N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4108

Oppenheimer Variable Account Funds

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OFI Global Asset Management, 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: 3/28/2013

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS    March 28, 2013* / Unaudited

	Shares		Value			Shares		Value
Common Stocks—97.9%					Energy—7.6%
Consumer Discretionary—15.9%					Energy Equipment & Services—3.0%
Distributors—1.0%					Atwood Oceanics, Inc.1		124,170	$	6,523,892
LKQ Corp.1		296,460	$	6,450,970	Dresser-Rand Group, Inc.1		75,970		4,684,310
Hotels, Restaurants & Leisure—2.4%					Oceaneering International, Inc.		124,270		8,252,771
Dunkin’ Brands Group, Inc.		150,900		5,565,192					19,460,973
Norwegian Cruise Line Holdings Ltd.1		51,360		1,522,824	Oil, Gas & Consumable Fuels—4.6%
					Cabot Oil & Gas Corp.		124,300		8,403,923
Panera Bread Co., Cl. A1		49,240		8,136,418	Concho Resources, Inc.1		96,650		9,416,609
				15,224,434	Gulfport Energy Corp1		47,550		2,179,216
Household Durables—2.7%					Oasis Petroleum, Inc.1		235,510		8,965,866
Lennar Corp., Cl. A		197,650		8,198,522					28,965,614
Toll Brothers, Inc.1		165,220		5,657,133
Whirlpool Corp.		26,610		3,152,221	Financials—7.9%
				17,007,876	Capital Markets—2.6%
Internet & Catalog Retail—0.4%					Affiliated Managers Group, Inc.1		80,690		12,391,563
HomeAway, Inc.1		70,690		2,297,425	Raymond James Financial, Inc.		86,800		4,001,480
Leisure Equipment & Products—0.5%									16,393,043
Polaris Industries, Inc.		37,110		3,432,304	Commercial Banks—1.8%
Media—0.4%					First Republic Bank		149,720		5,782,186
Lions Gate Entertainment Corp.1		98,260		2,335,640	Signature Bank1		70,820		5,577,783
Specialty Retail—5.6%									11,359,969
Dick’s Sporting Goods, Inc.		61,830		2,924,559	Insurance—1.1%
Foot Locker, Inc.		93,560		3,203,494	ProAssurance Corp.		149,560		7,078,675
GNC Holdings, Inc., Cl. A		84,550		3,321,124	Real Estate Investment Trusts (REITs)—0.8%
Penske Automotive Group, Inc.		165,640		5,525,750	Ryman Hospitality Properties		105,169		4,811,482
Tractor Supply Co.		102,160		10,637,921	Real Estate Management & Development—1.2%
Ulta Salon, Cosmetics & Fragrance, Inc.1		60,160		4,883,187	Jones Lang LaSalle, Inc.		40,380		4,014,176
Urban Outfitters, Inc.1		111,660		4,325,708	Realogy Holdings Corp.1		80,670		3,939,923
				34,821,743					7,954,099
Textiles, Apparel & Luxury Goods—2.9%					Thrifts & Mortgage Finance—0.4%
Michael Kors Holdings Ltd.1		112,740		6,402,505	Ocwen Financial Corp.1		68,450		2,595,624
PVH Corp.		55,680		5,947,181
Under Armour, Inc., Cl. A1		105,000		5,376,000	Health Care—14.5%
				17,725,686	Biotechnology—2.7%
					Alexion Pharmaceuticals, Inc.1		68,300		6,293,162
Consumer Staples—2.4%					BioMarin Pharmaceutical, Inc.1		25,370		1,579,536
Food & Staples Retailing—1.6%					Medivation, Inc.1		66,970		3,132,187
Whole Foods Market, Inc.		112,910		9,794,943
Personal Products—0.8%
Estee Lauder Cos., Inc. (The), Cl. A		75,970		4,864,359

1  OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares		Value			Shares		Value
Biotechnology (Continued)					Machinery (Continued)
Onyx Pharmaceuticals, Inc.1		60,620	$	5,386,693	Terex Corp.1		129,000	$	4,440,180
				16,391,578	Wabtec Corp.		72,740		7,427,481
Health Care Equipment & Supplies—3.9%									24,233,822
Cooper Cos., Inc. (The)		99,960		10,783,685	Road & Rail—2.7%
IDEXX Laboratories, Inc.1		50,810		4,694,336	Kansas City Southern		121,720		13,498,748
Sirona Dental Systems, Inc.1		120,010		8,848,337	Ryder System, Inc.		51,820		3,096,245
				24,326,358					16,594,993
Health Care Providers & Services—3.4%					Trading Companies & Distributors—1.6%
Catamaran Corp.1		155,224		8,231,529	United Rentals, Inc.1		178,150		9,792,906
DaVita HealthCare Partners, Inc.1		42,140		4,997,383	Information Technology—23.9%
Team Health Holdings, Inc.1		136,770		4,975,693	Communications Equipment—0.8%
Universal Health Services, Inc., Cl. B		49,650		3,171,146	Aruba Networks, Inc.1		195,980		4,848,545
				21,375,751	Computers & Peripherals—0.1%
Health Care Technology—1.3%					Stratasys Ltd.1		7,459		553,607
Cerner Corp.1		84,960		8,049,960	Electronic Equipment, Instruments, & Components—1.7%
Life Sciences Tools & Services—1.3%					IPG Photonics Corp.		56,250		3,735,562
Covance, Inc.1		22,060		1,639,499	Trimble Navigation Ltd.1		226,000		6,770,960
Illumina, Inc.1		60,420		3,262,680					10,506,522
PerkinElmer, Inc.		90,240		3,035,674	Internet Software & Services—4.8%
				7,937,853	CoStar Group, Inc.1		63,490		6,949,615
Pharmaceuticals—1.9%					Equinix, Inc.1		50,580		10,940,960
Actavis, Inc.1		102,850		9,473,513	LinkedIn Corp., Cl. A1		70,550		12,421,033
Zoetis, Inc.1		80,450		2,687,030					30,311,608
				12,160,543	IT Services—3.3%
Industrials—17.8%					Alliance Data Systems Corp.1		40,480		6,553,307
Aerospace & Defense—4.2%					Gartner, Inc.1		59,930		3,260,791
B/E Aerospace, Inc.1		130,590		7,873,271	MAXIMUS, Inc.		62,250		4,978,132
Hexcel Corp.1		208,420		6,046,264	Teradata Corp.1		54,690		3,199,912
TransDigm Group, Inc.		77,610		11,868,121	Vantiv, Inc., Cl. A1		142,270		3,377,490
				25,787,656					21,369,632
Building Products—1.3%					Semiconductors & Semiconductor Equipment—3.3%
Fortune Brands Home & Security, Inc.1		212,820		7,965,853	Avago Technologies Ltd.		94,460		3,393,003
Commercial Services & Supplies—0.8%					Cavium, Inc.1		178,340		6,921,375
Stericycle, Inc.1		48,820		5,183,708	KLA-Tencor Corp.		55,650		2,934,981
Electrical Equipment—3.4%					Microchip Technology, Inc.		82,930		3,048,507
AMETEK, Inc.		291,102		12,622,183	NXP Semiconductors NV1		153,280		4,638,253
Roper Industries, Inc.		69,540		8,853,137					20,936,119
				21,475,320	Software—9.9%
Machinery—3.8%					Aspen Technology, Inc.1		203,560		6,572,952
Graco, Inc.		53,030		3,077,331	CommVault Systems, Inc.1		100,290		8,221,774
Nordson Corp.		69,900		4,609,905	Concur Technologies, Inc.1		95,458		6,554,146
Pentair Ltd.		88,700		4,678,925

2  OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares		Value			Shares			Value
Software (Continued)					Containers & Packaging—1.0%
Informatica Corp.1		170,040	$	5,861,279	Ball Corp.		70,190			3,339,640
NetSuite, Inc.1		108,032		8,649,042	Rock-Tenn Co., Cl. A		35,400			3,284,766
Red Hat, Inc.1		93,090		4,706,630						6,624,406
ServiceNow, Inc.1		101,430		3,671,766
SolarWinds, Inc.1		118,500		7,003,350	Telecommunication Services—1.9%
Splunk, Inc.1		123,250		4,933,698	Wireless Telecommunication Services—1.9%
Ultimate Software Group, Inc. (The)1		48,110		5,011,138	SBA Communications Corp., Cl. A 1		161,810			11,653,556
Workday, Inc., Cl. A1		13,960		860,355	Total Common Stocks (Cost $423,338,882)					613,973,081
				62,046,130
					Investment Company—2.6%
Materials—6.0%					Oppenheimer Institutional Money Market Fund, Cl. E, 0.14%2,3
Chemicals—4.0%					(Cost $16,261,005)		16,261,005			16,261,005
Airgas, Inc.		15,795		1,566,232	Total Investments, at Value
Axiall Corp.		54,510		3,388,342	(Cost $439,599,887)		100.5%			630,234,086
CF Industries Holdings, Inc.		32,000		6,091,840	Liabilities in Excess of Other Assets		(0.5	)		(2,989,429)
Cytec Industries, Inc.		62,080		4,598,886	Net Assets		100.0%		$	627,244,657
Eastman Chemical Co.		43,070		3,009,301
Westlake Chemical Corp.		66,040		6,174,740
				24,829,341
Construction Materials—1.0%
Eagle Materials, Inc.		96,690		6,442,455

Footnotes to Statement of Investments

* March 28, 2013 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 March 28, 2013, 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 31, 2012		Gross Additions		Gross Reductions		Shares March 28, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		11,313,011		57,226,801		52,278,807		16,261,005
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	16,261,005	$	2,922

3. Rate shown is the 7-day yield as of March 28, 2013.

3  OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited

The Fund changed its name to Oppenheimer Discovery Mid Cap Growth Fund/VA from Oppenheimer Small- & Mid-Cap Growth Fund/VA.

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.

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 the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to 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

4  OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO STATEMENT OFINVESTMENTSUnaudited / (Continued)

Securities Valuation (Continued)

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

5  OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO STATEMENT OFINVESTMENTSUnaudited / (Continued)

Securities Valuation (Continued)

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 DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO STATEMENT OFINVESTMENTSUnaudited / (Continued)

Securities Valuation (Continued)

The table below categorizes amounts as of March 28, 2013 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	$	99,296,078	$	—	$	—	$	99,296,078
Consumer Staples		14,659,302		—		—		14,659,302
Energy		48,426,587		—		—		48,426,587
Financials		50,192,892		—		—		50,192,892
Health Care		90,242,043		—		—		90,242,043
Industrials		111,034,258		—		—		111,034,258
Information Technology		150,572,163		—		—		150,572,163
Materials		37,896,202		—		—		37,896,202
Telecommunication Services		11,653,556		—		—		11,653,556
Investment Company		16,261,005		—		—		16,261,005
Total Assets	$	630,234,086	$	—	$	—	$	630,234,086

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.

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 March 28, 2013 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.

Total federal tax cost	$	439,954,734
Gross unrealized appreciation	$	191,687,749
Gross unrealized depreciation		(1,408,397)
Net unrealized appreciation	$	190,279,352

7  OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

	Shares			Value
Common Stocks—59.4%
Consumer Discretionary—4.8%
Automobiles—0.5%
Ford Motor Co.		121,180	$		1,593,517
Hotels, Restaurants & Leisure—0.8%
Las Vegas Sands Corp.		9,580			539,833
MGM Mirage, Inc.1		140,200			1,843,630
					2,383,463
Household Durables—0.9%
Newell Rubbermaid, Inc.		97,110			2,534,571
Media—0.6%
Comcast Corp., Cl. A		45,130			1,895,911
Multiline Retail—1.2%
Target Corp.		53,200			3,641,540
Specialty Retail—0.8%
Lowe’s Cos., Inc.		60,060			2,277,475
Consumer Staples—7.0%
Beverages—1.4%
Molson Coors Brewing Co., Cl. B, Non-Vtg.		46,690			2,284,542
PepsiCo, Inc.		23,430			1,853,547
					4,138,089
Food & Staples Retailing—2.2%
Sysco Corp.		25,740			905,276
Walgreen Co.		118,130			5,632,438
					6,537,714
Food Products—1.9%
ConAgra Foods, Inc.		25,350			907,784
Kellogg Co.		29,250			1,884,578
Tyson Foods, Inc., Cl. A		75,570			1,875,647
Unilever NV, NY Shares		22,080			905,280
					5,573,289
Household Products—1.2%
Procter & Gamble Co. (The)		46,690			3,597,931
Tobacco—0.3%
Lorillard, Inc.		22,300			899,805
Energy—7.0%
Energy Equipment & Services—0.6%
Baker Hughes, Inc.		38,890			1,804,885
Oil, Gas & Consumable Fuels—6.4%
Anadarko Petroleum Corp.		10,400			909,480
Apache Corp.		17,820			1,374,991
BP plc, ADR		66,270			2,806,535
Chevron Corp.		59,930			7,120,883
Devon Energy Corp.		38,990			2,199,816
Exxon Mobil Corp.		30,230			2,724,025
Suncor Energy, Inc.		59,760			1,793,398
					18,929,128
Financials—14.7%
Capital Markets—3.4%
BlackRock, Inc.		2,740			703,851

1 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

	Shares			Value
Capital Markets Continued
Charles Schwab Corp. (The)		50,620	$		895,468
Goldman Sachs Group, Inc. (The)		44,890			6,605,564
Northern Trust Corp.		33,080			1,804,845
					10,009,728
Commercial Banks—3.5%
CIT Group, Inc.1		24,540			1,066,999
M&T Bank Corp.		38,520			3,973,723
SunTrust Banks, Inc.		92,200			2,656,282
Wells Fargo & Co.		72,890			2,696,201
					10,393,205
Consumer Finance—0.2%
Capital One Financial Corp.		11,820			649,509
Diversified Financial Services—3.5%
Bank of America Corp.		255,630			3,113,573
Citigroup, Inc.		95,850			4,240,404
JPMorgan Chase & Co.		62,610			2,971,471
					10,325,448
Insurance—4.1%
ACE Ltd.		59,030			5,251,899
Aflac, Inc.		13,340			693,947
Allstate Corp.		18,380			901,907
American International Group, Inc.1		23,460			910,717
Marsh & McLennan Cos., Inc.		72,740			2,761,938
Travelers Cos., Inc. (The)		21,430			1,804,192
					12,324,600
Health Care—7.5%
Biotechnology—0.3%
Amgen, Inc.		9,850			1,009,724
Health Care Equipment & Supplies—1.3%
Baxter International, Inc.		52,600			3,820,864
Health Care Providers & Services—1.9%
Cardinal Health, Inc.		12,740			530,239
Humana, Inc.		58,140			4,018,055
UnitedHealth Group, Inc.		16,270			930,807
					5,479,101
Pharmaceuticals—4.0%
Bristol-Myers Squibb Co.		33,800			1,392,222
Merck & Co., Inc.		114,630			5,070,085
Novartis AG, ADR		25,810			1,838,704
Pfizer, Inc.		47,550			1,372,293
Roche Holding Ltd., Sponsored ADR1		16,050			940,530
Sanofi-Aventis SA, ADR		18,340			936,807
Teva Pharmaceutical Industries Ltd., Sponsored ADR		10,050			398,784
					11,949,425
Industrials—7.8%
Aerospace & Defense—2.3%
Honeywell International, Inc.		60,560			4,563,196

2 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

	Shares			Value
Aerospace & Defense Continued
United Technologies Corp.		24,130	$		2,254,466
					6,817,662
Air Freight & Logistics—0.1%
FedEx Corp.		4,300			422,260
Airlines—1.2%
Delta Air Lines, Inc.1		53,210			878,497
United Continental Holdings, Inc.1		83,110			2,660,351
					3,538,848
Commercial Services & Supplies—1.0%
Tyco International Ltd.		95,900			3,068,800
Construction & Engineering—0.6%
Quanta Services, Inc.1		61,800			1,766,244
Electrical Equipment—0.6%
ABB Ltd., Sponsored ADR		23,540			535,770
Eaton Corp. plc		21,500			1,316,875
					1,852,645
Machinery—1.4%
AGCO Corp.		53,830			2,805,620
Navistar International Corp.1		37,070			1,281,510
					4,087,130
Trading Companies & Distributors—0.6%
Wesco International, Inc.1		24,480			1,777,493
Information Technology—4.5%
Communications Equipment—0.4%
Cisco Systems, Inc.		63,750			1,333,013
Computers & Peripherals—1.6%
Apple, Inc.		4,300			1,903,309
EMC Corp.1		18,080			431,931
SanDisk Corp.1		46,790			2,573,450
					4,908,690
Electronic Equipment, Instruments & Components—0.8%
TE Connectivity Ltd.		53,870			2,258,769
Semiconductors & Semiconductor Equipment—1.4%
Microchip Technology, Inc.		14,790			543,680
Micron Technology, Inc.1		99,690			994,906
Xilinx, Inc.		66,080			2,522,274
					4,060,860
Software—0.3%
Oracle Corp.		25,130			812,704
Materials—1.6%
Chemicals—1.6%
Celanese Corp., Series A		27,190			1,197,720
Lyondellbasell Industries NV, Cl. A		29,946			1,895,282
Mosaic Co. (The)		29,420			1,753,726
					4,846,728

3 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Shares			Value
Telecommunication Services—2.8%
Diversified Telecommunication Services—2.3%
CenturyLink, Inc.			25,400	$		892,302
Orbcomm, Inc.1			375			1,954
Verizon Communications, Inc.			123,080			6,049,382
						6,943,638
Wireless Telecommunication Services—0.5%
Vodafone Group plc, Sponsored ADR			54,690			1,553,743
Utilities—1.7%
Electric Utilities—1.5%
American Electric Power Co., Inc.			53,850			2,618,726
Edison International			40,660			2,046,011
						4,664,737
Multi-Utilities—0.2%
PG&E Corp.			12,240			545,047
Total Common Stocks (Cost $151,556,305)						177,027,933
		Principal Amount
Asset-Backed Securities—5.6%
AESOP Funding II LLC, Automobile Receivables Nts., Series 2011-1A, Cl. A, 1.85%, 11/20/142	$		185,000			186,303
Ally Master Owner Trust, Asset-Backed Nts., Series 2012-2, Cl. A, 0.703%, 3/15/163			350,000			350,267
American Credit Acceptance Receivables Trust 2012-2, Automobile Receivables-Backed Nts., Series 2012-2, Cl. A, 1.89%, 7/15/162			233,606			234,542
American Credit Acceptance Receivables Trust 2012-3, Automobile Receivable Nts.: Series 2012-3, Cl. A, 1.64%, 11/15/162			97,766			97,787
Series 2012-3, Cl. C, 2.78%, 9/17/182			55,000			54,992
AmeriCredit Automobile Receivables Trust 2010-1, Automobile Receivables-Backed Nts., Series 2010-1, Cl. D, 6.65%, 7/17/17			210,000			223,396
AmeriCredit Automobile Receivables Trust 2010-2, Automobile Receivables-Backed Nts.: Series 2010-2, Cl. C, 4.52%, 10/8/15			290,000			297,591
Series 2010-2, Cl. D, 6.24%, 6/8/16			40,000			42,771
AmeriCredit Automobile Receivables Trust 2011-1, Automobile Receivables-Backed Nts., Series 2011-1, Cl. D, 4.26%, 2/8/17			90,000			95,269
AmeriCredit Automobile Receivables Trust 2011-2, Automobile Receivables-Backed Nts.: Series 2011-2, Cl. B, 2.33%, 3/8/16			300,000			304,010
Series 2011-2, Cl. D, 4%, 5/8/17			300,000			317,405
AmeriCredit Automobile Receivables Trust 2011-4, Automobile Receivables-Backed Nts., Series 2011-4, Cl. D, 4.08%, 9/8/17			500,000			528,851
AmeriCredit Automobile Receivables Trust 2011-5, Automobile Receivables-Backed Nts., Series 2011-5, Cl. D, 5.05%, 12/8/17			305,000			331,841

4 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
AmeriCredit Automobile Receivables Trust 2012-1, Automobile Receivables-Backed Nts., Series 2012-1, Cl. D, 4.72%, 3/8/18	$		540,000	$		588,413
AmeriCredit Automobile Receivables Trust 2012-2, Automobile Receivables-Backed Nts., Series 2012-2, Cl. D, 3.38%, 4/9/18			455,000			476,601
AmeriCredit Automobile Receivables Trust 2012-5, Automobile Receivables-Backed Nts.: Series 2012-5, Cl. C, 1.69%, 11/8/18			165,000			166,513
Series 2012-5, Cl. D, 2.35%, 12/10/18			225,000			228,464
AmeriCredit Automobile Receivables Trust 2013-1, Automobile Receivables-Backed Nts.: Series 2013-1, Cl. C, 1.57%, 1/8/19			225,000			225,734
Series 2013-1, Cl. D, 2.09%, 2/8/19			195,000			195,328
Avis Budget Rental Car Funding AESOP LLC, Automobile Receivable Nts.: Series 2010-3A, Cl. A, 4.64%, 5/20/162			20,000			21,485
Series 2011-2A, Cl. A, 2.37%, 11/20/142			300,000			306,504
Series 2011-3A, Cl. B, 4.74%, 11/20/172			150,000			162,905
Series 2012-1A, Cl. A, 2.054%, 8/20/162			235,000			240,429
Capital Auto Receivables Asset Trust 2013-1, Automobile Receivables Nts., Series 2013-1, Cl. D, 2.19%, 9/20/21			125,000			124,970
CarMax Auto Owner Trust 2013-1, Automobile Receivables Nts., Series 2013-1, Cl. D, 1.99%, 8/15/19			105,000			105,294
Centre Point Funding LLC, Asset-Backed Nts., Series 2010-1A, Cl. 1, 5.43%, 7/20/162			48,402			51,068
Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15			250,000			252,105
CPS Auto Trust, Automobile Receivable Nts.: Series 2012-B, Cl. A, 2.52%, 9/16/192			285,919			286,933
Series 2012-C, Cl. A, 1.82%, 12/16/192			100,911			101,423
Credit Acceptance Auto Loan Trust, Automobile Receivable Nts.: Series 2012-1A, Cl. A, 2.20%, 9/16/192			175,000			177,440
Series 2012-2A, Cl. A, 1.52%, 3/16/202			100,000			100,680
Series 2012-2A, Cl. B, 2.21%, 9/15/202			50,000			50,510
DSC Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2011-1, Cl. A, 3.91%, 3/15/16			310,000			314,770
DT Auto Owner Trust 2010-1A, Automobile Receivable Nts., Series 2010-1A, Cl. D, 5.92%, 9/15/162			151,048			151,870
DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/17/152			197,640			198,399
DT Auto Owner Trust 2011-2A, Automobile Receivable Nts., Series 2011-2A, Cl. C, 3.05%, 2/16/162			81,534			81,727
DT Auto Owner Trust 2011-3A, Automobile Receivable Nts., Series 2011-3A, Cl. C, 4.03%, 12/15/172			299,000			303,874
DT Auto Owner Trust 2012-1A, Automobile Receivable Nts., Series 2012-1A, Cl. A, 1.05%, 1/15/152			74,040			74,118
DT Auto Owner Trust 2012-2, Automobile Receivable Nts.: Series 2012-2, Cl. C, 2.72%, 4/17/172			65,000			65,882

5 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Series 2012-2, Cl. D, 4.35%, 3/15/192	$		80,000	$		82,818
Enterprise Fleet Financing LLC, Automobile Receivable Nts., Series 2012-2, Cl. A2, 0.72%, 4/20/182			40,000			40,017
Exeter Automobile Receivables Trust, Automobile Receivable Nts.: Series 2012-1A, Cl. A, 2.02%, 8/15/162			117,955			118,607
Series 2012-2A, Cl. A, 1.30%, 6/15/172			124,563			124,924
Series 2012-2A, Cl. B, 2.22%, 12/15/172			130,000			131,690
Series 2012-2A, Cl. C, 3.06%, 7/16/182			35,000			35,512
First Investors Auto Owner Trust 2011-1, Automobile Receivable Nts., Series 2011-1, Cl. A2, 1.47%, 3/16/15			13,131			13,139
First Investors Auto Owner Trust 2012-1A, Automobile Receivables Nts., Series 2012-1A, Cl. D, 5.65%, 4/15/182			140,000			150,193
Ford Credit Auto Owner Trust 2013-A, Automobile Receivables Nts., Series 2013-A, Cl. D, 1.86%, 8/15/19			195,000			195,781
Ford Credit Floorplan Master Owner Trust A, Automobile Receivable Nts.: Series 2012-1, Cl. A, 0.673%, 1/15/163			155,000			155,425
Series 2012-2, Cl. C, 2.86%, 1/15/19			215,000			225,843
MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 1.553%, 3/15/163			375,000			377,010
Prestige Auto Receivables Trust, Automobile Receivable Nts., Series 2011-1A, Cl. D, 5.18%, 7/16/18			300,000			315,547
Santander Drive Auto Receivables Trust 2010-3, Automobile Receivables Nts., Series 2010-3, Cl. C, 3.06%, 11/15/17			350,000			361,292
Santander Drive Auto Receivables Trust 2010-A, Automobile Receivables Nts., Series 2010-A, Cl. A3, 1.83%, 11/17/142			48,697			48,952
Santander Drive Auto Receivables Trust 2010-B, Automobile Receivables Nts., Series 2010-B, Cl. C, 3.02%, 10/17/162			290,000			294,566
Santander Drive Auto Receivables Trust 2011-1, Automobile Receivables Nts., Series 2011-1, Cl. D, 4.01%, 2/15/17			360,000			376,385
Santander Drive Auto Receivables Trust 2011-4, Automobile Receivables Nts., Series 2011-4, Cl. B, 2.90%, 5/16/16			105,000			107,497
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/174			131,063			131,564
Santander Drive Auto Receivables Trust 2011-S2A, Automobile Receivables Nts., Series 2011-S2A, Cl. D, 3.35%, 6/15/174			127,613			128,609
Santander Drive Auto Receivables Trust 2012-1, Automobile Receivables Nts., Series 2012-1, Cl. A2, 1.25%, 4/15/15			35,123			35,217
Santander Drive Auto Receivables Trust 2012-2, Automobile Receivables Nts.: Series 2012-2, Cl. C, 3.20%, 2/15/18			345,000			358,912
Series 2012-2, Cl. D, 3.87%, 2/15/18			375,000			395,103
Santander Drive Auto Receivables Trust 2012-4, Automobile Receivables Nts.: Series 2012-4, Cl. B, 1.83%, 3/15/17			575,000			583,988
Series 2012-4, Cl. D, 3.50%, 6/15/18			495,000			519,863

6 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Santander Drive Auto Receivables Trust 2012-5, Automobile Receivables Nts.: Series 2012-5, Cl. C, 2.70%, 8/15/18	$		125,000	$		130,551
Series 2012-5, Cl. D, 3.30%, 9/17/18			540,000			558,601
Santander Drive Auto Receivables Trust 2012-6, Automobile Receivables Nts., Series 2012-6, Cl. D, 2.52%, 9/17/18			585,000			594,734
Santander Drive Auto Receivables Trust 2012-AA, Automobile Receivables Nts., Series 2012-AA, Cl. D, 2.46%, 12/17/182			170,000			172,934
Santander Drive Auto Receivables Trust 2013-1, Automobile Receivables Nts.: Series 2013-1, Cl. C, 1.76%, 1/15/19			295,000			297,329
Series 2013-1, Cl. D, 2.80%, 1/15/19			155,000			155,159
Santander Drive Auto Receivables Trust 2013-2, Automobile Receivables Nts., Series 2013-2, Cl. D, 2.70%, 3/15/19			215,000			215,139
SNAAC Auto Receivables Trust, Automobile Receivable Nts.: Series 2012-1A, Cl. A, 1.78%, 6/15/162			108,975			109,616
Series 2012-1A, Cl. C, 4.38%, 6/15/172			125,000			129,334
United Auto Credit Securitization Trust 2012-1, Automobile Receivables Nts.: Series 2012-1, Cl. A2, 1.10%, 3/16/15			100,000			100,035
Series 2012-1, Cl. B, 1.87%, 9/15/15			170,000			170,085
Series 2012-1, Cl. C, 2.52%, 3/15/16			120,000			120,055
Series 2012-1, Cl. D, 3.12%, 3/15/18			85,000			85,050
Westlake Automobile Receivables Trust 2012-1, Automobile Receivable Nts., Series 2012-1, Cl. D, 1.03%, 3/15/162			100,000			100,202
Wheels SPV LLC, Asset-Backed Nts., Series 2012-1, Cl. A2, 1.19%, 3/20/212			157,127			158,042
World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2012-B, Cl. A, 1.76%, 5/17/21			115,000			117,143
Total Asset-Backed Securities (Cost $16,437,140)						16,640,927
Mortgage-Backed Obligations—22.0%
Government Agency—16.9%
FHLMC/FNMA/FHLB/Sponsored—16.6%
Federal Home Loan Mortgage Corp.: 3.50%, 4/1/435			990,000			1,042,091
4.50%, 10/1/18			92,752			98,791
5%, 12/1/34			6,679			7,251
5.50%, 9/1/39			971,199			1,063,901
6.50%, 4/1/18-4/1/34			76,285			86,359
7%, 10/1/31-10/1/37			481,099			557,163
8%, 4/1/16			20,437			21,628
9%, 8/1/22-5/1/25			10,010			11,265
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2426, Cl. BG, 6%, 3/15/17			176,877			189,092
Series 2427, Cl. ZM, 6.50%, 3/1/32			254,444			293,597
Series 2461, Cl. PZ, 6.50%, 6/1/32			129,266			149,109
Series 2500, Cl. FD, 0.703%, 3/15/323			18,329			18,520
Series 2526, Cl. FE, 0.603%, 6/15/293			22,991			23,136
Series 2551, Cl. FD, 0.603%, 1/15/333			15,148			15,252
Series 2626, Cl. TB, 5%, 6/1/33			323,956			355,611

7 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
FHLMC/FNMA/FHLB/Sponsored Continued
Series 3025, Cl. SJ, 24.005%, 8/15/353	$		49,117	$		72,363
Series 3822, Cl. JA, 5%, 6/1/40			316,952			332,445
Series 3848, Cl. WL, 4%, 4/1/40			331,861			353,626
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 183, Cl. IO, 17.594%, 4/1/276			164,369			24,804
Series 192, Cl. IO, 11.062%, 2/1/286			42,100			10,038
Series 2130, Cl. SC, 55.095%, 3/15/296			141,846			34,303
Series 243, Cl. 6, 0%, 12/15/326,7			140,137			31,974
Series 2796, Cl. SD, 64.651%, 7/15/266			201,443			39,291
Series 2802, Cl. AS, 40.914%, 4/15/336			63,338			2,362
Series 2920, Cl. S, 63.327%, 1/15/356			1,024,809			186,255
Series 2922, Cl. SE, 11.402%, 2/15/356			61,236			11,387
Series 3201, Cl. SG, 9.826%, 8/15/366			159,699			23,102
Series 3450, Cl. BI, 16.389%, 5/15/386			195,098			28,509
Series 3606, Cl. SN, 9.33%, 12/15/396			101,089			16,464
Series 3662, Cl. SM, 28.564%, 10/15/326			174,998			22,750
Series 3736, Cl. SN, 10.674%, 10/15/406			678,662			109,674
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 3.594%, 6/1/268			46,867			42,264
Federal National Mortgage Assn.: 2.50%, 4/1/285			14,390,000			14,931,874
3.50%, 4/1/285			835,000			885,361
4%, 4/1/435			4,670,000			4,980,117
4.50%, 4/1/28-4/1/435			6,214,000			6,695,517
5%, 4/1/435			465,000			503,799
5.50%, 9/1/20			7,072			7,745
6%, 11/1/17-3/1/37			618,991			676,884
6%, 4/1/435			425,000			465,574
6.50%, 5/1/17-10/1/19			146,014			156,748
7%, 11/1/17-10/1/35			68,792			74,557
7.50%, 1/1/33			140,298			170,238
8.50%, 7/1/32			6,839			8,075
Federal National Mortgage Assn., 15 yr., 3%, 4/1/285			1,125,000			1,183,140
Federal National Mortgage Assn., 30 yr., 3.50%, 4/1/435			6,670,000			7,045,188
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Trust 1998-61, Cl. PL, 6%, 11/25/28			115,486			130,958
Trust 2003-130, Cl. CS, 13.692%, 12/25/333			30,637			37,457
Trust 2003-28, Cl. KG, 5.50%, 4/25/23			574,817			635,732
Trust 2004-101, Cl. BG, 5%, 1/25/20			583,842			621,633
Trust 2005-104, Cl. MC, 5.50%, 12/25/25			590,115			654,120
Trust 2005-31, Cl. PB, 5.50%, 4/25/35			250,000			307,106
Trust 2005-69, Cl. LE, 5.50%, 11/1/33			72,123			73,733
Trust 2006-11, Cl. PS, 23.818%, 3/25/363			173,526			255,059
Trust 2006-46, Cl. SW, 23.451%, 6/25/363			132,213			194,785
Trust 2006-50, Cl. KS, 23.451%, 6/25/363			30,394			45,006
Trust 2007-109, Cl. NF, 0.754%, 12/25/373			304,188			308,100

8 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
FHLMC/FNMA/FHLB/Sponsored Continued
Trust 2007-42, Cl. A, 6%, 2/1/33	$		118,463	$		120,526
Trust 2009-36, Cl. FA, 1.144%, 6/25/373			314,318			318,534
Trust 2009-37, Cl. HA, 4%, 4/1/19			248,531			263,688
Trust 2009-70, Cl. PA, 5%, 8/1/35			87,410			88,046
Trust 2011-15, Cl. DA, 4%, 3/1/41			137,511			146,950
Trust 2011-3, Cl. KA, 5%, 4/1/40			340,284			374,871
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-65, Cl. S, 26.136%, 11/25/316			296,442			68,415
Trust 2001-81, Cl. S, 22.481%, 1/25/326			72,959			15,466
Trust 2002-47, Cl. NS, 33.976%, 4/25/326			202,245			45,800
Trust 2002-51, Cl. S, 34.173%, 8/25/326			185,709			40,277
Trust 2002-52, Cl. SD, 40.484%, 9/25/326			245,176			50,950
Trust 2002-77, Cl. SH, 36.841%, 12/18/326			114,695			22,895
Trust 2002-84, Cl. SA, 32.304%, 12/25/326			290,377			55,014
Trust 2002-9, Cl. MS, 25.952%, 3/25/326			79,070			16,559
Trust 2003-33, Cl. SP, 25.47%, 5/25/336			315,326			47,759
Trust 2003-4, Cl. S, 27.611%, 2/25/336			184,679			35,383
Trust 2003-46, Cl. IH, 0%, 6/1/236,7			670,404			90,174
Trust 2003-89, Cl. XS, 0%, 11/25/326,7			5,655			18
Trust 2004-54, Cl. DS, 45.205%, 11/25/306			194,434			37,648
Trust 2004-56, Cl. SE, 11.346%, 10/25/336			60,160			10,856
Trust 2005-12, Cl. SC, 14.367%, 3/25/356			30,734			5,912
Trust 2005-14, Cl. SE, 42.81%, 3/25/356			99,581			14,759
Trust 2005-40, Cl. SA, 54.925%, 5/25/356			527,372			98,157
Trust 2005-71, Cl. SA, 58.628%, 8/25/256			531,691			82,523
Trust 2005-93, Cl. SI, 18.381%, 10/25/356			141,292			23,043
Trust 2007-75, Cl. BI, 8.156%, 8/25/376			1,031,229			213,855
Trust 2007-88, Cl. XI, 40.011%, 6/25/376			414,127			62,675
Trust 2008-46, Cl. EI, 17.048%, 6/25/386			197,191			29,240
Trust 2008-55, Cl. SA, 8.822%, 7/25/386			347,435			50,918
Trust 2009-8, Cl. BS, 22.687%, 2/25/246			107,325			10,220
Trust 222, Cl. 2, 27.348%, 6/1/236			344,884			62,016
Trust 233, Cl. 2, 48.013%, 8/1/236			238,289			45,651
Trust 252, Cl. 2, 44.236%, 11/1/236			310,979			59,519
Trust 319, Cl. 2, 3.067%, 2/1/326			75,485			18,042
Trust 320, Cl. 2, 11.67%, 4/1/326			22,827			3,692
Trust 321, Cl. 2, 1.579%, 4/1/326			266,246			63,079
Trust 331, Cl. 9, 6.882%, 2/1/336			277,030			64,916
Trust 334, Cl. 17, 13.985%, 2/1/336			167,237			34,297
Trust 339, Cl. 12, 19.242%, 6/1/336			261,425			48,961
Trust 339, Cl. 7, 70.367%, 8/1/336			753,870			112,858
Trust 343, Cl. 13, 38.592%, 9/1/336			239,109			35,526
Trust 345, Cl. 9, 99.999%, 1/1/346			226,954			32,323
Trust 351, Cl. 10, 9.684%, 4/1/346			34,518			5,103
Trust 351, Cl. 8, 33.498%, 4/1/346			113,409			16,710

9 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
FHLMC/FNMA/FHLB/Sponsored Continued
Trust 356, Cl. 10, 74.376%, 6/1/356	$		84,216	$		12,032
Trust 356, Cl. 12, 84.292%, 2/1/356			45,023			6,400
Trust 362, Cl. 13, 38.859%, 8/1/356			310,792			51,424
Trust 364, Cl. 16, 84.362%, 9/1/356			219,073			29,373
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 4.112%, 9/25/238			125,265			117,565
						49,583,501
GNMA/Guaranteed—0.3%
Government National Mortgage Assn.: 7%, 1/1/24			67,947			79,598
7.50%, 1/1/23-6/1/24			55,102			61,401
8%, 5/1/17-4/15/23			43,650			49,287
8.50%, 8/1/17-12/15/17			13,021			13,908
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, 79.584%, 1/16/276			253,903			51,302
Series 2002-15, Cl. SM, 69.941%, 2/16/326			286,987			62,712
Series 2002-76, Cl. SY, 79.526%, 12/16/266			674,951			150,479
Series 2004-11, Cl. SM, 73.268%, 1/17/306			243,158			64,563
Series 2007-17, Cl. AI, 22.875%, 4/16/376			656,437			136,575
Series 2011-52, Cl. HS, 13.376%, 4/16/416			316,617			81,095
						750,920
Non-Agency—5.1%
Commercial—3.3%
Banc of America Commercial Mortgage Trust 2006-6, Commercial Mtg. Pass-Through Certificates, Series 2006-6, Cl. AM, 5.39%, 10/1/45			265,000			290,280
Bear Stearns ARM Trust 2007-4, Mtg. Pass-Through Certificates, Series 2007-4, Cl. 22A1, 5.353%, 6/1/473			177,610			158,442
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, Commercial Mtg. Pass-Through Certificates, Series 2007-PWR17, Cl. AM, 5.893%, 6/1/503			305,000			354,012
CFCRE Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2011-C1, Cl. A1, 1.871%, 4/1/442			74,664			75,903
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37			35,894			30,003
Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.053%, 12/1/493			90,000			104,430
Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2012-CR5, Cl. E, 4.335%, 12/1/453			50,000			46,439
Series 2012-CR4, Cl. D, 4.579%, 10/1/452,3			35,000			33,317
Credit Suisse First Boston Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-C6, Cl. AJ, 5.23%, 12/1/40			275,000			295,764
CSMC Mortgage-Backed Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. 1A4, 6%, 7/1/36			289,489			225,098

10 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Commercial Continued
CSMC Mortgage-Backed Trust 2006-C1, Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.404%, 2/1/393	$		175,000	$		191,053
DBUBS Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2011-LC1, Cl. E, 5.557%, 11/1/462,3			50,000			53,306
Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36			284,794			215,911
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Series 2012-CR5, Cl. XA, 3.847%, 12/1/456			448,286			54,523
Series 2010-C1, Cl. XPA, 5.01%, 7/1/462,6			2,991,374			161,500
EverBank Mortgage Loan Trust, Commercial Mtg. Pass-Through Certificates, Series 2013-1, Cl. A1, 2.25%, 4/1/43			470,000			469,906
First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35			286,553			292,672
First Horizon Alternative Mortgage Securities Trust 2005-FA8, Mtg. Pass-Through Certificates, Series 2005-FA8, Cl. 1A6, 0.854%, 11/25/353			228,387			173,430
First Horizon Alternative Mortgage Securities Trust 2005-FA9, Mtg. Pass-Through Certificates, Series 2005-FA9, Cl. A4A, 5.50%, 12/1/35			20,123			18,783
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/1/37			497,483			398,266
First Horizon Alternative Mortgage Securities Trust 2007-FA4, Mtg. Pass-Through Certificates, Series 2007-FA4, Cl. 1A6, 6.25%, 8/1/373			250,558			220,196
FREMF Mortgage Trust 2013-K25, Commerical Mtg. Pass-Through Certificates, Series 2013-K25, Cl. C, 3.617%, 11/1/453			60,000			56,142
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2006-GG7, Commercial Mtg. Pass-Through Certificates, Series 2006-GG7, Cl. AM, 5.866%, 7/1/383			190,000			213,260
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			127,245
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2011-GC3, Cl. A1, 2.331%, 3/1/44			160,562			163,812
GS Mortgage Securities Trust 2006-GG6, Commercial Mtg. Pass-Through Certificates, Series 2006-GG6, Cl. AM, 5.622%, 4/1/38			286,699			317,584
GSR Mortgage Loan Trust 2005-AR4, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 6A1, 5.25%, 7/1/35			97,266			96,138
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6 A1, 4.895%, 11/1/353			263,248			223,521
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2011-C3, Cl. A1, 1.875%, 2/1/462			234,166			237,796
Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/494			84,800			86,797

11 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Commercial Continued
Series 2007-LDP10, Cl. A3S, 5.317%, 1/1/49	$		520,000	$		535,688
JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 8/1/37			271,898			254,903
JPMorgan, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2009-5, Cl. 1A2, 2.614%, 7/1/362,3			260,147			190,063
Mastr Adjustable Rate Mortgages Trust 2004-13, Mtg. Pass-Through Certificates, Series 2004-13, Cl. 2A2, 2.671%, 4/1/343			137,211			143,441
Merrill Lynch Mortgage Trust 2006-C2, Commercial Mtg. Pass-Through Certificates, Series 2006-C2, Cl. AM, 5.782%, 8/1/43			290,000			329,354
Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6, Commerical Mtg. Pass-Through Certificates, Series 2012-C6, Cl. E, 4.665%, 11/1/452,3			95,000			90,544
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7, Commerical Mtg. Pass-Through Certificates, Series 2013-C7, Cl. D, 4.31%, 2/1/46			115,000			106,116
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8, Commerical Mtg. Pass-Through Certificates, Series 2013-C8, Cl. D, 4.173%, 12/1/48			80,000			72,742
Morgan Stanley Capital I Trust 2007-IQ13, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ13, Cl. AM, 5.406%, 3/1/44			260,000			290,067
Morgan Stanley Capital I Trust 2007-IQ15, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ15, Cl. AM, 5.889%, 6/1/493			345,000			382,510
Morgan Stanley, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2012-R3, Cl. 1B, 2.404%, 11/1/363,4			271,213			137,607
Structured Adjustable Rate Mortgage Loan Trust 2006-4, Commercial Mtg. Pass-Through Certificates, Series 2006-4, Cl. 6A, 5.312%, 5/1/363			168,328			145,817
Structured Adjustable Rate Mortgage Loan Trust 2007-6, Mtg. Pass-Through Certificates, Series 2007-6, Cl. 3A1, 4.716%, 7/1/373			273,605			223,999
UBS-Barclays Commercial Mortgage Trust 2012-C2, Commerical Mtg. Pass-Through Certificates, Series 2012-C2, Cl. E, 4.893%, 5/1/632,3			45,000			43,513
WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A4, 2.527%, 12/1/353			133,062			126,106
Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.611%, 2/1/353			56,014			55,751
Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005-AR15, Cl. 1A6, 2.617%, 9/1/353			140,052			132,167
Wells Fargo Mortgage-Backed Securities 2007-16 Trust, Mtg. Pass-Through Certificates, Series 2007-16, Cl. 1A1, 6%, 12/4/37			293,231			315,281

12 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Commercial Continued
Wells Fargo Mortgage-Backed Securities 2007-AR8 Trust, Mtg. Pass-Through Certificates, Series 2007-AR8, Cl. A1, 5.992%, 11/1/373	$		164,455	$		149,394
WFRBS Commercial Mortgage Trust 2011-C3, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 12.11%, 3/1/446			4,056,651			322,317
WFRBS Commercial Mortgage Trust 2012-C10, Commercial Mtg. Pass-Through Certificates, Series 2012-C10, Cl. D, 4.462%, 12/1/452,3			50,000			46,339
WFRBS Commercial Mortgage Trust 2012-C7, Commercial Mtg. Pass-Through Certificates, Series 2012-C7, Cl. E, 4.85%, 6/1/452,3			80,000			77,613
WFRBS Commercial Mortgage Trust 2012-C8, Commercial Mtg. Pass-Through Certificates, Series 2012-C8, Cl. D, 4.88%, 8/1/452,3			95,000			92,409
WFRBS Commercial Mortgage Trust 2013-C11, Commercial Mtg. Pass-Through Certificates, Series 2013-C11, Cl. D, 4.186%, 3/1/452,3			49,000			44,797
						9,694,067
Multifamily—0.4%
CHL Mortgage Pass-Through Trust 2006-20, Mtg. Pass-Through Certificates, Series 2006-20, Cl. 1A17, 5.75%, 2/1/37			319,383			294,716
Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1A2A, 5.547%, 6/1/363			160,957			151,626
Countrywide Alternative Loan Trust 2005-86CB, Mtg. Pass-Through Certificates, Series 2005-86CB, Cl. A8, 5.50%, 2/1/36			54,766			49,845
Countrywide Alternative Loan Trust 2005-J14, Mtg. Pass-Through Certificates, Series 2005-J14, Cl. A7, 5.50%, 12/1/35			110,630			93,482
Countrywide Alternative Loan Trust 2006-24CB, Mtg. Pass-Through Certificates, Series 2006-24CB, Cl. A12, 5.75%, 6/1/36			102,031			84,357
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 4.924%, 5/1/373			34,045			33,289
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.767%, 3/25/363			655,068			646,375
						1,353,690
Residential—1.4%
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.164%, 5/25/343			132,431			127,272
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2007-4, Cl. AM, 5.821%, 2/1/513			320,000			368,207
Series 2007-1, Cl. 1A3, 6%, 1/1/37			174,338			155,299
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.449%, 5/1/363			71,683			71,177
Banc of America Mortgage 2001-E Trust, Mtg. Pass-Through Certificates, Series 2004-E, Cl. 2A6, 3.104%, 6/1/343			193,381			190,494

13 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Residential Continued
Carrington Mortgage Loan Trust, Asset-Backed Pass-Through Certificates, Series 2006-FRE1, Cl. A2, 0.314%, 7/25/363	$		137,789	$		133,644
CHL Mortgage Pass-Through Trust 2005-26, Mtg. Pass-Through Certificates, Series 2005-26, Cl. 1A8, 5.50%, 11/1/35			214,412			211,058
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35			114,332			108,196
CHL Mortgage Pass-Through Trust 2006-17, Mtg. Pass-Through Certificates, Series 2006-17, Cl. A2, 6%, 12/1/36			271,058			250,305
CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36			104,578			99,204
CHL Mortgage Pass-Through Trust 2007-15, Mtg. Pass-Through Certificates, Series 2007-15, Cl. 1A29, 6.25%, 9/1/37			18,169			17,398
Countrywide Alternative Loan Trust 2005-29CB, Mtg. Pass-Through Certificates, Series 2005-29CB, Cl. A4, 5%, 7/1/35			661,800			527,347
Countrywide Alternative Loan Trust 2007-19, Mtg. Pass-Through Certificates, Series 2007-19, Cl. 1A34, 6%, 8/1/37			341,458			282,677
Countrywide Home Loans, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.194%, 5/1/363			298,052			278,863
CSMC Mortgage-Backed Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 2A10, 6%, 4/1/37			166,774			146,876
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.324%, 6/25/473			136,187			134,814
GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36			89,764			88,432
JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36			105,864			101,674
RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/1/33			99,374			102,341
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/1/36			19,994			15,184
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36			32,951			30,262
WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 5.114%, 5/1/373			157,997			153,183
WaMu Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2006-AR18, Cl. 3A1, 4.547%, 1/1/373			84,144			75,408
Wells Fargo Alternative Loan 2007-PA5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-PA5, Cl. 1A1, 6.25%, 11/1/37			226,031			216,278
Wells Fargo Mortgage-Backed Securities 2005-9 Trust, Mtg. Pass-Through Certificates, Series 2005-9, Cl. 2A6, 5.25%, 10/25/35			88,337			93,661
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.649%, 10/1/363			157,871			154,519
						4,133,773
Total Mortgage-Backed Obligations (Cost $63,702,351)						65,515,951

14 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
U.S. Government Obligations—0.8%
Federal Home Loan Mortgage Corp. Nts.: 0.875%, 3/7/18	$		354,000	$		353,897
1.25%, 5/12/17-10/2/19			250,000			250,392
1.75%, 5/30/19			80,000			82,458
2.375%, 1/13/229			611,000			637,644
5.25%, 4/18/16			300,000			343,866
5.50%, 7/18/16			65,000			75,673
Federal National Mortgage Assn. Nts.: 0.875%, 2/8/18			252,000			251,677
1.125%, 4/27/17			191,000			194,757
5.375%, 6/12/17			75,000			89,540
Total U.S. Government Obligations (Cost $2,207,736)						2,279,904
Non-Convertible Corporate Bonds and Notes—16.9%
Consumer Discretionary—2.3%
Auto Components—0.1%
Dana Holding Corp., 6.75% Sr. Unsec. Nts., 2/15/21			289,000			317,900
Automobiles—0.3%
Daimler Finance North America LLC, 8.50% Sr. Unsec. Unsub. Nts., 1/18/31			164,000			254,937
Ford Motor Credit Co. LLC, 5.875% Sr. Unsec. Nts., 8/2/21			648,000			742,959
						997,896
Diversified Consumer Services—0.1%
Service Corp International, 4.50% Sr. Unsec. Unsub. Nts., 11/15/20			290,000			292,900
Hotels, Restaurants & Leisure—0.3%
Hyatt Hotels Corp., 5.75% Sr. Unsec. Unsub. Nts., 8/15/152			520,000			565,207
Starwood Hotels & Resorts Worldwide, Inc., 7.15% Sr. Unsec. Unsub. Nts., 12/1/19			164,000			207,640
						772,847
Household Durables—0.2%
Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22			323,000			347,629
Lennar Corp., 4.125% Sr. Unsec. Nts., 12/1/182			305,000			305,763
						653,392
Media—0.8%
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22			205,000			311,397
Comcast Corp., 4.65% Sr. Unsec. Unsub. Nts., 7/15/42			93,000			95,191
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.15% Sr. Unsec. Nts., 3/15/42			80,000			77,724
DISH DBS Corp., 6.75% Sr. Unsec. Nts., 6/1/21			317,000			353,851
Interpublic Group of Cos., Inc. (The): 6.25% Sr. Unsec. Nts., 11/15/14			155,000			166,625
10% Sr. Unsec. Nts., 7/15/17			324,000			348,300
Lamar Media Corp., 5% Sr. Unsec. Sub. Nts., 5/1/23			296,000			297,480
News America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41			109,000			131,207
Time Warner Cable, Inc., 4.50% Sr. Unsec. Unsub. Nts., 9/15/42			90,000			82,272
Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33			181,000			251,225
Time Warner, Inc., 9.15% Debs., 2/1/23			38,000			55,423

15 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Media Continued
WPP Finance 2010, 5.125% Sr. Unsec. Unsub. Nts., 9/7/42	$		90,000	$		89,065
						2,259,760
Multiline Retail—0.2%
Dollar General Corp., 4.125% Nts., 7/15/17			289,000			311,759
Macy’s Retail Holdings, Inc., 5.75% Sr. Unsec. Nts., 7/15/14			414,000			439,276
						751,035
Specialty Retail—0.1%
Limited Brands, Inc., 6.625% Sr. Nts., 4/1/21			315,000			357,525
Textiles, Apparel & Luxury Goods—0.2%
Hanesbrands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 12/15/20			271,000			296,406
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22			298,000			295,765
						592,171
Consumer Staples—0.8%
Beverages—0.3%
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39			146,000			235,990
Coca-Cola HBC Finance BV, 5.125% Sr. Unsec. Unsub. Nts., 9/17/13			294,000			299,060
Fortune Brands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/14			87,000			92,648
Foster’s Finance Corp., 4.875% Sr. Unsec. Nts., 10/1/142			270,000			286,633
SABMiller Holdings, Inc., 4.95% Sr. Unsec. Nts., 1/15/42			125,000			138,688
						1,053,019
Food & Staples Retailing—0.1%
Delhaize Group, 5.70% Sr. Unsec. Nts., 10/1/40			141,000			138,238
Safeway, Inc., 5.625% Sr. Unsec. Unsub. Nts., 8/15/14			104,000			110,260
						248,498
Food Products—0.2%
Bunge Ltd. Finance Corp.: 5.35% Sr. Unsec. Unsub. Nts., 4/15/14			236,000			246,474
8.50% Sr. Unsec. Nts., 6/15/19			207,000			267,294
ConAgra Foods, Inc., 4.65% Sr. Unsec. Unsub. Nts., 1/25/43			140,000			140,126
						653,894
Personal Products—0.1%
Avon Products, Inc., 4.60% Sr. Unsec. Nts., 3/15/20			252,000			262,361
Tobacco—0.1%
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39			143,000			241,753
Energy—2.3%
Energy Equipment & Services—0.4%
Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21			322,000			360,337
Noble Holding International Ltd., 7.375% Sr. Unsec. Bonds, 3/15/14			276,000			292,854
Rowan Cos., Inc., 4.875% Sr. Unsec. Nts., 6/1/22			216,000			235,372
Weatherford International Ltd. Bermuda, 5.125% Sr. Unsec. Unsub. Nts., 9/15/20			189,000			204,284
						1,092,847
Oil, Gas & Consumable Fuels—1.9%
Anadarko Petroleum Corp.: 6.20% Sr. Unsec. Nts., 3/15/40			117,000			142,552

16 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Oil, Gas & Consumable Fuels Continued
7.625% Sr. Unsec. Nts., 3/15/14	$		206,000	$		219,154
Canadian Oil Sands Ltd.: 5.80% Sr. Unsec. Nts., 8/15/132			318,000			324,081
6% Sr. Unsec. Nts., 4/1/422			129,000			147,681
Cimarex Energy Co., 5.875% Sr. Unsec. Unsub. Nts., 5/1/22			272,000			293,080
Copano Energy LLC/Copano Energy Finance Corp., 7.125% Sr. Unsec. Unsub. Nts., 4/1/21			323,000			374,680
DCP Midstream Operating LP: 2.50% Sr. Unsec. Unsub. Nts., 12/1/17			250,000			254,191
3.875% Sr. Unsec. Nts., 3/15/23			147,000			148,207
El Paso Pipeline Partners Operating Co. LLC, 4.70% Sr. Unsec. Nts., 11/1/42			200,000			191,215
Enbridge Energy Partners LP, 5.35% Sr. Unsec. Nts., 12/15/14			209,000			224,354
EnCana Holdings Finance Corp., 5.80% Sr. Unsec. Unsub. Nts., 5/1/14			139,000			146,255
Energy Transfer Partners LP: 4.65% Sr. Unsec. Unsub. Nts., 6/1/21			256,000			279,295
5.20% Sr. Unsec. Unsub. Nts., 2/1/22			92,000			103,538
8.50% Sr. Unsec. Nts., 4/15/14			180,000			193,802
NuStar Logistics LP, 4.75% Sr. Unsec. Unsub. Nts., 2/1/22			291,000			283,309
Phillips 66, 4.30% Sr. Unsec. Unsub. Nts., 4/1/222			202,000			222,316
Range Resources Corp., 5.75% Sr. Unsec. Sub. Nts., 6/1/21			285,000			307,088
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/142			291,000			310,279
Rockies Express Pipeline LLC, 3.90% Sr. Unsec. Unsub. Nts., 4/15/152			327,000			331,088
Southwestern Energy Co., 4.10% Sr. Unsec. Nts., 3/15/22			160,000			169,529
Talisman Energy, Inc.: 5.125% Sr. Unsec. Unsub. Nts., 5/15/15			222,000			238,455
6.25% Sr. Unsec. Unsub. Nts., 2/1/38			82,000			93,097
Williams Cos, Inc. (The), 3.70% Unsec. Unsub. Nts., 1/15/23			149,000			148,324
Woodside Finance Ltd.: 4.60% Sr. Unsec. Nts., 5/10/212			223,000			248,915
5% Sr. Unsec. Nts., 11/15/132			312,000			319,907
						5,714,392
Financials—5.7%
Capital Markets—1.5%
Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/192			364,000			437,369
Carlyle Holdings Finance LLC, 3.875% Unsec. Nts., 2/1/232			245,000			251,647
Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34			340,000			355,733
Goldman Sachs Group, Inc. (The): 5.25% Sr. Unsec. Nts., 7/27/21			271,000			307,776
6.25% Sr. Nts., 2/1/41			307,000			366,711
Macquarie Bank Ltd., 6.625% Unsec. Sub. Nts., 4/7/212			466,000			521,843
Morgan Stanley: 3.75% Sr. Unsec. Nts., 2/25/23			297,000			301,044
4.875% Sub. Nts., 11/1/22			240,000			255,091
6.375% Sr. Unsec. Nts., 7/24/42			313,000			378,030

17 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Capital Markets Continued
Nomura Holdings, Inc., 2% Sr. Unsec. Nts., 9/13/16	$		550,000	$		549,160
Raymond James Financial, Inc., 5.625% Sr. Nts., 4/1/24			265,000			302,877
UBS AG (Stamford CT), 2.25% Sr. Unsec. Nts., 8/12/13			139,000			139,756
UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Nts.10			310,000			322,013
						4,489,050
Commercial Banks—1.3%
Amsouth Bank NA (Birmingham AL), 5.20% Unsec. Sub. Nts., 4/1/15			276,000			294,235
CIT Group, Inc., 5.50% Sr. Unsec. Nts., 2/15/192			100,000			110,250
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			267,000			298,227
HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/353			720,000			729,000
Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/202			237,000			266,307
Mercantile Bankshares Corp., 4.625% Unsec. Sub. Nts., Series B, 4/15/13			218,000			218,275
RBS Citizens Financial Group, Inc., 4.15% Sub. Nts., 9/28/222			231,000			237,852
Royal Bank of Scotland Group plc, 7.64% Jr. Sub. Perpetual Bonds, Series U10			300,000			270,000
Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K10			333,000			384,823
Zions Bancorp, 4.50% Sr. Unsec. Unsub. Nts., 3/27/17			487,000			520,844
						3,974,819
Consumer Finance—0.4%
American Express Bank FSB, 5.50% Sr. Unsec. Nts., 4/16/13			329,000			329,513
Discover Financial Services, 3.85% Sr. Unsec. Unsub. Nts., 11/21/22			457,000			471,292
SLM Corp., 5.50% Sr. Unsec. Nts., 1/25/23			270,000			268,659
						1,069,464
Diversified Financial Services—1.0%
Citigroup, Inc.: 3.375% Sr. Unsec. Unsub. Nts., 3/1/23			219,000			221,389
4.05% Unsec. Unsub. Nts., 7/30/22			136,000			140,862
5.95% Jr. Sub. Perpetual Bonds10			292,000			303,315
ING Bank NV, 3.75% Unsec. Nts., 3/7/172			108,000			115,236
ING US, Inc., 5.50% Sr. Unsec. Nts., 7/15/222			178,000			197,431
Jefferies Group, Inc., 5.125% Sr. Unsec. Nts., 1/20/23			149,000			158,172
JPMorgan Chase & Co., 7.90% Jr. Sub. Perpetual Bonds, Series 110			1,037,000			1,193,158
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38			373,000			499,424
						2,828,987
Insurance—0.9%
Assurant, Inc., 2.50% Sr. Unsec. Nts., 3/15/18			148,000			147,181
CNA Financial Corp.: 5.75% Sr. Unsec. Unsub. Nts., 8/15/21			290,000			343,309
5.875% Sr. Unsec. Unsub. Bonds, 8/15/20			169,000			199,364
Gulf South Pipeline Co. LP, 5.05% Sr. Unsec. Nts., 2/1/152			260,000			277,936
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Bonds, 4/20/67			514,000			519,140
Marsh & McLennan Cos., Inc., 5.375% Nts., 7/15/14			64,000			67,670

18 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Insurance Continued
Prudential Financial, Inc.: 5.20% Unsec. Sub. Nts., 3/15/44	$		206,000	$		207,908
5.625% Unsec. Sub. Nts., 6/15/43			223,000			231,920
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds2,10			495,000			526,433
Willis Group Holdings plc, 4.125% Sr. Unsec. Unsub. Nts., 3/15/16			116,000			123,349
						2,644,210
Real Estate Investment Trusts (REITs)—0.6%
American Tower Corp.: 5.05% Sr. Unsec. Unsub. Nts., 9/1/20			75,000			83,434
7% Sr. Unsec. Nts., 10/15/17			294,000			350,088
Corrections Corp. of America, 4.125% Sr. Unsec. Nts., 4/1/204,5			110,000			112,269
Duke Realty LP, 6.25% Sr. Unsec. Unsub. Nts., 5/15/13			322,000			324,069
Hospitality Properties Trust, 5.125% Sr. Unsec. Nts., 2/15/15			262,000			274,172
Host Hotels & Resorts, Inc., 3.75% Sr. Unsec. Nts., 10/15/23			203,000			204,301
National Retail Properties, Inc., 6.25% Sr. Unsec. Unsub. Nts., 6/15/14			211,000			223,336
WEA Finance LLC/WT Finance Aust Pty Ltd., 7.50% Sr. Unsec. Nts., 6/2/142			283,000			304,155
						1,875,824
Health Care—0.7%
Biotechnology—0.3%
Amgen, Inc., 3.625% Sr. Unsec. Unsub. Nts., 5/15/22			299,000			320,071
Celgene Corp., 3.25% Sr. Unsec. Nts., 8/15/22			322,000			326,548
Gilead Sciences, Inc., 5.65% Sr. Unsec. Nts., 12/1/41			167,000			203,785
						850,404
Health Care Equipment & Supplies—0.0%
Medtronic, Inc., 4% Sr. Unsec. Unsub. Nts., 4/1/43			111,000			108,642
Health Care Providers & Services—0.3%
Cardinal Health, Inc.: 1.70% Sr. Unsec. Nts., 3/15/18			99,000			98,859
3.20% Sr. Unsec. Nts., 3/15/23			147,000			146,683
Express Scripts Holding Co., 6.25% Sr. Unsec. Nts., 6/15/14			268,000			285,368
McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41			183,000			237,053
						767,963
Pharmaceuticals—0.1%
Zoetis, Inc.: 1.875% Sr. Unsec. Nts., 2/1/182			98,000			98,791
4.70% Sr. Unsec. Nts., 2/1/432			147,000			150,927
						249,718
Industrials—1.5%
Aerospace & Defense—0.2%
BE Aerospace, Inc., 5.25% Sr. Unsec. Unsub. Nts., 4/1/22			222,000			230,048
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21			280,000			305,900
						535,948
Building Products—0.1%
Owens Corning, 4.20% Sr. Unsec. Nts., 12/15/22			224,000			229,701

19 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Commercial Services & Supplies—0.1%
Clean Harbors, Inc., 5.25% Sr. Unsec. Unsub. Nts., 8/1/20	$		298,000	$		309,175
Industrial Conglomerates—0.4%
General Electric Capital Corp.:
6.375% Unsec. Sub. Bonds, 11/15/67			644,000			684,250
7.125% Jr. Sub. Perpetual Bonds10			300,000			349,791
						1,034,041
Machinery—0.3%
CNH Capital LLC, 6.25% Sr. Unsec. Nts., 11/1/16			338,000			375,180
Kennametal, Inc., 3.875% Sr. Unsec. Unsub. Nts., 2/15/22			234,000			243,574
SPX Corp., 6.875% Sr. Unsec. Nts., 9/1/172			286,000			319,605
						938,359
Professional Services—0.1%
FTI Consulting, Inc., 6.75% Sr. Unsec. Nts., 10/1/20			288,000			313,200
Road & Rail—0.2%
Kansas City Southern de Mexico SA de CV, 6.625% Sr. Unsec. Unsub. Nts., 12/15/20			255,000			290,700
Penske Truck Leasing Co. LP/PTL Finance Corp.: 2.50% Sr. Nts., 7/11/142			289,000			293,649
4.25% Sr. Unsec. Nts., 1/17/232			150,000			151,490
						735,839
Trading Companies & Distributors—0.1%
International Lease Finance Corp., 5.875% Sr. Unsec. Unsub. Nts., 4/1/19			272,000			295,311
Information Technology—0.7%
Computers & Peripherals—0.2%
Hewlett-Packard Co.:
2.65% Sr. Unsec. Unsub. Nts., 6/1/16			495,000			505,321
4.75% Sr. Unsec. Nts., 6/2/14			200,000			208,962
						714,283
Electronic Equipment, Instruments & Components—0.3%
Amphenol Corp., 4.75% Sr. Unsec. Unsub. Nts., 11/15/14			79,000			83,724
Arrow Electronics, Inc., 5.125% Sr. Unsec. Unsub. Nts., 3/1/21			340,000			363,924
Avnet, Inc., 4.875% Sr. Unsec. Unsub. Nts., 12/1/22			335,000			348,330
						795,978
Office Electronics—0.1%
Xerox Corp., 5.65% Sr. Unsec. Nts., 5/15/13			330,000			331,831
Semiconductors & Semiconductor Equipment—0.1%
Maxim Integrated Products, Inc., 3.375% Sr. Unsec. Nts., 3/15/23			141,000			142,400
Materials—1.2%
Chemicals—0.1%
Agrium, Inc., 6.125% Sr. Unsec. Nts., 1/15/41			54,000			60,914
Eastman Chemical Co., 4.80% Sr. Unsec. Nts., 9/1/42			68,000			71,008
RPM International, Inc., 3.45% Sr. Unsec. Nts., 11/15/22			144,000			143,120
Sherwin-Williams Co. (The), 4% Sr. Unsec. Unsub. Nts., 12/15/42			143,000			140,694
						415,736

20 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Containers & Packaging—0.4%
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25% Sr. Unsec. Nts., 2/1/21	$		308,000	$		338,030
Packaging Corp. of America, 3.90% Sr. Unsec. Unsub. Nts., 6/15/22			228,000			235,752
Rock Tenn Co., 3.50% Sr. Unsec. Unsub. Nts., 3/1/20			289,000			296,046
Sealed Air Corp., 8.375% Sr. Unsec. Nts., 9/15/212			270,000			310,500
						1,180,328
Metals & Mining—0.6%
Allegheny Technologies, Inc., 5.95% Sr. Unsec. Unsub. Nts., 1/15/21			168,000			188,223
Carpenter Technology Corp., 4.45% Sr. Unsec. Nts., 3/1/23			96,000			98,851
Cliffs Natural Resources, Inc., 3.95% Sr. Unsec. Unsub. Nts., 1/15/18			270,000			271,499
Freeport-McMoRan Copper & Gold, Inc., 3.55% Sr. Unsec. Nts., 3/1/22			227,000			226,222
Petrohawk Energy Corp., 6.25% Sr. Unsec. Nts., 6/1/19			499,000			567,651
Xstrata Canada Corp.: 5.375% Sr. Unsec. Unsub. Nts., 6/1/15			135,000			145,897
6% Sr. Unsec. Unsub. Nts., 10/15/15			264,000			292,926
Xstrata Finance Canada Ltd., 5.80% Sr. Unsec. Unsub. Bonds, 11/15/162			35,000			39,885
						1,831,154
Paper & Forest Products—0.1%
International Paper Co., 6% Sr. Unsec. Unsub. Nts., 11/15/41			139,000			162,574
Telecommunication Services—0.9%
Diversified Telecommunication Services—0.7%
AT&T, Inc., 6.30% Sr. Unsec. Bonds, 1/15/38			329,000			396,582
British Telecommunications plc, 9.625% Bonds, 12/15/30			209,000			325,156
CenturyLink, Inc., 5.625% Sr. Unsec. Unsub. Nts., 4/1/20			301,000			308,374
Frontier Communications Corp., 8.50% Sr. Unsec. Nts., 4/15/20			267,000			303,713
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38			255,000			267,044
Telefonica Emisiones SAU, 7.045% Sr. Unsub. Unsec. Nts., 6/20/36			188,000			203,019
Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38			152,000			184,457
						1,988,345
Wireless Telecommunication Services—0.2%
America Movil SAB de CV, 4.375% Sr. Unsec. Unsub. Nts., 7/16/42			151,000			140,170
CC Holdings GS V LLC, 3.849% Sr. Sec. Nts., 4/15/232			144,000			145,483
MetroPCS Wireless, Inc., 6.25% Sr. Unsec. Nts., 4/1/212			295,000			301,269
Vodafone Group plc, 4.375% Sr. Unsec. Unsub. Nts., 2/19/43			77,000			73,908
						660,830
Utilities—0.8%
Electric Utilities—0.6%
Edison International, 3.75% Sr. Unsec. Unsub. Nts., 9/15/17			438,000			477,896
Electricite de France SA, 5.25% Jr. Sub. Perpetual Nts.2,3,10			240,000			239,042
Exelon Generation Co. LLC, 4.25% Sr. Unsec. Unsub. Nts., 6/15/22			152,000			160,343

21 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount				Value
Electric Utilities Continued
FirstEnergy Corp., 4.25% Sr. Unsec. Unsub. Nts., 3/15/23	$		180,000		$		182,548
Great Plains Energy, Inc., 2.75% Sr. Unsec. Unsub. Nts., 8/15/13			354,000				356,202
PPL Capital Funding, Inc., 3.50% Sr. Unsec. Nts., 12/1/22			223,000				225,269
PPL WEM Holdings plc, 5.375% Sr. Unsec. Nts., 5/1/212			290,000				332,245
							1,973,545
Energy Traders—0.1%
TransAlta Corp., 5.75% Sr. Unsec. Nts., 12/15/13			316,000				326,790
Multi-Utilities—0.1%
CMS Energy Corp.:
4.70% Sr. Unsec. Nts., 3/31/43			102,000				102,587
5.05% Sr. Unsec. Unsub. Nts., 3/15/22			97,000				112,207
							214,794
Total Non-Convertible Corporate Bonds and Notes (Cost $47,371,960)							50,251,433
		Shares
Investment Company—9.0%
Oppenheimer Institutional Money Market Fund, Cl. E, 014%11,12 (Cost $26,909,419)			26,909,419				26,909,419
Total Investments, at Value (Cost $308,184,911)			113.7	%			338,625,567
Liabilities in Excess of Other Assets			(13.7	)			(40,777,614	)
Net Assets			100.0	%	$		297,847,953

Footnotes to Statement of Investments

*March 28, 2013 represents the last business day of 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 $14,782,820 or 4.96% of the Fund’s net assets as of March 28, 2013.

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

4. Restricted security. The aggregate value of restricted securities as of March 28, 2013 was $596,846, which represents 0.20% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost	Value	Unrealized Appreciation
Corrections Corp. of America, 4.125% Sr. Unsec. Nts., 4/1/20		3/21/13	$  110,000	$  112,269	$      2,269
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial  Mtg.     Pass-Through Certificates, Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49		7/14/10	83,740	86,797	3,057
Morgan Stanley, Re-Securitized Real Estate Mtg. Investment  Conduit Multiclass     Pass-Through Certificates, Series 2012-R3, Cl. 1B, 2.404%,  11/1/36		10/24/12	131,102	137,607	6,505
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	131,187	131,564	377
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	127,421	128,609	1,188
			$  583,450	$  596,846	$    13,396

5. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after March 28, 2013. See accompanying Notes.

22 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

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 $3,456,417 or 1.16% of the Fund’s net assets as of March 28, 2013.

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. 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 $159,829 or 0.05% of the Fund’s net assets as of March 28, 2013.

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 $203,504. 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 March 28, 2013, 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 31, 2012		Gross Additions		Gross Reductions		Shares March 28, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		19,691,265		31,926,626		24,708,472	26,909,419
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	26,909,419	$8,246

12. Rate shown is the 7-day yield as of March 28, 2013.

Futures Contracts as of March 28, 2013 are as follows:

Contract Description	Buy/Sell		Number of Contracts		Expiration Date		Value	Unrealized   Appreciation   (Depreciation)
U.S. Long Bonds		Sell		8		6/19/13	$  1,155,750	$	(1,235)
U.S. Treasury Nts., 2 yr.		Sell		28		6/28/13	6,172,688		(308)
U.S. Treasury Nts., 5 yr.		Sell		58		6/28/13	7,195,172		(22,735)
U.S. Treasury Nts., 10 yr.		Sell		12		6/19/13	1,583,813		(795)
U.S. Treasury Ultra Bonds		Buy		34		6/19/13	5,358,188		41,069
								$	15,996

Notes to Statement of Investments

The fund has changed its name to Oppenheimer Capital Income Fund/VA from Oppenheimer Balanced Fund/VA.

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 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.

23 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

As of March 28, 2013, 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	$57,692,393
Sold securities	19,879,079

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 the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to 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.

24 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

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.

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.

25 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

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 that as of March 28, 2013 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	$	14,326,477	$	—	$	—	$	14,326,477
Consumer Staples		20,746,828		—		—		20,746,828
Energy		20,734,013		—		—		20,734,013
Financials		43,702,490		—		—		43,702,490
Health Care		22,259,114		—		—		22,259,114
Industrials		23,331,082		—		—		23,331,082
Information Technology		13,374,036		—		—		13,374,036
Materials		4,846,728		—		—		4,846,728
Telecommunication Services		8,497,381		—		—		8,497,381
Utilities		5,209,784		—		—		5,209,784
Asset-Backed Securities		—		16,640,927		—		16,640,927
Mortgage-Backed Obligations		—		65,515,951		—		65,515,951
U.S. Government Obligations		—		2,279,904		—		2,279,904
Non-Convertible Corporate Bonds and Notes		—		50,251,433		—		50,251,433
Investment Company		26,909,419		—		—		26,909,419

26 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

Total Investments, at Value		203,937,352			134,688,215		—		338,625,567
Other Financial Instruments:
Futures margins		7,971			—		—		7,971
Total Assets	$	203,945,323		$	134,688,215	$	—	$	338,633,538
Liabilities Table
Other Financial Instruments:
Futures margins	$	(20,516	)	$	—	$	—	$	(20,516)
Total Liabilities	$	(20,516	)	$	—	$	—	$	(20,516)

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.

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.

27 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (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.

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 March 28, 2013, the Fund had an ending monthly average market value of $5,395,109 and $22,560,402 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.

Restricted Securities

As of March 28, 2013, 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.

28 Oppenheimer Capital Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

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 March 28, 2013 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	$	309,188,419
Federal tax cost of other investments		(10,765,231)
Total federal tax cost	$	298,423,188
Gross unrealized appreciation	$	31,459,303
Gross unrealized depreciation		(2,006,159)
Net unrealized appreciation	$	29,453,144

29 Oppenheimer Capital Income Fund/VA  

STATEMENT OF INVESTMENTS    March 28, 2013* / Unaudited

	Shares		Value
Common Stocks—98.9%
Consumer Discretionary—15.4%
Auto Components—0.9%
Johnson Controls, Inc.	238,860	$	8,376,820
Hotels, Restaurants & Leisure—3.2%
McDonald’s Corp.	202,260		20,163,299
Yum! Brands, Inc.	152,440		10,966,534
			31,129,833
Internet & Catalog Retail—1.7%
Amazon.com, Inc.1	60,964		16,246,296
Media—2.1%
Walt Disney Co. (The)	356,810		20,266,808
Specialty Retail—4.0%
O’Reilly Automotive, Inc.1	163,750		16,792,562
Tiffany & Co.	127,700		8,880,258
TJX Cos., Inc. (The)	301,640		14,101,670
			39,774,490
Textiles, Apparel & Luxury Goods—3.5%
Coach, Inc.	191,800		9,588,082
Nike, Inc., Cl. B	260,660		15,381,547
Ralph Lauren Corp.	51,570		8,731,317
			33,700,946
Consumer Staples—12.4%
Beverages—4.4%
Brown-Forman Corp., Cl. B	151,405		10,810,317
Coca-Cola Co. (The)	378,710		15,315,032
SABMiller plc	313,390		16,494,890
			42,620,239
Food & Staples Retailing—2.0%
Costco Wholesale Corp.	183,870		19,510,446
Food Products—2.7%
Mead Johnson Nutrition Co., Cl. A	132,440		10,257,478
Nestle SA	214,252		15,493,943
			25,751,421
Household Products—1.3%
Colgate-Palmolive Co.	110,960		13,096,609
Personal Products—1.1%
Estee Lauder Cos., Inc. (The), Cl. A	168,090		10,762,803
Tobacco—0.9%
Philip Morris International, Inc.	98,010		9,086,507
Energy—8.2%
Energy Equipment & Services—4.7%
Cameron International Corp.1	191,180		12,464,936
Ensco plc, Cl. A	106,630		6,397,800
FMC Technologies, Inc.1	158,020		8,594,708

	Shares		Value
Oceaneering International, Inc.		92,960	$	6,173,474
Schlumberger Ltd.		172,440		12,914,032
				46,544,950
Oil, Gas & Consumable Fuels—3.5%
Chevron Corp.		70,040		8,322,153
Concho Resources, Inc.1		62,260		6,065,992
Noble Energy, Inc.		93,620		10,828,089
Phillips 66		119,260		8,344,622
				33,560,856
Financials—4.2%
Capital Markets—2.0%
Charles Schwab Corp. (The)		108,220		1,914,412
Goldman Sachs Group, Inc. (The)		60,660		8,926,119
Northern Trust Corp.		162,760		8,880,186
				19,720,717
Commercial Banks—1.0%
Standard Chartered plc		370,366		9,586,490
Consumer Finance—1.2%
American Express Co.		166,500		11,232,090
Health Care—13.8%
Biotechnology—3.2%
Alexion Pharmaceuticals, Inc.1		22,230		2,048,272
Biogen Idec, Inc.1		65,590		12,652,967
Medivation, Inc.1		66,900		3,128,913
Vertex Pharmaceuticals, Inc.1		239,490		13,167,160
				30,997,312
Health Care Equipment & Supplies—1.2%
Baxter International, Inc.		158,020		11,478,573
Health Care Technology—1.3%
Cerner Corp.1		130,440		12,359,190
Life Sciences Tools & Services—0.8%
Mettler-Toledo International, Inc.1		38,670		8,245,217
Pharmaceuticals—7.3%
Allergan, Inc.		150,910		16,846,083
Bristol-Myers Squibb Co.		350,740		14,446,981
Novo Nordisk AS, Cl. B		102,184		16,680,562
Perrigo Co.		80,400		9,545,892
Roche Holding AG		58,979		13,730,495
				71,250,013

1      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares		Value
Industrials—13.1%
Aerospace & Defense—4.0%
Honeywell International, Inc.		134,350		10,123,272
Precision Castparts Corp.		47,500		9,006,950
TransDigm Group, Inc.		53,800		8,227,096
United Technologies Corp.		132,970		12,423,387
				39,780,705
Electrical Equipment—2.1%
AMETEK, Inc.		118,940		5,157,238
Eaton Corp. plc		160,370		9,822,663
Roper Industries, Inc.		45,650		5,811,701
				20,791,602
Machinery—2.2%
Cummins, Inc.		92,470		10,708,951
Parker Hannifin Corp.		115,740		10,599,469
				21,308,420
Road & Rail—3.4%
J.B. Hunt Transport Services, Inc.		114,910		8,558,497
Kansas City Southern		107,680		11,941,712
Union Pacific Corp.		91,480		13,027,667
				33,527,876
Trading Companies & Distributors—1.4%
United Rentals, Inc.1		99,940		5,493,702
W.W. Grainger, Inc.		35,150		7,908,047
				13,401,749
Information Technology—26.2%
Communications Equipment—4.1%
QUALCOMM, Inc.		598,140		40,045,473
Computers & Peripherals—5.8%
Apple, Inc.		127,180		56,293,683
Internet Software & Services—5.2%
eBay, Inc.1		319,880		17,343,894
Google, Inc., Cl. A1		42,180		33,492,185
				50,836,079
IT Services—5.2%
Cognizant Technology Solutions Corp., Cl. A1		153,570		11,764,998
Fiserv, Inc.1		100,440		8,821,645
Teradata Corp.1		236,030		13,810,115
Visa, Inc., Cl. A		96,157		16,331,305
				50,728,063
Semiconductors & Semiconductor Equipment—2.5%
Avago Technologies Ltd.		232,740		8,360,021
Broadcom Corp., Cl. A		371,380		12,875,745

	Shares		Value
Texas Instruments, Inc.	79,920		$	2,835,562
				24,071,328
Software—3.4%
Intuit, Inc.	175,170			11,499,910
Salesforce.com, Inc.1	98,220			17,564,683
VMware, Inc., Cl. A1	44,780			3,532,246
				32,596,839
Materials—5.6%
Chemicals—4.6%
Ecolab, Inc.	170,690			13,685,924
Monsanto Co.	192,470			20,330,606
PPG Industries, Inc.	81,250			10,882,625
				44,899,155
Containers & Packaging—1.0%
Crown Holdings, Inc.1	232,710			9,683,063
Total Common Stocks
(Cost $613,406,841)				963,262,661
Investment Company—1.1%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.14%2,3
(Cost $10,511,686)	10,511,686			10,511,686
Total Investments, at Value
(Cost $623,918,527)		100.0%		973,774,347
Assets in Excess of Other Liabilities		0.0		124,944
Net Assets		100.0%	$	973,899,291

2      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Footnotes to Statement of Investments

*March 28, 2013 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 March 28, 2013, 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 31, 2012		Gross Additions		Gross Reductions		Shares         March 28, 2013
Oppenheimer Institutional Money Market
Fund, Cl. E		11,345,499		29,155,512		29,989,325		10,511,686
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	10,511,686	$	2,764

3. Rate shown is the 7-day yield as of March 28, 2013.

3      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

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.

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 the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to 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 Valuation (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.

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)

Securities Valuation (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)

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).

6      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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 March 28, 2013 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	$	149,495,193	$	—	$	—	$	149,495,193
Consumer Staples		120,828,025		—		—		120,828,025
Energy		80,105,806		—		—		80,105,806
Financials		40,539,297		—		—		40,539,297
Health Care		117,649,743		16,680,562		—		134,330,305
Industrials		128,810,352		—		—		128,810,352
Information Technology		254,571,465		—		—		254,571,465
Materials		54,582,218		—		—		54,582,218
Investment Company		10,511,686		—		—		10,511,686
Total Assets	$	957,093,785	$	16,680,562	$	—	$	973,774,347

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*	Transfer out of Level 2*
Assets Table
Investments, at value:
Commons Stocks
Consumer Staples	$15,237,351	$(15,237,351)
Financials	7,653,422	(7,653,422)
Health Care	12,412,144	(12,412,144)
Total Assets	$35,302,917	$(35,302,917)

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

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.

7      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

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

8      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments (Continued)

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

9      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments (Continued)

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 March 28, 2013, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $114,680 and $37,645, 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 March 28, 2013, 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 March 28, 2013 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	$	625,919,694
Gross unrealized appreciation	$	351,305,673
Gross unrealized depreciation		(3,451,020)
Net unrealized appreciation	$	347,854,653

10      OPPENHEIMER CAPITAL APPRECIATION FUND/VA

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Asset-Backed Securities—14.5%
AESOP Funding II LLC, Automobile Receivables Nts., Series 2011-1A, Cl. A, 1.85%, 11/20/141	$		235,000	$		236,655
Ally Master Owner Trust, Asset-Backed Nts., Series 2012-2, Cl. A, 0.703%, 3/15/162			515,000			515,393
American Credit Acceptance Receivables Trust 2012-2, Automobile Receivables-Backed Nts., Series 2012-2, Cl. A, 1.89%, 7/15/161			373,770			375,268
American Credit Acceptance Receivables Trust 2012-3, Automobile Receivable Nts.: Series 2012-3, Cl. A, 1.64%, 11/15/161			157,276			157,309
Series 2012-3, Cl. C, 2.78%, 9/17/181			90,000			89,986
AmeriCredit Automobile Receivables Trust 2010-1, Automobile Receivables-Backed Nts., Series 2010-1, Cl. D, 6.65%, 7/17/17			300,000			319,137
AmeriCredit Automobile Receivables Trust 2010-2, Automobile Receivables-Backed Nts.: Series 2010-2, Cl. C, 4.52%, 10/8/15			430,000			441,256
Series 2010-2, Cl. D, 6.24%, 6/8/16			275,000			294,049
AmeriCredit Automobile Receivables Trust 2011-1, Automobile Receivables-Backed Nts., Series 2011-1, Cl. D, 4.26%, 2/8/17			120,000			127,025
AmeriCredit Automobile Receivables Trust 2011-2, Automobile Receivables-Backed Nts.: Series 2011-2, Cl. B, 2.33%, 3/8/16			440,000			445,881
Series 2011-2, Cl. D, 4%, 5/8/17			525,000			555,458
AmeriCredit Automobile Receivables Trust 2011-4, Automobile Receivables-Backed Nts., Series 2011-4, Cl. D, 4.08%, 9/8/17			650,000			687,506
AmeriCredit Automobile Receivables Trust 2011-5, Automobile Receivables-Backed Nts., Series 2011-5, Cl. D, 5.05%, 12/8/17			435,000			473,282
AmeriCredit Automobile Receivables Trust 2012-1, Automobile Receivables-Backed Nts., Series 2012-1, Cl. D, 4.72%, 3/8/18			845,000			920,758
AmeriCredit Automobile Receivables Trust 2012-2, Automobile Receivables-Backed Nts., Series 2012-2, Cl. D, 3.38%, 4/9/18			695,000			727,994
AmeriCredit Automobile Receivables Trust 2012-5, Automobile Receivables-Backed Nts.: Series 2012-5, Cl. C, 1.69%, 11/8/18			255,000			257,338
Series 2012-5, Cl. D, 2.35%, 12/10/18			365,000			370,620
AmeriCredit Automobile Receivables Trust 2013-1, Automobile Receivables-Backed Nts.: Series 2013-1, Cl. C, 1.57%, 1/8/19			420,000			421,370
Series 2013-1, Cl. D, 2.09%, 2/8/19			295,000			295,496
Avis Budget Rental Car Funding AESOP LLC, Automobile Receivable Nts.: Series 2010-3A, Cl. A, 4.64%, 5/20/161			240,000			257,822
Series 2011-2A, Cl. A, 2.37%, 11/20/141			455,000			464,864
Series 2011-3A, Cl. B, 4.74%, 11/20/171			200,000			217,207
Series 2012-1A, Cl. A, 2.054%, 8/20/161			765,000			782,673

1 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Capital Auto Receivables Asset Trust 2013-1, Automobile Receivables Nts., Series 2013-1, Cl. D, 2.19%, 9/20/21	$		195,000	$		194,953
CarMax Auto Owner Trust 2013-1, Automobile Receivables Nts., Series 2013-1, Cl. D, 1.99%, 8/15/19			145,000			145,406
Centre Point Funding LLC, Asset-Backed Nts., Series 2010-1A, Cl. 1, 5.43%, 7/20/161			65,238			68,831
Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15			310,000			312,610
CPS Auto Trust, Automobile Receivable Nts.: Series 2012-B, Cl. A, 2.52%, 9/16/191			462,737			464,378
Series 2012-C, Cl. A, 1.82%, 12/16/191			155,247			156,036
Credit Acceptance Auto Loan Trust, Automobile Receivable Nts.: Series 2012-1A, Cl. A, 2.20%, 9/16/191			260,000			263,625
Series 2012-2A, Cl. A, 1.52%, 3/16/201			155,000			156,055
Series 2012-2A, Cl. B, 2.21%, 9/15/201			80,000			80,815
DSC Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2011-1, Cl. A, 3.91%, 3/15/16			400,000			406,155
DT Auto Owner Trust 2010-1A, Automobile Receivable Nts., Series 2010-1A, Cl. D, 5.92%, 9/15/161			246,447			247,787
DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/17/151			261,987			262,994
DT Auto Owner Trust 2011-2A, Automobile Receivable Nts., Series 2011-2A, Cl. C, 3.05%, 2/16/161			104,052			104,299
DT Auto Owner Trust 2011-3A, Automobile Receivable Nts., Series 2011-3A, Cl. C, 4.03%, 12/15/171			435,000			442,090
DT Auto Owner Trust 2012-1A, Automobile Receivable Nts., Series 2012-1A, Cl. A, 1.05%, 1/15/151			111,710			111,827
DT Auto Owner Trust 2012-2, Automobile Receivable Nts.: Series 2012-2, Cl. C, 2.72%, 4/17/171			100,000			101,357
Series 2012-2, Cl. D, 4.35%, 3/15/191			130,000			134,580
Enterprise Fleet Financing LLC, Automobile Receivable Nts., Series 2012-2, Cl. A2, 0.72%, 4/20/181			60,000			60,025
Exeter Automobile Receivables Trust, Automobile Receivable Nts.: Series 2012-1A, Cl. A, 2.02%, 8/15/161			167,859			168,787
Series 2012-2A, Cl. A, 1.30%, 6/15/171			194,629			195,193
Series 2012-2A, Cl. B, 2.22%, 12/15/171			205,000			207,664
Series 2012-2A, Cl. C, 3.06%, 7/16/181			35,000			35,512
First Investors Auto Owner Trust 2011-1, Automobile Receivable Nts., Series 2011-1, Cl. A2, 1.47%, 3/16/15			17,268			17,279
First Investors Auto Owner Trust 2012-1A, Automobile Receivables Nts., Series 2012-1A, Cl. D, 5.65%, 4/15/181			155,000			166,285
Ford Credit Auto Owner Trust 2013-A, Automobile Receivables Nts., Series 2013-A, Cl. D, 1.86%, 8/15/19			280,000			281,122
Ford Credit Floorplan Master Owner Trust A, Automobile Receivable Nts., Series 2012-2, Cl. C, 2.86%, 1/15/19			295,000			309,878
Ford Credit Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2012-1, Cl. C, 1.703%, 1/15/162			200,000			201,338

2 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Hertz Vehicle Financing LLC, Automobile Receivable Nts., Series 2010-1A, Cl. A1, 2.60%, 2/25/151	$		1,015,000	$		1,029,909
Prestige Auto Receivables Trust, Automobile Receivable Nts., Series 2011-1A, Cl. D., 5.18%, 7/16/18			180,000			189,328
Santander Drive Auto Receivables Trust 2010-3, Automobile Receivables Nts., Series 2010-3, Cl. C, 3.06%, 11/15/17			485,000			500,648
Santander Drive Auto Receivables Trust 2010-B, Automobile Receivables Nts., Series 2010-B, Cl. C, 3.02%, 10/17/161			470,000			477,400
Santander Drive Auto Receivables Trust 2011-1, Automobile Receivables Nts., Series 2011-1, Cl. D, 4.01%, 2/15/17			465,000			486,164
Santander Drive Auto Receivables Trust 2011-4, Automobile Receivables Nts., Series 2011-4, Cl. B, 2.90%, 5/16/16			180,000			184,281
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/173			171,574			172,229
Santander Drive Auto Receivables Trust 2011-S2A, Automobile Receivables Nts., Series 2011-S2A, Cl. D, 3.35%, 6/15/173			185,302			186,747
Santander Drive Auto Receivables Trust 2012-2, Automobile Receivables Nts.: Series 2012-2, Cl. C, 3.20%, 2/15/18			295,000			306,896
Series 2012-2, Cl. D, 3.87%, 2/15/18			545,000			574,217
Santander Drive Auto Receivables Trust 2012-4, Automobile Receivables Nts.: Series 2012-4, Cl. A3, 1.04%, 8/15/16			330,000			332,090
Series 2012-4, Cl. B, 1.83%, 3/15/17			175,000			177,736
Series 2012-4, Cl. D, 3.50%, 6/15/18			680,000			714,156
Santander Drive Auto Receivables Trust 2012-5, Automobile Receivables Nts.: Series 2012-5, Cl. C, 2.70%, 8/15/18			30,000			31,332
Series 2012-5, Cl. D, 3.30%, 9/17/18			835,000			863,762
Santander Drive Auto Receivables Trust 2012-6, Automobile Receivables Nts., Series 2012-6, Cl. D, 2.52%, 9/17/18			880,000			894,642
Santander Drive Auto Receivables Trust 2012-AA, Automobile Receivables Nts., Series 2012-AA, Cl. D, 2.46%, 12/17/181			75,000			76,294
Santander Drive Auto Receivables Trust 2013-1, Automobile Receivables Nts.: Series 2013-1, Cl. C, 1.76%, 1/15/19			455,000			458,592
Series 2013-1, Cl. D, 2.80%, 1/15/19			240,000			240,247
Santander Drive Auto Receivables Trust 2013-2, Automobile Receivables Nts., Series 2013-2, Cl. D, 2.70%, 3/15/19			325,000			325,211
SNAAC Auto Receivables Trust, Automobile Receivable Nts.: Series 2012-1A, Cl. A, 1.78%, 6/15/161			177,401			178,445
Series 2012-1A, Cl. C, 4.38%, 6/15/171			165,000			170,721
United Auto Credit Securitization Trust 2012-1, Automobile Receivables Nts.: Series 2012-1, Cl. A2, 1.10%, 3/16/15			155,000			155,054
Series 2012-1, Cl. B, 1.87%, 9/15/15			265,000			265,133
Series 2012-1, Cl. C, 2.52%, 3/15/16			190,000			190,086
Series 2012-1, Cl. D, 3.12%, 3/15/18			135,000			135,080
Westlake Automobile Receivables Trust 2012-1, Automobile Receivable Nts., Series 2012-1, Cl. D, 1.03%, 3/15/161			155,000			155,313

3 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Wheels SPV LLC, Asset-Backed Nts., Series 2012-1, Cl. A2, 1.19%, 3/20/211	$		240,311	$		241,712
World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2012-B, Cl. A, 1.76%, 5/17/21			185,000			188,447
Total Asset-Backed Securities (Cost $24,331,343)						24,633,100
Mortgage-Backed Obligations—57.4%
Government Agency—44.3%
FHLMC/FNMA/FHLB/Sponsored—43.9%
Federal Home Loan Mortgage Corp.: 3.50%, 4/1/434			1,430,000			1,505,243
5%, 12/1/34			11,354			12,327
5.50%, 9/1/39			946,549			1,036,898
6%, 5/15/18-10/15/29			1,673,662			1,831,475
6.50%, 4/1/18-4/1/34			411,447			467,094
7%, 8/1/16-10/1/37			459,484			537,806
8%, 4/1/16			95,183			100,735
9%, 8/1/22-5/1/25			44,125			49,668
10.50%, 11/14/20			2,181			2,567
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 151, Cl. F, 9%, 5/15/21			10,650			12,204
Series 1674, Cl. Z, 6.75%, 2/15/24			33,591			38,161
Series 2034, Cl. Z, 6.50%, 2/15/28			4,308			4,935
Series 2042, Cl. N, 6.50%, 3/15/28			10,967			12,566
Series 2043, Cl. ZP, 6.50%, 4/15/28			503,617			580,073
Series 2046, Cl. G, 6.50%, 4/15/28			30,822			35,312
Series 2053, Cl. Z, 6.50%, 4/15/28			5,338			6,116
Series 2066, Cl. Z, 6.50%, 6/15/28			551,316			631,926
Series 2195, Cl. LH, 6.50%, 10/15/29			422,396			484,926
Series 2220, Cl. PD, 8%, 3/15/30			2,190			2,603
Series 2326, Cl. ZP, 6.50%, 6/15/31			112,278			129,451
Series 2461, Cl. PZ, 6.50%, 6/1/32			545,978			629,789
Series 2470, Cl. LF, 1.203%, 2/15/322			4,437			4,540
Series 2500, Cl. FD, 0.703%, 3/15/322			115,783			116,989
Series 2526, Cl. FE, 0.603%, 6/15/292			156,639			157,627
Series 2538, Cl. F, 0.803%, 12/15/322			494,905			500,568
Series 2551, Cl. FD, 0.603%, 1/15/332			100,837			101,526
Series 2936, Cl. PE, 5%, 2/1/35			69,000			77,746
Series 3025, Cl. SJ, 24.005%, 8/15/352			49,117			72,363
Series 3822, Cl. JA, 5%, 6/1/40			31,215			32,741
Series 3848, Cl. WL, 4%, 4/1/40			50,501			53,813
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 205, Cl. IO, 16.597%, 9/1/295			15,116			3,175
Series 206, Cl. IO, 15.953%, 12/1/295			196,645			36,447
Series 2074, Cl. S, 59.544%, 7/17/285			3,097			730
Series 2079, Cl. S, 73.891%, 7/17/285			5,547			1,338
Series 2130, Cl. SC, 55.191%, 3/15/295			218,943			52,948
Series 243, Cl. 6, 0%, 12/15/325,6			189,863			43,319
Series 2526, Cl. SE, 36.711%, 6/15/295			7,074			1,503

4 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
FHLMC/FNMA/FHLB/Sponsored Continued
Series 2796, Cl. SD, 62.186%, 7/15/265	$		342,171	$		66,739
Series 2802, Cl. AS, 44.493%, 4/15/335			86,370			3,221
Series 2819, Cl. S, 53.076%, 6/15/345			69,816			17,104
Series 2920, Cl. S, 63.307%, 1/15/355			1,301,055			236,462
Series 2922, Cl. SE, 11.417%, 2/15/355			156,097			29,028
Series 3004, Cl. SB, 99.999%, 7/15/355			68,028			11,049
Series 3201, Cl. SG, 9.999%, 8/15/365			369,405			53,439
Series 3450, Cl. BI, 16.399%, 5/15/385			851,767			124,468
Series 3606, Cl. SN, 9.33%, 12/15/395			219,027			35,673
Series 3662, Cl. SM, 28.579%, 10/15/325			734,993			95,548
Series 3736, Cl. SN, 10.674%, 10/15/405			1,730,283			279,619
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 3.585%, 6/1/267			78,112			70,440
Federal National Mortgage Assn.: 2.50%, 4/1/284			20,570,000			21,344,590
2.796%, 10/1/362			147,703			158,068
3.50%, 4/1/284			1,265,000			1,341,295
4%, 4/1/434			6,680,000			7,123,594
4.50%, 4/1/28-4/1/434			8,260,000			8,900,936
5%, 2/25/22-7/25/22			8,866			9,574
5%, 4/1/434			655,000			709,652
5.50%, 2/1/35-5/1/36			449,521			495,017
6%, 4/1/434			160,000			175,275
6.50%, 5/1/17-1/1/34			664,013			714,103
7%, 11/1/17-7/25/35			291,540			329,929
7.50%, 1/1/33			8,966			10,879
8.50%, 7/1/32			16,121			19,034
Federal National Mortgage Assn., 15 yr., 3%, 4/1/284			1,725,000			1,814,147
Federal National Mortgage Assn., 30 yr., 3.50%, 4/1/434			9,495,000			10,029,094
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Trust 1989-17, Cl. E, 10.40%, 4/25/19			2,703			2,805
Trust 1993-87, Cl. Z, 6.50%, 6/25/23			400,635			456,586
Trust 1998-58, Cl. PC, 6.50%, 10/25/28			324,759			372,292
Trust 1998-61, Cl. PL, 6%, 11/25/28			149,820			169,892
Trust 1999-54, Cl. LH, 6.50%, 11/25/29			244,212			279,612
Trust 2001-44, Cl. QC, 6%, 9/25/16			11,646			12,350
Trust 2001-51, Cl. OD, 6.50%, 10/25/31			20,110			23,190
Trust 2001-74, Cl. QE, 6%, 12/25/31			415,107			472,414
Trust 2002-12, Cl. PG, 6%, 3/25/17			6,154			6,615
Trust 2003-28, Cl. KG, 5.50%, 4/25/23			3,441,953			3,806,709
Trust 2004-101, Cl. BG, 5%, 1/25/20			794,137			845,540
Trust 2006-11, Cl. PS, 23.818%, 3/25/362			231,916			340,884
Trust 2006-46, Cl. SW, 23.451%, 6/25/362			176,864			260,567
Trust 2006-50, Cl. KS, 23.451%, 6/25/362			264,607			391,813
Trust 2007-109, Cl. NF, 0.754%, 12/25/372			111,535			112,970
Trust 2007-42, Cl. A, 6%, 2/1/33			163,602			166,450
Trust 2009-36, Cl. FA, 1.144%, 6/25/372			332,667			337,129

5 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 27.056%, 11/18/315	$		15,744	$		2,976
Trust 2001-63, Cl. SD, 29.058%, 12/18/315			5,357			981
Trust 2001-65, Cl. S, 26.17%, 11/25/315			395,004			91,161
Trust 2001-68, Cl. SC, 19.257%, 11/25/315			3,438			633
Trust 2001-81, Cl. S, 22.517%, 1/25/325			110,671			23,461
Trust 2002-28, Cl. SA, 37.628%, 4/25/325			3,454			727
Trust 2002-38, Cl. SO, 51.136%, 4/25/325			8,925			1,870
Trust 2002-39, Cl. SD, 40.818%, 3/18/325			5,902			1,417
Trust 2002-47, Cl. NS, 33.991%, 4/25/325			343,692			77,831
Trust 2002-48, Cl. S, 31.943%, 7/25/325			5,524			1,128
Trust 2002-51, Cl. S, 34.21%, 8/25/325			315,511			68,429
Trust 2002-52, Cl. SD, 40.227%, 9/25/325			415,378			86,319
Trust 2002-52, Cl. SL, 35.803%, 9/25/325			3,570			774
Trust 2002-53, Cl. SK, 37.363%, 4/25/325			20,563			4,335
Trust 2002-56, Cl. SN, 33.683%, 7/25/325			7,532			1,539
Trust 2002-60, Cl. SM, 25.102%, 8/25/325			53,818			9,625
Trust 2002-7, Cl. SK, 24.337%, 1/25/325			24,112			4,334
Trust 2002-77, Cl. BS, 18.828%, 12/18/325			32,742			5,903
Trust 2002-77, Cl. IS, 45.234%, 12/18/325			15,206			3,704
Trust 2002-77, Cl. SA, 18.082%, 12/18/325			51,464			9,425
Trust 2002-77, Cl. SH, 33.583%, 12/18/325			164,222			32,782
Trust 2002-84, Cl. SA, 32.328%, 12/25/325			387,225			73,363
Trust 2002-9, Cl. MS, 26.938%, 3/25/325			5,875			1,230
Trust 2002-90, Cl. SN, 26.15%, 8/25/325			27,686			4,950
Trust 2002-90, Cl. SY, 34.489%, 9/25/325			19,380			3,925
Trust 2003-26, Cl. DI, 12.527%, 4/25/335			14,717			2,795
Trust 2003-33, Cl. SP, 25.509%, 5/25/335			398,125			60,300
Trust 2003-4, Cl. S, 27.674%, 2/25/335			264,460			50,669
Trust 2003-89, Cl. XS, 0%, 11/25/325,6			14,198			44
Trust 2004-54, Cl. DS, 45.307%, 11/25/305			285,962			55,370
Trust 2005-12, Cl. SC, 14.367%, 3/25/355			78,516			15,102
Trust 2005-14, Cl. SE, 42.969%, 3/25/355			237,520			35,203
Trust 2005-40, Cl. SA, 55.056%, 5/25/355			672,669			125,201
Trust 2005-40, Cl. SB, 61.277%, 5/25/355			30,557			6,516
Trust 2005-71, Cl. SA, 58.887%, 8/25/255			748,674			116,201
Trust 2005-93, Cl. SI, 12.204%, 10/25/355			581,190			94,785
Trust 2007-75, Cl. BI, 8.156%, 8/25/375			1,388,801			288,008
Trust 2008-46, Cl. EI, 17.054%, 6/25/385			860,907			127,659
Trust 2008-55, Cl. SA, 8.257%, 7/25/385			92,239			13,518
Trust 2009-8, Cl. BS, 22.646%, 2/25/245			346,646			33,010
Trust 221, Cl. 2, 45.981%, 5/1/235			5,418			1,012
Trust 222, Cl. 2, 28.081%, 6/1/235			572,805			103,000
Trust 252, Cl. 2, 44.322%, 11/1/235			530,278			101,492

6 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
FHLMC/FNMA/FHLB/Sponsored Continued
Trust 294, Cl. 2, 17.381%, 2/1/285	$		58,533	$		8,821
Trust 301, Cl. 2, 2.014%, 4/1/295			5,833			1,372
Trust 303, Cl. IO, 10.135%, 11/1/295			94,611			16,577
Trust 320, Cl. 2, 11.682%, 4/1/325			402,053			65,023
Trust 321, Cl. 2, 1.81%, 4/1/325			1,186,267			281,051
Trust 324, Cl. 2, 0.215%, 7/1/325			12,041			2,748
Trust 331, Cl. 5, 21.181%, 2/1/335			17,196			3,552
Trust 331, Cl. 9, 6.957%, 2/1/335			343,456			80,481
Trust 334, Cl. 12, 49.436%, 3/1/335			30,101			6,125
Trust 334, Cl. 17, 14.099%, 2/1/335			238,740			48,961
Trust 339, Cl. 12, 19.219%, 6/1/335			441,553			82,697
Trust 339, Cl. 7, 65.829%, 8/1/335			942,911			141,158
Trust 343, Cl. 13, 38.591%, 9/1/335			401,466			59,649
Trust 343, Cl. 18, 34.72%, 5/1/345			110,270			16,047
Trust 345, Cl. 9, 99.999%, 1/1/345			301,527			42,944
Trust 351, Cl. 10, 9.603%, 4/1/345			150,498			22,251
Trust 351, Cl. 8, 33.499%, 4/1/345			242,314			35,704
Trust 356, Cl. 10, 74.115%, 6/1/355			184,274			26,327
Trust 356, Cl. 12, 84.023%, 2/1/355			90,046			12,799
Trust 362, Cl. 13, 38.638%, 8/1/355			343,252			56,795
Trust 364, Cl. 15, 77.883%, 9/1/355			18,619			2,585
Trust 364, Cl. 16, 84.365%, 9/1/355			370,808			49,717
Trust 365, Cl. 16, 0%, 3/1/365,6			584,947			83,211
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 4.09%, 9/25/237			179,502			168,468
						74,682,813
GNMA/Guaranteed—0.4%
Government National Mortgage Assn.: 7%, 12/29/23-3/15/26			15,709			18,523
8.50%, 8/1/17-12/15/17			60,499			64,617
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/1/29			61,034			74,346
Series 2000-7, Cl. Z, 8%, 1/16/30			23,720			28,576
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 67.739%, 7/16/285			12,236			2,962
Series 2001-21, Cl. SB, 79.843%, 1/16/275			432,494			87,387
Series 2002-15, Cl. SM, 70.096%, 2/16/325			441,119			96,393
Series 2004-11, Cl. SM, 73.804%, 1/17/305			368,791			97,921
Series 2007-17, Cl. AI, 22.895%, 4/16/375			137,394			28,585
Series 2011-52, Cl. HS, 13.38%, 4/16/415			901,989			231,026
						730,336

7 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Non-Agency—13.1%
Commercial—8.0%
Asset Securitization Corp., Commercial Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 0.24%, 4/14/295	$		1,894,506	$		100,524
Banc of America Commercial Mortgage Trust 2006-6, Commercial Mtg. Pass-Through Certificates, Series 2006-6, Cl. AM, 5.39%, 10/1/45			425,000			465,543
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, Commercial Mtg. Pass-Through Certificates, Series 2007-PWR17, Cl. AM, 5.893%, 6/1/502			440,000			510,706
Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 6.926%, 6/15/243,5			2,275,275			106,230
CFCRE Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2011-C1, Cl. A1, 1.871%, 4/1/441			101,815			103,504
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35			52,578			53,804
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37			223,809			187,076
Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.053%, 12/1/492			410,000			475,736
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49			79,892			80,920
Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2012-CR5, Cl. E, 4.335%, 12/1/452			75,000			69,659
Series 2012-CR4, Cl. D, 4.579%, 10/1/451,2			50,000			47,596
Credit Suisse First Boston Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-C6, Cl. AJ, 5.23%, 12/1/40			410,000			440,957
CSMC Mortgage-Backed Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. 1A4, 6%, 7/1/36			339,982			264,360
CSMC Mortgage-Backed Trust 2006-C1, Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.404%, 2/1/392			275,000			300,226
DBUBS Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2011-LC1, Cl. E, 5.557%, 11/1/461,2			75,000			79,959
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Series 2012-CR5, Cl. XA, 3.847%, 12/1/455			2,829,185			344,098
Series 2010-C1, Cl. XPA, 5.011%, 7/1/461,5			4,210,900			227,340
First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35			415,101			423,965
First Horizon Alternative Mortgage Securities Trust 2005-FA8, Mtg. Pass-Through Certificates, Series 2005-FA8, Cl. 1A6, 0.854%, 11/25/352			346,041			262,773

8 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Commercial Continued
First Horizon Alternative Mortgage Securities Trust 2005-FA9, Mtg. Pass-Through Certificates, Series 2005-FA9, Cl. A4A, 5.50%, 12/1/35	$		20,123	$		18,783
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/1/37			257,898			206,463
First Horizon Alternative Mortgage Securities Trust 2007-FA4, Mtg. Pass-Through Certificates, Series 2007-FA4, Cl. 1A6, 6.25%, 8/1/372			379,522			333,532
FREMF Mortgage Trust 2013-K25, Commerical Mtg. Pass-Through Certificates, Series 2013-K25, Cl. C, 3.617%, 11/1/452			90,000			84,213
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2011-GC3, Cl. A1, 2.331%, 3/1/44			209,766			214,013
GS Mortgage Securities Trust 2006-GG6, Commercial Mtg. Pass-Through Certificates, Series 2006-GG6, Cl. AM, 5.622%, 4/1/38			420,274			465,549
GSR Mortgage Loan Trust 2005-AR4, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 6A1, 5.25%, 7/1/35			274,833			271,647
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 4.895%, 11/1/352			547,032			464,481
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2011-C3, Cl. A1, 1.875%, 2/1/461			297,725			302,341
Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/493			606,648			620,931
JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 8/1/37			528,691			495,644
JPMorgan, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2009-5, Cl. 1A2, 2.614%, 7/1/361,2			416,236			304,101
Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 67.486%, 2/18/305			1,395,553			29,343
Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/1/243			100,580			88,603
Merrill Lynch Mortgage Trust 2006-C2, Commercial Mtg. Pass-Through Certificates, Series 2006-C2, Cl. AM, 5.782%, 8/1/43			425,000			482,674
Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6, Commerical Mtg. Pass-Through Certificates, Series 2012-C6, Cl. E, 4.665%, 11/1/451,2			145,000			138,198
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7, Commerical Mtg. Pass-Through Certificates, Series 2013-C7, Cl. D, 4.31%, 2/1/46			175,000			161,482
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8, Commerical Mtg. Pass-Through Certificates, Series 2013-C8, Cl. D, 4.173%, 12/1/48			130,000			118,206
Morgan Stanley Capital I Trust 2007-IQ13, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ13, Cl. AM, 5.406%, 3/1/44			415,000			462,992

9 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Commercial Continued
Morgan Stanley Capital I Trust 2007-IQ15, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ15, Cl. AM, 5.889%, 6/1/492	$		490,000	$		543,276
Morgan Stanley, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2012-R3, Cl. 1B, 2.404%, 11/1/362,3			490,087			248,659
Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, 99.999%, 5/18/325			25,591,862			15,457
Structured Adjustable Rate Mortgage Loan Trust 2006-4, Commercial Mtg. Pass-Through Certificates, Series 2006-4, Cl. 6A, 5.312%, 5/1/362			315,167			273,018
Structured Adjustable Rate Mortgage Loan Trust 2007-6, Mtg. Pass-Through Certificates, Series 2007-6, Cl. 3A1, 4.716%, 7/1/372			531,115			434,822
UBS-Barclays Commercial Mortgage Trust 2012-C2, Commerical Mtg. Pass-Through Certificates, Series 2012-C2, Cl. E, 4.893%, 5/1/631,2			65,000			62,852
Wachovia Bank Commercial Mortgage Trust 2003-C5, Commercial Mtg. Pass-Through Certificates, Series 2003-C5, Cl. A2, 3.989%, 6/1/35			37,388			37,452
Wachovia Bank Commercial Mortgage Trust 2006-C28, Commercial Mtg. Pass-Through Certificates, Series 2006-C28, Cl. AM, 5.603%, 10/1/482			450,000			505,929
WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A4, 2.527%, 12/1/352			311,744			295,448
Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005-AR15, Cl. 1A6, 2.617%, 9/1/352			102,980			97,182
Wells Fargo Mortgage-Backed Securities 2007-16 Trust, Mtg. Pass-Through Certificates, Series 2007-16, Cl. 1A1, 6%, 12/4/37			448,600			482,334
Wells Fargo Mortgage-Backed Securities 2007-AR3 Trust, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. A4, 5.698%, 4/1/372			135,040			130,774
Wells Fargo Mortgage-Backed Securities 2007-AR8 Trust, Mtg. Pass-Through Certificates, Series 2007-AR8, Cl. A1, 5.992%, 11/1/372			350,705			318,587
WFRBS Commercial Mortgage Trust 2012-C10, Commercial Mtg. Pass-Through Certificates, Series 2012-C10, Cl. D, 4.462%, 12/1/451,2			75,000			69,508
WFRBS Commercial Mortgage Trust 2012-C7, Commercial Mtg. Pass-Through Certificates, Series 2012-C7, Cl. E, 4.85%, 6/1/451,2			120,000			116,420
WFRBS Commercial Mortgage Trust 2012-C8, Commercial Mtg. Pass-Through Certificates, Series 2012-C8, Cl. D, 4.88%, 8/1/451,2			145,000			141,045

10 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Commercial Continued
WFRBS Commercial Mortgage Trust 2013-C11, Commercial Mtg. Pass-Through Certificates, Series 2013-C11, Cl. D, 4.186%, 3/1/451,2	$		74,000	$		67,653
						13,648,588
Multifamily—1.1%
CHL Mortgage Pass-Through Trust 2006-20, Mtg. Pass-Through Certificates, Series 2006-20, Cl. 1A17, 5.75%, 2/1/37			520,476			480,277
Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1A2A, 5.547%, 6/1/362			329,147			310,067
Countrywide Alternative Loan Trust 2005-86CB, Mtg. Pass-Through Certificates, Series 2005-86CB, Cl. A8, 5.50%, 2/1/36			87,283			79,440
Countrywide Alternative Loan Trust 2005-J14, Mtg. Pass-Through Certificates, Series 2005-J14, Cl. A7, 5.50%, 12/1/35			85,100			71,909
Countrywide Alternative Loan Trust 2006-24CB, Mtg. Pass-Through Certificates, Series 2006-24CB, Cl. A12, 5.75%, 6/1/36			105,675			87,370
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 4.924%, 5/1/372			124,832			122,060
Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A3, 2.641%, 3/1/362			201,950			202,067
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.767%, 3/25/362			445,372			439,462
						1,792,652
Other—0.0%
Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. B, 99.999%, 10/23/175			140			5
Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. A, 3.72%, 10/23/177			207			205
						210
Residential—4.0%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2007-4, Cl. AM, 5.821%, 2/1/512			470,000			540,804
Series 2007-1, Cl. 1A3, 6%, 1/1/37			325,431			289,891
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.449%, 5/1/362			138,886			137,906
Banc of America Mortgage 2007-1 Trust, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 1A24, 6%, 3/1/37			253,541			253,322
Carrington Mortgage Loan Trust, Asset-Backed Pass-Through Certificates, Series 2006-FRE1, Cl. A2, 0.314%, 7/25/362			267,054			259,022
CHL Mortgage Pass-Through Trust 2005-26, Mtg. Pass-Through Certificates, Series 2005-26, Cl. 1A8, 5.50%, 11/1/35			253,909			249,937
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35			272,998			258,346

11 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Residential Continued
CHL Mortgage Pass-Through Trust 2005-30, Mtg. Pass-Through Certificates, Series 2005-30, Cl. A5, 5.50%, 1/1/36	$		197,287	$		197,499
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35			31,511			33,011
CHL Mortgage Pass-Through Trust 2006-17, Mtg. Pass-Through Certificates, Series 2006-17, Cl. A2, 6%, 12/1/36			426,518			393,862
CHL Mortgage Pass-Through Trust 2007-15, Mtg. Pass-Through Certificates, Series 2007-15, Cl. 1A29, 6.25%, 9/1/37			24,983			23,922
Countrywide Alternative Loan Trust 2007-19, Mtg. Pass-Through Certificates, Series 2007-19, Cl. 1A34, 6%, 8/1/37			521,598			431,806
Countrywide Home Loans, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.194%, 5/1/362			274,521			256,848
CSMC Mortgage-Backed Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 2A10, 6%, 4/1/37			310,879			273,788
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.324%, 6/25/472			11,349			11,234
GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36			201,678			198,685
JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36			462,666			444,353
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.304%, 8/25/362			59,667			22,728
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 2.60%, 10/25/362			38,511			37,711
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/293,8			3,370,016			230,846
RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/1/33			134,990			139,021
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates: Series 2006-QS13, Cl. 1A8, 6%, 9/1/36			1,582			1,202
Series 2006-QS13, Cl. 1A5, 6%, 9/25/36			45,148			34,285
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37			19,908			15,181
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36			128,142			117,685
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 4A1, 2.638%, 2/1/372			50,089			42,922
WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 5.114%, 5/1/372			656,610			636,606
WaMu Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2006-AR18, Cl. 3A1, 4.547%, 1/1/372			214,942			192,625
Wells Fargo Alternative Loan 2007-PA5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-PA5, Cl. 1A1, 6.25%, 11/1/37			381,258			364,806

12 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Residential Continued
Wells Fargo Mortgage-Backed Securities 2005-9 Trust, Mtg. Pass-Through Certificates, Series 2005-9, Cl. 2A6, 5.25%, 10/25/35	$		386,474	$		409,767
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.649%, 10/1/362			308,756			302,201
						6,801,822
Total Mortgage-Backed Obligations (Cost $98,580,707)						97,656,421
U.S. Government Obligations—2.1%
Federal Home Loan Mortgage Corp. Nts.: 0.875%, 3/7/18			926,000			925,730
1.25%, 10/2/19			510,000			507,666
2.375%, 1/13/229			894,000			932,986
5.25%, 4/18/16			515,000			590,303
Federal National Mortgage Assn. Nts., 0.875%, 2/8/18			652,000			651,165
Total U.S. Government Obligations (Cost $3,513,565)						3,607,850
Corporate Bonds and Notes—44.4%
Consumer Discretionary—6.2%
Auto Components—0.3%
Dana Holding Corp., 6.75% Sr. Unsec. Nts., 2/15/21			420,000			462,000
Automobiles—0.9%
Daimler Finance North America LLC, 8.50% Sr. Unsec. Unsub. Nts., 1/18/31			237,000			368,415
Ford Motor Credit Co. LLC, 5.875% Sr. Unsec. Nts., 8/2/21			994,000			1,139,662
						1,508,077
Diversified Consumer Services—0.2%
Service Corp International, 4.50% Sr. Unsec. Unsub. Nts., 11/15/20			435,000			439,350
Hotels, Restaurants & Leisure—0.7%
Hyatt Hotels Corp., 5.75% Sr. Unsec. Unsub. Nts., 8/15/151			773,000			840,202
Starwood Hotels & Resorts Worldwide, Inc., 7.15% Sr. Unsec. Unsub. Nts., 12/1/19			261,000			330,451
						1,170,653
Household Durables—0.6%
Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22			467,000			502,609
Lennar Corp., 4.125% Sr. Unsec. Nts., 12/1/181			460,000			461,150
						963,759
Media—2.0%
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22			292,000			443,551
Comcast Corp., 4.65% Sr. Unsec. Unsub. Nts., 7/15/42			150,000			153,533
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.15% Sr. Unsec. Nts., 3/15/42			133,000			129,217
DISH DBS Corp., 6.75% Sr. Unsec. Nts., 6/1/21			459,000			512,359
Interpublic Group of Cos., Inc. (The): 6.25% Sr. Unsec. Nts., 11/15/14			297,000			319,275
10% Sr. Unsec. Nts., 7/15/17			458,000			492,350

13 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Media Continued
Lamar Media Corp., 5% Sr. Unsec. Sub. Nts., 5/1/23	$		473,000	$		475,365
News America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41			162,000			195,004
Time Warner Cable, Inc., 4.50% Sr. Unsec. Unsub. Nts., 9/15/42			134,000			122,494
Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33			257,000			356,712
Time Warner, Inc., 9.15% Debs., 2/1/23			61,000			88,968
WPP Finance 2010, 5.125% Sr. Unsec. Unsub. Nts., 9/7/42			135,000			133,598
						3,422,426
Multiline Retail—0.7%
Dollar General Corp., 4.125% Nts., 7/15/17			469,000			505,934
Macy’s Retail Holdings, Inc., 5.75% Sr. Unsec. Nts., 7/15/14			650,000			689,684
						1,195,618
Specialty Retail—0.3%
Limited Brands, Inc., 6.625% Sr. Nts., 4/1/21			455,000			516,425
Textiles, Apparel & Luxury Goods—0.5%
Hanesbrands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 12/15/20			428,000			468,125
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22			446,000			442,655
						910,780
Consumer Staples—2.3%
Beverages—1.0%
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39			232,000			374,997
Coca-Cola HBC Finance BV, 5.125% Sr. Unsec. Unsub. Nts., 9/17/13			469,000			477,072
Fortune Brands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/14			126,000			134,180
Foster’s Finance Corp., 4.875% Sr. Unsec. Nts., 10/1/141			433,000			459,675
SABMiller Holdings, Inc., 4.95% Sr. Unsec. Nts., 1/15/42			198,000			219,682
						1,665,606
Food & Staples Retailing—0.2%
Delhaize Group, 5.70% Sr. Unsec. Nts., 10/1/40			213,000			208,828
Safeway, Inc., 5.625% Sr. Unsec. Unsub. Nts., 8/15/14			170,000			180,233
						389,061
Food Products—0.6%
Bunge Ltd. Finance Corp.: 5.35% Sr. Unsec. Unsub. Nts., 4/15/14			434,000			453,261
8.50% Sr. Unsec. Nts., 6/15/19			289,000			373,179
ConAgra Foods, Inc., 4.65% Sr. Unsec. Unsub. Nts., 1/25/43			214,000			214,193
						1,040,633
Personal Products—0.3%
Avon Products, Inc., 4.60% Sr. Unsec. Nts., 3/15/20			376,000			391,460
Tobacco—0.2%
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39			227,000			383,762
Energy—6.1%
Energy Equipment & Services—1.0%
Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21			510,000			570,720
Noble Holding International Ltd., 7.375% Sr. Unsec. Bonds, 3/15/14			403,000			427,610
Rowan Cos., Inc., 4.875% Sr. Unsec. Nts., 6/1/22			342,000			372,673

14 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Energy Equipment & Services Continued
Weatherford International Ltd. Bermuda, 5.125% Sr. Unsec. Unsub. Nts., 9/15/20	$		284,000	$		306,967
						1,677,970
Oil, Gas & Consumable Fuels—5.1%
Anadarko Petroleum Corp.: 6.20% Sr. Unsec. Nts., 3/15/40			178,000			216,873
7.625% Sr. Unsec. Nts., 3/15/14			316,000			336,177
Canadian Oil Sands Ltd.: 5.80% Sr. Unsec. Nts., 8/15/131			457,000			465,740
6% Sr. Unsec. Nts., 4/1/421			203,000			232,398
Cimarex Energy Co., 5.875% Sr. Unsec. Unsub. Nts., 5/1/22			388,000			418,070
Copano Energy LLC/Copano Energy Finance Corp., 7.125% Sr. Unsec. Unsub. Nts., 4/1/21			468,000			542,880
DCP Midstream Operating LP: 2.50% Sr. Unsec. Unsub. Nts., 12/1/17			415,000			421,957
3.875% Sr. Unsec. Nts., 3/15/23			214,000			215,758
El Paso Pipeline Partners Operating Co. LLC, 4.70% Sr. Unsec. Nts., 11/1/42			318,000			304,032
Enbridge Energy Partners LP, 5.35% Sr. Unsec. Nts., 12/15/14			326,000			349,949
EnCana Holdings Finance Corp., 5.80% Sr. Unsec. Unsub. Nts., 5/1/14			219,000			230,431
Energy Transfer Partners LP: 4.65% Sr. Unsec. Unsub. Nts., 6/1/21			374,000			408,033
5.20% Sr. Unsec. Unsub. Nts., 2/1/22			136,000			153,057
8.50% Sr. Unsec. Nts., 4/15/14			324,000			348,843
NuStar Logistics LP, 4.75% Sr. Unsec. Unsub. Nts., 2/1/22			468,000			455,631
Phillips 66, 4.30% Sr. Unsec. Unsub. Nts., 4/1/221			316,000			347,781
Range Resources Corp., 5.75% Sr. Unsec. Sub. Nts., 6/1/21			418,000			450,395
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/141			420,000			447,825
Rockies Express Pipeline LLC, 3.90% Sr. Unsec. Unsub. Nts., 4/15/151			471,000			476,888
Southwestern Energy Co., 4.10% Sr. Unsec. Nts., 3/15/22			232,000			245,817
Talisman Energy, Inc.: 5.125% Sr. Unsec. Unsub. Nts., 5/15/15			315,000			338,348
6.25% Sr. Unsec. Unsub. Nts., 2/1/38			121,000			137,374
Williams Cos, Inc. (The), 3.70% Unsec. Unsub. Nts., 1/15/23			222,000			220,992
Woodside Finance Ltd.: 4.60% Sr. Unsec. Nts., 5/10/211			354,000			395,139
5% Sr. Unsec. Nts., 11/15/131			455,000			466,531
						8,626,919
Financials—14.8%
Capital Markets—4.0%
Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/191			575,000			690,898
Carlyle Holdings Finance LLC, 3.875% Unsec. Nts., 2/1/231			372,000			382,092
Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34			477,000			499,073
Goldman Sachs Group, Inc. (The): 5.25% Sr. Unsec. Nts., 7/27/21			396,000			449,740

15 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Capital Markets Continued
6.25% Sr. Nts., 2/1/41	$		443,000	$		529,162
Macquarie Bank Ltd., 6.625% Unsec. Sub. Nts., 4/7/211			672,000			752,529
Morgan Stanley: 3.75% Sr. Unsec. Nts., 2/25/23			446,000			452,072
4.875% Sub. Nts., 11/1/22			375,000			398,580
6.375% Sr. Unsec. Nts., 7/24/42			477,000			576,103
Nomura Holdings, Inc., 2% Sr. Unsec. Nts., 9/13/16			821,000			819,746
Raymond James Financial, Inc., 5.625% Sr. Nts., 4/1/24			417,000			476,603
UBS AG (Stamford CT), 2.25% Sr. Unsec. Nts., 8/12/13			188,000			189,022
UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Bonds, Series 110			488,000			506,910
						6,722,530
Commercial Banks—3.6%
Amsouth Bank NA (Birmingham AL), 5.20% Unsec. Sub. Nts., 4/1/15			419,000			446,682
CIT Group, Inc., 5.50% Sr. Unsec. Nts., 2/15/191			152,000			167,580
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			409,000			456,835
HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/352			1,190,000			1,204,875
Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/201			377,000			423,619
Mercantile Bankshares Corp., 4.625% Unsec. Sub. Nts., Series B, 4/15/13			308,000			308,389
RBS Citizens Financial Group, Inc., 4.15% Sub. Nts., 9/28/221			354,000			364,501
Royal Bank of Scotland Group plc, 7.64% Jr. Sub. Perpetual Bonds, Series U10			500,000			450,000
Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K10			528,000			610,170
Zions Bancorp, 4.50% Sr. Unsec. Unsub. Nts., 3/27/17			795,000			850,249
						6,133,181
Consumer Finance—0.9%
American Express Bank FSB, 5.50% Sr. Unsec. Nts., 4/16/13			441,000			441,688
Discover Financial Services, 3.85% Sr. Unsec. Unsub. Nts., 11/21/22			681,000			702,297
SLM Corp., 5.50% Sr. Unsec. Nts., 1/25/23			405,000			402,988
						1,546,973
Diversified Financial Services—2.4%
Citigroup, Inc.: 3.375% Sr. Unsec. Unsub. Nts., 3/1/23			327,000			330,567
4.05% Unsec. Unsub. Nts., 7/30/22			205,000			212,329
5.95% Unsec. Unsub. Perpetual Bonds10			438,000			454,973
ING US, Inc., 5.50% Sr. Unsec. Nts., 7/15/221			260,000			288,382
Jefferies Group, Inc., 5.125% Sr. Unsec. Nts., 1/20/23			228,000			242,036
JPMorgan Chase & Co., 7.90% Jr. Sub. Perpetual Bonds, Series 110			1,494,000			1,718,975
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38			629,000			842,191
						4,089,453
Insurance—2.2%
Assurant, Inc., 2.50% Sr. Unsec. Nts., 3/15/18			212,000			210,827

16 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Insurance Continued
CNA Financial Corp.: 5.75% Sr. Unsec. Unsub. Nts., 8/15/21	$		368,000	$		435,647
5.875% Sr. Unsec. Unsub. Bonds, 8/15/20			260,000			306,713
Gulf South Pipeline Co. LP, 5.05% Sr. Unsec. Nts., 2/1/151			425,000			454,319
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Bonds, 4/20/67			795,000			802,950
Marsh & McLennan Cos., Inc., 5.375% Nts., 7/15/14			101,000			106,791
Prudential Financial, Inc.: 5.20% Unsec. Sub. Nts., 3/15/44			300,000			302,779
5.625% Unsec. Sub. Nts., 6/15/43			354,000			368,160
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds1,10			756,000			804,006
						3,792,192
Real Estate Investment Trusts (REITs)—1.7%
American Tower Corp.: 5.05% Sr. Unsec. Unsub. Nts., 9/1/20			130,000			144,619
7% Sr. Unsec. Nts., 10/15/17			413,000			491,790
Corrections Corp. of America, 4.125% Sr. Unsec. Nts., 4/1/203,4			165,000			168,403
Duke Realty LP, 6.25% Sr. Unsec. Unsub. Nts., 5/15/13			476,000			479,058
Hospitality Properties Trust, 5.125% Sr. Unsec. Nts., 2/15/15			411,000			430,094
Host Hotels & Resorts, Inc., 3.75% Sr. Unsec. Nts., 10/15/23			297,000			298,904
National Retail Properties, Inc., 6.25% Sr. Unsec. Unsub. Nts., 6/15/14			332,000			351,411
WEA Finance LLC/WT Finance Aust Pty Ltd., 7.50% Sr. Unsec. Nts., 6/2/141			408,000			438,498
						2,802,777
Health Care—1.7%
Biotechnology—0.8%
Amgen, Inc., 3.625% Sr. Unsec. Unsub. Nts., 5/15/22			467,000			499,909
Celgene Corp., 3.25% Sr. Unsec. Nts., 8/15/22			504,000			511,119
Gilead Sciences, Inc., 5.65% Sr. Unsec. Nts., 12/1/41			243,000			296,526
						1,307,554
Health Care Equipment & Supplies—0.1%
Medtronic, Inc., 4% Sr. Unsec. Unsub. Nts., 4/1/43			162,000			158,559
Health Care Providers & Services—0.6%
Cardinal Health, Inc.: 1.70% Sr. Unsec. Nts., 3/15/18			148,000			147,789
3.20% Sr. Unsec. Nts., 3/15/23			223,000			222,520
Express Scripts Holding Co., 6.25% Sr. Unsec. Nts., 6/15/14			423,000			450,413
McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41			237,000			307,003
						1,127,725
Pharmaceuticals—0.2%
Zoetis, Inc.: 1.875% Sr. Unsec. Nts., 2/1/181			151,000			152,218
4.70% Sr. Unsec. Nts., 2/1/431			225,000			231,011
						383,229
Industrials—3.8%
Aerospace & Defense—0.5%
BE Aerospace, Inc., 5.25% Sr. Unsec. Unsub. Nts., 4/1/22			325,000			336,781

17 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Aerospace & Defense Continued
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21	$		448,000	$		489,440
						826,221
Building Products—0.2%
Owens Corning, 4.20% Sr. Unsec. Nts., 12/15/22			333,000			341,476
Commercial Services & Supplies—0.3%
Clean Harbors, Inc., 5.25% Sr. Unsec. Unsub. Nts., 8/1/20			475,000			492,813
Industrial Conglomerates—0.8%
General Electric Capital Corp.: 6.375% Unsec. Sub. Bonds, 11/15/67			934,000			992,375
7.125% Unsec. Sub. Perpetual Bonds10			400,000			466,388
						1,458,763
Machinery—0.8%
CNH Capital LLC, 6.25% Sr. Unsec. Nts., 11/1/16			489,000			542,790
Kennametal, Inc., 3.875% Sr. Unsec. Unsub. Nts., 2/15/22			342,000			355,992
SPX Corp., 6.875% Sr. Unsec. Nts., 9/1/171			412,000			460,410
						1,359,192
Professional Services—0.3%
FTI Consulting, Inc., 6.75% Sr. Unsec. Nts., 10/1/20			436,000			474,150
Road & Rail—0.7%
Kansas City Southern de Mexico SA de CV, 6.625% Sr. Unsec. Unsub. Nts., 12/15/20			400,000			456,000
Penske Truck Leasing Co. LP/PTL Finance Corp.: 2.50% Sr. Nts., 7/11/141			442,000			449,111
4.25% Sr. Unsec. Nts., 1/17/231			230,000			232,284
						1,137,395
Trading Companies & Distributors—0.2%
International Lease Finance Corp., 5.875% Sr. Unsec. Unsub. Nts., 4/1/19			405,000			439,709
Information Technology—1.7%
Computers & Peripherals—0.6%
Hewlett-Packard Co.: 2.65% Sr. Unsec. Unsub. Nts., 6/1/16			809,000			825,868
4.75% Sr. Unsec. Nts., 6/2/14			214,000			223,590
						1,049,458
Electronic Equipment, Instruments & Components—0.7%
Amphenol Corp., 4.75% Sr. Unsec. Unsub. Nts., 11/15/14			124,000			131,415
Arrow Electronics, Inc., 5.125% Sr. Unsec. Unsub. Nts., 3/1/21			527,000			564,082
Avnet, Inc., 4.875% Sr. Unsec. Unsub. Nts., 12/1/22			500,000			519,896
						1,215,393
Office Electronics—0.3%
Xerox Corp., 5.65% Sr. Unsec. Nts., 5/15/13			435,000			437,413
Semiconductors & Semiconductor Equipment—0.1%
Maxim Integrated Products, Inc., 3.375% Sr. Unsec. Nts., 3/15/23			210,000			212,085
Materials—3.2%
Chemicals—0.4%
Agrium, Inc., 6.125% Sr. Unsec. Nts., 1/15/41			80,000			90,242

18 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount			Value
Chemicals Continued
Eastman Chemical Co., 4.80% Sr. Unsec. Nts., 9/1/42	$		101,000	$		105,467
RPM International, Inc., 3.45% Sr. Unsec. Nts., 11/15/22			227,000			225,613
Sherwin-Williams Co. (The), 4% Sr. Unsec. Unsub. Nts., 12/15/42			226,000			222,356
						643,678
Containers & Packaging—1.0%
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25% Sr. Unsec. Nts., 2/1/21			446,000			489,485
Packaging Corp. of America, 3.90% Sr. Unsec. Unsub. Nts., 6/15/22			342,000			353,628
Rock Tenn Co., 3.50% Sr. Unsec. Unsub. Nts., 3/1/20			432,000			442,532
Sealed Air Corp., 8.375% Sr. Unsec. Nts., 9/15/211			388,000			446,200
						1,731,845
Metals & Mining—1.7%
Allegheny Technologies, Inc., 5.95% Sr. Unsec. Unsub. Nts., 1/15/21			260,000			291,298
Carpenter Technology Corp., 4.45% Sr. Unsec. Nts., 3/1/23			145,000			149,306
Cliffs Natural Resources, Inc., 3.95% Sr. Unsec. Unsub. Nts., 1/15/18			392,000			394,176
Freeport-McMoRan Copper & Gold, Inc., 3.55% Sr. Unsec. Nts., 3/1/22			331,000			329,865
Petrohawk Energy Corp., 6.25% Sr. Unsec. Nts., 6/1/19			743,000			845,220
Xstrata Canada Corp.: 5.375% Sr. Unsec. Unsub. Nts., 6/1/15			245,000			264,776
6% Sr. Unsec. Unsub. Nts., 10/15/15			463,000			513,730
						2,788,371
Paper & Forest Products—0.1%
International Paper Co., 6% Sr. Unsec. Unsub. Nts., 11/15/41			202,000			236,258
Telecommunication Services—2.4%
Diversified Telecommunication Services—1.8%
AT&T, Inc., 6.30% Sr. Unsec. Bonds, 1/15/38			519,000			625,610
British Telecommunications plc, 9.625% Bonds, 12/15/30			298,000			463,619
CenturyLink, Inc., 5.625% Sr. Unsec. Unsub. Nts., 4/1/20			437,000			447,706
Frontier Communications Corp., 8.50% Sr. Unsec. Nts., 4/15/20			429,000			487,988
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38			386,000			404,232
Telefonica Emisiones SAU, 7.045% Sr. Unsub. Unsec. Nts., 6/20/36			283,000			305,609
Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38			220,000			266,978
						3,001,742
Wireless Telecommunication Services—0.6%
America Movil SAB de CV, 4.375% Sr. Unsec. Unsub. Nts., 7/16/42			248,000			230,212
CC Holdings GS V LLC, 3.849% Sr. Sec. Nts., 4/15/231			227,000			229,338
MetroPCS Wireless, Inc., 6.25% Sr. Unsec. Nts., 4/1/211			445,000			454,456
Vodafone Group plc, 4.375% Sr. Unsec. Unsub. Nts., 2/19/43			117,000			112,302
						1,026,308

19 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Principal Amount				Value
Utilities—2.2%
Electric Utilities—1.7%
Edison International, 3.75% Sr. Unsec. Unsub. Nts., 9/15/17	$		663,000		$		723,391
Electricite de France SA, 5.25% Jr. Sub. Perpetual Bonds1,2,10			360,000				358,563
Exelon Generation Co. LLC, 4.25% Sr. Unsec. Unsub. Nts., 6/15/22			230,000				242,625
FirstEnergy Corp., 4.25% Sr. Unsec. Unsub. Nts., 3/15/23			265,000				268,752
Great Plains Energy, Inc., 2.75% Sr. Unsec. Unsub. Nts., 8/15/13			464,000				466,887
PPL Capital Funding, Inc., 3.50% Sr. Unsec. Nts., 12/1/22			329,000				332,348
PPL WEM Holdings plc, 5.375% Sr. Unsec. Nts., 5/1/211			429,000				491,494
							2,884,060
Energy Traders—0.3%
TransAlta Corp., 5.75% Sr. Unsec. Nts., 12/15/13			455,000				470,536
Multi-Utilities—0.2%
CMS Energy Corp.: 4.70% Sr. Unsec. Nts., 3/31/43			150,000				150,856
5.05% Sr. Unsec. Unsub. Nts., 3/15/22			155,000				179,310
							330,166
Total Corporate Bonds and Notes (Cost $71,324,730)							75,385,704
		Shares
Investment Company—12.2%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.14%11,12 (Cost $20,799,266)			20,799,266				20,799,266
Total Investments, at Value (Cost $218,549,611)			130.6	%			222,082,341
Liabilities in Excess of Other Assets			(30.6	)			(52,047,608	)
Net Assets			100.0	%	$		170,034,733

Footnotes to Statement of Investments

*March 28, 2013 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 $23,321,908 or 13.72% of the Fund’s net assets as of March 28, 2013.

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

20 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

3. Restricted security. The aggregate value of restricted securities as of March 28, 2013 was $1,822,648, which represents 1.07% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Date		Cost		Value		Unrealized   Appreciation   (Depreciation)
Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 6.926%, 6/15/24		4/21/97	$	407,262	$	106,230	$	(301,032)
Corrections Corp. of America, 4.125% Sr. Unsec. Nts., 4/1/20		3/21/13		165,000		168,403		3,403
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49		7/14/10		599,064		620,931		21,867
Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl.A, 2.514%, 7/1/24		1/28/02		98,517		88,603		(9,914)
Morgan Stanley, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2012-R3, Cl. 1B, 2.404%, 11/1/36		10/24/12		236,903		248,659		11,756
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		230,846		(3,050,270)
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		171,726		172,229		503
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		184,955		186,747		1,792
			$	5,144,543	$	1,822,648	$	(3,321,895)

4. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after March 28, 2013. 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 $5,348,383 or 3.15% of the Fund’s net assets as of March 28, 2013.

6. 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.

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 $239,113 or 0.14% of the Fund’s net assets as of March 28, 2013.

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 $236,899. 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 March 28, 2013, 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 31, 2012		Gross Additions		Gross Reductions		Shares March 28, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		28,238,653		14,189,812		21,629,199		20,799,266
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	20,799,266		$9,211

12. Rate shown is the 7-day yield as of March 28, 2013.

21 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

Futures Contracts as of March 28, 2013 are as follows:

Contract Description	Buy/Sell		Number of Contracts		Expiration Date		Value		Unrealized   Appreciation   (Depreciation)
U.S. Long Bonds		Sell		30		6/19/13	$	4,334,063		$    (32,909)
U.S. Treasury Nts., 2 yr.		Sell		75		6/28/13		16,533,984		(3,699)
U.S. Treasury Nts., 5 yr.		Sell		92		6/28/13		11,413,031		(38,867)
U.S. Treasury Nts., 10 yr.		Sell		29		6/19/13		3,827,547		(8,036)
U.S. Treasury Ultra Bonds		Buy		54		6/19/13		8,510,063		65,370
										$    (18,141)

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 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 March 28, 2013, 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	$84,694,173
Sold securities	31,607,617

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.

22 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; 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 March 28, 2013 is as follows:

Cost	$	3,281,116
Market Value	$	230,846
Market Value as a % of Net Assets		0.14	%

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 the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to 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.

23 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

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

Corporate 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 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.

24 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

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 March 28, 2013 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	$	—		$	24,633,100	$	—	$	24,633,100
Mortgage-Backed Obligations		—			97,336,972		319,449		97,656,421
U.S. Government Obligations		—			3,607,850		—		3,607,850
Corporate Bonds and Notes		—			75,385,704		—		75,385,704
Investment Company		20,799,266			—		—		20,799,266
Total Investments, at Value		20,799,266			200,963,626		319,449		222,082,341
Other Financial Instruments:
Futures margins		15,731			—		—		15,731
Total Assets	$	20,814,997		$	200,963,626	$	319,449	$	222,098,072
Liabilities Table
Other Financial Instruments:
Futures margins	$	(33,245	)	$	—	$	—	$	(33,245)
Total Liabilities	$	(33,245	)	$	—	$	—	$	(33,245)

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.

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.

25 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (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 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.

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.

26 Oppenheimer Core Bond Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

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

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

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 March 28, 2013, the Fund had an ending monthly average market value of $8,568,703 and $40,687,115 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.

Restricted Securities

As of March 28, 2013, 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 March 28, 2013 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	$	218,635,008
Federal tax cost of other investments		(27,580,421)
Total federal tax cost	$	191,054,587
Gross unrealized appreciation	$	8,574,414
Gross unrealized depreciation		(5,145,222)
Net unrealized appreciation	$	3,429,192

27 Oppenheimer Core Bond Fund/VA  

STATEMENT OF INVESTMENTS    March 28, 2013* / Unaudited

	Shares		Value
Common Stocks—99.6%
Consumer Discretionary—17.1%
Automobiles—1.8%
Bayerische Motoren Werke (BMW) AG, Preference		777,404	$	49,661,340
Hotels, Restaurants & Leisure—3.5%
Carnival Corp.		1,018,656		34,939,901
Lottomatica Group SpA		454,833		10,686,897
McDonald’s Corp.		493,050		49,152,154
				94,778,952
Media—3.5%
Grupo Televisa SAB, Sponsored ADR		961,886		25,595,787
Walt Disney Co. (The)		931,850		52,929,080
Zee Entertainment Enterprises Ltd.		4,094,715		15,896,686
				94,421,553
Multiline Retail—2.0%
PPR		245,780		54,000,099
Specialty Retail—3.2%
Industria de Diseno Textil SA (Inditex)		349,519		46,578,413
Tiffany & Co.		604,580		42,042,493
				88,620,906
Textiles, Apparel & Luxury Goods—3.1%
Brunello Cucinelli SpA1		143,920		3,029,225
LVMH Moet Hennessy Louis Vuitton SA		314,340		53,953,227
Tod’s SpA		197,272		28,245,926
				85,228,378
Consumer Staples—8.4%
Beverages—3.2%
Carlsberg AS, Cl. B		201,971		19,654,010
Compania de Bebidas das Americas, Preference, ADR		591,075		25,020,205
Fomento Economico Mexicano SAB de CV, UBD		3,736,823		42,419,528
				87,093,743
Food & Staples Retailing—0.1%
E-Mart Co. Ltd.		12,489		2,463,900
Food Products—3.1%
Nestle SA		456,400		33,005,225
Unilever plc		1,219,003		51,565,639
				84,570,864
Household Products—2.0%
Colgate-Palmolive Co.		455,420		53,753,223
Energy—3.3%
Energy Equipment & Services—2.6%
Technip SA		422,060		43,270,588

	Shares		Value
Transocean Ltd.1		505,762	$	26,279,393
				69,549,981
Oil, Gas & Consumable Fuels—0.7%
Repsol SA		970,195		19,711,765
Financials—17.7%
Capital Markets—3.5%
Credit Suisse Group AG1		628,826		16,595,633
Goldman Sachs Group, Inc. (The)		168,630		24,813,904
UBS AG1		3,559,405		54,555,296
				95,964,833
Commercial Banks—5.1%
Banco Bilbao Vizcaya Argentaria SA		3,714,134		32,387,200
ICICI Bank Ltd., Sponsored ADR		966,870		41,478,723
Itau Unibanco Holding SA, Preference, ADR		1,642,800		29,241,840
Societe Generale1		334,579		11,037,474
Sumitomo Mitsui Financial Group, Inc.		631,100		25,897,543
				140,042,780
Diversified Financial Services—3.8%
BM&FBovespa SA		4,162,500		27,993,752
Citigroup, Inc.		491,900		21,761,656
McGraw-Hill Cos., Inc. (The)		829,170		43,183,174
Moscow Exchange (The)1		5,714,642		10,000,624
				102,939,206
Insurance—4.8%
Allianz SE		316,997		43,051,998
Dai-ichi Life Insurance Co. Ltd. (The)		21,622		29,046,978
Fidelity National Financial, Inc., Cl. A		687,020		17,333,515
Prudential plc		2,451,357		39,889,515
				129,322,006
Real Estate Management & Development—0.5%
DLF Ltd.		3,100,027		13,549,762
Health Care—10.7%
Biotechnology—2.3%
Gilead Sciences, Inc.1		580,220		28,390,165
Medivation, Inc.1		146,080		6,832,162
Theravance, Inc.1		598,130		14,127,831
ThromboGenics NV1		93,034		4,482,819
Vertex Pharmaceuticals, Inc.1		133,270		7,327,185
				61,160,162

1      OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares		Value
Health Care Equipment & Supplies—1.9%
St. Jude Medical, Inc.		299,710	$	12,120,272
Zimmer Holdings, Inc.		534,470		40,202,833
				52,323,105
Health Care Providers & Services—3.4%
Aetna, Inc.		849,770		43,440,242
WellPoint, Inc.		754,555		49,974,178
				93,414,420
Pharmaceuticals—3.1%
Allergan, Inc.		93,810		10,472,010
Bayer AG		424,280		43,764,681
Roche Holding AG		130,189		30,308,405
				84,545,096
Industrials—13.2%
Aerospace & Defense—3.5%
Embraer SA, ADR		827,383		29,512,751
European Aeronautic Defence & Space Co.		1,301,510		66,233,121
				95,745,872
Air Freight & Couriers—1.1%
United Parcel Service, Inc., Cl. B		346,460		29,760,914
Building Products—1.6%
Assa Abloy AB, Cl. B		1,098,525		44,857,709
Construction & Engineering—0.8%
FLSmidth & Co. AS		330,964		20,107,293
Electrical Equipment—1.9%
Emerson Electric Co.		442,240		24,707,949
Nidec Corp.		251,000		15,038,946
Prysmian SpA		708,371		14,573,807
				54,320,702
Industrial Conglomerates—3.6%
3M Co.		399,560		42,477,224
Siemens AG		508,026		54,721,438
				97,198,662
Machinery—0.7%
FANUC Corp.		117,900		18,138,467
Information Technology—26.0%
Communications Equipment—4.6%
Juniper Networks, Inc.1		1,426,760		26,452,130
Telefonaktiebolaget LM Ericsson, Cl. B		7,879,632		98,184,794
				124,636,924
Computers & Peripherals—0.5%
Fusion-io, Inc.1		802,480		13,136,598
Electronic Equipment, Instruments, & Components—3.4%
Hoya Corp.		139,300		2,613,308
Keyence Corp.		109,811		33,735,462
Kyocera Corp.		172,300		15,818,222

	Shares		Value
Murata Manufacturing Co. Ltd.	556,200		$	42,028,919
				94,195,911
Internet Software & Services—5.0%
eBay, Inc.1	1,101,510			59,723,872
Facebook, Inc., Cl. A1	680,470			17,406,423
Google, Inc., Cl. A1	75,090			59,623,713
				136,754,008
IT Services—1.0%
Infosys Ltd.	543,980			29,060,167
Semiconductors & Semiconductor Equipment—4.5%
Altera Corp.	1,394,580			49,465,752
Maxim Integrated Products, Inc.	1,446,335			47,222,838
Taiwan Semiconductor Manufacturing Co. Ltd.	7,815,184			26,135,554
				122,824,144
Software—7.0%
Adobe Systems, Inc.1	1,019,103			44,341,171
Intuit, Inc.	659,400			43,289,610
Microsoft Corp.	1,313,310			37,573,799
SAP AG	805,934			64,567,905
				189,772,485
Materials—1.2%
Chemicals—1.0%
Linde AG	145,840			27,116,373
Metals & Mining—0.2%
Iluka Resources Ltd.	541,600			5,295,677
Telecommunication Services—1.5%
Wireless Telecommunication Services—1.5%
KDDI Corp.	946,800			39,612,213
Utilities—0.5%
Electric Utilities—0.5%
Fortum OYJ	739,751			14,952,593
Total Common Stocks (Cost $1,718,539,077)				2,714,602,786
Investment Company—0.2%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.14%2,3
(Cost $5,878,444)	5,878,444		$	5,878,444
Total Investments, at Value
(Cost $1,724,417,521)		99.8%		2,720,481,230
Assets in Excess of Other Liabilities		0.2		5,372,731
Net Assets		100.0%	$	2,725,853,961

2      OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Footnotes to Statement of Investments

*March 28, 2013 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 March 28, 2013, 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 31, 2012		Gross Additions		Gross  Reductions		Shares    March 28, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		30,612,139		53,035,696		77,769,391		5,878,444
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	5,878,444	$	5,129
3. Rate shown is the 7-day yield as of March 28, 2013.

3      OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings	Value		Percent
United States	$	1,080,135,808		39.7%
Germany		282,883,735		10.4
Japan		221,930,058		8.1
France		162,261,388		6.0
Sweden		143,042,503		5.2
Switzerland		134,464,559		4.9
Brazil		111,768,548		4.1
India		99,985,338		3.6
Spain		98,677,378		3.6
United Kingdom		91,455,154		3.4
Mexico		68,015,315		2.6
Netherlands		66,233,121		2.4
Italy		56,535,855		2.1
Denmark		39,761,303		1.5
Taiwan		26,135,554		1.0
Finland		14,952,593		0.5
Russia		10,000,624		0.4
Australia		5,295,677		0.2
Belgium		4,482,819		0.2
South Korea		2,463,900		0.1
Total	$	2,720,481,230		100.0%

Spot Currency Exchange Contracts as of March 28, 2013 are as follows:

Broker/Contract Description

Buy/ Sell

Contract Amount (000’s)

Expiration Date

Value

Unrealized Appreciation

Unrealized Depreciation

Barclays Capital

Japanese Yen (JPY)

Sell

64,103

JPY

4/2/13

$

680,966

$

–

$

214

Citigroup

Japanese Yen (JPY)

Sell

105,320

JPY

4/1/13

1,118,821

–

1,525

Deutsche Bank Securities, Inc.

Euro (EUR)

Sell

2,093

EUR

4/3/13

2,682,541

460

–

JPMorgan Chase

Japanese Yen (JPY)

Sell

188,885

JPY

4/1/13

2,006,531

–

2,986

Total unrealized appreciation and depreciation

$

460

$

4,725

The Fund has changed its name to Oppenheimer Global Fund/VA from Oppenheimer Global Securities Fund/VA.

4      OPPENHEIMER GLOBAL FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited

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.

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 the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to 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

5      OPPENHEIMER GLOBAL FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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.

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

6      OPPENHEIMER GLOBAL FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited

Securities Valuation (Continued)

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.

7      OPPENHEIMER GLOBAL FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

The table below categorizes amounts as of March 28, 2013 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	$	420,132,815	$	46,578,413	$	—	$	466,711,228
Consumer Staples		185,462,202		42,419,528		—		227,881,730
Energy		89,261,746		—		—		89,261,746
Financials		313,414,482		168,404,105		—		481,818,587
Health Care		291,442,783		—		—		291,442,783
Industrials		306,844,913		53,284,706		—		360,129,619
Information Technology		589,737,467		120,642,770		—		710,380,237
Materials		27,116,373		5,295,677		—		32,412,050
Telecommunication Services		—		39,612,213		—		39,612,213
Utilities		—		14,952,593		—		14,952,593
Investment Company		5,878,444		—		—		5,878,444
Total Investments, at Value	$	2,229,291,225	$	491,190,005	$	—	$	2,720,481,230
Other Financial Instruments:
Foreign currency exchange contracts		—		460		—		460
Total Assets	$	2,229,291,225	$	491,190,465	$	–	$	2,720,481,690

Liabilities Table
Other Financial Instruments:
Foreign currency exchange contracts	$	—	$	(4,725)	$	—	$	(4,725)
Total Liabilities	$	—	$	(4,725)	$	–	$	(4,725)

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 1**	Transfers into Level 2**	Transfer out of Level 2*
Assets Table
Investments, at value:
Commons Stocks

8      OPPENHEIMER GLOBAL FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited

Securities Valuation (Continued)

	Transfers into Level 1*		Transfers out of Level 1**		Transfers into Level 2**		Transfer out of Level 2*
Consumer Discretionary		$149,255,601		$                    –		$                  –		$    (149,255,601)
Consumer Staples		69,527,438		(44,124,838)		44,124,838		(69,527,438)
Energy		68,308,729		–		–		(68,308,729)
Financials		85,693,688		(34,121,199)		34,121,199		(85,693,688)
Health Care		33,139,429		–		–		(33,139,429)
Industrials		115,764,935		–		–		(115,764,935)
Information Technology		96,001,701		(30,503,510)		30,503,510		(96,001,701)
Total Assets		$617,691,521		$(108,749,547)		$108,749,547		$(617,691,521)

*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.

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.

9      OPPENHEIMER GLOBAL FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments (Continued)

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.

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. As of March 28, 2013, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $460, which represents gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end.

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

10      OPPENHEIMER GLOBAL FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited

Risk Exposures and the Use of Derivative Instruments (Continued)

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 March 28, 2013, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $926,514 and $4,485,013, 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 March 28, 2013 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	$	1,750,275,942
Gross unrealized appreciation	$	1,026,615,216
Gross unrealized depreciation		(56,409,928)
Net unrealized appreciation	$	970,205,288

11      OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF INVESTMENTS    March 28, 2013* / Unaudited

	Shares		Value
Common Stocks—99.2%
Consumer Discretionary—4.8%
Automobiles—1.0%
Ford Motor Co.	1,078,550	$	14,182,932
Specialty Retail—3.8%
AutoZone, Inc.1	84,610		33,570,710
TJX Cos., Inc. (The)	411,980		19,260,065
			52,830,775
Consumer Staples—12.2%
Beverages—2.3%
Dr Pepper Snapple Group, Inc.	699,870		32,858,896
Food Products—3.7%
J.M. Smucker Co. (The)	300,460		29,793,614
Kraft Foods Group, Inc.	436,896		22,513,251
			52,306,865
Household Products—1.4%
Henkel AG & Co. KGaA, Preference	209,078		20,124,618
Tobacco—4.8%
Philip Morris International, Inc.	728,759		67,563,247
Energy—8.9%
Energy Equipment & Services—3.4%
National Oilwell Varco, Inc.	668,350		47,285,763
Oil, Gas & Consumable Fuels—5.5%
Chevron Corp.	428,580		50,923,876
Noble Energy, Inc.	229,250		26,515,055
			77,438,931
Financials—20.3%
Commercial Banks—3.3%
CIT Group, Inc.1	983,012		42,741,362
M&T Bank Corp.	40,840		4,213,054
			46,954,416
Consumer Finance—1.7%
Discover Financial Services	542,050		24,305,522
Diversified Financial Services—11.8%
Citigroup, Inc.	839,238		37,127,889
CME Group, Inc.	270,530		16,607,837
JPMorgan Chase & Co.	1,341,040		63,645,758
McGraw-Hill Cos., Inc. (The)	597,061		31,094,937
Moody’s Corp.	140,850		7,510,122
MSCI, Inc.1	278,300		9,442,719
			165,429,262
Insurance—3.5%
American International
Group, Inc.1	380,200	$	14,759,364
Lincoln National Corp.	311,560		10,159,972

	Shares		Value
Marsh & McLennan Cos., Inc.	622,180		23,624,175
			48,543,511
Health Care—16.3%
Health Care Equipment & Supplies—3.3%
Covidien plc	689,490		46,775,002
Health Care Providers & Services—3.9%
Express Scripts Holding Co.1	785,907		45,307,539
UnitedHealth Group, Inc.	162,540		9,298,913
			54,606,452
Pharmaceuticals—9.1%
Abbott Laboratories	461,360		16,295,235
AbbVie, Inc.	461,360		18,814,261
Actavis, Inc.1	415,940		38,312,233
Bristol-Myers Squibb Co.	354,270		14,592,381
Pfizer, Inc.	880,800		25,419,888
Sanofi	154,010		15,705,248
			129,139,246
Industrials—10.4%
Aerospace & Defense—0.8%
L-3 Communications Holdings, Inc.	135,530		10,967,088
Air Freight & Couriers—2.6%
United Parcel Service, Inc., Cl. B	421,040		36,167,336
Commercial Services & Supplies—3.0%
ADT Corp. (The)	375,852		18,394,197
Tyco International Ltd.	751,695		24,054,240
			42,448,437
Professional Services—1.4%
Towers Watson & Co., Cl. A	272,670		18,901,484
Road & Rail—2.6%
CSX Corp.	1,471,780		36,249,941
Information Technology—22.9%
Communications Equipment—2.2%
QUALCOMM, Inc.	456,631		30,571,445
Computers & Peripherals—6.8%
Apple, Inc.	170,532		75,482,579
Western Digital Corp.	402,570		20,241,220
			95,723,799
Electronic Equipment, Instruments, & Components—1.0%
Corning, Inc.	1,020,390	$	13,601,799
Internet Software & Services—5.6%
eBay, Inc.1	935,875		50,743,142
Facebook, Inc., Cl. A1	167,330		4,280,301
Google, Inc., Cl. A1	29,550		23,463,587
			78,487,030
IT Services—5.3%
Amdocs Ltd.	146,050		5,294,312

1      OPPENHEIMER MAIN STREET FUND/VA

 STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares		Value
International Business							Shares		Value
Machines Corp.		324,790		69,277,707	Construction Materials—2.3%
				74,572,019	Vulcan Materials Co.	633,530		$	32,753,501
Software—2.0%					Telecommunication Services—0.8%
Microsoft Corp.		996,240		28,502,426	Wireless Telecommunication Services—0.8%
Materials—2.6%					America Movil SAB de CV,
Chemicals—0.3%					Series L, ADR		498,982		10,458,663
PPG Industries, Inc.		35,170		4,710,670	Total Common Stocks
					(Cost $970,941,209)				1,394,461,076
					Investment Company—0.7%
					Oppenheimer Institutional Money Market Fund, Cl. E, 0.14%2,3
					(Cost $9,682,328)	9,682,328			9,682,328
					Total Investments, at Value
					(Cost $980,623,537)		99.9%		1,404,143,404
					Assets in Excess of Other Liabilities		0.1		1,871,689
					Net Assets		100.0%	$	1,406,015,093

Footnotes to Statement of Investments

*March 28, 2013 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 March 28, 2013, 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 31, 2012		Gross Additions		Gross  Reductions		Shares     March 28,     2013
Oppenheimer Institutional Money Market Fund, Cl. E		24,937,150		69,135,608		84,390,430		9,682,328
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	9,682,328	$	4,801

3. Rate shown is the 7-day yield as of March 28, 2013.

2      OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited

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.

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 the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to 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

3      OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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 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

4      OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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 March 28, 2013 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	$	67,013,707	$	—	$	—	$	67,013,707
Consumer Staples		172,853,626		—		—		172,853,626
Energy		124,724,694		—		—		124,724,694
Financials		285,232,711		—		—		285,232,711
Health Care		214,815,452		15,705,248		—		230,520,700
Industrials		144,734,286		—		—		144,734,286
Information Technology		321,458,518		—		—		321,458,518
Materials		37,464,171		—		—		37,464,171
Telecommunication Services		10,458,663		—		—		10,458,663
Investment Company		9,682,328		—		—		9,682,328
Total Assets	$	1,388,438,156	$	15,705,248	$	—	$	1,404,143,404

5      OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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.

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.

6      OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments (Continued)

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 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.

7      OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments (Continued)

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 March 28, 2013, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $350,601 and $10,906, 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 March 28, 2013, 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 March 28, 2013 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	$	982,731,933
Gross unrealized appreciation	$	422,791,536
Gross unrealized depreciation		(1,380,065)
Net unrealized appreciation	$	421,411,471

8      OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS    March 28, 2013* / Unaudited

	Shares		Value
Common Stocks—96.4%
Consumer Discretionary—12.4%
Auto Components—1.6%
Dana Holding Corp.		946,488	$	16,875,881
Distributors—0.8%
Pool Corp.		177,239		8,507,472
Diversified Consumer Services—0.5%
Bright Horizons Family Solutions, Inc.1		166,520		5,626,711
Hotels, Restaurants & Leisure—3.1%
Brinker International, Inc.		136,410		5,135,837
Dunkin’ Brands Group, Inc.		431,403		15,910,143
Texas Roadhouse, Inc., Cl. A		555,430		11,214,132
				32,260,112
Household Durables—0.6%
Toll Brothers, Inc.1		166,460		5,699,590
Media—2.4%
Imax Corp.1		917,596		24,527,341
Specialty Retail—2.9%
Monro Muffler Brake, Inc.		268,279		10,653,359
Pier 1 Imports, Inc.		853,220		19,624,060
				30,277,419
Textiles, Apparel & Luxury Goods—0.5%
Fossil, Inc.1		57,712		5,574,979
Consumer Staples—2.6%
Food Products—1.5%
Flowers Foods, Inc.		477,680		15,734,779
Personal Products—1.1%
Nu Skin Enterprises, Inc., Cl. A		248,850		10,999,170
Energy—4.9%
Oil, Gas & Consumable Fuels—4.9%
CVR Energy, Inc., Escrow Shares1,2		43,316		—
EPL Oil & Gas, Inc.1		963,487		25,831,086
MPLX LP		163,960		6,140,302
PAA Natural Gas Storage LP		278,333		5,953,543
Renewable Energy Group, Inc.1		860,998		6,621,075
Western Refining, Inc.		182,571		6,464,839
				51,010,845
Financials—23.2%
Capital Markets—2.3%
Financial Engines, Inc.		452,213		16,379,155
WisdomTree Investments, Inc.1		728,340		7,574,736
				23,953,891

	Shares		Value
Commercial Banks—5.3%
BankUnited, Inc.		760,535	$	19,484,907
CapitalSource, Inc.		1,004,969		9,667,802
First Niagara Financial Group, Inc.		1,467,670		13,003,556
FirstMerit Corp.		763,492		12,620,523
				54,776,788
Insurance—1.6%
Alterra Capital Holdings Ltd.		148,043		4,663,355
AmTrust Financial Services, Inc.		343,646		11,907,334
				16,570,689
Real Estate Investment Trusts (REITs)—10.6%
Apollo Commercial Real Estate Finance, Inc.		76,769		1,350,367
Ares Commercial Real Estate Corp.		283,429		4,795,619
CapLease, Inc.		1,244,594		7,928,064
Chatham Lodging Trust		483,340		8,511,617
CYS Investments, Inc.		853,529		10,020,430
Hatteras Financial Corp.		683,390		18,745,388
LaSalle Hotel Properties		813,946		20,657,949
Mid-America Apartment Communities, Inc.		283,345		19,567,806
Starwood Property Trust, Inc.		658,372		18,276,407
				109,853,647
Thrifts & Mortgage Finance—3.4%
Home Loan Servicing Solutions Ltd.		786,340		18,345,312
Ocwen Financial Corp.1		234,940		8,908,925
Oritani Financial Corp.		490,370		7,595,831
				34,850,068
Health Care—12.4%
Biotechnology—2.3%
Achillion Pharmaceuticals, Inc.1		397,929		3,477,899
Cepheid, Inc.1		235,190		9,024,240
Medivation, Inc.1		107,292		5,018,047
Merrimack Pharmaceuticals, Inc.1		413,990		2,525,339
Sarepta Therapeutics, Inc.1		113,290		4,186,066
				24,231,591
Health Care Equipment & Supplies—2.4%
DexCom, Inc.1		482,570		8,068,570
Greatbatch, Inc.1		326,251		9,745,117
Orthofix International NV1		191,620		6,873,409
				24,687,096

1      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares		Value
Health Care Providers & Services—6.0%
Community Health Systems, Inc.		239,350	$	11,342,797
HealthSouth Corp.1		596,890		15,739,989
Team Health Holdings, Inc.1		302,270		10,996,583
WellCare Health Plans, Inc.1		418,170		24,237,133
				62,316,502
Pharmaceuticals—1.7%
Questcor Pharmaceuticals, Inc.		226,220		7,361,199
Santarus, Inc.1		585,240		10,142,209
				17,503,408
Industrials—17.9%
Aerospace & Defense—1.6%
B/E Aerospace, Inc.1		188,760		11,380,340
Triumph Group, Inc.		66,920		5,253,220
				16,633,560
Air Freight & Couriers—2.0%
Atlas Air Worldwide Holdings, Inc.1		167,170		6,813,849
Hub Group, Inc., Cl. A1		341,138		13,120,168
				19,934,017
Commercial Services & Supplies—3.8%
KAR Auction Services, Inc.		789,840		15,820,495
Mobile Mini, Inc.1		275,800		8,116,794
Waste Connections, Inc.		418,990		15,075,260
				39,012,549
Construction & Engineering—1.6%
AECOM Technology Corp.1		206,793		6,782,810
KBR, Inc.		279,081		8,952,919
				15,735,729
Electrical Equipment—1.0%
Regal-Beloit Corp.		126,029		10,278,925
Machinery—2.0%
Greenbrier Cos, Inc.1		464,919		10,558,311
Wabtec Corp.		105,949		10,818,452
				21,376,763
Professional Services—3.5%
Korn/Ferry International1		757,161		13,522,895
Robert Half International, Inc.		611,815		22,961,417
				36,484,312
Road & Rail—1.8%
Old Dominion Freight Line, Inc.1		278,471		10,637,592
Swift Transportation Co.1		605,874		8,591,293
				19,228,885

	Shares		Value
Transportation Infrastructure—0.6%
Wesco Aircraft Holdings, Inc.1		412,980	$	6,079,066
Information Technology—14.1%
Communications Equipment—2.7%
Aruba Networks, Inc.1		762,406		18,861,924
Finisar Corp.1		682,811		9,006,277
				27,868,201
Internet Software & Services—0.7%
j2 Global, Inc.		193,473		7,586,076
IT Services—1.0%
MAXIMUS, Inc.		125,835		10,063,025
Semiconductors & Semiconductor Equipment—4.7%
Cavium, Inc.1		357,300		13,866,813
Cirrus Logic, Inc.1		222,140		5,053,685
Semtech Corp.1		496,798		17,581,681
Skyworks Solutions, Inc.1		580,439		12,787,071
				49,289,250
Software—5.0%
Fortinet, Inc.1		832,501		19,713,624
Guidewire Software, Inc.1		158,130		6,078,517
ServiceNow, Inc.1		144,700		5,238,140
Splunk, Inc.1		140,230		5,613,407
TIBCO Software, Inc.1		754,876		15,263,593
				51,907,281
Materials—8.3%
Chemicals—3.4%
A. Schulman, Inc.		293,198		9,253,329
Cytec Industries, Inc.		211,098		15,638,140
W.R. Grace & Co.1		134,900		10,456,099
				35,347,568
Containers & Packaging—1.2%
Packaging Corp. of America		277,890		12,468,924
Metals & Mining—2.1%
Compass Minerals International, Inc.		146,724		11,576,524
Kaiser Aluminum Corp.		161,560		10,444,854
				22,021,378
Paper & Forest Products—1.6%
Boise Cascade Co.1		32,990		1,119,681
P.H. Glatfelter Co.		669,131		15,644,283
				16,763,964

2      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares		Value
Utilities—0.6%
Water Utilities—0.6%
Aqua America, Inc.		185,543	$	5,833,472
Total Common Stocks
(Cost $798,115,226)				999,750,924
Investment Company—2.7%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.14%3,4
(Cost $28,040,641)		28,040,641		28,040,641
Total Investments, at Value
(Cost $826,155,867)		99.1%		1,027,791,565
Assets in Excess of Other
Liabilities		0.9		8,899,355
Net Assets		100.0%	$	1,036,690,920

 Footnotes to Statement of Investments

*March 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 a result of issuer reorganization.

3. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 28, 2013, 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 31, 2012		Gross Additions		Gross Reductions		Shares     March 28,     2013
Oppenheimer Institutional Money Market Fund, Cl. E		13,103,742		141,229,303		126,292,404		28,040,641
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	28,040,641	$	9,098

4. Rate shown is the 7-day yield as of March 28, 2013.

3      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited

The Fund has changed its name to Oppenheimer Main Street Small Cap Fund/VA from Oppenheimer Main Street Small- & Mid-Cap Fund/VA.

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.

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 the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to 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

4      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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 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

5      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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 March 28, 2013 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	$	129,349,505	$	—	$	—	$	129,349,505
Consumer Staples		26,733,949		—		—		26,733,949
Energy		51,010,845		—		—		51,010,845
Financials		240,005,083		—		—		240,005,083
Health Care		128,738,597		—		—		128,738,597
Industrials		184,763,806		—		—		184,763,806
Information Technology		146,713,833		—		—		146,713,833
Materials		86,601,834		—		—		86,601,834
Utilities		5,833,472		—		—		5,833,472
Investment Company		28,040,641		—		—		28,040,641
Total Assets	$	1,027,791,565	$	—	$	—	$	1,027,791,565

6      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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.

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 March 28, 2013 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	$	827,839,542
Gross unrealized appreciation	$	204,232,986
Gross unrealized depreciation		(4,280,963)
Net unrealized appreciation	$	199,952,023

7      OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT  OF  INVESTMENTS         March  28,  2013* (Unaudited)

	Maturity Date**		Final Legal Maturity Date***		Principal Amount		Value
Certificates of Deposit—36.7%
Yankee Certificates of Deposit—36.7%
Bank of Montreal, Chicago:
0.18%		4/1/13		4/1/13	$	1,200,000	$	1,200,000
0.19%		5/29/13		5/29/13		7,000,000		7,000,000
Bank of Nova Scotia, Houston TX:
0.21% 1		4/1/13		5/24/13		5,000,000		5,000,000
0.23% 1		4/1/13		7/9/13		1,200,000		1,200,000
0.23%		4/8/13		4/8/13		1,000,000		1,000,000
0.24%		5/17/13		5/17/13		1,300,000		1,300,000
BNP Paribas, New York, 0.74%		1/15/14		1/15/14		2,250,000		2,250,000
Deutsche Bank AG, New York:
0.20%		4/5/13		4/5/13		4,000,000		4,000,000
0.20%		4/12/13		4/12/13		1,000,000		1,000,000
DnB Bank ASA NY, 0.21%		5/14/13		5/14/13		2,000,000		2,000,000
Nordea Bank Finland plc, New York:
0.23%		5/22/13		5/22/13		1,300,000		1,300,000
0.25%		4/3/13		4/3/13		7,000,000		7,000,000
Royal Bank of Canada, New York:
0.35% 1		4/1/13		2/3/14		2,000,000		2,000,000
0.52% 1		4/1/13		6/7/13		3,500,000		3,500,000
Skandinaviska Enskilda Bank, New York:
0.30%		4/8/13		4/8/13		5,000,000		5,000,117
0.34%		4/22/13		4/22/13		1,500,000		1,500,140
Sumitomo Mutsui Bank NY, 0.15%		4/2/13		4/2/13		2,000,000		2,000,000
Sumitomo Trust & Bank NY, 0.14%		4/4/13		4/4/13		1,000,000		1,000,000
Svenska Handelsbanken, New York:
0.22%		7/12/13		7/12/13		2,700,000		2,700,000
0.22%		7/19/13		7/19/13		2,500,000		2,500,000
0.26%		6/14/13		6/14/13		1,000,000		1,000,082
Swedbank AB, New York, 0.18%		4/25/13		4/25/13		3,000,000		3,000,000
Toronto Dominion Bank, New York:
0.24%		4/18/13		4/18/13		1,500,000		1,500,000
0.24%		9/27/13		9/27/13		4,000,000		4,000,000
Total Certificates of Deposit (Cost $63,950,339)								63,950,339
Direct Bank Obligations—12.9%
Aust & NZ Banking Group, 0.19% 2		6/6/13		6/6/13		5,100,000		5,098,224
DnB Bank ASA:
0.21% 2		6/17/13		6/17/13		1,700,000		1,699,236
0.22% 2		6/19/13		6/19/13		2,000,000		1,999,056
0.22% 2		5/28/13		5/28/13		1,350,000		1,349,530
National Australia Funding (Delaware), Inc., 0.25% 2		7/8/13		7/8/13		3,000,000		2,997,958
Svenska Handelsbanken, Inc., 0.21% 2		4/23/13		4/23/13		1,900,000		1,899,756
Westpac Banking Corp.:
0.34% 1,2		4/1/13		10/31/13		2,000,000		2,000,705
0.36% 1,2,3		4/9/13		1/9/14		5,400,000		5,400,000
Total Direct Bank Obligations (Cost $22,444,465)								22,444,465

1 Oppenheimer Money Fund/VA

STATEMENT  OF  INVESTMENTS         March  28,  2013*  (Unaudited)

	Maturity Date**		Final Legal Maturity Date***		Principal Amount		Value
Short-Term Notes/Commercial Paper—43.3%
Banks—3.7%
Bank of Tokyo-Mitsubishi UFJ NY, 0.16% 3		4/4/13		4/4/13	$	6,500,000	$	6,499,913
Capital Markets—1.6%
BNP Paribas Finance, Inc., 0.67%		4/2/13		4/2/13		2,750,000		2,749,948
Diversified Financial Services—3.4%
General Electric Capital Corp., 0.07%		4/5/13		4/5/13		5,900,000		5,899,954
Leasing & Factoring—5.6%
American Honda Finance Corp.:
0.30% 1,3		6/5/13		12/5/13		1,000,000		1,000,000
0.32% 1		5/8/13		11/8/13		1,500,000		1,500,000
0.38% 1		5/2/13		8/2/13		1,500,000		1,500,000
Toyota Motor Credit Corp.:
0.30%		10/25/13		10/25/13		2,500,000		2,495,688
0.31%		7/17/13		7/17/13		3,300,000		3,296,959
								9,792,647
Municipal—1.4%
San Antonio, TX Industrial Development Authority Revenue Bonds, Tindall Corp. Project, 0.25% 1		4/7/13		4/7/13		2,400,000		2,400,000
Receivables Finance—13.2%
Barton Capital Corp., 0.27% 2,3		7/12/13		7/12/13		2,000,000		2,000,000
Chariot Funding LLC, 0.25% 2		4/2/13		4/2/13		2,000,000		1,999,986
Gemini Securitization Corp., 0.17% 2		4/1/13		4/1/13		8,500,000		8,500,000
Gotham Funding Corp., 0.18% 2		4/19/13		4/19/13		2,000,000		1,999,810
Jupiter Securitization Co. LLC, 0.26% 2		9/18/13		9/18/13		2,500,000		2,496,931
Market Street Funding LLC:
0.18% 2		5/7/13		5/7/13		3,060,000		3,059,449
0.21% 2		4/1/13		4/1/13		1,500,000		1,500,000
Thunder Bay Funding LLC, 0.21% 2		6/28/13		6/28/13		1,551,000		1,550,204
								23,106,380
Special Purpose Financial—14.4%
Anglesea Funding LLC, 0.28% 3		4/2/13		4/2/13		2,000,000		1,999,984
Collateralized Commercial Paper II Co. LLC, 0.40% 3		7/16/13		7/16/13		4,500,000		4,494,700
Concord Minutemen Cap. Corp. LLC:
0.25%		5/13/13		5/13/13		4,200,000		4,198,775
0.28%		4/9/13		4/9/13		4,300,000		4,299,732
Legacy Capital LLC, 0.25%		5/3/13		5/3/13		1,000,000		999,778
Lexington Parker Capital Co. LLC, 0.28% 2		4/8/13		4/8/13		5,000,000		4,999,728
Northern Pines Funding LLC:
0.22% 3		4/1/13		4/1/13		450,000		450,000
0.23% 3		4/26/13		4/26/13		3,000,000		2,999,521

2 Oppenheimer Money Fund/VA

STATEMENT  OF  INVESTMENTS         March  28,  2013*  (Unaudited)

	Maturity Date**		Final Legal Maturity Date***		Principal Amount			Value
Ridgefield Funding Co. LLC, 0.38%		4/10/13		4/10/13	$	700,000		$	699,934
									25,142,152
Total Short-Term Notes/Commercial Paper (Cost $75,590,994)									75,590,994
U.S. Government Obligations—6.9%
U.S. Treasury Nts.:
0.25%		2/28/14		2/28/14		1,000,000			1,000,560
0.38%		6/30/13		6/30/13		2,000,000			2,000,743
0.50%		10/15/13		10/15/13		2,500,000			2,504,018
0.75%		9/15/13		9/15/13		1,000,000			1,002,362
1.00%		7/15/13		7/15/13		1,000,000			1,002,191
1.00%		1/15/14		1/15/14		1,500,000			1,509,618
1.75%		1/31/14		1/31/14		1,000,000			1,012,957
3.38%		7/31/13		7/31/13		1,000,000			1,010,489
4.25%		8/15/13		8/15/13		1,000,000			1,015,037
Total U.S. Government Obligations (Cost $12,057,975)									12,057,975
Total Investments, at Value (Cost $174,043,773)						99.8	%		174,043,773
Other Assets Net of Liabilities						0.2			261,647
Net Assets						100.0	%	$	174,305,420

Footnotes to Statement of Investments

Short-term notes and diret 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.

*  March 28, 2013 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.

3 Oppenheimer Money Fund/VA

STATEMENT  OF  INVESTMENTS         March  28,  2013*  (Unaudited)

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 $50,550,573 or 29.00% 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 $24,844,118 or 14.25% of the Fund’s net assets as of March 28, 2013.

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.

Valuation Methods and Inputs

Securities are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures approved by the Fund’s Board of Trustees.

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

4 Oppenheimer Money Fund/VA

STATEMENT  OF  INVESTMENTS         March  28,  2013*  (Unaudited)

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.

5 Oppenheimer Money Fund/VA

STATEMENT  OF  INVESTMENTS         March  28,  2013*  (Unaudited)

The table below categorizes amounts as of March 28, 2013 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	$		—	$	63,950,339	$		—	$	63,950,339
Direct Bank Obligations			—		22,444,465			—		22,444,465
Short-Term Notes/Commercial Paper			—		75,590,994			—		75,590,994
U.S. Government Obligations			—		12,057,975			—		12,057,975
Total Assets	$		—	$	174,043,773	$		—	$	174,043,773

6 Oppenheimer Money Fund/VA

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

		Shares			Value
Wholly-Owned Subsidiary—0.1%
Oppenheimer Global Strategic Income Fund/VA (Cayman) Ltd.1,2 (Cost $1,500,000)			15,000	$		1,423,971
		Principal Amount
Asset-Backed Securities—3.1%
Ally Auto Receviables Trust, Automobile Receivables Nts., Series 2012-A, Cl. D, 3.15%, 10/15/183	$		2,125,000			2,234,708
Ally Master Owner Trust, Automobile Receivable Nts., Series 2012-3, Cl. D, 2.553%, 7/15/174			1,200,000			1,200,788
American Credit Acceptance Receivables Trust 2012-3, Automobile Receivable Nts.: Series 2012-3, Cl. A, 1.64%, 11/15/165			212,535			212,580
Series 2012-3, Cl. C, 2.78%, 9/17/185			125,000			124,981
AmeriCredit Automobile Receivables Trust 2012-1, Automobile Receivables-Backed Nts.: Series 2012-1, Cl. C, 2.67%, 1/8/18			150,000			156,249
Series 2012-1, Cl. D, 4.72%, 3/8/18			8,055,000			8,777,163
AmeriCredit Automobile Receivables Trust 2012-3, Automobile Receivables-Backed Nts., Series 2012-3, Cl. D, 3.03%, 7/9/18			2,625,000			2,714,803
AmeriCredit Automobile Receivables Trust 2012-4, Automobile Receivables-Backed Nts., Series 2012-4, Cl. D, 2.68%, 10/9/18			1,190,000			1,224,916
AmeriCredit Automobile Receivables Trust 2012-5, Automobile Receivables-Backed Nts., Series 2012-5, Cl. D, 2.35%, 12/10/18			500,000			507,699
AmeriCredit Automobile Receivables Trust 2013-1, Automobile Receivables-Backed Nts.: Series 2013-1, Cl. D, 2.09%, 2/8/19			425,000			425,715
Series 2013-1, Cl. E, 3.92%, 7/8/203			2,385,000			2,411,905
Avis Budget Rental Car Funding AESOP LLC, Automobile Receivable Nts., Series 2011-3A, Cl. B, 4.74%, 11/20/175			335,000			363,822
Capital Auto Receivables Asset Trust 2013-1, Automobile Receivables Nts., Series 2013-1, Cl. D, 2.19%, 9/20/21			275,000			274,934

1   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
CarMax Auto Owner Trust 2012-2, Automobile Receivables Nts., Series 2012-2, Cl. D, 3.02%, 11/15/18	$		1,200,000	$		1,227,198
CarMax Auto Owner Trust 2013-1, Automobile Receivables Nts., Series 2013-1, Cl. D, 1.99%, 8/15/19			250,000			250,700
CPS Auto Trust, Automobile Receivable Nts., Series 2012-C, Cl. A, 1.82%, 12/16/195			197,940			198,946
Credit Acceptance Auto Loan Trust, Automobile Receivable Nts.: Series 2012-2A, Cl. A, 1.52%, 3/16/205			200,000			201,361
Series 2012-2A, Cl. B, 2.21%, 9/15/205			100,000			101,019
DSC Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2011-1, Cl. A, 3.91%, 3/15/16			520,000			528,002
DT Auto Owner Trust 2010-1A, Automobile Receivable Nts., Series 2010-1A, Cl. D, 5.92%, 9/15/165			329,921			331,715
DT Auto Owner Trust 2012-2, Automobile Receivable Nts.: Series 2012-2, Cl. C, 2.72%, 4/17/175			690,000			699,366
Series 2012-2, Cl. D, 4.35%, 3/15/195			2,245,000			2,324,085
Enterprise Fleet Financing LLC, Automobile Receivable Nts., Series 2012-2, Cl. A2, 0.72%, 4/20/185			80,000			80,033
Exeter Automobile Receivables Trust, Automobile Receivable Nts.: Series 2012-2A, Cl. B, 2.22%, 12/15/175			875,000			886,373
Series 2012-2A, Cl. C, 3.06%, 7/16/185			1,100,000			1,116,100
First Investors Auto Owner Trust 2012-1A, Automobile Receivables Nts., Series 2012-1A, Cl. D, 5.65%, 4/15/185			285,000			305,750
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts.: Series 2007-1A, Cl. B, 2.165%, 8/15/223,4			7,870,000			6,571,450
Series 2007-1A, Cl. C, 3.465%, 8/15/223,4			5,270,000			4,057,900
Series 2007-1A, Cl. D, 5.465%, 8/15/223,4			5,270,000			4,084,250
Santander Drive Auto Receivables Trust 2011-1, Automobile Receivables Nts., Series 2011-1, Cl. D, 4.01%, 2/15/17			2,590,000			2,707,880

2   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/173	$		78,638	$		78,938
Santander Drive Auto Receivables Trust 2012-2, Automobile Receivables Nts., Series 2012-2, Cl. D, 3.87%, 2/15/18			545,000			574,217
Santander Drive Auto Receivables Trust 2012-3, Automobile Receivables Nts.: Series 2012-3, Cl. C, 3.01%, 4/16/18			5,830,000			6,055,003
Series 2012-3, Cl. D, 3.64%, 5/15/18			6,890,000			7,238,868
Santander Drive Auto Receivables Trust 2012-4, Automobile Receivables Nts., Series 2012-4, Cl. D, 3.50%, 6/15/18			3,510,000			3,686,304
Santander Drive Auto Receivables Trust 2012-5, Automobile Receivables Nts.: Series 2012-5, Cl. C, 2.70%, 8/15/18			3,165,000			3,305,562
Series 2012-5, Cl. D, 3.30%, 9/17/18			3,160,000			3,268,849
Santander Drive Auto Receivables Trust 2012-6, Automobile Receivables Nts., Series 2012-6, Cl. D, 2.52%, 9/17/18			1,270,000			1,291,132
Santander Drive Auto Receivables Trust 2012-AA, Automobile Receivables Nts., Series 2012-AA, Cl. D, 2.46%, 12/17/185			825,000			839,237
Santander Drive Auto Receivables Trust 2013-1, Automobile Receivables Nts., Series 2013-1, Cl. D, 2.80%, 1/15/19			345,000			345,355
Santander Drive Auto Receivables Trust 2013-2, Automobile Receivables Nts., Series 2013-2, Cl. D, 2.70%, 3/15/19			475,000			475,308
SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 0.68%, 6/15/394			2,483,432			1,620,388
SNAAC Auto Receivables Trust, Automobile Receivable Nts.: Series 2012-1A, Cl. B, 3.11%, 6/15/175			525,000			533,403
Series 2012-1A, Cl. C, 4.38%, 6/15/175			595,000			615,629
United Auto Credit Securitization Trust 2012-1, Automobile Receivables Nts.: Series 2012-1, Cl. A2, 1.10%, 3/16/15			195,000			195,068
Series 2012-1, Cl. B, 1.87%, 9/15/15			335,000			335,168
Series 2012-1, Cl. C, 2.52%, 3/15/16			2,665,000			2,666,213
Series 2012-1, Cl. D, 3.12%, 3/15/18			1,690,000			1,690,995
Total Asset-Backed Securities (Cost $82,012,061)						81,118,028

3   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Corporate Loans—1.6%
Affinion Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.50%, 10/9/164	$		1,999,061	$		1,957,830
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession: 4.25%, 5/31/134,6			119,905			84,933
13.173%, 5/31/13-2/23/144			457,351			323,957
Tranche NM, 13.173%, 2/23/144			50,304			35,632
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, Delayed Draw, 13.173%, 3/3/144			760,069			538,382
Autoparts Holdings Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.50%, 7/29/174			1,022,935			1,037,853
BJ’S Wholesale Club, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 3/26/204			1,030,000			1,071,844
Brock Holdings III, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 3/16/184			775,000			785,656
Caesars Entertainment Operating Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 5.454%, 1/28/184			2,838,271			2,636,754
Chesapeake Energy Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.75%, 12/2/174			1,420,000			1,466,404
Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.854%, 1/29/164			5,555,019			4,937,023
Crestwood Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.75%, 3/26/184			801,294			817,320
Deltek, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 10/10/194			460,000			468,194
Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan, Tranche B, 3.519%, 10/19/154,6,7			7,053,736			3,950,092
Hallertau SPC, Sr. Sec. Credit Facilities Term Loan, 7.94%, 9/17/138			12,143,750			4,212,575
iStar Financial, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche A2, 7%, 3/19/174			2,575,000			2,743,984

4   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
JG Wentworth, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9%, 2/8/194	$		385,000	$		385,000
Lonestar Intermediate Super Holdings LLC, Sr. Sec. Credit Facilities Term Loan, 11%, 9/2/194			1,555,000			1,675,513
Navistar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7%, 8/17/174			666,113			674,913
NFR Energy LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.75%, 12/31/184			1,705,000			1,758,281
NTELOS, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 11/9/194			1,218,875			1,198,560
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 2/28/194			3,755,000			3,877,038
OneLink Communications/San Juan Cable LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 6/9/184			1,885,000			1,932,125
Revel Entertainment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: 9.125%, 2/17/178			2,186,396			1,042,183
9.15%, 2/17/176,8			101,693			48,474
Saxon Enterprises LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 12/31/194			1,195,000			1,204,859
Springleaf Financial Funding Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 5/10/174			1,390,000			1,401,511
SUPERVALU, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 3/21/194,6			625,000			636,774
TransFirst Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11%, 06/27/184			30,000			30,900
Total Corporate Loans (Cost $44,225,521)						42,934,564
Mortgage-Backed Obligations—41.6%
Government Agency—26.5%
FHLMC/FNMA/FHLB/Sponsored—26.3%
Federal Home Loan Mortgage Corp.: 3.50%, 4/1/436			36,335,000			38,246,846
5%, 9/15/33			923,611			1,002,801
5.50%, 9/1/39			1,030,359			1,128,707
6%, 5/15/18-11/15/21			294,963			319,767

5   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
FHLMC/FNMA/FHLB/Sponsored Continued
6.50%, 3/15/18-8/15/32	$		1,167,929	$		1,305,479
7%, 10/1/31-10/1/37			266,131			310,042
7.50%, 1/1/32			555,445			678,039
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1360, Cl. PZ, 7.50%, 9/15/22			616,297			709,166
Series 151, Cl. F, 9%, 5/15/21			15,975			18,306
Series 1674, Cl. Z, 6.75%, 2/15/24			453,479			515,177
Series 1897, Cl. K, 7%, 9/15/26			1,125,952			1,308,968
Series 2043, Cl. ZP, 6.50%, 4/15/28			447,660			515,620
Series 2106, Cl. FG, 0.653%, 12/15/284			755,055			761,404
Series 2122, Cl. F, 0.653%, 2/15/294			21,223			21,403
Series 2148, Cl. ZA, 6%, 4/15/29			563,007			638,602
Series 2195, Cl. LH, 6.50%, 10/15/29			337,692			387,682
Series 2326, Cl. ZP, 6.50%, 6/15/31			43,184			49,789
Series 2344, Cl. FP, 1.153%, 8/15/314			224,090			229,504
Series 2368, Cl. PR, 6.50%, 10/15/31			172,594			199,107
Series 2412, Cl. GF, 1.153%, 2/15/324			388,154			397,515
Series 2449, Cl. FL, 0.753%, 1/15/324			268,385			271,791
Series 2451, Cl. FD, 1.203%, 3/15/324			142,338			146,004
Series 2453, Cl. BD, 6%, 5/15/17			52,191			55,879
Series 2461, Cl. PZ, 6.50%, 6/1/32			657,668			758,624
Series 2464, Cl. FI, 1.203%, 2/15/324			122,748			125,596
Series 2470, Cl. AF, 1.203%, 3/15/324			244,217			250,507
Series 2470, Cl. LF, 1.203%, 2/15/324			125,614			128,530
Series 2471, Cl. FD, 1.203%, 3/15/324			183,787			188,089
Series 2477, Cl. FZ, 0.753%, 6/15/314			507,718			513,890
Series 2500, Cl. FD, 0.703%, 3/15/324			19,446			19,649
Series 2517, Cl. GF, 1.203%, 2/15/324			109,215			111,750
Series 2526, Cl. FE, 0.603%, 6/15/294			34,612			34,831
Series 2551, Cl. FD, 0.603%, 1/15/334			15,601			15,707
Series 2668, Cl. AZ, 4%, 9/1/18			99,486			105,142
Series 2676, Cl. KY, 5%, 9/15/23			2,145,423			2,373,114
Series 3025, Cl. SJ, 24.005%, 8/15/354			328,308			483,687
Series 3465, Cl. HA, 4%, 7/1/17			59,070			60,808
Series 3617, Cl. DC, 4%, 7/1/27			208,043			212,516
Series 3822, Cl. JA, 5%, 6/1/40			91,244			95,704
Series 3848, Cl. WL, 4%, 4/1/40			595,185			634,221
Series 3917, Cl. BA, 4%, 6/1/38			631,964			666,539
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 192, Cl. IO, 11.035%, 2/1/289			15,069			3,593
Series 205, Cl. IO, 16.582%, 9/1/299			93,385			19,612
Series 2074, Cl. S, 59.306%, 7/17/289			23,742			5,594

6   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
FHLMC/FNMA/FHLB/Sponsored Continued
Series 2079, Cl. S, 73.321%, 7/17/289	$		41,707	$		10,062
Series 2136, Cl. SG, 69.746%, 3/15/299			1,094,185			268,491
Series 2399, Cl. SG, 65.617%, 12/15/269			619,317			116,368
Series 243, Cl. 6, 0%, 12/15/329,10			230,548			52,602
Series 2437, Cl. SB, 76.761%, 4/15/329			1,953,316			408,754
Series 2526, Cl. SE, 36.653%, 6/15/299			43,455			9,230
Series 2795, Cl. SH, 21.513%, 3/15/249			927,003			135,495
Series 2802, Cl. AS, 41.369%, 4/15/339			113,104			4,218
Series 2920, Cl. S, 63.327%, 1/15/359			424,003			77,061
Series 2922, Cl. SE, 11.418%, 2/15/359			72,308			13,446
Series 3201, Cl. SG, 9.999%, 8/15/369			374,244			54,139
Series 3450, Cl. BI, 16.399%, 5/15/389			506,778			74,055
Series 3606, Cl. SN, 9.329%, 12/15/399			149,227			24,304
Series 3659, Cl. IE, 11.276%, 3/1/199			923,977			77,880
Series 3662, Cl. SM, 28.579%, 10/15/329			379,996			49,399
Series 3685, Cl. EI, 13.68%, 3/1/199			784,173			57,639
Series 3736, Cl. SN, 10.723%, 10/15/409			800,944			129,435
Federal Home Loan Mortgage Corp., Mtg.-Linked Global Debt Securities, 2.06%, 1/15/22			1,286,358			1,319,807
Federal National Mortgage Assn.: 2.50%, 4/1/286			195,975,000			203,354,693
2.796%, 10/1/364			3,419,670			3,659,655
3%, 4/1/436			68,065,000			70,193,276
3.50%, 4/1/286			1,870,000			1,982,784
4%, 9/1/18-10/1/18			1,222,710			1,312,056
4%, 4/1/436			11,270,000			12,018,399
4.50%, 4/1/28-4/1/436			16,710,000			18,003,337
5%, 2/25/18-7/25/33			3,878,156			4,205,272
5%, 4/1/436			1,830,000			1,982,691
5.50%, 4/25/21-5/1/36			911,393			1,001,920
6%, 10/25/16-1/25/19			248,591			265,351
6%, 4/1/436			4,305,000			4,715,994
6.50%, 4/25/17-1/1/34			1,538,791			1,770,997
7%, 11/1/17-6/25/34			1,727,937			2,043,114
7.50%, 2/1/27-3/25/33			1,981,893			2,406,184
8.50%, 7/1/32			2,361			2,788
Federal National Mortgage Assn., 15 yr., 3%, 4/1/286			2,345,000			2,466,189
Federal National Mortgage Assn., 30 yr., 3.50%, 4/1/436			253,945,000			268,229,406

7   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Trust 1999-54, Cl. LH, 6.50%, 11/25/29	$		294,051	$		336,675
Trust 2001-51, Cl. OD, 6.50%, 10/25/31			170,935			197,112
Trust 2001-69, Cl. PF, 1.204%, 12/25/314			272,204			278,580
Trust 2001-80, Cl. ZB, 6%, 1/25/32			334,578			379,764
Trust 2002-12, Cl. PG, 6%, 3/25/17			166,768			179,259
Trust 2002-29, Cl. F, 1.204%, 4/25/324			128,623			131,673
Trust 2002-60, Cl. FH, 1.204%, 8/25/324			263,738			269,974
Trust 2002-64, Cl. FJ, 1.204%, 4/25/324			39,607			40,546
Trust 2002-68, Cl. FH, 0.703%, 10/18/324			88,714			89,638
Trust 2002-84, Cl. FB, 1.204%, 12/25/324			577,297			591,047
Trust 2002-9, Cl. PC, 6%, 3/25/17			167,754			179,134
Trust 2002-9, Cl. PR, 6%, 3/25/17			205,406			218,944
Trust 2002-90, Cl. FH, 0.704%, 9/25/324			322,999			326,457
Trust 2003-11, Cl. FA, 1.204%, 9/25/324			577,310			591,060
Trust 2003-112, Cl. AN, 4%, 11/1/18			210,564			222,714
Trust 2003-116, Cl. FA, 0.604%, 11/25/334			52,786			53,097
Trust 2003-119, Cl. FK, 0.704%, 5/25/184			1,259,273			1,266,621
Trust 2004-101, Cl. BG, 5%, 1/25/20			733,823			781,322
Trust 2005-109, Cl. AH, 5.50%, 12/25/25			2,160,000			2,442,031
Trust 2005-25, Cl. PS, 27.262%, 4/25/354			399,743			733,865
Trust 2005-31, Cl. PB, 5.50%, 4/25/35			560,000			687,918
Trust 2005-71, Cl. DB, 4.50%, 8/25/25			381,625			418,799
Trust 2006-11, Cl. PS, 23.818%, 3/25/364			268,650			394,878
Trust 2006-46, Cl. SW, 23.451%, 6/25/364			466,225			686,873
Trust 2007-109, Cl. NF, 0.754%, 12/25/374			555,649			562,796
Trust 2007-42, Cl. A, 6%, 2/1/33			209,377			213,022
Trust 2008-14, Cl. BA, 4.25%, 3/1/23			100,864			107,296
Trust 2009-114, Cl. AC, 2.50%, 12/1/23			184,708			190,018
Trust 2009-36, Cl. FA, 1.144%, 6/25/374			227,362			230,412
Trust 2011-122, Cl. EA, 3%, 11/1/29			510,852			523,006
Trust 2011-122, Cl. EC, 1.50%, 1/1/20			516,570			524,480
Trust 2011-15, Cl. DA, 4%, 3/1/41			456,459			487,792

8   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
FHLMC/FNMA/FHLB/Sponsored Continued
Trust 2011-3, Cl. KA, 5%, 4/1/40	$		471,163	$		519,053
Trust 2011-6, Cl. BA, 2.75%, 6/1/20			554,421			577,162
Trust 2012-20, Cl. FD, 0.604%, 3/25/424			1,509,567			1,517,337
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 26.556%, 11/18/319			144,646			27,339
Trust 2001-63, Cl. SD, 28.529%, 12/18/319			38,470			7,046
Trust 2001-68, Cl. SC, 19.091%, 11/25/319			24,641			4,537
Trust 2001-81, Cl. S, 22.549%, 1/25/329			30,108			6,383
Trust 2002-28, Cl. SA, 37.392%, 4/25/329			21,942			4,616
Trust 2002-38, Cl. SO, 50.956%, 4/25/329			125,644			26,324
Trust 2002-48, Cl. S, 31.788%, 7/25/329			33,357			6,810
Trust 2002-52, Cl. SL, 35.70%, 9/25/329			22,049			4,782
Trust 2002-56, Cl. SN, 33.559%, 7/25/329			45,836			9,364
Trust 2002-77, Cl. IS, 44.693%, 12/18/329			214,060			52,137
Trust 2002-77, Cl. SH, 36.229%, 12/18/329			47,158			9,414
Trust 2002-9, Cl. MS, 26.985%, 3/25/329			41,282			8,645
Trust 2003-13, Cl. IO, 13.597%, 3/25/339			391,482			61,591
Trust 2003-26, Cl. DI, 12.696%, 4/25/339			298,476			56,678
Trust 2003-33, Cl. SP, 25.943%, 5/25/339			259,437			39,294
Trust 2003-38, Cl. SA, 25.054%, 3/25/239			324,284			31,914
Trust 2003-4, Cl. S, 27.709%, 2/25/339			79,043			15,144
Trust 2004-56, Cl. SE, 11.313%, 10/25/339			1,225,962			221,227
Trust 2005-12, Cl. SC, 14.357%, 3/25/359			36,377			6,997
Trust 2005-14, Cl. SE, 42.885%, 3/25/359			1,285,706			190,553

9   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
FHLMC/FNMA/FHLB/Sponsored Continued
Trust 2005-40, Cl. SA, 52.714%, 5/25/359	$		1,095,553	$		203,910
Trust 2005-40, Cl. SB, 79.338%, 5/25/359			1,745,826			372,288
Trust 2005-63, Cl. SA, 50.324%, 10/25/319			67,517			13,047
Trust 2005-71, Cl. SA, 58.786%, 8/25/259			238,515			37,020
Trust 2006-51, Cl. SA, 8.858%, 6/25/369			5,093,212			805,701
Trust 2006-90, Cl. SX, 99.999%, 9/25/369			1,247,846			227,421
Trust 2007-75, Cl. BI, 8.156%, 8/25/379			1,841,198			381,825
Trust 2007-88, Cl. XI, 39.978%, 6/25/379			1,882,985			284,977
Trust 2008-46, Cl. EI, 17.054%, 6/25/389			512,215			75,954
Trust 2008-55, Cl. SA, 8.628%, 7/25/389			282,099			41,342
Trust 2009-8, Cl. BS, 22.698%, 2/25/249			342,946			32,657
Trust 2010-95, Cl. DI, 9.71%, 11/1/209			1,186,304			103,542
Trust 2011-84, Cl. IG, 0%, 8/1/139,10			4,214,658			26,828
Trust 214, Cl. 2, 43.297%, 3/1/239			264,231			49,159
Trust 221, Cl. 2, 45.869%, 5/1/239			32,459			6,063
Trust 254, Cl. 2, 36.923%, 1/1/249			527,282			99,287
Trust 2682, Cl. TQ, 99.999%, 10/15/339			436,167			89,993
Trust 2981, Cl. BS, 99.999%, 5/15/359			774,042			142,553
Trust 301, Cl. 2, 1.975%, 4/1/299			106,839			25,124
Trust 313, Cl. 2, 19.529%, 6/1/319			1,013,537			162,269
Trust 319, Cl. 2, 0.493%, 2/1/329			493,921			118,056
Trust 321, Cl. 2, 6.998%, 4/1/329			144,312			34,191
Trust 324, Cl. 2, 5.84%, 7/1/329			147,007			33,551
Trust 328, Cl. 2, 60.135%, 12/1/329			328,928			68,289
Trust 331, Cl. 5, 20.974%, 2/1/339			562,490			116,194
Trust 332, Cl. 2, 47.592%, 3/1/339			2,669,687			386,220
Trust 334, Cl. 12, 49.35%, 3/1/339			483,565			98,401
Trust 339, Cl. 15, 0%, 8/1/339,10			1,494,414			251,835
Trust 345, Cl. 9, 99.999%, 1/1/349			422,172			60,127
Trust 351, Cl. 10, 8.914%, 4/1/349			295,473			43,685
Trust 351, Cl. 8, 33.372%, 4/1/349			493,785			72,756
Trust 356, Cl. 10, 74.008%, 6/1/359			376,885			53,845
Trust 356, Cl. 12, 83.924%, 2/1/359			184,595			26,239
Trust 362, Cl. 13, 38.493%, 8/1/359			237,238			39,254
						680,846,545

10   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
GNMA/Guaranteed—0.2%
Government National Mortgage Assn.: 1.625%, 12/9/254	$		4,481	$		4,698
7%, 3/29/28-7/29/28			186,477			216,545
7.50%, 3/1/27			11,019			11,969
8%, 11/29/25-5/29/26			35,713			36,111
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/1/29			770,555			938,618
Series 2000-12, Cl. ZA, 8%, 2/16/30			1,735,262			2,091,022
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 67.442%, 7/16/289			91,875			22,237
Series 1998-6, Cl. SA, 78.282%, 3/16/289			55,431			13,151
Series 2001-21, Cl. SB, 80.201%, 1/16/279			404,898			81,811
Series 2007-17, Cl. AI, 22.895%, 4/16/379			490,207			101,990
Series 2010-111, Cl. GI, 45.596%, 9/1/139			8,687,886			67,133
Series 2011-52, Cl. HS, 13.38%, 4/16/419			820,994			210,280
						3,795,565
Non-Agency—15.1%
Commercial—10.4%
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			2,377,676
Banc of America Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AM, 5.86%, 7/10/444			4,242,000			4,532,059
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			6,529,215
Banc of America Commercial Mortgage Trust 2007-1, Commercial Mtg. Pass-Through Certificates, Series 2007-1, Cl. AMFX, 5.482%, 1/1/49			6,734,386			7,425,385

11   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Commercial Continued
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	$		9,087,097
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2008-1, Cl. AM, 6.237%, 2/10/514			3,415,000			3,913,916
BCAP LLC Trust, Mtg. Pass-Through Certificates: Series 2012-RR2, Cl. 6A3, 3.113%, 9/1/354,5			782,615			790,942
Series 2012-RR6, Cl. 1A5, 2.402%, 11/1/363,4			487,633			486,780
Bear Stearns ARM Trust 2007-4, Mtg. Pass-Through Certificates, Series 2007-4, Cl. 22A1, 5.353%, 6/1/474			796,906			710,903
Bear Stearns Commercial Mortgage Securities Trust 2006-PWR13, Commercial Mtg. Pass-Through Certificates, Series 2006-PWR13, Cl. AJ, 5.611%, 9/1/41			8,145,000			8,060,231
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, Commercial Mtg. Pass-Through Certificates: Series 2007-PWR17, Cl. AJ, 5.893%, 6/1/504			7,400,000			7,009,202
Series 2007-PWR17, Cl. AM, 5.893%, 6/1/504			2,330,000			2,704,422
Bear Stearns Commercial Mortgage Securities Trust 2007-T26, Commercial Mtg. Pass-Through Certificates, Series 2007-T26, Cl. AJ, 5.566%, 1/1/454			6,183,000			6,334,950
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35			2,458,019			2,515,326
CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 4.66%, 12/20/354			138,476			122,585
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37			6,353,211			5,310,481
Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.053%, 12/1/494			4,270,000			4,954,620

12   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Commercial Continued
Citigroup Mortgage Loan Trust, Inc. 2012-8, Mtg. Pass-Through Certificates, Series 2012-8, Cl. 1A1, 2.671%, 10/1/353,4	$		1,102,291	$		1,091,166
Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2012-CR4, Cl. D, 4.579%, 10/1/454,5			1,530,000			1,456,439
Series 2012-CR5, Cl. E, 4.335%, 12/1/454			1,165,000			1,082,035
Series 2013-CR6, Cl. D, 4.316%, 3/1/464			1,525,000			1,373,340
Credit Suisse First Boston Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-C6, Cl. AJ, 5.23%, 12/1/40			600,000			645,304
CSMC Mortgage-Backed Trust 2006-C1, Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.404%, 2/1/394			9,720,000			10,611,620
DBUBS Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2011-LC1, Cl. E, 5.557%, 11/1/464,5			3,620,000			3,859,344
Series 2011-LC2A, Cl. D, 5.445%, 7/1/444,5			3,845,000			4,014,084
Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates: Series 2006-AB2, Cl. A1, 5.885%, 6/25/36			113,168			86,373
Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36			546,586			414,383
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Series 2010-C1, Cl. XPA, 5.012%, 7/1/465,9			5,147,637			277,913
Series 2012-CR5, Cl. XA, 3.847%, 12/1/459			3,566,367			433,758
EverBank Mortgage Loan Trust, Commercial Mtg. Pass-Through Certificates, Series 2013-1, Cl. A1, 2.25%, 4/1/43			1,300,000			1,299,740
FDIC Trust, Commerical Mtg. Pass-Through Certificates, Series 2012-C1, Cl. A, 0.841%, 5/1/353			1,135,179			1,136,280

13   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Commercial Continued
First Horizon Alternative Mortgage Securities Trust 2005-FA8, Mtg. Pass-Through Certificates, Series 2005-FA8, Cl. 1A6, 0.854%, 11/25/354	$		4,972,604	$		3,776,051
First Horizon Alternative Mortgage Securities Trust 2005-FA9, Mtg. Pass-Through Certificates, Series 2005-FA9, Cl. A4A, 5.50%, 12/1/35			1,855,353			1,731,813
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/1/37			1,384,102			1,108,061
First Horizon Alternative Mortgage Securities Trust 2007-FA4, Mtg. Pass-Through Certificates, Series 2007-FA4, Cl. 1A6, 6.25%, 8/1/374			5,453,332			4,792,500
FREMF Mortgage Trust 2013-K25, Commerical Mtg. Pass-Through Certificates, Series 2013-K25, Cl. C, 3.617%, 11/1/454			2,850,000			2,666,751
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2006-GG7, Commercial Mtg. Pass-Through Certificates, Series 2006-GG7, Cl. AJ, 5.866%, 7/10/384			8,205,000			8,249,721
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. AM, 5.867%, 12/1/49			5,550,000			6,303,437
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			5,571,107
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2011-GC3, Cl. D, 5.545%, 3/1/444,5			4,085,000			4,328,472
GSR Mortgage Loan Trust 2005-AR4, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 6A1, 5.25%, 7/1/35			57,681			57,012
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 4.895%, 11/1/354			1,340,509			1,138,215
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2007-CB15, Cl. AJ, 5.502%, 6/1/47			8,281,000			7,481,830
Series 2007-CB18, Cl. AM, 5.466%, 6/1/47			6,400,000			7,208,080

14   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Commercial Continued
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	$		2,111,138
JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB19, Commercial Mtg. Pass-Through Certificates, Series 2007-CB19, Cl. AM, 5.714%, 2/1/494			5,850,000			6,549,397
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C10, Commercial Mtg. Pass-Through Certificates, Series 2013-C10, Cl. D, 4.30%, 12/15/474			3,420,000			3,126,381
JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 2.914%, 1/1/374			256,217			212,473
JPMorgan, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2009-5, Cl. 1A2, 2.614%, 7/1/364,5			5,269,164			3,849,641
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			1,299,902
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			6,717,825
LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.153%, 4/11/414			2,610,000			3,096,942
Lehman Structured Securities Corp., Mtg.-Backed Security, 6%, 5/1/29			9,370			1,967
Merrill Lynch Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.686%, 5/1/394			6,125,000			6,033,698
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			5,498,535

15   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Commercial Continued
Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6, Commerical Mtg. Pass-Through Certificates, Series 2012-C6, Cl. E, 4.665%, 11/1/454,5	$		2,290,000	$		2,182,577
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7, Commerical Mtg. Pass-Through Certificates, Series 2013-C7, Cl. D, 4.31%, 2/1/46			4,250,000			3,921,696
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8, Commerical Mtg. Pass-Through Certificates, Series 2013-C8, Cl. D, 4.173%, 12/1/48			2,020,000			1,836,733
Morgan Stanley Capital I Trust 2007-IQ15, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ15, Cl. AM, 5.889%, 6/1/494			5,875,000			6,513,765
Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates, Series 2006-HQ10, Cl. AM, 5.36%, 11/1/41			8,500,000			9,282,914
Morgan Stanley, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2012-R3, Cl. 1A, 2.402%, 11/1/364,5			47,071			46,558
RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 3.394%, 4/25/354			106,623			15,608
Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36			622,156			477,512
Sequoia Mortgage Trust, Mtg. Pass-Through Certificates, Series 2012-2, Cl. A2, 3.50%, 4/1/42			338,728			348,505
STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.811%, 2/1/374			7,459,931			6,405,410
Structured Adjustable Rate Mortgage Loan Trust 2006-4, Commercial Mtg. Pass-Through Certificates, Series 2006-4, Cl. 6A, 5.312%, 5/1/364			2,114,842			1,832,014
Structured Adjustable Rate Mortgage Loan Trust 2007-6, Mtg. Pass-Through Certificates, Series 2007-6, Cl. 3A1, 4.716%, 7/1/374			6,276,816			5,138,808

16   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Commercial Continued
UBS-Barclays Commercial Mortgage Trust 2012-C2, Commerical Mtg. Pass-Through Certificates, Series 2012-C2, Cl. E, 4.893%, 5/1/634,5	$		1,415,000	$		1,368,245
UBS-Barclays Commercial Mortgage Trust 2013-C5, Commerical Mtg. Pass-Through Certificates, Series 2013-C5, Cl. D, 4.097%, 3/1/464			2,860,000			2,581,150
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			4,830,253
Wachovia Bank Commercial Mortgage Trust 2006-C25, Commercial Mtg. Pass-Through Certificates, Series 2006-C25, Cl. AJ, 5.734%, 5/1/434			5,315,000			5,460,224
WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 2.212%, 4/1/474			679,453			456,100
Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 2.696%, 11/1/344			164,778			2,528
Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.611%, 2/1/354			3,188,712			3,173,738
Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005-AR15, Cl. 1A6, 2.617%, 9/1/354			7,459,840			7,039,843
Wells Fargo Mortgage-Backed Securities 2006-8 Trust, Mtg. Pass-Through Certificates, Series 2006-8, Cl. A15, 6%, 7/1/36			3,850,118			3,830,250
Wells Fargo Mortgage-Backed Securities 2007-AR3 Trust, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. A4, 5.698%, 4/1/374			1,803,074			1,746,112
WFRBS Commercial Mortgage Trust 2011-C3, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 12.268%, 3/1/449			5,980,523			475,177

17   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Commercial Continued
WFRBS Commercial Mortgage Trust 2012-C10, Commercial Mtg. Pass-Through Certificates, Series 2012-C10, Cl. D, 4.462%, 12/1/454,5	$		1,165,000	$		1,079,697
WFRBS Commercial Mortgage Trust 2012-C7, Commercial Mtg. Pass-Through Certificates, Series 2012-C7, Cl. E, 4.85%, 6/1/454,5			2,040,000			1,979,134
WFRBS Commercial Mortgage Trust 2012-C8, Commercial Mtg. Pass-Through Certificates, Series 2012-C8, Cl. D, 4.88%, 8/1/454,5			2,275,000			2,212,951
WFRBS Commercial Mortgage Trust 2013-C11, Commercial Mtg. Pass-Through Certificates, Series 2013-C11, Cl. D, 4.186%, 3/1/454,5			1,168,000			1,067,812
						268,863,832
Multifamily—0.9%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2006-2, Cl. AJ, 5.763%, 5/1/454			4,295,000			4,507,761
CHL Mortgage Pass-Through Trust 2006-20, Mtg. Pass-Through Certificates, Series 2006-20, Cl. 1A17, 5.75%, 2/1/37			2,235,681			2,063,010
Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1A2A, 5.547%, 6/1/364			4,832,319			4,552,190
Countrywide Alternative Loan Trust 2006-24CB, Mtg. Pass-Through Certificates, Series 2006-24CB, Cl. A12, 5.75%, 6/1/36			1,800,119			1,488,299
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 4.924%, 5/1/374			3,778,994			3,695,085
Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005-AR15, Cl. 1A2, 2.617%, 9/1/354			351,084			342,159
Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A3, 2.641%, 3/1/364			3,229,273			3,231,143
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.767%, 3/25/364			2,906,054			2,867,487
						22,747,134

18   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Residential—3.8%
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.164%, 5/25/344	$		865,219	$		831,511
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2007-1, Cl. 1A3, 6%, 1/1/37			1,971,956			1,756,600
Series 2007-4, Cl. AM, 5.821%, 2/1/514			4,760,000			5,477,075
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.449%, 5/1/364			1,814,475			1,801,673
Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 2.828%, 5/1/344			2,308,759			2,278,399
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35			4,738,958			4,484,623
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35			1,662,230			1,741,313
CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36			408,926			387,914
CHL Mortgage Pass-Through Trust 2007-15, Mtg. Pass-Through Certificates, Series 2007-15, Cl. 1A29, 6.25%, 9/1/37			2,128,094			2,037,689
CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 2.993%, 6/1/474			1,924,249			1,683,899
Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 2.689%, 5/1/354			2,113,504			2,093,192
Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 2.884%, 8/1/354			4,034,041			3,446,017
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AMFX, 5.366%, 12/1/49			8,565,000			9,241,879
Countrywide Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl.1A10, 6%, 2/1/37			8,194,937			6,570,443

19   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Residential Continued
Countrywide Alternative Loan Trust 2007-19, Mtg. Pass-Through Certificates, Series 2007-19, Cl. 1A4, 6%, 8/1/37	$		2,193,283	$		1,815,713
Countrywide Home Loans, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.194%, 5/1/364			600,025			561,396
CSMC Mortgage-Backed Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 2A10, 6%, 4/1/37			2,124,341			1,870,887
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.324%, 6/25/474			1,509,411			1,494,192
CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates: Series 2005-G, Cl. 2A, 0.433%, 12/15/354			143,459			84,925
Series 2006-H, Cl. 2A1A, 0.353%, 11/15/364			61,221			27,117
GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36			560,734			552,413
Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.863%, 6/1/35			1,046,000			1,080,404
JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36			270,542			259,833
LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.179%, 9/11/454			10,430,000			12,305,053
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.304%, 8/25/364			1,116,624			425,340
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 2.60%, 10/25/364			1,441,232			1,411,316

20   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Residential Continued
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/293,8	$		66,744	$		4,572
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates: Series 2006-QS13, Cl. 1A5, 6%, 9/25/36			1,583,191			1,202,279
Series 2006-QS13, Cl. 1A8, 6%, 9/1/36			31,646			24,032
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37			776,404			592,056
Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35			3,160,706			2,902,105
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36			3,401,262			3,123,694
Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35			4,005,717			4,009,889
Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 2.509%, 5/1/374,5,11			158,178			71,793
WaMu Mortgage Pass-Through Certificates 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2007-AR12, Cl. 1A8, 2.463%, 10/1/354			2,065,217			1,985,574
WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 2.675%, 9/1/364			811,042			680,658
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates: Series 2007-HY1, Cl. 4A1, 2.638%, 2/1/374			11,680,679			10,009,366
Series 2007-HY1, Cl. 5A1, 4.198%, 2/1/374			7,191,937			6,001,118
WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 5.114%, 5/1/374			851,540			825,598

21   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Residential Continued
Wells Fargo Mortgage-Backed Securities 2005-9 Trust, Mtg. Pass-Through Certificates, Series 2005-9, Cl. 2A6, 5.25%, 10/25/35	$		342,305	$		362,937
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.649%, 10/1/364			2,809,540			2,749,896
						100,266,383
Total Mortgage-Backed Obligations (Cost $1,042,893,605)						1,076,519,459
U.S. Government Obligations—4.4%
Federal Home Loan Mortgage Corp. Nts.: 0.50%, 5/13/16			4,500,000			4,507,965
0.875%, 3/7/18			10,976,000			10,972,795
1.25%, 10/2/19			9,465,000			9,421,688
2.375%, 1/13/22			1,113,000			1,161,536
Federal National Mortgage Assn. Nts., 0.875%, 2/8/18			8,973,000			8,961,506
U.S. Treasury Bonds, STRIPS, 4.833%, 2/15/1612			2,116,000			2,094,091
U.S. Treasury Nts., 2%, 2/15/2313,14			75,130,000			76,151,317
Total U.S. Government Obligations (Cost $111,945,234)						113,270,898
Foreign Government Obligations—24.6%
Angola—0.2%
Angola (Republic of) Sr. Unsec. Nts., 7%, 8/16/19			3,970,000			4,401,738
Australia—0.4%
New South Wales Treasury Corp. Sr. Unsec. Nts.: Series 19, 6%, 4/1/19			460,000	AUD		538,503
Series 20, 6%, 6/1/20			635,000	AUD		756,147
Queensland Treasury Corp. Nts.: Series 17, 6%, 9/14/17			1,090,000	AUD		1,253,489
Series 21, 6%, 6/14/21			1,340,000	AUD		1,587,741
Series 33, 6.50%, 3/14/33			1,325,000	AUD		1,617,939
Queensland Treasury Corp. Sr. Unsec. Nts.: Series19, 6.25%, 6/14/19			585,000	AUD		693,557
Series23, 4.25%, 7/21/23			530,000	AUD		536,443
Victoria Treasury Corp. Nts., 5.50%, 11/17/26			1,705,000	AUD		1,945,867
Western Australia Treasury Corp. Unsec. Nts., 7%, 10/15/19			225,000	AUD		276,429
						9,206,115
Belgium—0.2%
Belgium (Kingdom of) Bonds, Series 58, 3.75%, 9/28/20			2,740,000	EUR		4,054,611
Belgium (Kingdom of) Treasury Bills, 0.038%, 5/16/1312			1,185,000	EUR		1,518,962
						5,573,573

22   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Bolivia—0.0%
Bolivia (Plurinational State of) Unsec. Bonds, 4.875%, 10/31/22	$		1,195,000	$		1,190,818
Brazil—2.9%
Brazil (Federative Republic of) Letra Tesouro Nacional Nts., 8.481%, 1/1/1512			15,715,000	BRR		6,728,104
Brazil (Federative Republic of) Nota Do Tesouro Nacional Nts.: 9.762%, 1/1/14			25,275,000	BRR		12,682,573
9.762%, 1/1/17			17,835,000	BRR		9,027,441
9.762%, 1/1/21			42,390,000	BRR		21,333,662
12.994%, 5/15/4515			3,960,000	BRR		5,767,337
Series NTNF, 9.762%, 1/1/23			12,940,000	BRR		6,477,569
Series NTNB, 12.792%, 8/15/5015			3,675,000	BRR		5,317,144
Brazil (Federative Republic of) Nota Do Tesouro Nacional Unsec. Bonds, 9.762%, 1/1/18			13,975,000	BRR		7,076,880
						74,410,710
Canada—0.2%
Canada (Government of) Nts., 3.75%, 6/1/19			2,010,000	CAD		2,243,717
Canada (Government of) Treasury Bills, 0.981%, 7/4/1312			1,805,000	CAD		1,772,262
						4,015,979
Croatia—0.2%
Croatia (Republic of) Unsec. Nts.: 5.50%, 4/4/235,6			3,095,000			3,081,459
6.25%, 4/27/175			1,570,000			1,685,631
6.375%, 3/24/215			740,000			799,570
6.75%, 11/5/195			695,000			764,563
						6,331,223
Denmark—0.1%
Denmark (Kingdom of) Bonds, 4%, 11/15/19			6,050,000	DKK		1,265,023
Dominican Republic—0.0%
Banco De Reservas De La Republica Dominicana Bonds, 7%, 2/1/235			1,195,000			1,200,975
Finland—0.0%
Finland (Repulic of) Unsec. Bonds, 1.625%, 9/15/22			555,000	EUR		716,124

23   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Principal Amount			Value
France—0.4%
France (Republic of) Bonds: 3.75% 10/25/19		2,445,000	EUR $		3,638,327
4%, 4/25/60		565,000	EUR		844,981
4.50%, 4/25/41		870,000	EUR		1,398,789
France (Republic of) Treasury Bills, 0.015%, 5/23/1312		1,610,000	EUR		2,063,676
France (Republic of) Treasury Nts., 1%, 7/25/17		2,675,000	EUR		3,474,455
					11,420,228
Germany—0.2%
Germany (Federal Republic of) Bonds, 2.50%, 7/4/44		1,420,000	EUR		1,938,393
Germany (Federal Republic of) Treasury Bills: (0.031)%, 6/12/1312		580,000	EUR		743,390
(0.03)%, 5/15/1312		1,005,000	EUR		1,288,144
Germany (Federal Republic of) Unsec. Bonds, 1.50%, 9/4/22		1,315,000	EUR		1,727,331
					5,697,258
Guatemala—0.0%
Guatemala (Republic of) Sr. Unsec. Bonds, 4.875%, 2/13/285		1,220,000			1,198,650
Hungary—1.6%
Hungary (Republic of) Bonds: 6.75%, 11/24/17		1,084,000,000	HUF		4,814,548
Series 14/D, 6.75%, 8/22/14		908,000,000	HUF		3,938,590
Series 15/C, 7.75%, 8/24/15		1,667,000,000	HUF		7,473,874
Series 15/A, 8%, 2/12/15		1,079,000,000	HUF		4,823,373
Series 16/C, 5.50%, 2/12/16		619,000,000	HUF		2,645,967
Series 17/B, 6.75%, 2/24/17		1,237,000,000	HUF		5,474,129
Hungary (Republic of) Sr. Unsec. Bonds, 7.625%, 3/29/41		135,000			138,375
Hungary (Republic of) Sr. Unsec. Nts., 5.75%, 6/11/18		365,000	EUR		474,268
Hungary (Republic of) Sr. Unsec. Unsub. Nts., 6.375%, 3/29/21		585,000			605,475
Hungary (Republic of) Treasury Bills: 6.073%, 5/29/1312		550,000,000	HUF		2,305,203
6.258%, 4/17/1312		366,000,000	HUF		1,539,489
Hungary (Republic of) Unsec. Bonds: 5.375%, 2/21/23		2,555,000			2,417,669
5.50%, 2/12/14		1,193,000,000	HUF		5,067,232
					41,718,192

24   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Principal Amount			Value
Ireland—0.1%
Ireland (Republic of) Treasury Bonds, 4.40%, 6/18/19		990,000	EUR $		1,338,591
Ireland (Republic of) Unsec. Bonds, 5.50%, 10/18/17		335,000	EUR		478,310
					1,816,901
Italy—0.4%
Italy (Republic of) Bonds: 4%, 9/1/20		1,015,000	EUR		1,303,307
4.50%, 3/1/19		2,930,000	EUR		3,886,535
5%, 3/1/22		535,000	EUR		713,498
5%, 9/1/40		1,110,000	EUR		1,387,472
Series EU, 1.216%, 10/15/174		680,000	EUR		800,310
Italy (Republic of) Sr. Unsec. Nts., 4.50%, 6/8/15		132,000,000	JPY		1,465,083
Italy (Republic of) Treasury Bonds: 3.50%, 11/1/17		570,000	EUR		731,845
5.75%, 2/1/33		475,000	EUR		654,181
					10,942,231
Ivory Coast—0.2%
Ivory Coast Bonds, 3.75%, 12/31/32		5,120,000			4,774,400
Japan—1.6%
Japan Bonds: 2 yr., 0.10%, 5/15/14		155,000,000	JPY		1,647,545
5 yr., 0.30%, 3/20/17		606,000,000	JPY		6,485,671
10 yr., Series 301, 1.50%, 6/20/19		604,000,000	JPY		6,931,836
10 yr., 1.10%, 3/20/21		957,000,000	JPY		10,748,167
20 yr., Series 112, 2.10%, 6/20/29		375,000,000	JPY		4,561,623
20 yr., Series 134, 1.80%, 3/20/32		369,000,000	JPY		4,217,619
30 yr., 2%, 3/20/42		463,000,000	JPY		5,379,924
Japan Sr. Unsec. Nts., 2.30%, 3/19/18		395,000	CAD		392,459
					40,364,844
Kazakhstan—0.0%
Development Bank of Kazakhstan Sr. Unsec. Bonds, 4.125%, 12/10/225		295,000			286,888
Korea, Republic of South—0.1%
Korea Housing Finance Corp. Sec. Nts., 1.625%, 9/15/185		1,325,000			1,304,453
Malaysia—0.4%
Central Bank of Malaysia Treasury Bills: Series 7712, 2.929%, 4/11/1312		15,310,000	MYR		4,939,021
Series 8012, 2.929%, 4/23/1312		15,210,000	MYR		4,901,943

25   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Principal Amount			Value
Malaysia (Government of) Sr. Unsec. Bonds: Series 1/06, 4.262%, 9/15/16		2,400,000	MYR $		805,354
Series 0210, 4.012%, 9/15/17		1,910,000	MYR		638,596
					11,284,914
Mexico—2.3%
United Mexican States Bonds: Series M, 6.50%, 6/9/224		105,200,000	MXN		9,523,835
Series M20, 7.50%, 6/3/274		108,000,000	MXN		10,615,468
Series M10, 7.75%, 12/14/17		23,655,000	MXN		2,169,416
Series M20, 8.50%, 5/31/294		56,440,000	MXN		6,023,858
United Mexican States Treasury Bills: 4.105%, 5/30/1312		143,000,000	MXN		11,498,050
4.132%, 5/23/1312		22,800,000	MXN		1,834,658
4.168%, 6/6/1312		33,980,000	MXN		2,730,131
4.237%, 7/11/1312		136,500,000	MXN		10,924,907
4.552%, 4/4/1312		58,000,000	MXN		4,692,189
					60,012,512
Nigeria—0.5%
Nigeria (Federal Republic of) Treasury Bills: 10.635%, 7/4/1312		45,000,000	NGN		275,298
11.235%, 1/23/1412		166,000,000	NGN		960,185
13.662%, 9/5/1312		329,000,000	NGN		1,977,125
13.779%, 9/26/1312		164,000,000	NGN		978,853
14.326%, 6/6/1312		73,000,000	NGN		450,671
Series 364, 15.572%, 4/25/1312		109,000,000	NGN		681,716
Nigeria (Federal Republic of) Treasury Bonds: 7%, 10/23/19		302,000,000	NGN		1,566,286
16%, 6/29/19		314,000,000	NGN		2,429,811
16.39%, 1/27/22		492,000,000	NGN		4,050,816
					13,370,761
Paraguay—0.1%
Paraguay (Republic of) Sr. Unsec. Bonds, 4.625%, 1/25/235		1,650,000			1,664,850
Peru—0.8%
Peru (Republic of) Sr. Unsec. Bonds: 6.95%, 8/12/315		16,195,000	PEN		7,800,487
8.20%, 8/12/265		10,500,000	PEN		5,679,527
Peru (Republic of) Sr. Unsec. Nts., 7.84%, 8/12/205		15,885,000	PEN		7,742,558
					21,222,572

26   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Principal Amount			Value
Poland—0.4%
Poland (Republic of) Bonds: Series WS0922, 5.75%, 9/23/22		14,510,000	PLZ $		5,100,013
Series 0415, 5.50%, 4/25/15		2,355,000	PLZ		756,105
Series 1017, 5.25%, 10/25/17		3,260,000	PLZ		1,080,451
Poland (Republic of) Unsec. Bonds, Series 1023, 4%, 10/25/23		14,110,000	PLZ		4,361,805
					11,298,374
Portugal—0.1%
Portugal (Republic of) Sr. Unsec. Bonds, 4.10%, 4/15/37		605,000	EUR		555,405
Portugal (Republic of) Sr. Unsec. Unsub. Bonds., 4.35%, 10/16/17		1,325,000	EUR		1,657,609
					2,213,014
Russia—1.7%
AHML Finance Ltd. Unsec. Nts., 7.75%, 2/13/185		62,400,000	RUR		2,020,492
Russian Federation Bonds: 7.50%, 3/15/184		199,400,000	RUR		6,770,678
7.50%, 2/27/194		250,700,000	RUR		8,488,399
7.60%, 4/14/214		271,700,000	RUR		9,194,201
Series 6206, 7.40%, 6/14/174		440,700,000	RUR		14,801,135
Russian Federation Unsec. Bonds, Series 9, 7.90%, 3/18/214		43,800,000	RUR		1,408,371
Vnesheconombank Sr. Unsec. Bonds, Series 18, 8.693%, 9/17/324		49,000,000	RUR		1,607,875
Vnesheconombank Via VEB Finance plc Sr. Unsec. Nts., 6.025%, 7/5/225		400,000			444,500
Vnesheconombank Via VEB Finance plc Sr. Unsec. Unsub. Nts., 6.902%, 7/9/205		375,000			437,344
					45,172,995
Serbia—0.2%
Serbia (Republic of) Sr. Unsec. Bonds, 4.875%, 2/25/205		2,400,000			2,378,400
Serbia (Republic of) Sr. Unsec. Nts., 5.25%, 11/21/175		3,230,000			3,343,050
					5,721,450
South Africa—1.2%
South Africa (Republic of) Bonds: Series R208, 6.75%, 3/31/21		147,970,000	ZAR		16,322,530
Series R207, 7.25%, 1/15/20		132,160,000	ZAR		15,029,616
					31,352,146

27   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Principal Amount				Value
Spain—0.2%
Comunidad De Madrid Sr. Unsec. Nts., 4.30%, 9/15/26		1,900,000	EUR	$		1,923,045
Instituto de Credito Oficial Sr. Unsec. Nts., 5%, 5/15/15		2,200,000	NOK			362,297
Spain (Kingdom of) Bonds: 4.25%, 10/31/16		425,000	EUR			560,630
5.50%, 7/30/17		1,460,000	EUR			2,013,367
Spain (Kingdom of) Sr. Unsec. Bonds, 4.30%, 10/31/19		820,000	EUR			1,059,004
						5,918,343
Sri Lanka—0.2%
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Bonds, 5.875%, 7/25/225		985,000				1,026,863
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts.: 6.25%, 10/4/205		1,775,000				1,899,250
6.25% 7/27/215		2,015,000				2,143,440
						5,069,553
Tanzania—0.1%
Tanzania (United Republic of) Sr. Unsec. Nts., 6.45%, 3/8/204		1,610,000				1,706,600
The Netherlands—0.2%
Netherlands (Kingdom of the) Bonds, 4%, 7/15/19		2,720,000	EUR			4,124,660
Turkey—5.4%
Turkey (Republic of) Bonds: 6.875%, 3/17/36		3,735,000				4,617,394
7%, 3/11/19		4,030,000				4,881,338
9%, 3/5/14		24,715,000	TRY			14,069,778
9%, 3/8/17		46,080,000	TRY			27,760,570
9.50%, 1/12/224		8,905,000	TRY			5,733,889
9.603%, 7/17/1312		22,655,000	TRY			12,315,815
10.50%, 1/15/204		1,350,000	TRY			899,925
16.519%, 8/14/1315		2,310,000	TRY			1,857,798
Turkey (Republic of) Nts., 7.50%, 7/14/17		5,315,000				6,358,069
Turkey (Republic of) Unsec. Bonds: 5.621%, 2/11/1515		2,305,000	TRY			1,750,679
5.948%, 5/15/1312		58,600,000	TRY			32,183,199
6.25%, 9/26/22		6,760,000				8,027,500
8.50%, 9/14/224		17,130,000	TRY			10,466,598

28   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount				Value
Turkey (Republic of) Unsec. Nts.: 5.125%, 3/25/22	$		2,990,000		$		3,296,475
6%, 1/14/41			4,265,000				4,792,794
							139,011,821
Ukraine—0.2%
Ukraine (Republic of) Bonds, 7.75%, 9/23/205			1,670,000				1,743,480
Ukraine (Republic of) Sr. Unsec. Nts., 7.95%, 2/23/215			2,330,000				2,437,180
							4,180,660
United Arab Emirates—0.0%
Emirates of Dubai Sr. Unsec. International Bonds, 7.75%, 10/5/20			705,000				872,438
United Kingdom—0.4%
United Kingdom Treasury Bonds: 3.75%, 9/7/21			1,530,000	GBP			2,736,755
4%, 9/7/16			1,740,000	GBP			2,973,763
4.25%, 12/7/55			395,000	GBP			742,334
4.75%, 12/7/38			1,980,000	GBP			3,943,555
							10,396,407
Uruguay—0.2%
Uruguay (Oriental Republic of) Sr. Unsec. Bonds, 4.702%, 12/15/2815			60,500,000	UYU			4,501,449
Venezuela—1.2%
Venezuela (Republic of) Bonds: 9%, 5/7/23			7,600,000				7,315,000
11.95%, 8/5/31			3,640,000				4,113,200
Venezuela (Republic of) Nts., 8.25%, 10/13/24			3,380,000				3,084,250
Venezuela (Republic of) Sr. Unsec. Bonds, 11.75%, 10/21/26			2,830,000				3,145,545
Venezuela (Republic of) Sr. Unsec. Unsub. Nts., 12.75%, 8/23/22			2,615,000				3,063,473
Venezuela (Republic of) Unsec. Bonds: 7%, 3/31/38			2,410,000				1,909,925
7.65%, 4/21/25			4,530,000				3,986,400
Venezuela (Republic of) Unsec. Nts., 13.625%, 8/15/185			3,830,000				4,337,475
							30,955,268
Total Foreign Government Obligations (Cost $624,721,661)							637,887,110

29   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount				Value
Corporate Bonds and Notes—36.5%
Consumer Discretionary—5.4%
Auto Components—0.8%
Continental Rubber Of America Corp., 4.50% Sr. Sec. Nts., 9/15/195	$		510,000		$		524,025
Goodyear Tire & Rubber Co. (The), 8.25% Sr. Unsec. Unsub. Nts., 8/15/20			3,385,000				3,761,581
Lear Corp., 4.75% Sr. Unsec. Nts., 1/15/235			3,235,000				3,170,300
Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/175			5,987,000				6,705,440
UCI International, Inc., 8.625% Sr. Unsec. Nts., 2/15/19			1,560,000				1,622,400
Visteon Corp., 6.75% Sr. Unsec. Nts., 4/15/19			3,559,000				3,825,925
							19,609,671
Automobiles—0.1%
Ford Motor Co., 7.45% Bonds, 7/16/31			1,025,000				1,303,014
Jaguar Land Rover plc: 5.625% Sr. Unsec. Nts., 2/1/235			1,295,000				1,351,656
7.75% Sr. Unsec. Bonds, 5/15/185			500,000				548,750
8.25% Sr. Nts., 3/15/205			245,000	GBP			419,776
							3,623,196
Diversified Consumer Services—0.2%
Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20			1,285,000				1,365,313
ServiceMaster Co.: 7% Sr. Nts., 8/15/205			2,265,000				2,355,600
8% Sr. Unsec. Unsub. Nts., 2/15/20			1,565,000				1,686,288
							5,407,201
Hotels, Restaurants & Leisure—1.2%
Boyd Gaming Corp., 9.125% Sr. Unsec. Nts., 12/1/18			3,105,000				3,308,766
Burger King Corp., 9.875% Sr. Unsec. Unsub. Nts., 10/15/18			1,105,000				1,274,894
Caesars Entertainment Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18			6,965,000				4,788,438
CKE Restaurants, Inc., 11.375% Sec. Nts., 7/15/18			985,000				1,147,525
HOA Restaurants Group LLC/HOA Finance Corp., 11.25% Sr. Sec. Nts., 4/1/175			2,920,000				2,759,400
Isle of Capri Casinos, Inc., 7.75% Sr. Unsec. Unsub. Nts., 3/15/19			2,615,000				2,856,888
Landry’s, Inc., 9.375% Sr. Unsec. Nts., 5/1/205			2,985,000				3,231,263

30   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Hotels, Restaurants & Leisure Continued
MCE Finance Ltd., 5% Sr. Unsec. Nts., 2/15/215	$		1,625,000	$		1,645,313
MGM Mirage, Inc., 6.625% Sr. Unsec. Nts., 7/15/15			1,425,000			1,553,250
MGM Resorts International: 6.625% Sr. Unsec. Unsub. Nts., 12/15/21			1,595,000			1,674,750
6.75% Sr. Unsec. Nts., 10/1/205			1,515,000			1,609,688
MTR Gaming Group, Inc., 11.50% Sec. Nts., 8/1/19			1,170,825			1,220,585
NCL Corp. Ltd., 5% Sr. Unsec. Nts., 2/15/185			1,625,000			1,663,594
Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/19			1,985,000			2,252,975
Premier Cruise Ltd., 11% Sr. Nts., 3/15/083,8			250,000			—
Viking Cruises Ltd., 8.50% Sr. Nts., 10/15/225			930,000			1,027,650
						32,014,979
Household Durables—0.3%
Arcelik AS, 5% Sr. Unsec. Nts., 4/3/235,6			690,000			690,000
Beazer Homes USA, Inc., 9.125% Sr. Unsec. Nts., 5/15/19			3,805,000			4,118,913
Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22			290,000			312,113
K Hovnanian Enterprises, Inc., 9.125% Sec. Nts., 11/15/205			1,465,000			1,638,969
						6,759,995
Leisure Equipment & Products—0.1%
FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sr. Sec. Nts., 5/1/205			2,560,000			2,700,800
Media—2.0%
Affinion Group Holdings, Inc., 11.625% Sr. Unsec. Nts., 11/15/15			1,465,000			937,600
Affinion Group, Inc., 7.875% Sr. Unsec. Nts., 12/15/18			4,690,000			3,728,550
AMC Entertainment, Inc., 8.75% Sr. Unsec. Nts., 6/1/19			1,205,000			1,328,513
Belo (A.H.) Corp., 7.75% Sr. Unsec. Unsub. Debs., 6/1/27			3,702,000			3,961,140
CCO Holdingds LLC/ CCO Holdings Capital Corp., 5.75% Sr. Unsec. Nts., 9/1/235			1,615,000			1,627,113
Cinemark USA, Inc., 5.125% Sr. Unsec. Nts., 12/15/225			615,000			621,150
Cumulus Media Holdings, Inc., 7.75% Sr. Unsec. Unsub. Nts., 5/1/19			1,580,000			1,631,350
DISH DBS Corp.: 5.875% Sr. Unsec. Nts., 7/15/22			1,675,000			1,765,031
6.75% Sr. Unsec. Nts., 6/1/21			835,000			932,069
7.875% Sr. Unsec. Nts., 9/1/19			2,820,000			3,355,800

31   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Media Continued
Entravision Communications Corp., 8.75% Sr. Sec. Nts., 8/1/17	$		2,059,000	$		2,239,163
Getty Images, Inc., 7% Sr. Nts., 10/15/205,6			1,525,000			1,563,125
Gray Television, Inc., 7.50% Sr. Unsec. Nts., 10/1/20			3,100,000			3,324,750
Igloo Holdings Corp., 8.25% Sr. Unsec. Nts., 12/15/173,7			2,879,000			2,965,370
LIN Television Corp., 6.375% Sr. Nts., 1/15/215			1,510,000			1,615,700
Lynx I Corp., 5.375% Sr. Sec. Nts., 4/15/215			880,000			919,600
Nexstar Broadcasting, Inc., 6.875% Sr. Unsec. Nts., 11/15/205			1,545,000			1,637,700
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc., 8.875% Sec. Nts., 4/15/17			2,295,000			2,535,975
Sinclair Television Group, Inc.: 5.375% Sr. Unsec. Nts., 4/1/215,6			1,680,000			1,675,800
6.125% Sr. Nts., 10/1/225			2,980,000			3,136,450
Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH, 5.50% Sr. Sec. Nts., 1/15/235			850,000			877,625
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 7.50% Sr. Sec. Nts., 3/15/19			830,000			911,963
Univision Communications, Inc., 7.875% Sr. Sec. Nts., 11/1/205			2,935,000			3,243,175
UPCB Finance V Ltd., 7.25% Sr. Sec. Nts., 11/15/215			2,040,000			2,264,400
UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/225			2,855,000			3,119,088
						51,918,200
Specialty Retail—0.5%
BC Mountain LLC/BC Mountain Finance, Inc., 7% Sr. Unsec. Nts., 2/1/215			3,240,000			3,442,500
Burlington Coat Factory Warehouse Corp., 10% Sr. Unsec. Nts., 2/15/19			1,420,000			1,583,300
Claire’s Stores, Inc., 8.875% Sr. Sec. Nts., 3/15/19			1,610,000			1,706,600
J. Crew Group, Inc., 8.125% Sr. Unsec. Nts., 3/1/19			1,255,000			1,355,400

32   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount				Value
Specialty Retail Continued
Limited Brands, Inc., 5.625% Sr. Nts., 2/15/22	$		1,075,000		$		1,144,875
Party City Holdings, Inc., 8.875% Sr. Unsec. Nts, 8/1/205			1,420,000				1,565,550
Petco Holdings, Inc., 8.50% Sr. Nts., 10/15/175,7			125,000				129,531
Sally Holdings LLC/Sally Capital, Inc., 6.875% Sr. Unsec. Nts., 11/15/19			1,255,000				1,396,188
							12,323,944
Textiles, Apparel & Luxury Goods—0.2%
Burlington Holdings LLC/Burlington Holding Finance, Inc., 9% Sr. Unsec. Nts., 2/15/185,7			1,600,000				1,632,000
Levi Strauss & Co.: 6.875% Sr. Unsec. Nts., 5/1/225			420,000				462,000
7.625% Sr. Unsec. Unsub. Nts., 5/15/20			1,205,000				1,331,525
Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15			1,590,000				1,590,000
							5,015,525
Consumer Staples—1.5%
Beverages—0.0%
AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/174			2,080,000	BRR			1,155,968
Food & Staples Retailing—0.1%
Rite Aid Corp.: 7.50% Sr. Sec. Nts., 3/1/17			80,000				82,500
9.25% Sr. Unsec. Unsub. Nts., 3/15/20			860,000				975,025
US Foods, Inc., 8.50% Sr. Unsec. Nts., 6/30/195			1,585,000				1,690,006
							2,747,531
Food Products—1.1%
Alicorp SA, 3.875% Sr. Unsec. Nts., 3/20/235			1,320,000				1,320,000
American Seafoods Group LLC, 10.75% Sr. Sub. Nts., 5/15/165			2,770,000				2,936,200
ARAMARK Corp., 5.75% Sr. Unsec. Nts., 3/15/205			1,615,000				1,659,413
ASG Consolidated LLC, 14.85% Sr. Nts., 5/15/175,7			2,418,372				2,587,658
Bumble Bee Acquisition Corp., 9% Sr. Sec. Nts., 12/15/175			2,942,000				3,250,910
Chiquita Brands International, Inc., 7.875% Sr. Sec. Nts., 2/1/215			1,460,000				1,534,825
Hawk Acquisition Sub, Inc., 4.25% Sr. Sec. Nts., 10/15/205,6			2,095,000				2,100,238

33   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Food Products Continued
MHP SA: 8.25% Sr. Unsec. Nts., 4/2/203,6	$		1,375,000	$		1,365,547
10.25% Sr. Unsec. Nts., 4/29/155			4,325,000			4,661,334
Minerva Luxembourg SA, 7.75% Sr. Unsec. Nts., 1/31/235			595,000			639,625
Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/155			3,155,000			3,344,300
Wells Enterprises, Inc., 6.75% Sr. Sec. Nts., 2/1/205			1,630,000			1,723,725
						27,123,775
Household Products—0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA: 5.75% Sr. Sec. Nts., 10/15/20			1,540,000			1,572,725
9% Sr. Unsec. Unsub. Nts., 4/15/19			1,285,000			1,365,313
Spectrum Brands Holdings, Inc., 9.50% Sr. Sec. Nts., 6/15/18			125,000			142,188
						3,080,226
Personal Products—0.1%
Revlon Consumer Products Corp., 5.75% Sr. Unsec. Nts., 2/15/215			2,510,000			2,528,825
Tobacco—0.1%
Alliance One International, Inc., 10% Sr. Unsec. Nts., 7/15/16			1,525,000			1,618,406
Vector Group Ltd., 7.75% Sr. Sec. Nts., 2/15/215			1,615,000			1,703,825
						3,322,231
Energy—6.7%
Energy Equipment & Services—0.7%
Exterran Partners LP/EXLP Finance Corp., 6% Sr. Unsec. Nts., 4/1/215			835,000			833,956
Forbes Energy Services Ltd., 9% Sr. Unsec. Nts., 6/15/19			1,020,000			994,500
Hercules Offshore, Inc., 7.125% Sr. Sec. Nts., 4/1/175			1,285,000			1,391,013
Hornbeck Offshore Services, Inc., 5.875% Sr. Unsec. Nts., 4/1/20			2,575,000			2,678,000
Offshore Group Investment Ltd.: 7.125% Sr. Sec. Nts., 4/1/235			1,680,000			1,722,000
7.50% Sr. Sec. Nts., 11/1/195			2,990,000			3,184,350
11.50% Sr. Sec. Nts., 8/1/15			1,271,000			1,388,568
Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20			3,100,000			3,324,750

34   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Energy Equipment & Services Continued
QGOG Constellation SA, 6.25% Sr. Unsec. Nts., 11/9/195	$		525,000	$		555,188
SESI LLC, 6.375% Sr. Unsec. Nts., 5/1/19			905,000			977,400
						17,049,725
Oil, Gas & Consumable Fuels—6.0%
Access Midstream Partners LP/ACMP Finance Corp., 4.875% Sr. Unsec. Unsub. Nts., 5/15/23			1,650,000			1,631,438
Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/155			2,800,000			3,062,500
Alpha Natural Resources, Inc., 6% Sr. Unsec. Unsub. Nts., 6/1/19			2,020,000			1,873,550
Antero Resources Finance Corp.: 6% Sr. Unsec. Nts., 12/1/205			1,025,000			1,076,250
9.375% Sr. Unsec. Nts., 12/1/17			217,500			237,075
Arch Coal, Inc., 7.25% Sr. Unsec. Unsub. Nts., 6/15/21			2,075,000			1,872,688
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.: 5.875% Sr. Unsec. Nts., 8/1/235			1,435,000			1,435,000
6.625% Sr. Nts., 10/1/205			1,025,000			1,073,688
Bill Barrett Corp., 7.625% Sr. Unsec. Unsub. Nts., 10/1/19			1,275,000			1,361,063
BreitBurn Energy Partners LP/BreitBurn Finance Corp.: 7.875% Sr. Unsec. Nts., 4/15/22			700,000			752,500
8.625% Sr. Unsec. Nts., 10/15/20			3,735,000			4,145,850
Chaparral Energy, Inc., 9.875% Sr. Unsec. Nts., 10/1/20			1,435,000			1,664,600
Chesapeake Energy Corp., 5.75% Sr. Unsec. Nts., 3/15/236			1,615,000			1,641,244
Chesapeake Midstream Partners LP/CHKM Finance Corp., 6.125% Sr. Unsec. Unsub. Nts., 7/15/22			2,420,000			2,607,550
Cimarex Energy Co., 5.875% Sr. Unsec. Unsub. Nts., 5/1/22			2,375,000			2,559,063
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.50% Sr. Unsec. Unsub. Nts., 12/15/19			485,000			528,650
Continental Resources, Inc., 5% Sr. Unsec. Nts., 9/15/22			1,555,000			1,659,963
Cosan Luxembourg SA, 5% Sr. Unsec. Nts., 3/14/235			685,000			690,823
Denbury Resources, Inc., 4.625% Sr. Unsec. Sub. Nts., 7/15/23			1,465,000			1,415,556

35   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount				Value
Oil, Gas & Consumable Fuels Continued
Empresa Nacional del Petroleo, 4.75% Sr. Unsec. Unsub. Nts., 12/6/215	$		365,000		$		378,593
EP Energy LLC/Everest Acquisition Finance, Inc., 7.75% Sr. Unsec. Nts., 9/1/22			2,900,000				3,219,000
Gaz Capital SA: 7.288% Sr. Sec. Nts., 8/16/375			4,320,000				5,248,800
8.146% Sr. Sec. Nts., 4/11/185			5,520,000				6,699,900
8.625% Sr. Sec. Nts., 4/28/345			3,880,000				5,286,500
9.25% Sr. Unsec. Unsub. Nts., 4/23/195			6,550,000				8,482,250
Gazprom OAO Via Gaz Capital SA: 4.95% Sr. Unsec. Nts., 2/6/285			3,080,000				3,049,200
4.95% Sr. Unsec. Nts., 7/19/225			8,145,000				8,511,525
Genesis Energy LP/Genesis Energy Finance Corp., 5.75% Sr. Unsec. Nts., 2/15/215			945,000				977,484
Halcon Resources Corp., 8.875% Sr. Unsec. Nts., 5/15/215			3,105,000				3,361,163
Hiland Partners LP/Hiland Partners Finance Corp., 7.25% Sr. Nts., 10/1/205			365,000				400,588
Inergy Midstream LP/Finance Corp., 6% Sr. Unsec. Nts., 12/15/205			1,045,000				1,092,025
KMG Finance Sub BV, 9.125% Sr. Unsec. Unsub. Nts., 7/2/185			615,000				777,132
Kodiak Oil & Gas Corp., 5.50% Sr. Unsec. Nts., 1/15/215			2,555,000				2,679,556
Linn Energy LLC/Linn Energy Finance Corp., 8.625% Sr. Unsec. Nts., 4/15/20			7,055,000				7,813,413
Lukoil International Finance BV: 6.125% Sr. Unsec. Nts., 11/9/205			6,045,000				6,891,300
7.25% Sr. Unsec. Unsub. Nts., 11/5/195			1,505,000				1,806,000
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.50% Sr. Unsec. Unsub. Nts., 7/15/23			3,235,000				3,170,300
MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/215			4,845,000				5,184,150
Murray Energy Corp., 10.25% Sr. Sec. Nts., 10/15/155			1,890,000				1,906,538
Navios Maritime Acquisition Corp., 8.625% Sr. Sec. Nts., 11/1/17			890,000				889,444
Novatek OAO via Novatek Finance Ltd.: 4.422% Sr. Unsec. Nts., 12/13/225			3,070,000				3,050,813
7.75% Unsec. Nts., 2/21/175			26,360,000	RUR			850,562

36   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Oil, Gas & Consumable Fuels Continued
Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23	$		1,110,000	$		1,226,550
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/215			1,048,800			1,158,924
Pacific Rubiales Energy Corp., 5.125% Sr. Unsec. Nts., 3/28/235			1,375,000			1,394,250
Pemex Project Funding Master Trust, 6.625% Unsec. Unsub. Bonds, 6/15/35			565,000			679,413
Pertamina Persero PT, 5.25% Nts., 5/23/215			185,000			199,800
Petroleos de Venezuela SA: 5.125% Sr. Unsec. Nts., 10/28/16			1,145,000			1,016,188
8.50% Sr. Nts., 11/2/175			5,215,000			5,084,625
12.75% Sr. Unsec. Nts., 2/17/225			3,115,000			3,527,738
Petroleos Mexicanos: 1.95% Sr. Unsec. Nts., 12/20/22			185,000			190,027
2% Sr. Unsec. Nts., 12/20/22			915,000			942,052
5.50% Sr. Unsec. Unsub. Nts., 6/27/44			480,000			496,320
Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/195			1,580,000			2,081,650
Quicksilver Resources, Inc.: 8.25% Sr. Unsec. Nts., 8/1/15			1,265,000			1,250,769
11.75% Sr. Nts., 1/1/16			1,065,000			1,091,625
Range Resources Corp.: 5% Sr. Unsec. Sub. Nts., 8/15/22			630,000			645,750
8% Sr. Unsec. Sub. Nts., 5/15/19			385,000			423,500
Reliance Industries Ltd., 5.875% Sr. Unsec. Perpetual Bonds5,16			2,200,000			2,158,750
Rosneft Oil Co. via Rosneft International Finance Ltd., 4.199% Sr. Unsec. Nts., 3/6/225			2,455,000			2,439,656
Sabine Pass Liquefaction LLC, 5.625% Sr. Sec. Nts., 2/1/215			1,630,000			1,693,163
Samson Investment Co., 9.75% Sr. Unsec. Nts., 2/15/205			2,520,000			2,690,100
SandRidge Energy, Inc.: 7.50% Sr. Unsec. Unsub. Nts., 2/15/23			1,480,000			1,542,900
8.75% Sr. Unsec. Nts., 1/15/20			1,490,000			1,612,925
Schahin II Finance Co. SPV Ltd., 5.875% Sr. Sec. Unsub. Nts., 9/25/225			3,305,000			3,428,938
Sibur Securities Ltd., 3.914% Sr. Unsec. Nts., 1/31/185			1,765,000			1,742,938
SM Energy Co., 6.50% Sr. Unsec. Unsub. Nts., 1/1/23			1,285,000			1,413,500
Tengizchevroil LLP, 6.124% Nts., 11/15/145			562,132			581,807

37   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount				Value
Oil, Gas & Consumable Fuels Continued
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.875% Sr. Nts., 10/1/205	$		735,000		$		779,100
Western Refining, Inc., 6.25% Sr. Unsec. Nts., 4/1/215			1,615,000				1,653,356
							156,161,601
Financials—6.9%
Capital Markets—1.2%
Banco BTG Pactual SA (Cayman): 4% Sr. Unsec. Nts., 1/16/205			2,385,000				2,307,488
5.75% Unsec. Sub. Nts., 9/28/225			2,425,000				2,440,278
Berry Plastics Corp., 9.75% Sec. Nts., 1/15/21			1,580,000				1,854,525
Cantor Commercial Real Estate Co. LP/CCRE Finance, 7.75% Sr. Unsec. Nts., 2/15/185,6			2,090,000				2,137,025
Deutsche Bank Capital Funding Trust IV, 5.33% Unsec. Sub. Nts., 9/19/494			330,000	EUR			350,034
Nationstar Mortgage LLC/Nationstar Capital Corp.: 6.50% Sr. Unsec. Unsub. Nts., 7/1/215			3,225,000				3,378,188
7.875% Sr. Unsec. Nts., 10/1/205			1,655,000				1,837,050
10.875% Sr. Unsec. Nts., 4/1/15			2,775,000				2,951,906
Nuveen Investments, Inc., 9.50% Sr. Unsec. Nts., 10/15/205			1,545,000				1,622,250
Pinafore LLC/Pinafore, Inc., 9% Sec. Nts., 10/1/18			2,872,000				3,213,050
Prospect Medical Holdings, Inc., 8.375% Sr. Sec. Nts., 5/1/195			1,100,000				1,177,000
Springleaf Finance Corp., 6.90% Nts., Series J, 12/15/17			2,460,000				2,493,825
UBS AG (Jersey Branch): 4.28% Jr. Sub. Perpetual Nts.16			185,000	EUR			235,655
7.152% Jr. Sub. Perpetual Bonds16			125,000	EUR			175,495
UBS Capital Securities Jersey Ltd., 8.836% Jr. Sub. Perpetual Nts.16			260,000	EUR			335,027
US Coatings Acquisition, Inc./Flash Dutch 2 BV, 7.375% Sr. Unsec. Nts., 5/1/215			1,045,000				1,103,781
Verso Paper Holdings LLC/Verso Paper, Inc., 11.75% Sr. Sec. Nts., 1/15/19			4,354,000				3,570,280
							31,182,857
Commercial Banks—3.8%
Akbank TAS, 7.50% Sr. Unsec. Nts., 2/5/185			5,970,000	TRY			3,233,626
Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/175			2,915,000				3,297,448

38   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Principal Amount				Value
Commercial Banks Continued
Banco ABC Brasil SA, 8.50% Sr. Unsec. Nts., 3/28/165		1,510,000	BRR	$		747,247
Banco BMG SA: 8.875% Unsec. Sub. Nts., 8/5/205		445,000				411,625
9.15% Nts., 1/15/165		978,000				1,029,345
9.95% Unsec. Unsub. Nts., 11/5/195		1,360,000				1,356,600
Banco do Brasil SA (Cayman): 3.875% Sr. Unsec. Nts., 10/10/22		505,000				489,850
6.25% Jr. Sub. Perpetual Bonds16		1,880,000				1,856,500
9.25% Jr. Sub. Perpetual Bonds5,16		7,025,000				8,535,375
Banco do Estado do Rio Grande do Sul SA, 7.375% Sub Nts., 2/2/225		5,220,000				5,692,410
Banco Santander Brasil SA (Cayman Islands), 8% Sr. Unsec. Unsub. Nts., 3/18/163		2,620,000	BRR			1,296,548
Banco Santander Mexico SA, 4.125% Sr. Unsec. Nts., 11/9/225		1,995,000				2,009,963
Bancolombia SA, 5.125% Unsec. Sub. Nts., 9/11/22		3,230,000				3,262,300
Bank of India (London), 3.625% Sr. Unsec. Unsub. Nts., 9/21/183		1,320,000				1,327,281
Bank of Scotland plc: 4.875% Sr. Sec. Nts., 12/20/24		230,000	GBP			417,512
4.875% Sr. Sec. Unsub. Nts., 11/8/16		140,000	GBP			241,576
9.375% Unsec. Sub. Nts., 5/15/21		320,000	GBP			619,204
Barclays Bank plc: 4.75% Sub. Nts., 3/15/49		370,000	EUR			343,132
6% Sr. Unsec. Sub. Nts., 1/14/21		100,000	EUR			140,801
BBVA Banco Continental SA, 5% Sr. Unsec. Nts., 8/26/225		1,850,000				1,951,750
BBVA US Senior SAU, 4.664% Sr. Unsec. Nts., 10/9/15		630,000				646,430
BOM Capital plc, 6.699% Sr. Unsec. Nts., 3/11/155		4,885,000				5,187,870
CIT Group, Inc.: 4.25% Sr. Unsec. Nts., 8/15/17		405,000				425,250
5% Sr. Unsec. Nts., 8/15/22		2,720,000				2,919,852
CorpGroup Banking SA, 6.75% Sr. Unsec. Nts., 3/15/235		1,810,000				1,902,763
DNB Boligkreditt AS, 1.45% Sr. Sec. Nts., 3/21/195		525,000				528,615
DTEK Finance plc, 7.875% Sr. Unsec. Nts., 4/4/185,6		1,375,000				1,355,241
EUROFIMA, 6.25% Bonds, 12/28/18		935,000	AUD			1,065,900
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/225		2,515,000				2,527,575

39   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount				Value
Commercial Banks Continued
Hana Bank, 1.375% Sr. Unsec. Nts., 2/5/165	$		661,671		$		659,912
ICICI Bank Ltd., 6.375% Bonds, 4/30/224,5			1,130,000				1,166,725
Intesa Sanpaolo SpA: 3.125% Unsec. Nts., 1/16/16			530,000				518,480
3.875% Unsec. Nts., 1/15/18			265,000				256,628
Lloyds TSB Bank plc: 6% Sr. Sec. Nts., 2/8/29			385,000	GBP			774,940
11.875% Unsec. Sub. Nts., 12/16/21			665,000	EUR			1,052,296
Norddeutsche Landesbank Girozentrale, 0.875% Sec. Nts., 10/16/155			505,000				506,782
Royal Bank of Scotland NV: 3.197% Unsec. Sub. Nts., 5/17/184			290,000	AUD			274,756
6.50% Unsec. Sub. Nts., 5/17/184			265,000	AUD			251,361
Royal Bank of Scotland plc (The): 2.375% Sr. Unsec. Sub. Nts., 11/2/15			80,000	CHF			82,900
13.125% Unsec. Sub. Nts., 3/19/22			315,000	AUD			397,101
Sberbank of Russia Via SB Capital SA: 5.125% Sub. Nts., 10/29/225			4,875,000				4,893,281
5.40% Sr. Unsec. Nts., 3/24/17			1,350,000				1,461,375
6.125% Sr. Nts., 2/7/225			4,830,000				5,409,600
Skandinaviska Enskilda Banken AB, 1.75% Sr. Unsec. Nts., 3/19/185			395,000				395,457
Societe Generale SA, 2.75% Sr. Unsec. Nts., 10/12/17			505,000				517,997
Stadshypotek AB: 1.875% Sec. Nts., 10/2/195			630,000				633,176
6% Sec. Unsub. Bonds, 6/21/17			5,385,000	SEK			959,938
Sumitomo Mitsui Banking Corp., 1.80% Sr. Unsec. Nts., 7/18/17			385,000				392,683
Sumitomo Mitsui Trust Bank Ltd., 1.80% Sr. Unsec. Nts., 3/28/185			265,000				265,630
Swedbank Hypotek AB, 1.375% Sec. Nts., 3/28/185			530,000				530,637
Toronto-Dominion Bank (The), 1.50% Sec. Bonds, 3/13/175			510,000				523,032
Turkiye Halk Bankasi AS, 4.875% Sr. Unsec. Nts., 7/19/175			1,630,000				1,723,203
Turkiye Is Bankasi: 3.875% Sr. Unsec. Nts., 11/7/175			2,875,000				2,932,500
5.699% Unsec. Nts., 5/15/1312			6,400,000	TRY			3,509,141
6% Sub. Nts., 10/24/225			1,790,000				1,875,025
VTB Bank OJSC Via VTB Capital SA, 6.95% Sub. Nts., 10/17/225			2,470,000				2,614,495

40   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount				Value
Commercial Banks Continued
VTB Capital SA: 6.315% Nts., 2/22/185	$		1,135,000		$		1,232,894
6.465% Sr. Sec. Unsub. Nts., 3/4/155			1,100,000				1,179,750
Westpac Banking Corp.: 1.25% Sec. Nts., 12/15/175			530,000				530,526
1.60% Sr. Unsec. Unsub. Nts., 1/12/18			665,000				673,585
Yapi ve Kredi Bankasi AS: 5.50% Unsec. Sub. Nts., 12/6/225			2,585,000				2,572,075
6.75% Sr. Unsec. Nts., 2/8/175			2,045,000				2,280,175
							97,867,645
Consumer Finance—0.4%
Community Choice Financial, Inc., 10.75% Sr. Sec. Nts., 5/1/19			1,315,000				1,252,538
JSC Astana Finance, 9.16% Nts., 3/14/128			7,200,000				639,000
Milestone Aviation Group LLC, 8.625% Sr. Unsec. Nts., 12/15/175			1,645,000				1,702,575
SLM Corp., 7.25% Sr. Unsec. Unsub. Nts., 1/25/22			1,615,000				1,812,838
Speedy Cash, Inc., 10.75% Sr. Sec. Nts., 5/15/185			1,930,000				2,089,225
TMX Finance LLC/TitleMax Finance Corp., 13.25% Sr. Sec. Nts., 7/15/15			1,155,000				1,270,500
							8,766,676
Diversified Financial Services—0.8%
ABN AMRO Bank NV, 1.375% Sr. Unsec. Nts., 1/22/165			395,000				395,514
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/265			2,472,556				2,521,760
Banco Invex SA, 31.938% Mtg.-Backed Certificates, Series 062U, 3/13/348,15			4,830,734	MXN			255,244
Caisse Centrale Desjardins du Quebec, 1.60% Sec. Bonds, 3/6/175			510,000				523,702
Export Credit Bank of Turkey, 5.875% Sr. Unsec. Nts., 4/24/195			5,685,000				6,338,775
GMAC LLC, 8% Sr. Unsec. Nts., 11/1/31			1,275,000				1,619,250
ING Bank NV, 2.625% Sr. Sec. Nts., 12/5/225			1,065,000				1,061,293
Instituto de Credito Oficial: 5% Sr. Unsec. Unsub. Nts., 11/14/16			550,000				578,796
5% Sr. Unsec. Unsub. Nts., 4/10/17			945,000				991,018
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.375% Sr. Unsec. Nts., 4/1/205			1,880,000				1,922,300
JPMorgan Hipotecaria su Casita: 8.397% Sec. Nts., 8/26/353,15			5,808,600	MXN			41,737

41   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Principal Amount				Value
Diversified Financial Services Continued
30.085% Mtg.-Backed Certificates, Series 06U, 9/25/3515		1,445,610	MXN	$		214,425
Korea Development Bank (The), 1.50% Sr. Unsec. Nts., 1/22/18		925,000				914,382
Magyar Export-Import Bank RT, 5.50% Sr. Unsec. Nts., 2/12/183		1,315,000				1,323,219
PHH Corp., 9.25% Sr. Unsec. Unsub. Nts., 3/1/16		1,325,000				1,553,563
Rabobank Capital Funding Trust IV, 5.556% Perpetual Bonds3,16		205,000	GBP			310,613
Stanbic IBTC Holding Co., 12.468% Nts., 9/24/1312		151,000,000	NGN			898,095
						21,463,686
Insurance—0.0%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands), 1.70% Sr. Unsec. Nts., 3/19/18		130,000				129,631
Swiss Reinsurance Co. via ELM BV: 4.455% Sr. Sec. Sub. Nts., 5/25/494		125,000	AUD			115,686
7.635% Unsec. Sub. Nts., 12/29/49		55,000	AUD			58,178
						303,495
Real Estate Investment Trusts (REITs)—0.4%
FelCor Escrow Holdings LLC, 6.75% Sr. Sec. Nts., 6/1/19		1,585,000				1,727,650
FelCor Lodging LP, 5.625% Sr. Sec. Nts., 3/1/235		1,605,000				1,639,106
Geo Group, Inc. (The), 5.125% Sr. Unsec. Nts., 4/1/235		1,615,000				1,635,188
OMEGA Healthcare Investors, Inc., 6.75% Sr. Unsec. Nts., 10/15/22		3,165,000				3,505,238
RHP Hotel Properties LP/RHP Finance Corp., 5% Sr. Unsec. Nts., 4/15/215,6		1,615,000				1,629,131
						10,136,313
Real Estate Management & Development—0.3%
BR Malls International Finance Ltd., 8.50% Sr. Unsec. Unsub. Nts., 1/29/495		1,190,000				1,316,438
Country Garden Holdings Co. Ltd., 7.50% Sr. Unsec. Unsub. Nts., 12/31/235		1,160,000				1,190,508
Realogy Corp.: 7.625% Sr. Sec. Nts., 1/15/205		2,535,000				2,870,888
9% Sr. Sec. Nts., 1/15/205		1,295,000				1,511,913
Wallace Theater Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/134,5		1,525,000				1,536,438
						8,426,185
Thrifts & Mortgage Finance—0.0%
Credit Mutuel/CIC Home Loan SFH, 1.50% Sec. Nts., 11/16/175		395,000				397,080

42   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Health Care—1.4%
Biotechnology—0.1%
Grifols SA, 8.25% Sr. Sec. Nts., 2/1/18	$		995,000	$		1,099,475
Universal Hospital Services, Inc., 7.625% Sr. Sec. Nts, 8/15/20			1,750,000			1,892,188
						2,991,663
Health Care Equipment & Supplies—0.3%
Accellent, Inc., 10% Sr. Unsec. Sub. Nts., 11/1/17			1,470,000			1,308,300
Alere, Inc.: 7.25% Sr. Unsec. Nts., 7/1/185			1,270,000			1,355,725
8.625% Sr. Unsec. Sub. Nts., 10/1/18			152,298			162,578
Biomet, Inc.: 6.50% Sr. Unsec. Nts., 8/1/205			2,090,000			2,225,850
6.50% Sr. Unsec. Sub. Nts., 10/1/205			630,000			650,869
Hologic, Inc., 6.25% Sr. Unsec. Nts., 8/1/205			185,000			197,719
Kinetic Concepts, Inc./KCI USA, Inc., 10.50% Sec. Nts., 11/1/18			1,840,000			2,001,000
						7,902,041
Health Care Providers & Services—0.8%
Acadia Healthcare Co., Inc., 6.125% Sr. Unsec. Nts., 3/15/215			440,000			456,500
Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/15			551			551
CDRT Holding Corp., 9.25% Sr. Unsec. Nts., 10/1/175,7			875,000			912,188
CHS/Community Health Systems, Inc., 7.125% Sr. Unsec. Unsub. Nts., 7/15/20			2,170,000			2,357,163
DaVita HealthCare Partners, Inc., 5.75% Sr. Unsec. Unsub. Nts., 8/15/22			895,000			934,156
Fresenius Medical Care US Finance II, Inc.: 5.625% Sr. Unsec. Nts., 7/31/195			805,000			887,513
5.875% Sr. Unsec. Nts., 1/31/225			405,000			454,106
Gentiva Health Services, Inc., 11.50% Sr. Unsec. Unsub. Nts., 9/1/18			1,510,000			1,559,075
HCA, Inc., 7.50% Sr. Unsec. Unsub. Nts., 2/15/22			2,495,000			2,875,488
Health Management Associates, Inc., 7.375% Sr. Unsec. Nts., 1/15/20			855,000			942,638
HealthSouth Corp., 8.125% Sr. Unsec. Unsub. Nts., 2/15/20			1,394,000			1,543,855
Kindred Healthcare, Inc., 8.25% Sr. Unsec. Nts., 6/1/19			2,765,000			2,758,088

43   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Health Care Providers & Services Continued
Multiplan, Inc., 9.875% Sr. Nts., 9/1/185	$		1,390,000	$		1,551,588
Radiation Therapy Services, Inc., 9.875% Sr. Unsec. Sub. Nts., 4/15/17			125,000			78,125
Tenet Healthcare Corp.: 4.50% Sr. Sec. Nts., 4/1/215			275,000			270,188
4.75% Sr. Sec. Nts., 6/1/205			440,000			443,300
US Oncology, Inc., Escrow Shares (related to 9.125% Sr. Sec. Nts., 8/15/17)8			2,165,000			54,125
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18			1,970,000			2,107,900
						20,186,547
Health Care Technology—0.0%
MedAssets, Inc., 8% Sr. Unsec. Nts., 11/15/18			380,000			417,050
Life Sciences Tools & Services—0.1%
Jaguar Holding Co./Jaguar Merger Sub, Inc., 9.50% Sr. Unsec. Nts., 12/1/195			990,000			1,140,975
Pharmaceuticals—0.1%
Mylan, Inc., 6% Sr. Nts., 11/15/185			810,000			889,938
Valeant Pharmaceuticals International, Inc., 6.875% Sr. Unsec. Nts., 12/1/185			955,000			1,030,803
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, 7.75% Sr. Unsec. Nts., 9/15/18			1,005,000			1,079,119
						2,999,860
Industrials—4.4%
Aerospace & Defense—0.9%
BE Aerospace, Inc., 6.875% Sr. Nts., 10/1/20			1,080,000			1,200,150
DigitalGlobe, Inc., 5.25% Sr. Unsec. Unsub. Nts., 2/1/215			835,000			832,913
DynCorp International, Inc., 10.375% Sr. Unsec. Nts., 7/1/17			4,770,000			4,722,300
Embraer SA, 5.15% Sr. Unsec. Unsub. Nts., 6/15/22			1,810,000			1,975,163
GenCorp, Inc., 7.125% Sec. Nts., 3/15/215			3,235,000			3,429,100
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21			2,215,000			2,419,888
Kratos Defense & Security Solutions, Inc., 10% Sr. Sec. Nts., 6/1/17			1,307,000			1,444,235
Schaeffler Finance BV, 8.50% Sr. Sec. Nts., 2/15/195			1,940,000			2,216,450

44   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Aerospace & Defense Continued
TransDigm, Inc., 7.75% Sr. Unsec. Sub. Nts., 12/15/18	$		3,140,000	$		3,461,850
Triumph Group, Inc., 8.625% Sr. Unsec. Nts., 7/15/18			650,000			725,563
						22,427,612
Air Freight & Logistics—0.2%
Air Medical Group Holdings, Inc., 9.25% Sr. Sec. Nts., 11/1/18			1,337,000			1,487,413
SPL Logistics Escrow LLC/SPL Logistics Finance Corp., 8.875% Sr. Sec. Nts., 8/1/205			2,560,000			2,732,800
						4,220,213
Airlines—0.1%
American Airlines 2011-2 Class A Pass-Through Trust, 8.625% Sec. Certificates, 4/15/23			1,353,789			1,407,941
Emirates Airline, 4.50% Sr. Unsec. Nts., 2/28/255			395,000			389,510
US Airways 2011-1 Class A Pass-Through Trust, 7.125% Sec. Certificates, 10/22/23			1,302,014			1,494,061
						3,291,512
Building Products—0.2%
Nortek, Inc.: 8.50% Sr. Unsec. Nts., 4/15/215			2,315,000			2,575,438
8.50% Sr. Unsec. Nts., 4/15/21			370,000			412,550
Ply Gem Industries, Inc., 9.375% Sr. Unsec. Nts., 4/15/17			2,925,000			3,232,125
						6,220,113
Commercial Services & Supplies—0.6%
Cenveo Corp., 8.875% Sec. Nts., 2/1/18			1,295,000			1,301,475
First Data Corp.: 6.75% Sr. Sec. Nts., 11/1/205			3,075,000			3,221,063
10.625% Sr. Unsec. Nts., 6/15/215,6			2,090,000			2,123,963
R.R. Donnelley & Sons Co., 7.25% Sr. Nts., 5/15/18			3,130,000			3,306,063
STHI Holding Corp., 8% Sec. Nts., 3/15/185			995,000			1,092,013
Tervita Corp., 8% Sr. Sec. Nts., 11/15/185			1,250,000			1,294,531
West Corp., 8.625% Sr. Unsec. Nts., 10/1/18			2,285,000			2,490,650
						14,829,758

45   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount				Value
Construction & Engineering—0.3%
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/243	$		3,511,757		$		4,332,806
OAS Investments GmbH, 8.25% Sr. Nts., 10/19/195			340,000				366,350
Odebrecht Finance Ltd., 7.125% Sr. Nts., 6/26/425			2,690,000				3,059,875
							7,759,031
Electrical Equipment—0.2%
Belden, Inc., 5.50%, Sr. Unsec. Sub. Nts., 9/1/225			1,485,000				1,529,550
General Cable Corp., 5.75% Sr. Unsec. Unsub. Nts., 10/1/225			1,530,000				1,568,250
Thermon Industries, Inc., 9.50% Sr. Sec. Nts., 5/1/17			1,397,000				1,557,655
							4,655,455
Industrial Conglomerates—0.0%
GE Capital Australia Funding Pty Ltd., 7% Bonds, 10/8/15			625,000	AUD			699,678
Machinery—0.9%
Actuant Corp., 5.625% Sr. Unsec. Unsub. Nts., 6/15/22			1,560,000				1,626,300
ArvinMeritor, Inc., 10.625% Sr. Unsec. Nts., 3/15/18			1,115,000				1,208,381
Cleaver-Brooks, Inc., 8.75% Sr. Sec. Nts., 12/15/195			2,175,000				2,351,719
CNH Capital LLC, 6.25% Sr. Unsec. Nts., 11/1/16			670,000				743,700
HD Supply, Inc., 7.50% Sr. Unsec. Nts., 7/15/205			3,255,000				3,434,025
Manitowoc Co., Inc. (The), 8.50% Sr. Unsec. Nts., 11/1/20			3,410,000				3,870,350
Milacron LLC/Mcron Finance Corp., 7.75% Sr. Unsec. Nts., 2/15/215			210,000				218,138
Navistar International Corp.: 3% Cv. Sr. Sub. Nts., 10/15/14			1,390,000				1,425,619
8.25% Sr. Unsec. Nts., 11/1/21			965,000				987,919
Terex Corp., 6% Sr. Unsec. Nts., 5/15/21			3,100,000				3,278,250
Thermadyne Holdings Corp., 9% Sr. Sec. Nts., 12/15/17			2,435,000				2,666,325
Xerium Technologies, Inc., 8.875% Sr. Unsec. Nts., 6/15/18			1,580,000				1,520,750
							23,331,476
Marine—0.2%
Drill Rigs Holdings, Inc., 6.50% Sr. Sec. Nts., 10/1/175			1,595,000				1,618,925

46   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Marine Continued
Marquette Transportation Co./Marquette Transportation Finance Corp., 10.875% Sec. Nts., 1/15/17	$		3,570,000	$		3,837,750
Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc., 8.875% Sr. Sec. Nts., 11/1/17			725,000			744,031
						6,200,706
Professional Services—0.1%
Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/155			1,275,000			1,141,125
FTI Consulting, Inc., 6% Sr. Unsec. Unsub. Nts., 11/15/225			2,565,000			2,725,313
						3,866,438
Road & Rail—0.3%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.50% Sr. Unsec. Nts., 4/1/235,6			1,680,000			1,684,200
Kenan Advantage Group, Inc. (The), 8.375% Sr. Unsec. Nts., 12/15/185			1,510,000			1,593,050
Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/155			4,775,000			3,509,625
						6,786,875
Trading Companies & Distributors—0.4%
Air Lease Corp., 4.75% Sr. Unsec. Unsub. Nts., 3/1/20			3,235,000			3,332,050
Aircastle Ltd., 6.25% Sr. Unsec. Nts., 12/1/19			1,225,000			1,344,438
International Lease Finance Corp.: 3.875% Sr. Unsec. Unsub. Nts., 4/15/18			1,255,000			1,255,784
4.625% Sr. Unsec. Unsub. Nts., 4/15/21			835,000			834,478
8.625% Sr. Unsec. Unsub. Nts., 9/15/15			5,000			5,706
8.75% Sr. Unsec. Unsub. Nts., 3/15/17			1,847,000			2,181,769
United Rentals North America, Inc., 7.375% Sr. Unsec. Nts., 5/15/20			1,645,000			1,834,175
						10,788,400
Information Technology—1.4%
Communications Equipment—0.1%
Avaya, Inc., 7% Sr. Sec. Nts., 4/1/195			1,400,000			1,375,500
ViaSat, Inc., 6.875% Sr. Unsec. Unsub. Nts., 6/15/20			1,166,000			1,256,365
Zayo Group LLC/Zayo Capital, Inc., 8.125% Sr. Sec. Nts., 1/1/20			590,000			663,750
						3,295,615
Computers & Peripherals—0.1%
Seagate HDD (Cayman), 7% Sr. Unsec. Nts., 11/1/21			2,980,000			3,248,200

47   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Electronic Equipment, Instruments & Components—0.1%
Anixter, Inc., 5.625% Sr. Unsec. Nts., 5/1/19	$		980,000	$		1,046,150
Internet Software & Services—0.2%
Equinix, Inc., 4.875% Sr. Unsec. Nts., 4/1/20			1,615,000			1,635,188
IAC/InterActiveCorp, 4.75% Sr. Unsec. Nts., 12/15/225			1,610,000			1,581,825
ITC DeltaCom, Inc., 10.50% Sr. Sec. Nts., 4/1/16			2,449,000			2,588,287
						5,805,300
IT Services—0.6%
Ceridian Corp., 11.25% Sr. Unsec. Nts., 11/15/15			1,260,000			1,307,250
First Data Corp.: 8.25% Sec. Nts., 1/15/215			1,565,000			1,635,425
9.875% Sr. Unsec. Nts., 9/24/15			1,220,000			1,262,700
12.625% Sr. Unsec. Nts., 1/15/21			2,860,000			3,113,825
iPayment, Inc., 10.25% Sr. Unsec. Nts., 5/15/18			4,845,000			4,505,850
WEX, Inc., 4.75% Sr. Unsec. Nts., 2/1/235			2,085,000			2,027,663
						13,852,713
Semiconductors & Semiconductor Equipment—0.2%
Advanced Micro Devices, Inc., 7.50% Sr. Unsec. Nts., 8/15/225			930,000			848,625
Freescale Semiconductor, Inc.: 9.25% Sr. Sec. Nts., 4/15/185			2,480,000			2,734,200
10.75% Sr. Unsec. Nts., 8/1/20			1,988,000			2,266,320
						5,849,145
Software—0.1%
Infor US, Inc., 9.375% Sr. Unsec. Nts., 4/1/19			485,000			552,294
SunGard Data Systems, Inc.: 7.375% Sr. Unsec. Nts., 11/15/18			720,000			774,000
7.625% Sr. Unsec. Nts., 11/15/20			390,000			424,613
						1,750,907
Materials—3.2%
Chemicals—0.8%
ADS Waste Holdings, Inc., 8.25% Sr. Nts., 10/1/205			465,000			503,363
Alphabet Holding Co., Inc., 7.75% Sr. Unsec. Nts., 11/1/175,7			1,530,000			1,598,850
Braskem Finance Ltd., 5.375% Sr. Unsec. Nts., 5/2/225			1,395,000			1,448,708

48   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Chemicals Continued
Eagle Spinco, Inc., 4.625% Sr. Unsec. Nts., 2/15/215	$		1,250,000	$		1,276,563
Georgia Gulf Corp., 4.875% Sr. Unsec. Nts., 5/15/235			315,000			321,694
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 8.875% Sr. Sec. Nts., 2/1/18			1,260,000			1,310,400
Hexion US Finance Corp., 6.625% Sr. Sec. Nts., 4/15/205			875,000			881,563
Huntsman International LLC: 4.875% Sr. Unsec. Nts., 11/15/205			655,000			662,369
4.875% Sr. Unsec. Unsub. Nts., 11/15/20			635,000			642,144
Ineos Finance plc, 8.375% Sr. Sec. Bonds, 2/15/195			1,920,000			2,131,200
LyondellBasell Industries NV, 6% Sr. Unsec. Nts., 11/15/21			670,000			797,300
Mexichem SAB de CV: 4.875% Sr. Unsec. Nts., 9/19/225			1,230,000			1,306,875
6.75% Sr. Unsec. Nts., 9/19/425			960,000			1,066,800
Momentive Performance Materials, Inc., 8.875% Sr. Sec. Nts., 10/15/20			1,645,000			1,702,575
PetroLogistics LP/PetroLogistics Finance Corp., 6.25% Sr. Unsec. Nts., 4/1/205			420,000			424,725
PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/235			420,000			425,250
PQ Corp., 8.75% Sr. Sec. Nts., 5/1/185			1,595,000			1,706,650
Scotts Miracle-Gro Co. (The), 6.625% Sr. Unsec. Unsub. Nts., 12/15/20			35,000			38,325
Sun Products Corp. (The), 7.75% Sr. Unsec. Nts., 3/15/215			1,615,000			1,635,188
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 8.75% Sr. Sec. Nts., 2/1/195			1,620,000			1,607,850
						21,488,392
Construction Materials—0.5%
Building Materials Corp. of America, 6.75% Sr. Nts., 5/1/215			1,975,000			2,162,625
CEMEX Espana Luxembourg, 9.875% Sr. Sec. Nts., 4/30/195			2,735,000			3,162,207
CEMEX Espana SA, 9.25% Sr. Sec. Nts., 5/12/205			1,860,000			2,073,900
CEMEX Finance LLC, 9.375% Sr. Sec. Nts., 10/12/225			2,410,000			2,813,675
Ply Gem Industries, Inc., 8.25% Sr. Sec. Nts., 2/15/18			1,685,000			1,842,969
						12,055,376

49   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Containers & Packaging—0.5%
Ardagh Packaging Finance plc/Ardagh MP Holdings USA, Inc., 7% Sr. Unsec. Nts., 11/15/205	$		2,205,000	$		2,271,150
Consolidated Container Co. LLC/Consolidated Container Capital, Inc., 10.125% Sr. Unsec. Nts., 7/15/205			590,000			649,000
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/235			3,240,000			3,159,000
Graphic Packaging International, Inc., 4.75% Sr. Unsec. Nts., 4/15/216			315,000			320,119
Polymer Group, Inc., 7.75% Sr. Sec. Nts., 2/1/19			2,725,000			2,983,875
Sealed Air Corp.: 5.25% Sr. Unsec. Nts., 4/1/235			1,620,000			1,630,125
6.50% Sr. Unsec. Nts., 12/1/205			1,445,000			1,589,500
						12,602,769
Metals & Mining—1.2%
Aleris International, Inc.: 7.625% Sr. Unsec. Nts., 2/15/18			2,655,000			2,827,575
7.875% Sr. Unsec. Unsub. Nts., 11/1/20			2,550,000			2,715,750
Alrosa Finance SA, 7.75% Nts., 11/3/205			4,320,000			5,080,104
Consolidated Minerals Ltd., 8.875% Sr. Sec. Nts., 5/1/165			1,245,000			1,210,763
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/195			1,445,000			1,611,175
CSN Resources SA, 6.50% Sr. Unsec. Unsub. Nts., 7/21/205			2,550,000			2,739,975
Ferrexpo Finance plc, 7.875% Sr. Unsec. Bonds, 4/7/165			2,025,000			2,030,063
JMC Steel Group, Inc., 8.25% Sr. Unsec. Nts., 3/15/185			205,000			218,325
Mexico Generadora de Energia S de RL, 5.50% Sr. Sec. Nts., 12/6/325			1,450,000			1,537,000
Novelis, Inc., 8.75% Sr. Unsec. Nts., 12/15/20			600,000			679,500
Novolipetsk Steel OJSC, 4.95% Nts., 9/26/195			810,000			822,353
OJSC Novolipetsk Steel via Steel Funding Ltd., 4.45% Unsec. Nts., 2/19/185			2,200,000			2,205,500

50   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount				Value
Metals & Mining Continued
Samarco Mineracao SA, 4.125% Sr. Unsec. Nts., 11/1/225	$		1,360,000		$		1,326,680
Severstal OAO Via Steel Capital SA: 4.45% Sr. Unsec. Nts., 3/19/185			2,285,000				2,273,575
5.90% Sr. Unsec. Nts., 10/17/225			1,400,000				1,396,500
Walter Energy, Inc.: 8.50% Sr. Unsec. Nts., 4/15/215			835,000				857,963
9.875% Sr. Unsec. Unsub. Nts., 12/15/205			1,420,000				1,547,800
							31,080,601
Paper & Forest Products—0.2%
Catalyst Paper Corp.: 11.995% Sr. Sec. Nts., 10/30/177			3,308,571				2,646,857
13% Sec. Nts., 09/13/164,5			842,338				817,068
NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/148			3,626,750				1,378,165
Norske Skogindustrier ASA, 6.125% Unsec. Bonds, 10/15/155			1,875,000				1,425,000
							6,267,090
Telecommunication Services—3.4%
Diversified Telecommunication Services—1.5%
Brasil Telecom SA, 9.75% Sr. Unsec. Nts., 9/15/165			2,990,000	BRR			1,542,534
Cequel Communications Escrow 1 LLC/Cequel Escrow Capital Corp., 6.375% Sr. Nts., 9/15/205			6,080,000				6,338,400
Cincinnati Bell, Inc.: 8.25% Sr. Nts., 10/15/17			192,500				205,013
8.375% Sr. Unsec. Unsub. Nts., 10/15/20			625,000				653,125
8.75% Sr. Unsec. Sub. Nts., 3/15/18			720,000				718,200
Colombia Telecomunicaciones SA ESP, 5.375% Sr. Unsec. Nts., 9/27/225			615,000				618,075
Fairpoint Communications, Inc., 8.75% Sr. Sec. Nts., 8/15/195			5,225,000				5,094,375
Frontier Communications Corp., 7.625% Sr. Unsec. Unsub. Nts., 4/15/246			420,000				433,125
Intelsat Bermuda Ltd.: 11.25% Sr. Unsec. Nts., 2/4/17			310,000				330,538
11.50% Sr. Unsec. Nts., 2/4/177			1,425,124				1,514,194
Intelsat Jackson Holdings SA, 7.25% Sr. Unsec. Nts., 10/15/20			1,460,000				1,609,650
Intelsat Luxembourg SA, 7.75% Sr. Unsec. Nts., 6/1/215,6			2,095,000				2,136,900

51   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount				Value
Diversified Telecommunication Services Continued
Level 3 Communications, Inc., 8.875% Sr. Unsec. Nts., 6/1/195	$		2,125,000		$		2,329,531
Level 3 Financing, Inc., 9.375% Sr. Unsec. Unsub. Nts., 4/1/19			765,000				861,543
Qtel International Finance Ltd., 3.875% Sr. Unsec. Nts., 1/31/285			745,000				737,394
Telefonica Chile SA, 3.875% Sr. Unsec. Nts., 10/12/225			2,125,000				2,098,217
Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/205			5,955,000				6,237,863
tw telecom holdings, inc., 5.375% Sr. Unsec. Unsub. Nts., 10/1/22			2,195,000				2,299,263
Wind Acquisition Finance SA, 7.25% Sr. Sec. Nts., 2/15/185			2,535,000				2,652,244
Windstream Corp., 6.375% Sr. Unsec. Nts., 8/1/235			1,045,000				1,042,388
							39,452,572
Wireless Telecommunication Services—1.9%
America Movil SAB de CV: 6.45% Sr. Unsec. Nts., 12/5/22			40,450,000	MXN			3,459,264
8.46% Sr. Unsec. Unsub. Bonds, 12/18/36			14,700,000	MXN			1,369,770
Cricket Communications, Inc., 7.75% Sr. Unsec. Nts., 10/15/20			1,960,000				1,964,900
Crown Castle International Corp., 5.25% Sr. Unsec. Nts., 1/15/23			1,165,000				1,189,756
Digicel Group Ltd., 8.25% Sr. Unsec. Nts., 9/30/205			730,000				777,450
Digicel Ltd., 6% Sr. Unsec. Nts., 4/15/215			1,320,000				1,316,700
Leap Wireless International, Inc., 4.50% Cv. Sr. Unsec. Nts., 7/15/14			1,540,000				1,576,575
MetroPCS Wireless, Inc.: 6.25% Sr. Unsec. Nts., 4/1/215			1,610,000				1,644,213
6.625% Sr. Unsec. Nts., 11/15/20			2,490,000				2,611,388
6.625% Sr. Unsec. Nts., 4/1/235			1,610,000				1,648,238
MTS International Funding Ltd., 8.625% Sr. Unsec. Nts., 6/22/205			3,315,000				4,226,625
SBA Telecommunications, Inc., 5.75% Sr. Unsec. Unsub. Nts., 7/15/205			785,000				819,344
Sprint Capital Corp., 6.875% Sr. Unsec. Nts., 11/15/28			1,445,000				1,484,738
Sprint Nextel Corp., 9% Sr. Unsec. Nts., 11/15/185			1,400,000				1,734,250
Vimpel Communications: 8.85% Sr. Unsec. Nts., 3/8/224			21,900,000	RUR			709,819
8.85% Sr. Unsec. Nts., 3/8/224			21,900,000	RUR			711,932

52   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount				Value
Wireless Telecommunication Services Continued
Vimpel Communications/VIP Finance Ireland Ltd. OJSC: 7.748% Sec. Nts., 2/2/215	$		2,265,000	$			2,542,463
9.125% Sr. Unsec. Nts., 4/30/185			4,690,000				5,589,308
VimpelCom, 7.504% Sr. Unsec. Unsub. Nts., 3/1/225			5,155,000				5,749,372
VimpelCom Holdings BV: 5.95% Sr. Unsec. Unsub. Nts., 2/13/235			4,110,000				4,104,863
9% Sr. Unsec. Nts., 2/28/18			64,100,000		RUR		2,120,882
Wind Acquisition Finance SA, 11.75% Sr. Sec. Nts., 7/15/175			905,000				963,825
							48,315,675
Utilities—2.2%
Electric Utilities—1.1%
Electricite de France SA, 5.25% Jr. Sub. Perpetual Bonds4,5,16			665,000				662,345
Empresa Distribuidora y Comercializadora Norte SA, 9.75% Nts., 10/25/225			805,000				386,400
Empresas Publicas de Medellin ESP: 7.625% Sr. Unsec. Nts., 7/29/195			230,000				282,440
8.375% Sr. Unsec. Unsub. Nts., 2/1/215			3,012,000,000		COP		1,926,327
Eskom Holdings Ltd.: 7.85% Sr. Unsec. Unsub. Nts., Series ES26, 4/2/26			37,000,000		ZAR		4,007,627
10% Nts., Series ES23, 1/25/23			46,000,000		ZAR		5,983,147
Israel Electric Corp. Ltd.: 6.70% Sr. Unsec. Nts., 2/10/175			1,960,000				2,185,569
7.25% Nts., 1/15/195			7,780,000				8,947,731
9.375% Sr. Sec. Nts., 1/28/205			670,000				842,355
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16			109,600,000		PHP		3,004,173
Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 11/22/215			455,000				495,950
							28,724,064
Energy Traders—0.7%
AES Corp. (The): 7.375% Sr. Unsec. Unsub. Nts., 7/1/21			1,045,000				1,217,425
8% Sr. Unsec. Unsub. Nts., 10/15/17			1,100,000				1,299,375
Calpine Corp.: 7.50% Sr. Sec. Nts., 2/15/215			1,026,000				1,131,165
7.875% Sr. Sec. Nts., 1/15/235			995,000				1,109,425
Colbun SA, 6% Sr. Unsec. Nts., 1/21/205			2,965,000				3,348,398

53   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount			Value
Energy Traders Continued
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.: 10% Sr. Sec. Nts., 12/1/205	$		2,370,000	$		2,678,100
11.75% Sec. Nts., 3/1/225			2,605,000			3,008,775
First Wind Capital LLC, 10.25% Sr. Sec. Nts., 6/1/185			345,000			368,288
Foresight Energy LLC, 9.625% Sr. Unsec. Nts., 8/15/175			1,845,000			2,006,438
NRG Energy, Inc., 6.625% Sr. Unsec. Nts., 3/15/235			1,455,000			1,549,575
						17,716,964
Gas Utilities—0.3%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75% Sr. Unsec. Nts., 5/20/20			3,050,000			3,332,125
Empresa de Energia de Bogota SA ESP, 6.125% Sr. Unsec. Unsub. Nts., 11/10/215			1,850,000			2,072,000
Gas Natural de Lima y Callao SA, 4.375% Sr. Unsec. Nts., 4/1/235,6			1,320,000			1,323,300
Transportadora de Gas Internacional SA ESP, 5.70% Sr. Unsec. Nts., 3/20/225			1,855,000			2,031,225
						8,758,650
Multi-Utilities—0.1%
Abu Dhabi National Energy Co., 3.625% Sr. Unsec. Unsub. Nts., 1/12/235			1,790,000			1,812,375
Total Corporate Bonds and Notes (Cost $923,917,127)						944,925,291
		Shares
Preferred Stocks—0.1%
Ally Financial, Inc., 7% Cum., Series G, Non-Vtg. (Cost $3,049,853)			3,287			3,250,843
Common Stocks—0.2%
American Media Operations, Inc.			219,796			2,527,654
Arco Capital Corp. Ltd. 3			690,638			—
Catalyst Paper Corp. 2			190,921			432,267
Global Aviation Holdings, Inc. 2			400			—
Goldman Sachs Group, Inc. (The)			1,190			175,109
Nortek, Inc. 2			24,095			1,719,419
Premier Holdings Ltd. 2			18,514			—
Wallace Theater Holdings, Inc. (related to Sr. Sec. Nts., 6/15/13) 2,5			1,525			8,952
Total Common Stocks (Cost $18,727,387)						4,863,401

54   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Units				Value
Rights, Warrants and Certificates—0.0%
MediaNews Group, Inc. Wts., Strike Price $0.001, Exp. 3/19/17 2 (Cost $6,331,150)		22,685		$		816
	Principal Amount
Structured Securities—2.6%
Citigroup Funding, Inc.: Colombia (Republic of) Credit Linked Nts., 11%, 7/27/203		2,500,000,000	COP			1,873,730
Ghana (Republic of) Credit Linked Nts., 13.45%, 2/19/143,4		1,380,000	GHS			697,870
Citigroup Global Markets Holdings, Inc.: Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/183		3,255,000,000	COP			2,372,643
Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24		6,591,000,000	COP			5,180,551
Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/243		3,660,000,000	COP			2,876,774
Colombia (Republic of) Total Return Linked Bonds, Series 2, 11%, 7/27/20		2,665,000,000	COP			1,997,397
Serbia (Republic of) Credit Linked Bonds, 10.933%, 1/5/143,12		77,000,000	RSD			811,765
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%, 5/6/253,12		1,695,673				1,235,479
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/253,12		2,160,549				1,574,191
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/253,12		1,865,288				1,359,062
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/253,12		1,667,333				1,214,830

55   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

		Principal Amount				Value
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/253,12	$		2,075,964		$		1,512,561
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/253,12			2,369,398				1,726,359
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/253,12			1,892,872				1,379,159
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/253,12			1,779,219				1,296,351
Coriolanus Ltd. Sec. Credit Linked Nts., 17.236%, 12/31/173,15			12,850,000	BRR			8,355,759
Opic Reforma I Credit Linked Nts., Cl. 2A, 7.746%, 5/22/153,4			697,693	MXN			53,216
Opic Reforma I Credit Linked Nts., Cl. 2B, 7.746%, 5/22/153,4			1,220,632	MXN			93,103
Opic Reforma I Credit Linked Nts., Cl. 2C, 7.746%, 5/22/153,4			18,404,162	MXN			1,403,767
Opic Reforma I Credit Linked Nts., Cl. 2D, 7.746%, 5/22/153,4			1,341,270	MXN			102,305
Opic Reforma I Credit Linked Nts., Cl. 2E, 7.746%, 5/22/153,4			974,458	MXN			74,326
Opic Reforma I Credit Linked Nts., Cl. 2F, 7.746%, 5/22/153,4			622,337	MXN			47,468
Opic Reforma I Credit Linked Nts., Cl. 2G, 7.746%, 5/22/153,4			114,609	MXN			8,742
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., Cl. B, 10%, 7/30/243			16,210,000,000	COP			12,714,039
Goldman Sachs Group, Inc. (The), United Mexican States Credit Linked Nts., 9.05%, 2/8/373,12			315,000,000	MXN			2,583,462
Hallertau SPC Credit Linked Nts.: Series 2007-01, 2.559%, 12/20/173,4			6,250,000				6,221,250
Series 2008-01, 9.888%, 8/2/103,8,12			14,337,604	BRR			—
HSBC Bank plc: Serbia (Republic of) Credit Linked Nts., 10.909%, 1/27/143,12			77,000,000	RSD			813,042
Serbia (Republic of) Credit Linked Nts., 12.168%, 6/16/143,12			151,000,000	RSD			1,531,339
JPMorgan Chase & Co.: Colombia (Republic of) Credit Linked Nts., 11%, 7/28/203			1,315,000,000	COP			985,512
Colombia (Republic of) Credit Linked Nts., Series B, 10%, 7/26/243			770,000,000	COP			605,202
LB Peru Trust II Certificates, Series 1998-A, 4.534%, 2/28/168,12			363,871				36,387
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/163			1,784,000,000	COP			1,130,991

56   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Principal Amount			Value
Morgan Stanley: Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/173		4,885,000	PEN	$	1,943,438
Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34		51,250,946	RUR		807,794
Standard Bank plc: Ghana (Republic of) Credit Linked Nts., 13.45%, 2/19/143,4		760,000	GHS		385,629
Serbia (Republic of) Credit Linked Nts., 11.30%, 1/7/143,12		38,000,000	RSD		404,285
Serbia (Republic of) Credit Linked Nts., 12.405%, 2/3/143,12		38,000,000	RSD		401,555
Standard Chartered Bank, Ghana (Republic of) Credit Linked Nts., 13.30%, 10/2/133,4		680,000	GHS		343,551
Total Structured Securities (Cost $75,479,449)					68,154,884

	Expiration Date		Strike Price		Contracts
Options Purchased—0.0%
Australian Dollar (AUD) Put2		4/4/13		1 AUD per 1.020USD		1,315,000	133
British Pound Sterling (GBP) Put2		6/10/13		1GBP per 1.480USD		1,970,000	14,187
British Pound Sterling (GBP) Put2		6/10/13		1GBP per 1.480USD		1,310,000	9,434
Dual digital option with $1,000,000 payout contingent on: British pound (GBP)/United States Dollar (USD) spot rates, and; United States Dollar (USD)/Indian Rupee (INR) spot rates at expire date2		8/28/13		Spot trades at or below: 1 GBP per 1.4981 USD Spot trades at or below: 1 USD per 54.06 INR		105,000	5,985
Japanese Yen (JPY) Call2		4/25/13		1USD per 88.000JPY		233,000,000	1,337
Japanese Yen (JPY) Call2		5/1/13		1USD per 89.000JPY		458,000,000	7,887
Japanese Yen (JPY) Put2		6/12/13		1USD per 98.000JPY		581,000,000	45,463
U.S. Treasury Nts., 10 yr. Futures, 6/19/13 Put2		5/27/13		132.000		492	422,813
Total Options Purchased (Cost $649,994)							507,239

57   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Swaption Expiration Date		Notional Amount			Value
Swaptions Purchased—0.2%
Bank of America NA; Credit Default Swaption (European); Swap Terms: Paid: 5.50%; Received: Protection on iTraxx Europe Crossover Series 18 Version 1; Termination Date: 12/20/172		4/18/13		1,980,000	EUR		1,002
Bank of America NA; Credit Default Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Senior Financials Series 18 Version 1; Received: 1.40%; Termination Date: 12/20/172		6/20/13		2,640,000	EUR		5,997
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.16875%; Received: Three-Month USD BBA LIBOR; Termination Date: 1/17/242		1/16/14		1,325,000	$		39,758

58   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Swaption Expiration Date			Notional Amount			Value
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.175%; Received: Three-Month USD BBA LIBOR; Termination Date: 5/2/232		5/1/13	$		31,370,000	$		92,709
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.24%; Received: Three-Month USD BBA LIBOR; Termination Date: 6/10/232		6/7/13			41,745,000			227,246
Barclays Bank plc; Credit Default Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Crossover Series 18 Version 1; Received: 4%; Termination Date: 12/20/172		4/18/13			1,320,000	EUR		5,599
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 1.055%; Received: Three-Month USD BBA LIBOR; Termination Date: 4/22/182		4/19/13			32,405,000			29,158

59   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Swaption Expiration Date			Notional Amount			Value
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 1.3725%; Received: Three-Month USD BBA LIBOR; Termination Date: 12/16/172		12/15/15	$		47,030,000	$		466,276
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 1.505%; Received: Three-Month USD BBA LIBOR; Termination Date: 1/12/182		1/11/16			26,170,000			253,140
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.33%; Received: Three-Month USD BBA LIBOR; Termination Date: 6/24/432		6/21/13			1,320,000			9,602
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			620,126

60   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Swaption Expiration Date			Notional Amount			Value
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 0.935%; Termination Date: 2/3/172		1/31/14	$		34,715,000	$		285,317
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.537%; Received: Six-Month GBP BBA LIBOR; Termination Date: 1/25/462		1/26/16			1,325,000	GBP		159,530
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 3.275%; Received: Six-Month GBP BBA LIBOR; Termination Date: 12/4/452		12/7/15			1,320,000	GBP		193,332
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 2%; Received: Three-Month USD BBA LIBOR; Termination Date: 6/4/232		6/3/13			62,700,000			861,028

61   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Swaption Expiration Date			Notional Amount			Value
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 3.06%; Received: Three-Month USD BBA LIBOR; Termination Date: 8/29/432		8/28/13	$		5,245,000	$		200,570
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 3.32%; Received: Three-Month KRW CD KSDA; Termination Date: 1/5/232		1/5/18			2,660,000,000	KRW		31,810
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 3.70%; Received: Three-Month USD BBA LIBOR; Termination Date: 2/21/442		2/20/14			20,940,000			414,996
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.0425%; Termination Date: 7/29/162		7/26/13			52,380,000			119,418

62   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Swaption Expiration Date			Notional Amount			Value
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.48%; Termination Date: 4/15/432		4/12/13	$		20,980,000	$		9
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.165%; Termination Date: 5/15/332		5/14/13			21,700,000			1,059
JPMorgan Chase Bank NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.13%: Received: Three-Month USD BBA LIBOR; Termination Date: 5/3/232		5/2/13			15,645,000			65,884
JPMorgan Chase Bank NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.484%: Received: Three-Month USD BBA LIBOR; Termination Date: 9/24/232		9/23/13			2,645,000			24,017
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 1.146%; Received: Three-Month USD BBA LIBOR; Termination Date: 5/2/182		5/1/13			52,280,000			34,661
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 2.015%; Termination Date: 1/26/192		1/25/17			11,110,000	EUR		204,817
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 1.205%; Termination Date: 8/27/182		8/28/13			3,625,000	GBP		55,008
Total Swaptions Purchased (Cost $7,546,564)								4,402,069

63   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Shares				Value
Investment Companies—8.5%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.14% 1,17		16,720,070		$		16,720,070
Oppenheimer Master Event-Linked Bond Fund, LLC 1		4,827,322				61,510,121
Oppenheimer Master Loan Fund, LLC 1		9,757,026				131,400,538
Oppenheimer Short Duration Fund, Cl. Y 1		1,010,656				10,126,773
Total Investment Companies (Cost $216,000,942)						219,757,502
Total Investments, at Value (Cost $3,159,000,548)		123.5	%			3,199,016,075
Liabilities in Excess of Other Assets		(23.5	)			(609,273,414	)
Net Assets		100.0	%	$		2,589,742,661

Footnotes to Statement of Investments

*    March 28, 2013 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

64   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

CHF	Swiss Franc
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
GHS	Ghana Cedi
HUF	Hungarian Forint
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NGN	Nigeria Naira
NOK	Norwegian Krone
PEN	Peruvian New Sol
PHP	Philippines Peso
PLZ	Polish Zloty
RSD	Serbian Dinar
RUR	Russian Ruble
SEK	Swedish Krona
TRY	New Turkish Lira
UYU	Uruguay Peso
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 March 28, 2013, 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 31, 2012		Gross Additions		Gross Reductions			Shares March 28, 2013
Oppenheimer Global Strategic Income Fund/VA (Cayman) Ltd.a		15,000		-		-			15,000
Oppenheimer Institutional Money Market Fund, Cl. E		34,093,630		181,012,675		198,386,235			16,720,070
Oppenheimer Master Event-Linked Bond Fund, LLC		4,827,322		-		-			4,827,322
Oppenheimer Master Loan Fund, LLC		25,357,850		-		15,600,824			9,757,026
Oppenheimer Short Duration Fund, Cl. Y		1,010,027		629		-			1,010,656
			Value		Income			Realized Gain (Loss)
Oppenheimer Global Strategic Income Fund/VA (Cayman) Ltd.a			$	1,423,971	$	-		$	-
Oppenheimer Institutional Money Market Fund, Cl. E				16,720,070		11,589			-
Oppenheimer Master Event-Linked Bond Fund, LLC				61,510,121		1,328,773	b		(289,342)	b
Oppenheimer Master Loan Fund, LLC				131,400,538		3,714,490	c		2,603,252	c
Oppenheimer Short Duration Fund, Cl. Y				10,126,773		12,462			-
			$	221,181,473	$	5,067,314		$	2,313,910

65   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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

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

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

2. Non-income producing security.

3. Restricted security. The aggregate value of restricted securities as of March 28, 2013 was $95,253,825, which represents 3.68% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation (Depreciation)
Ally Auto Receviables Trust, Automobile Receivables Nts., Series 2012-A, Cl. D, 3.15%, 10/15/18		6/8/12	$	2,110,379	$	2,234,708	$	124,329
AmeriCredit Automobile Receivables Trust 2013-1, Automobile Receivables-Backed Nts., Series 2013-1, Cl. E, 3.92%, 7/8/20		1/15/13- 3/25/13		2,382,467		2,411,905		29,438
Arco Capital Corp. Ltd.		2/27/07		10,359,570		-		(10,359,570)
Banco Santander Brasil SA (Cayman Islands), 8% Sr. Unsec. Unsub. Nts., 3/18/16		3/11/13- 3/20/13		1,338,406		1,296,548		(41,858)
Bank of India (London), 3.625% Sr. Unsec. Unsub. Nts., 9/21/18		3/14/13		1,315,116		1,327,281		12,165
BCAP LLC Trust, Mtg. Pass-Through Certificates, Series 2012-RR6, Cl. 1A5, 2.402%, 11/1/36		6/14/12		480,928		486,780		5,852
Citigroup Funding, Inc., Colombia (Republic of) Credit Linked Nts., 11%, 7/27/20		11/27/12		1,828,143		1,873,730		45,587
Citigroup Funding, Inc., Ghana (Republic of) Credit Linked Nts., 13.45%, 2/19/14		2/7/13		710,822		697,870		(12,952)
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18		12/9/08		1,382,453		2,372,643		990,190
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24		3/28/12		2,560,451		2,876,774		316,323
Citigroup Global Markets Holdings, Inc., Serbia (Republic of) Credit Linked Bonds, 10.933%, 1/5/14		1/18/13		845,792		811,765		(34,027)
Citigroup Mortgage Loan Trust, Inc. 2012-8, Mtg. Pass-Through Certificates, Series 2012-8, Cl. 1A1, 2.671%, 10/1/35		8/1/12		1,098,157		1,091,166		(6,991)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/25		10/8/10		1,199,164		1,235,479		36,315
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/25		4/16/09		1,225,949		1,296,351		70,402
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/25		8/18/09		1,311,413		1,379,159		67,746
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/25		9/25/09		1,644,695		1,726,359		81,664
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/25		12/17/09		1,446,578		1,512,561		65,983
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/25		3/30/10		1,166,572		1,214,830		48,258
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/25		5/18/10		1,308,937		1,359,062		50,125
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/25		7/16/10		1,520,757		1,574,191		53,434
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Nts., 17.236%, 12/31/17		9/19/07		5,884,118		8,355,759		2,471,641

66   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation (Depreciation)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 7.746%, 5/22/15		5/21/08	$	67,269	$	53,216	$	(14,053)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 7.746%, 5/22/15		6/12/08		117,680		93,103		(24,577)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 7.746%, 5/22/15		6/18/08		1,785,486		1,403,767		(381,719)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 7.746%, 5/22/15		7/8/08		130,028		102,305		(27,723)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 7.746%, 5/22/15		7/15/08		94,626		74,326		(20,300)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 7.746%, 5/22/15		8/8/08		61,263		47,468		(13,795)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 7.746%, 5/22/15		8/22/08		11,304		8,742		(2,562)
FDIC Trust, Commerical Mtg. Pass-Through Certificates, Series 2012-C1, Cl. A, 0.841%, 5/1/35		5/10/12		1,135,179		1,136,280		1,101
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., Cl. B, 10%, 7/30/24		9/12/12		11,441,632		12,714,039		1,272,407
Goldman Sachs Group, Inc. (The), United Mexican States Credit Linked Nts., 9.05%, 2/8/37		9/12/12		3,243,022		2,583,462		(659,560)
Hallertau SPC Credit Linked Nts., Series 2007-01, 2.559%, 12/20/17		12/13/07		6,250,000		6,221,250		(28,750)
Hallertau SPC Credit Linked Nts., Series 2008-01, 9.888%, 8/2/10		5/6/08		7,188,001		-		(7,188,001)
HSBC Bank plc, Serbia (Republic of) Credit Linked Nts., 10.909%, 1/27/14		1/15/13		839,250		813,042		(26,208)
HSBC Bank plc, Serbia (Republic of) Credit Linked Nts., 12.168%, 6/16/14		12/11/12		1,501,441		1,531,339		29,898
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. B, 2.165%, 8/15/22		11/6/07		7,067,213		6,571,450		(495,763)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. C, 3.465%, 8/15/22		6/8/07		5,270,000		4,057,900		(1,212,100)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. D, 5.465%, 8/15/22		6/8/07		5,270,000		4,084,250		(1,185,750)
Igloo Holdings Corp., 8.25% Sr. Unsec. Nts., 12/15/17		12/13/12- 12/14/12		2,870,788		2,965,370		94,582
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24		8/3/06- 7/24/07		3,736,718		4,332,806		596,088
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20		8/24/10		882,017		985,512		103,495
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., Series B, 10%, 7/26/24		3/13/13		628,559		605,202		(23,357)
JPMorgan Hipotecaria su Casita, 8.397% Sec. Nts., 8/26/35		3/21/07		526,714		41,737		(484,977)
Magyar Export-Import Bank RT, 5.50% Sr. Unsec. Nts., 2/12/18		12/5/12- 12/10/12		1,303,277		1,323,219		19,942
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16		10/20/06		762,393		1,130,991		368,598
MHP SA, 8.25% Sr. Unsec. Nts., 4/2/20		3/21/13		1,375,000		1,365,547		(9,453)
Morgan Stanley, Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17		7/10/07		1,528,416		1,943,438		415,022
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29		8/10/10		66,025		4,572		(61,453)
Premier Cruise Ltd., 11% Sr. Nts., 3/15/08		3/6/98		242,675		-		(242,675)
Rabobank Capital Funding Trust IV, 5.556% Perpetual Bonds		10/24/12		311,774		310,613		(1,161)
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		78,722		78,938		216

67   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation (Depreciation)
Standard Bank plc, Ghana (Republic of) Credit Linked Nts., 13.45%, 2/19/14		2/7/13		393,991		385,629		(8,362)
Standard Bank plc, Serbia (Republic of) Credit Linked Nts., 11.30%, 1/7/14		12/27/12		407,567		404,285		(3,282)
Standard Bank plc, Serbia (Republic of) Credit Linked Nts., 12.405%, 2/3/14		12/5/12		394,567		401,555		6,988
Standard Chartered Bank, Ghana (Republic of) Credit Linked Nts., 13.30%, 10/2/13		2/7/13		352,799		343,551		(9,248)
			$	110,456,263	$	95,253,825	$	(15,202,438)

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

5. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $647,556,371 or 25% of the Fund’s net assets as of March 28, 2013.

6. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after March 28, 2013. 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.

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 $8,649,225 or 0.33% of the Fund’s net assets as of March 28, 2013.

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 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 $4,611,853. See accompanying Notes.

14. 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 $4,601,717. See accompanying Notes.

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

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

17. Rate shown is the 7-day yield as of March 28, 2013.

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

Geographic Holdings	Value		Percent
United States	$	2,084,061,731		65.1	%
Russia		165,912,742		5.2
Turkey		164,166,341		5.1
Brazil		142,396,537		4.4
Mexico		85,997,573		2.7

68   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Geographic Holdings	Value		Percent
Colombia	$	43,851,031		1.4%
Peru		43,428,245		1.4
Hungary		43,041,411		1.3
South Africa		41,342,920		1.3
Japan		41,077,844		1.3
Venezuela		40,583,819		1.3
United Kingdom		20,268,342		0.6
Canada		19,793,139		0.6
Supranational		15,785,485		0.5
Italy		15,333,408		0.5
Nigeria		14,268,856		0.4
Ukraine		13,592,845		0.4
The Netherlands		13,161,703		0.4
France		12,997,650		0.4
Germany		12,425,756		0.4
Israel		11,975,655		0.4
Australia		11,621,122		0.4
Poland		11,298,374		0.4
Malaysia		11,284,914		0.4
Serbia		9,683,436		0.3
Spain		9,234,062		0.3
Philippines		9,225,423		0.3
Luxembourg		7,860,632		0.2
Chile		7,727,971		0.2
Croatia		6,331,223		0.2
Belgium		5,573,573		0.2
India		5,332,256		0.2
Sri Lanka		5,069,553		0.2
Ivory Coast		4,774,400		0.1
Uruguay		4,501,449		0.1
Angola		4,401,738		0.1
Dominican Republic		3,722,735		0.1
United Arab Emirates		3,074,323		0.1
Korea, Republic of South		2,910,557		0.1
China		2,835,821		0.1
Sweden		2,519,208		0.1
Kazakhstan		2,284,827		0.1
Portugal		2,213,014		0.1
Jamaica		2,094,150		0.1
Trinidad & Tobago		2,081,650		0.1
Norway		1,953,615		0.1
Ireland		1,816,901		0.1
Tanzania		1,706,600		0.1
Paraguay		1,664,850		0.1
Ghana		1,427,050		—
Denmark		1,265,023		—
Guatemala		1,198,650		—
Bolivia		1,190,818		—
Switzerland		920,041		—
Qatar		737,394		—
Finland		716,124		—
Indonesia		695,750		—
Argentina		386,400		—
European Union		217,415		—
Total	$	3,199,016,075		100.0%

69   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Forward Currency Exchange Contracts as of March 28, 2013 are as follows:

Counterparty/Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Date		Value		Unrealized Appreciation		Unrealized Depreciation
Bank of America NA:
Brazilian Real (BRR)		Sell		57,800	BRR		5/3/13	$	28,496,941	$	-	$	350,676
British Pound Sterling (GBP)		Buy		585	GBP		5/31/13		888,581		15,236		-
Euro (EUR)		Buy		10,040	EUR		4/2/13		12,869,815		-		126,965
Euro (EUR)		Sell		10,040	EUR		4/2/13		12,869,815		-		59,779
Hungarian Forint (HUF)		Sell		180,000	HUF		9/16/13		745,441		4,054		-
Mexican Nuevo Peso (MXN)		Buy		21,000	MXN		5/6/13		1,694,331		28,775		-
Mexican Nuevo Peso (MXN)		Sell		118,300	MXN		4/4/13-7/11/13		9,538,004		-		422,991
New Turkish Lira (TRY)		Sell		46,735	TRY		4/29/13		25,736,802		-		51,089
Peruvian New Sol (PEN)		Sell		12,750	PEN		4/30/13-6/11/13		4,916,225		13,307		9,401
Philippines Peso (PHP)		Sell		118,000	PHP		4/10/13		2,891,330		6,865		-
South African Rand (ZAR)		Buy		370	ZAR		5/31/13		39,902		-		910
South African Rand (ZAR)		Sell		234,070	ZAR		4/5/13		25,438,233		1,399,406		28,201
South Korean Won (KRW)		Buy		14,009,000	KRW		4/8/13		12,582,351		-		536,532
South Korean Won (KRW)		Sell		2,521,000	KRW		4/15/13		2,262,867		20,854		-
											1,488,497		1,586,544
Barclays Bank plc:
Brazilian Real (BRR)		Sell		26,050	BRR		5/3/13		12,843,344		52,376		-
Euro (EUR)		Sell		4,175	EUR		4/18/13-5/31/13		5,352,520		108,184		-
Hungarian Forint (HUF)		Sell		4,383,000	HUF		4/25/13-5/29/13		18,395,635		1,443,502		-
Israeli Shekel (ILS)		Buy		2,030	ILS		4/2/13		558,083		28,472		-
Israeli Shekel (ILS)		Sell		2,030	ILS		4/2/13		558,083		-		22,166
Japanese Yen (JPY)		Sell		5,160,000	JPY		5/31/13		54,838,586		3,027,111		-
Mexican Nuevo Peso (MXN)		Buy		150,990	MXN		5/6/13		12,182,241		446,659		-
Mexican Nuevo Peso (MXN)		Sell		163,600	MXN		5/6/13		13,199,646		-		483,961
Peruvian New Sol (PEN)		Sell		7,720	PEN		5/28/13		2,975,365		19,205		-
Polish Zloty (PLZ)		Buy		15,680	PLZ		4/18/13		4,807,107		-		100,806
Polish Zloty (PLZ)		Sell		2,400	PLZ		5/31/13		733,253		6,073		-
Russian Ruble (RUR)		Buy		275,880	RUR		4/25/13		8,832,327		-		202,255
Russian Ruble (RUR)		Sell		359,000	RUR		4/25/13		11,493,422		263,193		-
South African Rand (ZAR)		Sell		40	ZAR		4/5/13		4,347		58		-
											5,394,833		809,188
BNP Paribas:
Euro (EUR)		Buy		6,830	EUR		5/31/13		8,758,836		-		181,204
Euro (EUR)		Sell		13,980	EUR		5/31/13		17,928,042		136,785		-
Malaysian Ringgit (MYR)		Buy		41,840	MYR		4/25/13		13,525,136		-		174,930
											136,785		356,134
Citibank NA:
Australian Dollar (AUD)		Sell		17,185	AUD		5/22/13-5/31/13		17,813,535		3,541		89,183
Canadian Dollar (CAD)		Sell		345	CAD		5/31/13		339,139		-		3,515
Chilean Peso (CLP)		Buy		56,000	CLP		5/6/13		118,146		328		-
Colombian Peso (COP)		Buy		3,430,000	COP		4/9/13		1,877,397		-		35,940
Colombian Peso (COP)		Sell		13,033,000	COP		6/17/13-9/26/13		7,054,710		34,073		-
Euro (EUR)		Buy		1,605	EUR		5/31/13		2,058,262		-		18,608

70   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Counterparty/Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Date		Value		Unrealized Appreciation		Unrealized Depreciation
Hong Kong Dollar (HKD)		Buy		2,970	HKD		6/20/13	$	382,757	$	-	$	91
Hungarian Forint (HUF)		Buy		558,000	HUF		4/25/13		2,342,904		-		209,433
Japanese Yen (JPY)		Buy		481,000	JPY		5/31/13		5,111,891		78,986		-
Malaysian Ringgit (MYR)		Buy		20,640	MYR		4/25/13		6,672,056		59,207		-
Mexican Nuevo Peso (MXN)		Sell		258,800	MXN		5/16/13-7/11/13		20,810,804		-		732,347
Peruvian New Sol (PEN)		Buy		11,330	PEN		5/8/13		4,369,390		6,663		-
Peruvian New Sol (PEN)		Sell		12,050	PEN		4/30/13		4,648,202		16,782		-
Philippines Peso (PHP)		Sell		5,000	PHP		4/10/13		122,514		421		-
South African Rand (ZAR)		Sell		19,230	ZAR		4/5/13		2,089,876		-		15,027
											200,001		1,104,144
Credit Suisse International:
British Pound Sterling (GBP)		Sell		850	GBP		5/31/13		1,291,101		37,510		1,967
Japanese Yen (JPY)		Sell		636,000	JPY		4/15/13		6,756,913		-		137,161
New Turkish Lira (TRY)		Sell		3,240	TRY		7/17/13		1,765,567		-		195,745
Swiss Franc (CHF)		Buy		520	CHF		5/31/13		548,207		-		10,581
											37,510		345,454
Deutsche Bank AG:
Australian Dollar (AUD)		Sell		30	AUD		5/31/13		31,089		-		123
British Pound Sterling (GBP)		Buy		2,575	GBP		4/2/13		3,912,601		19,201		-
British Pound Sterling (GBP)		Sell		2,575	GBP		4/2/13		3,912,601		-		25,381
Euro (EUR)		Sell		34,665	EUR		4/15/13-4/25/13		44,440,874		472,418		-
Hungarian Forint (HUF)		Sell		1,644,000	HUF		4/17/13-9/16/13		6,862,293		112,314		-
Japanese Yen (JPY)		Buy		864,000	JPY		4/1/13		9,178,308		8,280		-
Japanese Yen (JPY)		Sell		864,000	JPY		4/1/13		9,178,308		-		112,201
Mexican Nuevo Peso (MXN)		Buy		33,600	MXN		5/6/13		2,710,930		73,295		-
Mexican Nuevo Peso (MXN)		Sell		7,400	MXN		5/31/13		595,550		-		37,754
Norwegian Krone (NOK)		Buy		680	NOK		5/31/13		116,141		-		579
Peruvian New Sol (PEN)		Sell		4,940	PEN		5/13/13		1,904,806		-		8,453
Polish Zloty (PLZ)		Buy		60,470	PLZ		4/25/13		18,527,925		-		783,761
Polish Zloty (PLZ)		Sell		18,080	PLZ		4/25/13		5,539,687		260,762		-
											946,270		968,252
Goldman Sachs Bank USA:
Brazilian Real (BRR)		Buy		7,550	BRR		5/3/13		3,722,351		-		59,106
British Pound Sterling (GBP)		Sell		1,795	GBP		5/31/13		2,726,501		-		9,483
Canadian Dollar (CAD)		Sell		1,020	CAD		5/31/13		1,002,672		13,199		-
Colombian Peso (COP)		Sell		1,214,000	COP		5/28/13		661,605		6,530		-
Euro (EUR)		Buy		15,990	EUR		4/25/13-5/31/13		20,501,098		-		687,689
Euro (EUR)		Sell		35,745	EUR		4/8/13-5/31/13		45,833,264		1,959,146		-
Hungarian Forint (HUF)		Sell		1,029,000	HUF		4/17/13-4/25/13		4,321,407		60,306		-
Japanese Yen (JPY)		Buy		1,617,000	JPY		5/31/13		17,184,883		-		1,444,528
Japanese Yen (JPY)		Sell		378,000	JPY		5/31/13		4,017,245		43,996		20,347
Mexican Nuevo Peso (MXN)		Buy		189,500	MXN		5/16/13		15,273,847		515,625		-
New Turkish Lira (TRY)		Sell		32,500	TRY		5/15/13		17,860,107		42,760		193,094
Peruvian New Sol (PEN)		Sell		5,870	PEN		6/25/13		2,261,612		-		6
Polish Zloty (PLZ)		Buy		4,050	PLZ		4/25/13		1,240,914		-		26,131
Polish Zloty (PLZ)		Sell		1,180	PLZ		4/25/13		361,550		6,420		-
South African Rand (ZAR)		Buy		10,900	ZAR		4/5/13		1,184,589		-		6,927
South African Rand (ZAR)		Sell		16,990	ZAR		4/5/13-5/15/13		1,836,376		54,081		-
South Korean Won (KRW)		Sell		3,779,000	KRW		4/15/13		3,392,057		34,054		-
											2,736,117		2,447,311
HSBC Bank USA NA:
New Turkish Lira (TRY)		Buy		3,240	TRY		7/17/13		1,765,567		101,896		-
New Turkish Lira (TRY)		Sell		32,500	TRY		5/15/13		17,860,107		-		69,873
											101,896		69,873

71   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Counterparty/Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Date		Value		Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank NA:
Chilean Peso (CLP)		Buy		367,000	CLP		5/6/13	$	774,277	$	10,251	$	-
Colombian Peso (COP)		Sell		29,357,000	COP		4/9/13		16,068,437		322,965		-
Euro (EUR)		Buy		27,415	EUR		4/3/13-4/25/13		35,143,352		-		439,218
Euro (EUR)		Sell		20,030	EUR		4/3/13		25,676,031		19,461		-
Hungarian Forint (HUF)		Buy		243,000	HUF		4/25/13		1,020,297		-		25,635
Hungarian Forint (HUF)		Sell		2,428,000	HUF		9/16/13		10,055,171		95,524		-
Japanese Yen (JPY)		Buy		140,000	JPY		6/11/13		1,487,987		30,327		-
Malaysian Ringgit (MYR)		Buy		52,380	MYR		6/27/13		16,879,100		79,331		-
Malaysian Ringgit (MYR)		Sell		23,380	MYR		6/27/13		7,534,046		-		35,409
Mexican Nuevo Peso (MXN)		Buy		67,560	MXN		5/6/13-5/16/13		5,445,573		215,513		-
Mexican Nuevo Peso (MXN)		Sell		165,800	MXN		5/23/13-5/30/13		13,345,958		-		474,369
New Turkish Lira (TRY)		Buy		2,600	TRY		4/29/13		1,431,811		243		-
New Turkish Lira (TRY)		Sell		6,480	TRY		6/17/13		3,545,538		-		6,102
Peruvian New Sol (PEN)		Sell		1,690	PEN		4/30/13		651,906		-		1,154
Russian Ruble (RUR)		Buy		247,300	RUR		4/25/13-6/13/13		7,867,596		-		67,593
Russian Ruble (RUR)		Sell		38,600	RUR		4/25/13		1,235,783		22,599		-
South African Rand (ZAR)		Sell		69,120	ZAR		5/15/13		7,470,810		245,543		-
South Korean Won (KRW)		Sell		2,082,000	KRW		4/8/13		1,869,973		-		193
											1,041,757		1,049,673
Morgan Stanley Capital Services, Inc.:
Australian Dollar (AUD)		Buy		1,485	AUD		5/31/13		1,538,921		27,672		-
Canadian Dollar (CAD)		Buy		240	CAD		5/31/13		235,923		-		3,579
New Zealand Dollar (NZD)		Sell		7,855	NZD		5/22/13		6,548,964		-		116,741
Peruvian New Sol (PEN)		Sell		23,570	PEN		5/8/13-6/10/13		9,088,220		54,638		1,025
											82,310		121,345
Nomura Global Financial Products, Inc.:
Australian Dollar (AUD)		Sell		1,115	AUD		4/15/13		1,159,588		-		14,196
British Pound Sterling (GBP)		Buy		2,560	GBP		4/3/13		3,889,744		-		176
British Pound Sterling (GBP)		Sell		5,575	GBP		4/3/13-4/15/13		8,470,523		-		94,000
Canadian Dollar (CAD)		Sell		4,665	CAD		4/15/13		4,590,745		-		56,301
Euro (EUR)		Buy		1,950	EUR		4/25/13		2,500,016		-		38,079
Euro (EUR)		Sell		165	EUR		5/31/13		211,597		4,479		-
Japanese Yen (JPY)		Buy		859,000	JPY		4/1/13		9,125,193		10,167		-
Japanese Yen (JPY)		Sell		1,439,000	JPY		4/1/13-6/11/13		15,289,338		-		145,701
Swiss Franc (CHF)		Sell		1,070	CHF		4/15/13		1,127,360		-		2,042
											14,646		350,495
Nomura International plc
South Korean Won (KRW)		Sell		2,594,000	KRW		4/8/13		2,329,832		33,829		-
The Royal Bank of Scotland plc:
Euro (EUR)		Sell		5,235	EUR		4/25/13		6,711,582		66,644		-
New Turkish Lira (TRY)		Buy		2,880	TRY		4/29/13		1,586,006		-		3,661
											66,644		3,661
Total unrealized appreciation and depreciation										$	12,281,095	$	9,212,074

Spot Currency Exchange Contracts as of March 28, 2013 are as follows:

Broker/Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Date		Value		Unrealized Appreciation		Unrealized Depreciation
Bank of America
Hong Kong Dollar (HKD)		Sell		678	HKD		4/2/13	$	87,290	$	11	$	-
Goldman Sachs & Co.
Australian Dollar (AUD)		Sell		16	AUD		4/3/13		16,785		9		-
JPMorgan Chase
Euro (EUR)		Buy		24	EUR		4/2/13		30,454		-		87
Morgan Stanley & Co., Inc.
Brazilian Real (BRR)		Sell		7,914	BRR		4/1/13		3,916,562		11,956		-
Total unrealized appreciation and depreciation										$	11,976	$	87

72   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Futures Contracts as of March 28, 2013 are as follows:

Contract Description	Buy/Sell		Number of Contracts		Expiration Date		Value		Unrealized Appreciation (Depreciation)
Australian Treasury Bonds, 3 yr.		Sell		130		6/17/13	$	14,748,430	$	(45,161)
Australian Treasury Bonds, 10 yr.		Sell		12		6/17/13		1,519,255		(16,481)
CBOE Volatility Index		Sell		65		5/21/13		1,014,000		928
SPI 200 Index		Sell		20		6/20/13		2,585,686		51,177
Standard & Poor’s 500 E-Mini		Buy		257		6/21/13		20,080,695		156,215
Standard & Poor’s/Toronto Stock Exchange 60 Index		Sell		12		6/20/13		1,722,065		16,954
U.S. Long Bonds		Sell		223		6/19/13		32,216,531		(480,587)
U.S. Long Bonds		Buy		135		6/19/13		19,503,281		124,047
U.S. Treasury Nts., 2 yr.		Buy		202		6/28/13		44,531,531		297
U.S. Treasury Nts., 2 yr.		Sell		980		6/28/13		216,044,063		(53,767)
U.S. Treasury Nts., 5 yr.		Sell		184		6/28/13		22,826,063		(100,236)
U.S. Treasury Nts., 5 yr.		Buy		269		6/28/13		33,370,711		48,798
U.S. Treasury Nts., 10 yr.		Sell		1,647		6/19/13		217,378,266		(1,617,212)
U.S. Treasury Nts., 10 yr.		Buy		581		6/19/13		76,682,922		493,972
U.S. Treasury Ultra Bonds		Buy		197		6/19/13		31,045,969		238,581
									$	(1,182,475)

Written Options as of March 28, 2013 are as follows:

Description	Type	Number of Contracts		Exercise Price			Expiration Date		Premiums Received		Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar (AUD)	Put		1,315,000		1AUD per 1.005USD			4/4/13	$	3,780	$	(1)	$	3,779
British Pound Sterling (GBP)	Put		1,970,000		1GBP per 1.440USD			6/10/13		17,078		(4,030)		13,048
British Pound Sterling (GBP)	Put		1,310,000		1GBP per 1.440USD			6/10/13		11,865		(2,680)		9,185
France (Republic of) Bonds, 2.75%, 10/25/27	Put		1,325,000		98.875	EUR		10/22/13		49,408		(30,542)		18,866
Japanese Yen (JPY)	Put		610,000,000		1USD per 103.000JPY			6/12/13		25,466		(9,187)		16,279
Japanese Yen (JPY)	Call		855,000,000		1USD per 94.350JPY			4/4/13		71,345		(71,341)		4
Japanese Yen (JPY)	Call		853,000,000		1USD per 94.350JPY			4/4/13		57,943		(80,975)		(23,032)
Japanese Yen (JPY)	Put		855,000,000		1USD per 94.350JPY			4/4/13		71,345		(71,341)		4
Japanese Yen (JPY)	Put		853,000,000		1USD per 94.350JPY			4/4/13		58,458		(61,535)		(3,077)
Portugal (Republic of) Sr. Unsec. Bonds, 4.95%, 10/25/23	Put		530,000		90.100	EUR		4/22/13		14,474		(10,476)		3,998
Spain (Kingdom of) Sr. Unsec. Bonds, 5.40%, 1/31/23	Put		1,320,000		97.660	EUR		5/21/13		11,923		(2,309)		9,614
U.S. Treasury Nts., 10 yr. Futures, 6/19/13	Put		314		130.500			5/27/13		102,598		(112,844)		(10,246)
									$	495,683	$	(457,261)	$	38,422
Exercise price is reported in U.S. Dollars (USD), except for those denoted in the following currency:
EUR	Euro

73   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Credit Default Swap Contracts as of March 28, 2013 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	%		12/20/17	$	4,874	$	(2,940)	$	1,934
UBS AG		Sell		125	EUR		3			12/20/17		5,012		(2,940)		2,072
		Total		250	EUR							9,886		(5,880)		4,006
Banco Santander SA
UBS AG		Sell		250	EUR		3			9/20/17		(901)		(2,825)		(3,726)
		Total		250	EUR							(901)		(2,825)		(3,726)
Barrick Gold Corp.
Goldman Sachs International		Buy		5,170			1			3/20/18		(92,340)		129,382		37,042
		Total		5,170								(92,340)		129,382		37,042
CDX Emerging Market Index, Series 19
Barclays Bank plc		Buy		5,760			5			6/20/18		681,280		(654,337)		26,943
		Total		5,760								681,280		(654,337)		26,943
Computer Sciences Corp.:
Credit Suisse International		Sell		5,140			1			3/20/18		98,547		(198,175)		(99,628)
Credit Suisse International		Sell		40			1			3/20/18		801		(1,542)		(741)
		Total		5,180								99,348		(199,717)		(100,369)
Constellation Energy Group, Inc.
Goldman Sachs International		Buy		5,140			1			3/20/18		46,379		(61,763)		(15,384)
		Total		5,140								46,379		(61,763)		(15,384)
Devon Energy Corp.
Goldman Sachs International		Buy		5,180			1			6/20/18		(56,024)		84,489		28,465
		Total		5,180								(56,024)		84,489		28,465
E.I. du Pont de Nemours & Co.
Deutsche Bank AG		Buy		5,180			1			3/20/18		150,088		(147,015)		3,073
		Total		5,180								150,088		(147,015)		3,073
Ford Motor Co.
Deutsche Bank AG		Sell		5,180			5			6/20/18		(904,069)		813,621		(90,448)
		Total		5,180								(904,069)		813,621		(90,448)
Freeport-McMoRan Copper & Gold, Inc.
Goldman Sachs International		Buy		5,180			1			6/20/18		(120,376)		151,286		30,910
		Total		5,180								(120,376)		151,286		30,910
Ireland (Republic of):
Goldman Sachs International		Buy		660			1			3/20/18		(27,725)		27,052		(673)
Goldman Sachs International		Buy		585	EUR		1			3/20/18		(21,644)		19,477		(2,167)
		Total		660								(49,369)		46,529		(2,840)
		Total		585	EUR
Goldman Sachs International		Sell		660			1			3/20/23		105,519		(112,976)		(7,457)
		Total		660								105,519		(112,976)		(7,457)
Peru (Republic of)
Deutsche Bank AG		Buy		3,605			1			6/20/18		11,126		1,777		12,903
		Total		3,605								11,126		1,777		12,903

74   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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)
Portugal (Republic of):
Citibank NA		Sell		5,180			1	%		6/20/18	$	247,253	$	(281,330)	$	(34,077)
JPMorgan Chase Bank NA		Sell		130			1			12/20/22		33,204		(30,944)		2,260
JPMorgan Chase Bank NA		Sell		130			1			12/20/22		33,526		(30,944)		2,582
UBS AG		Sell		135			1			12/20/22		36,525		(32,134)		4,391
UBS AG		Sell		395			1			12/20/22		102,821		(94,021)		8,800
UBS AG		Buy		395			1			12/20/17		(60,358)		49,061		(11,297)
		Total		6,365								392,971		(420,312)		(27,341)
SLM Corp.
Deutsche Bank AG		Sell		5,180			5			3/20/18		(485,498)		443,131		(42,367)
		Total		5,180								(485,498)		443,131		(42,367)
Spain (Kingdom of):
Goldman Sachs International		Buy		1,325	EUR		1			3/20/23		(228,585)		225,276		(3,309)
Goldman Sachs International		Buy		1,325	EUR		1			3/20/18		(104,808)		116,610		11,802
Goldman Sachs International		Buy		505	EUR		1			3/20/23		(79,280)		85,860		6,580
UBS AG		Buy		250	EUR		1			9/20/17		(19,067)		19,124		57
		Total		3,405	EUR							(431,740)		446,870		15,130
Whirlpool Corp.
Bank of America NA		Sell		5,180			1			3/20/18		27,914		(22,294)		5,620
		Total		5,180								27,914		(22,294)		5,620
										Grand Total Buys		78,666		46,279		124,945
										Grand Total Sells		(694,472)		443,687		(250,785)
										Total Credit Default Swaps	$	(615,806)	$	489,966	$	(125,840)

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 (EUR)		500,000	EUR	$	-		BBB to BBB-
Investment Grade Single Name Corporate Debt		20,720,000	USD		-		BBB to BBB-
Non-Investment Grade Single Name Corporate Debt		5,180,000	USD		-		BB+
Investment Grade Sovereign Debt		660,000	USD		-		BBB+
Non-Investment Grade Sovereign Debt		790,000	USD		395,000		BB
Total USD	$	27,350,000		$	395,000
Total EUR		500,000	EUR		-

*Amounts recoverable includes potential payments from related purchased protection for instances where the Fund is the seller of 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.

75   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Interest Rate Swap Contracts as of March 28, 2013 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	$	131
Bank of America NA		6,170	BRR		BZDI			8.505			1/2/15		4,573
Deutsche Bank AG		17,370	BRR		BZDI			8.080			1/2/15		3,446
Goldman Sachs International		11,550	BRR		BZDI			8.080			1/2/15		(2,675)
Goldman Sachs International		17,430	BRR		BZDI			7.785			1/2/15		(64,902)
Total		62,660	BRR										(59,427)
MXN TIIE BANXICO:
JPMorgan Chase Bank NA		28,500	MXN		5.750	%		MXN TIIE BANXICO			1/9/23		(38,652)
Credit Suisse International		12,200	MXN		5.780			MXN TIIE BANXICO			1/6/23		(19,033)
Goldman Sachs International		17,500	MXN		5.780			MXN TIIE BANXICO			1/6/23		(27,302)
Total where Fund pays a fixed rate		58,200	MXN										(84,987)
Credit Suisse International		8,400	MXN		MXN TIIE BANXICO			6.645			12/24/32		23,649
Goldman Sachs International		11,000	MXN		MXN TIIE BANXICO			6.640			12/24/32		30,969
JPMorgan Chase Bank NA		18,300	MXN		MXN TIIE BANXICO			6.590			1/9/23		42,373
Total where Fund pays a variable rate		37,700	MXN										96,991
Total		95,900	MXN										12,004
Six-Month GBP BBA LIBOR
Barclays Bank plc		4,315	GBP		Six-Month GBP BBA LIBOR			2.031			3/5/23		90,473
Six-Month JPY BBA LIBOR
Barclays Bank plc		596,000	JPY		0.865			Six-Month JPY BBA LIBOR			2/6/23		(142,841)
Three-Month CAD BA CDOR:
Bank of America NA		6,685	CAD		2.295			Three- Month CAD BA CDOR			3/5/23		(12,123)
Total where Fund pays a fixed rate		6,685	CAD										(12,123)
Bank of America NA		9,230	CAD		Three- Month CAD BA CDOR			1.735			3/14/16		12,327
Total where Fund pays a variable rate		9,230	CAD										12,327
Total		15,915	CAD										204

76   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Interest Rate/ Swap Counterparty	Notional Amount (000’s)		Paid by the Fund		Received by the Fund		Termination Date		Value
Three-Month USD BBA LIBOR:
Citibank NA		5,140		0.813		Three- Month USD BBA LIBOR		10/18/17		(9,051)
Citibank NA		5,060		0.819		Three- Month USD BBA LIBOR		9/17/17		261
Total where Fund pays a fixed rate		10,200								(8,790)
Barclays Bank plc		6,465		Three- Month USD BBA LIBOR		2.050		2/6/23		54,905
Total where Fund pays a variable rate		6,465								54,905
Total		16,665								46,115
								Total Interest Rate Swaps	$	(53,472)

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

BRR	Brazilian Real
CAD	Canadian Dollar
GBP	British Pounds Sterling
JPY	Japanese Yen
MXN	Mexican Nuevo Peso

Abbreviations/Definitions are as follows:

BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
BZDI	Brazil Interbank Deposit Rate
TIIE	Interbank Equilibrium Interest Rate

Total Return Swap Contracts as of March 28, 2013 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		4,866	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		3/10/14	$	103,479
Citibank NA		4,570	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		3/10/14		97,227

77   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Reference Entity/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund	Received by the Fund	Termination Date		Value
Deutsche Bank AG		13,033		One-Month USD BBA LIBOR plus 30 basis points and if negative, the absolute value of the Total Return of a Custom Basket of Securities	If positive, the Total Return of a Custom Basket of Securities		2/6/14		697,240
Deutsche Bank AG		12,952		One-Month USD BBA LIBOR minus 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		2/6/14		(342,313)
Goldman Sachs International		26,230		One-Month USD BBA LIBOR plus 35 basis points and if negative, the absolute value of the Total Return of a Custom Basket of Securities	If positive, the Total Return of a Custom Basket of Securities		1/20/14		1,004,752
Goldman Sachs International		36,481	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		3/11/14		(11,425)
					Reference Entity Total				1,548,960
HANG SENG INDEX futures contract expiring 4/29/13
Goldman Sachs International		25,498	HKD	If positive, the Total Return of the HANG SENG INDEX futures contract expiring 4/29/13	If negative, the absolute value of the Total Return of the HANG SENG INDEX futures contract expiring 4/29/13		5/6/13		(21,333)
S&P 100 Index
Goldman Sachs International		25,898		S&P 100 Index 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		1/7/14		(734,405)
					Total of Total Return Swaps			$	793,222

78   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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

AUD	Australian Dollar
CAD	Canadian Dollar
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
S&P	Standard & Poor’s

Volatility Swaps as of March 28, 2013 are as follows:

Reference Entity/ Swap Counterparty

Notional Amount (000’s)

Paid by the Fund

Received by the Fund

Termination Date

Value

CAD/JPY spot exchange rate

Credit Suisse International

59

CAD

13.800

%

The Historic Volatility of the mid CAD/JPY spot exchange rate during the period 3/8/13 to 4/10/13

4/12/13

$

(165,725)

CAD/USD spot exchange rate

Royal Bank of Scotland plc (The)

56

The Historic Volatility of the mid CAD/USD spot exchange rate during the period 3/7/13 to 4/7/13

6.250

%

4/8/13

85,033

CHF/NOK spot exchange rate

Credit Suisse International

50

CHF

7.750

The Historic Volatility of the mid CHF/NOK spot exchange rate during the period 3/19/13 to 4/18/13

4/22/13

(61,559)

JPY/GBP spot exchange rate:

Goldman Sachs Bank USA

25

GBP

The Historic Volatility of the mid JPY/GBP spot exchange rate during the period 3/26/13 to 4/25/13

11.700

4/30/13

10,649

79   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Reference Entity/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund		Received by the Fund		Termination Date	Value
Royal Bank of Scotland plc (The)		25	GBP		The Historic Volatility of the mid JPY/ GBP spot exchange rate during the period 3/27/13 to 4/30/13		11.850	5/2/13		4,866
								Reference Entity Total		15,515
JPY/NZD spot exchange rate
JPMorgan Chase Bank NA		83	NZD		15.500		The Historic Volatility of the mid JPY/NZD spot exchange rate during the period 3/1/13 to 4/3/13	4/5/13		(379,125)
NOK/CHF spot exchange rate
JPMorgan Chase Bank NA		50	CHF		6.800		The Historic Volatility of the mid NOK/CHF spot exchange rate during the period 3/18/13 to 4/18/13	4/22/13		12,769
NOK/GBP spot exchange rate
Royal Bank of Scotland plc (The)		25	GBP		10.750		The Historic Volatility of the mid NOK/GBP spot exchange rate during the period 3/14/13 to 4/16/13	4/18/13		(73,679)
NZD/AUD spot exchange rate
Deutsche Bank AG		52	AUD		6.600		The Historic Volatility of the mid NZD/AUD spot exchange rate during the period 3/15/13 to 4/17/13	4/19/13		(61,692)
NZD/JPY spot exchange rate:
Bank of America NA		80	NZD		The Historic Volatility of the mid NZD/JPY spot exchange rate during the period 3/28/13 to 5/1/13		13.000	5/3/13		-
Total where Fund pays a variable rate										-
Citibank NA		82	NZD		15.150		The Historic Volatility of the mid NZD/JPY spot exchange rate during the period 2/28/13 to 4/2/13	4/4/13		(366,038)
Total where Fund pays a fixed rate										(366,038)
								Reference Entity Total		(366,038)

80   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Reference Entity/ Swap Counterparty	Notional Amount (000’s)		Paid by the Fund		Received by the Fund		Termination Date	Value
USD/CAD spot exchange rate:
Bank of America NA		56		The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/6/13 to 4/5/13		6.500	4/8/13		100,586
Deutsche Bank AG		56		The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/5/13 to 4/5/13		6.575	4/8/13		95,089
Morgan Stanley Capital Services, Inc.		56		The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/13/13 to 4/12/13		5.550	4/15/13		8,127
Morgan Stanley Capital Services, Inc.		56		The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/11/13 to 4/11/13		5.950	4/12/13		43,930
Morgan Stanley Capital Services, Inc.		56		The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/4/13 to 4/4/13		6.700	4/5/13		110,915
							Reference Entity Total		358,647
							Total Volatility Swaps	$	(635,854)

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

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
GBP	British Pounds Sterling
NZD	New Zealand Dollar

Abbreviations/Definitions are as follows:

JPY	Japanese Yen
NOK	Norwegian Krone

81   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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

Swap Summary as of March 28, 2013 is as follows:

Swap Counterparty	Swap Type from Fund Perspective	Notional Amount (000’s)			Value
Bank of America NA:
	Credit Default Sell Protection	$	5,180			$    (22,294)
	Interest Rate		16,310	BRR		4,704
	Interest Rate		15,915	CAD		204
	Volatility		80	NZD		-
	Volatility		56			100,586
						83,200
Barclays Bank plc:
	Credit Default Buy Protection		5,760			(654,337)
	Interest Rate		4,315	GBP		90,473
	Interest Rate		596,000	JPY		(142,841)
	Interest Rate		6,465			54,905
						(651,800)
Citibank NA:
	Credit Default Sell Protection		5,180			(281,330)
	Interest Rate		10,200			(8,790)
	Total Return		4,570	AUD		97,227
	Total Return		4,866	CAD		103,479
	Volatility		82	NZD		(366,038)
						(455,452)
Credit Suisse International:
	Credit Default Sell Protection		5,180			(199,717)
	Interest Rate		20,600	MXN		4,616
	Volatility		59	CAD		(165,725)
	Volatility		50	CHF		(61,559)
						(422,385)
Deutsche Bank AG:
	Credit Default Buy Protection		8,785			(145,238)
	Credit Default Sell Protection		10,360			1,256,752
	Interest Rate		17,370	BRR		3,446
	Total Return		25,985			354,927
	Volatility		52	AUD		(61,692)
	Volatility		56			95,089
						1,503,284
Goldman Sachs Bank USA	Volatility		25	GBP		10,649

82   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Swap Counterparty	Swap Type from Fund Perspective	Notional Amount (000’s)			Value
Goldman Sachs International:
	Credit Default Buy Protection	$	3,740	EUR		$      447,223
	Credit Default Buy Protection		21,330			330,446
	Credit Default Sell Protection		660			(112,976)
	Interest Rate		28,980	BRR		(67,577)
	Interest Rate		28,500	MXN		3,667
	Total Return		61,979	HKD		(32,758)
	Total Return		52,128			270,347
						838,372
JPMorgan Chase Bank NA:
	Credit Default Sell Protection		260			(61,888)
	Interest Rate		46,800	MXN		3,721
	Volatility		50	CHF		12,769
	Volatility		83	NZD		(379,125)
						(424,523)
Morgan Stanley Capital Services, Inc.	Volatility		168			162,972
Royal Bank of Scotland plc (The):
	Volatility		50	GBP		(68,813)
	Volatility		56			85,033
						16,220
UBS AG:
	Credit Default Buy Protection		250	EUR		19,124
	Credit Default Buy Protection		395			49,061
	Credit Default Sell Protection		500	EUR		(8,705)
	Credit Default Sell Protection		530			(126,155)
						(66,675)
			Total Swaps			$      593,862

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

AUD	Australian Dollar
BRR	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pounds Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
MXN	Mexican Nuevo Peso
NZD	New Zealand Dollar

83   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

As of March 28, 2013, 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)
iTraxx Europe Crossover Series 18 Version 1:
Bank of America NA	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Crossover Series 18 Version 1; Received: 5%; Termination Date: 12/20/17	Index Credit Default Swap; Pay Floating		1,980	EUR	4/18/13	$	3,712	$	(359)	$	3,353
Barclays Bank plc	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Crossover Series 18 Version 1; Received: 5%; Termination Date: 12/20/17	Index Credit Default Swap; Pay Floating		1,320	EUR	6/20/13		11,809		(15,562)		(3,753)
								15,521		(15,921)		(400)
iTraxx Europe Senior Financials Series 18 Version 1
Bank of America NA	Credit Default Index Swaption (European); Swap Terms: Paid: 1%; Received: Protection on iTraxx Europe Senior Financials Series 18 Version 1; Termination Date: 12/20/17	Index Credit Default Swap; Pay Fixed		2,640	EUR	6/20/13		10,516		(3,398)		7,118
iTraxx Europe Senior Financials Series 19 Version 1:
JPMorgan Chase Bank NA	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Senior Financials Series 19 Version 1; Received: 1%; Termination Date: 6/20/18	Index Credit Default Swap; Pay Floating		2,645	EUR	4/18/13		16,318		(45,275)		(28,957)
JPMorgan Chase Bank NA	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Senior Financials Series 19 Version 1; Received: 1%; Termination Date: 6/20/18	Index Credit Default Swap; Pay Floating		660	EUR	4/18/13		4,774		(6,155)		(1,381)
								21,092		(51,430)		(30,338)

84   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)			Expiration Date	Premium Received		Value		Unrealized Appreciation (Depreciation)
MXN TIIE BANXICO
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: MXN TIIE BANXICO; Received: 6.06%; Termination Date: 1/2/24	Interest Rate Swap; Pay Floating		6,630	MXN	1/14/14	$	19,218	$	(12,234)	$	6,984
Six-Month EUR EURIBOR:
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: 2.86%; Received: Six-Month EUR EURIBOR; Termination Date: 4/18/23	Interest Rate Swap; Pay Fixed		15,050	EUR	4/19/13		216,422		(302,818)		(86,396)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.91%; Received: Six-Month EUR EURIBOR; Termination Date: 4/19/23	Interest Rate Swap; Pay Fixed		25,050	EUR	4/18/13		348,428		(573,403)		(224,975)
Goldman Sachs Bank USA	Interest Rate Swaption (European); Swap Terms: Paid: 2.919%; Received: Six-Month EUR EURIBOR; Termination Date: 4/19/43	Interest Rate Swap; Pay Fixed		15,050	EUR	4/18/13		644,791		(337,435)		307,356
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: 2.71%; Received: Six-Month EUR EURIBOR; Termination Date: 2/5/23	Interest Rate Swap; Pay Fixed		3,545	EUR	1/30/18		144,495		(167,906)		(23,411)
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: 2.90%; Received: Six-Month EUR EURIBOR; Termination Date: 1/26/27	Interest Rate Swap; Pay Fixed		2,645	EUR	1/25/17		176,994		(226,621)		(49,627)
		Total where Fund pays a fixed rate						1,531,130		(1,608,183)		(77,053)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 1.265%; Termination Date: 1/14/17	Interest Rate Swap; Pay Floating		19,935	EUR	1/13/15		113,593		(101,725)		11,868
Goldman Sachs Bank USA	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 2.677%; Termination Date: 8/29/43	Interest Rate Swap; Pay Floating		5,245	EUR	8/28/13		169,233		(102,111)		67,122
		Total where Fund pays a floating rate						282,826		(203,836)		78,990
						Total		1,813,956		(1,812,019)		1,937

85   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)			Expiration Date	Premium Received		Value		Unrealized Appreciation (Depreciation)
Six-Month GBP BBA LIBOR:
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 1.097%; Received; Six-Month GBP BBA LIBOR; Termination Date: 2/27/17	Interest Rate Swap; Pay Fixed		5,290	GBP	3/2/15	$	57,745	$	(63,457)	$	(5,712)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.935%; Received; Six-Month GBP BBA LIBOR; Termination Date: 1/14/44	Interest Rate Swap; Pay Fixed		1,975	GBP	1/15/14		65,528		(99,817)		(34,289)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 3.685%; Received; Six-Month GBP BBA LIBOR; Termination Date: 1/14/44	Interest Rate Swap; Pay Fixed		1,975	GBP	1/15/14		62,859		(45,147)		17,712
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: 3.03%; Received: Six-Month GBP BBA LIBOR; Termination Date: 8/27/33	Interest Rate Swap; Pay Fixed		1,320	GBP	8/28/13		56,587		(93,455)		(36,868)
		Total where Fund pays a fixed rate						242,719		(301,876)		(59,157)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received; Received: 2.295%; Termination Date: 1/25/21	Interest Rate Swap; Pay Floating		4,765	GBP	1/26/16		178,161		(132,762)		45,399
Goldman Sachs Bank USA	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 2.055%; Termination Date: 12/4/20	Interest Rate Swap; Pay Floating		5,020	GBP	12/7/15		189,330		(154,470)		34,860
		Total where Fund pays a floating rate						367,491		(287,232)		80,259
						Total		610,210		(589,108)		21,102

86   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)		Expiration Date	Premium Received		Value		Unrealized Appreciation (Depreciation)
Three-Month USD BBA LIBOR:
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.785%; Received: Three-Month USD BBA LIBOR; Termination Date: 2/3/34	Interest Rate Swap; Pay Fixed		6,550	1/31/14	$	208,290	$	(199,870)	$	8,420
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.83%; Received: Three-Month USD BBA LIBOR; Termination Date: 6/24/43	Interest Rate Swap; Pay Fixed		1,320	6/21/13		15,708		(16,041)		(333)
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid: 0.7925%; Received: Three-Month USD BBA LIBOR; Termination Date: 7/29/16	Interest Rate Swap; Pay Fixed		52,380	7/26/13		31,428		(42,505)		(11,077)
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: 1.984%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/24/23	Interest Rate Swap; Pay Fixed		2,645	9/23/13		26,053		(26,880)		(827)
		Total where Fund pays a fixed rate					281,479		(285,296)		(3,817)
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.51%; Termination Date: 3/10/24	Interest Rate Swap; Pay Floating		20,875	3/7/14		605,897		(441,665)		164,232
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.6775%; Termination Date: 12/16/25	Interest Rate Swap; Pay Floating		10,450	12/15/15		536,608		(632,061)		(95,453)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.005%; Termination Date: 1/12/18	Interest Rate Swap; Pay Floating		26,170	1/11/16		162,581		(194,694)		(32,113)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three- Month USD BBA LIBOR; Received: 3.10%; Termination Date: 4/27/22	Interest Rate Swap; Pay Floating		20,415	4/26/17		528,749		(590,741)		(61,992)

87   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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: 2.95%; Termination Date: 2/21/24	Interest Rate Swap; Pay Floating		41,885	2/20/14		586,390		(400,555)		185,835
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.38%; Termination Date: 5/3/23	Interest Rate Swap; Pay Floating		15,645	5/2/13		87,612		(9,049)		78,563
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.685%; Termination Date: 8/29/18	Interest Rate Swap; Pay Floating		26,215	8/28/13		61,867		(38,797)		23,070
		Total where Fund pays a floating rate					2,569,704		(2,307,562)		262,142
					Total		2,851,183		(2,592,858)		258,325
				Total Written Swaptions		$	5,341,696	$	(5,076,968)	$	264,728

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

EUR	Euro
GBP	British Pound Sterling
MXN	Mexican Peso

Abbreviations/Definitions are as follows:

BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
EURIBOR	Euro Interbank Offered Rate
iTraxx Europe Crossover Series 18 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx Europe Senior Financials Series 18 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx Europe Senior Finanicals Series 19 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
TIIE	Interbank Equilibrium Interest Rate

88   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013* (Unaudited)

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.

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 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 March 28, 2013, 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	$756,716,220
Sold securities	115,482,603

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.

89   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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 March 28, 2013 is as follows:

Cost	$31,737,878
Market Value	$  7,670,725
Market Value as a % of Net Assets	0.30%

Investment in Oppenheimer Global Strategic Income 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

90   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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 the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to 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.

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.

91   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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

92   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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.

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.

93   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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 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.

94   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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 March 28, 2013 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	$	—	$	1,423,971	$	—	$	1,423,971
Asset-Backed Securities		—		66,404,428		14,713,600		81,118,028
Corporate Loans		—		38,721,989		4,212,575		42,934,564
Mortgage-Backed Obligations		—		1,076,028,107		491,352		1,076,519,459
U.S. Government Obligations		—		113,270,898		—		113,270,898
Foreign Government Obligations		—		637,887,110		—		637,887,110
Corporate Bonds and Notes		—		943,469,223		1,456,068		944,925,291
Preferred Stocks		—		3,250,843		—		3,250,843
Common Stocks		2,326,795		—		2,536,606		4,863,401
Rights, Warrants and Certificates		—		—		816		816
Structured Securities		—		39,652,775		28,502,109		68,154,884
Options Purchased		422,813		84,426		—		507,239
Swaptions Purchased		—		4,402,069		—		4,402,069
Investment Companies		26,846,843		192,910,659		—		219,757,502
Total Investments, at Value		29,596,451		3,117,506,498		51,913,126		3,199,016,075

95   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Other Financial Instruments:
Appreciated swaps, at value		—		3,226,297		—		3,226,297
Depreciated swaps, at value		—		1,577,618		—		1,577,618
Futures margins		362,772		—		—		362,772
Foreign currency exchange contracts		—		12,293,071		—		12,293,071
Total Assets	$	29,959,223	$	3,134,603,484	$	51,913,126	$	3,216,475,833
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	—	$	—	$	—
Appreciated swaps, at value		—		(1,017,569)		—		(1,017,569)
Depreciated swaps, at value		—		(3,192,484)		—		(3,192,484)
Appreciated options written, at value		—		(201,907)		—		(201,907)
Depreciated options written, at value		(112,844)		(142,510)		—		(255,354)
Futures margins		(311,896)		—		—		(311,896)
Foreign currency exchange contracts		—		(9,212,161)		—		(9,212,161)
Appreciated swaptions written, at value		—		(1,979,577)		—		(1,979,577)
Depreciated swaptions written, at value		—		(3,097,391)		—		(3,097,391)
Total Liabilities	$	(424,740)	$	(18,843,599)	$	—	$	(19,268,339)

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.

96   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

The table below shows the transfers between Level 1, Level 2 and Level 3. The Fund’s policy is to recognize transfers in and tranfers out as of the beginning of the reporting period.

	Transfers into Level 1*		Transfers out of Level 2**		Transfers into Level 3**		Transfers out of Level 3*
Assets Table
Investments, at Value:
Common Stocks	$	143,954	$	(1,035,957)	$	1,035,957	$	(143,954)
Total Assets	$	143,954	$	(1,035,957)	$	1,035,957	$	(143,954)

* Transferred from Level 3 to Level 1 due to the presence of a readily available unadjusted quoted market price.

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

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.

97   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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.

98   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. As of March 28, 2013, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $22,205,330, 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 $6,664,730 as of March 28, 2013. 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 March 28, 2013 the Fund has required certain counterparties to post collateral of $7,149,338.

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.

99   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

As of March 28, 2013, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $4,355,982 for which the Fund has posted collateral of $4,601,717. If a contingent feature would have been triggered as of March 28, 2013, 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.

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.

100   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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 March 28, 2013, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $404,186,800 and $845,625,139, respectively.

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.

101   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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 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.

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.

During the period ended March 28, 2013, the Fund had an ending monthly average market value of $161,444,744 and $575,954,864 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.

102   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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.

During the period ended March 28, 2013, the Fund had an ending monthly average market value of $433,147 and $555,046 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.

103   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

During the period ended March 28, 2013, the Fund had an ending monthly average market value of $392,760 and $572,185 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.

Written option activity for the period ended March 28, 2013 was as follows:

	Call Options				Put Options
	Number of		Amount of		Number of		Amount of
	Contracts		Premiums		Contracts		Premiums
Options outstanding as of December 31, 2012		1,635,535,942	$	745,170		2,145,319,399	$	979,485
Options written		47,039,185,439		4,940,753		46,255,674,176		5,958,228
Options closed or expired		(35,297,691,381)		(4,135,814)		(15,839,068,261)		(3,351,117)
Options exercised		(11,669,030,000)		(1,420,821)		(30,236,155,000)		(3,220,201)
Options outstanding as of March 28, 2013		1,708,000,000	$	129,288		2,325,770,314	$	366,395

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.

104   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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

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.

105   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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

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

For the period ended March 28, 2013, the Fund had ending monthly average notional amounts of $39,719,536 and $29,635,644 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 March 28, 2013, the Fund had ending monthly average notional amounts of $29,286,755 and $57,664,766 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.

106   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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

The Fund has entered into total return swaps 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 March 28, 2013, the Fund had ending monthly average notional amounts of $49,554,042 and $30,023,451 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.

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.

107   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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 March 28, 2013, the Fund had ending monthly average notional amounts of $441,593 and $497,804 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 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.

108   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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 give 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 give 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 purchased swaptions which give 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.

The Fund has purchased swaptions which give 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 written swaptions which give 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.

The Fund has written swaptions which give 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.

109   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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.

During the period ended March 28, 2013, the Fund had an ending monthly average market value of $5,582,916 and $5,721,555 on purchased and written swaptions, respectively.

Written swaption activity for the period ended March 28, 2013 was as follows:

			Call Swaptions
	Notional		Amount of
	Amount		Premiums
Swaptions outstanding as of December 31, 2012	$	253,267,387	$	5,033,479
Swaptions written		660,635,000		6,344,604
Swaptions closed or expired		(566,612,387)		(6,036,387)
Swaptions outstanding as of March 28, 2013	$	347,290,000	$	5,341,696

Restricted Securities

As of March 28, 2013, 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.

Loan Commitments

Pursuant to the terms of certain credit agreements, the Fund can have unfunded loan commitments. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the par value of unfunded loan commitments. As of March 28, 2013, the Fund is contractually obligated to fund commitments of $119,905 by a specified date; these unfunded commitments have been included as Corporate Loans in the Statement of Investments.

110   Oppenheimer Global Strategic Income Fund/VA  

  STATEMENT OF INVESTMENTS     March 28, 2013*

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 March 28, 2013 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	$	3,159,517,363
Federal tax cost of other investments		(288,652,565)
Total federal tax cost	$	2,870,864,798
Gross unrealized appreciation	$	130,362,776
Gross unrealized depreciation		(92,639,401)
Net unrealized appreciation	$	37,723,375

111   Oppenheimer Global Strategic Income Fund/VA  

STATEMENT OF INVESTMENTS    March 28, 2013* / Unaudited

	Shares		Value
Common Stocks—98.8%
Consumer Discretionary—8.1%
Automobiles—0.9%
Ford Motor Co.	5,130	$	67,459
Hotels, Restaurants & Leisure—1.3%
Las Vegas Sands Corp.	410		23,104
MGM Resorts International1	5,820		76,533
			99,637
Household Durables—1.4%
Newell Rubbermaid, Inc.	4,020		104,922
Media—1.0%
Comcast Corp., Cl. A	1,890		79,399
Multiline Retail—2.0%
Target Corp.	2,220		151,959
Specialty Retail—1.5%
Lowe’s Cos., Inc.	3,000		113,760
Consumer Staples—11.5%
Beverages—2.3%
Molson Coors Brewing Co., Cl. B, Non-Vtg.	1,990		97,371
PepsiCo, Inc.	990		78,319
			175,690
Food & Staples Retailing—3.6%
Sysco Corp.	1,090		38,335
Walgreen Co.	4,940		235,539
			273,874
Food Products—3.1%
ConAgra Foods, Inc.	1,090		39,033
Kellogg Co.	1,250		80,537
Tyson Foods, Inc., Cl. A	3,130		77,687
Unilever NV	940		38,540
			235,797
Household Products—2.0%
Procter & Gamble Co. (The)	1,980		152,579
Tobacco—0.5%
Lorillard, Inc.	950		38,333
Energy—12.0%
Energy Equipment & Services—1.0%
Baker Hughes, Inc.	1,660		77,041
Oil, Gas & Consumable Fuels—11.0%
Anadarko Petroleum Corp.	440		38,478
Apache Corp.	730		56,327
BP plc, Sponsored ADR	2,810		119,004
Chevron Corp.	2,560		304,179
Devon Energy Corp.	1,600		90,272
Exxon Mobil Corp.	1,744		157,152

	Shares		Value
Suncor Energy, Inc.		2,530	$	75,925
				841,337
Financials—23.9%
Capital Markets—5.4%
BlackRock, Inc.		130		33,394
Charles Schwab Corp. (The)		2,160		38,210
Goldman Sachs Group, Inc. (The)		1,840		270,756
Northern Trust Corp.		1,380		75,293
				417,653
Commercial Banks—5.7%
CIT Group, Inc.1		1,040		45,219
M&T Bank Corp.		1,560		160,930
SunTrust Banks, Inc.		3,880		111,783
Wells Fargo & Co.		3,060		113,189
				431,121
Consumer Finance—0.4%
Capital One Financial Corp.		500		27,475
Diversified Financial Services—5.6%
Bank of America Corp.		10,630		129,473
Citigroup, Inc.		4,060		179,614
JPMorgan Chase & Co.		2,620		124,345
				433,432
Insurance—6.8%
ACE Ltd.		2,500		222,425
Aflac, Inc.		570		29,651
Allstate Corp. (The)		780		38,275
American International Group, Inc.1		1,000		38,820
Marsh & McLennan Cos., Inc.		3,050		115,809
Travelers Cos., Inc. (The)		910		76,613
				521,593
Health Care—12.4%
Biotechnology—0.6%
Amgen, Inc.		420		43,054
Health Care Equipment & Supplies—2.1%
Baxter International, Inc.		2,230		161,987
Health Care Providers & Services—3.0%
Cardinal Health, Inc.		540		22,475
Humana, Inc.		2,410		166,555
UnitedHealth Group, Inc.		690		39,475
				228,505
Pharmaceuticals—6.7%
Bristol-Myers Squibb Co.		1,440		59,314
Merck & Co., Inc.		4,820		213,189
Novartis AG, ADR		1,090		77,652
Pfizer, Inc.		2,030		58,586

1      OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF INVESTMENTS     Unaudited / (Continued)

	Shares		Value
Roche Holding AG, Sponsored ADR		680	$	39,848
Sanofi, ADR		780		39,842
Teva Pharmaceutical Industries Ltd., Sponsored ADR		430		17,062
				505,493
Industrials—13.4%
Aerospace & Defense—4.3%
Honeywell International, Inc.		3,180		239,613
United Technologies Corp.		1,020		95,299
				334,912
Air Freight & Couriers—0.2%
FedEx Corp.		180		17,676
Airlines—2.0%
Delta Air Lines, Inc.1		2,270		37,478
United Continental Holdings, Inc.1		3,520		112,675
				150,153
Commercial Services & Supplies—1.7%
Tyco International Ltd.		4,050		129,600
Construction & Engineering—1.0%
Quanta Services, Inc.1		2,570		73,451
Electrical Equipment—1.0%
ABB Ltd., Sponsored ADR1		1,000		22,760
Eaton Corp. plc		920		56,350
				79,110
Machinery—2.2%
AGCO Corp.		2,270		118,312
Navistar International Corp.1		1,540		53,238
				171,550
Trading Companies & Distributors—1.0%
WESCO International, Inc.1		1,020		74,062
Information Technology—7.3%
Communications Equipment—0.7%
Cisco Systems, Inc.		2,710		56,666
Computers & Peripherals—2.6%
Apple, Inc.		180		79,673
EMC Corp.1		770		18,395
SanDisk Corp.1		1,970		108,350
				206,418
Electronic Equipment, Instruments, & Components—1.3%
TE Connectivity Ltd.		2,280		95,601
Semiconductors & Semiconductor Equipment—2.2%
Microchip Technology, Inc.		630		23,159
Micron Technology, Inc.1		4,080		40,718

	Shares			Value
Xilinx, Inc.		2,780		$	106,113
					169,990
Software—0.5%
Oracle Corp.		1,070			34,604
Materials—2.7%
Chemicals—2.7%
Celanese Corp., Series A		1,140			50,217
LyondellBasell Industries
NV, Cl. A		1,242			78,606
Mosaic Co. (The)		1,240			73,916
					202,739
Telecommunication Services—4.7%
Diversified Telecommunication Services—3.8%
CenturyLink, Inc.		1,080			37,940
Verizon Communications, Inc.		5,100			250,665
					288,605
Wireless Telecommunication Services—0.9%
Vodafone Group plc, Sponsored ADR		2,320			65,911
Utilities—2.8%
Electric Utilities—2.5%
American Electric Power Co., Inc.		2,280			110,876
Edison International		1,660			83,531
					194,407
Multi-Utilities—0.3%
PG&E Corp.		520			23,156
Total Common Stocks (Cost $6,403,674)					7,550,711
Investment Company—3.9%
Oppenheimer Institutional
Money Market Fund, Cl. E, 0.14%2,3 (Cost $298,914)		298,914			298,914
Total Investments, at Value (Cost $6,702,588)		102.7%			7,849,625
Liabilities in Excess of Other Assets		(2.7	)		(209,995	)
Net Assets		100.0%		$	7,639,630

2      OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF INVESTMENTS     Unaudited / (Continued)

Footnotes to Statement of Investments

*March 28, 2013 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 March 28, 2013, 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 31, 2012		Gross Additions		Gross Reductions		Shares    March 28,    2013
Oppenheimer Institutional Money Market Fund, Cl. E		60,104		1,126,665		887,855		298,914
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	298,914	$	61
3. Rate shown is the 7-day yield as of March 28, 2013.

3      OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited

The fund has changed its name to Oppenheimer Equity Income Fund/VA from Oppenheimer Value Fund/VA.

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.

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 the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to 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

4      OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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 and the Fund’s Board or

5      OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

  (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 March 28, 2013 based on valuation input level:

6      OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

		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	$		617,136	$		—	$		—	$		617,136
Consumer Staples			876,273			—			—			876,273
Energy			918,378			—			—			918,378
Financials			1,831,274			—			—			1,831,274
Health Care			939,039			—			—			939,039
Industrials			1,030,514			—			—			1,030,514
Information Technology			563,279			—			—			563,279
Materials			202,739			—			—			202,739
Telecommunication Services			354,516			—			—			354,516
Utilities			217,563			—			—			217,563
Investment Company			298,914			—			—			298,914
Total Assets	$		7,849,625	$		—	$		—	$		7,849,625

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.

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 March 28, 2013 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	$	6,736,908
Gross unrealized appreciation	$	1,189,956
Gross unrealized depreciation		(77,239)
Net unrealized appreciation	$	1,112,717

7      OPPENHEIMER EQUITY INCOME 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 3/28/2013, 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:	5/8/2013

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:	5/8/2013
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	5/8/2013

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, William F. Glavin, Jr., certify that:

1. I have reviewed this report on Form N-Q of Oppenheimer Variable Account Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ William F. Glavin, Jr.

William F. Glavin, Jr.

Principal Executive Officer

Date: 5/8/2013

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

1. I have reviewed this report on Form N-Q of Oppenheimer Variable Account Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Brian W. Wixted

Brian W. Wixted

Principal Financial Officer

Date: 5/8/2013