/15/4516		6,470,000	BRR		8,957,549
Series NTNB, 12.681%, 5/15/1516		10,930,000	BRR		12,861,914
Series NTNB, 12.998%, 8/15/5016		3,265,000	BRR		4,532,711
Brazil (Federative Republic of) Nota Do Tesouro Nacional Unsec. Bonds, 10%, 1/1/18		11,075,000	BRR		5,632,720
					57,562,188

20 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Canada—0.2%
Canada (Government of) Nts., 3.75%, 6/1/19		1,850,000	CAD	$	2,154,457
Canada (Government of) Treasury Bills, 0.891%, 10/11/1212		1,885,000	CAD		1,916,791
					4,071,248
Colombia—0.4%
Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/283		1,199,000,000	COP		988,233
Colombia (Republic of) Sr. Unsec. Bonds, 6.125%, 1/18/41		5,940,000			8,078,400
					9,066,633
Croatia—0.1%
Croatia (Republic of) Unsec. Nts., 6.25%, 4/27/173		2,130,000			2,311,050
Denmark—0.1%
Denmark (Kingdom of) Bonds, 4%, 11/15/19		5,560,000	DKK		1,165,247
Finland—0.0%
Finland (Rebublic of) Sr. Unsec. Bonds, 4.375%, 7/4/19		430,000	EUR		668,625
France—0.5%
Caisse D’Amortissement de la Dette Sociale Bonds, 1.625%, 7/6/153		640,000			651,625
France (Republic of) Bonds:
3.25%, 10/25/21		1,070,000	EUR		1,510,227
3.75% 10/25/19		2,350,000	EUR		3,456,990
4%, 4/25/60		520,000	EUR		779,673
4.50%, 4/25/41		1,090,000	EUR		1,749,494
France (Republic of) Treasury Nts., 1%, 7/25/17		3,780,000	EUR		4,881,445
					13,029,454
Germany—0.2%
Germany (Federal Republic of) Bonds, 2.50%, 7/4/44		1,095,000	EUR		1,490,537
Germany (Federal Republic of) Sec. Bonds, Series 164, 0.50%, 10/13/17		2,520,000	EUR		3,236,544
Germany (Federal Republic of) Unsec. Bonds, 1.50%, 9/4/22		625,000	EUR		811,893
					5,538,974

21 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Ghana—0.1%
Ghana (Republic of) Bonds, 8.50%, 10/4/173	$	1,305,000		$	1,539,900
Hungary—2.3%
Hungary (Republic of) Bonds:
4.75%, 2/3/15		1,350,000			1,358,168
6.75%, 11/24/17		790,000,000	HUF		3,564,632
Series 13/D, 6.75%, 2/12/13		3,277,000,000	HUF		14,757,979
Series 14/D, 6.75%, 8/22/14		451,000,000	HUF		2,051,475
Series 15C, 7.75%, 8/24/15		1,246,000,000	HUF		5,769,977
Series 15/A, 8%, 2/12/15		238,000,000	HUF		1,106,804
Series 16/C, 5.50%, 2/12/16		315,000,000	HUF		1,377,282
Series 17/B, 6.75%, 2/24/17		678,000,000	HUF		3,061,781
Series 19/A, 6.50%, 6/24/19		497,000,000	HUF		2,192,367
Series 20/A, 7.50%, 11/12/20		455,000,000	HUF		2,089,272
Series 22A, 7%, 6/24/22		341,000,000	HUF		1,514,720
Series 23A, 6%, 11/24/23		230,000,000	HUF		936,177
Hungary (Republic of) Sr. Unsec. Bonds, 7.625%, 3/29/41		805,000			913,675
Hungary (Republic of) Sr. Unsec. Nts., 5.75%, 6/11/18		880,000	EUR		1,128,729
Hungary (Republic of) Sr. Unsec. Unsub. Nts., 6.375%, 3/29/21		520,000			568,776
Hungary (Republic of) Treasury Bills:
6.655%, 5/29/1312		110,000,000	HUF		475,412
6.691%, 4/17/1312		146,000,000	HUF		637,050
6.704%, 12/19/1212		183,000,000	HUF		813,411
6.711%, 12/5/1212		73,000,000	HUF		325,318
6.75%, 12/12/1212		293,000,000	HUF		1,306,188
7.006%, 2/20/1312		220,000,000	HUF		968,661
7.31%, 12/27/1212		2,152,000,000	HUF		9,567,723
					56,485,577
Indonesia—0.4%
Indonesia (Republic of) Nts., 5.25%, 1/17/423		2,720,000			3,111,000
Indonesia (Republic of) Sr. Unsec. Bonds, 4.875%, 5/5/213		1,020,000			1,171,725
Indonesia (Republic of) Sr. Unsec. Nts., 7.75%, 1/17/383		1,295,000			1,939,263
Indonesia (Republic of) Unsec. Nts.:
3.75%, 4/25/223		2,120,000			2,247,200
8.50%, 10/12/353		785,000			1,250,113
					9,719,301

22 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Ireland—0.1%
Ireland (Republic of) Treasury Bonds, 4.40%, 6/18/19		945,000	EUR	$	1,190,121
Israel—0.1%
Israel (State of) Sr. Unsec. Bonds, 4%, 6/30/22		2,915,000			3,102,752
Italy—0.5%
Italy (Republic of) Bonds:
4%, 9/1/20		935,000	EUR		1,155,379
4.50%, 3/1/19		2,765,000	EUR		3,590,897
5%, 3/1/22		500,000	EUR		646,868
5%, 9/1/40		1,035,000	EUR		1,195,162
Series EU, 1.853%, 10/15/174		630,000	EUR		712,009
Italy (Republic of) Sr. Unsec. Nts., 4.50%, 6/8/15		124,000,000	JPY		1,670,441
Italy (Republic of) Treasury Bills, 1.548%, 1/31/1312		2,215,000	EUR		2,834,550
Italy (Republic of) Treasury Bonds:
4.75%, 9/15/16		510,000	EUR		684,408
5.75%, 2/1/33		440,000	EUR		566,112
					13,055,826
Ivory Coast—0.0%
Ivory Coast Bonds, 3.75%, 12/31/32		1,290,000			1,119,075
Japan—2.1%
Japan Bonds:
2 yr., 0.10%, 5/15/14		1,009,000,000	JPY		12,929,189
5 yr., 0.30%, 3/20/17		581,000,000	JPY		7,491,431
10 yr., Series 301, 1.50%, 6/20/19		579,000,000	JPY		7,970,428
10 yr., 1.10%, 3/20/21		234,000,000	JPY		3,119,966
20 yr., Series 112, 2.10%, 6/20/29		713,000,000	JPY		9,996,664
30 yr., 2%, 3/20/42		433,000,000	JPY		5,699,232
Japan Sr. Unsec. Bonds, Series 134, 1.80%, 3/20/32		344,000,000	JPY		4,533,024
					51,739,934
Latvia—0.1%
Latvia (Republic of) Nts., 5.25%, 2/22/173		2,225,000			2,453,063
Lithuanua—0.1%
Lithuania (Republic of) Sr. Unsec. Bonds, 6.625%, 2/1/223		2,065,000			2,568,344
Malaysia—0.6%
Central Bank of Malaysia Treasury Bills: Series 5312, 2.984%, 1/22/1312		14,620,000	MYR		4,739,908
Series 5612, 3%, 2/7/1312		14,620,000	MYR		4,734,847
Series 6212 2.968%, 2/28/1312		7,310,000	MYR		2,362,978

23 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Malaysia (Government of) Sr. Unsec. Bonds:
Series 1/06, 4.262%, 9/15/16		2,205,000	MYR	$	748,707
Series 210, 4.012%, 9/15/17		1,825,000	MYR		615,874
Wakala Global Sukuk Bhd Bonds, 4.646%, 7/6/213		2,105,000			2,440,059
					15,642,373
Mexico—3.1%
United Mexican States Bonds:
4.592%, 11/29/1212		109,230,000	MXN		8,423,314
Series M, 6.50%, 6/10/214		56,985,000	MXN		4,843,784
Series M20, 7.50%, 6/3/274		93,400,000	MXN		8,402,550
Series M10, 7.75%, 12/14/17		21,760,000	MXN		1,906,681
Series M, 8%, 6/11/20		73,300,000	MXN		6,734,301
Series M20, 8.50%, 5/31/294		50,140,000	MXN		4,892,808
Series MI10, 9%, 12/20/124		92,290,000	MXN		7,248,957
United Mexican States Treasury Bills:
4.569%, 12/13/1212		162,930,000	MXN		12,543,525
4.59%, 10/18/1212		257,700,000	MXN		19,973,339
					74,969,259
Nigeria—0.2%
Nigeria (Federal Republic of) Treasury Bills:
13.662%, 9/5/1312		329,000,000	NGN		1,849,258
14.326%, 6/6/1312		73,000,000	NGN		425,880
15.149%, 3/7/1312		38,000,000	NGN		228,385
15.205%, 3/28/1312		145,000,000	NGN		867,691
Series 364, 15.572%, 4/25/1312		109,000,000	NGN		645,901
Series 364, 16.266%, 8/8/1312		164,000,000	NGN		950,656
Series 364, 16.895%, 2/7/1312		146,000,000	NGN		887,444
					5,855,215
Panama—0.2%
Panama (Republic of) Bonds:
6.70%, 1/26/36		1,191,000			1,679,310
8.875%, 9/30/27		865,000			1,407,788
9.375%, 4/1/29		1,045,000			1,784,338
					4,871,436
Peru—1.1%
Peru (Republic of) Bonds, 7.35%, 7/21/25		3,135,000			4,608,450
Peru (Republic of) Sr. Unsec. Bonds:
6.95%, 8/12/313		14,795,000	PEN		6,821,933
8.20%, 8/12/263		9,500,000	PEN		4,941,646

24 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Peru (Republic of) Sr. Unsec. Nts., 7.84%, 8/12/203		13,285,000	PEN	$	6,347,136
Peru (Republic of) Sr. Unsec. Unsub. Bonds, 5.625%, 11/18/50		2,110,000			2,758,825
					25,477,990
Philippines—0.1%
Philippines (Republic of the) Sr. Unsec. Bonds, 5%, 1/13/37		1,290,000			1,535,100
Philippines (Republic of the) Sr. Unsec. Unsub. Bonds, 6.375%, 10/23/34		925,000			1,276,500
					2,811,600
Poland—0.5%
Poland (Republic of) Bonds:
5.25%, 10/25/20		15,280,000	PLZ		4,989,823
Series WS0922, 5.75%, 9/23/22		12,870,000	PLZ		4,356,047
Series 0415, 5.50%, 4/25/15		2,165,000	PLZ		698,679
Series 1017, 5.25%, 10/25/17		3,000,000	PLZ		980,624
					11,025,173
Portugal—0.0%
Portuguese (Republic) Sr. Unsec. Bonds:
4.10%, 4/15/37		75,000	EUR		53,664
4.95%, 10/25/23		125,000	EUR		116,869
					170,533
Qatar—0.2%
Qatar (State of) Sr. Nts., 5.25%, 1/20/203		1,610,000			1,911,875
Qatar (State of) Sr. Unsec. Nts.:
5.75%, 1/20/423		1,125,000			1,437,188
6.40%, 1/20/403		860,000			1,178,200
					4,527,263
Romania—0.2%
Romania Sr. Unsec. Bonds, 6.75%, 2/7/223		4,090,000			4,616,588
Russia—1.6%
Russian Federation Bonds:
7.50%, 3/15/184		181,000,000	RUR		5,839,926
7.50%, 2/27/194		171,100,000	RUR		5,473,889
7.60%, 4/14/214		192,500,000	RUR		6,173,971
Series 6206, 7.40%, 6/14/17		391,700,000	RUR		12,575,334
Russian Federation Unsec. Bonds:
5.625%, 4/4/423		2,845,000			3,421,397
Series 9, 7.90%, 3/18/214		43,800,000	RUR		1,377,394

25 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Vnesheconombank Via VEB Finance plc Sr. Unsec. Nts., 6.025%, 7/5/223	$	1,940,000		$	2,170,472
Vnesheconombank Via VEB Finance plc Sr. Unsec. Unsub. Nts.:
6.80%, 11/22/253		825,000			973,574
6.902%, 7/9/203		1,445,000			1,710,793
					39,716,750
Slovakia—0.1%
Slovakia (Republic of) Bonds, 4.375%, 5/21/223		2,135,000			2,256,909
South Africa—2.5%
South Africa (Republic of) Bonds:
Series R209, 6.25%, 3/31/36		65,080,000	ZAR		6,300,781
Series R208, 6.75%, 3/31/21		127,975,000	ZAR		15,569,374
Series R213, 7%, 2/28/31		83,505,000	ZAR		9,178,376
Series R207, 7.25%, 1/15/20		118,260,000	ZAR		14,881,990
Series R186, 10.50%, 12/21/26		100,440,000	ZAR		15,278,260
					61,208,781
Spain—0.2%
Instituto de Credito Oficial Sr. Unsec. Nts., 5%, 5/15/15		2,200,000	NOK		359,921
Spain (Kingdom of) Bonds:
5.50%, 7/30/17		760,000	EUR		998,954
5.85%, 1/31/22		1,135,000	EUR		1,451,108
Spain (Kingdom of) Sr. Unsec. Bonds, 4.30%, 10/31/19		765,000	EUR		916,313
Spain (Kingdom of) Sr. Unsub. Bonds, 4.70%, 7/30/41		505,000	EUR		491,087
Spain (Kingdom of) Unsec. Bonds, 3.30%, 10/31/14		380,000	EUR		486,971
					4,704,354
Sri Lanka—0.2%
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Bonds, 5.875%, 7/25/223		685,000			741,513
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts.:
6.25%, 10/4/203		1,265,000			1,382,013
6.25% 7/27/213		1,565,000			1,709,462
					3,832,988
The Netherlands—0.2%
Netherlands (Kingdom of the) Bonds, 4%, 7/15/19		2,595,000	EUR		3,944,565

26 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Turkey—5.1%
Turkey (Republic of) Bonds:
6.875%, 3/17/36	$	2,605,000		$	3,314,863
7%, 3/11/19		1,200,000			1,459,500
8.984%, 11/7/1212		96,800,000	TRY		53,526,670
9%, 3/5/14		15,375,000	TRY		8,764,327
9%, 3/8/17		35,160,000	TRY		20,590,291
9.50%, 1/12/224		17,920,000	TRY		10,863,174
9.884%, 7/17/1312		21,035,000	TRY		11,087,426
10.50%, 1/15/204		1,120,000	TRY		705,745
15.959%, 8/14/1316		2,310,000	TRY		1,908,730
Turkey (Republic of) Nts., 7.50%, 7/14/17		1,520,000			1,827,800
Turkey (Republic of) Unsec. Bonds:
4.50%, 2/11/154,16		2,305,000	TRY		1,389,605
6.25%, 9/26/22		4,270,000			5,120,584
Turkey (Republic of) Unsec. Nts.:
5.125%, 3/25/22		1,150,000			1,269,313
6%, 1/14/41		2,310,000			2,673,825
					124,501,853
Ukraine—0.2%
Ukraine (Republic of) Bonds, 7.75%, 9/23/203		820,000			814,842
Ukraine (Republic of) Sr. Unsec. Nts.:
6.75%, 11/14/173		1,800,000			1,728,000
7.95%, 2/23/213		1,195,000			1,196,398
Ukraine (Republic of) Unsec. Bonds, 9.25%, 7/24/173		1,285,000			1,356,266
					5,095,506
United Arab Emirates—0.1%
Emirates of Dubai Sr. Unsec. International Bonds:
5.591%, 6/22/21		880,000			938,080
7.75%, 10/5/20		2,210,000			2,629,900
					3,567,980
United Kingdom—0.4%
United Kingdom Treasury Bonds:
3.75%, 9/7/21		840,000	GBP		1,618,407
4%, 9/7/16		1,670,000	GBP		3,073,294
4.75%, 12/7/38		2,320,000	GBP		4,984,585
					9,676,286
Uruguay—0.2%
Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36		2,310,000			3,620,925
Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22		1,516,250			2,212,209
					5,833,134

27 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Venezuela—0.8%
Venezuela (Republic of) Bonds:
9%, 5/7/23	$	4,090,000		$	3,619,650
11.95%, 8/5/31		1,855,000			1,896,738
Venezuela (Republic of) Nts., 8.25%, 10/13/24		2,125,000			1,774,375
Venezuela (Republic of) Sr. Unsec. Unsub. Nts.:
7.75%, 10/13/19		1,550,000			1,344,625
12.75%, 8/23/22		1,105,000			1,179,588
Venezuela (Republic of) Unsec. Bonds:
7%, 3/31/38		1,970,000			1,452,875
7.65%, 4/21/25		3,585,000			2,823,188
Venezuela (Republic of) Unsec. Nts., 13.625%, 8/15/183		5,465,000			5,710,925
					19,801,964
Total Foreign Government Obligations (Cost $655,438,782)					686,598,325
Corporate Bonds and Notes—26.1%
Consumer Discretionary—3.8%
Auto Components—0.4%
Continental Rubber of America Corp., 4.50% Sr. Sec. Nts., 9/15/193		405,000			414,720
Goodyear Tire & Rubber Co. (The), 8.25% Sr. Unsec. Unsub. Nts., 8/15/20		2,190,000			2,436,375
Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/173		4,652,000			5,035,790
UCI International, Inc., 8.625% Sr. Unsec. Nts., 2/15/19		605,000			605,000
Visteon Corp., 6.75% Sr. Unsec. Nts., 4/15/19		2,470,000			2,605,850
					11,097,735
Automobiles—0.0%
Jaguar Land Rover plc:
7.75% Sr. Unsec. Bonds, 5/15/183		390,000			422,663
8.25% Sr. Nts., 3/15/203		245,000	GBP		428,266
					850,929
Diversified Consumer Services—0.1%
Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20		1,005,000			1,050,225
ServiceMaster Co.:
7% Sr. Nts., 8/15/203		965,000			993,950
8% Sr. Unsec. Unsub. Nts., 2/15/20		605,000			644,325
					2,688,500

28 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Hotels, Restaurants & Leisure—1.1%
Boyd Gaming Corp., 9.125% Sr. Unsec. Nts., 12/1/18	$	1,875,000	$	1,978,125
Burger King Corp., 9.875% Sr. Unsec. Unsub. Nts., 10/15/18		860,000		1,001,900
Caesars Entertainment Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18		9,522,000		6,284,520
Chester Downs & Marina LLC, 9.25% Sr. Sec. Nts., 1/15/203		665,000		671,650
CKE Restaurants, Inc., 11.375% Sec. Nts., 7/15/18		767,000		893,555
Equinox Holdings, Inc., 9.50% Sr. Sec. Nts., 2/1/165		1,780,000		1,900,150
HOA Restaurants Group LLC/HOA Finance Corp., 11.25% Sr. Sec. Nts., 4/1/173		2,280,000		2,091,900
Isle of Capri Casinos, Inc., 7.75% Sr. Unsec. Unsub. Nts., 3/15/19		2,030,000		2,192,400
Landry’s, Inc., 9.375% Sr. Unsec. Nts., 5/1/203		2,005,000		2,125,300
MGM Mirage, Inc., 6.625% Sr. Unsec. Nts., 7/15/15		3,460,000		3,719,500
MGM Resorts International, 6.75% Sr. Unsec. Nts., 10/1/203		585,000		586,463
MTR Gaming Group, Inc., 11.50% Sec. Nts., 8/1/19		924,600		977,765
Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/19		1,550,000		1,743,750
Premier Cruise Ltd., 11% Sr. Nts., 3/15/085,8		250,000		—
				26,166,978
Household Durables—0.3%
Beazer Homes USA, Inc., 9.125% Sr. Unsec. Nts., 5/15/19		2,825,000		2,853,250
Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22		225,000		244,125
K Hovnanian Enterprises, Inc., 9.125% Sec. Nts., 11/15/203,6		480,000		484,200
Libbey Glass, Inc., 6.875% Sr. Sec. Nts., 5/15/203		770,000		831,600
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:
5.75% Sr. Sec. Nts., 10/15/203		1,020,000		1,021,275
9% Sr. Unsec. Unsub. Nts., 4/15/19		1,000,000		1,025,000
				6,459,450

29 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Leisure Equipment & Products—0.1%
FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sr. Sec. Nts., 5/1/203	$	2,005,000	$	2,180,438
Media—1.5%
Affinion Group Holdings, Inc., 11.625% Sr. Unsec. Nts., 11/15/15		1,140,000		780,900
Affinion Group, Inc., 7.875% Sr. Unsec. Nts., 12/15/18		3,055,000		2,512,738
AMC Entertainment, Inc., 8.75% Sr. Unsec. Nts., 6/1/19		940,000		1,041,050
Belo (A.H.) Corp., 7.75% Sr. Unsec. Unsub. Debs., 6/1/27		2,983,000		3,027,745
Clear Channel Communications, Inc., 5.75% Sr. Unsec. Unsub. Nts., 1/15/13		3,010,000		3,028,813
Cumulus Media Holdings, Inc., 7.75% Sr. Unsec. Unsub. Nts., 5/1/19		1,230,000		1,202,325
DISH DBS Corp.:
5.875% Sr. Unsec. Nts., 7/15/223		1,325,000		1,364,750
7.875% Sr. Unsec. Nts., 9/1/19		2,215,000		2,586,013
Entravision Communications Corp., 8.75% Sr. Sec. Nts., 8/1/17		1,806,000		1,959,510
Gray Television, Inc.:
7.50% Sr. Unsec. Nts., 10/1/203,6		2,095,000		2,095,000
10.50% Sr. Sec. Nts., 6/29/15		1,835,000		1,997,856
Newport Television LLC/NTV Finance Corp., 13.75% Sr. Nts., 3/15/173,7		1,441,028		1,559,913
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc., 8.875% Sec. Nts., 4/15/17		1,780,000		1,944,650
Sinclair Television Group, Inc.:
6.125% Sr. Nts., 10/1/223,6		1,900,000		1,911,875
8.375% Sr. Unsec. Nts., 10/15/18		775,000		858,313
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 7.50% Sr. Sec. Nts., 3/15/19		1,595,000		1,758,488
Univision Communications, Inc., 7.875% Sr. Sec. Nts., 11/1/203		1,750,000		1,881,250
UPCB Finance V Ltd., 7.25% Sr. Sec. Nts., 11/15/213		1,225,000		1,338,313
UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/223		1,965,000		2,092,725
Virgin Media Finance plc, 5.25% Sr. Unsec. Unsub. Nts., 2/15/22		760,000		801,800
				35,744,027
Specialty Retail—0.2%
Burlington Coat Factory Warehouse Corp., 10% Sr. Unsec. Nts., 2/15/19		500,000		555,625

30 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Specialty Retail Continued
J. Crew Group, Inc., 8.125% Sr. Unsec. Nts., 3/1/19	$	980,000		$	1,031,450
Limited Brands, Inc., 5.625% Sr. Nts., 2/15/22		1,975,000			2,137,938
Michaels Stores, Inc., 7.75% Sr. Unsec. Nts., 11/1/18		155,000			167,013
Sally Holdings LLC/Sally Capital, Inc., 6.875% Sr. Unsec. Nts., 11/15/19		1,830,000			2,045,025
					5,937,051
Textiles, Apparel & Luxury Goods—0.1%
Levi Strauss & Co., 7.625% Sr. Unsec. Unsub. Nts., 5/15/20		940,000			1,019,900
Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15		725,000			725,000
					1,744,900
Consumer Staples—0.9%
Beverages—0.1%
AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/174		2,080,000	BRR		1,169,125
Food & Staples Retailing—0.2%
Cencosud SA, 5.50% Sr. Unsec. Nts., 1/20/213		3,210,000			3,526,464
Rite Aid Corp., 7.50% Sr. Sec. Nts., 3/1/17		560,000			578,200
					4,104,664
Food Products—0.6%
American Seafoods Group LLC, 10.75% Sr. Sub. Nts., 5/15/163		2,150,000			2,187,625
ASG Consolidated LLC, 12.863% Sr. Nts., 5/15/173,7		1,831,928			1,607,517
Bumble Bee Acquisition Corp., 9% Sr. Sec. Nts., 12/15/173		1,662,000			1,747,178
Cosan Overseas Ltd., 8.25% Sr. Unsec. Unsub. Nts., 2/5/49		1,740,000			1,892,250
MHP SA, 10.25% Sr. Unsec. Nts., 4/29/153		3,100,000			3,162,000
Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/153		2,465,000			2,582,088
					13,178,658
Household Products—0.0%
Spectrum Brands Holdings, Inc., 9.50% Sr. Sec. Nts., 6/15/18		870,000			985,275
Personal Products—0.0%
NBTY, Inc., 9% Sr. Unsec. Nts., 10/1/18		460,000			514,050

31 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Tobacco—0.0%
Alliance One International, Inc., 10% Sr. Unsec. Nts., 7/15/16	$	980,000	$	1,019,200
Energy—5.1%
Energy Equipment & Services—0.4%
Forbes Energy Services Ltd., 9% Sr. Unsec. Nts., 6/15/19		800,000		780,000
Global Geophysical Services, Inc., 10.50% Sr. Unsec. Nts., 5/1/17		1,050,000		1,008,000
Hercules Offshore, Inc., 7.125% Sr. Sec. Nts., 4/1/173		1,005,000		1,046,456
Hornbeck Offshore Services, Inc., 5.875% Sr. Unsec. Nts., 4/1/20		2,010,000		2,055,225
Offshore Group Investments Ltd., 11.50% Sr. Sec. Nts., 8/1/15		2,055,000		2,281,050
Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20		1,850,000		1,979,500
SESI LLC, 6.375% Sr. Unsec. Nts., 5/1/19		705,000		757,875
				9,908,106
Oil, Gas & Consumable Fuels—4.7%
Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/153		1,960,000		2,084,166
Antero Resources Finance Corp., 9.375% Sr. Unsec. Nts., 12/1/17		1,510,000		1,676,100
Arch Coal, Inc., 7.25% Sr. Unsec. Unsub. Nts., 6/15/21		655,000		550,200
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.:
6.625% Sr. Nts., 10/1/203		760,000		775,200
8.75% Sr. Unsec. Sub. Nts., 6/15/18		970,000		1,047,600
Bill Barrett Corp., 7.625% Sr. Unsec. Unsub. Nts., 10/1/19		795,000		846,675
BreitBurn Energy Partners LP/BreitBurn Finance Corp., 8.625% Sr. Unsec. Nts., 10/15/20		2,805,000		3,078,488
Chaparral Energy, Inc., 9.875% Sr. Unsec. Nts., 10/1/20		1,760,000		1,997,600
Chesapeake Midstream Partners LP/CHKM Finance Corp., 6.125% Sr. Unsec. Unsub. Nts., 7/15/22		1,880,000		1,997,500
Cimarex Energy Co., 5.875% Sr. Unsec. Unsub. Nts., 5/1/22		1,875,000		1,987,500
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.50% Sr. Unsec. Unsub. Nts., 12/15/19		380,000		419,900
Continental Resources, Inc., 5% Sr. Unsec. Nts., 9/15/22		1,215,000		1,272,713
EP Energy LLC/Everest Acquisition Finance, Inc., 7.75% Sr. Unsec. Nts., 9/1/223		1,010,000		1,032,725

32 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Oil, Gas & Consumable Fuels Continued
Gaz Capital SA: 7.288% Sr. Sec. Nts., 8/16/373	$	7,675,000	$	9,708,875
8.146% Sr. Sec. Nts., 4/11/183		4,525,000		5,535,071
8.625% Sr. Sec. Nts., 4/28/343		2,875,000		4,039,375
9.25% Sr. Unsec. Unsub. Nts., 4/23/193		6,225,000		8,139,188
Hiland Partners LP/Hiland Partners Finance Corp., 7.25% Sr. Nts., 10/1/203		290,000		301,963
KazMunayGaz National Co., 6.375% Sr. Unsec. Bonds, 4/9/213		1,565,000		1,886,780
KMG Finance Sub BV, 9.125% Sr. Unsec. Unsub. Nts., 7/2/183		3,810,000		4,945,342
Linn Energy LLC/Linn Energy Finance Corp., 8.625% Sr. Unsec. Nts., 4/15/20		3,620,000		3,982,000
Lukoil International Finance BV:
6.125% Sr. Unsec. Nts., 11/9/203		4,485,000		5,085,990
6.656% Sr. Unsec. Unsub. Bonds, 6/7/223		1,350,000		1,627,061
7.25% Sr. Unsec. Unsub. Nts., 11/5/193		1,030,000		1,245,064
MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/213		3,195,000		3,434,625
Murray Energy Corp., 10.25% Sr. Sec. Nts., 10/15/153		1,470,000		1,447,950
Navios Maritime Acquisition Corp., 8.625% Sr. Sec. Nts., 11/1/17		695,000		665,463
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/213		2,100,050		2,372,006
Pemex Project Funding Master Trust, 6.625% Unsec. Unsub. Bonds, 6/15/35		3,625,000		4,567,500
Pertamina Persero PT:
5.25% Nts., 5/23/213		1,310,000		1,459,013
6% Sr. Unsec. Nts., 5/3/423		1,335,000		1,451,813
6.50% Sr. Unsec. Nts., 5/27/413		985,000		1,137,675
Petroleos de Venezuela SA:
4.90% Sr. Unsec. Nts., Series 2014, 10/28/14		3,060,000		2,770,830
8.50% Sr. Nts., 11/2/173		3,520,000		3,194,400
12.75% Sr. Unsec. Nts., 2/17/223		1,690,000		1,732,250
Petroleos Mexicanos:
1.95% Sr. Unsec. Nts., 12/20/22		185,000		189,878
2% Sr. Unsec. Nts., 12/20/22		915,000		941,417
5.50% Sr. Unsec. Unsub. Nts., 1/21/21		1,650,000		1,942,875
5.50% Sr. Unsec. Unsub. Nts., 6/27/44		2,980,000		3,285,450
6% Sr. Unsec. Unsub. Nts., 3/5/20		2,005,000		2,406,000

33 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Oil, Gas & Consumable Fuels Continued
Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/193	$	2,340,000		$	3,030,300
Quicksilver Resources, Inc.:
8.25% Sr. Unsec. Nts., 8/1/15		985,000			943,138
11.75% Sr. Nts., 1/1/16		840,000			852,600
Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19		875,000			975,625
Samson Investment Co., 9.75% Sr. Unsec. Nts., 2/15/203		1,510,000			1,557,188
SandRidge Energy, Inc.:
7.50% Sr. Nts., 2/15/233		1,625,000			1,677,813
8.75% Sr. Unsec. Nts., 1/15/20		875,000			951,563
Schahin II Finance Co. SPV Ltd., 5.875% Sr. Sec. Unsub. Nts., 9/25/223		2,810,000			2,950,500
SM Energy Co., 6.50% Sr. Nts., 1/1/233		1,015,000			1,067,019
Tengizchevroil LLP, 6.124% Nts., 11/15/145		661,080			695,787
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.875% Sr. Nts., 10/1/203		580,000			595,950
Venoco, Inc., 8.875% Sr. Unsec. Nts., 2/15/19		1,375,000			1,203,125
					114,762,829
Financials—4.8%
Capital Markets—0.6%
Banco BTG Pactual SA (Cayman), 5.75% Unsec. Sub. Nts., 9/28/223		1,725,000			1,750,875
Credit Suisse AG (Guernsey), 1.625% Sec. Bonds, 3/6/153		381,500			388,790
Edgen Murray Corp., 12.25% Sr. Sec. Nts., 1/15/15		1,420,000			1,522,950
Nationstar Mortgage LLC/Nationstar Capital Corp.:
7.875% Sr. Unsec. Nts., 10/1/203		580,000			593,050
10.875% Sr. Unsec. Nts., 4/1/15		3,715,000			4,044,706
Nuveen Investments, Inc., 9.50% Sr. Unsec. Nts., 10/15/203		1,020,000			1,020,000
Pinafore LLC/Pinafore, Inc., 9% Sec. Nts., 10/1/18		2,244,000			2,513,280
Springleaf Finance Corp., 6.90% Nts., Series J, 12/15/17		1,300,000			1,111,500
UBS AG (Jersey Branch):
4.28% Unsec. Sub. Nts., 4/29/49		175,000	EUR		202,845
7.152% Unsec. Sub. Nts., 12/29/49		125,000	EUR		162,840
UBS AG (London), 2.25% Sec. Nts., 3/30/173		495,000			515,849

34 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Capital Markets Continued
UBS Capital Securities Jersey Ltd., 8.836% Sub. Nts., 4/29/49		250,000	EUR	$	326,081
Verso Paper Holdings LLC/Verso Paper, Inc.:
8.75% Sr. Sec. Nts., 2/1/19		2,495,000			1,222,550
11.375% Sr. Unsec. Sub. Nts., Series B, 8/1/16		526,000			312,970
					15,688,286
Commercial Banks—2.9%
Akbank TAS, 5.125% Sr. Unsec. Nts., 7/22/155		1,595,000			1,656,806
Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/173		2,070,000			2,241,293
Banco Bilbao Vizcaya Argentaria SA, 4% Sec. Nts., 2/25/25		180,000	EUR		202,073
Banco BMG SA:
8.875% Unsec. Sub. Nts., 8/5/203		445,000			382,700
9.15% Nts., 1/15/165		1,304,000			1,287,700
9.95% Unsec. Unsub. Nts., 11/5/193		1,260,000			1,184,400
Banco do Brasil SA (Cayman), 9.25% Perpetual Jr. Sub. Bonds3,17		6,205,000			7,414,975
Banco do Estado do Rio Grande do Sul SA, 7.375% Sub Nts., 2/2/223		2,465,000			2,754,638
Bancolombia SA, 5.125% Unsec. Sub. Nts., 9/11/22		1,825,000			1,852,375
Bank of Scotland plc:
4.875% Sr. Sec. Nts., 12/20/24		210,000	GBP		407,745
4.875% Sr. Sec. Unsub. Nts., 11/8/16		125,000	GBP		230,827
Barclays Bank plc:
2.25% Sr. Sec. Bonds, 5/10/173		870,000			897,769
6% Sr. Unsec. Sub. Nts., 1/14/21		100,000	EUR		130,452
BBVA Banco Continental SA, 5% Sr. Unsec. Nts., 8/26/223		1,365,000			1,405,950
BOM Capital plc, 6.699% Sr. Unsec. Nts., 3/11/153		4,670,000			4,985,225
CIT Group, Inc.:
4.25% Sr. Unsec. Nts., 8/15/17		405,000			422,418
5% Sr. Unsec. Nts., 8/15/22		1,625,000			1,699,198
Commonwealth Bank of Australia (New York), 0.031% Sr. Unsec. Nts., 12/31/1712		630,000			632,279
Corp Andina de Fomento, 4.375% Sr. Unsec. Unsub. Nts., 6/15/22		1,470,000			1,601,956
Corp Financiera de Desarrollo SA, 4.75% Sr. Unsec. Nts., 2/8/223		1,435,000			1,589,263
EUROFIMA, 6.25% Bonds, 12/28/18		870,000	AUD		1,000,075

35 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Commercial Banks Continued
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/223	$	1,825,000		$	1,802,188
Halyk Savings Bank of Kazakhstan JSC:
7.25% Unsec. Unsub. Nts., 5/3/173		680,000			709,750
9.25% Sr. Nts., 10/16/135		4,265,000			4,522,197
ICICI Bank Ltd., 6.375% Bonds, 4/30/223,4		1,775,000			1,792,750
Lloyds TSB Bank plc:
6% Sr. Sec. Nts., 2/8/29		375,000	GBP		801,514
11.875% Unsec. Sub. Nts., 12/16/21		625,000	EUR		925,278
Royal Bank of Scotland plc (The):
2.375% Sr. Unsec. Sub. Nts., 11/2/15		75,000	CHF		75,468
13.125% Unsec. Sub. Nts., 3/19/22		175,000	AUD		206,349
Sberbank of Russia Via SB Capital SA: 5.40% Sr. Unsec. Nts., 3/24/17		4,310,000			4,636,870
6.125% Sr. Nts., 2/7/223		3,525,000			3,903,938
Societe Generale SCF SA, 1.931% Sec. Unsub. Nts., 6/19/174		100,000			101,268
Sparebank 1 Boligkreditt AS, 2.30% Sec. Bonds, 6/30/173		620,000			648,141
Stadshypotek AB:
1.875% Sec. Nts., 10/2/193,6		630,000			631,252
6% Sec. Unsub. Bonds, 6/21/17		4,385,000	SEK		781,974
State Bank of India (London), 4.125% Sr. Unsec. Unsub. Nts., 8/1/173		3,330,000			3,410,862
Sumitomo Mitsui Banking Corp., 1.80% Sr. Unsec. Nts., 7/18/17		385,000			391,535
Swedbank Hypotek AB, 2.375% Sec. Nts., 4/5/173		470,000			492,769
Toronto-Dominion Bank (The), 1.50% Sec. Bonds, 3/13/173		510,000			525,110
Turkiye Garanti Bankasi AS, 4.175% Sr. Unsec. Nts., 9/13/173		1,365,000			1,369,232
Turkiye Halk Bankasi AS, 4.875% Sr. Unsec. Nts., 7/19/173		1,630,000			1,672,869
VTB Capital SA:
6.315% Nts., 2/22/183		3,535,000			3,734,233
6.465% Sr. Sec. Unsub. Nts., 3/4/153		995,000			1,060,441
Yapi ve Kredi Bankasi AS, 6.75% Sr. Unsec. Nts., 2/8/173		1,460,000			1,574,975
					69,751,080
Consumer Finance—0.2%
Community Choice Financial, Inc., 10.75% Sr. Sec. Nts., 5/1/193		985,000			965,300
JSC Astana Finance, 9.16% Nts., 3/14/128		7,200,000			540,000
Speedy Cash, Inc., 10.75% Sr. Sec. Nts., 5/15/183		1,180,000			1,250,800
TMX Finance LLC/TitleMax Finance Corp., 13.25% Sr. Sec. Nts., 7/15/15		900,000			1,003,500
					3,759,600

36 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Diversified Financial Services—0.5%
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/263	$	2,472,556		$	2,524,727
Banco Invex SA, 30.969% Mtg.-Backed Certificates, Series 062U, 3/13/344,16		4,830,734	MXN		433,690
Caisse Centrale Desjardins du Quebec, 1.60% Sec. Bonds, 3/6/173		510,000			526,485
Export Credit Bank of Turkey, 5.875% Sr. Unsec. Nts., 4/24/193		1,705,000			1,880,615
GMAC LLC, 8% Sr. Unsec. Nts., 11/1/31		2,140,000			2,505,940
Instituto de Credito Oficial:
5% Sr. Unsec. Unsub. Nts., 11/14/16		635,000			627,455
5% Sr. Unsec. Unsub. Nts., 4/10/17		1,260,000			1,235,138
JPMorgan Hipotecaria su Casita: 8.175% Sec. Nts., 8/26/355,16		5,808,600	MXN		54,152
29.289% Mtg.-Backed Certificates, Series 06U, 9/25/354,16		1,574,780	MXN		234,882
PHH Corp., 9.25% Sr. Unsec. Unsub. Nts., 3/1/16		2,030,000			2,339,575
					12,362,659
Insurance—0.1%
International Lease Finance Corp., 8.75% Sr. Unsec. Unsub. Nts., 3/15/17		1,475,000			1,733,125
Swiss Reinsurance Co. via ELM BV, 4.568% Sr. Sec. Sub. Nts., 5/25/494		125,000	AUD		102,298
					1,835,423
Real Estate Investment Trusts (REITs)—0.2%
FelCor Escrow Holdings LLC, 6.75% Sr. Sec. Nts., 6/1/19		1,980,000			2,133,450
OMEGA Healthcare Investors, Inc., 6.75% Sr. Unsec. Nts., 10/15/22		2,470,000			2,741,700
					4,875,150
Real Estate Management & Development—0.3%
Ainsworth Lumber Co. Ltd., 11% Sr. Unsec. Unsub. Nts., 7/29/153,7		3,067,371			2,929,339
Realogy Corp.:
7.625% Sr. Sec. Nts., 1/15/203		1,975,000			2,187,313
9% Sr. Sec. Nts., 1/15/203		1,010,000			1,118,575
Wallace Theater Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/133,4		1,250,000			1,243,750
					7,478,977

37 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Health Care—0.9%
Biotechnology—0.1%
Grifols SA, 8.25% Sr. Sec. Nts., 2/1/18	$	800,000	$	888,000
Universal Hospital Services, Inc., 7.625% Sr. Sec. Nts., 8/15/203		465,000		485,925
				1,373,925
Health Care Equipment & Supplies—0.2%
Accellent, Inc., 10% Sr. Unsec. Sub. Nts., 11/1/17		1,145,000		973,250
Alere, Inc.:
7.875% Sr. Unsec. Unsub. Nts., 2/1/16		1,045,000		1,097,250
8.625% Sr. Unsec. Sub. Nts., 10/1/18		1,030,000		1,086,650
Biomet, Inc., 6.50% Sr. Unsec. Nts., 8/1/203		820,000		851,775
Hologic, Inc., 6.25% Sr. Unsec. Nts., 8/1/203		145,000		154,425
				4,163,350
Health Care Providers & Services—0.4%
Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/15		400		410
CHS/Community Health Systems, Inc., 7.125% Sr. Unsec. Unsub. Nts., 7/15/20		620,000		662,238
Fresenius Medical Care US Finance II, Inc.:
5.625% Sr. Unsec. Nts., 7/31/193		625,000		667,188
5.875% Sr. Unsec. Nts., 1/31/223		315,000		337,838
Gentiva Health Services, Inc., 11.50% Sr. Unsec. Unsub. Nts., 9/1/18		1,170,000		1,110,038
Kindred Healthcare, Inc., 8.25% Sr. Unsec. Nts., 6/1/19		2,145,000		2,096,738
Multiplan, Inc., 9.875% Sr. Nts., 9/1/183		1,150,000		1,276,500
Oncure Holdings, Inc., 11.75% Sr. Sec. Nts., 5/15/17		1,130,000		694,950
PSS World Medical, Inc., 6.375% Sr. Unsec. Unsub. Nts., 3/1/22		455,000		486,281
Radiation Therapy Services, Inc.:
8.875% Sr. Sec. Nts., 1/15/17		1,080,000		1,047,600
9.875% Sr. Unsec. Sub. Nts., 4/15/17		900,000		659,250
US Oncology, Inc., Escrow Shares (related to 9.125% Sr. Sec. Nts., 8/15/17)8		1,730,000		30,275
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18		1,595,000		1,710,638
				10,779,944

38 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Health Care Technology—0.0%
MedAssets, Inc., 8% Sr. Unsec. Nts., 11/15/18	$	305,000	$	333,975
Life Sciences Tools & Services—0.0%
Jaguar Holding Co./Jaguar Merger Sub, Inc., 9.50% Sr. Unsec. Nts., 12/1/193		770,000		868,175
Pharmaceuticals—0.2%
DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14		535,000		556,400
Mylan, Inc., 6% Sr. Nts., 11/15/183		810,000		862,650
Valeant Pharmaceuticals International, Inc., 6.875% Sr. Unsec. Nts., 12/1/183		765,000		808,988
Warner Chilcott Co. LLC/Warner Chilcott Finance LL C, 7.75% Sr. Unsec. Nts., 9/15/18		2,320,000		2,488,200
				4,716,238
Industrials—3.1%
Aerospace & Defense—0.6%
BE Aerospace, Inc., 6.875% Sr. Nts., 10/1/20		840,000		936,600
DynCorp International, Inc., 10.375% Sr. Unsec. Nts., 7/1/17		4,005,000		3,474,338
Embraer SA, 5.15% Sr. Unsec. Unsub. Nts., 6/15/22		1,655,000		1,780,449
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21		1,410,000		1,524,563
Kratos Defense & Security Solutions, Inc., 10% Sr. Sec. Nts., 6/1/17		1,040,000		1,128,400
Schaeffler Finance BV, 8.50% Sr. Sec. Nts., 2/15/193		1,100,000		1,237,500
TransDigm, Inc., 7.75% Sr. Unsec. Sub. Nts., 12/15/18		2,660,000		2,952,600
				13,034,450
Air Freight & Logistics—0.1%
Air Medical Group Holdings, Inc., 9.25% Sr. Sec. Nts., 11/1/18		770,000		843,150
SPL Logistics Escrow LLC/SPL Logistics Finance Corp., 8.875% Sr. Sec. Nts., 8/1/203		2,020,000		2,171,500
				3,014,650
Airlines—0.2%
American Airlines 2011-2 Class A Pass-Through Trust, 8.625% Sec. Certificates, 4/15/23		407,601		438,680
Delta Air Lines, Inc., 12.25% Sr. Sec. Nts., 3/15/153		3,630,000		3,956,700
				4,395,380

39 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Building Products—0.2%
Associated Materials LLC, 9.125% Sr. Sec. Nts., 11/1/173	$	1,105,000		$	1,088,425
Ply Gem Industries, Inc.:
9.375% Sr. Nts., 4/15/173		1,495,000			1,506,213
13.125% Sr. Unsec. Sub. Nts., 7/15/14		1,940,000			2,080,650
					4,675,288
Commercial Services & Supplies—0.3%
Cenveo Corp., 8.875% Sec. Nts., 2/1/18		770,000			733,425
First Data Corp., 6.75% Sr. Sec. Nts., 11/1/203		1,630,000			1,627,963
R.R. Donnelley & Sons Co., 7.25% Sr. Nts., 5/15/18		2,000,000			1,995,000
STHI Holding Corp., 8% Sec. Nts., 3/15/183		795,000			850,650
West Corp., 8.625% Sr. Unsec. Nts., 10/1/18		1,785,000			1,883,175
					7,090,213
Construction & Engineering—0.4%
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/245		3,608,768			4,474,872
Odebrecht Finance Ltd.:
5.125% Sr. Nts., 6/26/223		2,220,000			2,369,850
7% Sr. Unsec. Nts., 4/21/203		1,205,000			1,367,675
7.125% Sr. Nts., 6/26/423		1,660,000			1,853,390
					10,065,787
Electrical Equipment—0.1%
General Cable Corp., 5.75% Sr. Unsec. Unsub. Nts., 10/1/223		770,000			785,400
Thermon Industries, Inc., 9.50% Sr. Sec. Nts., 5/1/17		1,397,000			1,562,894
					2,348,294
Industrial Conglomerates—0.0%
GE Capital Australia Funding Pty Ltd., 7% Bonds, 10/8/15		590,000	AUD		662,290
Machinery—0.5%
Actuant Corp., 5.625% Sr. Unsec. Unsub. Nts., 6/15/22		1,220,000			1,271,850
Cleaver-Brooks, Inc., 12.25% Sr. Sec. Nts., 5/1/165		1,880,000			2,025,700
CNH Capital LLC, 6.25% Sr. Unsec. Nts., 11/1/163		520,000			567,450
Manitowoc Co., Inc. (The), 8.50% Sr. Unsec. Nts., 11/1/20		2,655,000			2,983,556

40 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Machinery Continued
Navistar International Corp., 3% Cv. Sr. Sub. Nts., 10/15/14	$	1,100,000	$	981,063
Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17		1,910,000		1,986,400
Thermadyne Holdings Corp., 9% Sr. Sec. Nts., 12/15/17		1,930,000		2,065,100
Xerium Technologies, Inc., 8.875% Sr. Unsec. Nts., 6/15/18		1,245,000		1,108,050
				12,989,169
Marine–0.2%
Drill Rigs Holdings, Inc., 6.50% Sr. Sec. Nts., 10/1/173		200,000		199,250
Marquette Transportation Co./Marquette Transportation Finance Corp., 10.875% Sec. Nts., 1/15/17		2,790,000		2,950,425
Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc., 8.875% Sr. Sec. Nts., 11/1/17		565,000		582,656
				3,732,331
Professional Services–0.0%
Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/155		995,000		875,600
Road & Rail—0.4%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25% Sr. Unsec. Unsub. Nts., 1/15/19		905,000		989,844
Hertz Corp. (The), 7.50% Sr. Unsec. Nts., 10/15/18		2,410,000		2,614,850
Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/203		810,000		974,924
Transnet SOC Ltd., 4% Sr. Unsec. Nts., 7/26/223		1,605,000		1,635,495
Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/153		3,730,000		2,517,750
				8,732,863
Trading Companies & Distributors–0.1%
UR Financing Escrow Corp.:
7.375% Sr. Unsec. Nts., 5/15/203		2,430,000		2,618,325
7.625% Sr. Unsec. Nts., 4/15/223		605,000		663,988
				3,282,313
Information Technology–0.9%
Communications Equipment–0.1%
Avaya, Inc., 7% Sr. Sec. Nts., 4/1/193		1,955,000		1,827,925
ViaSat, Inc., 6.875% Sr. Unsec. Unsub. Nts., 6/15/20		913,000		944,955
Zayo Group LLC/Zayo Capital, Inc.:
8.125% Sr. Sec. Nts., 1/1/20		465,000		510,338
10.125% Sr. Sec. Nts., 7/1/20		310,000		344,100
				3,627,318

41 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount		Value
Computers & Peripherals–0.1%
Seagate HDD (Cayman), 7% Sr. Unsec. Nts., 11/1/21	$	1,665,000	$	1,789,875
Electronic Equipment, Instruments & Components—0.0%
Anixter, Inc., 5.625% Sr. Unsec. Nts., 5/1/19		770,000		808,500
Internet Software & Services—0.2%
ITC DeltaCom, Inc., 10.50% Sr. Sec. Nts., 4/1/16		3,650,000		3,923,750
IT Services–0.1%
Ceridian Corp., 11.25% Sr. Unsec. Nts., 11/15/15		995,000		985,050
First Data Corp.:
9.875% Sr. Unsec. Nts., 9/24/15		955,000		978,875
12.625% Sr. Unsec. Nts., 1/15/21		1,670,000		1,738,888
				3,702,813
Semiconductors & Semiconductor Equipment–0.3%
Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 8/1/20		1,287,000		1,312,740
Amkor Technologies, Inc., 6.625% Sr. Unsec. Nts., 6/1/21		935,000		953,700
Freescale Semiconductor, Inc.:
9.25% Sr. Sec. Nts., 4/15/183		1,710,000		1,868,175
10.75% Sr. Unsec. Nts., 8/1/20		1,950,000		2,120,625
				6,255,240
Software–0.1%
Lawson Software, Inc., 9.375% Sr. Nts., 4/1/193		380,000		423,700
SunGard Data Systems, Inc.:
7.375% Sr. Unsec. Nts., 11/15/18		560,000		603,400
7.625% Sr. Unsec. Nts., 11/15/20		765,000		833,850
				1,860,950
Materials–2.0%
Chemicals–0.5%
ADS Waste Holdings, Inc., 8.25% Sr. Nts., 10/1/203,6		380,000		388,550
Braskem America Finance Co., 7.125% Sr. Unsec. Nts., 7/22/413		1,520,000		1,618,800
Braskem Finance Ltd.:
5.375% Sr. Unsec. Nts., 5/2/223		2,180,000		2,267,200
5.75% Sr. Unsec. Nts., 4/15/213		560,000		596,400
Ferro Corp., 7.875% Sr. Unsec. Nts., 8/15/18		880,000		853,600

42 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Chemicals Continued
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 8.875% Sr. Sec. Nts., 2/1/18	$	980,000		$	1,011,850
Ineos Finance plc, 8.375% Sr. Sec. Bonds, 2/15/193		1,480,000			1,563,250
LyondellBasell Industries NV, 6% Sr. Unsec. Nts., 11/15/21		1,185,000			1,356,825
Mexichem SAB de CV:
4.875% Sr. Unsec. Nts., 9/19/223		905,000			920,838
6.75% Sr. Unsec. Nts., 9/19/423		725,000			754,145
Scotts Miracle-Gro Co. (The), 6.625% Sr. Unsec. Unsub. Nts., 12/15/20		250,000			270,625
					11,602,083
Construction Materials—0.3%
Building Materials Corp. of America, 6.75% Sr. Nts., 5/1/213		1,540,000			1,690,150
CEMEX Espana Luxembourg, 9.875% Sr. Sec. Nts., 4/30/193		1,955,000			2,008,763
CEMEX SAB de CV, 9% Sr. Sec. Nts., 1/11/183		1,285,000			1,291,425
Ply Gem Industries, Inc., 8.25% Sr. Sec. Nts., 2/15/18		1,315,000			1,379,106
					6,369,444
Containers & Packaging—0.3%
Berry Plastics Corp., 9.75% Sec. Nts., 1/15/21		1,580,000			1,809,100
Consolidated Container Co. LLC/Consolidated Container Capital, Inc., 10.125% Sr. Unsec. Nts., 7/15/203		465,000			497,550
Polymer Group, Inc., 7.75% Sr. Sec. Nts., 2/1/19		2,075,000			2,220,250
Rock-Tenn Co., 4.45% Sr. Unsec. Nts., 3/1/193		455,000			480,877
Verso Paper Holdings LLC/Verso Paper, Inc., 11.75% Sr. Sec. Nts., 1/15/193		3,414,000			2,645,850
					7,653,627
Metals & Mining—0.6%
Aleris International, Inc., 7.625% Sr. Unsec. Nts., 2/15/18		1,895,000			2,022,913
Alrosa Co. Ltd., 8.25% Sr. Unsec. Nts., 6/23/154		19,220,000	RUR		620,129
Alrosa Finance SA, 7.75% Nts., 11/3/203		3,085,000			3,509,188
Consolidated Minerals Ltd., 8.875% Sr. Sec. Nts., 5/1/163		1,245,000			1,027,125
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/193		1,360,000			1,523,200

43 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Metals & Mining Continued
Ferrexpo Finance plc, 7.875% Sr. Unsec. Bonds, 4/7/163	$	1,435,000		$	1,363,250
JSC Severstal, 6.70% Nts., 10/25/173		2,450,000			2,631,031
Novelis, Inc., 8.75% Sr. Unsec. Nts., 12/15/20		465,000			517,313
Novolipetsk Steel OJSC, 4.95% Nts., 9/26/193		1,825,000			1,811,920
					15,026,069
Paper & Forest Products—0.3%
Appleton Papers, Inc., 10.50% Sr. Sec. Nts., 6/15/153		1,280,000			1,366,400
Catalyst Paper Corp.:
13% Sec. Nts., 12/15/164,5		657,777			638,044
11% Sr. Sec. Nts., 12/15/16		2,583,645			2,041,080
NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/148		3,325,000			2,111,375
Norske Skogindustrier ASA, 6.125% Unsec. Bonds, 10/15/153		1,500,000			1,222,500
					7,379,399
Telecommunication Services—2.3%
Diversified Telecommunication Services—1.0%
Brasil Telecom SA, 9.75% Sr. Unsec. Nts., 9/15/163		2,990,000	BRR		1,556,024
Cincinnati Bell, Inc.:
8.25% Sr. Nts., 10/15/17		1,365,000			1,463,963
8.75% Sr. Unsec. Sub. Nts., 3/15/18		1,050,000			1,071,000
Colombia Telecomunicaciones SA ESP, 5.375% Sr. Unsec. Nts., 9/27/223		1,295,000			1,317,663
Frontier Communications Corp.:
8.25% Sr. Unsec. Nts., 4/15/17		950,000			1,083,000
8.50% Sr. Unsec. Nts., 4/15/20		635,000			720,725
Intelsat Bermuda Ltd.:
11.25% Sr. Unsec. Nts., 2/4/17		2,055,000			2,180,869
11.50% Sr. Unsec. Nts., 2/4/177		1,424,414			1,515,220
Intelsat Jackson Holdings SA, 7.25% Sr. Unsec. Nts., 10/15/20		755,000			816,344
Level 3 Communications, Inc., 8.875% Sr. Unsec. Nts., 6/1/193		1,740,000			1,833,525
Level 3 Financing, Inc., 9.375% Sr. Unsec. Unsub. Nts., 4/1/19		595,000			663,425
Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/203		7,260,000			7,659,300
Wind Acquisition Finance SA, 7.25% Sr. Sec. Nts., 2/15/183		1,975,000			1,886,125
Windstream Corp., 7.50% Sr. Unsec. Unsub. Nts., 6/1/223		960,000			1,022,400
					24,789,583

44 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Wireless Telecommunication Services—1.3%
America Movil SAB de CV, 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36		14,700,000	MXN	$	1,215,505
Cricket Communications, Inc.:
7.75% Sr. Unsec. Nts., 10/15/20		1,510,000			1,479,800
10% Sr. Unsec. Unsub. Nts., 7/15/15		960,000			1,012,800
Digicel Group Ltd., 8.25% Sr. Unsec. Nts., 9/30/203		1,290,000			1,360,950
Leap Wireless International, Inc., 4.50% Cv. Sr. Unsec. Nts., 7/15/14		1,395,000			1,335,713
MetroPCS Wireless, Inc., 6.625% Sr. Unsec. Nts., 11/15/20		1,945,000			2,044,681
MTS International Funding Ltd., 8.625% Sr. Unsec. Nts., 6/22/203		2,400,000			2,930,880
SBA Telecommunications, Inc., 5.75% Sr. Unsec. Unsub. Nts., 7/15/203		620,000			653,325
Sistema International Funding SA, 6.95% Unsec. Nts., 5/17/193		1,700,000			1,797,750
Sprint Capital Corp.:
6.875% Sr. Unsec. Nts., 11/15/28		1,445,000			1,336,625
8.75% Nts., 3/15/32		480,000			499,200
Sprint Nextel Corp., 9% Sr. Unsec. Nts., 11/15/183		1,800,000			2,164,500
Vimpel Communications:
8.85% Sr. Unsec. Nts., 3/8/224		21,900,000	RUR		697,999
8.85% Sr. Unsec. Nts., 3/8/224		21,900,000	RUR		698,069
Vimpel Communications/VIP Finance Ireland Ltd. OJSC:
7.748% Sec. Nts., 2/2/213		1,615,000			1,730,069
9.125% Sr. Unsec. Nts., 4/30/183		5,755,000			6,616,524
VimpelCom, 7.504% Sr. Unsec. Unsub. Nts., 3/1/223		3,760,000			3,952,700
Wind Acquisition Finance SA, 11.75% Sr. Sec. Nts., 7/15/173		860,000			814,850
					32,341,940
Utilities—2.3%
Electric Utilities—1.6%
Dubai Electricity & Water Authority, 7.375% Sr. Unsec. Unsub. Nts., 10/21/203		2,585,000			3,034,790

45 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Electric Utilities Continued
Empresa Distribuidora y Comercializadora Norte SA, 9.75% Nts., 10/25/223	$	910,000		$	464,100
Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/193		1,400,000			1,774,500
Energy Future Intermediate Holding Co. LLC, 10% Sr. Sec. Nts., 12/1/20		1,807,000			2,041,910
Eskom Holdings Ltd.:
5.75% Sr. Unsec. Bonds, 1/26/213		1,530,000			1,751,850
7.85% Sr. Unsec. Unsub. Nts., Series ES26, 4/2/26		31,000,000	ZAR		3,697,708
10% Nts., Series ES23, 1/25/23		44,000,000	ZAR		6,325,474
Israel Electric Corp. Ltd.:
6.70% Sr. Unsec. Nts., 2/10/173		1,755,000			1,897,553
7.25% Nts., 1/15/193		7,665,000			8,347,538
Majapahit Holding BV:
7.75% Nts., 10/17/163		1,545,000			1,836,619
8% Sr. Unsec. Nts., 8/7/193		1,180,000			1,495,650
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16		109,600,000	PHP		2,694,476
Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 11/22/213		1,990,000			2,236,263
					37,598,431
Energy Traders—0.5%
AES Corp. (The):
7.375% Sr. Unsec. Unsub. Nts., 7/1/21		525,000			601,125
8% Sr. Unsec. Unsub. Nts., 10/15/17		855,000			991,800
Calpine Corp.:
7.50% Sr. Sec. Nts., 2/15/213		885,000			960,225
7.875% Sr. Sec. Nts., 1/15/233		555,000			616,050
Colbun SA, 6% Sr. Unsec. Nts., 1/21/203		3,170,000			3,576,327
Comision Federal de Electricidad, 4.875% Sr. Nts., 5/26/213		1,690,000			1,905,475
Energy Future Holdings Corp., 10% Sr. Sec. Nts., 1/15/20		1,840,000			2,037,800
First Wind Capital LLC, 10.25% Sr. Sec. Nts., 6/1/185		270,000			276,750
Foresight Energy LLC, 9.625% Sr. Unsec. Nts., 8/15/173		965,000			1,003,600
NRG Energy, Inc., 6.625% Sr. Unsec. Nts., 3/15/233		385,000			394,144
					12,363,296

46 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Gas Utilities—0.2%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75% Sr. Unsec. Nts., 5/20/20	$	1,910,000		$	2,043,700
Empresa de Energia de Bogota SA ESP, 6.125% Sr. Unsec. Unsub. Nts., 11/10/213		1,395,000			1,541,475
Transportadora de Gas Internacional SA ESP, 5.70% Sr. Unsec. Nts., 3/20/223		2,030,000			2,192,400
					5,777,575
Total Corporate Bonds and Notes (Cost $616,894,602)					634,267,218
	Shares
Preferred Stocks—0.2%
Ally Financial, Inc., 7% Cum., Series G, Non-Vtg.		2,040			1,908,484
Greektown Superholdings, Inc., Cv., Series A-12		29,815			2,101,958
Total Preferred Stocks (Cost $4,848,095)					4,010,442
Common Stocks—0.1%
American Media Operations, Inc. 2		161,731			2,102,503
Arco Capital Corp. Ltd. 2,5		690,638			1,035,957
Catalyst Paper Corp. 2		149,089			166,817
Global Aviation Holdings, Inc. 2		100			—
Greektown Superholdings, Inc., Series A-1 2		3,450			179,400
Premier Holdings Ltd. 2		18,514			—
Total Common Stocks (Cost $17,217,618)					3,484,677
	Units
Rights, Warrants and Certificates—0.0%
MediaNews Group, Inc. Wts., Strike Price $0.001, Exp. 3/19/17 2 (Cost $3,162,655)		11,668			420
	Principal Amount
Structured Securities—3.1%
Barclays Bank plc: Indonesia (Republic of) Total Return Linked Bonds, 7%, 5/19/27		8,560,000,000	IDR		947,682
Indonesia (Republic of) Total Return Linked Bonds, 8.25%, 6/17/32		22,430,000,000	IDR		2,734,421
Citigroup Global Markets Holdings, Inc.:
Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/185		3,255,000,000	COP		2,309,288
Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24		10,368,000,000	COP		7,475,519

47 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/245		3,660,000,000	COP	$	2,638,928
Colombia (Republic of) Total Return Linked Bonds, Series 2, 11%, 7/27/20		2,665,000,000	COP		1,919,768
Credit Suisse First Boston International, Moitk Total Return Linked Nts., 21%, 3/30/118		53,910,000	RUR		—
Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/24/108		97,250,000	RUR		—
Deutsche Bank AG:
Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/255,12		1,763,500			1,297,302
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/255,12		2,246,971			1,652,963
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/255,12		1,939,900			1,427,069
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/255,12		1,734,026			1,275,620
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/255,12		2,159,003			1,588,250
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/255,12		2,464,173			1,812,746
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/255,12		1,968,587			1,448,172
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/255,12		1,850,388			1,361,220
Coriolanus Ltd. Sec. Credit Linked Nts., 15.755%, 12/31/175,16		12,850,000	BRR		7,594,954
Opic Reforma I Credit Linked Nts., Cl. 2A, 8.308%, 5/22/154,5		697,693	MXN		51,526
Opic Reforma I Credit Linked Nts., Cl. 2B, 8.308%, 5/22/154,5		1,220,632	MXN		90,146
Opic Reforma I Credit Linked Nts., Cl. 2C, 8.308%, 5/22/154,5		18,404,162	MXN		1,359,178
Opic Reforma I Credit Linked Nts., Cl. 2D, 8.308%, 5/22/154,5		1,341,270	MXN		99,055
Opic Reforma I Credit Linked Nts., Cl. 2E, 8.308%, 5/22/154,5		974,458	MXN		71,965
Opic Reforma I Credit Linked Nts., Cl. 2F, 8.308%, 5/22/154,5		622,337	MXN		45,961
Opic Reforma I Credit Linked Nts., Cl. 2G, 8.308%, 5/22/154,5		114,609	MXN		8,464

48 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Principal Amount			Value
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., Cl. B, 10%, 7/30/243		16,210,000,000	COP	$	11,681,666
Goldman Sachs Group, Inc., United Mexican States Credit Linked Nts., 9.05%, 2/8/373,12		315,000,000	MXN		2,875,483
Hallertau SPC Credit Linked Nts.:
Series 2007-01, 2.787%, 12/20/174,5		6,250,000			5,846,875
Series 2008-01, 9.888%, 8/2/105,8,12		14,337,604	BRR		—
HSBC Bank USA NA, Indonesia (Republic of) Credit Linked Nts., 8.25%, 6/15/323		5,950,000,000	IDR		725,359
JPMorgan Chase & Co.:
Colombia (Republic of) Credit Linked Nts., 11%, 7/28/205		1,315,000,000	COP		947,430
Indonesia (Republic of) Credit Linked Nts., 7%, 5/19/273		20,850,000,000	IDR		2,308,315
Indonesia (Republic of) Credit Linked Nts., 8.25%, 6/17/323		1,500,000,000	IDR		182,864
LB Peru Trust II Certificates, Series 1998-A, 3.793%, 2/28/168,12		363,871			36,387
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/165		1,784,000,000	COP		1,112,760
Morgan Stanley:
Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/173		4,885,000	PEN		1,795,649
Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34		55,651,290	RUR		849,068
Morgan Stanley Capital Services, Inc.:
Brazil (Federative Republic of) Credit Linked Nts., 12.551%, 1/5/223,12		28,914,000	BRR		3,190,560
United Mexican States Credit Linked Nts., 5.64%, 11/20/153		2,000,000			1,827,200
UBS AG, Indonesia (Republic of) Total Return Linked Nts., 8.25%, 6/17/32		20,320,000,000	IDR		2,477,193
Total Structured Securities (Cost $89,172,553)					75,067,006

	Expiration Date		Strike Price		Contracts
Options Purchased—0.3%
3-Month FX Basket Put/USD Call2		10/31/12	$	96.000		2,400,000	44
90-Day Euro$ Futures, 12/17/12 Put2		12/18/12		99.500		424	7,950

49 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Expiration Date		Strike Price			Contracts		Value
Australian Dollar (AUD) Call2		10/18/12		1AUD per 1.065	USD		43,725,000	$	32,518
Australian Dollar (AUD) Call2		10/19/12		1AUD per 1.065	USD		45,000,000		36,210
Australian Dollar (AUD) Futures, 12/17/12 Call2		10/8/12		104.000			38		7,220
Australian Dollar (AUD) Futures, 12/17/12 Call2		10/8/12		104.500			67		6,700
Australian Dollar (AUD) Futures, 12/17/12 Put2		10/8/12		101.500			13		1,430
Australian Dollar (AUD) Futures, 12/17/12 Put2		10/8/12		102.500			3		990
Brazilian Real (BRR) Call2		10/18/12		1USD per 1.900	BRR		13,770,000		184
Brazilian Real (BRR) Call2		10/18/12		1USD per 1.820	BRR		13,175,000		—
British Pound Sterling (GBP) Futures, 12/17/12 Call2		10/8/12		164.000			51		1,275
British Pound Sterling (GBP) Put2		9/9/13		1 GBP per 1.560	USD		2,542,293		70,694
British Pound Sterling (GBP) Put2		9/11/13		1 GBP per 1.550	USD		2,541,017		64,485
British Pound Sterling (GBP) Put2		8/16/13		1 GBP per 1.550	USD		3,557,644		84,453
Canadian Dollar (CAD) Put2		10/8/12		1AUD per 0.980	CAD		2,480,000		11
Candian Dollar (CAD) Futures, 12/18/12 Put2		10/8/12		100.000			79		3,950
Candian Dollar (CAD) Futures, 12/18/12 Put2		10/8/12		100.500			112		13,440
Euro (EUR) Call2		12/21/12		1EUR per 1.300	USD		13,240,000		189,789
Euro (EUR) Call2		12/21/12		1EUR per 1.300	USD		14,900,000		213,584
Euro (EUR) FX Futures, 12/17/12 Call2		10/8/12		1.320			16		700

50 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Expiration Date		Strike Price			Contracts		Value
Euro (EUR) FX Futures, 12/17/12 Put2		10/8/12	$	1.210			344	$	2,150
Euro (EUR) FX Futures, 12/17/12 Put2		10/8/12		1.230			101		631
Euro (EUR) FX Futures, 12/17/12 Put2		10/8/12		1.240			28		175
Euro (EUR) FX Futures, 12/17/12 Put2		10/8/12		1.260			297		25,988
Euro (EUR) FX Futures, 12/17/12 Put2		10/8/12		1.210			203		1,269
Euro (EUR) FX Futures, 12/17/12 Put2		10/8/12		1.170			6		38
Euro (EUR) FX Futures, 12/17/12 Put2		10/8/12		1.190			209		1,306
Euro (EUR) FX Futures, 12/17/12 Put2		10/8/12		1.290			20		16,250
Euro (EUR) FX Futures, 12/17/12 Put2		10/8/12		1.270			25		3,750
Euro (EUR) FX Futures, 12/17/12 Put2		11/12/12		1.230			51		12,750
Euro (EUR) FX Futures, 12/17/12 Put2		11/12/12		1.260			37		24,513
Euro (EUR) FX Futures, 12/17/12 Put2		12/10/12		1.240			51		39,525
Euro (EUR) FX Futures, 12/17/12 Put2		12/10/12		1.270			11		18,700
Euro-Bundesobligation Futures, 12/6/12 Put2		10/29/12		138.500	EUR		252		55,052
Euro-Bundesobligation Futures, 12/6/12 Put2		10/29/12		140.000	EUR		166		89,594

51 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Expiration Date		Strike Price			Contracts		Value
Indian Rupee (INR) Call2		12/21/12		1USD per 53.200	INR		644,700,000	$	187,640
Japanese Yen (JPY) Call2		12/21/12		1USD per 77.250	JPY		196,820,000		23,506
Japanese Yen (JPY) Call2		12/28/12		1USD per 77.000	JPY		394,150,000		43,924
Japanese Yen (JPY) Futures, 12/17/12 Put2		10/8/12		122.500			5		31
Japanese Yen (JPY) Futures, 12/17/12 Put2		10/8/12		124.500			100		1,875
Japanese Yen (JPY) Futures, 12/17/12 Put2		10/8/12		125.000			72		2,250
Japanese Yen (JPY) Futures, 12/17/12 Put2		10/8/12		126.000			27		2,363
Japanese Yen (JPY) Futures, 12/17/12 Put2		10/8/12		126.500			3		413
Japanese Yen (JPY) Futures, 12/17/12 Put2		10/8/12		127.000			13		2,925
Japanese Yen (JPY) Futures, 12/17/12 Put2		10/8/12		127.500			75		27,188
Japanese Yen (JPY) Futures, 12/17/12 Put2		11/12/12		126.000			20		12,000
Japanese Yen (JPY) Put2		3/29/13		1USD per 85.000	JPY		204,000,000		6,801
Japanese Yen (JPY) Put2		5/31/13		1USD per 82.000	JPY		416,833,857		52,158
Japanese Yen (JPY) Put2		8/22/13		1USD per 80.000	JPY		203,737,049		53,106
Japanese Yen (JPY) Put2		9/11/13		1USD per 80.000	JPY		203,281,388		55,305
Mexican Nuevo Peso (MXN) Call2		11/8/12		1USD per 12.742	MXN		163,500,000		93,790
Mexican Nuevo Peso (MXN) Call2		11/9/12		1USD per 12.840	MXN		186,100,000		154,923
Mexican Nuevo Peso (MXN) Call2		11/13/12		1USD per 12.925	MXN		187,300,000		212,351

52 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Expiration Date		Strike Price			Contracts		Value
Mexican Nuevo Peso (MXN) Call2		11/27/12		1USD per 12.755	MXN		556,300,000	$	448,784
Mexican Nuevo Peso (MXN) Call2		12/14/12		1USD per 12.436	MXN		271,435,000		97,727
Mexican Nuevo Peso (MXN) Call2		12/20/12		1USD per 12.865	MXN		102,200,000		123,141
Mexican Nuevo Peso (MXN) Call2		12/20/12		1USD per 12.865	MXN		102,200,000		123,141
Mexican Nuevo Peso (MXN) Call2		12/20/12		1USD per 12.865	MXN		102,200,000		123,141
New Taiwain Dollar (TWD) Call2		12/14/12		1USD per 28.829	TWD		629,200,000		40,867
New Turkish Lira (TRY) Call2		10/19/12		1USD per 1.780	TRY		10,780,000		15,525
New Turkish Lira (TRY) Call2		10/19/12		1USD per 1.780	TRY		8,630,000		12,753
New Turkish Lira (TRY) Call2		10/19/12		1USD per 1.780	TRY		38,900,000		56,022
New Turkish Lira (TRY) Call2		10/19/12		1USD per 1.780	TRY		46,990,000		69,441
New Turkish Lira (TRY) Call2		10/19/12		1USD per 1.780	TRY		9,700,000		14,335
New Turkish Lira (TRY) Call2		11/28/12		1USD per 1.829	TRY		26,870,000		315,894
New Turkish Lira (TRY) Call2		12/6/12		1USD per 1.837	TRY		13,460,000		186,007
New Turkish Lira (TRY) Put2		11/28/12		1EUR per 2.300	TRY		7,345,000		65,582
New Turkish Lira (TRY) Put2		12/6/12		1EUR per 2.314	TRY		3,665,000		46,161
Polish Zloty (PLZ) Call2		11/16/12		1USD per 3.148	PLZ		37,190,000		132,869
Russian Ruble (RUR) Call2		11/27/12		1USD per 31.150	RUR		1,356,300,000		577,553
Russian Ruble (RUR) Call2		11/29/12		1USD per 31.250	RUR		308,600,000		145,505
Russian Ruble (RUR) Call2		12/21/12		1USD per 31.000	RUR		246,000,000		101,682
Russian Ruble (RUR) Call2		12/21/12		1USD per 31.000	RUR		246,000,000		101,682
Russian Ruble (RUR) Call2		12/21/12		1USD per 31.000	RUR		246,000,000		101,682
South African Rand (ZAR) Call2		11/21/12		1USD per 8.218	ZAR		90,475,000		182,232
South African Rand (ZAR) Call2		11/26/12		1USD per 8.202	ZAR		90,225,000		180,434

53 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Expiration Date		Strike Price			Contracts		Value
South African Rand (ZAR) Call2		11/27/12		1USD per 8.055	ZAR		175,365,000	$	222,700
South African Rand (ZAR) Call2		11/27/12		1USD per 8.055	ZAR		175,365,000		222,700
South African Rand (ZAR) Call2		12/20/12		1USD per 8.255	ZAR		65,600,000		176,866
South African Rand (ZAR) Call2		12/21/12		1USD per 8.255	ZAR		65,600,000		177,726
South African Rand (ZAR) Call2		12/21/12		1USD per 8.255	ZAR		65,600,000		177,726
South Korean Won (KRW) Call2		10/29/12		1USD per 1,103.000	KRW		9,405,000,000		23,983
South Korean Won (KRW) Call2		10/29/12		1USD per 1,103.000	KRW		8,590,000,000		21,905
South Korean Won (KRW) Call2		10/31/12		1USD per 1,094.500	KRW		23,890,000,000		31,774
South Korean Won (KRW) Call2		10/31/12		1USD per 1,094.500	KRW		23,890,000,000		31,774
South Korean Won (KRW) Call2		11/27/12		1USD per 1,111.250	KRW		48,386,000,000		360,960
U.S. Treasury Long Bonds Futures, 12/19/12 Call2		10/1/12		150.000			221		3,453
U.S. Treasury Long Bonds Futures, 12/19/12 Call2		10/1/12		151.000			99		1,547
U.S. Treasury Long Bonds Futures, 12/19/12 Put2		10/1/12		149.000			102		1,594
U.S. Treasury Long Bonds Futures, 12/19/12 Put2		10/8/12		147.000			102		20,719
U.S. Treasury Long Bonds Futures, 12/19/12 Put2		10/8/12		148.000			102		41,438
U.S. Treasury Long Bonds Futures, 12/19/12 Put2		10/15/12		147.000			102		36,656

54 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Expiration Date		Strike Price		Contracts		Value
U.S. Treasury Long Bonds, 20 yr. Futures, 12/19/12 Put2		10/29/12	$	138.000		186	$	5,813
U.S. Treasury Long Bonds, 20 yr. Futures, 12/19/12 Put2		10/29/12		142.000		186		20,344
U.S. Treasury Long Bonds, 20 yr. Futures, 12/19/12 Put2		10/29/12		144.000		103		25,750
U.S. Treasury Long Bonds, 20 yr. Futures, 12/19/12 Put2		10/29/12		146.000		104		53,625
U.S. Treasury Long Bonds, 20 yr. Futures, 12/19/12 Put2		11/26/12		145.000		102		97,219
U.S. Treasury Nts., 10 yr. Futures, 12/19/12 Call2		10/1/12		134.000		204		3,188
U.S. Treasury Nts., 10 yr. Futures, 12/19/12 Call2		10/29/12		134.000		123		46,125
U.S. Treasury Nts., 10 yr. Futures, 12/19/12 Call2		11/26/12		135.000		193		66,344
U.S. Treasury Nts., 10 yr. Futures, 12/19/12 Call2		11/26/12		136.000		299		46,719
U.S. Treasury Nts., 10 yr. Futures, 12/19/12 Put2		10/29/12		128.500		354		5,531
U.S. Treasury Nts., 10 yr. Futures, 12/19/12 Put2		10/29/12		129.000		27		422

55 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Expiration Date		Strike Price		Contracts		Value
U.S. Treasury Nts., 10 yr. Futures, 12/19/12 Put2		10/29/12	$	131.000		27	$	1,688
U.S. Treasury Nts., 10 yr. Futures, 12/19/12 Put2		10/29/12		131.500		518		56,656
U.S. Treasury Nts., 10 yr. Futures, 12/19/12 Put2		10/29/12		132.000		186		31,969
U.S. Treasury Nts., 10 yr. Futures, 12/19/12 Put2		10/29/12		132.500		206		54,719
U.S. Treasury Nts., 10 yr. Futures, 12/19/12 Put2		11/26/12		132.000		54		22,781
Total Options Purchased (Cost $10,095,245)								7,314,441

	Swaption Expiration Date		Notional Amount
Swaptions Purchased—0.3%
Bank of America NA; Index Credit Default Swaption (European); Swap Terms: Paid: 1%; Received: Protection on CDX.NA.IG.18; Termination Date: 6/20/172		12/20/12	$	54,660,000	75,347
Bank of America NA; Index Credit Default Swaption (European); Swap Terms: Paid: 1%; Received: Protection on CDX.NA.IG.18; Termination Date: 6/20/172		12/20/12		54,680,000	75,375

56 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Swaption Expiration Date		Notional Amount			Value
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 1.35%; Received: Three-Month USD BBA LIBOR; Termination Date: 11/5/172		11/2/12	$	1,240,000		$	10
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/3/232		9/3/13		20,395,000			553,194
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.90%; Received: Three-Month USD BBA LIBOR; Termination Date: 3/22/432		3/21/13		10,200,000			317,283
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.95%; Received: Three-Month USD BBA LIBOR; Termination Date: 3/11/432		3/8/13		10,155,000			259,605
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month CAD BA CDOR; Received: 2.44%; Termination Date: 11/21/222		11/23/12		2,530,000	CAD		67,628

57 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Swaption Expiration Date		Notional Amount			Value
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.75%; Termination Date: 1/30/232		1/29/13	$	32,705,000		$	451,186
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.10%; Termination Date: 7/30/432		7/29/13		16,350,000			320,317
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.30%; Termination Date: 12/4/422		12/3/12		9,810,000			71,476
Barclays Bank plc; Index Credit Default Swaption (European); Swap Terms: Paid: 1%; Received: Protection on iTraxx Europe Crosover Series 17 Version 1; Termination Date: 6/20/172		12/20/12		3,155,000	EUR		21,105
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 1.765%; Received: Three-Month USD BBA LIBOR; Termination Date: 7/12/182		7/11/13		51,200,000			329,803

58 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Swaption Expiration Date		Notional Amount		Value
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 1.85%; Received: Three-Month USD BBA LIBOR; Termination Date: 11/29/222		11/28/12	$	25,490,000	$	181,538
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 2.695%; Received: Three-Month USD BBA LIBOR; Termination Date: 5/15/232		4/12/13		25,100,000		90,364
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 2.905%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/30/452		9/29/15		4,655,206		541,970
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.05%; Received: Three-Month USD BBA LIBOR; Termination Date: 3/18/432		3/15/13		15,230,000		319,901
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.48%; Received: Three-Month USD BBA LIBOR; Termination Date: 4/27/472		4/26/17		5,040,000		507,298

59 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Swaption Expiration Date		Notional Amount			Value
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 1.75%; Termination Date: 8/28/192		8/27/14		5,060,000	EUR	$	135,107
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.53%; Termination Date: 1/30/232		1/29/13		65,400,000			359,623
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 2.95%; Received: Three-Month USD BBA LIBOR; Termination Date: 3/18/432		3/15/13		11,170,000			299,064
Goldman Sachs International; Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/172		10/18/12		21,825,000			8,934

60 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Swaption Expiration Date		Notional Amount		Value
Goldman Sachs International; Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/172		10/18/12	$	21,830,000	$	8,936
Goldman Sachs International; Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/172		12/20/12		21,890,000		328,158
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 2.495%; Received: Three-Month USD BBA LIBOR; Termination Date: 11/22/222		11/23/12		37,700,000		6,011
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 3.20%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/24/442		9/23/14		10,200,000		662,008

61 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Swaption Expiration Date		Notional Amount		Value
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.28%; Termination Date: 10/29/422		10/26/12	$	16,405,000	$	26,446
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.295%; Termination Date: 10/26/422		10/25/12		16,395,000		28,741
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.405%; Termination Date: 11/6/422		11/5/12		16,370,000		113,424
JPMorgan Chase Bank NA; Index Credit Default Swaption (European); Swap Terms: Paid: 1%; Received: Protection on CDX.NA.IG.18; Termination Date: 6/20/172		12/20/12		54,680,000		79,384

62 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Swaption Expiration Date		Notional Amount		Value
JPMorgan Chase Bank NA; Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/172		10/18/12	$	21,805,000	$	6,071
JPMorgan Chase Bank NA; Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/172		12/20/12		21,790,000		114,166
JPMorgan Chase Bank NA; Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/172		12/20/12		21,830,000		354,650
JPMorgan Chase Bank NA; Interest Rate Swaption (European); Swap Terms: Paid: 1.65%; Received: Three-Month USD BBA LIBOR; Termination Date: 2/25/182		2/22/13		24,810,000		16,548

63 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Swaption Expiration Date		Notional Amount			Value
UBS AG; Index Credit Default Swaption (European); Swap Terms: Paid: 1%; Received: Protection on CDX.NA.IG.18; Termination Date: 6/20/172		12/20/12	$	54,660,000		$	64,884
UBS AG; Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/172		10/18/12		43,600,000			3,549
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 2.11%; Received: Six-Month EUR EURIBOR; Termination Date: 1/3/232		1/2/13		3,205,000	EUR		18,004
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 2.215%; Received: Three-Month USD BBA LIBOR; Termination Date: 12/4/222		12/3/12		96,515,000			129,965
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 2.60%; Received: Three-Month USD BBA LIBOR; Termination Date: 3/28/432		3/27/13		10,040,000			593,412

64 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Swaption Expiration Date		Notional Amount			Value
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 2.98%; Received: Six-Month EUR EURIBOR; Termination Date: 3/4/232		3/1/13		24,830,000	EUR	$	21,062
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 3%; Received: Three-Month USD BBA LIBOR; Termination Date: 3/4/432		3/1/13		15,230,000			326,417
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 3.025%; Received: Six-Month EUR EURIBOR; Termination Date: 2/27/232		2/26/13		24,845,000	EUR		16,753
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month AUD BBR BBSW; Received: 3.01%; Termination Date: 4/2/162		3/29/13		3,785,000	AUD		39,262
Total Swaptions Purchased (Cost $24,720,025)							7,943,979
			Shares
Investment Companies–16.9%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.18% 1,18				27,105,480			27,105,480
Oppenheimer Master Event-Linked Bond Fund, LLC 1				4,827,322			58,688,060
Oppenheimer Master Loan Fund, LLC 1				24,480,422			315,340,465
Oppenheimer Short Duration Fund, Cl. Y 1				1,007,050			10,090,636
Total Investment Companies (Cost $407,606,598)							411,224,641

65 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Shares			Value
Total Investments, at Value (Cost $2,873,296,490)		118.8	%	$	2,889,879,142
Liabilities in Excess of Other Assets		(18.8	)		(458,008,500	)
Net Assets		100.0	%	$	2,431,870,642

Footnotes to Statement of Investments

* September 28, 2012 represents the last business day of the Fund’s quarterly period. See accompanying Notes.

Principal amount, notional 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
CHF	Swiss Franc
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesia Rupiah
JPY	Japanese Yen
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NGN	Nigeria Naira
NOK	Norwegian Krone
PEN	Peruvian New Sol
PHP	Philippines Peso
PLZ	Polish Zloty
RUR	Russian Ruble
SEK	Swedish Krona
TRY	New Turkish Lira
ZAR	South African Rand

1. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 28, 2012, 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 December 30, 2011a		Gross Additions		Gross Reductions		Shares September 28, 2012
Oppenheimer Global Strategic Income Fund/VA (Cayman) Ltd.b		15,000		—		—		15,000
Oppenheimer Institutional Money Market Fund, Cl. E		27,393,119		625,216,830		625,504,469		27,105,480
Oppenheimer Master Event-Linked Bond Fund, LLC		4,827,322		—		—		4,827,322
Oppenheimer Master Loan Fund, LLC		29,466,809		42,124		5,028,511		24,480,422
Oppenheimer Short Duration Fund, Cl. Y		1,001,329		5,721		—		1,007,050

66 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

	Value		Income			Realized Loss
Oppenheimer Global Strategic Income Fund/VA (Cayman) Ltd.b	$	1,445,849	$	—		$	—
Oppenheimer Institutional Money Market Fund, Cl. E		27,105,480		53,754			—
Oppenheimer Master Event-Linked Bond Fund, LLC		58,688,060		3,692,210	c		2,049,638	c
Oppenheimer Master Loan Fund, LLC		315,340,465		17,394,764	d		2,116,301	d
Oppenheimer Short Duration Fund, Cl. Y		10,090,636		51,101			—
	$	412,670,490	$	21,191,829		$	4,165,939

a. December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See accompanying Notes.

b. Investment in a wholly-owned subsidiary. See accompanying Notes.

c. Represents the amount allocated to the Fund from Oppenheimer Master Event-Linked Bond Fund, LLC.

d. Represents the amount allocated to the Fund from Oppenheimer Master Loan Fund, LLC.

2. Non-income producing security.

3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $446,928,277 or 18.38% of the Fund’s net assets as of September 28, 2012.

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

5. Restricted security. The aggregate value of restricted securities as of September 28, 2012 was $68,970,749, which represents 2.84% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation (Depreciation)
Akbank TAS, 5.125% Sr. Unsec. Nts., 7/22/15		7/15/10- 8/7/12	$	1,643,910	$	1,656,806	$	12,896
Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15		2/17/10		940,828		875,600		(65,228	)
Arco Capital Corp. Ltd.		2/27/07		10,359,570		1,035,957		(9,323,613	)
Banco BMG SA, 9.15% Nts., 1/15/16		12/15/05- 4/3/12		1,307,405		1,287,700		(19,705	)
BCAP LLC Trust, Mtg. Pass-Through Certificates, Series 2012-RR6, Cl. 1A5, 2.243%, 11/1/36		6/14/12		513,606		517,251		3,645
Catalyst Paper Corp., 13% Sec. Nts., 12/15/16		9/6/12		591,854		638,044		46,190
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18		12/9/08		1,380,162		2,309,288		929,126
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24		3/28/12		2,574,704		2,638,928		64,224
Citigroup Mortgage Loan Trust, Inc. 2012-8, Mtg. Pass-Through Certificates, Series 2012-8, Cl. 1A1, 2.647%, 10/1/35		8/1/12		1,115,800		1,117,200		1,400
Cleaver-Brooks, Inc., 12.25% Sr. Sec. Nts., 5/1/16		4/21/10- 5/3/11		1,889,520		2,025,700		136,180
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/25		10/8/10		1,225,859		1,297,302		71,443
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/25		4/16/09		1,251,283		1,361,220		109,937
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/25		8/18/09		1,338,958		1,448,172		109,214
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/25		9/25/09		1,679,434		1,812,746		133,312
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/25		12/17/09		1,477,476		1,588,250		110,774

67 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation (Depreciation)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/25		3/30/10	$	1,191,781	$	1,275,620	$	83,839
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/25		5/18/10		1,337,458		1,427,069		89,611
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/25		7/16/10		1,554,176		1,652,963		98,787
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Nts., 15.755%, 12/31/17		9/19/07		5,795,149		7,594,954		1,799,805
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 8.308%, 5/22/15		5/21/08		67,269		51,526		(15,743	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 8.308%, 5/22/15		6/12/08		117,680		90,146		(27,534	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 8.308%, 5/22/15		6/18/08		1,785,486		1,359,178		(426,308	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 8.308%, 5/22/15		7/8/08		130,028		99,055		(30,973	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 8.308%, 5/22/15		7/15/08		94,626		71,965		(22,661	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 8.308%, 5/22/15		8/8/08		61,263		45,961		(15,302	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 8.308%, 5/22/15		8/22/08		11,304		8,464		(2,840	)
Equinox Holdings, Inc., 9.50% Sr. Sec. Nts., 2/1/16		9/15/11		1,783,231		1,900,150		116,919
FDIC Trust, Commerical Mtg. Pass-Through Certificates, Series 2012-C1, Cl. A, 0.841%, 5/1/35		5/10/12		1,411,420		1,415,979		4,559
First Wind Capital LLC, 10.25% Sr. Sec. Nts., 6/1/18		6/7/11		277,842		276,750		(1,092	)
Hallertau SPC Credit Linked Nts., Series 2007-01, 2.787%, 12/20/17		12/13/07		6,250,000		5,846,875		(403,125	)
Hallertau SPC Credit Linked Nts., Series 2008-01, 9.888%, 8/2/10		4/18/08- 10/1/08		7,188,001		—		(7,188,001	)
Halyk Savings Bank of Kazakhstan JSC, 9.25% Sr. Nts., 10/16/13		4/9/08- 4/3/12		4,343,380		4,522,197		178,817
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. B, 2.419%, 8/15/22		11/6/07		7,040,032		5,430,300		(1,609,732	)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. C, 3.719%, 8/15/22		6/8/07		5,270,000		3,478,200		(1,791,800	)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. D, 5.719%, 8/15/22		6/8/07		5,270,000		3,372,800		(1,897,200	)
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24		8/3/06- 7/24/07		3,846,573		4,474,872		628,299
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20		8/24/10		890,334		947,430		57,096
JPMorgan Hipotecaria su Casita, 8.175% Sec. Nts., 8/26/35		3/21/07		526,714		54,152		(472,562	)
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16		10/20/06		762,393		1,112,760		350,367
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29		8/10/10		66,025		5,440		(60,585	)
Premier Cruise Ltd., 11% Sr. Nts., 3/15/08		3/6/98		242,675		—		(242,675	)
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17		2/4/11- 4/14/11		149,580		149,992		412
Tengizchevroil LLP, 6.124% Nts., 11/15/14		4/29/05- 3/16/10		675,538		695,787		20,249
			$	87,430,327	$	68,970,749	$	(18,459,578	)

6. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after September 28, 2012. See accompanying Notes.

7. Interest or dividend is paid-in-kind, when applicable.

8. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See accompanying Notes.

68 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

9. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans or other receivables. 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 or asset-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 $10,187,304 or 0.42% of the Fund’s net assets as of September 28, 2012.

10. The current amortization rate of the security’s cost basis exceeds the future interest payments currently estimated to be received. Both the amortization rate and interest payments are contingent on future mortgage pre-payment speeds and are therefore subject to change.

11. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the original contractual interest rate.

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

13. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $14,065,204. See accompanying Notes.

14. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements with respect to outstanding written options. The aggregate market value of such securities is $2,860,211. See accompanying Notes.

15. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $4,890,420. See accompanying Notes.

16. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

17. 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.

18. Rate shown is the 7-day yield as of September 28, 2012.

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings	Value		Percent
United States	$	1,792,035,759		62.0	%
Turkey		133,326,327		4.6
Russia		126,616,971		4.4
Brazil		118,349,656		4.1
Mexico		104,927,230		3.6
South Africa		75,959,692		2.6
Hungary		56,485,577		2.0
Japan		52,415,314		1.8
Colombia		47,632,593		1.6
Peru		46,643,453		1.6
Indonesia		28,712,168		1.0
Venezuela		27,499,444		1.0
Canada		17,206,254		0.6
United Kingdom		15,986,774		0.6
Italy		15,756,801		0.5
Malaysia		15,642,373		0.5
Supranational		14,883,375		0.5
Kazakhstan		14,274,780		0.5
Israel		13,347,843		0.5

69 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Geographic Holdings	Value		Percent
France	$	13,130,722		0.5
Australia		12,083,040		0.4
Philippines		11,352,951		0.4
Poland		11,158,042		0.4
Germany		10,099,354		0.4
Ukraine		9,620,756		0.3
The Netherlands		8,732,428		0.3
Spain		7,657,020		0.3
Chile		7,102,791		0.2
United Arab Emirates		6,602,770		0.2
India		5,908,565		0.2
Nigeria		5,855,215		0.2
Uruguay		5,833,134		0.2
Panama		4,871,436		0.2
Romania		4,616,588		0.2
Qatar		4,527,263		0.2
Sri Lanka		3,832,988		0.1
Luxembourg		3,696,089		0.1
Belgium		3,664,368		0.1
Trinidad & Tobago		3,030,300		0.1
Lithuanua		2,568,344		0.1
Dominican Republic		2,524,727		0.1
Latvia		2,453,063		0.1
Croatia		2,311,050		0.1
Slovakia		2,256,909		0.1
Angola		2,138,850		0.1
Sweden		1,905,995		0.1
Norway		1,870,641		0.1
Switzerland		1,698,703		0.1
Ghana		1,539,900		0.1
Jamaica		1,360,950		—
Ireland		1,190,121		—
Denmark		1,165,247		—
Ivory Coast		1,119,075		—
European Union		882,842		—
Finland		668,625		—
Korea, Republic of South		470,396		—
Argentina		464,100		—
Portugal		170,533		—
Taiwan		40,867		—
Total	$	2,889,879,142		100.0	%

Foreign Currency Exchange Contracts as of September 28, 2012 are as follows:

Counterparty/Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Date		Value		Unrealized Appreciation		Unrealized Depreciation
Bank of America:
Australian Dollar (AUD)		Buy		995	AUD		10/24/12	$	1,029,707	$	—	$	3,302
Chilean Peso (CLP)		Buy		1,053,000	CLP		10/9/12-12/20/12		2,212,089		97,519		247
Colombian Peso (COP)		Sell		13,210,000	COP		10/16/12		7,321,405		—		12,968
Japanese Yen (JPY)		Sell		450,000	JPY		10/24/12-12/20/12		5,767,914		19,027		1,686
Malaysian Ringgit (MYR)		Buy		108,400	MYR		11/30/12-4/2/13		35,095,900		128,274		27,118

70 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Counterparty/Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Date		Value		Unrealized Appreciation		Unrealized Depreciation
Malaysian Ringgit (MYR)		Sell		54,490	MYR		10/5/12	$	17,811,627	$	—	$	45,080
Peruvian New Sol (PEN)		Sell		25,940	PEN		10/5/12-10/15/12		9,978,795		—		210,084
Philippines Peso (PHP)		Sell		113,000	PHP		1/14/13		2,701,597		—		18,786
South African Rand (ZAR)		Sell		155,580	ZAR		10/5/12		18,679,529		248,038		—
											492,858		319,271
Bank Paribas Asia:
Australian Dollar (AUD)		Sell		1,185	AUD		12/20/12		1,220,550		9,263		485
Malaysian Ringgit (MYR)		Buy		4,180	MYR		11/30/12		1,357,959		24,838		—
Mexican Nuevo Peso (MXN)		Sell		3,400	MXN		12/20/12		262,001		—		100
New Zealand Dollar (NZD)		Buy		1,170	NZD		12/20/12		964,385		—		2,580
Polish Zloty (PLZ)		Buy		1,250	PLZ		12/20/12		386,512		—		13,744
Polish Zloty (PLZ)		Sell		3,050	PLZ		11/30/12-12/20/12		944,437		—		18,025
											34,101		34,934
Barclays Capital:
Chilean Peso (CLP)		Sell		465,000	CLP		10/9/12		978,747		—		18,400
Euro (EUR)		Sell		850	EUR		1/23/13		1,093,700		—		47,341
Hungarian Forint (HUF)		Buy		210,000	HUF		10/24/12		942,932		44,798		—
Hungarian Forint (HUF)		Sell		330,000	HUF		12/12/12-2/20/13		1,465,770		—		15,622
Israeli Shekel (ILS)		Buy		2,030	ILS		4/2/13		514,688		—		14,923
Israeli Shekel (ILS)		Sell		2,030	ILS		4/2/13		514,688		21,229		—
Japanese Yen (JPY)		Sell		1,906,000	JPY		10/15/12-12/20/12		24,426,829		34,375		—
Mexican Nuevo Peso (MXN)		Buy		1,600	MXN		12/20/12		123,295		—		161
Mexican Nuevo Peso (MXN)		Sell		36,900	MXN		10/18/12-12/20/12		2,859,447		—		106,063
New Turkish Lira (TRY)		Sell		2,970	TRY		11/7/12		1,643,667		—		46,113
Norwegian Krone (NOK)		Buy		3,250	NOK		12/20/12		565,563		—		461
Polish Zloty (PLZ)		Buy		260	PLZ		10/16/12		80,992		—		1,933
Russian Ruble (RUR)		Buy		67,880	RUR		11/30/12		2,151,494		—		38,678
Russian Ruble (RUR)		Sell		144,100	RUR		10/15/12		4,605,531		2,558		—
South African Rand (ZAR)		Buy		8,710	ZAR		12/20/12		1,034,405		—		12,543
South African Rand (ZAR)		Sell		124,210	ZAR		10/22/12		14,877,159		141,643		—
											244,603		302,238
Citigroup:
Australian Dollar (AUD)		Sell		9,740	AUD		11/30/12		10,049,095		102,104		—
Brazilian Real (BRR)		Buy		3,330	BRR		11/5/12		1,634,414		139		—
Chilean Peso (CLP)		Sell		352,000	CLP		10/16/12		739,993		—		36,064
Colombian Peso (COP)		Sell		3,317,000	COP		11/30/12-12/20/12		1,827,547		148		23,573
Euro (EUR)		Buy		20,335	EUR		10/24/12		26,137,936		—		203,393
Euro (EUR)		Sell		12,910	EUR		10/16/12-11/30/12		16,600,307		6,348		200,398
Hong Kong Dollar (HKD)		Buy		2,970	HKD		10/18/12		383,027		71		—
Hungarian Forint (HUF)		Buy		394,000	HUF		11/6/12		1,766,020		18,521		—
Hungarian Forint (HUF)		Sell		73,000	HUF		12/5/12		326,127		1,024		—
Indonesia Rupiah (IDR)		Buy		92,762,000	IDR		12/20/12-1/16/13		9,553,096		700		1,919
Indonesia Rupiah (IDR)		Sell		90,433,000	IDR		10/5/12		9,441,386		—		26,186
Malaysian Ringgit (MYR)		Buy		12,530	MYR		11/30/12-12/20/12		4,068,853		37,947		29
Malaysian Ringgit (MYR)		Sell		5,610	MYR		10/5/12		1,833,790		—		6,429
Mexican Nuevo Peso (MXN)		Buy		320,500	MXN		10/18/12-12/20/12		24,712,723		75,626		13,529
Mexican Nuevo Peso (MXN)		Sell		800,193	MXN		10/2/12-12/13/12		61,986,365		6,042		1,847,460
New Zealand Dollar (NZD)		Sell		5	NZD		12/20/12		4,121		—		—
Norwegian Krone (NOK)		Buy		1,760	NOK		12/20/12		306,274		—		506
Norwegian Krone (NOK)		Sell		15,090	NOK		10/16/12		2,632,419		—		2,858
Peruvian New Sol (PEN)		Buy		12,770	PEN		10/5/12		4,914,377		4,188		9,596
Peruvian New Sol (PEN)		Sell		11,760	PEN		1/16/13		4,500,585		5,163		—

71 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Counterparty/Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Date		Value		Unrealized Appreciation		Unrealized Depreciation
Singapore Dollar (SGD)		Sell		6,920	SGD		10/16/12	$	5,638,730	$	—	$	116,214
South Korean Won (KRW)		Buy		10,463,000	KRW		11/19/12		9,368,947		144,756		—
Swiss Franc (CHF)		Buy		460	CHF		11/30/12		489,668		10,923		—
											413,700		2,488,154
Credit Suisse:
Australian Dollar (AUD)		Sell		258	AUD		10/2/12-12/20/12		266,078		1,605		—
British Pound Sterling (GBP)		Buy		2,690	GBP		10/24/12		4,343,488		—		11,622
Chilean Peso (CLP)		Sell		394,000	CLP		12/20/12		820,528		3,337		—
Colombian Peso (COP)		Buy		109,000	COP		12/20/12		59,914		—		433
Euro (EUR)		Buy		3,675	EUR		11/29/12		4,725,533		102,659		—
New Turkish Lira (TRY)		Sell		12,610	TRY		11/29/12-7/17/13		6,896,539		—		209,190
Polish Zloty (PLZ)		Buy		8,300	PLZ		10/16/12		2,585,523		—		56,191
South African Rand (ZAR)		Sell		195,440	ZAR		12/12/12		23,238,226		417,350		—
Swedish Krona (SEK)		Buy		5,260	SEK		12/20/12		798,795		—		5,529
Swiss Franc (CHF)		Buy		1,020	CHF		10/24/12		1,085,046		—		7,031
											524,951		289,996
Deutsche Bank Securities, Inc.:
Australian Dollar (AUD)		Buy		2,480	AUD		10/16/12		2,568,506		—		23,888
Canadian Dollar (CAD)		Buy		4,205	CAD		10/24/12		4,275,060		—		22,773
Czech Koruna (CZK)		Sell		10,900	CZK		12/20/12		557,365		8,487		—
Hungarian Forint (HUF)		Sell		4,824,000	HUF		10/16/12-5/29/13		21,611,016		9,503		859,816
Indian Rupee (INR)		Buy		33,000	INR		11/19/12		619,895		13,482		—
Indian Rupee (INR)		Sell		13,000	INR		12/20/12		243,439		—		3,188
Japanese Yen (JPY)		Buy		494,000	JPY		10/24/12		6,331,376		22,308		—
Japanese Yen (JPY)		Sell		1,859,000	JPY		10/15/12		23,824,148		—		336,653
Malaysian Ringgit (MYR)		Buy		71,935	MYR		10/5/12		23,514,028		609,499		—
New Turkish Lira (TRY)		Sell		18,325	TRY		10/30/12		10,153,030		—		276,985
Polish Zloty (PLZ)		Buy		19,240	PLZ		11/6/12		5,977,796		—		64,633
Polish Zloty (PLZ)		Sell		20,400	PLZ		10/16/12-12/20/12		6,341,231		23,511		166,091
											686,790		1,754,027
Goldman Sachs & Co.:
Australian Dollar (AUD)		Sell		3,505AUD			10/16/12		3,630,086		—		110,736
British Pound Sterling (GBP)		Sell		2,455GBP			10/16/12		3,964,140		—		173,804
Colombian Peso (COP)		Buy		21,048,880COP			10/3/12		11,689,790		8,947		—
Colombian Peso (COP)		Sell		14,790,000COP			10/16/12		8,197,091		—		19,043
Danish Krone (DKK)		Sell		501DKK			10/2/12		86,393		181		—
Euro (EUR)		Buy		5,505EUR			11/29/12-12/7/12		7,078,898		150,894		—
Japanese Yen (JPY)		Buy		978,000JPY			11/30/12		12,538,497		203,998		562
Mexican Nuevo Peso (MXN)		Buy		93,709MXN			10/3/12-12/4/12		7,255,107		115,387		—
Mexican Nuevo Peso (MXN)		Sell		532,500MXN			10/16/12-12/20/12		41,072,498		—		885,568
New Turkish Lira (TRY)		Sell		32,850TRY			11/29/12-12/7/12		18,116,679		—		177,918
South African Rand (ZAR)		Sell		44,070ZAR			10/5/12		5,291,212		66,687		—
Swedish Krona (SEK)		Buy		1,968SEK			10/2/12		299,536		—		452
											546,094		1,368,083
HSBC:
Israeli Shekel (ILS)		Sell		3,150ILS			12/20/12		801,216		2,274		—
New Turkish Lira (TRY)		Buy		3,240TRY			7/17/13		1,728,765		65,094		—
New Turkish Lira (TRY)		Sell		91,370TRY			11/7/12		50,566,294		—		1,548,053
											67,368		1,548,053
JPMorgan Chase:
British Pound Sterling (GBP)		Buy		620GBP			12/20/12		1,000,940		—		4,381
Euro (EUR)		Sell		10,430EUR			11/6/12-11/30/12		13,410,499		—		378,993
Hungarian Forint (HUF)		Buy		13,000HUF			12/20/12		57,990		—		951

72 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Counterparty/Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Date		Value		Unrealized Appreciation		Unrealized Depreciation
Hungarian Forint (HUF)		Sell		3,779,000	HUF		10/24/12-2/12/13	$	16,776,034	$	7,381	$	1,217,002
Indonesia Rupiah (IDR)		Buy		90,444,864	IDR		10/5/2012-10/15/2012		10,681,093		2,779		128,244
Japanese Yen (JPY)		Sell		213,000	JPY		10/24/12		2,729,925		—		9,011
Malaysian Ringgit (MYR)		Buy		930	MYR		12/20/12		301,835		576		532
Malaysian Ringgit (MYR)		Sell		11,835	MYR		10/5/12		3,868,611		—		91,081
Mexican Nuevo Peso (MXN)		Buy		80,600	MXN		10/16/12-12/4/12		6,234,923		163,383		25,001
New Taiwan Dollar (TWD)		Buy		14,000	TWD		12/20/12		477,914		—		1,867
New Taiwan Dollar (TWD)		Sell		7,000	TWD		12/20/12		238,957		—		943
New Turkish Lira (TRY)		Sell		6,720	TRY		11/29/12		3,707,361		—		34,166
Norwegian Krone (NOK)		Buy		15,090	NOK		10/16/12		2,632,419		—		13,998
Philippines Peso (PHP)		Buy		13,000	PHP		12/20/12		310,856		684		137
Polish Zloty (PLZ)		Buy		12,000	PLZ		11/6/12		3,728,355		3,382		—
Polish Zloty (PLZ)		Sell		12,450	PLZ		10/16/12		3,878,284		20,071		—
Russian Ruble (RUR)		Buy		81,900	RUR		11/30/12-12/20/12		2,593,363		36,355		5,336
Russian Ruble (RUR)		Sell		463,500	RUR		10/15/12-12/20/12		14,764,852		7,781		552,295
											242,392		2,463,938
Morgan Stanley & Co., Inc.:
Brazilian Real (BRR)		Buy		490	BRR		11/5/12		240,499		680		—
Brazilian Real (BRR)		Sell		88,965	BRR		11/5/12		43,665,367		—		115,914
Canadian Dollar (CAD)		Buy		1,610	CAD		12/20/12		1,634,594		—		12,869
Canadian Dollar (CAD)		Sell		1,155	CAD		10/16/12		1,174,447		—		1,433
Euro (EUR)		Sell		15,080	EUR		10/16/12		19,381,738		—		983,807
Singapore Dollar (SGD)		Sell		8,460	SGD		10/16/12-12/20/12		6,893,587		—		230,916
South Korean Won (KRW)		Buy		10,796,000	KRW		10/15/12		9,694,722		277,005		—
											277,685		1,344,939
Nomura Securities:
British Pound Sterling (GBP)		Buy		85	GBP		11/30/12		137,232		3,102		—
British Pound Sterling (GBP)		Sell		810	GBP		12/20/12		1,307,679		7,356		—
Canadian Dollar (CAD)		Sell		730	CAD		10/16/12		742,291		—		30,830
Euro (EUR)		Buy		9,401	EUR		10/3/12-12/20/12		12,088,474		231,227		18,079
Euro (EUR)		Sell		14,113	EUR		10/3/12-12/20/12		18,140,412		4,248		980,190
Indonesia Rupiah (IDR)		Sell		71,925,000	IDR		10/15/12		7,496,095		51,124		—
Japanese Yen (JPY)		Sell		1,433,000	JPY		10/15/12		18,364,715		—		187,024
Malaysian Ringgit (MYR)		Sell		61,160	MYR		10/15/12-10/16/12		19,955,439		—		654,350
Singapore Dollar (SGD)		Buy		8,160	SGD		10/16/12		6,649,138		—		686
Singapore Dollar (SGD)		Sell		4,170	SGD		10/16/12		3,397,905		—		71,538
South Korean Won (KRW)		Sell		9,800,000	KRW		10/15/12-12/20/12		8,799,274		—		244,303
											297,057		2,187,000
RBS Greenwich Capital:
Hungarian Forint (HUF)		Sell		1,860,000	HUF		12/27/12		8,291,181		—		704,540
New Turkish Lira (TRY)		Buy		11,860	TRY		10/30/12		6,571,074		33,840		—
New Turkish Lira (TRY)		Sell		28,370	TRY		10/15/12		15,751,862		—		287,848
Polish Zloty (PLZ)		Sell		11,430	PLZ		10/16/12-12/20/12		3,554,659		—		224,667
Russian Ruble (RUR)		Sell		33,100	RUR		11/30/12		1,049,123		1,199		—
Singapore Dollar (SGD)		Buy		11,090	SGD		10/16/12		9,036,635		312,671		—
											347,710		1,217,055
Standard Chartered Bank
Malaysian Ringgit (MYR)		Buy		21,920	MYR		11/30/12		7,121,161		124,261		—
State Street:
Mexican Nuevo Peso (MXN)		Sell		234,700	MXN		10/16/12		18,201,050		—		958,911
New Turkish Lira (TRY)		Sell		6,660	TRY		11/29/12		3,674,260		—		49,277
South African Rand (ZAR)		Sell		62,600	ZAR		10/16/12		7,504,266		—		118,183
											—		1,126,371
Total unrealized appreciation and depreciation										$	4,299,570	$	16,444,059

73 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Futures Contracts as of September 28, 2012 are as follows:

Contract Description	Buy/Sell		Number of Contracts		Expiration Date		Value		Unrealized Appreciation (Depreciation)
Australian Treasury Bonds, 3 yr.		Sell		117		12/17/12	$	13,412,381	$	(51,269	)
Australian Treasury Bonds, 10 yr.		Sell		16		12/17/12		2,106,010		(4,163	)
CBOE Volatility Index		Sell		60		11/20/12		1,083,000		104,948
FTSE 100 Index		Sell		20		12/21/12		1,845,076		49,944
Japanese Yen (JPY)		Sell		45		12/17/12		7,218,000		22,635
SPI 200 Index		Sell		19		12/20/12		2,160,076		11,194
Standard & Poor’s 500 E-Mini Index		Sell		339		12/21/12		24,309,690		420,475
Standard & Poor’s 500 E-Mini Index		Buy		251		12/21/12		17,999,210		(312,410	)
Standard & Poor’s/Toronto Stock Exchange 60 Index		Sell		6		12/20/12		855,294		15,848
U.S. Treasury Long Bonds, 20 yr.		Buy		320		12/19/12		47,800,000		85,878
U.S. Treasury Long Bonds, 20 yr.		Sell		219		12/19/12		32,713,125		(15,010	)
U.S. Treasury Nts., 2 yr.		Sell		1,089		12/31/12		240,158,531		(103,498	)
U.S. Treasury Nts., 2 yr.		Buy		174		12/31/12		38,372,438		21,009
U.S. Treasury Nts., 5 yr.		Sell		130		12/31/12		16,202,266		(73,497	)
U.S. Treasury Nts., 5 yr.		Buy		303		12/31/12		37,763,742		100,080
U.S. Treasury Nts., 10 yr.		Sell		1,412		12/19/12		188,479,938		(1,164,056	)
U.S. Treasury Nts., 10 yr.		Buy		86		12/19/12		11,479,656		39,545
U.S. Treasury Ultra Bonds		Buy		197		12/19/12		32,548,094		17,631
									$	(834,716	)

Written Options as of September 28, 2012 are as follows:

Description	Type		Number of Contracts		Exercise Price		Expiration Date		Premiums Received		Value			Unrealized Appreciation/ (Depreciation)
Australian Dollar (AUD) Futures, 12/17/12		Put		52	$	101.000		10/8/12	$	3,084	$	(2,600	)	$	484
Australian Dollar (AUD) Futures, 12/17/12		Put		20		100.000		10/8/12		897		(200	)		697
Australian Dollar (AUD) Futures, 12/17/12		Put		2		99.500		10/8/12		37		(10	)		27
Brazilian Real (BRR)		Put		16,900,000		1USD per 2.130BRR		12/20/12		63,673		(44,285	)		19,388
Brazilian Real (BRR)		Put		16,900,000		1USD per 2.130BRR		12/20/12		61,103		(44,285	)		16,818
Brazilian Real (BRR)		Put		16,900,000		1USD per 2.130BRR		12/20/12		59,110		(44,285	)		14,825
British Pound Sterling (GBP)		Put		5,082,035		1GBP per 1.400USD		9/11/13		39,061		(25,968	)		13,093
British Pound Sterling (GBP)		Put		2,542,293		1GBP per 1.360USD		9/9/13		14,556		(6,328	)		8,228
British Pounds Sterling (GBP)		Put		3,557,644		1GBP per 1.350USD		8/16/13		32,308		(5,752	)		26,556
Candian Dollar (CAD) Futures, 12/18/12		Put		224		98.500		10/8/12		6,126		(2,240	)		3,886
Candian Dollar (CAD) Futures, 12/18/12		Put		223		99.000		10/8/12		4,353		(2,230	)		2,123
Euro (EUR)		Call		14,900,000		1EUR per 1.350USD		12/21/12		89,109		(43,399	)		45,710
Euro (EUR)		Call		13,240,000		1EUR per 1.350USD		12/21/12		83,114		(38,564	)		44,550
Euro (EUR) FX Futures, 12/17/12		Put		781		1.200		10/8/12		31,605		(4,881	)		26,724
Euro (EUR) FX Futures, 12/17/12		Put		407		1.215		10/8/12		25,546		(2,544	)		23,002
Euro (EUR) FX Futures, 12/17/12		Put		282		1.175		10/8/12		38,586		(1,763	)		36,823
Euro (EUR) FX Futures, 12/17/12		Put		224		1.195		10/8/12		9,913		(1,400	)		8,513

74 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Description	Type		Number of Contracts		Exercise Price			Expiration Date		Premiums Received		Value			Unrealized Appreciation/ (Depreciation)
Euro (EUR) FX Futures, 12/17/12		Put		213	$	1.245			10/8/12	$	6,921	$	(3,994	)	$	2,927
Euro (EUR) FX Futures, 12/17/12		Put		207		1.250			10/8/12		7,438		(5,175	)		2,263
Euro (EUR) FX Futures, 12/17/12		Put		187		1.230			10/8/12		25,727		(1,169	)		24,558
Euro (EUR) FX Futures, 12/17/12		Put		114		1.205			11/12/12		16,821		(9,975	)		6,846
Euro (EUR) FX Futures, 12/17/12		Put		102		1.175			11/12/12		44,419		(2,550	)		41,869
Euro (EUR) FX Futures, 12/17/12		Put		102		1.175			12/10/12		69,873		(12,750	)		57,123
Euro (EUR) FX Futures, 12/17/12		Put		92		1.210			12/10/12		34,901		(31,050	)		3,851
Euro (EUR) FX Futures, 12/17/12		Put		32		1.270			10/8/12		7,570		(7,600	)		(30	)
Euro (EUR) FX Futures, 12/17/12		Put		25		1.240			10/8/12		703		(313	)		390
Euro (EUR) FX Futures, 12/17/12		Put		14		1.255			10/8/12		1,058		(700	)		358
Euro (EUR) FX Futures, 12/17/12		Put		13		1.180			10/8/12		630		(81	)		549
Euro-Bundesobligation Futures, 12/6/12		Put		221		137.500	EUR		10/29/12		31,012		(25,560	)		5,452
Euro-Bundesobligation Futures, 12/6/12		Put		110		136.000	EUR		10/29/12		4,109		(4,241	)		(132	)
Euro-Bundesobligation Futures, 12/6/12		Put		2		137.000	EUR		10/29/12		229		(154	)		75
France (Republic of) Bonds, 3%, 4/25/22		Put		1,270,000		104.000	EUR		11/6/12		11,036		(6,360	)		4,676
Hungarian Forint (HUF)		Call		9,370,000		1EUR per 295.000HUF			12/20/12		132,929		(142,014	)		(9,085	)
Japanese Yen (JPY)		Call		366,000,460		1USD per 72.000JPY			5/31/13		85,817		(29,225	)		56,592
Japanese Yen (JPY)		Call		182,953,249		1USD per 72.000JPY			9/11/13		32,398		(26,656	)		5,742
Japanese Yen (JPY)		Call		191,003,483		1USD per 75.000JPY			8/22/13		55,646		(47,199	)		8,447
Japanese Yen (JPY)		Put		229,204,180		1USD per 90.000JPY			8/22/13		16,146		(7,898	)		8,248
Japanese Yen (JPY)		Put		228,691,562		1USD per 90.000JP			9/11/13		12,400		(9,088	)		3,312
Japanese Yen (JPY)		Put		482,917,273		1USD per 95.000JPY			5/31/13		22,217		(971	)		21,246
Japanese Yen (JPY) Futures, 12/17/12		Put		268		123.500			10/8/12		5,755		(1,675	)		4,080
Japanese Yen (JPY) Futures, 12/17/12		Put		204		121.000			10/8/12		24,833		(1,275	)		23,558
Japanese Yen (JPY) Futures, 12/17/12		Put		114		125.500			10/8/12		18,461		(5,700	)		12,761
Japanese Yen (JPY) Futures, 12/17/12		Put		100		124.000			10/8/12		4,659		(1,250	)		3,409
Japanese Yen (JPY) Futures, 12/17/12		Put		40		123.000			11/12/12		4,937		(6,000	)		(1,063	)
Mexican Nuevo Peso (MXN)		Call		99,300,000		1USD per 12.500MXN			12/20/12		51,239		(46,057	)		5,182
Mexican Nuevo Peso (MXN)		Call		99,300,000		1USD per 12.500MXN			12/20/12		52,710		(46,057	)		6,653
Mexican Nuevo Peso (MXN)		Call		99,300,000		1USD per 12.500MXN			12/20/12		56,561		(46,057	)		10,504
Russian Ruble (RUR)		Put		270,000,000		1USD per 34.000RUR			12/21/12		51,618		(25,985	)		25,633
Russian Ruble (RUR)		Put		270,000,000		1USD per 34.000RUR			12/21/12		50,824		(25,985	)		24,839
Russian Ruble (RUR)		Put		270,000,000		1USD per 34.000RUR			12/21/12		54,000		(25,985	)		28,015
Russian Ruble (RUR)		Put		375,200,000		1USD per 38.000RUR			11/29/12		165,878		(315	)		165,563
South African Rand (ZAR)		Call		86,825,000		1USD per 7.893ZAR			11/26/12		98,238		(61,199	)		37,039
South African Rand (ZAR)		Call		63,200,000		1USD per 7.950ZAR			12/21/12		89,275		(71,321	)		17,954
South African Rand (ZAR)		Call		63,200,000		1USD per 7.950ZAR			12/20/12		89,036		(70,802	)		18,234

75 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Description	Type		Number of Contracts		Exercise Price			Expiration Date		Premiums Received		Value			Unrealized Appreciation/ (Depreciation)
South African Rand (ZAR)		Call		63,200,000		1USD per 7.950ZAR			12/21/12	$	88,838	$	(71,321	)	$	17,517
South African Rand (ZAR)		Put		99,325,000		1USD per 9.023ZAR			11/21/12		134,855		(52,039	)		82,816
South African Rand (ZAR)		Put		99,150,000		1USD per 9.013ZAR			11/26/12		145,768		(61,489	)		84,279
South African Rand (ZAR)		Put		71,500,000		1USD per 9.000ZAR			12/21/12		89,613		(79,352	)		10,261
South African Rand (ZAR)		Put		71,500,000		1USD per 9.000ZAR			12/20/12		89,296		(77,913	)		11,383
South African Rand (ZAR)		Put		71,500,000		1USD per 9.000ZAR			12/21/12		93,943		(79,352	)		14,591
South African Rand (ZAR)		Call		86,975,000		1USD per 7.900ZAR			11/21/12		79,378		(57,381	)		21,997
Spain (Kingdom of) Bonds, 5.85%, 1/31/22		Put		635,000		95.800	EUR		10/4/12		21,221		(21,539	)		(318	)
Swedish Krona (SEK)		Put		119,000,000		1USD per 6.800SEK			12/20/12		122,325		(145,616	)		(23,291	)
Swedish Krona (SEK)		Put		119,000,000		1USD per 6.800SEK			12/20/12		134,575		(145,616	)		(11,041	)
U.S. Treasury Long Bonds Futures, 12/19/12		Put		205		144.000			10/8/12		5,979		(6,406	)		(427	)
U.S. Treasury Long Bonds Futures, 12/19/12		Put		204		146.000			10/8/12		13,536		(19,125	)		(5,589	)
U.S. Treasury Long Bonds Futures, 12/19/12		Put		204		144.000			10/15/12		11,745		(12,750	)		(1,005	)
U.S. Treasury Long Bonds Futures, 12/19/12		Call		4		149.000			10/1/12		3,494		(1,563	)		1,931
U.S. Treasury Long Bonds, 20 yr. Futures, 12/19/12		Put		578		139.000			10/29/12		28,045		(27,094	)		951
U.S. Treasury Long Bonds, 20 yr. Futures, 12/19/12		Put		372		140.000			10/29/12		21,571		(23,250	)		(1,679	)
U.S. Treasury Long Bonds, 20 yr. Futures, 12/19/12		Put		204		140.000			11/26/12		53,906		(60,563	)		(6,657	)
U.S. Treasury Long Bonds, 20 yr. Futures, 12/19/12		Put		22		143.000			10/29/12		3,771		(3,781	)		(10	)
U.S. Treasury Nts., 10 yr. Futures, 12/19/12		Put		916		129.500			10/29/12		33,861		(14,313	)		19,548
U.S. Treasury Nts., 10 yr. Futures, 12/19/12		Put		428		130.500			10/29/12		19,472		(20,063	)		(591	)
U.S. Treasury Nts., 10 yr. Futures, 12/19/12		Put		108		129.500			11/26/12		9,976		(11,813	)		(1,837	)
U.S. Treasury Nts., 10 yr. Futures, 12/19/12		Put		54		130.000			10/29/12		1,613		(1,688	)		(75	)
										$	3,206,986	$	(2,075,147	)	$	1,131,839

Credit Default Swap Contracts as of September 28, 2012 are as follows:

Reference Entity/ Swap Counterparty	Buy/Sell Credit Protection		Notional Amount (000’s)			Pay/ Receive Fixed Rate			Termination Date		Upfront Payment Received/ (Paid)			Value			Unrealized Appreciation (Depreciation)
Banco Bilbao Vizcaya Argentaria Senior Finance SAU:
UBS AG		Sell		125	EUR		3.0	%		12/20/17	$	4,874		$	355		$	5,229
UBS AG		Sell		125	EUR		3.0			12/20/17		5,012			216			5,228
		Total		250	EUR							9,886			571			10,457
Banco Santander SA
UBS AG		Sell		250	EUR		3.0			9/20/17		(901	)		(8,426	)		(9,327	)
		Total		250	EUR							(901	)		(8,426	)		(9,327	)
Barrick Gold Corp.
Goldman Sachs International		Buy		4,750			1.0			9/20/17		(133,750	)		90,745			(43,005	)
		Total		4,750								(133,750	)		90,745			(43,005	)

76 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Buy/Sell Reference Entity/ Swap Counterparty	Credit Protection		Notional Amount (000’s)		Pay/ Receive Fixed Rate		Termination Date		Upfront Payment Received/ (Paid)			Value			Unrealized Appreciation (Depreciation)
Caterpillar, Inc.
Citibank NA		Buy	$	4,800		1.0		9/20/17	$	10,533		$	(7,180	)	$	3,353
		Total		4,800						10,533			(7,180	)		3,353
CDX Emerging Market Index, Series 17
Deutsche Bank AG		Buy		5,260		5.0		6/20/17		685,261			(671,921	)		13,340
		Total		5,260						685,261			(671,921	)		13,340
Dell, Inc.
Goldman Sachs International		Buy		4,800		1.0		12/20/17		(361,560	)		348,676			(12,884	)
		Total		4,800						(361,560	)		348,676			(12,884	)
Devon Energy Corp.
Goldman Sachs International		Buy		4,800		1.0		12/20/17		54,464			(55,015	)		(551	)
		Total		4,800						54,464			(55,015	)		(551	)
Expedia, Inc.
Credit Suisse International		Sell		4,750		1.0		9/20/17		153,428			(134,074	)		19,354
		Total		4,750						153,428			(134,074	)		19,354
Gap, Inc. (The)
Bank of America NA		Sell		4,750		1.0		9/20/17		242,910			(95,379	)		147,531
		Total		4,750						242,910			(95,379	)		147,531
Halliburton Co.
Credit Suisse International		Buy		4,750		1.0		9/20/17		25,520			(84,052	)		(58,532	)
		Total		4,750						25,520			(84,052	)		(58,532	)
Hungary (Republic of)
Barclays Bank plc		Sell		3,280		1.0		12/20/17		416,486			(431,650	)		(15,164	)
		Total		3,280						416,486			(431,650	)		(15,164	)
Istanbul Bond Co. SA for Finansbank AS
Morgan Stanley Capital Services, Inc.		Sell		3,100		1.3		3/24/13		—			(14,551	)		(14,551	)
		Total		3,100						—			(14,551	)		(14,551	)
M.D.C. Holdings, Inc.
Deutsche Bank AG		Sell		4,750		1.0		9/20/17		140,066			(39,553	)		100,513
		Total		4,750						140,066			(39,553	)		100,513
Peru (Republic of)
Deutsche Bank AG		Buy		1,800		1.0		12/20/17		(4,282	)		8,866			4,584
		Total		1,800						(4,282	)		8,866			4,584

77 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Reference Entity/ Swap Counterparty	Buy/Sell Credit Protection		Notional Amount (000’s)			Pay/ Receive Fixed Rate		Termination Date		Upfront Payment Received/ (Paid)			Value			Unrealized Appreciation (Depreciation)
Sherwin-Williams Co. (The)
Deutsche Bank AG		Sell	$	4,750			1.0		9/20/17	$	(85,601	)	$	105,501		$	19,900
		Total		4,750							(85,601	)		105,501			19,900
SLM Corp.
Deutsche Bank AG		Sell		4,750			5.0		9/20/17		(133,727	)		325,465			191,738
		Total		4,750							(133,727	)		325,465			191,738
Spain (Kingdom of):
Goldman Sachs International		Buy		630	EUR		1.0		9/20/22		(101,013	)		111,430			10,417
Goldman Sachs International		Buy		630	EUR		1.0		12/20/22		(125,138	)		125,340			202
UBS AG		Buy		250	EUR		1.0		9/20/17		(19,067	)		24,153			5,086
		Total		1,510	EUR						(245,218	)		260,923			15,705
									Grand Total Buys		30,968			(108,958	)		(77,990	)
									Grand Total Sells		742,547			(292,096	)		450,451
							Total Credit Default Swaps			$	773,515		$	(401,054	)	$	372,461

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currency:

EUR Euro

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 Asset on which the Fund Sold Protection	Total Maximum Potential Payments for Selling Credit Protection (Undiscounted)			Amount Recoverable*		Reference Asset Rating Range**
Investment Grade Single Name Corporate Debt		500,000	EUR	$	—		A-to BBB+
Investment Grade Single Name Corporate Debt	$	14,250,000		$	—		A to BBB-
Non-Investment Grade Single Name Corporate Debt	$	12,600,000		$	—		BB+
Non-Investment Grade Sovereign Debt	$	3,280,000		$	—		BB+
Total EUR		500,000		$	—
Total USD	$	30,130,000		$	—

* 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.

78 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Interest Rate Swap Contracts as of September 28, 2012 are as follows:

Interest Rate/Swap Counterparty	Notional Amount (000’s)			Paid by the Fund			Received by the Fund			Termination Date		Value
BZDI:
Bank of America NA		10,140	BRR		BZDI			8.090	%		1/2/15	$	(9,472	)
Deutsche Bank AG		17,370	BRR		BZDI			8.080			1/2/15		(19,614	)
Goldman Sachs International		29,320	BRR		BZDI			7.650			1/2/14		(2,862	)
Goldman Sachs International		21,700	BRR		BZDI			8.640			1/2/17		(59,993	)
Goldman Sachs International		11,550	BRR		BZDI			8.080			1/2/15		(9,342	)
Total		90,080	BRR										(101,283	)
Six-Month AUD BBR BBSW:
Bank of America NA		1,895	AUD		Six-Month AUD BBR BBSW			3.680			9/28/22		4,432
Barclays Bank plc		5,780	AUD		Six-Month AUD BBR BBSW			4.029			7/3/22		(196,925	)
Total		7,675	AUD										(192,493	)
Six-Month EUR EURIBOR
Barclays Bank plc		4,710	EUR		Six-Month EUR EURIBOR			1.734			10/2/22		—
Total		4,710	EUR										—
Six-Month JPY BBA LIBOR
Barclays Bank plc		472,000	JPY		0.786	%		Six-Month JPY BBA LIBOR			10/2/22		(4,213	)
Three-Month CAD BA CDOR:
Bank of America NA		6,220	CAD		1.538			Three-Month CAD BA CDOR			8/13/13		(19,682	)
Bank of America NA		2,485	CAD		1.590			Three-Month CAD BA CDOR			8/7/14		(14,336	)
Bank of America NA		5,010	CAD		2.530			Three-Month CAD BA CDOR			9/24/22		(180,962	)
Bank of America NA		10,000	CAD		2.610			Three-Month CAD BA CDOR			9/21/22		(442,097	)
Total where Fund pays a fixed rate		23,715	CAD										(657,077	)
Bank of America NA		1,275	CAD		Three-Month CAD BA CDOR			2.079			7/11/22		(2,265	)
Bank of America NA		1,275	CAD		Three-Month CAD BA CDOR			2.010			7/25/22		(11,182	)
Total where fund pays a variable rate		2,550	CAD										(13,447	)
Total		26,265	CAD										(670,524	)
Three-Month USD BBA LIBOR:
Citibank NA		5,060			0.819			Three-Month USD BBA LIBOR			9/17/17		(16,476	)
Bank of America NA		1,200			1.550			Three-Month USD BBA LIBOR			7/27/22		11,102
Bank of America NA		1,225			1.621			Three-Month USD BBA LIBOR			7/13/22		1,823
Total where Fund pays a fixed rate		7,485											(3,551	)
Barclays Bank plc		5,870			Three-Month USD BBA LIBOR			2.358			11/2/21		458,594
Total where fund pays a variable rate		5,870											458,594
Total		13,355											455,043
											Total Interest Rate Swaps	$	(513,470	)

79 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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
EUR	Euro
JPY	Japanese Yen

Abbreviations/Definitions are as follows:

BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
BBR BBSW	Bank Bill Swap Reference Rate (Australian Financial Market)
BZDI	Brazil Interbank Deposit Rate
EURIBOR	Euro Interbank Offered Rate

Total Return Swap Contracts as of September 28, 2012 are as follows:

Reference Entity/Swap Counterparty	Notional Amount (000’s)			Paid by the Fund	Received by the Fund	Termination Date		Value
Custom Basket of Securities:
Citibank NA		4,334	AUD	One-Month AUD BBA LIBOR plus 50 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		3/8/13	$	69,777
Citibank NA		4,326	CAD	One-Month CAD BA CDOR 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		3/6/13		98,837
Goldman Sachs International		23,945		One-Month USD BBA LIBOR plus 18 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		9/9/13		462,071

80 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Reference Entity/Swap Counterparty	Notional Amount (000’s)			Paid by the Fund	Received by the Fund	Termination Date		Value
Goldman Sachs International	$	3,224		One-Month USD 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		9/9/13	$	21,173
Goldman Sachs International		33,552	HKD	One-Month HKD HIBOR HKAB 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		9/12/13		346,526
Morgan Stanley & Co. International plc		1,398	GBP	One-Month GBP BBA LIBOR plus 50 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		1/10/13		17,502
					Reference Entity Total				1,015,886
HANG SENG Index Futures Contract expiring 10/30/12
Goldman Sachs International		38,346	HKD	If positive, the Total Return of the HANG SENG Index Futures Contract expiring 10/30/12	If negative, the absolute value of the Total Return of the HANG SENG Index Futures Contract expiring 10/30/12		11/6/12		(35,120	)
IBOVESPA Futures Contract expiring 10/17/12
Goldman Sachs International		1,522		If positive, the Total Return of the IBOVESPA Futures Contract expiring 10/17/12	If negative, the absolute value of the Total Return of the IBOVESPA Futures Contract expiring 10/17/12		10/18/12		(83,917	)
					Total of Total Return Swaps				896,849

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:

AUD	Australian Dollar
CAD	Canadian Dollar
GBP	British Pounds Sterling
HKD	Hong Kong Dollar

Abbreviations are as follows:

BA CDOR	Canada Bankers Acceptances Deposit offering Rate
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
HANG SENG	Hang Seng Bank
HIBOR	Hong Kong Interbank Offered Rate
HKAB	Hong Kong Association of Banks
IBOVESPA	Index of stocks that trade on the SAO Paulo, mercantile & Futures Exchange

81 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Volatility Swaps as of September 28, 2012 are as follows:

Reference Entity/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund			Received by the Fund			Termination Date		Value
AUD/CHF Spot Exchange Rate:
Bank of America NA		50	AUD		The Historic Volatility of the mid AUD/CHF spot exchange rate during the period 9/26/12 to 10/29/12			7.450	%		10/31/12	$	(7,562	)
Credit Suisse International		52	AUD		The Historic Volatility of the mid AUD/CHF spot exchange rate during the period 9/20/12 to 10/22/12			7.500			10/24/12		33,628
JPMorgan Chase Bank NA		49	AUD		The Historic Volatility of the mid AUD/CHF spot exchange rate during the period 9/25/12 to 10/25/12			7.150			10/29/12		(10,324	)
								Reference Entity Total					15,742
EUR/CHF Spot Exchange Rate:
Credit Suisse International		33	EUR		The Historic Volatility of the mid EUR/CHF spot exchange rate during the period 9/19/12 to 10/18/12			3.500			10/22/12		37,161
Morgan Stanley Capital Services, Inc.		33	EUR		The Historic Volatility of the mid EUR/CHF spot exchange rate during the period 9/18/12 to 10/18/12			3.700			10/22/12		46,181
								Reference Entity Total					83,342
EUR/JPY Spot Exchange Rate
Morgan Stanley Capital Services, Inc.		32	EUR		10.250	%		The Historic Volatility of the mid EUR/JPY spot exchange rate during the period 9/14/12 to 10/17/12			10/19/12		(8,432	)
EUR/NZD Spot Exchange Rate
Goldman Sachs Bank USA		34	EUR		The Historic Volatility of the mid EUR/NZD spot exchange rate during the period 9/13/12 to 10/15/12			6.900			10/17/12		(64,215	)

82 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Reference Entity/Swap Counterparty	Notional Amount (000’s)			Paid by the Fund	Received by the Fund	Termination Date		Value
GBP/CAD Spot Exchange Rate:
Bank of America NA		21	GBP	The Historic Volatility of the mid GBP/CAD spot exchange rate during the period 9/28/12 to 10/31/12	$5.600		11/2/12		—
Credit Suisse International		20	GBP	The Historic Volatility of the mid GBP/CAD spot exchange rate during the period 9/27/12 to 10/30/12	5.700		11/1/12		(6,091	)
					Reference Entity Total				(6,091	)
GBP/CHF Spot Exchange Rate
JPMorgan Chase Bank NA		22	GBP	The Historic Volatility of the mid GBP/CHF spot exchange rate during the period 9/6/12 to 10/8/12	6.500		10/10/12		41,797
GBP/JPY Spot Exchange Rate:
Bank of America NA		22	GBP	The Historic Volatility of the mid GBP/JPY spot exchange rate during the period 9/5/12 to 10/4/12	8.050		10/9/12		(75,576	)
BNP Paribas		22	GBP	The Historic Volatility of the mid GBP/JPY spot exchange rate during the period 9/4/12 to 10/4/12	8.300		10/9/12		(59,302	)
Goldman Sachs International		22	GBP	The Historic Volatility of the mid GBP/JPY spot exchange rate during the period 8/30/12 to 10/2/12	8.650		10/4/12		(29,996	)
Total where Fund pays a variable rate		66	GBP						(164,874	)
Deutsche Bank AG		22	GBP	8.550	The Historic Volatility of the mid GBP/JPY spot exchange rate during the period 8/31/12 to 10/2/12		10/4/12		(40,101	)
Total where Fund pays a fixed rate		22	GBP						(40,101	)
		88	GBP		Reference Entity Total				(204,975	)
JPY/EUR Spot Exchange Rate
JPMorgan Chase Bank NA		32	EUR	10.500	The Historic Volatility of the mid JPY/EUR spot exchange rate during the period 9/17/12 to 10/17/12		10/19/12		(59,233	)
NZD/CHF Spot Exchange Rate
Morgan Stanley Capital Services, Inc.		83	NZD	The Historic Volatility of the mid NZD/CHF spot exchange rate during the period 9/12/12 to 10/11/12	7.250		10/15/12		(186,357	)

83 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Reference Entity/ Swap Counterparty	Notional Amount (000’s)		Paid by the Fund		Received by the Fund	Termination Date	Value
USD/SEK Spot Exchange Rate:
Deutsche Bank AG		56		9.575	The Historic Volatility of the mid USD/SEK spot exchange rate during the period 9/10/12 to 10/10/12	10/12/12	$	67,363
JPMorgan Chase Bank NA		56		9.600	The Historic Volatility of the mid USD/SEK spot exchange rate during the period 9/7/12 to 10/9/12	10/11/12		57,971
						Reference Entity Total		125,334
						Total Volatility Swaps	$	(263,088	)

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:

AUD	Australian Dollar
EUR	Euro
GBP	British Pounds Sterling
NZD	New Zealand Dollar

Abbreviations/Definitions are as follows:

CAD	Canadian Dollar
CHF	Swiss Franc
JPY	Japanese Yen
SEK	Swedish Krona

Swap Summary as of September 28, 2012 is as follows:

Swap Counterparty	Swap Type from Fund Perspective	Notional Amount (000’s)			Value
Bank of America NA:
	Credit Default Sell Protection	$	4,750		$	(95,379	)
	Interest Rate		1,895	AUD		4,432
	Interest Rate		10,140	BRR		(9,472	)
	Interest Rate		26,265	CAD		(670,524	)
	Interest Rate		2,425			12,925
	Volatility		50	AUD		(7,562	)
	Volatility		43	GBP		(75,576	)
						(841,156	)
Barclays Bank plc:
	Credit Default Sell Protection		3,280			(431,650	)
	Interest Rate		5,780	AUD		(196,925	)
	Interest Rate		4,710	EUR		—
	Interest Rate		472,000	JPY		(4,213	)
	Interest Rate		5,870			458,594
						(174,194	)

84 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Swap Counterparty	Swap Type from Fund Perspective	Notional Amount (000’s)			Value
BNP Paribas	Volatility		22	GBP		(59,302	)
Citibank NA:
	Credit Default Buy Protection	$	4,800		$	(7,180	)
	Interest Rate		5,060			(16,476	)
	Total Return		4,334	AUD		69,777
	Total Return		4,326	CAD		98,837
						144,958
Credit Suisse International:
	Credit Default Buy Protection		4,750			(84,052	)
	Credit Default Sell Protection		4,750			(134,074	)
	Volatility		52	AUD		33,628
	Volatility		33	EUR		37,161
	Volatility		20	GBP		(6,091	)
						(153,428	)
Deutsche Bank AG:
	Credit Default Buy Protection		7,060			(663,055	)
	Credit Default Sell Protection		14,250			391,413
	Interest Rate		17,370	BRR		(19,614	)
	Volatility		22	GBP		(40,101	)
	Volatility		56			67,363
						(263,994	)
Goldman Sachs Bank USA	Volatility		34	EUR		(64,215	)
Goldman Sachs International:
	Credit Default Buy Protection		1,260	EUR		236,770
	Credit Default Buy Protection		14,350			384,406
	Interest Rate		62,570	BRR		(72,197	)
	Total Return		71,898	HKD		311,406
	Total Return		28,691			399,327
	Volatility		22	GBP		(29,996	)
						1,229,716
JPMorgan Chase Bank NA:
	Volatility		49	AUD		(10,324	)
	Volatility		32	EUR		(59,233	)
	Volatility		22	GBP		41,797
	Volatility		56			57,971
						30,211

85 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Swap Counterparty	Swap Type from Fund Perspective	Notional Amount (000’s)			Value
Morgan Stanley & Co. International plc	Total Return		1,398	GBP	$	17,502
Morgan Stanley Capital Services, Inc.:
	Credit Default Sell Protection		3,100			(14,551	)
	Volatility		65	EUR		37,749
	Volatility		83	NZD		(186,357	)
						(163,159	)
UBS AG:
	Credit Default Buy Protection		250	EUR		24,153
	Credit Default Sell Protection		500	EUR		(7,855	)
						16,298
			Total Swaps		$	(280,763	)

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
EUR	Euro
GBP	British Pounds Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
NZD	New Zealand Dollar

As of September 28, 2012, the Fund had entered into the following written swaption contracts:

Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)		Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
CDX.NA.HY.18:
Goldman Sachs International	Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/17	Index Credit Default Swap; Pay Fixed	$	21,825		10/18/12	$	118,837	$	(367,506	)	$	(248,669	)
Goldman Sachs International	Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/17	Index Credit Default Swap; Pay Fixed		43,625		12/20/12		272,089		(388,843	)		(116,754	)

86 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)		Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
Goldman Sachs International	Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/17	Index Credit Default Swap; Pay Fixed	$	21,830		10/18/12	$	105,897	$	(367,590	)	$	(261,693	)
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/17	Index Credit Default Swap; Pay Fixed		43,620		12/20/12		237,511		(418,397	)		(180,886	)
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/17	Index Credit Default Swap; Pay Fixed		21,830		12/20/12		121,026		(313,519	)		(192,493	)
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/17	Index Credit Default Swap; Pay Fixed		21,805		10/18/12		99,300		(359,281	)		(259,981	)
UBS AG	Index Credit Default Swaption (European);Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/17	Index Credit Default Swap; Pay Fixed		21,800		10/18/12		79,853		(356,457	)		(276,604	)
UBS AG	Index Credit Default Swaption (European);Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.18; Termination Date: 6/20/17	Index Credit Default Swap; Pay Fixed		21,800		10/18/12		133,808		(534,243	)		(400,435	)
		Total where Fund pays a fixed rate						1,168,321		(3,105,836	)		(1,937,515	)

87 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)			Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
Goldman Sachs International	Index Credit Default Swaption (European); Swap Terms: Paid: Protection on CDX.NA.HY.18; Received: 5%; Termination Date: 6/20/17	Index Credit Default Swap; Pay Floating	$	21,735			12/20/12	$	90,374	$	(90,780	)	$	(406	)
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: Protection on CDX.NA.HY.18; Received: 5%; Termination Date: 6/20/17	Index Credit Default Swap; Pay Floating		43,620			12/20/12		168,417		(188,931	)		(20,514	)
		Total where Fund pays a floating rate							258,791		(279,711	)		(20,920	)
							Total		1,427,112		(3,385,547	)		(1,958,435	)
CDX.NA.IG.18
Barclays Bank plc	Index Credit Default Swaption (European); Swap Terms: Paid: 1%; Received: Protection on CDX.NA.IG.18; Termination Date: 6/20/17	Index Credit Default Swap; Pay Fixed		6,310			12/20/12		16,406		(23,484	)		(7,078	)
Six-Month EUR EURIBOR:
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.204%; Received: Six-Month EUR EURIBOR; Termination Date: 8/28/44	Interest Rate Swap; Pay Fixed		1,265	EUR		8/27/14		138,559		(102,010	)		36,549
Goldman Sachs Bank USA	Interest Rate Swaption (European); Swap Terms: Paid: 2.71%; Received: Six-Month EUR EURIBOR; Termination Date: 11/17/42	Interest Rate Swap; Pay Fixed		14,850	EUR		11/16/12		805,251		(276,668	)		528,583

88 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)			Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
Goldman Sachs Bank USA	Interest Rate Swaption (European); Swap Terms: Paid: 2.65%; Received: Six-Month EUR EURIBOR; Termination Date: 12/1/42	Interest Rate Swap; Pay Fixed		14,900	EUR		11/30/12	$	750,380	$	(250,796	)	$	499,584
									1,694,190		(629,474	)		1,064,716
Six-Month GBP BBA LIBOR
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: 3.231%; Received: Six-Month GBP BBA LIBOR; Termination Date: 2/14/43	Interest Rate Swap; Pay Fixed		500	GBP		2/15/13		49,596		(57,636	)		(8,040	)
Three-Month CAD BA CDOR
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month CAD BA CDOR; Received: 2.1025%; Termination Date: 1/16/23	Interest Rate Swap; Pay Floating		3,180	CAD		1/17/13		66,129		(54,860	)		11,269
Three-Month USD BBA LIBOR:
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: 2.2825%; Received: Three-Month USD BBA LIBOR; Termination Date: 10/11/22	Interest Rate Swap; Pay Fixed		20,095			10/9/12		476,252		(1,091,980	)		(615,728	)
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid: 1.40%; Received: Three-Month USD BBA LIBOR; Termination Date: 1/26/23	Interest Rate Swap; Pay Fixed		40,865			7/25/13		347,353		(253,747	)		93,606

89 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)		Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid 1.405%; Received: Three-Month USD BBA LIBOR; Termination Date: 8/6/23	Interest Rate Swap; Pay Fixed	$	40,930		8/5/13	$	485,703	$	(265,166	)	$	220,537
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid: 1.30%; Received: Three-Month USD BBA LIBOR; Termination Date: 7/26/23	Interest Rate Swap; Pay Fixed		40,995		7/25/13		409,950		(175,425	)		234,525
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid: 2.90%; Received: Three-Month USD BBA LIBOR; Termination Date: 11/13/22	Interest Rate Swap; Pay Fixed		68,830		11/9/12		621,191		(890,179	)		(268,988	)
				Total where Fund pays a fixed rate				2,340,449		(2,676,497	)		(336,048	)
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.0675%; Termination Date: 1/30/23	Interest Rate Swap; Pay Floating		32,705		1/29/13		402,272		(248,964	)		153,308
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.50%; Termination Date: 9/3/23	Interest Rate Swap; Pay Floating		20,395		9/3/13		336,518		(257,227	)		79,291
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.45%; Termination Date: 3/11/43	Interest Rate Swap; Pay Floating		10,155		3/8/13		116,783		(65,466	)		51,317

90 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)		Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.15%; Termination Date: 11/29/22	Interest Rate Swap; Pay Floating	$	25,490		11/28/12	$	127,450	$	(42,636	)	$	84,814
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.135%; Termination Date: 1/30/23	Interest Rate Swap; Pay Floating		65,410		1/29/13		619,760		(408,324	)		211,436
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.935%; Termination Date: 9/30/20	Interest Rate Swap; Pay Floating		20,017		9/29/15		512,445		(531,328	)		(18,883	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.50%; Termination Date: 4/27/22	Interest Rate Swap; Pay Floating		20,515		4/26/17		681,481		(466,257	)		215,224
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.40%; Termination Date: 3/18/43	Interest Rate Swap; Pay Floating		15,230		3/15/13		274,902		(124,628	)		150,274
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.875%; Termination Date: 9/24/20	Interest Rate Swap; Pay Floating		28,560		9/23/13		347,004		(313,582	)		33,422

91 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)		Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.45%; Termination Date: 3/18/43	Interest Rate Swap; Pay Floating	$	11,170		3/15/13	$	172,018		(78,926	)	$	93,092
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.50%; Termination Date: 3/4/43	Interest Rate Swap; Pay Floating		15,230		3/1/13		213,220		(75,746	)		137,474
						Total where Fund pays a floating rate		3,803,853		(2,613,084	)		1,190,769
						Total		6,144,302		(5,289,581	)		854,721
Three-Month ZAR JIBAR SAFEX:
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 7%; Received: Three-Month ZAR JIBAR SAFEX; Termination Date: 11/14/22	Interest Rate Swap; Pay Fixed		17,090ZAR		11/20/12		22,519		(58,066	)		(35,547	)
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: 7%; Received: Three-Month ZAR JIBAR SAFEX; Termination Date: 11/19/22	Interest Rate Swap; Pay Fixed		17,265ZAR		12/19/12		22,751		(65,032	)		(42,281	)
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: 7%; Received: Three-Month ZAR JIBAR SAFEX; Termination Date: 12/18/22	Interest Rate Swap; Pay Fixed		17,000ZAR		11/13/12		22,009		(56,200	)		(34,191	)
								67,279		(179,298	)		(112,019	)
				Total Written Swaptions			$	9,465,014	$	(9,619,880	)	$	(154,866	)

92 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound Sterling
ZAR	South African Rand

Abbreviations/Definitions are as follows:

BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
CDX.NA.HY.18	Markit CDX North American High Yield
CDX.NA.IG.18	Markit CDX North American Investment Grade High Volatility
EURIBOR	Euro Interbank Offered Rate
JIBAR	South Africa Johannesburg Interbank Agreed Rate
SAFEX	South African Futures Exchange

Notes to Statement of Investments

Quarterly and Annual Periods. The last day of the Fund’s quarterly period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Structured Securities. The Fund invests in structured securities whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured securities are often leveraged, increasing the volatility of each note’s market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Statement of Operations in the annual and semiannual reports. The Fund records a realized gain or loss when a structured security is sold or matures.

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to

93 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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

As of September 28, 2012, 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	$	609,596,587
Sold securities		130,494,696

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

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

Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; and counterparty credit risk.

94 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of September 28, 2012 is as follows:

Cost	$	27,617,624
Market Value	$	6,973,790
Market Value as a % of Net Assets		0.29	%

Investment in Oppenheimer Global Allocation Fund (Cayman) Ltd. The Fund has established a Cayman Islands company that is wholly-owned and controlled by the Fund (the “Subsidiary”). The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in commodity-linked derivatives (including commodity related futures, options and swap contracts), exchange traded funds and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. Investments in the Subsidiary are expected to provide the Fund with exposure to commodities markets within the limitations of the federal tax requirements that apply to the Fund. The Subsidiary is subject to the same investment restrictions and guidelines, and follows the same compliance policies and procedures, as the Fund. The Fund wholly owns and controls the Subsidiary, and the Fund and Subsidiary are both managed by the Manager.

The Fund does not consolidate the assets, liabilities, capital or operations of the Subsidiary into its financial statements. Rather, the Subsidiary is separately presented as an investment in the Fund’s Statement of Investments. Shares of the Subsidiary are valued at their net asset value per share. Gains or losses on withdrawals of capital from the Subsidiary by the Fund are recognized on an average cost basis. Unrealized appreciation or depreciation on the Fund’s investment in the Subsidiary is recorded in the Fund’s Statement of Assets and Liabilities in the annual and semiannual reports and the Fund’s Statement of Operations in the annual and semiannual reports. Distributions received from the Subsidiary are recorded as income on the ex-dividend date.

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

95 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Investment in Oppenheimer Master Funds. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the Investment Company Act of 1940 that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Loan Fund, LLC and Oppenheimer Master Event-Linked Bond Fund, LLC (the “Master Funds”). Each Master Fund has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Master Fund than in another, the Fund will have greater exposure to the risks of that Master Fund.

The investment objective of Oppenheimer Master Loan Fund, LLC is to seek as high a level of current income and preservation of capital as is consistent with investing primarily in loans and other debt securities. The investment objective of Oppenheimer Master Event-Linked Bond Fund, LLC is to seek a high level of current income principally derived from interest on debt securities. The Fund’s investments in the Master Funds are included in the Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each Master Fund according to its allocated pro-rata share, based on its relative proportion of total outstanding Master Fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the Master Funds. As a shareholder, the Fund is subject to its proportional share of the Master Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Master Funds.

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

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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

96 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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 and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

97 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers.

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from third party pricing services. When the settlement date of a contract is an interim date for which a quotation is not available, interpolated values are derived using the nearest dated forward currency rate.

Futures contracts and futures options 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.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Structured securities	Relevant market information such as the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events.
Swaps	Relevant market information, including underlying reference assets such as credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a

98 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

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

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

99 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts as of September 28, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Wholly-Owned Subsidiary	$	—	$	1,445,849	$	—	$	1,445,849
Asset-Backed Securities		—		58,332,363		12,281,300		70,613,663
Corporate Loans		—		27,057,871		4,250,313		31,308,184
Mortgage-Backed Obligations		—		854,995,176		—		854,995,176
U.S. Government Obligations		—		101,605,121		—		101,605,121
Foreign Government Obligations		—		686,598,325		—		686,598,325
Corporate Bonds and Notes		—		633,089,174		1,178,044		634,267,218
Preferred Stocks		—		4,010,442		—		4,010,442
Common Stocks		—		3,317,860		166,817		3,484,677
Rights, Warrants and Certificates		—		—		420		420
Structured Securities		—		75,030,619		36,387		75,067,006
Options Purchased		1,028,691		6,285,750		—		7,314,441
Swaptions Purchased		—		7,943,979		—		7,943,979
Investment Companies		37,196,116		374,028,525		—		411,224,641
Total Investments, at Value		38,224,807		2,833,741,054		17,913,281		2,889,879,142
Other Financial Instruments:
Appreciated swaps, at value		—		2,477,264		—		2,477,264
Depreciated swaps, at value		—		439,421		—		439,421
Futures margins		299,271		—		—		299,271
Foreign currency exchange contracts		—		4,299,570		—		4,299,570
Total Assets	$	38,524,078	$	2,840,957,309	$	17,913,281	$	2,897,394,668

100 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	—		$	—	$	—
Appreciated swaps, at value		—			(948,107	)		—		(948,107	)
Depreciated swaps, at value		—			(2,249,341	)		—		(2,249,341	)
Appreciated swaptions written, at value		—			(3,460,428	)		—		(3,460,428	)
Depreciated swaptions, written, at value		—			(6,159,452	)		—		(6,159,452	)
Appreciated options written, at value		(164,209	)		(1,278,873	)		—		(1,443,082	)
Depreciated options written, at value		(177,280	)		(454,785	)		—		(632,065	)
Futures margins		(267,581	)		—			—		(267,581	)
Foreign currency exchange contracts		—			(16,444,059	)		—		(16,444,059	)
Total Liabilities	$	(609,070	)	$	(30,995,045	)	$	—	$	(31,604,115	)

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

The table below shows the transfers between Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers into Level 2*		Transfers out of Level 2**			Transfers into Level 3**		Transfers out of Level 3*
Assets Table
Corporate Bonds and Notes	$	—	$	(792,000	)	$	792,000	$	—
Preferred Stocks		2,968,560		—			—		(2,968,560	)
Common Stocks		208,932		—			—		(208,932	)
Total Assets	$	3,177,492	$	(792,000	)	$	792,000	$	(3,177,492	)

* Transferred from Level 3 to Level 2 due to the availability of market data for this security.

** Transferred from Level 2 to Level 3 because of the lack of observable market data.

101 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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

The net asset value per share of the Subsidiary is determined as of the close of the Exchange, on each day the Exchange is open for trading. The net asset value per share is determined by dividing the value of the Subsidiary’s net assets by the number of shares that are outstanding. The Subsidiary values its investments in the same manner as the Fund as described above.

Risk Exposures and the Use of Derivative Instruments

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

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

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

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

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

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

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between

102 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

The Fund’s actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below.

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

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

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

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. As of September 28, 2012, the

103 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $22,943,398, which represents gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. master agreements, which allow the Fund to net unrealized appreciation and depreciation for certain positions in swaps, over-the-counter options, swaptions, and forward currency exchange contracts for each individual counterparty. The amount of loss that the Fund would incur taking into account these master netting arrangements would be $1,791,088 as of September 28, 2012. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to International Swap and Derivatives Association, Inc. master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.

As of September 28, 2012 the Fund has required certain counterparties to post collateral of $349,731.

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

As of September 28, 2012, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $11,252,433 for which the Fund has posted collateral of $14,065,204. If a contingent feature would have been triggered as of September 28, 2012, the Fund could have been required to pay this amount in cash to its counterparties. If the Fund fails to perform under these contracts and agreements, the cash and/or securities posted as collateral will be made available to the counterparty. Cash posted as collateral for these contracts, if any, is reported on the Statement of Assets and Liabilities in the annual and semiannual reports; securities posted as collateral, if any, are reported on the Statement of Investments.

104 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Foreign Currency Exchange Contracts

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

Forward contracts are reported on a schedule following the Statement of Investments. The unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports.

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

The Fund has entered into forward foreign currency exchange contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to take a positive investment perspective on the related currency. These forward foreign currency exchange contracts seek to increase exposure to foreign exchange rate risk.

The Fund has entered into forward foreign currency exchange contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the Fund.

The Fund has entered into forward foreign currency exchange contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to take a negative investment perspective on the related currency. These forward foreign currency exchange contracts seek to increase exposure to foreign exchange rate risk.

The Fund has entered into forward foreign currency exchange contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the Fund.

During the period ended September 28, 2012, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $3,056,797 and $6,361,133, respectively.

105 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default.

Futures Contracts

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

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

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

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

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

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

The Fund has purchased futures contracts on various equity indexes to increase exposure to equity risk.

The Fund has sold futures contracts on various equity indexes to decrease exposure to equity risk.

The Fund has sold futures contracts, which have values that are linked to the price movement of the related volatility indexes, in order to decrease exposure to volatility risk.

106 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

The Fund has purchased futures contracts on various currencies to increase exposure to foreign exchange rate risk.

The Fund has sold futures contracts on various currencies to decrease exposure to foreign exchange rate risk

During the period ended September 28, 2012, the Fund had an ending monthly average market value of $288,921,496 and $293,892,212 on futures contracts purchased and sold, respectively.

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

Option Activity

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

Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports.

The Fund has purchased call options on currencies to increase exposure to foreign exchange rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

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.

The Fund has purchased call options on treasury and/or euro futures to increase exposure to interest 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 treasury and/or euro futures to decrease exposure to interest rate risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

107 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

During the period ended September 28, 2012, the Fund had an ending monthly average market value of $3,312,547 and $1,120,963 on purchased call options and purchased put options, respectively.

Options written, if any, are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. Securities held in collateralized accounts to cover potential obligations with respect to outstanding written options are noted in the Statement of Investments.

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

The Fund has written put options on currencies to increase exposure to foreign exchange rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has written call options on currencies to decrease exposure to foreign exchange rate risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

The Fund has written call options on treasury and/or euro futures to decrease exposure to interest 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 written put options on treasury and/or euro futures to increase exposure to interest rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

During the period ended September 28, 2012, the Fund had an ending monthly average market value of $621,801 and $972,368 on written call options and written put options, respectively.

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

108 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Written option activity for the period ended September 28, 2012 was as follows:

	Call Options						Put Options
	Number of Contracts			Amount of Premiums			Number of Contracts			Amount of Premiums
Options outstanding as of December 30, 2011		115,871,391,682		$	2,007,763			134,242,404,666		$	1,464,690
Options written		37,145,457,511			4,523,254			7,430,092,696			12,777,163
Options closed or expired		(143,105,626,997	)		(4,926,416	)		(136,518,459,260	)		(11,583,235	)
Options exercised		(8,472,455,000	)		(516,819	)		(2,313,255,445	)		(539,414	)
Options outstanding as of September 28, 2012		1,438,767,196		$	1,087,782			2,840,782,657		$	2,119,204

Swap Contracts

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

Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The values of swap contracts are aggregated by positive and negative values and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports by contracts in unrealized appreciation and depreciation positions. Upfront payments paid or received, if any, affect the value of the respective swap. Therefore, to determine the unrealized appreciation (depreciation) on swaps, upfront payments paid should be subtracted from, while upfront payments received should be added to, the value of contracts reported as an asset on the Statement of Assets and Liabilities in the annual and semiannual reports. Conversely, upfront payments paid should be added to, while upfront payments received should be subtracted from the value of contracts reported as a liability. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports.

Swap contract agreements are exposed to the market risk factor of the specific underlying reference asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they

109 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps require little or no initial cash investment, they can expose the Fund to substantial risk in the isolated market risk factor.

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

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

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

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

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

110 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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

For the period ended September 28, 2012, the Fund had ending monthly average notional amounts of $47,307,905 and $40,585,501 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

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

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

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

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

For the period ended September 28, 2012, the Fund had ending monthly average notional amounts of $32,005,490 and $72,328,115 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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

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

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

111 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

The Fund has entered into total return swaps on various equity securities or indexes to increase exposure to equity risk. These equity risk related total return swaps require the Fund to pay a floating reference interest rate, or an amount equal to the negative price movement of securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract.

The Fund has entered into total return swaps on various equity securities or indexes to decrease exposure to equity risk. These equity risk related total return swaps require the Fund to pay an amount equal to the positive price movement of securities or an index multiplied by the notional amount of the contract. The Fund will receive payments of a floating

reference interest rate or an amount equal to the negative price movement of the same securities or index multiplied by the notional amount of the contract.

For the period ended September 28, 2012, the Fund had ending monthly average notional amounts of $50,007,152 and $9,356,952 on total return swaps which are long the reference asset and total return swaps which are short the reference asset, respectively.

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

Currency Swaps. A currency swap is an agreement between counterparties to exchange different currencies equivalent to the notional value at contract inception and reverse the exchange of the same notional values of those currencies at contract termination. The contract may also include periodic exchanges of cash flows based on a specified index or interest rate.

The Fund has entered into currency swap contracts with the obligation to pay an interest rate on 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.

For the period ended September 28, 2012, the Fund had ending monthly average notional amounts of $220,000 on currency swaps.

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

As of September 28, 2012, the Fund had no such currency swap agreements outstanding.

112 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Volatility Swap Contracts. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the volatility of the reference investment as measured by changes in its price or level while the other cash flow is based on an interest rate or the measured volatility of a different reference investment. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movement, rather than general directional increases or decreases in its price.

Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Fund.

The Fund has entered into volatility swaps to increase exposure to the volatility risk of various reference investments. These types of volatility swaps require the fund to pay the measured volatility and receive a fixed interest payment over the period of the contract. If the measured volatility of the related reference investment increases over the period, the swaps will depreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will appreciate in value.

The Fund has entered into volatility swaps to decrease exposure to the volatility risk of various reference investments. These types of volatility swaps require the fund to pay a fixed interest payment and receive the measured volatility over the period of the contract. If the measured volatility of the related reference investment increases over the period, the swaps will appreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will depreciate in value.

For the period ended September 28, 2012, the Fund had ending monthly average notional amounts of $138,903 and $569,199 on volatility swaps which pay volatility and volatility swaps which receive volatility, respectively.

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

Swaption Transactions

The Fund may enter into a swaption contract which grants the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed

113 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

in the underlying agreement 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 terms on the underlying swap.

Swaptions are marked to market daily using primarily portfolio pricing services or quotations from counterparties and brokers. Purchased swaptions are reported as a component of investments in the Statement of Investments, the Statement of Assets and Liabilities in the annual and semiannual reports and the Statement of Operations in the annual and semiannual reports. Written swaptions are reported on a schedule following the Statement of Investments and their value is reported as a separate asset or liability line item in the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Statement of Operations in the annual and semiannual reports. 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 in the annual and semiannual reports for the amount of the premium paid or received.

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 swaption, according to the terms of the underlying agreement. Swaption contracts written by the Fund do not give rise to counterparty credit risk as they obligate the Fund, not its counterparty, to perform. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the swaption expires unexercised. However, when the Fund exercises a purchased swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract.

The Fund 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.

The Fund has purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. A purchased swaption of this type becomes more valuable as the reference interest rate appreciates relative to the preset interest rate.

The Fund has written swaptions which gives it the obligation, if exercised by the purchaser, 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 written swaption of this type becomes more valuable as the reference interest rate depreciates relative to the preset interest rate.

114 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

The Fund has written swaptions which gives it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. A written swaption of this type becomes more valuable as the reference interest rate appreciates relative to the preset interest rate.

The Fund has written swaptions which give it the obligation, if exercised by the purchaser, to sell credit protection through credit default swaps in order to increase exposure to the credit risk of individual securities and/or, indexes. A written swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset decreases.

The Fund has written swaptions which give it the obligation, if exercised by the purchaser, to buy credit protection through credit default swaps in order to decrease exposure to the credit risk of individual securities and, or, indexes. A written swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset increases.

The Fund has purchased swaptions which gives it the option to buy credit protection through credit default swaps in order to decrease exposure to the credit risk of individual securities and, or, indexes. A purchased swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset increases.

The Fund has purchased swaptions which gives it the option to sell credit protection through credit default swaps in order to increase exposure to the credit risk of individual securities and, or, indexes. A purchased swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset decreases.

During the period ended September 28, 2012, the Fund had an ending monthly average market value of $6,251,275 and $8,104,951 on purchased and written swaptions, respectively.

Written swaption activity for the period ended September 28, 2012 was as follows:

	Call Swaptions
	Notional Amount			Amount of Premiums
Swaptions outstanding as of December 30, 2011		385,315,000		$	8,188,797
Swaptions written		3,642,027,387			25,129,218
Swaptions closed or expired		(3,134,965,000	)		(23,506,099	)
Swaptions exercised		(39,935,000	)		(346,902	)
Swaptions outstanding as of September 28, 2012		852,442,387		$	9,465,014

115 Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

Restricted Securities

As of September 28, 2012, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Directors as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 28, 2012 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

Federal tax cost of securities	$	2,874,577,461
Federal tax cost of other investments		(356,967,387	)
Total federal tax cost	$	2,517,610,074
Gross unrealized appreciation	$	127,747,394
Gross unrealized depreciation		(112,830,080	)
Net unrealized appreciation	$	14,917,314

116 Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS September 28, 2012* / Unaudited

	Shares		Value
Common Stocks–95.3%
Consumer Discretionary–10.4%
Automobiles–1.3%
Ford Motor Co.		10,050	$	99,093
Household Durables–0.5%
Newell Rubbermaid, Inc.		1,930		36,844
Media–3.0%
Comcast Corp., Cl. A		5,010		179,208
Viacom, Inc., Cl. B		720		38,585
				217,793
Multiline Retail–3.4%
Target Corp.		3,910		248,168
Specialty Retail–2.2%
Lowe’s Cos., Inc.		5,370		162,389
Consumer Staples–10.1%
Beverages–4.7%
Coca-Cola Co. (The)		3,120		118,342
Molson Coors Brewing Co., Cl. B, Non-Vtg.		2,710		122,085
PepsiCo, Inc.		1,510		106,863
				347,290
Food & Staples Retailing–2.2%
Walgreen Co.		4,520		164,709
Food Products–1.0%
Kellogg Co.		1,420		73,357
Household Products–2.2%
Church & Dwight Co., Inc.		1,620		87,464
Procter & Gamble Co.		1,070		74,215
				161,679
Energy–10.6%
Energy Equipment & Services–1.0%
Baker Hughes, Inc.		1,690		76,439
Oil, Gas & Consumable Fuels–9.6%
Apache Corp.		710		61,394
Chevron Corp.		3,540		412,622
Exxon Mobil Corp.		2,554		233,563
				707,579
Financials–20.1%
Capital Markets–3.0%
BlackRock, Inc., Cl. A		400		71,320
Goldman Sachs Group, Inc. (The)		1,280		145,510
				216,830
Commercial Banks–9.1%
M&T Bank Corp.		1,890		179,852
PNC Financial Services Group, Inc.		2,240		141,344
SunTrust Banks, Inc.		4,030		113,928
Wells Fargo & Co.		6,830		235,840
				670,964
Diversified Financial Services–0.5%
Citigroup, Inc.		1,150		37,628
Insurance–7.5%
ACE Ltd.		2,340		176,904
Marsh & McLennan Cos., Inc.		6,310		214,098
MetLife, Inc.		2,060		70,988
Travelers Cos., Inc. (The)		1,290		88,055
				550,045
Health Care–15.1%
Health Care Equipment & Supplies–2.0%
Baxter International, Inc.		2,460		148,240
Health Care Providers & Services–7.1%
Humana, Inc.		4,630		324,794
UnitedHealth Group, Inc.		3,580		198,368
				523,162
Pharmaceuticals–6.0%
Merck & Co., Inc.		5,760		259,776
Teva Pharmaceutical Industries Ltd., Sponsored ADR		4,450		184,274
				444,050
Industrials–8.9%
Aerospace & Defense–3.5%
Honeywell International, Inc.		4,350		259,912
Construction & Engineering–1.3%
Quanta Services, Inc.1		3,870		95,589
Industrial Conglomerates–2.1%
Tyco International Ltd.		2,680		150,777
Machinery–1.0%
AGCO Corp.1		930		44,156
Navistar International Corp.1		1,350		28,472
				72,628
Trading Companies & Distributors–1.0%
AerCap Holdings NV1		6,010		75,125
Information Technology–8.2%
Communications Equipment–3.9%
Cisco Systems, Inc.		7,510		143,366
Juniper Networks, Inc.1		8,160		139,618
				282,984
Computers & Peripherals–1.1%
Apple, Inc.		120		80,071
Electronic Equipment, Instruments & Components–1.0%
TE Connectivity Ltd.		2,140		72,781
Semiconductors & Semiconductor Equipment–2.2%
Analog Devices, Inc.		1,950		76,420

1 OPPENHEIMER VALUE FUND/VA

STATEMENT OF INVESTMENTS Unaudited / (Continued)

	Shares			Value
Semiconductors & Semiconductor Equipment (Continued)
Xilinx, Inc.		2,630		$	87,868
					164,288
Materials–4.4%
Chemicals–2.6%
Celanese Corp., Series A		940			35,635
Mosaic Co. (The)		2,650			152,666
					188,301
Containers & Packaging–1.8%
Rock-Tenn Co., Cl. A		1,870			134,977
Telecommunication Services–3.8%
Diversified Telecommunication Services–3.8%
AT&T, Inc.		2,952			111,290
Verizon Communications, Inc.		3,680			167,698
					278,988
Utilities–3.7%
Electric Utilities–2.3%
American Electric Power Co., Inc.		2,140			94,032
Edison International		1,620			74,018
					168,050
Multi-Utilities–1.4%
NiSource, Inc.		1,620			41,278
Public Service Enterprise Group, Inc.		1,960			63,073
					104,351
Total Common Stocks (Cost $6,185,274)					7,015,081
Investment Company–5.1%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.18%2,3 (Cost $372,638)		372,638			372,638
Total Investments, at Value (Cost $6,557,912)		100.4	%		7,387,719
Liabilities in Excess of Other Assets		(0.4	)		(30,282	)
Net Assets		100.0	%	$	7,357,437

Footnotes to Statement of Investments

* September 28, 2012 represents the last business day of the Fund’s quarterly period. See accompanying Notes.

1. Non-income producing security.

2. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 28, 2012, 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 December 30,  2011ª		Gross Additions		Gross Reductions		Shares September 28,  2012
Oppenheimer Institutional Money Market Fund, Cl. E		374,186		3,056,578		3,058,126		372,638
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	372,638	$	486

a. December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See accompanying Notes.

3. Rate shown is the 7-day yield as of September 28, 2012.

2 OPPENHEIMER VALUE FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

Quarterly and Annual Periods. The last day of the Fund’s quarterly period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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

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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when

3 OPPENHEIMER VALUE FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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 and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

4 OPPENHEIMER VALUE FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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. 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)

5 OPPENHEIMER VALUE FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

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

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

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts as of September 28, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	764,287	$	—	$	—	$	764,287
Consumer Staples		747,035		—		—		747,035
Energy		784,018		—		—		784,018
Financials		1,475,467		—		—		1,475,467
Health Care		1,115,452		—		—		1,115,452
Industrials		654,031		—		—		654,031
Information Technology		600,124		—		—		600,124
Materials		323,278		—		—		323,278
Telecommunication Services		278,988		—		—		278,988
Utilities		272,401		—		—		272,401
Investment Company		372,638		—		—		372,638
Total Assets	$	7,387,719	$	—	$	—	$	7,387,719

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.

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

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

6 OPPENHEIMER VALUE FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors.

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

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

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

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

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

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

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

The Fund’s actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below.

Risks of Investing in Derivatives. The Fund’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where

7 OPPENHEIMER VALUE FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

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

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

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

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

Option Activity

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

8 OPPENHEIMER VALUE FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports.

The Fund has purchased put options on individual equity securities and/or equity indexes to decrease exposure to equity risk. A purchased put 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 volatility indexes to increase exposure to volatility risk. A purchased call option becomes more valuable as the level of the underlying volatility index increases relative to the strike price.

During the period ended September 28, 2012, the Fund had an ending monthly average market value of $894 and $124 on purchased call options and purchased put options, respectively.

Options written, if any, are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. Securities held in collateralized accounts to cover potential obligations with respect to outstanding written options are noted in the Statement of Investments.

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

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

As of September 28, 2012, the Fund had no outstanding written or purchased options.

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 28, 2012 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

9 OPPENHEIMER VALUE FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / (Continued)

Federal tax cost of securities	$	6,673,527
Gross unrealized appreciation	$	846,331
Gross unrealized depreciation		(132,139	)
Net unrealized appreciation	$	714,192

10 OPPENHEIMER VALUE FUND/VA

Item 2. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 9/28/2012, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) There have been no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Exhibits attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Variable Account Funds

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	11/12/2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	11/12/2012

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	11/12/2012