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: 9/30/2013

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS    September 30, 2013 / Unaudited

	Shares		Value
Common Stocks—100.4%
Consumer Discretionary—22.5%
Auto Components—1.7%
Delphi Automotive plc		117,920	$	6,888,886
TRW Automotive Holdings Corp.1		66,290		4,727,140
				11,616,026
Distributors—1.4%
LKQ Corp.1		300,480		9,573,293
Hotels, Restaurants & Leisure—2.8%
Chipotle Mexican Grill, Inc., Cl. A1		8,100		3,472,470
Domino’s Pizza, Inc.		51,010		3,466,130
Dunkin’ Brands Group, Inc.		152,950		6,922,517
Wynn Resorts Ltd.		33,280		5,258,573
				19,119,690
Household Durables—1.8%
Harman International
Industries, Inc.		119,430		7,909,849
Whirlpool Corp.		26,380		3,863,087
				11,772,936
Internet & Catalog Retail—1.4%
HomeAway, Inc.1		51,660		1,446,480
Netflix, Inc.1		10,750		3,324,008
TripAdvisor, Inc.1		64,630		4,901,539
				9,672,027
Leisure Equipment & Products—1.1%
Polaris Industries, Inc.		58,980		7,619,036
Media—2.8%
AMC Networks, Inc., Cl. A1		96,620		6,616,538
Lions Gate Entertainment Corp.1		248,370		8,705,369
Sinclair Broadcast Group, Inc., Cl. A		96,710		3,241,719
				18,563,626
Specialty Retail—6.3%
Conn’s, Inc.1		39,128		1,957,965
GNC Holdings, Inc., Cl. A		106,080		5,795,150
Lumber Liquidators Holdings, Inc.1		39,400		4,202,010
O’Reilly Automotive, Inc.1		50,990		6,505,814
Restoration Hardware Holdings, Inc.1		56,000		3,547,600
Tractor Supply Co.		207,120		13,912,250
Ulta Salon, Cosmetics &
Fragrance, Inc.1		47,650		5,692,269
				41,613,058

	Shares		Value
Textiles, Apparel & Luxury Goods—3.2%
Michael Kors Holdings Ltd.1		114,270	$	8,515,400
PVH Corp.		20,250		2,403,473
Under Armour, Inc., Cl. A1		122,870		9,762,022
				20,680,895
Consumer Staples—4.8%
Beverages—0.5%
Constellation Brands, Inc., Cl. A1		62,730		3,600,702
Food & Staples Retailing—2.0%
Sprouts Farmers Market, Inc.1		61,160		2,714,892
Whole Foods. Market, Inc.		182,050		10,649,925
				13,364,817
Food Products—1.0%
Green Mountain Coffee Roasters, Inc.1		40,740		3,068,944
Hormel Foods Corp.		73,550		3,097,926
				6,166,870
Personal Products—1.3%
Estee Lauder Cos., Inc. (The), Cl. A		47,780		3,339,822
Nu Skin Enterprises, Inc., Cl. A		55,768		5,339,228
				8,679,050
Energy—6.6%
Energy Equipment &Services—2.9%
Atwood Oceanics, Inc.1		55,380		3,048,115
Dril-Quip, Inc.1		51,960		5,962,410
Oceaneering International, Inc.		125,960		10,232,990
				19,243,515
Oil, Gas & Consumable Fuels—3.7%
Cabot Oil & Gas Corp.		141,870		5,294,588
Concho Resources, Inc.1		34,770		3,783,324
Gulfport Energy Corp.1		83,500		5,372,390
Oasis Petroleum, Inc.1		199,580		9,805,365
				24,255,667
Financials—6.5%
Capital Markets—2.6%
Affiliated Managers Group, Inc.1		63,470		11,592,161
Financial Engines, Inc.		103,820		6,171,061
				17,763,222
Commercial Banks—2.9%
First Republic Bank		127,880		5,963,044
Signature Bank1		89,310		8,173,651

1    OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / Continued

	Shares		Value
Commercial Banks (Continued)
SVB Financial Group1		60,280	$	5,206,384
				19,343,079
Consumer Finance—0.6%
Portfolio Recovery Associates, Inc.1		69,460		4,163,432
Insurance—0.4%
ProAssurance Corp.		56,400		2,541,384
Health Care—12.8%
Biotechnology—1.8%
Alexion Pharmaceuticals, Inc.1		42,210		4,903,114
BioMarin Pharmaceutical, Inc.1		58,100		4,195,982
Incyte Corp.1		92,330		3,522,390
				12,621,486
Health Care Equipment & Supplies—1.8%
Cooper Cos., Inc. (The)		91,080		11,812,165
Health Care Providers & Services—4.1%
AmerisourceBergen Corp., Cl. A		83,450		5,098,795
Centene Corp.1		109,810		7,023,448
Envision Healthcare Holdings, Inc.1		126,540		3,293,836
Premier, Inc., Cl. A1		41,030		1,300,651
Team Health Holdings, Inc.1		114,050		4,327,057
Universal Health Services, Inc., Cl. B		90,460		6,783,595
				27,827,382
Health Care Technology—1.9%
athenahealth, Inc.1		29,640		3,217,718
Cerner Corp.1		172,240		9,051,212
				12,268,930
Life Sciences Tools & Services—1.5%
Covance, Inc.1		60,630		5,242,070
Illumina, Inc.1		61,140		4,941,946
				10,184,016
Pharmaceuticals—1.7%
Actavis, Inc.1		79,350		11,426,400
Industrials—18.0%
Aerospace & Defense—3.3%
B/E Aerospace, Inc.1		131,266		9,690,056
Hexcel Corp.1		238,650		9,259,620
TransDigm Group, Inc.		24,600		3,412,020
				22,361,696
Airlines—0.5%
Copa Holdings SA, Cl. A		23,280		3,228,238
Building Products—2.2%
A.O. Smith Corp.		183,650		8,300,980

	Shares		Value
Building Products (Continued)
Fortune Brands Home & Security, Inc.		157,430	$	6,553,811
				14,854,791
Commercial Services & Supplies—0.9%
Stericycle, Inc.1		49,470		5,708,838
Electrical Equipment—2.6%
Acuity Brands, Inc.		54,910		5,052,818
AMETEK, Inc.		166,052		7,641,713
Roper Industries, Inc.		37,330		4,960,037
				17,654,568
Machinery—5.6%
Chart Industries, Inc.1		41,330		5,085,243
Graco, Inc.		53,760		3,981,466
Middleby Corp.1		33,260		6,948,347
Pentair Ltd.		78,980		5,128,961
WABCO Holdings, Inc.1		80,220		6,759,337
Wabtec Corp.		147,440		9,269,553
				37,172,907
Road & Rail—1.8%
Kansas City Southern		112,460		12,298,626
Trading Companies & Distributors—1.1%
United Rentals, Inc.1		123,660		7,208,141
Information Technology—24.6%
Computers & Peripherals—1.1%
Stratasys Ltd.1		70,200		7,108,452
Internet Software & Services—7.0%
Cornerstone OnDemand, Inc.1		112,750		5,799,860
CoStar Group, Inc.1		67,490		11,331,571
LinkedIn Corp., Cl. A1		63,370		15,592,822
MercadoLibre, Inc.		26,110		3,522,500
Pandora Media, Inc.1		135,830		3,413,408
Yelp, Inc.1		61,400		4,063,452
Zillow, Inc., Cl. A1		42,930		3,622,004
				47,345,617
IT Services—3.6%
Alliance Data Systems Corp.1		41,420		8,759,087
FleetCor Technologies, Inc.1		65,300		7,193,448
Gartner, Inc.1		60,740		3,644,400
MAXIMUS, Inc.		99,910		4,499,946
				24,096,881
Semiconductors & Semiconductor Equipment—2.3%
Cavium, Inc.1		128,030		5,274,836
Microchip Technology, Inc.		84,060		3,386,777
Xilinx, Inc.		137,080		6,423,569
				15,085,182

2    OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

 STATEMENT OF INVESTMENTS    Unaudited / Continued

	Shares		Value
Software—10.6%
Aspen Technology, Inc.1	206,320	$	7,128,356
CommVault Systems, Inc.1	101,660		8,928,798
Concur Technologies, Inc.1	82,838		9,153,599
FireEye, Inc.1	6,950		288,634
Guidewire Software, Inc.1	76,380		3,598,262
Informatica Corp.1	89,920		3,504,182
NetSuite, Inc.1	108,847		11,748,945
ServiceNow, Inc.1	149,920		7,788,344
Splunk, Inc.1	124,940		7,501,398
Tableau Software, Inc., Cl. A1	26,010		1,852,952
Ultimate Software Group,
Inc. (The)1	56,320		8,301,568
Workday, Inc., Cl. A1	14,150		1,145,160
			70,940,198
Materials—3.1%
Chemicals—1.5%
Sherwin-Williams Co. (The)	20,390		3,714,650
Westlake Chemical Corp.	57,040		5,969,807
			9,684,457

	Shares		Value
Construction Materials—0.8%
Eagle Materials, Inc.	71,450		$                5,183,698
Containers & Packaging—0.8%
Rock-Tenn Co., Cl. A	55,460		5,616,434
Telecommunication Services—1.5%
Wireless Telecommunication Services—1.5%
SBA Communications Corp., Cl. A1	127,480		10,257,041
Total Common Stocks
(Cost $443,589,529)			671,298,469
Investment Company—0.8%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.09%2,3
(Cost $5,174,143)	5,174,143		5,174,143
Total Investments, at Value
(Cost $448,763,672)	101.2	%	676,472,612
Liabilities in Excess of
Other Assets	(1.2	)	(8,321,016)
Net Assets	100.0	%	$                668,151,596

Footnotes to Statement of Investments

1. Non-income producing security.

2. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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		Gross		Gross		Shares
	December 31, 2012		Additions		Reductions		September 30, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		11,313,011		192,957,579		199,096,447		5,174,143
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	5,174,143	$	7,610

3. Rate shown is the 7-day yield as of September 30, 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.

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

4      OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / Continued

Securities Valuation (Continued)

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

5    OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / Continued

Securities Valuation (Continued)

ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

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

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

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

The table below categorizes amounts as of September 30, 2013 based on valuation input level:

6    OPPENHEIMER DISCOVERY MID CAP GROWTH 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	$	150,230,587	$	—	$	—	$	150,230,587
Consumer Staples		31,811,439		—		—		31,811,439
Energy		43,499,182		—		—		43,499,182
Financials		43,811,117		—		—		43,811,117
Health Care		86,140,379		—		—		86,140,379
Industrials		120,487,805		—		—		120,487,805
Information Technology		164,576,330		—		—		164,576,330
Materials		20,484,589		—		—		20,484,589
Telecommunication Services		10,257,041		—		—		10,257,041
Investment Company		5,174,143		—		—		5,174,143
Total Assets	$	676,472,612	$	—	$	—	$	676,472,612

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 September 30, 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	$	449,001,032
Gross unrealized appreciation	$	228,322,008
Gross unrealized depreciation		(850,428)
Net unrealized appreciation	$	227,471,580

7    OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF INVESTMENTS    September 30, 2013 / Unaudited

	Shares		Value
Common Stocks—33.8%
Consumer Discretionary—4.2%
Auto Components—0.3%
Dana Holding Corp.		34,260	$	782,498
Automobiles—0.3%
Ford Motor Co.		58,100		980,147
Diversified Consumer Services—0.4%
LifeLock, Inc.1		69,290		1,027,571
Household Durables—0.3%
Toll Brothers, Inc.1		22,620		733,567
Media—0.7%
Time Warner, Inc.		30,000		1,974,300
Specialty Retail—1.7%
AutoZone, Inc.1		3,830		1,619,056
Pier 1 Imports, Inc.		44,920		876,838
Ross Stores, Inc.		15,680		1,141,504
Signet Jewelers Ltd.		15,200		1,089,080
				4,726,478
Textiles, Apparel & Luxury Goods—0.5%
PVH Corp.		12,800		1,519,232
Consumer Staples—3.2%
Food Products—1.4%
Flowers Foods, Inc.		87,405		1,873,963
Mondelez International, Inc., Cl. A		65,210		2,048,898
				3,922,861
Household Products—0.8%
Henkel AG & Co. KGaA		13,182		1,167,454
Henkel AG & Co. KGaA, Preference		11,062		1,139,796
				2,307,250
Personal Products—0.2%
Nu Skin Enterprises, Inc., Cl. A		5,600		536,144
Tobacco—0.8%
Philip Morris International, Inc.		26,860		2,325,807
Energy—3.5%
Energy Equipment & Services—0.7%
National Oilwell Varco, Inc.		25,060		1,957,437
Oil, Gas & Consumable Fuels—2.8%
Chevron Corp.		20,580		2,500,470
EPL Oil & Gas, Inc.1		15,430		572,607
Noble Energy, Inc.		30,310		2,031,073
PAA Natural Gas Storage LP		22,680		528,217
QEP Resources, Inc.		50,480		1,397,791
Western Refining, Inc.		32,960		990,118
				8,020,276

	Shares		Value
Financials—6.2%
Capital Markets—0.5%
Financial Engines, Inc.		10,520	$	625,309
WisdomTree Investments, Inc.1		82,900		962,469
				1,587,778
Commercial Banks—0.9%
CIT Group, Inc.1		42,270		2,061,508
Webster Financial Corp.		18,620		475,369
				2,536,877
Consumer Finance—0.8%
Discover Financial Services		46,880		2,369,315
Diversified Financial Services—1.5%
Citigroup, Inc.		44,040		2,136,380
JPMorgan Chase & Co.		42,150		2,178,734
				4,315,114
Insurance—1.2%
American International Group, Inc.		24,960		1,213,805
Fidelity National Financial, Inc., Cl. A		38,610		1,027,026
Lincoln National Corp.		28,040		1,177,400
				3,418,231
Real Estate Investment Trusts (REITs)—0.6%
Apollo Commercial Real Estate
Finance, Inc.		58,470		892,837
Digital Realty Trust, Inc.		14,740		782,694
				1,675,531
Thrifts & Mortgage Finance—0.7%
Home Loan Servicing Solutions Ltd.		34,140		751,421
Ocwen Financial Corp.1		20,980		1,170,055
				1,921,476
Health Care—4.4%
Biotechnology—0.7%
Celldex Therapeutics, Inc.1		8,130		288,046
Gilead Sciences, Inc.1		18,060		1,134,890
Medivation, Inc.1		9,820		588,611
				2,011,547
Health Care Equipment & Supplies—0.4%
Covidien plc		18,080		1,101,795
Health Care Providers & Services—0.6%
Omnicare, Inc.		11,890		659,895
Team Health Holdings, Inc.1		11,480		435,551
Universal Health Services, Inc., Cl. B		11,300		847,387
				1,942,833

1       OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares		Value
Pharmaceuticals—2.7%
AbbVie, Inc.		22,790	$	1,019,397
Actavis, Inc.1		14,180		2,041,920
Allergan, Inc.		9,880		893,646
Bristol-Myers Squibb Co.		10,100		467,428
Pfizer, Inc.		73,565		2,112,051
Santarus, Inc.1		22,020		496,991
Zoetis, Inc.		15,986		497,484
				7,528,917
Industrials—4.4%
Air Freight & Couriers—0.4%
United Parcel Service, Inc., Cl. B		11,530		1,053,496
Commercial Services & Supplies—1.1%
ADT Corp. (The)		12,640		513,942
Mobile Mini, Inc.1		24,280		826,977
Tyco International Ltd.		48,080		1,681,838
				3,022,757
Construction & Engineering—0.5%
AECOM Technology Corp.1		15,730		491,877
KBR, Inc.		23,930		781,075
				1,272,952
Machinery—0.8%
AGCO Corp.		13,030		787,273
Greenbrier Cos., Inc.1		34,750		859,368
Joy Global, Inc.		13,520		690,061
				2,336,702
Professional Services—0.9%
Robert Half International, Inc.		31,440		1,227,103
Towers Watson & Co., Cl. A		14,190		1,517,762
				2,744,865
Road & Rail—0.7%
Canadian National Railway Co.		20,580		2,086,195
Information Technology—6.1%
Communications Equipment—0.9%
Finisar Corp.1		22,460		508,270
QUALCOMM, Inc.		30,730		2,069,973
				2,578,243
Computers & Peripherals—1.2%
Apple, Inc.		5,070		2,417,123
Western Digital Corp.		19,050		1,207,770
				3,624,893
Internet Software & Services—1.9%
eBay, Inc.1		39,020		2,176,926
Facebook, Inc., Cl. A1		22,890		1,149,994
Google, Inc., Cl. A1		2,230		1,953,279
				5,280,199

	Shares		Value
IT Services—0.3%
International Business Machines Corp.		4,240	$	785,163
Semiconductors & Semiconductor Equipment—0.5%
Cavium, Inc.1		13,400		552,080
Skyworks Solutions, Inc.1		29,270		727,067
				1,279,147
Software—1.3%
FireEye, Inc.1		340		14,120
Fortinet, Inc.1		36,330		736,046
Guidewire Software, Inc.1		11,170		526,219
Infoblox, Inc.1		5,960		249,247
Microsoft Corp.		23,710		789,780
ServiceNow, Inc.1		11,050		574,048
Splunk, Inc.1		10,000		600,400
				3,489,860
Materials—1.5%
Chemicals—0.4%
Air Products & Chemicals, Inc.		3,940		419,886
W.R. Grace & Co.1		8,680		758,632
				1,178,518
Construction Materials—0.3%
Vulcan Materials Co.		15,860		821,707
Containers & Packaging—0.3%
Packaging Corp. of America		14,210		811,249
Metals & Mining—0.3%
Kaiser Aluminum Corp.		11,080		789,450
Paper & Forest Products—0.2%
P.H. Glatfelter Co.		18,750		507,563
Telecommunication Services—0.0%
Diversified Telecommunication Services—0.0%
ORBCOMM, Inc.1		375		1,976
Utilities—0.3%
Electric Utilities—0.3%
Exelon Corp.		32,660		968,042
Total Common Stocks (Cost $86,508,568)				95,855,959
	Principal Amount
Asset-Backed Securities—9.7%
Ally Auto Receivables Trust,
Series 2012-A,
Cl. D, 3.15%, 10/15/182	$	500,000		519,531
American Credit Acceptance Receivables Trust:
Series 2012-2, Cl. A, 1.89%, 7/15/163		145,721		146,096

2       OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
Asset-Backed Securities Continued
American Credit Acceptance Receivables Trust: Continued
Series 2012-3, Cl. A, 1.64%, 11/15/163		$67,541	$	67,502
Series 2012-3, Cl. C, 2.78%, 9/17/183		955,000		953,523
Series 2013-2, Cl. B, 2.84%, 5/15/193		443,000		444,124
AmeriCredit Automobile Receivables Trust:
Series 2010-1, Cl. D, 6.65%,
7/17/17		210,000		217,915
Series 2010-2, Cl. C, 4.52%,
10/8/15		208,449		210,739
Series 2010-2, Cl. D, 6.24%,
6/8/16		40,000		41,774
Series 2011-1, Cl. D, 4.26%,
2/8/17		90,000		93,855
Series 2011-2, Cl. D, 4.00%,
5/8/17		300,000		311,320
Series 2011-4, Cl. D, 4.08%,
9/8/17		500,000		520,125
Series 2011-5, Cl. D, 5.05%,
12/8/17		305,000		326,953
Series 2012-2, Cl. D, 3.38%,
4/9/18		455,000		467,087
Series 2012-4, Cl. D, 2.68%,
10/9/18		70,000		70,149
Series 2012-5, Cl. C, 1.69%,
11/8/18		165,000		164,011
Series 2012-5, Cl. D, 2.35%,
12/10/18		925,000		919,937
Series 2013-1, Cl. C, 1.57%,
1/8/19		725,000		709,991
Series 2013-1, Cl. D, 2.09%,
2/8/19		195,000		190,159
Series 2013-2, Cl. D, 2.42%,
5/8/19		310,000		303,853
Series 2013-3, Cl. D, 3.00%,
7/8/19		330,000		328,323
Capital Auto Receivables Asset
Trust, Series
2013-1, Cl. D, 2.19%,
9/20/21		125,000		122,280
Centre Point Funding LLC,
Series 2010-1A,
Cl. 1, 5.43%, 7/20/163		42,598		44,238
CFC LLC, Series
2013-1A, Cl. A, 1.65%,
7/17/173		155,782		155,426
CPS Auto Receivables Trust:
Series 2012-B, Cl. A, 2.52%,
9/16/193		234,109		236,984

	Principal Amount		Value
Asset-Backed Securities Continued
CPS Auto Receivables Trust: Continued
Series 2012-C, Cl. A, 1.82%,
12/16/193		$81,283	$	81,744
Credit Acceptance Auto Loan Trust:
Series 2012-1A, Cl. A, 2.20%,
9/16/193		175,000		176,674
Series 2012-2A, Cl. A, 1.52%,
3/16/203		950,000		953,212
Series 2012-2A, Cl. B, 2.21%,
9/15/203		50,000		50,272
Series 2013-1A, Cl. B, 1.83%,
4/15/213		165,000		163,797
DT Auto Owner Trust:
Series 2011-1A, Cl. C, 3.05%,
8/17/153		11,420		11,430
Series 2011-3A, Cl. C, 4.03%,
2/15/173		299,000		300,024
Series 2012-2A, Cl. C, 2.72%,
4/17/173		65,000		65,533
Series 2012-2A, Cl. D, 4.35%,
3/15/193		80,000		82,608
Series 2013-1A, Cl. D, 3.74%,
5/15/203		200,000		200,510
Series 2013-2A, Cl. D, 4.18%,
6/15/203		505,000		505,609
Exeter Automobile Receivables Trust:
Series 2012-1A, Cl. A, 2.02%,
8/15/163		423,328		424,974
Series 2012-2A, Cl. A, 1.30%,
6/15/173		88,883		88,837
Series 2012-2A, Cl. B, 2.22%,
12/15/173		130,000		129,028
Series 2012-2A, Cl. C, 3.06%,
7/16/183		516,000		506,240
Series 2013-1A, Cl. A, 1.29%,
10/16/173		323,692		323,166
Series 2013-2A, Cl. C, 4.35%,
1/15/193		480,000		484,335
First Investors Auto Owner
Trust, Series 2012-1A, Cl. D,
5.65%, 4/15/183		140,000		147,412
Ford Credit Auto Owner Trust,
Series 2013-A,
Cl. D, 1.86%, 8/15/19		195,000		192,750
Ford Credit Floorplan Master Owner Trust A:
Series 2012-1, Cl. A, 0.652%,
1/15/164		155,000		155,111
Series 2012-2, Cl. C, 2.86%,
1/15/19		215,000		221,252
Series 2013-3, Cl. D, 1.74%,
6/15/17		175,000		175,352

3       OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
Asset-Backed Securities Continued
FRS I LLC, Series
2013-1A, Cl. A1, 1.80%,
4/15/433		$74,839	$	74,472
MBNA Credit Card Master Note
Trust, Series 2003-C7, Cl. C7,
1.532%, 3/15/164		975,000		975,434
Prestige Auto Receivables
Trust, Series 2011-1A, Cl. D,
5.18%, 7/16/183		300,000		310,818
Santander Drive Auto Receivables Trust:
Series 2010-3, Cl. C, 3.06%,
11/15/17		350,000		357,139
Series 2010-A, Cl. A3, 1.83%,
11/17/143		18,970		19,006
Series 2010-B, Cl. C, 3.02%,
10/17/163		215,230		217,388
Series 2011-1, Cl. D, 4.01%,
2/15/17		360,000		373,033
Series 2011-4, Cl. B, 2.90%,
5/16/16		930,000		942,192
Series 2011-S1A, Cl. D, 3.10%,
5/15/173		3,404		3,407
Series 2011-S2A, Cl. D, 3.35%,
6/15/172		66,480		66,766
Series 2012-1, Cl. A2, 1.25%,
4/15/15		8,523		8,529
Series 2012-2, Cl. C, 3.20%,
2/15/18		345,000		354,977
Series 2012-2, Cl. D, 3.87%,
2/15/18		375,000		386,917
Series 2012-3, Cl. C, 3.01%,
4/16/18		900,000		924,249
Series 2012-4, Cl. B, 1.83%,
3/15/17		575,000		579,746
Series 2012-4, Cl. C, 2.94%,
12/15/17		770,000		785,564
Series 2012-4, Cl. D, 3.50%,
6/15/18		495,000		506,242
Series 2012-5, Cl. C, 2.70%,
8/15/18		995,000		1,001,887
Series 2012-5, Cl. D, 3.30%,
9/17/18		540,000		549,839
Series 2012-6, Cl. D, 2.52%,
9/17/18		585,000		578,811
Series 2012-AA, Cl. D, 2.46%,
12/17/183		670,000		658,199
Series 2013-1, Cl. C, 1.76%,
1/15/19		295,000		290,301
Series 2013-1, Cl. D, 2.27%,
1/15/19		155,000		151,645

	Principal Amount		Value
Asset-Backed Securities Continued
Santander Drive Auto Receivables Trust: Continued
Series 2013-2, Cl. D, 2.57%,
3/15/19	$	715,000	$	699,414
Series 2013-3, Cl. C, 1.81%,
4/15/19		950,000		933,965
Series 2013-3, Cl. D, 2.42%,
4/15/19		245,000		235,089
Series 2013-4, Cl. D, 3.92%,
1/15/20		130,000		131,690
Series 2013-A, Cl. C, 3.12%,
10/15/193		95,000		97,764
SNAAC Auto Receivables Trust:
Series 2012-1A, Cl. A, 1.78%,
6/15/163		44,723		44,848
Series 2012-1A, Cl. C, 4.38%,
6/15/173		125,000		127,951
Series 2013-1A, Cl. B, 2.09%,
7/16/183		90,000		89,656
Series 2013-1A, Cl. C, 3.07%,
8/15/183		100,000		99,366
United Auto Credit Securitization Trust:
Series 2012-1, Cl. A2, 1.10%,
3/16/153		50,578		50,575
Series 2012-1, Cl. B, 1.87%,
9/15/153		170,000		169,963
Series 2012-1, Cl. C, 2.52%,
3/15/163		120,000		119,934
Series 2012-1, Cl. D, 3.12%,
3/15/183		605,000		604,646
Series 2013-1, Cl. B, 1.74%,
4/15/163		265,000		264,583
Series 2013-1, Cl. C, 2.22%,
12/15/173		170,000		169,654
Series 2013-1, Cl. D, 2.90%,
12/15/173		30,000		29,939
Westlake Automobile Receivables Trust:
Series 2012-1A, Cl. A2,
1.03%, 3/15/163		62,681		62,741
Series 2013-1A, Cl. A2,
1.12%, 1/15/183		440,000		440,222
Total Asset-Backed Securities
(Cost $27,565,898)				27,494,326
Mortgage-Backed Obligations—35.5%
Government Agency—28.3%
FHLMC/FNMA/FHLB/Sponsored—28.3%
Federal Home Loan Mortgage Corp. Gold Pool:
4.50%, 10/1/18		76,432		80,929
5.00%, 12/1/34		5,019		5,450
5.50%, 9/1/39		821,254		899,344
6.50%, 4/1/18-4/1/34		64,905		72,987

4       OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp. Gold Pool: Continued
7.00%, 10/1/31-10/1/37		$349,699	$	381,109
8.00%, 4/1/16		15,009		15,710
9.00%, 8/1/22-5/1/25		8,529		9,569
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-
Backed Security:
Series 183, Cl. IO, 17.034%,
4/1/275		139,576		20,930
Series 192, Cl. IO, 11.809%,
2/1/285		36,475		7,670
Series 243, Cl. 6, 0.00%,
12/15/325,6		117,682		24,492
Federal Home Loan Mortgage
Corp., Principal-Only Stripped
Mtg.-Backed Security, Series
176, Cl. PO, 0.497%, 6/1/267		40,749		38,090
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 2426, Cl. BG, 6.00%,
3/15/17		136,032		143,754
Series 2427, Cl. ZM, 6.50%,
3/15/32		213,139		240,630
Series 2461, Cl. PZ, 6.50%,
6/15/32		109,764		124,968
Series 2500, Cl. FD, 0.682%,
3/15/324		16,139		16,236
Series 2526, Cl. FE, 0.582%,
6/15/294		19,844		19,885
Series 2551, Cl. FD, 0.582%,
1/15/334		12,723		12,752
Series 2626, Cl. TB, 5.00%,
6/15/33		273,002		297,454
Series 2707, Cl. QE, 4.50%,
11/15/18		714,683		753,906
Series 3025, Cl. SJ, 24.082%,
8/15/354		38,430		60,213
Series 3030, Cl. FL, 0.582%,
9/15/354		198,880		198,779
Series 3822, Cl. JA, 5.00%,
6/15/40		216,123		229,028
Series 3848, Cl. WL, 4.00%,
4/15/40		260,596		278,379
Series 4221, Cl. HJ, 1.50%,
7/15/23		1,334,967		1,327,517

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment
Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2130, Cl. SC,
55.399%, 3/15/295		$125,393	$	24,587
Series 2796, Cl. SD,
57.541%, 7/15/265		175,193		31,955
Series 2802, Cl. AS, 0.00%,
4/15/335,6		30,536		977
Series 2920, Cl. S, 57.388%,
1/15/355		874,227		171,902
Series 2922, Cl. SE, 9.342%,
2/15/355		52,635		9,242
Series 3201, Cl. SG, 7.614%,
8/15/365		142,220		26,596
Series 3397, Cl. GS,
15.493%, 12/15/375		60,622		10,277
Series 3424, Cl. EI, 3.136%,
4/15/385		55,094		7,321
Series 3450, Cl. BI, 14.495%,
5/15/385		166,988		30,182
Series 3606, Cl. SN, 6.773%,
12/15/395		88,367		11,429
Federal National Mortgage Assn. Pool:
2.50%, 10/1/278		2,935,000		2,952,427
3.00%, 10/1/268		1,735,000		1,796,809
3.50%, 11/1/27-11/1/428		35,425,000		36,665,619
4.00%, 10/1/28-10/1/428		7,725,000		8,117,667
4.50%, 10/1/22-10/1/428		12,804,000		13,671,515
5.00%, 10/25/388		2,350,000		2,548,649
5.50%, 9/1/20		5,655		6,032
6.00%, 11/1/17-3/1/37		455,337		497,900
6.00%, 10/1/438		425,000		464,910
6.50%, 5/1/17-10/1/19		114,771		122,577
7.00%, 11/1/17-10/1/35		51,052		54,833
7.50%, 1/1/33		124,307		146,015
8.50%, 7/1/32		6,624		7,729
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 222, Cl. 2, 24.674%,
6/1/235		297,521		45,159
Series 233, Cl. 2, 42.909%,
8/1/235		211,198		31,913
Series 252, Cl. 2, 42.087%,
11/1/235		272,376		41,501
Series 319, Cl. 2, 6.47%,
2/1/325		62,619		16,593
Series 320, Cl. 2, 10.34%,
4/1/325		19,745		3,907

5       OPPENHEIMER CAPITAL INCOME FUND/VA

    STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued
Series 321, Cl. 2, 4.973%,
4/1/325	$	222,969	$	58,503
Series 331, Cl. 9, 0.00%,
2/1/335,6		236,534		48,053
Series 334, Cl. 17, 6.601%,
2/1/335		142,753		33,632
Series 339, Cl. 12, 0.00%,
6/25/335,6		210,629		35,888
Series 339, Cl. 7, 0.00%,
8/1/335,6		603,257		97,943
Series 343, Cl. 13, 0.00%,
9/1/335,6		199,332		31,480
Series 345, Cl. 9, 0.00%,
1/1/345,6		175,469		30,127
Series 351, Cl. 10, 0.00%,
4/1/345,6		27,717		4,411
Series 351, Cl. 8, 0.00%,
4/1/345,6		91,723		14,588
Series 356, Cl. 10, 0.00%,
6/1/355,6		66,902		10,803
Series 356, Cl. 12, 0.00%, 2/1/355,6		36,012		5,811
Series 362, Cl. 13, 0.00%, 8/1/355,6		252,489		42,933
Series 364, Cl. 16, 0.00%, 9/1/355,6		173,266		27,023
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1998-61, Cl. PL, 6.00%, 11/25/28		95,655		107,034
Series 2003-130, Cl. CS, 13.742%, 12/25/334		25,847		31,709
Series 2003-28, Cl. KG, 5.50%, 4/25/23		458,533		502,966
Series 2004-101, Cl. BG, 5.00%, 1/25/20		444,008		464,521
Series 2004-25, Cl. PC, 5.50%, 1/25/34		384,294		413,433
Series 2005-104, Cl. MC, 5.50%, 12/25/25		485,376		533,684
Series 2005-31, Cl. PB, 5.50%, 4/25/35		250,000		284,318
Series 2005-69, Cl. LE, 5.50%, 11/25/33		12,023		12,079
Series 2005-73, Cl. DF, 0.429%, 8/25/354		493,172		493,167
Series 2006-11, Cl. PS, 23.911%, 3/25/364		134,727		209,123
Series 2006-46, Cl. SW, 23.543%, 6/25/364		106,669		166,997

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Continued
Series 2006-50, Cl. KS, 23.544%, 6/25/364		$23,309	$	36,439
Series 2007-109, Cl. NF, 0.729%, 12/25/374		272,207		273,873
Series 2009-36, Cl. FA, 1.119%, 6/25/374		211,075		213,109
Series 2009-37, Cl. HA, 4.00%, 4/25/19		193,270		202,130
Series 2009-70, Cl. TL, 4.00%, 8/25/19		2,081,183		2,176,668
Series 2011-15, Cl. DA, 4.00%, 3/25/41		99,837		105,664
Series 2011-3, Cl. KA, 5.00%, 4/25/40		309,021		338,883
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-65, Cl. S, 30.296%, 11/25/315		234,199		43,203
Series 2001-81, Cl. S, 29.803%, 1/25/325		59,409		12,288
Series 2002-47, Cl. NS, 35.073%, 4/25/325		169,371		32,049
Series 2002-51, Cl. S, 35.265%, 8/25/325		155,523		30,911
Series 2002-52, Cl. SD, 36.803%, 9/25/325		212,070		44,115
Series 2002-77, Cl. SH, 42.569%, 12/18/325		94,113		19,512
Series 2002-84, Cl. SA, 36.214%, 12/25/325		237,021		45,180
Series 2002-9, Cl. MS, 30.35%, 3/25/325		65,593		13,473
Series 2003-33, Cl. SP, 30.56%, 5/25/335		251,352		45,457
Series 2003-4, Cl. S, 32.174%, 2/25/335		148,116		28,939
Series 2003-46, Cl. IH, 0.00%, 6/25/235,6		538,939		72,158
Series 2004-54, Cl. DS, 41.244%, 11/25/305		169,036		25,752
Series 2004-56, Cl. SE, 14.141%, 10/25/335		49,744		8,388
Series 2005-12, Cl. SC, 11.056%, 3/25/355		26,246		5,630
Series 2005-14, Cl. SE, 41.444%, 3/25/355		83,391		14,094
Series 2005-40, Cl. SA, 49.709%, 5/25/355		460,705		79,962

6       OPPENHEIMER CAPITAL INCOME FUND/VA

    STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Continued
Series 2005-52, Cl. JH, 9.736%, 5/25/355	$	1,052,143	$	192,555
Series 2005-93, Cl. SI, 19.788%, 10/25/355		115,793		17,436
Series 2007-88, Cl. XI, 35.706%, 6/25/375		327,189		43,764
Series 2008-55, Cl. SA, 16.919%, 7/25/385		187,716		28,623
Series 2009-8, Cl. BS, 0.00%, 2/25/245,6		84,539		7,673
Series 2012-40, Cl. PI, 3.133%, 4/25/415		452,853		85,238
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Principal-Only Stripped Mtg.-Backed Security, Series 1993-184, Cl. M, 0.58%, 9/25/237		108,329		105,082
Government National Mortgage Assn. I Pool:
7.00%, 1/15/24		64,866		72,174
7.50%, 1/15/23-6/15/24		51,290		56,771
8.00%, 5/15/17-4/15/23		40,502		45,447
8.50%, 8/15/17-12/15/17		10,472		11,134
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-15, Cl. SM, 61.421%, 2/16/325		264,095		48,465
Series 2002-76, Cl. SY, 64.076%, 12/16/265		584,099		113,313
Series 2007-17, Cl. AI, 17.042%, 4/16/375		588,693		111,565
Series 2011-52, Cl. HS, 8.624%, 4/16/415		287,147		72,108
				81,315,455
Non-Agency—7.2%
Commercial—7.2%
Argent Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.139%, 5/25/344		129,852		125,076

	Principal Amount		Value
Commercial Continued
Banc of America Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates:
Series 2006-6, Cl. AM, 5.39%, 10/10/45		$265,000	$	282,125
Series 2007-4, Cl. AM, 6.001%, 2/10/514		820,000		900,437
Banc of America Funding Trust:
Series 2007-1, Cl. 1A3, 6.00%, 1/25/37		153,049		135,202
Series 2007-C, Cl. 1A4, 5.38%, 5/20/364		61,794		60,280
Banc of America Mortgage Trust, Collateralized Mtg. Obligations, Series 2004-E, Cl. 2A6, 2.83%, 6/25/344		166,474		165,170
Bear Stearns ARM Trust, Collateralized Mtg. Obligations, Series 2007-4, Cl. 22A1, 5.201%, 6/25/474		157,058		137,931
Carrington Mortgage Loan Trust, Series 2006-FRE1, Cl. A2, 0.289%, 7/25/364		120,558		116,884
CD Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-CD4, Cl. AMFX, 5.366%, 12/11/494		885,000		893,847
Citigroup Commercial Mortgage Trust:
Series 2008-C7, Cl. AM, 6.336%, 12/10/494		90,000		99,063
Series 20113-GCJ11, 4.459%, 4/10/233		185,000		156,822
Citigroup Mortgage Loan Trust, Series 2006-AR3, Cl. 1A2A, 5.457%, 6/25/364		143,674		132,985
COMM Mortgage Trust, Commercial Mtg. Pass-Through Certificates:
Series 2012-CR4, Cl. D, 4.73%, 10/15/453,4		185,000		162,817
Series 2012-CR5, Cl. E, 4.48%, 12/10/453,4		225,000		194,581
Series 2013-CR7, Cl. D, 4.501%, 3/10/463,4		200,000		167,103
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 2010-C1, Cl. XPA, 0.00%, 7/10/463,5,6		2,894,988		126,818

7       OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
Commercial Continued
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security: Continued
Series 2012-CR5, Cl. XA,
2.047%, 12/10/455	$	444,991	$	49,027
Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates:
Series 2006-GG7, Cl. AM, 6.056%, 7/10/384		190,000		208,043
Series 2007-GG11, Cl. AM, 5.867%, 12/10/494		500,000		545,852
Series 2007-GG9, Cl. AM, 5.475%, 3/10/39		615,000		650,034
Countrywide Alternative Loan Trust:
Series 2005-29CB, Cl. A4, 5.00%, 7/25/35		598,696		515,582
Series 2005-86CB, Cl. A8, 5.50%, 2/25/36		51,071		47,499
Series 2005-J14, Cl. A7, 5.50%, 12/25/35		99,534		86,422
Series 2006-24CB, Cl. A12, 5.75%, 6/25/36		93,178		75,780
Series 2006-J2, Cl. A7, 6.00%, 4/25/36		13,707		11,757
Series 2007-19, Cl. 1A34, 6.00%, 8/25/37		309,358		244,006
Countrywide Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.299%, 6/25/474		49,617		49,541
Countrywide Home Loans:
Series 2005-26, Cl. 1A8, 5.50%, 11/25/35		185,595		177,674
Series 2005-29, Cl. A1, 5.75%, 12/25/35		102,576		94,330
Series 2006-17, Cl. A2, 6.00%, 12/25/36		226,586		204,939
Series 2006-20, Cl. 1A17, 5.75%, 2/25/37		277,233		243,105
Series 2006-6, Cl. A3, 6.00%, 4/25/36		91,841		84,912
Series 2007-15, Cl. 1A29, 6.25%, 9/25/37		916,035		842,669
Series 2007-J3, Cl. A9, 6.00%, 7/25/37		29,183		24,135
Credit Suisse Commercial Mortgage Trust:
Series 2006-6, Cl. 1A4, 6.00%, 7/25/36		266,156		205,426

	Principal Amount		Value
Commercial Continued
Credit Suisse Commercial Mortgage Trust: Continued
Series 2007-3, Cl. 2A10,
6.00%, 4/25/37	$	149,001	$	129,184
Credit Suisse Commercial
Mortgage Trust, Commercial
Mtg. Pass-Through Certificates,
Series 2006-C1, Cl. AJ,
5.567%, 2/15/394		208,000		224,502
Credit Suisse First Boston
Commercial Trust, Commercial
Mtg. Pass-Through Certificates,
Series
2005-C6, Cl. AJ, 5.23%,
12/15/404		275,000		292,529
CWABS Asset-Backed
Certificates Trust, Series 2005-
16, Cl. 2AF2, 5.071%,
5/25/364		254,482		252,155
DBUBS Mortgage Trust,
Commercial Mtg. Pass-Through
Certificates, Series 2011-LC1A,
Cl. E, 5.728%, 11/10/463,4		50,000		48,667
Deutsche Alt-B Securities
Mortgage Loan Trust,
Collateralized Mtg. Obligations,
Series 2006-AB4, Cl. A1A,
6.005%, 10/25/364		263,153		197,975
EverBank Mortgage Loan
Trust, Commercial Mtg. Pass-
Through Certificates, Series
2013-1, Cl. A1, 2.25%,
3/25/433,4		435,252		401,069
First Horizon Alternative Mortgage Securities Trust:
Series 2004-FA2,
Cl. 3A1, 6.00%, 1/25/35		230,172		234,507
Series 2005-FA8,
Cl. 1A6, 0.829%, 11/25/354		202,038		153,638
Series 2005-FA9,
Cl. A4A, 5.50%, 12/25/35		17,991		15,946
Series 2007-FA2,
Cl. 1A1, 5.50%, 4/25/37		462,854		343,094
Series 2007-FA4,
Cl. 1A6, 6.25%, 8/25/374		233,854		201,536

8       OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
Commercial Continued
FREMF Mortgage Trust, Commercial Mtg. Pass-Through Certificates:
Series 2013-K25, Cl. C,
3.742%, 11/25/453,4		$60,000	$	49,807
Series 2013-K26, Cl. C,
3.723%, 12/25/453,4		40,000		33,066
Series 2013-K27, Cl. C,
3.616%, 1/25/463,4		110,000		89,697
Series 2013-K28, Cl. C,
3.614%, 6/25/463,4		110,000		89,740
Series 2013-K712, Cl. C,
3.483%, 5/25/453,4		110,000		98,044
GE Capital Commercial
Mortgage Corp., Collateralized
Mtg. Obligations, Series 2005-
C4, Cl. AJ, 5.489%, 11/10/454		430,000		416,616
GS Mortgage Securities Trust:
Series 2006-GG6,
Cl. AM, 5.622%, 4/10/384		286,699		308,279
Series 2011-GC3,
Cl. A1, 2.331%, 3/10/443		128,898		130,591
GSR Mortgage Loan Trust,
Series 2006-5F, Cl. 2A1, 6%,
6/25/36		72,693		71,070
GSR Mortgage Loan Trust, Mtg.
Pass-Through Certificates,
Series 2005-AR4,
Cl. 6A1, 5.25%, 7/25/354		80,702		80,254
IndyMac Index Mortgage Loan
Trust, Collateralized Mtg.
Obligations, Series 2005-AR23,
Cl. 6A1, 4.706%, 11/25/354		221,389		183,437
JP Morgan Alternative Loan
Trust, Series
2006-S4, Cl. A6, 5.71%,
12/25/364		99,586		93,382
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2006-CB16,
Cl. AJ, 5.623%, 5/12/45		470,000		440,098
Series 2007-LDPX,
Cl. A3S, 5.317%, 1/15/49		395,347		396,781
Series 2011-C3, Cl. A1,
1.875%, 2/15/463		136,947		137,812

	Principal Amount		Value
Commercial Continued
JP Morgan Mortgage Trust:
Series 2007-A3,
Cl. 3A2M, 4.807%, 5/25/374		$30,192	$	28,598
Series 2007-S3,
Cl. 1A90, 7.00%, 8/25/37		248,625		227,428
JPMorgan Resecuritization
Trust, Collateralized Mtg.
Obligations, Series 2009-5, Cl.
1A2, 2.613%, 7/26/363,4		257,530		197,086
MASTR Adjustable Rate
Mortgages Trust, Collateralized
Mtg. Obligations, Series 2004-
13, Cl. 2A2, 2.673%,
4/21/344		114,645		118,095
Merrill Lynch Mortgage Trust,
Collateralized Mtg. Obligations,
Series 2006-C2, Cl. AM,
5.782%, 8/12/434		290,000		313,904
Morgan Stanley Bank of America Merrill Lynch Trust, Commercial Mtg. Pass-Through Certificates:
Series 2012-C6, Cl. E, 4.82%,
11/15/453,4		95,000		83,425
Series 2013-C7, Cl. D,
4.444%, 2/15/463,4		115,000		95,677
Series 2013-C8, Cl. D,
4.311%, 12/15/483,4		80,000		66,942
Morgan Stanley Capital I Trust:
Series 2007-IQ13,
Cl. AM, 5.406%, 3/15/44		325,000		348,928
Series 2007-IQ15,
Cl. AM, 6.107%, 6/11/494		345,000		371,353
Morgan Stanley Reremic Trust,
Collateralized Mtg. Obligations,
Series 2012-R3, Cl. 1B,
2.346%, 11/26/362,4		265,166		142,239
RALI Trust, Mtg. Asset-Backed
Pass-Through Certificates,
Series
2006-QS13, Cl. 1A8, 6%,
9/25/36		18,707		14,634
RALI Trust, Mtg. Pass-Through
Certificates, Series 2003-QS1,
Cl. A2, 5.75%, 1/25/33		67,195		68,686

9       OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
Commercial Continued
Residential Asset Securitization
Trust, Series 2005-A15,
Cl. 1A4, 5.75%, 2/25/36		$29,344	$	26,594
Structured Adjustable Rate Mortgage Loan Trust:
Series 2006-4, Cl. 6A,
5.168%, 5/25/364		148,402		125,023
Series 2007-6, Cl. 3A1,
4.689%, 7/25/374		239,450		196,693
Structured Adjustable Rate
Mortgage Loan Trust, Mtg.
Pass-Through Certificates,
Series 2004-10, Cl. 2A,
2.426%, 8/25/344		487,976		470,909
UBS-Barclays Commercial
Mortgage Trust, Commercial
Mtg. Pass-Through Certificates,
Series
2012-C2, Cl. E, 5.049%,
5/10/633,4		45,000		39,204
WaMu Mortgage Pass-Through Certificates Trust:
Series 2005-AR14,
Cl. 1A4, 2.473%, 12/25/354		120,692		110,601
Series 2006-AR18,
Cl. 3A1, 4.335%, 1/25/374		70,892		60,883
Series 2007-HY5,
Cl. 3A1, 4.891%, 5/25/374		140,850		134,294
Wells Fargo Alternative Loan
Trust, Series 2007-PA5, Cl.
1A1, 6.25%, 11/25/37		206,011		188,813
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-9, Cl. 2A6,
5.25%, 10/25/35		78,619		81,147
Series 2005-AR1, Cl. 1A1,
2.611%, 2/25/354		50,056		50,030
Series 2005-AR15, Cl. 1A6,
2.613%, 9/25/354		682,684		639,768
Series 2006-AR14, Cl. 1A2,
5.589%, 10/25/364		135,360		130,668
Series 2006-AR2, Cl. 2A3,
2.642%, 3/25/364		62,065		61,539
Series 2006-AR7, Cl. 2A4,
2.616%, 5/25/364		306,577		283,288
Series 2007-16, Cl. 1A1,
6.00%, 12/28/37		217,495		227,946

	Principal Amount		Value
Commercial Continued
Wells Fargo Mortgage-Backed Securities Trust: Continued
Series 2007-AR8, Cl. A1,
5.942%, 11/25/374		$750,046	$	666,728
WF-RBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates:
Series 2012-C10, Cl. D,
4.609%, 12/15/453,4		50,000		43,476
Series 2012-C7, Cl. E,
5.004%, 6/15/453,4		80,000		70,845
Series 2012-C8, Cl. E,
5.041%, 8/15/453,4		95,000		85,515
Series 2013-C11, Cl. D,
4.324%, 3/15/453,4		49,000		40,550
Series 2013-C15, Cl. D,
4.636%, 8/15/463,4		225,000		190,922
WF-RBS Commercial Mortgage
Trust, Interest-Only
Commercial Mtg. Pass-Through
Certificates, Series
2011-C3, Cl. XA, 1.381%,
3/15/443,5		4,020,665		287,023
				19,620,804
Total Mortgage-Backed
Obligations
(Cost $99,873,452)				100,936,259
U.S. Government Obligations—0.8%
Federal Home Loan Mortgage Corp. Nts.:
0.875%, 10/14/16-3/7/18		581,000		576,336
1.25%, 5/12/17		55,000		55,429
1.375%, 5/1/20		265,000		252,669
1.75%, 5/30/19		80,000		79,615
2.375%, 1/13/229		611,000		596,035
5.50%, 7/18/16		65,000		73,673
Federal National Mortgage Assn. Nts.:
1.125%, 4/27/17		191,000		191,835
1.625%, 11/27/18		135,000		134,632
1.875%, 9/18/18		117,000		118,461
5.375% Nts., 6/12/17		75,000		86,612
Total U.S. Government
Obligations
(Cost $2,183,748)				2,165,297
Non-Convertible Corporate Bonds and
Notes—24.3%
Consumer Discretionary—2.7%
Auto Components—0.3%
Dana Holding Corp., 6.75%
Sr. Unsec. Nts., 2/15/21		439,000		468,633

10    OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
Auto Components Continued
TRW Automotive, Inc., 4.50%
Sr. Unsec. Nts., 3/1/213	$	290,000	$	292,900
				761,533
Automobiles—0.8%
Daimler Finance North America LLC:
1.30% Sr. Unsec. Nts.,
7/31/153		463,000		465,289
8.50% Sr. Unsec. Unsub. Nts.,
1/18/31		252,000		362,648
Ford Motor Credit Co. LLC,
5.875% Sr. Unsec. Unsub.
Nts., 8/2/21		973,000		1,083,706
General Motors Co., 6.25% Sr.
Unsec. Nts., 10/2/433		152,000		149,910
General Motors Financial Co.,
Inc., 4.25% Sr. Unsec. Nts.,
5/15/233		396,000		362,835
				2,424,388
Hotels, Restaurants & Leisure—0.1%
Brinker International, Inc.,
2.60% Sr. Unsec. Nts.,
5/15/18		151,000		150,608
Starwood Hotels & Resorts
Worldwide, Inc., 7.15% Sr.
Unsec. Unsub. Nts., 12/1/19		164,000		200,367
				350,975
Household Durables—0.4%
Jarden Corp., 6.125% Sr.
Unsec. Nts., 11/15/22		438,000		456,068
Lennar Corp., 4.125% Sr.
Unsec. Nts., 12/1/18		470,000		451,200
				907,268
Media—0.6%
Comcast Cable Communications
Holdings, Inc., 9.455% Sr.
Unsec. Nts., 11/15/22		205,000		289,580
Comcast Corp., 4.65% Sr.
Unsec. Unsub. Nts., 7/15/42		353,000		336,928
Historic TW, Inc., 9.15%
Debs., 2/1/23		38,000		50,454

	Principal Amount		Value
Media Continued
Interpublic Group of Cos., Inc.
(The), 6.25% Sr. Unsec. Nts.,
11/15/14		$155,000	$	162,750
Lamar Media Corp., 5% Sr.
Unsec. Sub. Nts., 5/1/23		496,000		462,520
News America, Inc., 6.15% Sr.
Unsec. Nts., 2/15/41		168,000		185,688
Time Warner Entertainment
Co. LP, 8.375% Sr. Unsec.
Nts., 7/15/33		276,000		301,613
				1,789,533
Multiline Retail—0.3%
Dollar General Corp., 4.125%
Sr. Unsec. Nts., 7/15/17		498,000		529,811
Macy’s Retail Holdings, Inc.,
5.75% Sr. Unsec. Nts.,
7/15/14		414,000		430,035
				959,846
Specialty Retail—0.1%
Rent-A-Center, Inc., 4.75% Sr.
Unsec. Nts., 5/1/213		480,000		448,800
Textiles, Apparel & Luxury Goods—0.1%
PVH Corp., 4.50% Sr. Unsec.
Unsub. Nts., 12/15/22		472,000		448,400
Consumer Staples—1.4%
Beverages—0.5%
Anheuser-Busch InBev
Worldwide, Inc., 8.20% Sr.
Unsec. Unsub. Nts., 1/15/39		366,000		540,110
Constellation Brands, Inc.,
3.75% Sr. Unsec. Nts., 5/1/21		472,000		437,190
Foster’s Finance Corp.,
4.875% Sr. Unsec. Nts.,
10/1/143		270,000		280,943
SABMiller Holdings, Inc.,
4.95% Sr. Unsec. Unsub. Nts.,
1/15/423		235,000		235,058
				1,493,301

11     OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
Food & Staples Retailing—0.3%
Delhaize Group SA, 5.70% Sr.
Unsec. Nts., 10/1/40	$	245,000	$	240,110
Safeway, Inc., 5.625% Sr.
Unsec. Nts., 8/15/14		258,000		268,737
Wal-Mart Stores, Inc., 4% Sr.
Unsec. Unsub. Nts., 4/11/43		228,000		204,065
				712,912
Food Products—0.2%
Bunge Ltd. Finance Corp.:
5.10% Sr. Unsec. Unsub. Nts.,
7/15/15		381,000		405,765
5.35% Sr. Unsec. Unsub. Nts.,
4/15/14		34,000		34,808
8.50% Sr. Unsec. Nts.,
6/15/19		270,000		336,663
				777,236
Personal Products—0.2%
Avon Products, Inc., 5% Sr.
Unsec. Nts., 3/15/23		496,000		500,197
Tobacco—0.2%
Altria Group, Inc., 10.20% Sr.
Unsec. Nts., 2/6/39		250,000		382,329
Lorillard Tobacco Co., 3.75%
Sr. Unsec. Nts., 5/20/23		269,000		247,669
				629,998
Energy—3.8%
Energy Equipment & Services—0.5%
Ensco plc, 4.70% Sr. Unsec.
Nts., 3/15/21		532,000		565,757
Noble Holding International
Ltd., 7.375% Sr. Unsec. Nts.,
3/15/14		276,000		283,918
Rowan Cos., Inc., 4.875% Sr.
Unsec. Unsub. Nts., 6/1/22		349,000		360,873
Weatherford International Ltd.
Bermuda, 4.50% Sr. Unsec.
Unsub. Nts., 4/15/22		251,000		248,948
				1,459,496

	Principal Amount		Value
Oil, Gas & Consumable Fuels—3.3%
Anadarko Petroleum Corp.:
6.20% Sr. Unsec. Nts.,
3/15/40	$	172,000	$	193,405
7.625% Sr. Unsec. Nts.,
3/15/14		206,000		212,248
Buckeye Partners LP, 4.15%
Sr. Unsec. Nts., 7/1/23		265,000		259,224
Canadian Oil Sands Ltd., 6%
Sr. Unsec. Nts., 4/1/423		206,000		211,771
Cimarex Energy Co., 5.875%
Sr. Unsec. Unsub. Nts., 5/1/22		472,000		479,080
CNOOC Finance 2013 Ltd.,
4.25% Sr. Unsec. Unsub. Nts.,
5/9/43		164,000		140,855
Continental Resources, Inc.,
4.50% Sr. Unsec. Nts.,
4/15/23		509,000		502,001
Copano Energy LLC/Copano
Energy Finance Corp., 7.125%
Sr. Unsec. Unsub. Nts., 4/1/21		657,000		752,794
DCP Midstream LLC:
5.375% Sr. Unsec. Nts.,
10/15/153		342,000		367,400
5.85% Jr. Sub. Nts.,
5/21/433,4		486,000		447,120
DCP Midstream Operating LP:
2.50% Sr. Unsec. Unsub. Nts.,
12/1/17		405,000		401,671
3.875% Sr. Unsec. Nts.,
3/15/23		237,000		216,158
Enbridge Energy Partners LP,
5.35% Sr. Unsec. Nts.,
12/15/14		209,000		220,213
EnCana Holdings Finance
Corp., 5.80% Sr. Unsec.
Unsub. Nts., 5/1/14		139,000		143,053
Energy Transfer Partners LP:
4.65% Sr. Unsec. Unsub. Nts., 6/1/21		396,000		407,373
5.20% Sr. Unsec. Unsub. Nts., 2/1/22		92,000		96,914
8.50% Sr. Unsec. Nts., 4/15/14		180,000		186,958
Range Resources Corp., 5.75% Sr. Unsec. Sub. Nts., 6/1/21		435,000		458,925

12     OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
Oil, Gas & Consumable Fuels Continued
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/143	$	291,000	$	304,095
Rockies Express Pipeline LLC, 3.90% Sr. Unsec. Unsub. Nts., 4/15/153		454,000		454,000
Southwestern Energy Co., 4.10% Sr. Unsec. Nts., 3/15/22		255,000		255,596
Spectra Energy Partners LP: 4.60% Sr. Unsec. Nts., 6/15/21		277,000		286,480
4.75% Sr. Unsec. Nts., 3/15/24		229,000		236,553
Talisman Energy, Inc.: 5.125% Sr. Unsec. Nts., 5/15/15		222,000		235,171
6.25% Sr. Unsec. Unsub. Nts., 2/1/38		138,000		140,277
Whiting Petroleum Corp., 5.75% Sr. Unsec. Nts., 3/15/213		465,000		476,625
Williams Cos., Inc. (The), 3.70% Sr. Unsec. Unsub. Nts., 1/15/23		253,000		229,028
Woodside Finance Ltd.: 4.60% Sr. Unsec. Unsub. Nts., 5/10/213		372,000		394,333
5.00% Sr. Unsec. Nts., 11/15/133		476,000		478,197
				9,187,518
Financials—8.5%
Capital Markets—1.6%
Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/193		614,000		723,854
Carlyle Holdings II Finance LLC, 5.625% Sr. Sec. Nts., 3/30/433		243,000		226,575
Deutsche Bank AG, 4.296% Jr. Sub. Nts., 5/24/284		484,000		438,152
Goldman Sachs Capital I, 6.345% Sub. Nts., 2/15/34		469,000		455,267
Goldman Sachs Group, Inc. (The), 2.90% Sr. Unsec. Nts., 7/19/18		814,000		821,631
Macquarie Bank Ltd., 6.625% Unsec. Sub. Nts., 4/7/213		736,000		803,918

	Principal Amount		Value
Capital Markets Continued
Nomura Holdings, Inc., 2% Sr. Unsec. Nts., 9/13/16		$890,000	$	893,528
Raymond James Financial, Inc., 5.625% Sr. Unsec. Unsub. Nts., 4/1/24		265,000		276,487
				4,639,412
Commercial Banks—3.0%
Abbey National Treasury Services plc, 3.05% Sr. Unsec. Nts., 8/23/18		365,000		371,316
Amsouth Bank NA, 5.20% Sub. Nts., 4/1/15		276,000		290,801
Barclays Bank plc, 5.14% Sub. Nts., 10/14/20		460,000		481,327
BPCE SA, 1.70% Sr. Unsec. Nts., 4/25/16		749,000		753,007
CIT Group, Inc., 5% Sr. Unsec. Nts., 8/1/23		485,000		470,656
Commerzbank AG, 8.125% Sub. Nts., 9/19/233		458,000		468,305
Fifth Third Capital Trust IV, 6.50% Jr. Sub. Nts., 4/15/374		721,000		720,099
HSBC Finance Capital Trust IX, 5.911% Unsec. Sub. Nts., 11/30/354		1,120,000		1,148,000
LBG Capital No. 1 plc, 7.875% Unsec. Sub. Nts., 11/1/203		437,000		467,153
Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/203		365,000		403,619
PNC Financial Services Group, Inc. (The), 4.85% Jr. Sub. Perpetual Bonds4,10		496,000		427,800
Rabobank Capital Funding Trust III, 5.254% Jr. Sub. Perpetual Bonds3,4,10		751,000		766,020
Regions Bank, 7.50% Sub. Nts., 5/15/18		150,000		176,792
Royal Bank of Scotland Group plc, 7.64% Jr. Sub. Perpetual Bonds, Series U4,10		500,000		480,000

13     OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
Commercial Banks Continued
Santander Holdings USA, Inc., 3.45% Sr. Unsec. Nts., 8/27/18	$	166,000	$	169,760
Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K4,10		578,000		638,690
				8,233,345
Consumer Finance—0.5%
Ally Financial, Inc., 4.75% Sr. Unsec. Nts., 9/10/18		455,000		453,555
Discover Financial Services, 3.85% Sr. Unsec. Unsub. Nts., 11/21/22		552,000		527,870
National Rural Utilities Cooperative Finance Corp., 4.75% Sr. Unsec. Sub. Nts., 4/30/434		251,000		232,803
				1,214,228
Diversified Financial Services—1.3%
Bank of America Corp., 5.20% Jr. Sub. Perpetual Bonds4,10		246,000		216,480
Citigroup, Inc., 6.675% Sub. Nts., 9/13/43		405,000		437,554
CME Group, Inc., 5.30% Sr. Unsec. Nts., 9/15/43		243,000		251,568
ING Bank NV, 5.80% Sub. Nts., 9/25/233		371,000		375,567
ING US, Inc., 5.65% Jr. Sub. Nts., 5/15/534		495,000		454,227
Jefferies Group LLC, 5.125% Sr. Unsec. Nts., 1/20/23		249,000		251,517
JPMorgan Chase & Co., 7.90% Jr. Sub. Perpetual Bonds, Series 14,10		893,000		969,837
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Nts., 5/14/38		404,000		501,715
MidAmerican Energy Co., 4.80% Sec. Nts., 9/15/43		180,000		183,520
				3,641,985
Insurance—1.6%
Allstate Corp. (The), 5.75% Sub. Nts., 8/15/534		470,000		459,131

	Principal Amount		Value
Insurance Continued
CNA Financial Corp.: 5.75% Sr. Unsec. Unsub. Nts., 8/15/21	$	480,000	$	541,827
5.875% Sr. Unsec. Unsub. Nts., 8/15/20		169,000		195,235
Gulf South Pipeline Co. LP, 5.05% Sr. Unsec. Nts., 2/1/153		260,000		272,451
Liberty Mutual Group, Inc., 4.25% Sr. Unsec. Nts., 6/15/233		380,000		371,504
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Nts., 4/20/674		811,000		798,835
Marsh & McLennan Cos., Inc., 5.375% Sr. Unsec. Nts., 7/15/14		64,000		66,328
Prudential Financial, Inc., 5.20% Jr. Sub. Nts., 3/15/444		331,000		301,872
QBE Insurance Group Ltd., 2.40% Sr. Unsec. Nts., 5/1/183		575,000		560,902
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds3,4,10		780,000		819,151
				4,387,236
Real Estate Investment Trusts (REITs)—0.5%
American Tower Corp.: 5.05% Sr. Unsec. Unsub. Nts., 9/1/20		285,000		296,153
7.00% Sr. Unsec. Nts., 10/15/17		294,000		338,844
Corrections Corp. of America, 4.125% Sr. Unsec. Nts., 4/1/20		110,000		104,775
Hospitality Properties Trust, 5.125% Sr. Unsec. Nts., 2/15/15		262,000		270,314
Host Hotels & Resorts LP, 3.75% Sr. Unsec. Nts., 10/15/23		328,000		304,370
National Retail Properties, Inc., 6.25% Sr. Unsec. Nts., 6/15/14		211,000		218,544
				1,533,000
Health Care—0.9%
Biotechnology—0.3%
Celgene Corp., 3.25% Sr. Unsec. Nts., 8/15/22		522,000		496,123

14     OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
Biotechnology Continued
Gilead Sciences, Inc., 5.65% Sr. Unsec. Unsub. Nts., 12/1/41	$	247,000	$	274,161
				770,284
Health Care Equipment & Supplies—0.2%
Boston Scientific Corp., 4.125% Sr. Unsec. Nts., 10/1/23		465,000		463,373
Health Care Providers & Services—0.1%
McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41		183,000		213,238
Pharmaceuticals—0.3%
Hospira, Inc., 5.20% Sr. Unsec. Nts., 8/12/20		441,000		449,454
Mallinckrodt International Finance SA, 3.50% Sr. Unsec. Unsub. Nts., 4/15/183		218,000		214,764
Zoetis, Inc., 1.875% Sr. Unsec. Nts., 2/1/183		158,000		156,601
				820,819
Industrials—1.7%
Aerospace & Defense—0.3%
B/E Aerospace, Inc., 5.25% Sr. Unsec. Nts., 4/1/22		444,000		442,890
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21		430,000		465,475
				908,365
Building Products—0.1%
Owens Corning, 4.20% Sr. Unsec. Nts., 12/15/22		368,000		359,825
Commercial Services & Supplies—0.2%
Clean Harbors, Inc., 5.25% Sr. Unsec. Unsub. Nts., 8/1/20		468,000		465,660
Industrial Conglomerates—0.2%
General Electric Capital Corp., 5.25% Jr. Sub. Perpetual Bonds4,10		500,000		464,750

	Principal Amount		Value
Machinery—0.3%
Ingersoll-Rand Global Holding Co. Ltd., 4.25% Sr. Unsec. Nts., 6/15/233	$	643,000	$	640,098
Starwood Hotels & Resorts Worldwide, Inc., 7.375% Sr. Unsec. Nts., 11/15/15		172,000		193,180
				833,278
Professional Services—0.2%
Nielsen Finance LLC/Nielsen Finance Co., 4.50% Sr. Unsec. Nts., 10/1/20		470,000		454,725
Road & Rail—0.2%
Kansas City Southern Railway, 4.30% Sr. Unsec. Nts., 5/15/433		117,000		103,947
Penske Truck Leasing Co. LP/PTL Finance Corp.: 2.50% Sr. Unsec. Nts., 7/11/143		289,000		292,284
4.25% Sr. Unsec. Nts., 1/17/233		250,000		243,675
				639,906
Trading Companies & Distributors—0.2%
International Lease Finance Corp., 5.875% Sr. Unsec. Unsub. Nts., 4/1/19		437,000		457,256
Information Technology—1.0%
Computers & Peripherals—0.3%
Hewlett-Packard Co.: 2.65% Sr. Unsec. Unsub. Nts., 6/1/16		868,000		890,707
4.75% Sr. Unsec. Nts., 6/2/14		144,000		147,810
				1,038,517
Electronic Equipment, Instruments, & Components—0.4%
Amphenol Corp., 4.75% Sr. Unsec. Nts., 11/15/14		79,000		82,438
Arrow Electronics, Inc., 5.125% Sr. Unsec. Unsub. Nts., 3/1/21		525,000		545,907
Avnet, Inc., 4.875% Sr. Unsec. Unsub. Nts., 12/1/22		550,000		555,563
				1,183,908

15     OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
IT Services—0.1%
Fidelity National Information Services, Inc., 3.50% Sr. Unsec. Nts., 4/15/23	$	244,000	$	220,014
Office Electronics—0.2%
Xerox Corp., 4.25% Sr. Unsec. Nts., 2/15/15		449,000		468,342
Materials—1.6%
Chemicals—0.4%
LYB International Finance BV, 5.25% Sr. Unsec. Nts., 7/15/43		144,000		142,111
Rockwood Specialties Group, Inc., 4.625% Sr. Unsec. Nts., 10/15/20		450,000		454,500
RPM International, Inc., 3.45% Sr. Unsec. Unsub. Nts., 11/15/22		234,000		219,344
Sherwin-Williams Co. (The), 4% Sr. Unsec. Unsub. Nts., 12/15/42		268,000		236,495
				1,052,450
Containers & Packaging—0.3%
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25% Sr. Unsec. Nts., 2/1/21		428,000		449,400
Rock Tenn Co., 3.50% Sr. Unsec. Unsub. Nts., 3/1/20		464,000		459,604
				909,004
Metals & Mining—0.7%
Allegheny Technologies, Inc., 5.95% Sr. Unsec. Unsub. Nts., 1/15/21		282,000		296,637
Barrick Gold Corp., 3.85% Sr. Unsec. Nts., 4/1/22		220,000		194,909
Carpenter Technology Corp., 4.45% Sr. Unsec. Unsub. Nts., 3/1/23		159,000		156,155
Cliffs Natural Resources, Inc., 3.95% Sr. Unsec. Unsub. Nts., 1/15/18		440,000		442,398
Freeport-McMoRan Copper & Gold, Inc.: 1.40% Sr. Unsec. Nts., 2/13/15		464,000		465,399
3.875% Sr. Unsec. Nts., 3/15/233		485,000		448,203

	Principal Amount		Value
Metals & Mining Continued
Glencore Canada Corp.: 5.375% Sr. Unsec. Unsub. Nts., 6/1/15	$	135,000	$	142,300
6.00% Sr. Unsec. Unsub. Nts., 10/15/15		264,000		284,850
				2,430,851
Paper & Forest Products—0.2%
Georgia-Pacific LLC, 3.734% Sr. Unsec. Nts., 7/15/233		350,000		342,032
International Paper Co., 6% Sr. Unsec. Unsub. Nts., 11/15/41		362,000		388,180
				730,212
Telecommunication Services—1.7%
Diversified Telecommunication Services—1.5%
AT&T, Inc., 6.30% Sr. Unsec. Unsub. Nts., 1/15/38		377,000		408,707
British Telecommunications plc, 9.625% Sr. Unsec. Nts., 12/15/30		293,000		434,910
CenturyLink, Inc., 5.625% Sr. Unsec. Unsub. Nts., 4/1/20		436,000		427,825
Frontier Communications Corp., 8.50% Sr. Unsec. Nts., 4/15/20		405,000		449,550
Koninklijke KPN NV, 7% Sr. Sub. Nts., 3/28/733,4		451,000		454,417
MetroPCS Wireless, Inc., 6.25% Sr. Unsec. Unsub. Nts., 4/1/213		455,000		458,981
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		405,000		391,808
Telefonica Emisiones SAU, 7.045% Sr. Unsec. Unsub. Nts., 6/20/36		288,000		307,088
Verizon Communications, Inc.: 6.40% Sr. Unsec. Nts., 2/15/38		223,000		246,294
6.55% Sr. Unsec. Nts., 9/15/43		691,000		782,721
				4,362,301
Wireless Telecommunication Services—0.2%
America Movil SAB de CV, 4.375% Sr. Unsec. Unsub. Nts., 7/16/42		361,000		297,570

16     OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Principal Amount		Value
Wireless Telecommunication Services Continued
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.849% Sr. Sec. Nts., 4/15/23	$	255,000	$	230,487
Rogers Communications, Inc., 5.45% Sr. Unsec. Nts., 10/1/438		134,000		133,276
Vodafone Group plc, 4.375% Sr. Unsec. Unsub. Nts., 2/19/43		142,000		123,913
				785,246
Utilities—1.0%
Electric Utilities—0.8%
Edison International, 3.75% Sr. Unsec. Unsub. Nts., 9/15/17		491,000		520,407
Electricite de France SA, 5.25% Jr. Sub. Perpetual Bonds3,4,10		390,000		369,567
Exelon Generation Co. LLC, 4.25% Sr. Unsec. Unsub. Nts., 6/15/22		257,000		253,552
ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		203,000		200,947
Jersey Central Power & Light Co., 4.70% Sr. Unsec. Nts., 4/1/243		237,000		240,570
PPL Capital Funding, Inc., 3.50% Sr. Unsec. Unsub. Nts., 12/1/22		223,000		211,437
PPL WEM Holdings plc, 5.375% Sr. Unsec. Unsub. Nts., 5/1/213		290,000		316,097
				2,112,577

	Principal Amount			Value
Energy Traders—0.1%
TransAlta Corp., 5.75% Sr. Unsec. Nts., 12/15/13		$316,000		$	318,940
Multi-Utilities—0.1%
CMS Energy Corp., 5.05% Sr. Unsec. Unsub. Nts., 3/15/22		172,000			184,640
Total Non-Convertible Corporate Bonds and Notes (Cost $69,219,281)					69,149,088
	Shares
Investment Company—7.0%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.09%11,12
(Cost $19,917,607)		19,917,607			19,917,607
Total Investments, at Value (Cost $305,268,554)		111.1	%		315,518,536
Liabilities in Excess of Other Assets		(11.1)			(31,443,066)
Net Assets		100.0	%	$	284,075,470

17     OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Footnotes to Statement of Investments

1. Non-income producing security.

2. Restricted security. The aggregate value of restricted securities as of September 30, 2013 was $728,536, which represents 0.26% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost		Value		Unrealized   Appreciation
Ally Auto Receivables Trust, Series 2012-A, Cl. D, 3.15%, 10/15/18		5/3/13	$	515,471	$	519,531	$	4,060
Morgan Stanley Reremic Trust, Collateralized Mtg. Obligations, Series 2012-R3, Cl. 1B, 2.346%, 11/26/36		10/24/12		130,279		142,239		11,960
Santander Drive Auto Receivables Trust, Series 2011-S2A, Cl. D, 3.35%, 6/15/17		5/19/11-4/9/13		66,571		66,766		195
			$	712,321	$	728,536	$	16,215

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 $29,395,260 or 10.35% of the Fund’s net assets as of September 30, 2013.

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

5. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $2,662,547 or 0.94% of the Fund’s net assets as of September 30, 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 $143,172 or 0.05% of the Fund’s net assets as of September 30, 2013.

8. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after September 30, 2013. 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 $596,035. See accompanying Notes.

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

11. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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     September 30, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		19,691,265		42,627,851		42,401,509		19,917,607
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	19,917,607	$	19,689

12. Rate shown is the 7-day yield as of September 30, 2013.

18     OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Footnotes to Statement of Investments Continued

Futures Contracts as of September 30, 2013:
Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts		Unrealized Appreciation (Depreciation)
U.S. Treasury Long Bonds		CBT		Buy		12/19/13		27	$	97,972
U.S. Treasury Nts., 2 yr.		CBT		Sell		12/31/13		16		(1,377)
U.S. Treasury Nts., 5 yr.		CBT		Sell		12/31/13		76		(94,383)
U.S. Treasury Nts., 10 yr.		CBT		Sell		12/19/13		23		(5,025)
U.S. Treasury Ultra Bonds		CBT		Buy		12/19/13		34		146,989
									$	144,176

Glossary:

Exchange Abbreviations

CBT Chicago Board of Trade

19    OPPENHEIMER CAPITAL INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited

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

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

As of September 30, 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		$89,002,011
Sold securities		23,624,580

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.

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 New York Stock Exchange (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.

20    OPPENHEIMER CAPITAL INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

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 he 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

21    OPPENHEIMER CAPITAL INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (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.

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.

22    OPPENHEIMER CAPITAL INCOME 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.)

23    OPPENHEIMER CAPITAL INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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

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

The table below categorizes amounts as of September 30, 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	$	11,743,793	$	—	$	—	$	11,743,793
Consumer Staples		6,784,812		2,307,250		—		9,092,062
Energy		9,977,713		—		—		9,977,713
Financials		17,824,322		—		—		17,824,322
Health Care		12,585,092		—		—		12,585,092
Industrials		12,516,967		—		—		12,516,967
Information Technology		17,037,505		—		—		17,037,505
Materials		4,108,487		—		—		4,108,487
Telecommunication Services		1,976		—		—		1,976
Utilities		968,042		—		—		968,042
Asset-Backed Securities		—		27,494,326		—		27,494,326
Mortgage-Backed Obligations		—		100,936,259		—		100,936,259
U.S. Government Obligations		—		2,165,297		—		2,165,297
Investment Company		19,917,607		—		—		19,917,607
Non-Convertible Corporate Bonds and Notes		—		69,149,088		—		69,149,088
Total Investments, at Value		113,466,316		202,052,220		—		315,518,536
Other Financial Instruments:
Variation margin receivable		18		—		—		18
Total Assets	$	113,466,334	$	202,052,220	$	—	$	315,518,554
Liabilities Table
Other Financial Instruments:
Variation margin payable	$	(13,687)	$	—	$	—	$	(13,687)
Total Liabilities	$	(13,687)	$	—	$	—	$	(13,687)

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.

24    OPPENHEIMER CAPITAL INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments

The Fund’s investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance 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. These instruments 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. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

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.

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 due to unanticipated changes in the market risk factors and the overall market. 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. In instances

25    OPPENHEIMER CAPITAL INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments (Continued)

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. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

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.

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

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, 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 and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

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 in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to satisfy the Fund’s payment obligations.

Futures contracts are reported on a schedule following the Statement of Investments. Securities held by a futures commission merchant to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by a futures commission merchant 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.

26    OPPENHEIMER CAPITAL INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments (Continued)

During the period ended September 30, 2013, the Fund had an ending monthly average market value of $15,254,758 and $16,346,628 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.

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, the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction (“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of the venue of their execution, are required to be cleared through a clearinghouse (“cleared swaps”). Swap contracts may include interest rate, equity, debt, index, total return, credit default, currency, and volatility swaps.

Swap contracts are reported on a schedule following the Statement of Investments. Daily changes in the value of cleared swaps are reported as variation margin receivable or payable on the Statement of Assets and Liabilities in the annual and semiannual reports. The values of OTC 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. 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, if any, at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports.

Swap contract agreements are exposed to the market risk factor of the specific underlying reference rate or 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 have embedded leverage, they can expose the Fund to substantial risk in the isolated market risk factor.

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

27    OPPENHEIMER CAPITAL INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments (Continued)

The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of 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 swap less the market value of specified debt securities issued by the reference asset. Upon exercise of the contract the difference between such value 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 purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual issuers and/or indexes of issuers.

For the period ended September 30, 2013, the Fund had ending monthly average notional amounts of $840,000 on credit default swaps to buy protection.

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

As of September 30, 2013 the Fund had no such credit default swap agreements outstanding.

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities in the annual and semiannual reports. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for cleared swaps.

28    OPPENHEIMER CAPITAL INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments (Continued)

With respect to cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Statement of Assets and Liabilities in the annual and semiannual reports as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

Restricted Securities

As of September 30, 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 September 30, 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	$	305,316,570
Federal tax cost of other investments		(7,342,661)
Total federal tax cost	$	297,973,909
Gross unrealized appreciation	$	14,676,269
Gross unrealized depreciation		(4,330,127)
Net unrealized appreciation	$	10,346,142

29    OPPENHEIMER CAPITAL INCOME FUND/VA

 STATEMENT OF INVESTMENTS    September 30, 2013 / Unaudited

	Shares		Value
Common Stocks—99.4%
Consumer Discretionary—19.4%
Hotels, Restaurants & Leisure—1.9%
Panera Bread Co., Cl. A1	55,300	$	8,766,709
Yum! Brands, Inc.	129,100		9,216,449
			17,983,158
Internet & Catalog Retail—3.2%
Amazon.com, Inc.1	64,394		20,132,140
TripAdvisor, Inc.1	133,660		10,136,774
			30,268,914
Media—4.6%
Twenty-First Century Fox, Inc., Cl. B	569,760		19,029,984
Walt Disney Co. (The)	386,160		24,903,458
			43,933,442
Specialty Retail—6.3%
Home Depot, Inc. (The)	219,390		16,640,732
O’Reilly Automotive, Inc.1	99,700		12,720,723
Tiffany & Co.	131,830		10,100,815
TJX Cos., Inc. (The)	328,410		18,519,040
			57,981,310
Textiles, Apparel & Luxury Goods—3.4%
Nike, Inc., Cl. B	258,560		18,781,798
Ralph Lauren Corp., Cl. A	53,890		8,877,300
VF Corp.	25,280		5,031,984
			32,691,082
Consumer Staples—7.2%
Beverages—2.6%
Brown-Forman Corp., Cl. B	144,325		9,832,862
SABMiller plc	294,910		15,033,339
			24,866,201
Food & Staples Retailing—3.0%
Costco Wholesale Corp.	130,700		15,046,184
CVS Caremark Corp.	236,980		13,448,615
			28,494,799
Food Products—1.6%
Hershey Co. (The)	39,600		3,663,000
J.M. Smucker Co. (The)	106,260		11,161,550
			14,824,550
Energy—5.2%
Energy Equipment & Services—2.3%
Halliburton Co.	214,220		10,314,693
Oceaneering International, Inc.	137,510		11,171,312
			21,486,005

	Shares		Value
Oil, Gas & Consumable Fuels—2.9%
Cabot Oil & Gas Corp.	266,010	$	9,927,493
Noble Energy, Inc.	116,990		7,839,500
Pioneer Natural Resources Co.	51,010		9,630,688
			27,397,681
Financials—3.7%
Capital Markets—3.7%
Ameriprise Financial, Inc.	110,850		10,096,218
Charles Schwab Corp. (The)	502,080		10,613,971
Goldman Sachs Group, Inc. (The)	45,060		7,128,943
Northern Trust Corp.	113,230		6,158,580
			33,997,712
Health Care—18.1%
Biotechnology—9.6%
Amgen, Inc.	92,330		10,335,420
Biogen Idec, Inc.1	98,730		23,770,235
Celgene Corp.1	118,707		18,272,569
Gilead Sciences, Inc.1	397,460		24,976,386
Vertex Pharmaceuticals, Inc.1	174,170		13,205,569
			90,560,179
Health Care Equipment & Supplies—1.7%
Becton Dickinson & Co.	37,090		3,709,742
Medtronic, Inc.	222,000		11,821,500
			15,531,242
Health Care Providers & Services—1.0%
UnitedHealth Group, Inc.	134,670		9,643,719
Health Care Technology—1.6%
Cerner Corp.1	280,740		14,752,887
Pharmaceuticals—4.2%
Bristol-Myers Squibb Co.	356,920		16,518,258
Novo Nordisk AS, Cl. B	35,138		5,956,876
Perrigo Co.	31,370		3,870,431
Roche Holding AG	47,772		12,886,865
			39,232,430
Industrials—10.7%
Aerospace & Defense—4.0%
B/E Aerospace, Inc.1	136,960		10,110,387
Honeywell International, Inc.	165,300		13,726,512
Precision Castparts Corp.	56,020		12,729,985
			36,566,884

1    OPPENHEIMER CAPITAL APPRECIATION FUND/VA

 STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares		Value
Building Products—0.7%
Fortune Brands Home & Security, Inc.		160,650	$	6,687,860
Electrical Equipment—0.7%
AMETEK, Inc.		135,640		6,242,153
Machinery—1.6%
Ingersoll-Rand plc		228,060		14,810,216
Road & Rail—2.6%
J.B. Hunt Transport Services, Inc.		141,810		10,342,203
Kansas City Southern		86,620		9,472,763
Union Pacific Corp.		29,640		4,604,278
				24,419,244
Trading Companies & Distributors—1.1%
United Rentals, Inc.1		172,670		10,064,934
Information Technology—31.3%
Communications Equipment—2.0%
Cisco Systems, Inc.		675,890		15,829,344
QUALCOMM, Inc.		41,490		2,794,766
				18,624,110
Computers & Peripherals—9.4%
Apple, Inc.		119,680		57,057,440
EMC Corp.		834,600		21,332,376
Western Digital Corp.		152,790		9,686,886
				88,076,702
Internet Software & Services—9.4%
eBay, Inc.1		328,660		18,335,941
Facebook, Inc., Cl. A1		363,340		18,254,202
Google, Inc., Cl. A1		43,920		38,469,967
LinkedIn Corp., Cl. A1		57,470		14,141,068
				89,201,178
IT Services—4.9%
Mastercard, Inc., Cl. A		25,140		16,913,689
Teradata Corp.1		263,190		14,591,254
Visa, Inc., Cl. A		79,907		15,270,228
				46,775,171

	Shares		Value
Semiconductors & Semiconductor Equipment—1.4%
Xilinx, Inc.		284,770	$	13,344,322
Software—4.2%
Autodesk, Inc.1		313,550		12,908,853
Citrix Systems, Inc.1		132,760		9,374,184
Salesforce.com, Inc.1		325,160		16,879,056
				39,162,093
Materials—3.8%
Chemicals—2.5%
Ecolab, Inc.		77,240		7,628,222
PPG Industries, Inc.		95,900		16,021,054
				23,649,276
Containers & Packaging—1.3%
Crown Holdings, Inc.1		297,660		12,585,065
Total Common Stocks (Cost $664,110,986)				933,854,519
Investment Company—0.9%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.09%2,3 (Cost $8,563,475)		8,563,475		8,563,475
Total Investments, at Value (Cost $672,674,461)		100.3%		942,417,994
Liabilities in Excess of Other Assets		(0.3)		(3,249,541)
Net Assets		100.0%	$	939,168,453

2    OPPENHEIMER CAPITAL APPRECIATION FUND/VA

 STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Footnotes to Statement of Investments

1. Non-income producing security.

2. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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   September 30, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		11,345,499		129,930,197		132,712,221		8,563,475
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	8,563,475	$	7,785

3. Rate shown is the 7-day yield as of September 30, 2013.

3    OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is 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 New York Stock Exchange (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

4    OPPENHEIMER CAPITAL APPRECIATION 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

5    OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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 CAPITAL APPRECIATION FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

The table below categorizes amounts as of September 30, 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	$	182,857,906	$	—	$	—	$	182,857,906
Consumer Staples		53,152,211		15,033,339		—		68,185,550
Energy		48,883,686		—		—		48,883,686
Financials		33,997,712		—		—		33,997,712
Health Care		150,876,716		18,843,741		—		169,720,457
Industrials		98,791,291		—		—		98,791,291
Information Technology		295,183,576		—		—		295,183,576
Materials		36,234,341		—		—		36,234,341
Investment Company		8,563,475		—		—		8,563,475
Total Assets	$	908,540,914	$	33,877,080	$	—	$	942,417,994

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 September 30, 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	$	673,436,094
Gross unrealized appreciation	$	275,055,642
Gross unrealized depreciation		(6,073,742)
Net unrealized appreciation	$	268,981,900

7    OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF INVESTMENTS September 30, 2013 / Unaudited

	Principal Amount		Value
Asset-Backed Securities—14.9%
Auto Loan—14.6%
American Credit Acceptance Receivables Trust:
Series 2012-2, Cl. A, 1.89%, 7/15/161	$	233,153	$	233,753
Series 2012-3, Cl. A, 1.64%, 11/15/161		108,653		108,589
Series 2012-3, Cl. C, 2.78%, 9/17/181		90,000		89,861
Series 2013-2, Cl. B, 2.84%, 5/15/191		381,000		381,967
AmeriCredit Automobile Receivables Trust:
Series 2010-2, Cl. C, 4.52%, 10/8/15		309,079		312,475
Series 2010-2, Cl. D, 6.24%, 6/8/16		275,000		287,200
Series 2011-1, Cl. D, 4.26%, 2/8/17		120,000		125,140
Series 2011-2, Cl. D, 4.00%, 5/8/17		525,000		544,810
Series 2011-4, Cl. D, 4.08%, 9/8/17		650,000		676,163
Series 2011-5, Cl. D, 5.05%, 12/8/17		435,000		466,309
Series 2012-1, Cl. D, 4.72%, 3/8/18		155,000		163,404
Series 2012-2, Cl. B, 1.78%, 3/8/17		345,000		349,158
Series 2012-2, Cl. D, 3.38%, 4/9/18		695,000		713,462
Series 2012-4, Cl. D, 2.68%, 10/9/18		75,000		75,160
Series 2012-5, Cl. C, 1.69%, 11/8/18		255,000		253,471
Series 2012-5, Cl. D, 2.35%, 12/10/18		365,000		363,002
Series 2013-1, Cl. C, 1.57%, 1/8/19		420,000		411,305
Series 2013-1, Cl. D, 2.09%, 2/8/19		295,000		287,677
Series 2013-2, Cl. D, 2.42%, 5/8/19		445,000		436,176
Series 2013-3, Cl. D, 3.00%, 7/8/19		290,000		288,526
Capital Auto Receivables Asset Trust, Series 2013-1, Cl. D, 2.19%, 9/20/21		195,000		190,757
Centre Point Funding LLC, Series 2010-1A, Cl. 1, 5.43%, 7/20/161		57,415		59,625
CFC LLC, Series 2013-1A, Cl. A, 1.65%, 7/17/171		135,810		135,499
CPS Auto Receivables Trust:
Series 2012-B, Cl. A, 2.52%, 9/16/191		378,887		383,541
Series 2012-C, Cl. A, 1.82%, 12/16/191		125,051		125,759
Credit Acceptance Auto Loan Trust:
Series 2012-1A, Cl. A, 2.20%, 9/16/191		260,000		262,487
Series 2012-2A, Cl. A, 1.52%, 3/16/201		155,000		155,524
Series 2012-2A, Cl. B, 2.21%, 9/15/201		80,000		80,435
Series 2013-1A, Cl. B, 1.83%, 4/15/211		235,000		233,287
DT Auto Owner Trust:
Series 2011-1A, Cl. C, 3.05%, 8/17/151		15,138		15,152
Series 2011-3A, Cl. C, 4.03%, 2/15/171		435,000		436,490
Series 2012-2A, Cl. C, 2.72%, 4/17/171		100,000		100,820
Series 2012-2A, Cl. D, 4.35%, 3/15/191		130,000		134,237
Series 2013-1A, Cl. D, 3.74%, 5/15/201		175,000		175,447
Series 2013-2A, Cl. D, 4.18%, 6/15/201		425,000		425,512
Exeter Automobile Receivables Trust:
Series 2012-1A, Cl. A, 2.02%, 8/15/161		302,744		303,920
Series 2012-2A, Cl. A, 1.30%, 6/15/171		138,880		138,808
Series 2012-2A, Cl. B, 2.22%, 12/15/171		205,000		203,467
Series 2012-2A, Cl. C, 3.06%, 7/16/181		35,000		34,338
Series 2013-1A, Cl. A, 1.29%, 10/16/171		282,193		281,735
Series 2013-2A, Cl. C, 4.35%, 1/15/191		405,000		408,658

1 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Auto Loan Continued
First Investors Auto Owner Trust, Series 2012-1A, Cl. D, 5.65%, 4/15/181	$	155,000	$	163,207
Ford Credit Auto Owner Trust, Series 2013-A, Cl. D, 1.86%, 8/15/19		280,000		276,769
Ford Credit Floorplan Master Owner Trust A:
Series 2012-1, Cl. C, 1.682%, 1/15/162		200,000		200,583
Series 2012-2, Cl. C, 2.86%, 1/15/19		295,000		303,578
Series 2013-3, Cl. D, 1.74%, 6/15/17		155,000		155,312
Prestige Auto Receivables Trust, Series 2011-1A, Cl. D, 5.18%, 7/16/181		180,000		186,491
Santander Drive Auto Receivables Trust:
Series 2010-3, Cl. C, 3.06%, 11/15/17		485,000		494,893
Series 2010-B, Cl. C, 3.02%, 10/17/161		348,822		352,319
Series 2011-1, Cl. D, 4.01%, 2/15/17		465,000		481,834
Series 2011-4, Cl. B, 2.90%, 5/16/16		180,000		182,360
Series 2011-S1A, Cl. D, 3.10%, 5/15/171		4,456		4,461
Series 2011-S2A, Cl. D, 3.35%, 6/15/173		60,676		60,937
Series 2012-2, Cl. C, 3.20%, 2/15/18		295,000		303,531
Series 2012-2, Cl. D, 3.87%, 2/15/18		545,000		562,319
Series 2012-3, Cl. C, 3.01%, 4/16/18		190,000		195,119
Series 2012-4, Cl. B, 1.83%, 3/15/17		175,000		176,444
Series 2012-4, Cl. D, 3.50%, 6/15/18		680,000		695,443
Series 2012-5, Cl. C, 2.70%, 8/15/18		670,000		674,637
Series 2012-5, Cl. D, 3.30%, 9/17/18		835,000		850,214
Series 2012-6, Cl. B, 1.33%, 5/15/17		560,000		561,106
Series 2012-6, Cl. D, 2.52%, 9/17/18		880,000		870,690
Series 2012-AA, Cl. D, 2.46%, 12/17/181		75,000		73,679
Series 2013-1, Cl. C, 1.76%, 1/15/19		455,000		447,752
Series 2013-1, Cl. D, 2.27%, 1/15/19		240,000		234,806
Series 2013-2, Cl. D, 2.57%, 3/15/19		325,000		317,915
Series 2013-3, Cl. C, 1.81%, 4/15/19		100,000		98,312
Series 2013-3, Cl. D, 2.42%, 4/15/19		215,000		206,303
Series 2013-4, Cl. D, 3.92%, 1/15/20		110,000		111,430
Series 2013-A, Cl. C, 3.12%, 10/15/191		770,000		792,404
SNAAC Auto Receivables Trust:
Series 2012-1A, Cl. A, 1.78%, 6/15/161		72,805		73,009
Series 2012-1A, Cl. C, 4.38%, 6/15/171		165,000		168,895
Series 2013-1A, Cl. B, 2.09%, 7/16/181		130,000		129,503
Series 2013-1A, Cl. C, 3.07%, 8/15/181		145,000		144,080
United Auto Credit Securitization Trust:
Series 2012-1, Cl. A2, 1.10%, 3/16/151		78,395		78,392
Series 2012-1, Cl. B, 1.87%, 9/15/151		265,000		264,943
Series 2012-1, Cl. C, 2.52%, 3/15/161		190,000		189,896
Series 2012-1, Cl. D, 3.12%, 3/15/181		135,000		134,921
Series 2013-1, Cl. B, 1.74%, 4/15/161		230,000		229,638
Series 2013-1, Cl. C, 2.22%, 12/15/171		145,000		144,705
Series 2013-1, Cl. D, 2.90%, 12/15/171		30,000		29,939
Westlake Automobile Receivables Trust:
Series 2012-1A, Cl. A2, 1.03%, 3/15/161		97,156		97,248
Series 2013-1A, Cl. A2, 1.12%, 1/15/181		370,000		370,187
				22,943,310

2 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Equipment—0.1%
FRS I LLC, Series 2013-1A, Cl. A1, 1.80%, 4/15/431	$	107,581	$	107,053
Receivables: Other—0.2%
AmeriCredit Automobile Receivables Trust, Series 2010-1, Cl. D, 6.65%, 7/17/17		300,000		311,308
Total Asset-Backed Securities (Cost $23,332,416)				23,361,671
Mortgage-Backed Obligations—58.3%
Government Agency—45.1%
FHLMC/FNMA/FHLB/Sponsored—44.9%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		8,532		9,266
5.50%, 9/1/39		800,410		876,518
6.00%, 5/1/18-10/1/29		1,359,683		1,484,998
6.50%, 4/1/18-4/1/34		345,754		388,074
7.00%, 8/1/16-10/1/37		379,207		433,244
8.00%, 4/1/16		69,906		73,168
9.00%, 8/1/22-5/1/25		37,613		42,211
Federal Home Loan Mortgage Corp. Non Gold Pool, 10.50%, 10/1/20		2,002		2,334
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 205, Cl. IO, 15.94%, 9/1/294		12,830		1,951
Series 206, Cl. IO, 0.00%, 12/1/294,5		175,196		26,154
Series 243, Cl. 6, 0.00%, 12/15/324,5		159,441		33,183
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 3.69%, 6/1/266		67,914		63,483
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 151, Cl. F, 9.00%, 5/15/21		8,733		9,747
Series 1674, Cl. Z, 6.75%, 2/15/24		29,493		33,290
Series 2034, Cl. Z, 6.50%, 2/15/28		3,598		4,066
Series 2042, Cl. N, 6.50%, 3/15/28		9,334		10,600
Series 2043, Cl. ZP, 6.50%, 4/15/28		439,815		502,077
Series 2046, Cl. G, 6.50%, 4/15/28		27,143		30,687
Series 2053, Cl. Z, 6.50%, 4/15/28		4,566		5,160
Series 2066, Cl. Z, 6.50%, 6/15/28		471,240		528,965
Series 2195, Cl. LH, 6.50%, 10/15/29		364,808		413,416
Series 2220, Cl. PD, 8.00%, 3/15/30		2,084		2,448
Series 2326, Cl. ZP, 6.50%, 6/15/31		97,325		110,977
Series 2461, Cl. PZ, 6.50%, 6/15/32		463,607		527,826
Series 2470, Cl. LF, 1.182%, 2/15/322		3,537		3,610
Series 2500, Cl. FD, 0.682%, 3/15/322		101,951		102,567
Series 2526, Cl. FE, 0.582%, 6/15/292		135,203		135,479
Series 2538, Cl. F, 0.782%, 12/15/322		390,963		393,805
Series 2551, Cl. FD, 0.582%, 1/15/332		84,695		84,884
Series 2707, Cl. QE, 4.50%, 11/15/18		41,074		43,328
Series 2936, Cl. PE, 5.00%, 2/15/35		69,000		75,375
Series 3025, Cl. SJ, 24.082%, 8/15/352		38,430		60,213
Series 3030, Cl. FL, 0.582%, 9/15/352		5,737		5,734
Series 3822, Cl. JA, 5.00%, 6/15/40		21,285		22,556
Series 3848, Cl. WL, 4.00%, 4/15/40		39,656		42,362
Series 4221, Cl. HJ, 1.50%, 7/15/23		104,997		104,411

3 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2074, Cl. S, 55.51%, 7/17/284	$	2,731	$	569
Series 2079, Cl. S, 59.73%, 7/17/284		5,029		1,060
Series 2130, Cl. SC, 55.52%, 3/15/294		193,548		37,951
Series 2526, Cl. SE, 34.64%, 6/15/294		6,106		1,258
Series 2796, Cl. SD, 56.23%, 7/15/264		297,582		54,279
Series 2802, Cl. AS,0%, 4/15/334,10		41,640		1,332
Series 2920, Cl. S, 57.71%, 1/15/354		1,109,883		218,239
Series 2922, Cl. SE, 9.39%, 2/15/354		134,173		23,558
Series 3004, Cl. SB, 0.63%, 7/15/354		58,152		10,580
Series 3201, Cl. SG, 7.75%, 8/15/364		328,973		61,521
Series 3397, Cl. GS, 15.49%, 12/15/374		28,221		4,784
Series 3424, Cl. EI, 3.14%, 4/15/384		49,444		6,570
Series 3450, Cl. BI, 14.80%, 5/15/384		729,046		131,769
Series 3606, Cl. SN, 6.77%, 12/15/394		191,462		24,763
Federal National Mortgage Assn. Pool:
2.50%, 10/1/277		2,490,000		2,504,784
2.661%, 10/1/362		130,961		139,063
3.00%, 10/1/267		1,470,000		1,522,369
3.50%, 11/1/27-11/1/427		29,825,000		30,869,387
4.00%, 10/1/28-10/1/427		6,555,000		6,888,156
4.50%, 10/1/22-10/1/427		10,140,000		10,830,551
5.00%, 2/1/22-7/1/22		6,589		7,081
5.00%, 10/25/387		515,000		558,534
5.50%, 2/1/35-5/1/36		349,063		382,107
6.00%, 10/1/437		160,000		175,025
6.50%, 5/1/17-1/1/34		522,594		559,252
7.00%, 11/1/17-7/1/35		234,169		255,263
7.50%, 1/1/33		7,944		9,331
8.50%, 7/1/32		15,613		18,218
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221, Cl. 2, 43.39%, 5/1/234		4,779		713
Series 222, Cl. 2, 25.19%, 6/1/234		494,142		75,003
Series 252, Cl. 2, 41.66%, 11/1/234		464,453		70,768
Series 294, Cl. 2, 15.85%, 2/1/284		51,300		7,695
Series 301, Cl. 2, 4.92%, 4/1/294		4,786		1,022
Series 303, Cl. IO, 9.39%, 11/1/294		86,170		13,049
Series 320, Cl. 2, 10.42%, 4/1/324		347,765		68,806
Series 321, Cl. 2, 5.34%, 4/1/324		993,447		260,661
Series 324, Cl. 2, 3.34%, 7/1/324		9,972		2,612
Series 331, Cl. 5, 0.00%, 2/1/334,5		14,379		2,772
Series 331, Cl. 9, 0.00%, 2/1/334,5		293,251		59,575
Series 334, Cl. 12, 0.00%, 3/1/334,5		24,728		4,624
Series 334, Cl. 17, 6.67%, 2/1/334		203,787		48,012
Series 339, Cl. 12, 0.00%, 6/25/334,5		355,757		60,616
Series 339, Cl. 7, 0.00%, 8/1/334,5		754,531		122,504
Series 343, Cl. 13, 0.00%, 9/1/334,5		334,682		52,855
Series 343, Cl. 18, 0.00%, 5/1/344,5		90,074		13,604
Series 345, Cl. 9, 0.00%, 1/1/344,5		233,125		40,027
Series 351, Cl. 10, 0.00%, 4/1/344,5		120,845		19,234
Series 351, Cl. 8, 0.00%, 4/1/344,5		195,979		31,170

4 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued
Series 356, Cl. 10, 0.00%, 6/1/354,5	$	146,390	$	23,638
Series 356, Cl. 12, 0.00%, 2/1/354,5		72,024		11,623
Series 362, Cl. 13, 0.00%, 8/1/354,5		278,860		47,417
Series 364, Cl. 15, 0.00%, 9/1/354,5		14,449		2,368
Series 364, Cl. 16, 0.00%, 9/1/354,5		293,274		45,740
Series 365, Cl. 16, 0.00%, 3/1/364,5		461,970		85,651
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1989-17, Cl. E, 10.40%, 4/25/19		898		909
Series 1993-87, Cl. Z, 6.50%, 6/25/23		345,616		390,876
Series 1998-58, Cl. PC, 6.50%, 10/25/28		261,171		296,563
Series 1998-61, Cl. PL, 6.00%, 11/25/28		124,092		138,854
Series 1999-54, Cl. LH, 6.50%, 11/25/29		213,341		239,220
Series 2001-44, Cl. QC, 6.00%, 9/25/16		9,068		9,506
Series 2001-51, Cl. OD, 6.50%, 10/25/31		17,247		19,252
Series 2001-74, Cl. QE, 6.00%, 12/25/31		334,268		375,448
Series 2002-12, Cl. PG, 6.00%, 3/25/17		4,821		5,083
Series 2003-28, Cl. KG, 5.50%, 4/25/23		2,745,659		3,011,721
Series 2004-101, Cl. BG, 5.00%, 1/25/20		603,936		631,838
Series 2004-25, Cl. PC, 5.50%, 1/25/34		15,372		16,537
Series 2005-73, Cl. DF, 0.429%, 8/25/352		20,251		20,251
Series 2006-11, Cl. PS, 23.911%, 3/25/362		180,062		279,491
Series 2006-46, Cl. SW, 23.543%, 6/25/362		142,693		223,395
Series 2006-50, Cl. KS, 23.544%, 6/25/362		202,926		317,238
Series 2007-109, Cl. NF, 0.729%, 12/25/372		99,809		100,420
Series 2009-36, Cl. FA, 1.119%, 6/25/372		223,397		225,550
Series 2009-70, Cl. TL, 4.00%, 8/25/19		224,507		234,808
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61, Cl. SH, 33.36%, 11/18/314		12,438		2,201
Series 2001-63, Cl. SD, 34.68%, 12/18/314		4,432		866
Series 2001-65, Cl. S, 30.33%, 11/25/314		312,067		57,567
Series 2001-68, Cl. SC, 22.58%, 11/25/314		2,810		556
Series 2001-81, Cl. S, 29.84%, 1/25/324		90,118		18,640
Series 2002-28, Cl. SA, 38.65%, 4/25/324		2,892		558
Series 2002-38, Cl. SO, 47.31%, 4/25/324		7,720		1,375
Series 2002-39, Cl. SD, 40.02%, 3/18/324		5,105		1,026
Series 2002-47, Cl. NS, 35.09%, 4/25/324		287,827		54,464
Series 2002-48, Cl. S, 34.57%, 7/25/324		4,575		905
Series 2002-51, Cl. S, 35.30%, 8/25/324		264,226		52,517
Series 2002-52, Cl. SD, 36.55%, 9/25/324		359,291		74,740
Series 2002-52, Cl. SL, 36.86%, 9/25/324		2,990		566
Series 2002-53, Cl. SK, 33.75%, 4/25/324		17,787		3,754
Series 2002-56, Cl. SN, 36.30%, 7/25/324		6,237		1,235
Series 2002-60, Cl. SM, 32.24%, 8/25/324		42,749		6,629
Series 2002-7, Cl. SK, 29.06%, 1/25/324		19,221		3,217
Series 2002-77, Cl. BS, 29.09%, 12/18/324		26,549		5,294
Series 2002-77, Cl. IS, 44.57%, 12/18/324		13,153		2,681
Series 2002-77, Cl. SH, 39.10%, 12/18/324		134,753		27,937
Series 2002-84, Cl. SA, 36.24%, 12/25/324		316,074		60,249
Series 2002-9, Cl. MS, 30.59%, 3/25/324		4,873		1,001
Series 2002-90, Cl. SN, 33.33%, 8/25/324		21,992		3,410

5 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Continued
Series 2002-90, Cl. SY, 38.44%, 9/25/324	$	15,819	$	2,582
Series 2003-26, Cl. DI, 10.08%, 4/25/334		12,999		2,581
Series 2003-33, Cl. SP, 30.60%, 5/25/334		317,352		57,393
Series 2003-4, Cl. S, 32.24%, 2/25/334		212,103		41,441
Series 2004-54, Cl. DS, 41.34%, 11/25/304		248,608		37,874
Series 2005-12, Cl. SC, 11.06%, 3/25/354		67,051		14,382
Series 2005-14, Cl. SE, 41.60%, 3/25/354		198,902		33,617
Series 2005-40, Cl. SA, 49.84%, 5/25/354		587,635		101,992
Series 2005-40, Cl. SB, 53.11%, 5/25/354		25,812		4,484
Series 2005-52, Cl. JH, 9.74%, 5/25/354		136,578		24,995
Series 2005-93, Cl. SI, 13.95%, 10/25/354		476,304		71,721
Series 2008-55, Cl. SA, 16.31%, 7/25/384		49,836		7,599
Series 2009-8, Cl. BS, 0.00%, 2/25/244,5		273,053		24,783
Series 2012-40, Cl. PI, 3.13%, 4/25/414		226,426		42,619
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Principal-Only Stripped Mtg.-Backed Security, Series 1993-184, Cl. M, 4.37%, 9/25/236		155,233		150,580
				70,694,271
GNMA/Guaranteed—0.2%
Government National Mortgage Assn. I Pool:
7.00%, 12/15/23-3/15/26		14,786		16,700
8.50%, 8/15/17-12/15/17		48,678		51,748
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-15, Cl. SM, 62.72%, 2/16/324		405,932		74,495
Series 2007-17, Cl. AI, 17.04%, 4/16/374		123,215		23,351
Series 2011-52, Cl. HS, 8.62%, 4/16/414		818,034		205,423
Government National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1999-32, Cl. ZB, 8.00%, 9/16/29		56,411		66,852
Series 2000-7, Cl. Z, 8.00%, 1/16/30		22,003		25,750
				464,319
Non-Agency—13.2%
Commercial—8.3%
Asset Securitization Corp., Interest-Only Stripped Mtg.-Backed Security, Collateralized Mtg. Obligations, Series 1997-D4, Cl. PS1, 8.56%, 4/14/294		1,844,118		86,755
Banc of America Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Collateralized Mtg. Obligations, Series 2006-6, Cl. AM, 5.39%, 10/10/45		425,000		452,465
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0%, 6/22/243,4,5		1,857,361		88,408
CD Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49		16,559		16,575
Citigroup Commercial Mortgage Trust:
Series 2008-C7, Cl. AM, 6.336%, 12/10/492		410,000		451,286
Series 2013-GCJ11, 4.459%, 4/10/231		160,000		135,629
COMM Mortgage Trust, Commercial Mtg. Pass-Through Certificates:
Series 2012-CR4, Cl. D, 4.73%, 10/15/451,2		50,000		44,005
Series 2012-CR5, Cl. E, 4.48%, 12/10/451,2		75,000		64,860
Series 2013-CR7, Cl. D, 4.501%, 3/10/461,2		175,000		146,215

6 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Commercial Continued
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 2010-C1, Cl. XPA, 0.00%, 7/10/461,4,5	$	4,075,219	$	178,519
Series 2012-CR5, Cl. XA, 1.82%, 12/10/454		2,808,388		309,417
Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. AM, 5.867%, 12/10/492		475,000		518,559
Countrywide Alternative Loan Trust, Series 2006-J2, Cl. A7, 6%, 4/25/36		10,280		8,817
Countrywide Home Loans:
Series 2005-17, Cl. 1A8, 5.50%, 9/25/35		44,344		44,309
Series 2007-J3, Cl. A9, 6.00%, 7/25/37		181,966		150,486
Credit Suisse Commercial Mortgage Trust, Series 2006-6, Cl. 1A4, 6%, 7/25/36		312,579		241,256
Credit Suisse Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.567%, 2/15/392		275,000		296,818
Credit Suisse First Boston Commercial Trust, Commercial Mtg. Pass-Through Certificates, Series 2005-C6, Cl. AJ, 5.23%, 12/15/402		410,000		436,135
DBUBS Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2011-LC1A, Cl. E, 5.728%, 11/10/461,2		75,000		73,001
First Horizon Alternative Mortgage Securities Trust:
Series 2004-FA2, Cl. 3A1, 6.00%, 1/25/35		333,426		339,706
Series 2005-FA8, Cl. 1A6, 0.829%, 11/25/352		306,118		232,785
Series 2005-FA9, Cl. A4A, 5.50%, 12/25/35		17,991		15,946
Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		239,946		177,861
Series 2007-FA4, Cl. 1A6, 6.25%, 8/25/372		354,219		305,267
FREMF Mortgage Trust, Commercial Mtg. Pass-Through Certificates:
Series 2013-K25, Cl. C, 3.742%, 11/25/451,2		90,000		74,710
Series 2013-K26, Cl. C, 3.723%, 12/25/451,2		60,000		49,599
Series 2013-K27, Cl. C, 3.616%, 1/25/461,2		95,000		77,466
Series 2013-K28, Cl. C, 3.614%, 6/25/461,2		95,000		77,502
Series 2013-K712, Cl. C, 3.483%, 5/25/451,2		160,000		142,610
GE Capital Commercial Mortgage Corp., Collateralized Mtg. Obligations, Series 2005-C4, Cl. AJ, 5.489%, 11/10/452		380,000		368,172
GS Mortgage Securities Trust:
Series 2006-GG6, Cl. AM, 5.622%, 4/10/382		420,274		451,909
Series 2011-GC3, Cl. A1, 2.331%, 3/10/441		168,399		170,611
GSR Mortgage Loan Trust, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 6A1, 5.25%, 7/25/352		228,029		226,764
IndyMac Index Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 2005-AR23, Cl. 6A1, 4.706%, 11/25/352		460,050		381,184
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2006-CB16, Cl. AJ, 5.623%, 5/12/45		415,000		388,597
Series 2011-C3, Cl. A1, 1.875%, 2/15/461		174,118		175,218
JP Morgan Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-S3, Cl. 1A90, 7%, 8/25/37		483,437		442,221
JPMorgan Resecuritization Trust, Collateralized Mtg. Obligations, Series 2009-5, Cl. 1A2, 2.613%, 7/26/361,2		412,048		315,337
LB Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Collateralized Mtg. Obligations, Series 1998-C1, Cl. IO, 0%, 2/18/304,5		843,937		24,299
Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/26/242,3		88,532		77,549
Merrill Lynch Mortgage Trust, Collateralized Mtg. Obligations, Series 2006-C2, Cl. AM, 5.782%, 8/12/432		425,000		460,032

7 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Commercial Continued
Morgan Stanley Bank of America Merrill Lynch Trust, Commercial Mtg. Pass-Through Certificates:
Series 2012-C6, Cl. E, 4.82%, 11/15/451,2	$	145,000	$	127,333
Series 2013-C7, Cl. D, 4.444%, 2/15/461,2		175,000		145,596
Series 2013-C8, Cl. D, 4.311%, 12/15/481,2		130,000		108,780
Morgan Stanley Capital I Trust:
Series 2007-IQ13, Cl. AM, 5.406%, 3/15/44		415,000		445,554
Series 2007-IQ15, Cl. AM, 6.107%, 6/11/492		490,000		527,428
Morgan Stanley Reremic Trust, Collateralized Mtg. Obligations, Series 2012-R3, Cl. 1B, 2.346%, 11/26/362,3		479,160		257,028
Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Stripped Mtg.-Backed Security, Collateralized Mtg. Obligations, Series 1999-C1, Cl. X, 6.79%, 5/18/324		7,615,930		3,321
Structured Adjustable Rate Mortgage Loan Trust:
Series 2006-4, Cl. 6A, 5.168%, 5/25/362		277,860		234,085
Series 2007-6, Cl. 3A1, 4.689%, 7/25/372		464,814		381,815
UBS-Barclays Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2012-C2, Cl. E, 5.049%, 5/10/631,2		65,000		56,628
WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR14, Cl. 1A4, 2.473%, 12/25/352		282,764		259,122
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR15, Cl. 1A6, 2.613%, 9/25/352		96,153		90,108
Series 2007-16, Cl. 1A1, 6.00%, 12/28/37		332,735		348,724
Series 2007-AR3, Cl. A4, 5.679%, 4/25/372		112,482		106,970
Series 2007-AR8, Cl. A1, 5.942%, 11/25/372		309,909		275,483
WF-RBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates:
Series 2012-C10, Cl. D, 4.609%, 12/15/451,2		75,000		65,214
Series 2012-C7, Cl. E, 5.004%, 6/15/451,2		120,000		106,267
Series 2012-C8, Cl. E, 5.041%, 8/15/451,2		145,000		130,523
Series 2013-C11, Cl. D, 4.324%, 3/15/451,2		74,000		61,239
				12,450,078
Multi-Family—0.9%
Citigroup Mortgage Loan Trust, Series 2006-AR3, Cl. 1A2A, 5.457%, 6/25/362		293,805		271,946
Countrywide Alternative Loan Trust:
Series 2005-86CB, Cl. A8, 5.50%, 2/25/36		81,394		75,702
Series 2005-J14, Cl. A7, 5.50%, 12/25/35		76,565		66,479
Series 2006-24CB, Cl. A12, 5.75%, 6/25/36		96,506		78,487
Countrywide Home Loans, Collateralized Mtg. Obligations, Series 2006-20, Cl. 1A17, 5.75%, 2/25/37		451,787		396,171
JP Morgan Mortgage Trust, Series 2007-A3, Cl. 3A2M, 4.807%, 5/25/372		110,705		104,860
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR2, Cl. 2A3, 2.642%, 3/25/362		198,264		196,584
				1,190,229
Other—0.0%
Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Collateralized Mtg. Obligations, Series 1987-3, Cl. B, 23.92%, 10/23/174		20		—
Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Collateralized Mtg. Obligations, Series 1987-3, Cl. A, 25.01%, 10/23/176		29		29
				29

8 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Residential—4.0%
Banc of America Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-4, Cl. AM, 6.001%, 2/10/512	$	470,000	$	516,104
Banc of America Funding Trust:
Series 2007-1, Cl. 1A3, 6.00%, 1/25/37		285,692		252,376
Series 2007-C, Cl. 1A4, 5.38%, 5/20/362		119,727		116,792
Banc of America Mortgage Securities Trust, Collateralized Mtg. Obligations, Series 2007-1, Cl. 1A24, 6%, 3/25/37		209,626		195,763
Carrington Mortgage Loan Trust, Series 2006-FRE1, Cl. A2, 0.289%, 7/25/362		233,659		226,538
CD Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-CD4, Cl. AMFX, 5.366%, 12/11/492		100,000		101,000
Countrywide Alternative Loan Trust, Series 2007-19, Cl. 1A34, 6%, 8/25/37		472,562		372,734
Countrywide Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.299%, 6/25/472		4,135		4,128
Countrywide Home Loans:
Series 2005-26, Cl. 1A8, 5.50%, 11/25/35		219,784		210,403
Series 2005-29, Cl. A1, 5.75%, 12/25/35		244,927		225,238
Series 2005-30, Cl. A5, 5.50%, 1/25/36		168,396		164,616
Series 2005-J4, Cl. A7, 5.50%, 11/25/35		28,034		28,745
Series 2006-17, Cl. A2, 6.00%, 12/25/36		356,540		322,478
Series 2007-15, Cl. 1A29, 6.25%, 9/25/37		272,010		250,225
Credit Suisse Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-3, Cl. 2A10, 6%, 4/25/37		277,749		240,809
CWABS Asset-Backed Certificates Trust, Series 2005-16, Cl. 2AF2, 5.071%, 5/25/362		234,392		232,248
GSR Mortgage Loan Trust, Series 2006-5F, Cl. 2A1, 6%, 6/25/36		163,324		159,676
JP Morgan Alternative Loan Trust, Series 2006-S4, Cl. A6, 5.71%, 12/25/362		435,226		408,114
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 0.279%, 8/25/362		58,228		25,994
MLCC Mortgage Investors, Inc., Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 2.378%, 10/25/362		35,371		33,814
NC Finance Trust, Series 1999-I, Cl. D, 3.405%, 1/25/293,9		3,370,016		219,051
RALI Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		1,480		1,158
RALI Trust, Mtg. Pass-Through Certificates:
Series 2003-QS1, Cl. A2, 5.75%, 1/25/33		91,278		93,303
Series 2006-QS13, Cl. 1A5, 6.00%, 9/25/36		42,241		33,043
Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		17,910		14,300
Residential Asset Securitization Trust, Series 2005-A15, Cl. 1A4, 5.75%, 2/25/36		114,115		103,420
WaMu Mortgage Pass-Through Certificates Trust:
Series 2006-AR18, Cl. 3A1, 4.335%, 1/25/372		181,091		155,522
Series 2007-HY1, Cl. 4A1, 2.539%, 2/25/372		45,673		39,461
Series 2007-HY5, Cl. 3A1, 4.891%, 5/25/372		585,349		558,105
Wells Fargo Alternative Loan Trust, Series 2007-PA5, Cl. 1A1, 6.25%, 11/25/37		347,489		318,480
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-9, Cl. 2A6, 5.25%, 10/25/35		343,959		355,020

9 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Residential Continued
Series 2006-AR14, Cl. 1A2, 5.589%, 10/25/362	$	264,731	$	255,554
				6,234,212
Total Mortgage-Backed Obligations (Cost $93,803,344)				91,033,138
U.S. Government Obligations—2.2%
Federal Home Loan Mortgage Corp. Nts.:
0.875%, 10/14/16-3/7/18		1,250,000		1,236,503
1.375%, 5/1/20		694,000		661,706
2.375%, 1/13/2211		894,000		872,104
Federal National Mortgage Assn. Nts.:
1.625%, 11/27/18		347,000		346,053
1.875%, 9/18/18		305,000		308,808
Total U.S. Government Obligations (Cost $3,474,139)				3,425,174
Corporate Bonds and Notes—41.9%
Consumer Discretionary—5.4%
Auto Components—0.5%
Dana Holding Corp., 6.75% Sr. Unsec. Nts., 2/15/21		395,000		421,662
TRW Automotive, Inc., 4.50% Sr. Unsec. Nts., 3/1/211		245,000		247,450
				669,112
Automobiles—1.5%
Daimler Finance North America LLC:
1.30% Sr. Unsec. Nts., 7/31/151		406,000		408,007
8.50% Sr. Unsec. Unsub. Nts., 1/18/31		237,000		341,062
Ford Motor Credit Co. LLC, 5.875% Sr. Unsec. Unsub. Nts., 8/2/21		936,000		1,042,496
General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/431		128,000		126,240
General Motors Financial Co., Inc., 4.25% Sr. Unsec. Nts., 5/15/231		349,000		319,771
				2,237,576
Hotels, Restaurants & Leisure—0.3%
Brinker International, Inc., 2.60% Sr. Unsec. Nts., 5/15/18		134,000		133,652
Starwood Hotels & Resorts Worldwide, Inc., 7.15% Sr. Unsec. Unsub. Nts., 12/1/19		261,000		318,877
				452,529
Household Durables—0.5%
Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22		446,000		464,397
Lennar Corp., 4.125% Sr. Unsec. Nts., 12/1/18		398,000		382,080
				846,477
Media—1.4%
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		292,000		412,475
Comcast Corp., 4.65% Sr. Unsec. Unsub. Nts., 7/15/42		258,000		246,253
Historic TW, Inc., 9.15% Debs., 2/1/23		61,000		80,993
Interpublic Group of Cos., Inc. (The), 6.25% Sr. Unsec. Nts., 11/15/14		297,000		311,850
Lamar Media Corp., 5% Sr. Unsec. Sub. Nts., 5/1/23		453,000		422,422
News America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41		162,000		179,057
Time Warner Entertainment Co. LP, 8.375% Sr. Unsec. Nts., 7/15/33		257,000		280,850
				1,933,900

10 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Multiline Retail—0.7%
Dollar General Corp., 4.125% Sr. Unsec. Nts., 7/15/17	$	469,000	$	498,958
Macy’s Retail Holdings, Inc., 5.75% Sr. Unsec. Nts., 7/15/14		650,000		675,176
				1,174,134
Specialty Retail—0.3%
Rent-A-Center, Inc., 4.75% Sr. Unsec. Nts., 5/1/211		420,000		392,700
Textiles, Apparel & Luxury Goods—0.2%
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		405,000		384,750
Consumer Staples—2.4%
Beverages—1.0%
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		324,000		478,130
Constellation Brands, Inc., 3.75% Sr. Unsec. Nts., 5/1/21		423,000		391,804
Foster’s Finance Corp., 4.875% Sr. Unsec. Nts., 10/1/141		433,000		450,549
SABMiller Holdings, Inc., 4.95% Sr. Unsec. Unsub. Nts., 1/15/421		206,000		206,050
				1,526,533
Food & Staples Retailing—0.4%
Delhaize Group SA, 5.70% Sr. Unsec. Nts., 10/1/40		215,000		210,709
Safeway, Inc., 5.625% Sr. Unsec. Nts., 8/15/14		227,000		236,447
Wal-Mart Stores, Inc., 4% Sr. Unsec. Unsub. Nts., 4/11/43		201,000		179,900
				627,056
Food Products—0.4%
Bunge Ltd. Finance Corp.:
5.10% Sr. Unsec. Unsub. Nts., 7/15/15		332,000		353,580
5.35% Sr. Unsec. Unsub. Nts., 4/15/14		61,000		62,449
8.50% Sr. Unsec. Nts., 6/15/19		289,000		360,354
				776,383
Personal Products—0.3%
Avon Products, Inc., 5% Sr. Unsec. Nts., 3/15/23		420,000		423,554
Tobacco—0.3%
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		227,000		347,154
Lorillard Tobacco Co., 3.75% Sr. Unsec. Nts., 5/20/23		227,000		209,000
				556,154
Energy—6.5%
Energy Equipment & Services—0.9%
Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21		471,000		500,886
Noble Holding International Ltd., 7.375% Sr. Unsec. Nts., 3/15/14		403,000		414,562
Rowan Cos., Inc., 4.875% Sr. Unsec. Unsub. Nts., 6/1/22		318,000		328,819
Weatherford International Ltd. Bermuda, 4.50% Sr. Unsec. Unsub. Nts., 4/15/22		224,000		222,169
				1,466,436
Oil, Gas & Consumable Fuels—5.6%
Anadarko Petroleum Corp.:
6.20% Sr. Unsec. Nts., 3/15/40		163,000		183,285
7.625% Sr. Unsec. Nts., 3/15/14		316,000		325,584
Buckeye Partners LP, 4.15% Sr. Unsec. Nts., 7/1/23		235,000		229,877
Canadian Oil Sands Ltd., 6% Sr. Unsec. Nts., 4/1/421		182,000		187,099

11 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Oil, Gas & Consumable Fuels Continued
Cimarex Energy Co., 5.875% Sr. Unsec. Unsub. Nts., 5/1/22	$	388,000	$	393,820
CNOOC Finance 2013 Ltd., 4.25% Sr. Unsec. Unsub. Nts., 5/9/43		147,000		126,254
Continental Resources, Inc., 4.50% Sr. Unsec. Nts., 4/15/23		428,000		422,115
Copano Energy LLC/Copano Energy Finance Corp., 7.125% Sr. Unsec. Unsub. Nts., 4/1/21		460,000		527,070
DCP Midstream LLC:
5.375% Sr. Unsec. Nts., 10/15/151		290,000		311,538
5.85% Jr. Sub. Nts., 5/21/431,2		422,000		388,240
DCP Midstream Operating LP:
2.50% Sr. Unsec. Unsub. Nts., 12/1/17		415,000		411,589
3.875% Sr. Unsec. Nts., 3/15/23		214,000		195,181
Enbridge Energy Partners LP, 5.35% Sr. Unsec. Nts., 12/15/14		326,000		343,491
EnCana Holdings Finance Corp., 5.80% Sr. Unsec. Unsub. Nts., 5/1/14		219,000		225,386
Energy Transfer Partners LP:
4.65% Sr. Unsec. Unsub. Nts., 6/1/21		345,000		354,908
5.20% Sr. Unsec. Unsub. Nts., 2/1/22		136,000		143,264
8.50% Sr. Unsec. Nts., 4/15/14		324,000		336,524
Range Resources Corp., 5.75% Sr. Unsec. Sub. Nts., 6/1/21		398,000		419,890
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/141		420,000		438,900
Rockies Express Pipeline LLC, 3.90% Sr. Unsec. Unsub. Nts., 4/15/151		471,000		471,000
Southwestern Energy Co., 4.10% Sr. Unsec. Nts., 3/15/22		232,000		232,542
Spectra Energy Partners LP:
4.60% Sr. Unsec. Nts., 6/15/21		238,000		246,146
4.75% Sr. Unsec. Nts., 3/15/24		194,000		200,398
Talisman Energy, Inc.:
5.125% Sr. Unsec. Nts., 5/15/15		315,000		333,689
6.25% Sr. Unsec. Unsub. Nts., 2/1/38		121,000		122,997
Whiting Petroleum Corp., 5.75% Sr. Unsec. Nts., 3/15/211		395,000		404,875
Williams Cos., Inc. (The), 3.70% Sr. Unsec. Unsub. Nts., 1/15/23		222,000		200,965
Woodside Finance Ltd.:
4.60% Sr. Unsec. Unsub. Nts., 5/10/211		354,000		375,253
5.00% Sr. Unsec. Nts., 11/15/131		366,000		367,689
				8,919,569
Financials—13.8%
Capital Markets—2.8%
Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/191		575,000		677,876
Carlyle Holdings II Finance LLC, 5.625% Sr. Sec. Nts., 3/30/431		209,000		194,873
Deutsche Bank AG, 4.296% Jr. Sub. Nts., 5/24/282		423,000		382,930
Goldman Sachs Capital I, 6.345% Sub. Nts., 2/15/34		477,000		463,033
Goldman Sachs Group, Inc. (The), 2.90% Sr. Unsec. Nts., 7/19/18		700,000		706,563
Macquarie Bank Ltd., 6.625% Unsec. Sub. Nts., 4/7/211		672,000		734,012
Nomura Holdings, Inc., 2% Sr. Unsec. Nts., 9/13/16		821,000		824,254
Raymond James Financial, Inc., 5.625% Sr. Unsec. Unsub. Nts., 4/1/24		417,000		435,076
				4,418,617
Commercial Banks—4.7%
Abbey National Treasury Services plc, 3.05% Sr. Unsec. Nts., 8/23/18		308,000		313,329
Amsouth Bank NA, 5.20% Sub. Nts., 4/1/15		419,000		441,470
Barclays Bank plc, 5.14% Sub. Nts., 10/14/20		399,000		417,498

12 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Commercial Banks Continued
BPCE SA, 1.70% Sr. Unsec. Nts., 4/25/16	$	654,000	$	657,499
CIT Group, Inc., 5% Sr. Unsec. Nts., 8/1/23		420,000		407,579
Commerzbank AG, 8.125% Sub. Nts., 9/19/231		388,000		396,730
Fifth Third Capital Trust IV, 6.50% Jr. Sub. Nts., 4/15/372		765,000		764,044
HSBC Finance Capital Trust IX, 5.911% Unsec. Sub. Nts., 11/30/352		890,000		912,250
LBG Capital No. 1 plc, 7.875% Unsec. Sub. Nts., 11/1/201		374,000		399,806
Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/201		309,000		341,694
PNC Financial Services Group, Inc. (The), 4.85% Jr. Sub. Perpetual Bonds2,8		441,000		380,363
Rabobank Capital Funding Trust III, 5.254% Jr. Sub. Perpetual Bonds1,2,8		667,000		680,340
Royal Bank of Scotland Group plc, 7.64% Jr. Sub. Perpetual Bonds, Series U2,8		400,000		384,000
Santander Holdings USA, Inc., 3.45% Sr. Unsec. Nts., 8/27/18		142,000		145,216
Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K2,8		528,000		583,440
				7,225,258
Consumer Finance—0.6%
Ally Financial, Inc., 4.75% Sr. Unsec. Nts., 9/10/18		389,000		387,765
Discover Financial Services, 3.85% Sr. Unsec. Unsub. Nts., 11/21/22		481,000		459,974
National Rural Utilities Cooperative Finance Corp., 4.75% Sr. Unsec. Sub. Nts., 4/30/432		223,000		206,833
				1,054,572
Diversified Financial Services—1.8%
Bank of America Corp., 5.20% Jr. Sub. Perpetual Bonds2,8		215,000		189,200
Citigroup, Inc., 6.675% Sub. Nts., 9/13/43		344,000		371,651
CME Group, Inc., 5.30% Sr. Unsec. Nts., 9/15/43		206,000		213,264
ING Bank NV, 5.80% Sub. Nts., 9/25/231		313,000		316,853
ING US, Inc., 5.65% Jr. Sub. Nts., 5/15/532		420,000		385,405
Jefferies Group LLC, 5.125% Sr. Unsec. Nts., 1/20/23		228,000		230,305
JPMorgan Chase & Co., 7.90% Jr. Sub. Perpetual Bonds, Series 12,8		752,000		816,705
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Nts., 5/14/38		354,000		439,622
MidAmerican Energy Co., 4.80% Sec. Nts., 9/15/43		152,000		154,972
				3,117,977
Insurance—2.7%
Allstate Corp. (The), 5.75% Sub. Nts., 8/15/532		400,000		390,750
CNA Financial Corp.:
5.75% Sr. Unsec. Unsub. Nts., 8/15/21		368,000		415,401
5.875% Sr. Unsec. Unsub. Nts., 8/15/20		260,000		300,362
Gulf South Pipeline Co. LP, 5.05% Sr. Unsec. Nts., 2/1/151		425,000		445,353
Liberty Mutual Group, Inc., 4.25% Sr. Unsec. Nts., 6/15/231		332,000		324,577
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Nts., 4/20/672		688,000		677,680
Marsh & McLennan Cos., Inc., 5.375% Sr. Unsec. Nts., 7/15/14		101,000		104,674
Prudential Financial, Inc., 5.20% Jr. Sub. Nts., 3/15/442		300,000		273,600
QBE Insurance Group Ltd., 2.40% Sr. Unsec. Nts., 5/1/181		511,000		498,471
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds1,2,8		663,000		696,279
				4,127,147

13 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Real Estate Investment Trusts (REITs)—1.2%
American Tower Corp.:
5.05% Sr. Unsec. Unsub. Nts., 9/1/20	$	149,000	$	154,831
7.00% Sr. Unsec. Nts., 10/15/17		413,000		475,995
Corrections Corp. of America, 4.125% Sr. Unsec. Nts., 4/1/20		165,000		157,163
Hospitality Properties Trust, 5.125% Sr. Unsec. Nts., 2/15/15		411,000		424,042
Host Hotels & Resorts LP, 3.75% Sr. Unsec. Nts., 10/15/23		297,000		275,603
National Retail Properties, Inc., 6.25% Sr. Unsec. Nts., 6/15/14		332,000		343,870
				1,831,504
Health Care—1.4%
Biotechnology—0.5%
Celgene Corp., 3.25% Sr. Unsec. Nts., 8/15/22		504,000		479,015
Gilead Sciences, Inc., 5.65% Sr. Unsec. Unsub. Nts., 12/1/41		232,000		257,511
				736,526
Health Care Equipment & Supplies—0.3%
Boston Scientific Corp., 4.125% Sr. Unsec. Nts., 10/1/23		394,000		392,621
Health Care Providers & Services—0.2%
McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41		237,000		276,161
Pharmaceuticals—0.4%
Hospira, Inc., 5.20% Sr. Unsec. Nts., 8/12/20		373,000		380,151
Mallinckrodt International Finance SA, 3.50% Sr. Unsec. Unsub. Nts., 4/15/181		187,000		184,225
Zoetis, Inc., 1.875% Sr. Unsec. Nts., 2/1/181		151,000		149,663
				714,039
Industrials—2.8%
Aerospace & Defense—0.5%
B/E Aerospace, Inc., 5.25% Sr. Unsec. Nts., 4/1/22		382,000		381,045
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21		405,000		438,412
				819,457
Building Products—0.2%
Owens Corning, 4.20% Sr. Unsec. Nts., 12/15/22		333,000		325,602
Commercial Services & Supplies—0.3%
Clean Harbors, Inc., 5.25% Sr. Unsec. Unsub. Nts., 8/1/20		395,000		393,025
Industrial Conglomerates—0.3%
General Electric Capital Corp., 5.25% Jr. Sub. Perpetual Bonds2,8		440,000		408,980
Machinery—0.5%
Ingersoll-Rand Global Holding Co. Ltd., 4.25% Sr. Unsec. Nts., 6/15/231		548,000		545,527
Starwood Hotels & Resorts Worldwide, Inc., 7.375% Sr. Unsec. Nts., 11/15/15		148,000		166,225
				711,752
Professional Services—0.2%
Nielsen Finance LLC/Nielsen Finance Co., 4.50% Sr. Unsec. Nts., 10/1/20		400,000		387,000

14 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Road & Rail—0.5%
Kansas City Southern Railway, 4.30% Sr. Unsec. Nts., 5/15/431	$	170,000	$	151,034
Penske Truck Leasing Co. LP/PTL Finance Corp.:
2.50% Sr. Unsec. Nts., 7/11/141		442,000		447,022
4.25% Sr. Unsec. Nts., 1/17/231		230,000		224,181
				822,237
Trading Companies & Distributors—0.3%
International Lease Finance Corp., 5.875% Sr. Unsec. Unsub. Nts., 4/1/19		376,000		393,429
Information Technology—1.8%
Computers & Peripherals—0.6%
Hewlett-Packard Co.:
2.65% Sr. Unsec. Unsub. Nts., 6/1/16		706,000		724,469
4.75% Sr. Unsec. Nts., 6/2/14		154,000		158,075
				882,544
Electronic Equipment, Instruments, & Components—0.8%
Amphenol Corp., 4.75% Sr. Unsec. Nts., 11/15/14		124,000		129,397
Arrow Electronics, Inc., 5.125% Sr. Unsec. Unsub. Nts., 3/1/21		527,000		547,986
Avnet, Inc., 4.875% Sr. Unsec. Unsub. Nts., 12/1/22		500,000		505,057
				1,182,440
IT Services—0.1%
Fidelity National Information Services, Inc., 3.50% Sr. Unsec. Nts., 4/15/23		207,000		186,651
Office Electronics—0.3%
Xerox Corp., 4.25% Sr. Unsec. Nts., 2/15/15		391,000		407,844
Materials—3.3%
Chemicals—0.5%
LYB International Finance BV, 5.25% Sr. Unsec. Nts., 7/15/43		123,000		121,386
Rockwood Specialties Group, Inc., 4.625% Sr. Unsec. Nts., 10/15/20		380,000		383,800
RPM International, Inc., 3.45% Sr. Unsec. Unsub. Nts., 11/15/22		227,000		212,783
Sherwin-Williams Co. (The), 4% Sr. Unsec. Unsub. Nts., 12/15/42		236,000		208,257
				926,226
Containers & Packaging—0.6%
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25% Sr. Unsec. Nts., 2/1/21		421,000		442,050
Rock Tenn Co., 3.50% Sr. Unsec. Unsub. Nts., 3/1/20		432,000		427,907
				869,957
Metals & Mining—1.8%
Allegheny Technologies, Inc., 5.95% Sr. Unsec. Unsub. Nts., 1/15/21		238,000		250,353
Barrick Gold Corp., 3.85% Sr. Unsec. Nts., 4/1/22		190,000		168,330
Carpenter Technology Corp., 4.45% Sr. Unsec. Unsub. Nts., 3/1/23		145,000		142,406
Cliffs Natural Resources, Inc., 3.95% Sr. Unsec. Unsub. Nts., 1/15/18		392,000		394,136
Freeport-McMoRan Copper & Gold, Inc.:
1.40% Sr. Unsec. Nts., 2/13/15		403,000		404,215
3.875% Sr. Unsec. Nts., 3/15/231		425,000		392,755

15 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Metals & Mining Continued
Glencore Canada Corp.:
5.375% Sr. Unsec. Unsub. Nts., 6/1/15	$	245,000	$	258,248
6.00% Sr. Unsec. Unsub. Nts., 10/15/15		463,000		499,567
				2,510,010
Paper & Forest Products—0.4%
Georgia-Pacific LLC, 3.734% Sr. Unsec. Nts., 7/15/231		306,000		299,034
International Paper Co., 6% Sr. Unsec. Unsub. Nts., 11/15/41		308,000		330,275
				629,309
Telecommunication Services—2.8%
Diversified Telecommunication Services—2.3%
AT&T, Inc., 6.30% Sr. Unsec. Unsub. Nts., 1/15/38		318,000		344,745
British Telecommunications plc, 9.625% Sr. Unsec. Nts., 12/15/30		264,000		391,864
CenturyLink, Inc., 5.625% Sr. Unsec. Unsub. Nts., 4/1/20		374,000		366,988
Frontier Communications Corp., 8.50% Sr. Unsec. Nts., 4/15/20		344,000		381,840
Koninklijke KPN NV, 7% Sr. Sub. Nts., 3/28/731,2		382,000		384,894
MetroPCS Wireless, Inc., 6.25% Sr. Unsec. Unsub. Nts., 4/1/211		426,000		429,727
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		386,000		373,426
Telefonica Emisiones SAU, 7.045% Sr. Unsec. Unsub. Nts., 6/20/36		283,000		301,756
Verizon Communications, Inc.:
6.40% Sr. Unsec. Nts., 2/15/38		195,000		215,370
6.55% Sr. Unsec. Nts., 9/15/43		583,000		660,385
				3,850,995
Wireless Telecommunication Services—0.5%
America Movil SAB de CV, 4.375% Sr. Unsec. Unsub. Nts., 7/16/42		334,000		275,314
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.849% Sr. Sec. Nts., 4/15/23		227,000		205,178
Rogers Communications, Inc., 5.45% Sr. Unsec. Nts., 10/1/437		114,000		113,384
Vodafone Group plc, 4.375% Sr. Unsec. Unsub. Nts., 2/19/43		121,000		105,588
				699,464
Utilities—1.7%
Electric Utilities—1.3%
Edison International, 3.75% Sr. Unsec. Unsub. Nts., 9/15/17		438,000		464,233
Electricite de France SA, 5.25% Jr. Sub. Perpetual Bonds1,2,8		360,000		341,139
Exelon Generation Co. LLC, 4.25% Sr. Unsec. Unsub. Nts., 6/15/22		230,000		226,914
ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		179,000		177,189
Jersey Central Power & Light Co., 4.70% Sr. Unsec. Nts., 4/1/241		198,000		200,982
PPL Capital Funding, Inc., 3.50% Sr. Unsec. Unsub. Nts., 12/1/22		329,000		311,941
PPL WEM Holdings plc, 5.375% Sr. Unsec. Unsub. Nts., 5/1/211		429,000		467,606
				2,190,004
Energy Traders—0.3%
TransAlta Corp., 5.75% Sr. Unsec. Nts., 12/15/13		455,000		459,233
Multi-Utilities—0.1%
CMS Energy Corp., 5.05% Sr. Unsec. Unsub. Nts., 3/15/22		155,000		166,376
Total Corporate Bonds and Notes (Cost $64,939,007)				65,503,820

16 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount			Value
	Shares
Investment Company—14.9%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.09%12,13 (Cost $23,251,561)	$	23,251,561		$	23,251,561
Total Investments, at Value (Cost $208,800,467)		132.2	%		206,575,364
Liabilities in Excess of Other Assets		(32.2	)%		(50,294,814	)
Net Assets		100.0	%	$	156,280,550

Footnotes to Statement of Investments

1. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $26,190,757 or 16.76% of the Fund’s net assets as of September 30, 2013.

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

3. Restricted security. The aggregate value of restricted securities as of September 30, 2013 was $702,973, which represents 0.45% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Date		Cost		Value		Unrealized Appreciation/ (Depreciation)
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0%, 6/22/24		4/21/97	$	389,638	$	88,408	$	(301,230	)
Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/26/24		1/28/02		86,735		77,549		(9,186	)
Morgan Stanley Reremic Trust, Collateralized Mtg. Obligations, Series 2012-R3, Cl. 1B, 2.346%, 11/26/36		10/24/12		238,558		257,028		18,470
NC Finance Trust, Series 1999-I, Cl. D, 3.405%, 1/25/29		8/10/10		3,281,116		219,051		(3,062,065	)
Santander Drive Auto Receivables Trust, Series 2011-S2A, Cl. D, 3.35%, 6/15/17		5/19/11-4/9/13	$	60,595	$	60,937	$	342
			$	4,056,642	$	702,973	$	(3,353,669	)

4. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $3,654,719 or 2.34% of the Fund’s net assets as of September 30, 2013.

5. Interest rate is less than 0.0005%

6. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $214,092 or 0.14% of the Fund’s net assets as of September 30, 2013.

17 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

7. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after September 30, 2013. See accompanying Notes.

8. 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.

9. 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.

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. 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 $270,216. See accompanying Notes.

12. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 September 30, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		28,238,653		44,120,948		49,108,040		23,251,561

	Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E	$	23,251,561	$	21,332

13. Rate shown is the 7-day yield as of September 30, 2013.

Futures Contracts as of September 30, 2013:

Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts		Unrealized Appreciation (Depreciation)
U.S. Treasury Long Bonds		CBT		Sell		12/19/13		40	$	(26,757	)
U.S. Treasury Nts., 2 yr.		CBT		Sell		12/31/13		69		(20,518	)
U.S. Treasury Nts., 5 yr.		CBT		Sell		12/31/13		89		(122,102	)
U.S. Treasury Nts., 10 yr.		CBT		Sell		12/19/13		13		(1,547	)
U.S. Treasury Ultra Bonds		CBT		Buy		12/19/13		54		232,058
									$	61,134

Glossary:

Exchange Abbreviations

CBT     Chicago Board of Trade

18 OPPENHEIMER CORE BOND FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited

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

As of September 30, 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	$	73,089,910
Sold securities		21,335,560

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.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of September 30, 2013 is as follows:

19 OPPENHEIMER CORE BOND FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Cost	$	3,281,1166
Market Value	$	219,051
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

20 OPPENHEIMER CORE BOND FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Securities Valuation (Continued)

asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

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

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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

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

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

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as

21 OPPENHEIMER CORE BOND FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Securities Valuation (Continued)

unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

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

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

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

The table below categorizes amounts as of September 30, 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	$	—		$	23,361,671	$	—	$	23,361,671
Mortgage-Backed Obligations		—			90,736,538		296,600		91,033,138
U.S. Government Obligations		—			3,425,174		—		3,425,174
Corporate Bonds and Notes		—			65,503,820		—		65,503,820
Investment Company		23,251,561			—		—		23,251,561
Total Investments, at Value		23,251,561			183,027,203		296,600		206,575,364
Other Financial Instruments:
Variation Margin Receivable		3,058			—		—		3,058
Total Assets	$	23,254,619		$	183,027,203	$	296,600	$	206,578,422
Liabilities Table
Other Financial Instruments:
Variation Margin Payble	$	(20,730	)	$	—	$	—	$	(20,730	)
Total Liabilities	$	(20,730	)	$	—	$	—	$	(20,730	)

22 OPPENHEIMER CORE BOND 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 currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance 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. These instruments 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. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

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.

23 OPPENHEIMER CORE BOND FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

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 due to unanticipated changes in the market risk factors and the overall market. 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. 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. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

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.

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

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, 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 and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

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 in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to satisfy the Fund’s payment obligations.

Futures contracts are reported on a schedule following the Statement of Investments. Securities held by a futures commission merchant to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by a futures commission merchant 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.

24 OPPENHEIMER CORE BOND FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

During the period ended September 30, 2013, the Fund had an ending monthly average market value of $9,394,491 and $31,978,641 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.

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, the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction (“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of the venue of their execution, are required to be cleared through a clearinghouse (“cleared swaps”). Swap contracts may include interest rate, equity, debt, index, total return, credit default, currency, and volatility swaps.

Swap contracts are reported on a schedule following the Statement of Investments. Daily changes in the value of cleared swaps are reported as variation margin receivable or payable on the Statement of Assets and Liabilities in the annual and semiannual reports. The values of OTC 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. 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, if any, at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports.

Swap contract agreements are exposed to the market risk factor of the specific underlying reference rate or 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 have embedded leverage, they can expose the Fund to substantial risk in the isolated market risk factor.

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

The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of 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

25 OPPENHEIMER CORE BOND FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

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 swap less the market value of specified debt securities issued by the reference asset. Upon exercise of the contract the difference between such value 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 purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual issuers and/or indexes of issuers.

For the period ended September 30, 2013, the Fund had ending monthly average notional amounts of $740,000 credit default swaps to buy protection.

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

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities in the annual and semiannual reports. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for cleared swaps.

With respect to cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

26 OPPENHEIMER CORE BOND FUND/VA

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Statement of Assets and Liabilities in the annual and semiannual reports as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

Restricted Securities

As of September 30, 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 September 30, 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	$	208,860,341
Federal tax cost of other investments		(25,337,706	)
Total federal tax cost	$	183,522,635
Gross unrealized appreciation	$	5,508,849
Gross unrealized depreciation		(7,732,636	)
Net unrealized depreciation	$	(2,223,787	)

27 OPPENHEIMER CORE BOND FUND/VA

 STATEMENT OF INVESTMENTS    September 30, 2013 / Unaudited

	Shares		Value
Common Stocks—99.5%
Consumer Discretionary—15.4%
Automobiles—2.1%
Bayerische Motoren Werke (BMW) AG, Preference	727,704	$	59,358,697
Hotels, Restaurants & Leisure—1.8%
Gtech SpA	424,670		12,128,446
McDonald’s Corp.	398,670		38,356,041
			50,484,487
Media—3.3%
Grupo Televisa SAB, Sponsored ADR	822,035		22,975,878
Walt Disney Co. (The)	842,340		54,322,507
Zee Entertainment Enterprises Ltd.	3,933,253		14,441,107
			91,739,492
Specialty Retail—3.0%
Industria de Diseno Textil SA (Inditex)	330,888		51,131,562
Tiffany & Co.	450,770		34,537,997
			85,669,559
Textiles, Apparel & Luxury Goods—5.2%
Brunello Cucinelli SpA	103,468		3,363,006
Kering	233,450		52,343,047
LVMH Moet Hennessy Louis Vuitton SA	297,450		58,622,719
Tod’s SpA	157,808		29,589,701
			143,918,473
Consumer Staples—6.3%
Beverages—1.9%
Companhia de Bebidas das Americas, Preference, ADR	556,475		21,340,816
Fomento Economico Mexicano SAB de CV, Sponsored ADR	324,735		31,528,521
			52,869,337
Food Products—2.6%
Nestle SA	435,604		30,510,631
Unilever plc	1,094,843		42,284,661
			72,795,292
Household Products—1.8%
Colgate-Palmolive Co.	823,280		48,820,504
Energy—3.3%
Energy Equipment & Services—2.5%
Technip SA	436,740		51,298,759
Transocean Ltd.	454,742		20,236,019
			71,534,778

	Shares		Value
Oil, Gas & Consumable Fuels—0.8%
Repsol SA	936,873	$	23,303,455
Financials—20.2%
Capital Markets—5.6%
Credit Suisse Group AG1	866,805		26,561,722
Deutsche Bank AG	939,129		43,120,706
Goldman Sachs Group, Inc. (The)	182,640		28,895,474
UBS AG1	2,988,910		61,147,523
			159,725,425
Commercial Banks—4.9%
Banco Bilbao Vizcaya Argentaria SA	3,192,518		35,866,354
ICICI Bank Ltd., Sponsored ADR	954,230		29,084,930
Itau Unibanco Holding SA, Preference, ADR	1,715,579		24,223,976
Societe Generale	391,689		19,534,373
Sumitomo Mitsui Financial Group, Inc.	594,600		28,866,623
			137,576,256
Diversified Financial Services—4.2%
BM&FBovespa SA	3,951,800		22,074,306
Citigroup, Inc.	657,100		31,875,921
McGraw Hill Financial, Inc.	785,060		51,492,085
Moscow Exchange (The)	7,231,803		13,849,156
			119,291,468
Insurance—4.9%
Allianz SE	288,398		45,337,228
Dai-ichi Life Insurance Co. Ltd. (The)	2,064,400		29,590,569
Fidelity National Financial, Inc., Cl. A	651,170		17,321,122
Prudential plc	2,302,607		42,926,524
			135,175,443
Real Estate Management & Development—0.6%
DLF Ltd.	7,902,716		16,077,966
Health Care—12.9%
Biotechnology—3.7%
Biogen Idec, Inc.1	58,750		14,144,650
Gilead Sciences, Inc.1	497,730		31,277,353
Medivation, Inc.1	137,340		8,232,160
Theravance, Inc.1	578,130		23,639,736
ThromboGenics NV1	15,462		401,421
Vertex Pharmaceuticals, Inc.1	342,620		25,977,448
			103,672,768
Health Care Equipment & Supplies—1.5%
St. Jude Medical, Inc.	280,130		15,026,173

1    OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares		Value
Health Care Equipment & Supplies (Continued)
Zimmer Holdings, Inc.		342,930	$	28,168,270
				43,194,443
Health Care Providers & Services—3.7%
Aetna, Inc.		687,820		44,034,237
WellPoint, Inc.		693,475		57,981,445
				102,015,682
Pharmaceuticals—4.0%
Allergan, Inc.		198,210		17,928,095
Bayer AG		350,405		41,317,714
Roche Holding AG		122,574		33,065,279
Shire plc		518,160		20,747,293
				113,058,381
Industrials—13.3%
Aerospace & Defense—3.7%
Embraer SA, ADR		779,413		25,307,540
European Aeronautic Defence & Space Co.		1,232,950		78,587,440
				103,894,980
Air Freight & Couriers—1.1%
United Parcel Service, Inc., Cl. B		326,010		29,787,534
Building Products—1.7%
Assa Abloy AB, Cl. B		1,007,679		46,266,761
Construction & Engineering—0.5%
FLSmidth & Co. AS		241,381		12,999,402
Electrical Equipment—2.6%
Emerson Electric Co.		416,250		26,931,375
Nidec Corp.		291,500		24,138,762
OSRAM Licht AG1		35,503		1,666,729
Prysmian SpA		666,398		16,311,186
				69,048,052
Industrial Conglomerates—3.0%
3M Co.		354,160		42,290,246
Siemens AG		334,869		40,371,485
				82,661,731
Machinery—0.7%
FANUC Corp.		111,700		18,471,391
Information Technology—24.9%
Communications Equipment—4.0%
Juniper Networks, Inc.1		1,085,890		21,565,775
Telefonaktiebolaget LM Ericsson, Cl. B		6,752,823		89,942,373
				111,508,148
Computers & Peripherals—0.5%
Fusion-io, Inc.1		1,065,060		14,261,153
Electronic Equipment, Instruments, & Components—3.6%
Keyence Corp.		104,111		39,654,781
Kyocera Corp.		416,000		22,164,335

	Shares		Value
Electronic Equipment, Instruments, & Components (Continued)
Murata Manufacturing Co. Ltd.		528,400	$	40,489,655
				102,308,771
Internet Software & Services—5.6%
eBay, Inc.1		1,067,630		59,563,078
Facebook, Inc., Cl. A1		640,660		32,186,758
Google, Inc., Cl. A1		73,040		63,976,466
				155,726,302
IT Services—0.5%
Infosys Ltd.		289,433		13,916,211
Semiconductors & Semiconductor Equipment—4.2%
Altera Corp.		1,324,940		49,234,770
Maxim Integrated Products, Inc.		1,369,235		40,803,203
Taiwan Semiconductor Manufacturing Co. Ltd.		7,371,184		25,062,812
				115,100,785
Software—6.5%
Adobe Systems, Inc.1		882,663		45,845,516
Intuit, Inc.		619,810		41,099,601
Microsoft Corp.		1,108,100		36,910,811
Red Hat, Inc.1		53,440		2,465,722
SAP AG		758,433		56,057,309
				182,378,959
Materials—1.0%
Chemicals—1.0%
Linde AG		139,196		27,584,296
Telecommunication Services—1.6%
Wireless Telecommunication Services—1.6%
KDDI Corp.		896,900		46,166,746
Utilities—0.6%
Electric Utilities—0.6%
Fortum OYJ		701,156		15,821,734
Total Common Stocks (Cost $1,608,209,215)				2,778,184,862
		Units
Rights, Warrants and Certificates—0.0%
Banco Bilbao Vizcaya Argentaria SA Rts., Strike Price 0.001EUR, 10/14/131 (Cost $391,913)		2,923,396		399,447

2    OPPENHEIMER GLOBAL FUND/VA

 STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares		Value
Investment Company—0.7%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.09%2,3(Cost $19,161,850)		19,161,850	$	19,161,850
Total Investments, at Value
(Cost $1,627,762,978)		100.2%		2,797,746,159
Liabilities in Excess of
Other Assets		(0.2)		(5,756,493)
Net Assets		100.0%	$	2,791,989,666

Footnotes to Statement of Investments

Strike price is reported in U.S. Dollars, except for those denoted in the following currency:

EUR Euro

1. Non-income producing security.

2. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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    September 30, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		30,612,139		224,860,903		236,311,192		19,161,850
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	19,161,850	$	10,572

3. Rate shown is the 7-day yield as of September 30, 2013.

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

Geographic Holdings	Value		Percent
United States	$	1,118,351,095		40.0%
Germany		314,814,164		11.3
Japan		249,542,862		8.9
France		181,798,898		6.5
Switzerland		151,285,155		5.4
Sweden		136,209,134		4.9
Spain		110,700,818		3.9
Brazil		92,946,638		3.3
United Kingdom		85,211,185		3.0
Netherlands		78,587,440		2.8
India		73,520,214		2.6
Italy		61,392,339		2.2
Mexico		54,504,399		2.0
Taiwan		25,062,812		0.9
Ireland		20,747,293		0.7
Finland		15,821,734		0.6
Russia		13,849,156		0.5
Denmark		12,999,402		0.5
Belgium		401,421		0.0
Total	$	2,797,746,159		100.0%

3    OPPENHEIMER GLOBAL FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited

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

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 New York Stock Exchange (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

4    OPPENHEIMER GLOBAL FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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

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

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

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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

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

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

5    OPPENHEIMER GLOBAL FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (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 GLOBAL FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

The table below categorizes amounts as of September 30, 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	$	150,192,423	$	280,978,285	$	—	$	431,170,708
Consumer Staples		101,689,841		72,795,292		—		174,485,133
Energy		20,236,019		74,602,214		—		94,838,233
Financials		196,742,664		371,103,894		—		567,846,558
Health Care		266,409,567		95,531,707		—		361,941,274
Industrials		124,316,695		238,813,156		—		363,129,851
Information Technology		407,912,853		287,287,476		—		695,200,329
Materials		—		27,584,296		—		27,584,296
Telecommunication Services		—		46,166,746		—		46,166,746
Utilities		—		15,821,734		—		15,821,734
Rights, Warrants and Certificates		399,447		—		—		399,447
Investment Company		19,161,850		—		—		19,161,850
Total Assets	$	1,287,061,359	$	1,510,684,800	$	—	$	2,797,746,159

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 out of Level 1*			Transfers into Level 2*
Assets Table
Investments, at Value:
Commons Stocks
Consumer Discretionary	$	(56,375,412	)	$	56,375,412
Consumer Staples		(29,739,726	)		29,739,726
Financials		(79,568,248	)		79,568,248
Health Care		(43,061,629	)		43,061,629
Industrials		(57,122,804	)		57,122,804
Information Technology		(121,877,094	)		121,877,094
Materials		(25,410,199	)		25,410,199
Total Assets	$	(413,155,112	)	$	413,155,112

*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.

Federal Taxes

The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 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	$	1,652,076,466
Gross unrealized appreciation	$	1,193,856,107
Gross unrealized depreciation		(48,186,414)
Net unrealized appreciation	$	1,145,669,693

7    OPPENHEIMER GLOBAL FUND/VA

 STATEMENT OF INVESTMENTS    September 30, 2013 / Unaudited

	Shares		Value
Common Stocks—99.6%
Consumer Discretionary—9.3%
Auto Components—0.7%
Delphi Automotive plc	176,920	$	10,335,666
Automobiles—1.2%
Ford Motor Co.	978,690		16,510,500
Media—1.9%
Time Warner, Inc.	404,260		26,604,351
Specialty Retail—4.7%
AutoZone, Inc.1	99,470		42,048,953
TJX Cos., Inc. (The)	433,710		24,456,907
			66,505,860
Textiles, Apparel & Luxury Goods—0.8%
PVH Corp.	88,820		10,542,046
Consumer Staples—8.7%
Beverages—0.5%
Dr Pepper Snapple Group, Inc.	152,130		6,818,467
Food Products—3.5%
J.M. Smucker Co. (The)	63,450		6,664,788
Kraft Foods Group, Inc.	347,926		18,245,239
Mondelez International, Inc., Cl. A	748,170		23,507,501
			48,417,528
Household Products—1.7%
Henkel AG & Co. KGaA	137,564		12,183,255
Henkel AG & Co. KGaA, Preference	116,465		12,000,216
			24,183,471
Tobacco—3.0%
Philip Morris International, Inc.	490,879		42,505,213
Energy—9.0%
Energy Equipment & Services—3.5%
National Oilwell Varco, Inc.	627,870		49,042,926
Oil, Gas & Consumable Fuels—5.5%
Chevron Corp.	390,630		47,461,545
Noble Energy, Inc.	433,400		29,042,134
			76,503,679
Financials—19.2%
Commercial Banks—2.5%
CIT Group, Inc.1	723,060		35,263,636
Consumer Finance—3.2%
Discover Financial Services	884,620		44,708,695
Diversified Financial Services—9.4%
Citigroup, Inc.	492,358		23,884,287
CME Group, Inc.	171,080		12,639,390
JPMorgan Chase & Co.	1,159,580		59,938,690
McGraw Hill Financial, Inc.	544,191		35,693,488
			132,155,855

	Shares		Value
Insurance—4.1%
American International Group, Inc.	532,470	$	25,894,016
Lincoln National Corp.	210,750		8,849,392
Marsh & McLennan Cos., Inc.	515,300		22,441,315
			57,184,723
Health Care—17.7%
Biotechnology—0.6%
Gilead Sciences, Inc.1	141,570		8,896,259
Health Care Equipment & Supplies—3.0%
Covidien plc	691,320		42,129,041
Health Care Providers & Services—5.1%
Express Scripts Holding Co.1	716,897		44,289,897
UnitedHealth Group, Inc.	368,610		26,396,162
			70,686,059
Pharmaceuticals—9.0%
AbbVie, Inc.	308,790		13,812,177
Actavis, Inc.1	160,310		23,084,640
Allergan, Inc.	312,140		28,233,063
Pfizer, Inc.	707,239		20,304,832
Sanofi	140,100		14,207,339
Zoetis, Inc.	836,450		26,030,324
			125,672,375
Industrials—10.6%
Aerospace & Defense—0.6%
L-3 Communications Holdings, Inc.	84,300		7,966,350
Air Freight & Couriers—1.2%
United Parcel Service, Inc., Cl. B	181,770		16,608,325
Commercial Services & Supplies—3.1%
ADT Corp. (The)	227,752		9,260,396
Tyco International Ltd.	978,515		34,228,455
			43,488,851
Professional Services—2.0%
Towers Watson & Co., Cl. A	266,510		28,505,910
Road & Rail—3.7%
Canadian National Railway Co.	383,620		38,887,560
CSX Corp.	503,280		12,954,427
			51,841,987
Information Technology—20.7%
Communications Equipment—1.5%
QUALCOMM, Inc.	310,061		20,885,709
Computers & Peripherals—5.2%
Apple, Inc.	121,192		57,778,286
Western Digital Corp.	247,810		15,711,154
			73,489,440

1    OPPENHEIMER MAIN STREET FUND/VA

 STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares		Value
Electronic Equipment, Instruments, & Components—0.9%
Avnet, Inc.		117,700	$	4,909,267
Corning, Inc.		484,850		7,073,961
				11,983,228
Internet Software & Services—6.4%
eBay, Inc.1		736,375		41,082,361
Facebook, Inc., Cl. A1		503,300		25,285,792
Google, Inc., Cl. A1		26,940		23,597,015
				89,965,168
IT Services—4.4%
Amdocs Ltd.		300,600		11,013,984
International Business Machines Corp.		226,770		41,993,269
Mastercard, Inc., Cl. A		11,930		8,026,265
				61,033,518
Software—2.3%
Microsoft Corp.		973,050		32,412,295
Materials—3.0%
Chemicals—0.8%
Air Products & Chemicals, Inc.		85,050		9,063,778
PPG Industries, Inc.		17,650		2,948,609
				12,012,387
Construction Materials—2.2%
Vulcan Materials Co.		598,950		31,031,600

	Shares		Value
Telecommunication Services—0.7%
Wireless Telecommunication Services—0.7%
America Movil SAB de CV, Series L, ADR		461,792	$	9,148,099
Utilities—0.7%
Electric Utilities—0.7%
Exelon Corp.		330,190		9,786,832
Total Common Stocks (Cost $960,628,051)				1,394,826,049
Investment Company—1.0%
Oppenheimer Institutional Money Market Fund, Cl. E2,3
(Cost $13,855,216)		13,855,216		13,855,216
Total Investments, at Value (Cost $974,483,267)		100.6%		1,408,681,265
Liabilities in Excess of Other Assets		(0.6)		(8,306,585)
Net Assets		100.0%	$	1,400,374,680

Footnotes to Statement of Investments

1. Non-income producing security.

2. Rate shown is the 7-day yield as of September 30, 2013.

3. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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   September 30,   2013
Oppenheimer Institutional Money Market Fund, Cl. E		24,937,150		265,565,244		276,647,178		13,855,216
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	13,855,216	$	12,851

2    OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is 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 New York Stock Exchange (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

3    OPPENHEIMER MAIN STREET 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 (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation

4    OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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.

5    OPPENHEIMER MAIN STREET FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

The table below categorizes amounts as of September 30, 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	$	130,498,423	$	—	$	—	$	130,498,423
Consumer Staples		97,741,208		24,183,471		—		121,924,679
Energy		125,546,605		—		—		125,546,605
Financials		269,312,909		—		—		269,312,909
Health Care		233,176,395		14,207,339		—		247,383,734
Industrials		148,411,423		—		—		148,411,423
Information Technology		289,769,358		—		—		289,769,358
Materials		43,043,987		—		—		43,043,987
Telecommunication Services		9,148,099		—		—		9,148,099
Utilities		9,786,832		—		—		9,786,832
Investment Company		13,855,216		—		—		13,855,216
Total Assets	$	1,370,290,455	$	38,390,810	$	—	$	1,408,681,265

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 out of Level 1*		Transfers into Level 2*
Assets Table
Investments, at Value:
Commons Stocks
Consumer Staples	$	(5,364,390)	$	5,364,390
Total Assets	$	(5,364,390)	$	5,364,390

*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.

Federal Taxes

The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 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	$	976,053,252
Gross unrealized appreciation	$	434,593,096
Gross unrealized depreciation		(1,965,083)
Net unrealized appreciation	$	432,628,013

6    OPPENHEIMER MAIN STREET FUND/VA

 STATEMENT OF INVESTMENTS    September 30, 2013 / Unaudited

	Shares		Value
Common Stocks—99.3%
Consumer Discretionary—12.1%
Auto Components—2.7%
Dana Holding Corp.	1,260,582	$	28,791,693
Distributors—0.5%
Pool Corp.	101,489		5,696,578
Diversified Consumer Services—1.1%
LifeLock, Inc.1	793,750		11,771,313
Hotels, Restaurants & Leisure—2.8%
Brinker International, Inc.	250,360		10,147,091
Dunkin’ Brands Group, Inc.	192,783		8,725,359
Texas Roadhouse, Inc.	463,520		12,181,306
			31,053,756
Household Durables—0.5%
Toll Brothers, Inc.1	170,560		5,531,261
Media—1.5%
Imax Corp.1	549,176		16,607,082
Specialty Retail—3.0%
Monro Muffler Brake, Inc.	158,549		7,370,943
Pier 1 Imports, Inc.	725,790		14,167,421
Signet Jewelers Ltd.	146,130		10,470,215
			32,008,579
Consumer Staples—3.0%
Food Products—1.5%
Flowers Foods, Inc.	755,190		16,191,274
Personal Products—1.5%
Nu Skin Enterprises, Inc., Cl. A	169,350		16,213,569
Energy—7.1%
Oil, Gas & Consumable Fuels—7.1%
EPL Oil & Gas, Inc.1	693,407		25,732,334
PAA Natural Gas Storage LP	275,433		6,414,834
Phillips 66 Partners LP1	370,200		11,387,352
Renewable Energy Group, Inc.1	874,988		13,256,068
Western Refining, Inc.	632,361		18,996,124
			75,786,712
Financials—23.7%
Capital Markets—3.4%
Financial Engines, Inc.	436,093		25,921,368
WisdomTree Investments, Inc.1	919,060		10,670,287
			36,591,655
Commercial Banks—5.8%
BankUnited, Inc.	410,455		12,802,091
CapitalSource, Inc.	1,059,209		12,583,403

	Shares		Value
Commercial Banks (Continued)
First Niagara Financial Group, Inc.		1,591,640	$	16,505,307
FirstMerit Corp.		494,356		10,732,469
Webster Financial Corp.		386,370		9,864,026
				62,487,296
Insurance—0.8%
AmTrust Financial Services, Inc.		215,617		8,422,000
Real Estate Investment Trusts (REITs)—9.8%
Apollo Commercial Real Estate Finance, Inc.		755,241		11,532,530
Ares Commercial Real Estate Corp.		309,509		3,847,197
Chatham Lodging Trust		598,170		10,683,316
Hatteras Financial Corp.		775,860		14,516,341
LaSalle Hotel Properties		864,096		24,644,018
Mid-America Apartment Communities, Inc.		250,015		15,625,937
Redwood Trust, Inc.		607,830		11,968,173
Starwood Property Trust, Inc.		546,562		13,101,091
				105,918,603
Thrifts & Mortgage Finance—3.9%
Flagstar Bancorp, Inc.1		474,470		7,003,177
Home Loan Servicing Solutions Ltd.		907,370		19,971,214
Ocwen Financial Corp.1		131,010		7,306,428
Oritani Financial Corp.		518,780		8,539,119
				42,819,938
Health Care—11.6%
Biotechnology—2.2%
Celldex Therapeutics, Inc.1		164,300		5,821,149
Foundation Medicine, Inc.1		11,150		441,986
Keryx Biopharmaceuticals, Inc.1		622,820		6,290,482
Medivation, Inc.1		80,002		4,795,320
Merrimack Pharmaceuticals, Inc.1		509,640		1,936,632

   1    OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

 STATEMENT OF INVESTMENTS     Unaudited / (Continued)

	Shares		Value
Biotechnology (Continued)
Sarepta Therapeutics, Inc.1		112,110	$	5,294,955
				24,580,524
Health Care Equipment & Supplies—1.9%
DexCom, Inc.1		336,880		9,510,122
Greatbatch, Inc.1		240,851		8,196,160
Spectranetics Corp.1		135,880		2,280,066
				19,986,348
Health Care Providers & Services—5.5%
HealthSouth Corp.		590,670		20,366,302
Team Health Holdings, Inc.1		307,230		11,656,306
Vanguard Health Systems, Inc.1		344,250		7,232,692
WellCare Health Plans, Inc.1		286,121		19,954,079
				59,209,379
Pharmaceuticals—2.0%
Acelrx Pharmaceuticals, Inc.1		231,360		2,491,747
Questcor Pharmaceuticals, Inc.		113,980		6,610,840
Santarus, Inc.1		593,000		13,384,010
				22,486,597
Industrials—18.2%
Air Freight & Couriers—0.8%
Hub Group, Inc., Cl. A1		225,598		8,850,210
Airlines—0.5%
Spirit Airlines, Inc.1		165,000		5,654,550
Commercial Services & Supplies—5.7%
ACCO Brands Corp.1		1,576,317		10,466,745
KAR Auction Services, Inc.		781,610		22,049,218
Mobile Mini, Inc.1		287,540		9,793,612
Waste Connections, Inc.		425,210		19,308,786
				61,618,361
Construction & Engineering—1.8%
AECOM Technology Corp.1		269,703		8,433,613
KBR, Inc.		326,771		10,665,805
				19,099,418
Electrical Equipment—0.4%
General Cable Corp.		150,600		4,781,550
Machinery—2.5%
Greenbrier Cos., Inc.1		573,609		14,185,351
Wabtec Corp.		215,428		13,543,958
				27,729,309
Professional Services—3.8%
Korn/Ferry International1		808,801		17,308,341

	Shares		Value
Professional Services (Continued)
Robert Half International, Inc.		605,445	$	23,630,518
				40,938,859
Road & Rail—1.9%
Old Dominion Freight Line, Inc.1		275,571		12,673,510
Swift Transportation Co.1		396,664		8,008,646
				20,682,156
Transportation Infrastructure—0.8%
Wesco Aircraft Holdings, Inc.1		404,830		8,473,092
Information Technology—14.9%
Communications Equipment—1.9%
Finisar Corp.1		903,221		20,439,891
Internet Software & Services—2.2%
j2 Global, Inc.		183,283		9,076,174
Liquidity Services, Inc.1		151,690		5,090,716
Web.com Group, Inc.1		308,700		9,983,358
				24,150,248
IT Services—1.1%
MAXIMUS, Inc.		254,790		11,475,742
Semiconductors & Semiconductor Equipment—3.8%
Cavium, Inc.1		353,580		14,567,496
Semtech Corp.1		416,448		12,489,276
Skyworks Solutions, Inc.1		588,349		14,614,589
				41,671,361
Software—5.9%
FireEye, Inc.1		14,940		620,458
Fortinet, Inc.1		690,251		13,984,485
Guidewire Software, Inc.1		357,540		16,843,709
Infoblox, Inc.1		128,480		5,373,034
ServiceNow, Inc.1		203,190		10,555,720
Splunk, Inc.1		138,770		8,331,751
TIBCO Software, Inc.1		247,476		6,332,911
				62,042,068
Materials—8.2%
Chemicals—2.5%
A. Schulman, Inc.		344,798		10,157,749
Cytec Industries, Inc.		108,338		8,814,380
W.R. Grace & Co.1		101,970		8,912,178
				27,884,307
Containers & Packaging—1.0%
Packaging Corp. of America		193,590		11,052,053
Metals & Mining—1.9%
Century Aluminum Co.1		966,910		7,783,625

   2    OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares		Value
Metals & Mining (Continued)
Kaiser Aluminum Corp.		178,170	$	12,694,612
				20,478,237
Paper & Forest Products—2.8%
Boise Cascade Co.1		435,980		11,749,661
P.H. Glatfelter Co.		662,161		17,924,698
				29,674,359
Utilities—0.5%
Water Utilities—0.5%
Aqua America, Inc.		241,003		5,960,004
Total Common Stocks
(Cost $785,163,506)				1,074,809,932
Investment Company—0.9%
Oppenheimer Institutional
Money Market Fund, Cl. E, 0.09%2,3
(Cost $10,222,621)		10,222,621		10,222,621
Total Investments, at Value
(Cost $795,386,127)		100.2%		1,085,032,553
Liabilities in Excess of Other Assets		(0.2)		(1,930,220)
Net Assets		100.0%		$      1,083,102,333

Footnotes to Statement of Investments

1. Non-income producing security.

2. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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   September 30,   2013
Oppenheimer Institutional Money Market Fund, Cl. E		13,103,742		291,750,952		294,632,073		10,222,621
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	10,222,621	$	22,627

3. Rate shown is the 7-day yield as of September 30, 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.

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

   4    OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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

   5    OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

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

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

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

The table below categorizes amounts as of September 30, 2013 based on valuation input level:

   6    OPPENHEIMER MAIN STREET SMALL CAP 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	$	131,460,262	$	—	$	—	$	131,460,262
Consumer Staples		32,404,843		—		—		32,404,843
Energy		75,786,712		—		—		75,786,712
Financials		256,239,492		—		—		256,239,492
Health Care		126,262,848		—		—		126,262,848
Industrials		197,827,505		—		—		197,827,505
Information Technology		159,779,310		—		—		159,779,310
Materials		89,088,956		—		—		89,088,956
Utilities		5,960,004		—		—		5,960,004
Investment Company		10,222,621		—		—		10,222,621
Total Assets	$	1,085,032,553	$	—	$	—	$	1,085,032,553

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 September 30, 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	$	796,944,164
Gross unrealized appreciation	$	301,248,598
Gross unrealized depreciation		(13,160,209)
Net unrealized appreciation	$	288,088,389

   7    OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS    September 30, 2013 / Unaudited

	Maturity Date*	Final Legal Maturity Date**	Principal Amount	Value
Certificates of Deposit—31.3%
Yankee Certificates of Deposit—31.3%
Bank of Montreal, Chicago, 0.05%	10/1/13	10/1/13	$6,600,000	$	6,600,000
Bank of Nova Scotia, Houston TX:
0.22%	11/13/13	11/13/13	1,200,000		1,200,000
0.23%	10/7/13	10/7/13	1,000,000		1,000,000
Bank of Tokyo-Mitsubishi UFJ NY:
0.11%1	10/7/13	10/7/13	4,500,000		4,500,000
0.11%1	10/7/13	10/7/13	1,200,000		1,199,978
BNP Paribas, New York:
0.22%	1/13/14	1/13/14	3,000,000		3,000,000
0.74%	1/15/14	1/15/14	2,250,000		2,250,000
DnB Bank ASA NY:
0.185%	1/13/14	1/13/14	3,000,000		3,000,000
0.21%	1/3/14	1/3/14	1,000,000		1,000,000
Nordea Bank Finland plc, New York:
0.03%	10/3/13	10/3/13	2,000,000		2,000,000
0.22%	11/18/13	11/18/13	1,000,000		1,000,000
0.23%	11/15/13	11/15/13	6,000,000		6,000,000
Rabobank Nederland NV, New York:
0.292%2	11/25/13	8/26/14	5,000,000		5,000,000
0.341%2	1/7/14	10/7/14	1,500,000		1,500,000
Royal Bank of Canada, New York:
0.29%2	10/24/13	6/24/14	3,000,000		3,000,000
0.31%2	10/1/13	2/3/14	2,000,000		2,000,000
Sumitomo Mutsui Bank NY:
0.07%	10/3/13	10/3/13	4,400,000		4,400,000
0.10%	10/1/13	10/1/13	5,000,000		5,000,000
Toronto Dominion Bank, New York, 0.26%	1/6/14	1/6/14	2,000,000		2,000,000
Wells Fargo Bank NA:
0.248%	10/1/13	5/1/14	2,500,000		2,500,000
0.252%2	10/7/13	9/5/14	2,500,000		2,500,000
Total Certificates of Deposit (Cost $60,649,978)					60,649,978
Direct Bank Obligations—11.3%
BNP Paribas, Canada, 0.07%	10/1/13	10/1/13	1,700,000		1,700,000
DnB Bank ASA:
0.185%3	11/29/13	11/29/13	2,300,000		2,299,302
0.205%3	12/16/13	12/16/13	3,000,000		2,998,702
Svenska Handelsbanken, Inc.:
0.24%3	2/24/14	2/24/14	2,500,000		2,497,567
0.24%3	2/20/14	2/20/14	5,000,000		4,995,267
Westpac Banking Corp.:
0.32%1,2,3	10/9/13	1/9/14	5,400,000		5,400,000
0.34%2,3	10/1/13	10/31/13	2,000,000		2,000,099
Total Direct Bank Obligations (Cost $21,890,937)					21,890,937
Short-Term Notes/Commercial Paper—53.2%
Banks—2.3%
Bank of Nova Scotia, New York, 0.17%	1/21/14	1/21/14	3,000,000		2,998,414

1      OPPENHEIMER MONEY FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / Continued

	Maturity Date*	Final Legal Maturity Date**	Principal Amount	Value
Banks Continued
HSBC USA, Inc., 0.21%	11/6/13	11/6/13	$1,500,000	$	1,499,685
					4,498,099
Diversified Financial Services—4.6%
General Electric Capital Corp.:
0.23%	11/25/13	11/25/13	5,000,000		4,998,243
0.23%	10/28/13	10/28/13	2,000,000		1,999,655
0.24%	1/17/14	1/17/14	2,000,000		1,998,560
					8,996,458
Insurance—2.1%
Prudential Funding LLC, 0.07%	10/3/13	10/3/13	4,000,000		3,999,984
Leasing & Factoring—5.9%
American Honda Finance Corp.:
0.28%1,2	12/5/13	12/5/13	1,000,000		1,000,000
0.288%1,2	10/17/13	7/17/14	2,000,000		2,000,000
0.296%1,2	11/8/13	11/8/13	1,500,000		1,500,000
Toyota Motor Credit Corp.:
0.219%	10/31/13	2/25/14	2,500,000		2,500,000
0.25%	2/28/14	2/28/14	1,900,000		1,898,021
0.301%	10/25/13	10/25/13	2,500,000		2,499,500
					11,397,521
Municipal—1.1%
San Antonio, TX Industrial Development Authority Revenue Bonds, Tindall Corp. Project, 0.24%2	10/7/13	10/7/13	2,100,000		2,100,000
Personal Products—0.7%
Reckitt Benckiser Treasury Services plc, 0.291%3	6/25/14	6/25/14	1,300,000		1,297,204
Receivables Finance—17.0%
Alpine Securitization Corp.:
0.14%	10/2/13	10/2/13	2,000,000		1,999,992
0.14%	10/11/13	10/11/13	2,700,000		2,699,895
0.14%	10/9/13	10/9/13	1,000,000		999,969
Barton Capital Corp.:
0.10%3	10/7/13	10/7/13	2,000,000		1,999,967
0.199%3	10/30/13	3/27/14	2,000,000		2,000,000
0.20%3	11/7/13	11/7/13	1,000,000		999,979
Gemini Securitization Corp., 0.10%3	10/1/13	10/1/13	3,600,000		3,600,000
Gotham Funding Corp.:
0.11%3	10/1/13	10/1/13	1,500,000		1,500,000
0.15%3	10/25/13	10/25/13	2,282,000		2,281,772
Jupiter Securitization Co. LLC:
0.24%3	12/30/13	12/30/13	5,000,000		4,997,000
0.26%3	10/1/13	10/1/13	1,000,000		1,000,000
Market Street Funding LLC, 0.18%3	10/22/13	10/22/13	3,350,000		3,349,648
Mont Blanc Capital Corp., 0.15%3	10/9/13	10/9/13	2,630,000		2,629,912
Old Line Funding Corp.:
0.25%3	12/18/13	12/18/13	1,000,000		999,458
0.25%3	10/21/13	10/21/13	2,000,000		1,999,722
					33,057,314

2      OPPENHEIMER MONEY FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / Continued

	Maturity Date*	Final Legal Maturity Date**	Principal Amount	Value
Special Purpose Financial—19.6%
Anglesea Funding LLC:
0.20%1	10/3/13	10/3/13	$1,000,000	$	999,989
0.20%1	10/2/13	10/2/13	1,000,000		999,994
Collateralized Commercial Paper II Co. LLC, 0.30%1	1/27/14	1/27/14	2,000,000		1,998,033
Concord Minutemen Cap. Corp. LLC:
0.21%	10/8/13	10/8/13	2,300,000		2,299,906
0.21%	10/16/13	10/16/13	2,400,000		2,399,790
0.21%	10/10/13	10/10/13	1,000,000		999,948
0.21%	11/4/13	11/4/13	1,000,000		999,802
0.21%	11/5/13	11/5/13	2,400,000		2,399,510
Crown Point Capital Co.:
0.19%	11/4/13	11/4/13	995,000		994,821
0.21%	10/22/13	10/22/13	7,800,000		7,799,045
FCAR Owner Trust I, 0.20%	11/1/13	11/1/13	2,000,000		1,999,656
FCAR Owner Trust II, 0.17%	10/8/13	10/8/13	1,000,000		999,967
Govoco, Inc., 0.08%3	10/1/13	10/1/13	3,000,000		3,000,000
Legacy Capital LLC:
0.12%	10/3/13	10/3/13	2,500,000		2,499,983
0.21%	11/4/13	11/4/13	2,000,000		1,999,603
Lexington Parker Capital Co. LLC, 0.21%3	11/4/13	11/4/13	3,000,000		2,999,405
Ridgefield Funding Co. LLC, 0.272%	10/8/13	1/8/14	2,500,000		2,500,000
					37,889,452
Total Short-Term Notes/Commercial Paper (Cost $103,236,032)					103,236,032
U.S. Government Obligations—4.2%
U.S. Treasury Nts.:
0.25%	2/28/14	2/28/14	1,000,000		1,000,254
0.50%	10/15/13	10/15/13	2,500,000		2,500,286
1.00%	1/15/14	1/15/14	1,500,000		1,503,507
1.75%	1/31/14	1/31/14	1,000,000		1,005,151
2.375%	8/31/14	8/31/14	2,000,000		2,040,155
Total U.S. Government Obligations (Cost $8,049,353)					8,049,353
Total Investments, at Value (Cost $193,826,300)			100.1%		193,826,300
Liabilities in Excess of Other Assets			(0.1)		(159,322	)
Net Assets			100.0%	$	193,666,978

Footnotes to Statement of Investments

Short-term notes and direct bank obligations are generally traded on a discount basis; the interest rate shown is the discount rate received by the Fund at the time of purchase. Other securities normally bear interest at the rates shown.

* 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    Unaudited / Continued

Footnotes to Statement of Investments Continued

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 $19,597,994 or 10.12% of the Fund’s net assets as of September 30, 2013.

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

3. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $54,845,004 or 28.32% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

4      OPPENHEIMER MONEY FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited

Securities Valuation

The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

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

Valuation Methods and Inputs

Securities are valued 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 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

5      OPPENHEIMER MONEY FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / Continued

Securities Valuation (Continued)

standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

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

The table below categorizes amounts as of September 30, 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	$	–	$	60,649,978	$	–	$	60,649,978
Direct Bank Obligations		–		21,890,937		–		21,890,937
Short-Term Notes/Commercial Paper		–		103,236,032		–		103,236,032
U.S. Government Obligations		–		8,049,353		–		8,049,353
Total Assets	$	—	$	193,826,300	$	—	$	193,826,300

6      OPPENHEIMER MONEY FUND/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Asset-Backed Securities–4.0%
Ally Auto Receivables Trust, Automobile Receivables Nts., Series 2012-A, Cl. D, 3.15%, 10/15/181	$	2,125,000		$	2,208,007
Ally Master Owner Trust, Automobile Receivable Nts., Series 2012-3, Cl. D, 2.532%, 7/15/172		1,200,000			1,203,635
American Credit Acceptance Receivables Trust 2012-2, Automobile Receivable Nts., Series 2012-2, Cl. D, 5.91%, 7/15/193		2,100,000			2,146,473
American Credit Acceptance Receivables Trust 2012-3, Automobile Receivable Nts., Series 2012-3, Cl. C, 2.78%, 9/17/183		230,000			229,644
American Credit Acceptance Receivables Trust 2013-2, Automobile Receivable Nts., Series 2013-2, Cl. C, 3.96%, 5/15/193		2,051,000			2,058,458
AmeriCredit Automobile Receivables Trust 2012-1, Automobile Receivables-Backed Nts., Series 2012-1, Cl. D, 4.72%, 3/8/18		8,055,000			8,491,742
AmeriCredit Automobile Receivables Trust 2012-3, Automobile Receivables-Backed Nts.: Series 2012-3, Cl. D, 3.03%, 7/9/18		2,625,000			2,668,781
Series 2012-3, Cl. E, 4.46%, 11/8/193		360,000			372,823
AmeriCredit Automobile Receivables Trust 2012-4, Automobile Receivables-Backed Nts., Series 2012-4, Cl. D, 2.68%, 10/9/18		1,190,000			1,192,533
AmeriCredit Automobile Receivables Trust 2013-1, Automobile Receivables-Backed Nts.: Series 2013-1, Cl. D, 2.09%, 2/8/19		425,000			414,450
Series 2013-1, Cl. E, 2.64%, 7/8/203		2,385,000			2,303,905
AmeriCredit Automobile Receivables Trust 2013-2, Automobile Receivables-Backed Nts.: Series 2013-2, Cl. D, 2.42%, 5/8/19		675,000			661,615
Series 2013-2, Cl. E, 3.41%, 10/8/203		1,055,000			1,046,278
AmeriCredit Automobile Receivables Trust 2013-3, Automobile Receivables-Backed Nts.: Series 2013-3, Cl. D, 3%, 7/8/19		440,000			437,764
Series 2013-3, Cl. E, 3.74%, 12/8/203		1,995,000			1,993,838
Axius European CLO SA, Collateralized Debt Obligations, Series 2007-1X, Cl. E, 4.803%, 11/15/232		212,712	EUR		265,907

1
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 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	$	275,000		$	269,016
CarMax Auto Owner Trust 2012-2, Automobile Receivables Nts., Series 2012-2, Cl. D, 3.02%, 11/15/18		1,200,000			1,222,976
CPS Auto Trust, Automobile Receivable Nts., Series 2012-C, Cl. A, 1.82%, 12/16/193		159,439			160,343
Credit Acceptance Auto Loan Trust, Automobile Receivable Nts., Series 2012-2A, Cl. B, 2.21%, 9/15/203		100,000			100,544
DT Auto Owner Trust 2012-2, Automobile Receivable Nts.: Series 2012-2, Cl. C, 2.72%, 4/17/173		690,000			695,662
Series 2012-2, Cl. D, 4.35%, 3/15/193		2,245,000			2,318,176
DT Auto Owner Trust 2013-1A, Automobile Receivable Nts., Series 2013-1A, Cl. D, 3.74%, 5/15/203		2,920,000			2,927,453
DT Auto Owner Trust 2013-2A, Automobile Receivable Nts., Series 2013-2A, Cl. D, 4.18%, 6/15/203		675,000			675,813
Exeter Automobile Receivables Trust, Automobile Receivable Nts.: Series 2012-2A, Cl. B, 2.22%, 12/15/173		875,000			868,457
Series 2012-2A, Cl. C, 3.06%, 7/16/183		1,100,000			1,079,194
Series 2013-2A, Cl. C, 4.35%, 1/15/193		635,000			640,735
First Investors Auto Owner Trust 2012-1A, Automobile Receivables Nts., Series 2012-1A, Cl. D, 5.65%, 4/15/183		285,000			300,089
Ford Credit Floorplan Master Owner Trust A, Automobile Receivable Nts., Series 2013-3, Cl. D, 1.74%, 6/15/17		240,000			240,483
Halcyon Structured Asset Management European CLO Deferrable Sec. Nts.: Series 2006-IIX, Cl. E, 4.19%, 1/25/232		1,405,000	EUR		1,642,062
Series 2007-IX, Cl. E, 4.134%, 7/24/232		706,933	EUR		849,389
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts.: Series 2007-1A, Cl. B, 2.096%, 8/15/221,2		7,870,000			6,886,250
Series 2007-1A, Cl. C, 3.396%, 8/15/221,2		5,270,000			4,558,550
Series 2007-1A, Cl. D, 5.396%, 8/15/221,2		5,270,000			4,558,550

2
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/173	$	2,042		$	2,044
Santander Drive Auto Receivables Trust 2012-2, Automobile Receivables Nts., Series 2012-2, Cl. D, 3.87%, 2/15/18		545,000			562,319
Santander Drive Auto Receivables Trust 2012-3, Automobile Receivables Nts.: Series 2012-3, Cl. C, 3.01%, 4/16/18		5,830,000			5,987,081
Series 2012-3, Cl. D, 3.64%, 5/15/18		7,770,000			7,932,987
Santander Drive Auto Receivables Trust 2012-4, Automobile Receivables Nts., Series 2012-4, Cl. D, 3.50%, 6/15/18		3,510,000			3,589,716
Santander Drive Auto Receivables Trust 2012-5, Automobile Receivables Nts.: Series 2012-5, Cl. C, 2.70%, 8/15/18		2,180,000			2,195,089
Series 2012-5, Cl. D, 3.30%, 9/17/18		3,160,000			3,217,577
Santander Drive Auto Receivables Trust 2012-AA, Automobile Receivables Nts., Series 2012-AA, Cl. D, 2.46%, 12/17/183		825,000			810,469
Santander Drive Auto Receivables Trust 2013-1, Automobile Receivables Nts., Series 2013-1, Cl. D, 2.27%, 1/15/19		920,000			900,088
Santander Drive Auto Receivables Trust 2013-2, Automobile Receivables Nts., Series 2013-2, Cl. D, 2.57%, 3/15/19		1,110,000			1,085,803
Santander Drive Auto Receivables Trust 2013-3, Automobile Receivables Nts., Series 2013-3, Cl. D, 2.42%, 4/15/19		950,000			911,570
Santander Drive Auto Receivables Trust 2013-4, Automobile Receivables Nts., Series 2013-4, Cl. D, 3.92%, 1/15/20		1,695,000			1,717,038
Santander Drive Auto Receivables Trust 2013-A, Automobile Receivables Nts., Series 2013-A, Cl. C, 3.12%, 10/15/193		1,195,000			1,229,770
SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 0.654%, 6/15/392		2,026,150			1,584,591
SNAAC Auto Receivables Trust, Automobile Receivable Nts.: Series 2012-1A, Cl. B, 3.11%, 6/15/173		525,000			529,728
Series 2012-1A, Cl. C, 4.38%, 6/15/173		595,000			609,046
Series 2013-1A, Cl. B, 2.09%, 7/16/18		200,000			199,236
Series 2013-1A, Cl. C, 3.07%, 8/15/18		220,000			218,604
Theseus European CLO SA, Asset-Backed Securities, Series 2006-1X, Cl. E, 4.343%, 8/27/222		1,490,000	EUR		1,890,296

3
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
United Auto Credit Securitization Trust 2012-1, Automobile Receivables Nts.: Series 2012-1, Cl. B, 1.87%, 9/15/15	$	335,000	$	334,928
Series 2012-1, Cl. C, 2.52%, 3/15/16		2,665,000		2,663,536
Series 2012-1, Cl. D, 3.12%, 3/15/18		1,690,000		1,689,012
United Auto Credit Securitization Trust 2013-1, Automobile Receivables Nts.: Series 2013-1, Cl. B, 1.74%, 4/15/163		360,000		359,434
Series 2013-1, Cl. C, 2.22%, 12/15/173		230,000		229,532
Series 2013-1, Cl. D, 2.90%, 12/15/173		440,000		439,108
Total Asset-Backed Securities (Cost $98,945,188)				98,578,197
Corporate Loans–1.7%
Affinion Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.50%, 10/9/162,4		1,245,696		1,211,051
Atlas Energy LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.50%, 7/31/192		1,065,001		1,075,651
Autoparts Holdings Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.50%, 7/29/172		1,022,935		1,005,994
BJ’S Wholesale Club, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 3/26/202		1,330,000		1,355,492
Blue Coat Systems, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.50%, 6/28/202		895,000		901,713
Brock Holdings III, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 3/16/182		775,000		787,271
Caesars Entertainment Operating Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 5.429%, 1/28/182,4		2,508,271		2,278,608
Catalent Pharma Solutions, Inc., Sr. Sec. Credit Facilities Term Loan, 6.50%, 12/31/172		1,265,000		1,269,744
Clear Channel Capital I LLC, Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 6.929%, 1/30/192,4		3,738,532		3,462,815
Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.829%, 1/29/162,4		976,487		923,390
Deltek, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 10/10/192		2,050,000		2,068,792

4
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan, Tranche B, 3.64%, 10/19/152,5	$	7,280,065	$	4,222,438
Hallertau SPC, Sr. Sec. Credit Facilities Term Loan, 7.94%, 8/15/146		12,143,750		5,683,275
iStar Financial, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche A2, 7%, 3/19/172,4		1,023,694		1,054,405
JG Wentworth, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9%, 2/8/192		383,326		386,441
Lonestar Intermediate Super Holdings LLC, Sr. Sec. Credit Facilities Term Loan, 11%, 9/2/192		1,555,000		1,628,863
NFR Energy LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.75%, 12/31/182		1,250,000		1,256,250
NTELOS, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 11/9/192		1,215,813		1,205,555
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 6.50%, 2/28/192		2,475,000		2,467,780
OneLink Communications/San Juan Cable LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 6/11/182		1,885,000		1,901,494
Quicksilver Resources, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7%, 6/21/192		3,040,000		2,929,800
Revel Entertainment, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 13.775%, 5/20/182,5		1,345,280		1,278,016
TWCC Holding Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7%, 6/26/202		2,430,000		2,499,863
Total Corporate Loans (Cost $41,951,811)				42,854,701
Mortgage-Backed Obligations–24.7%
Government Agency–7.5%
FHLMC/FNMA/FHLB/Sponsored–7.4%
Federal Home Loan Mortgage Corp.: 5%, 9/15/33		716,707		777,977
5.50%, 9/1/39		871,279		954,127
6%, 5/15/18-11/15/21		239,640		259,174
6.50%, 3/15/18-8/15/32		982,627		1,088,292
7%, 10/1/31-10/1/37		203,433		226,341
7.50%, 1/1/32		506,782		595,007

5
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22	$	553,483	$	629,216
Series 151, Cl. F, 9%, 5/15/21		13,266		14,807
Series 1674, Cl. Z, 6.75%, 2/15/24		398,158		449,412
Series 1897, Cl. K, 7%, 9/15/26		971,736		1,110,610
Series 2043, Cl. ZP, 6.50%, 4/15/28		390,947		446,291
Series 2106, Cl. FG, 0.632%, 12/15/282		664,137		666,971
Series 2122, Cl. F, 0.632%, 2/15/292		17,630		17,706
Series 2148, Cl. ZA, 6%, 4/15/29		474,624		531,368
Series 2195, Cl. LH, 6.50%, 10/15/29		291,652		330,513
Series 2326, Cl. ZP, 6.50%, 6/15/31		37,433		42,683
Series 2344, Cl. FP, 1.132%, 8/15/312		188,037		191,910
Series 2368, Cl. PR, 6.50%, 10/15/31		151,502		172,844
Series 2412, Cl. GF, 1.132%, 2/15/322		314,991		321,484
Series 2449, Cl. FL, 0.732%, 1/15/322		213,452		215,256
Series 2451, Cl. FD, 1.182%, 3/15/322		116,816		119,407
Series 2453, Cl. BD, 6%, 5/15/17		40,366		42,752
Series 2461, Cl. PZ, 6.50%, 6/1/32		558,446		635,803
Series 2464, Cl. FI, 1.182%, 2/15/322		97,865		99,866
Series 2470, Cl. AF, 1.182%, 3/15/322		200,427		204,874
Series 2470, Cl. LF, 1.182%, 2/15/322		100,151		102,198
Series 2471, Cl. FD, 1.182%, 3/15/322		146,878		149,892
Series 2477, Cl. FZ, 0.732%, 6/15/312		407,906		411,302
Series 2500, Cl. FD, 0.682%, 3/15/322		17,123		17,227
Series 2517, Cl. GF, 1.182%, 2/15/322		87,076		88,856
Series 2526, Cl. FE, 0.582%, 6/15/292		29,876		29,937
Series 2551, Cl. FD, 0.582%, 1/15/332		13,103		13,132
Series 2668, Cl. AZ, 4%, 9/1/18		79,334		83,118
Series 2676, Cl. KY, 5%, 9/15/23		1,712,270		1,878,167
Series 2707, Cl. QE, 4.50%, 11/1/18		266,979		281,632
Series 3025, Cl. SJ, 24.082%, 8/15/352		256,877		402,478
Series 3465, Cl. HA, 4%, 7/1/17		39,808		40,613
Series 3617, Cl. DC, 4%, 7/1/27		119,655		121,949
Series 3822, Cl. JA, 5%, 6/1/40		62,217		65,932
Series 3848, Cl. WL, 4%, 4/1/40		467,373		499,267
Series 3917, Cl. BA, 4%, 6/1/38		405,928		423,819
Series 4221, Cl. HJ, 1.50%, 7/1/23		464,989		462,394
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 192, Cl. IO, 12.876%, 2/1/287		13,056		2,745
Series 205, Cl. IO, 15.643%, 9/1/297		79,262		12,050
Series 2074, Cl. S, 56.191%, 7/17/287		20,935		4,359
Series 2079, Cl. S, 71.171%, 7/17/287		37,807		7,973
Series 2136, Cl. SG, 70.79%, 3/15/297		995,354		191,253

6
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Series 2399, Cl. SG, 61.414%, 12/15/267	$	532,620	$	103,223
Series 243, Cl. 6, 0%, 12/15/327,8		193,607		40,293
Series 2437, Cl. SB, 71.156%, 4/15/327		1,749,283		355,643
Series 2526, Cl. SE, 33%, 6/15/297		37,508		7,726
Series 2795, Cl. SH, 16.935%, 3/15/247		818,331		112,185
Series 2802, Cl. AS, 0%, 4/15/337,8		54,528		1,744
Series 2920, Cl. S, 51.77%, 1/15/357		361,701		71,122
Series 2922, Cl. SE, 8.675%, 2/15/357		62,152		10,913
Series 3201, Cl. SG, 8.362%, 8/15/367		333,283		62,327
Series 3397, Cl. GS, 13.064%, 12/15/377		262,348		44,476
Series 3424, Cl. EI, 0%, 4/15/387,8		191,417		25,435
Series 3450, Cl. BI, 12.953%, 5/15/387		433,762		78,399
Series 3606, Cl. SN, 6.305%, 12/15/397		130,447		16,872
Series 3659, Cl. IE, 0%, 3/1/197,8		750,169		57,935
Series 3685, Cl. EI, 0%, 3/1/197,8		616,347		42,578
Federal Home Loan Mortgage Corp., Mtg.-Linked Global Debt Securities, 2.06%, 1/15/22		868,125		877,193
Federal National Mortgage Assn.: 2.50%, 10/1/284		6,745,000		6,785,048
2.66%, 10/1/362		3,032,057		3,219,638
3.50%, 10/1/43-11/1/434		40,295,000		41,013,532
4.50%, 10/1/28-10/1/434		28,520,000		30,451,860
5%, 2/25/18-7/25/33		3,038,702		3,258,517
5%, 10/1/434		2,410,000		2,613,721
5.50%, 4/25/21-5/1/36		527,262		574,581
6%, 10/25/16-1/25/19		191,857		202,327
6%, 10/1/434		4,305,000		4,709,267
6.50%, 4/25/17-1/1/34		1,282,487		1,443,329
7%, 11/1/17-6/25/34		1,476,116		1,696,203
7.50%, 2/1/27-3/25/33		1,732,100		2,025,014
8.50%, 7/1/32		2,287		2,668
Federal National Mortgage Assn., 15 yr.: 3%, 10/1/284		3,975,000		4,116,609
3.50%, 11/1/284		24,810,000		26,100,894
4%, 10/1/284		2,365,000		2,509,856
Federal National Mortgage Assn., 30 yr., 4%, 10/1/434		14,970,000		15,706,804
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Trust 1999-54, Cl. LH, 6.50%, 11/25/29		256,879		288,040
Trust 2001-51, Cl. OD, 6.50%, 10/25/31		146,597		163,639

7
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Trust 2001-69, Cl. PF, 1.179%, 12/25/312	$	226,886	$	231,527
Trust 2001-80, Cl. ZB, 6%, 1/25/32		266,766		295,227
Trust 2002-12, Cl. PG, 6%, 3/25/17		130,654		137,738
Trust 2002-29, Cl. F, 1.179%, 4/25/322		104,294		106,464
Trust 2002-60, Cl. FH, 1.179%, 8/25/322		209,493		213,884
Trust 2002-64, Cl. FJ, 1.179%, 4/25/322		32,116		32,784
Trust 2002-68, Cl. FH, 0.684%, 10/18/322		70,087		70,536
Trust 2002-84, Cl. FB, 1.179%, 12/25/322		471,221		481,026
Trust 2002-9, Cl. PC, 6%, 3/25/17		128,672		135,582
Trust 2002-9, Cl. PR, 6%, 3/25/17		157,553		166,014
Trust 2002-90, Cl. FH, 0.679%, 9/25/322		263,649		265,378
Trust 2003-11, Cl. FA, 1.179%, 9/25/322		471,232		481,037
Trust 2003-112, Cl. AN, 4%, 11/1/18		167,693		175,844
Trust 2003-116, Cl. FA, 0.579%, 11/25/332		45,227		45,283
Trust 2003-119, Cl. FK, 0.679%, 5/25/182		991,619		995,062
Trust 2004-101, Cl. BG, 5%, 1/25/20		558,067		583,850
Trust 2004-25, Cl. PC, 5.50%, 1/1/34		146,032		157,104
Trust 2005-109, Cl. AH, 5.50%, 12/25/25		2,120,856		2,346,221
Trust 2005-31, Cl. PB, 5.50%, 4/25/35		560,000		636,871
Trust 2005-71, Cl. DB, 4.50%, 8/25/25		318,094		344,610
Trust 2006-11, Cl. PS, 23.911%, 3/25/362		208,582		323,760
Trust 2006-46, Cl. SW, 23.543%, 6/25/362		376,149		588,884
Trust 2007-109, Cl. NF, 0.729%, 12/25/372		497,232		500,274
Trust 2008-14, Cl. BA, 4.25%, 3/1/23		80,893		85,257
Trust 2009-114, Cl. AC, 2.50%, 12/1/23		144,950		147,166
Trust 2009-36, Cl. FA, 1.119%, 6/25/372		152,681		154,153
Trust 2009-70, Cl. TL, 4%, 8/1/19		917,112		959,190
Trust 2011-122, Cl. EA, 3%, 11/1/29		346,614		355,959
Trust 2011-122, Cl. EC, 1.50%, 1/1/20		422,272		420,406
Trust 2011-15, Cl. DA, 4%, 3/1/41		331,404		350,747
Trust 2011-3, Cl. KA, 5%, 4/1/40		427,875		469,222
Trust 2011-6, Cl. BA, 2.75%, 6/1/20		451,632		461,692
Trust 2012-20, Cl. FD, 0.579%, 3/25/422		1,027,751		1,026,510

8
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 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, 26.322%, 11/18/317	$	114,275	$	20,226
Trust 2001-63, Cl. SD, 31.073%, 12/18/317		31,829		6,222
Trust 2001-68, Cl. SC, 21.293%, 11/25/317		20,141		3,984
Trust 2001-81, Cl. S, 25.506%, 1/25/327		24,517		5,071
Trust 2002-28, Cl. SA, 35.954%, 4/25/327		18,376		3,547
Trust 2002-38, Cl. SO, 45.326%, 4/25/327		108,679		19,351
Trust 2002-48, Cl. S, 31.446%, 7/25/327		27,623		5,465
Trust 2002-52, Cl. SL, 34.447%, 9/25/327		18,465		3,494
Trust 2002-56, Cl. SN, 33.029%, 7/25/327		37,958		7,517
Trust 2002-77, Cl. IS, 41.434%, 12/18/327		185,156		37,748
Trust 2002-77, Cl. SH, 37.221%, 12/18/327		38,695		8,022
Trust 2002-9, Cl. MS, 27.93%, 3/25/327		34,245		7,034
Trust 2003-13, Cl. IO, 10.509%, 3/25/337		334,655		77,207
Trust 2003-26, Cl. DI, 11.813%, 4/25/337		263,622		52,340
Trust 2003-33, Cl. SP, 27.601%, 5/25/337		206,801		37,400
Trust 2003-38, Cl. SA, 0%, 3/25/237,8		234,574		21,076
Trust 2003-4, Cl. S, 29.599%, 2/25/337		63,394		12,386
Trust 2004-56, Cl. SE, 13.122%, 10/25/337		1,013,706		170,936
Trust 2005-12, Cl. SC, 11.216%, 3/25/357		31,065		6,663
Trust 2005-14, Cl. SE, 38.757%, 3/25/357		1,076,667		181,969
Trust 2005-40, Cl. SA, 47.62%, 5/25/357		957,060		166,111
Trust 2005-40, Cl. SB, 62.85%, 5/25/357		1,474,746		256,188
Trust 2005-52, Cl. JH, 11.244%, 5/25/357		507,579		92,893
Trust 2005-63, Cl. SA, 50.044%, 10/25/317		55,966		12,662
Trust 2006-90, Cl. SX, 99.999%, 9/25/367		1,010,201		185,743

9
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Trust 2007-88, Cl. XI, 30.099%, 6/25/377	$	1,487,686	$	198,990
Trust 2008-55, Cl. SA, 1.574%, 7/25/387		152,416		23,241
Trust 2009-8, Cl. BS, 2.421%, 2/25/247		270,138		24,519
Trust 2010-95, Cl. DI, 0%, 11/1/207,8		965,124		78,658
Trust 2012-40, Cl. PI, 3.821%, 4/1/417		1,811,411		340,954
Trust 214, Cl. 2, 43.216%, 3/1/237		230,529		34,389
Trust 221, Cl. 2, 46.705%, 5/1/237		28,635		4,272
Trust 254, Cl. 2, 35.879%, 1/1/247		454,627		68,577
Trust 2682, Cl. TQ, 99.999%, 10/15/337		374,101		65,845
Trust 2981, Cl. BS, 99.999%, 5/15/357		666,965		108,229
Trust 301, Cl. 2, 3.925%, 4/1/297		87,667		18,717
Trust 313, Cl. 2, 19.948%, 6/1/317		825,311		224,640
Trust 319, Cl. 2, 2.829%, 2/1/327		409,736		108,575
Trust 321, Cl. 2, 9.431%, 4/1/327		120,855		31,710
Trust 324, Cl. 2, 0.092%, 7/1/327		121,739		31,889
Trust 328, Cl. 2, 0%, 12/1/327,8		263,807		52,836
Trust 331, Cl. 5, 0%, 2/1/337,8		470,349		90,663
Trust 332, Cl. 2, 0%, 3/1/337,8		2,095,334		341,512
Trust 334, Cl. 12, 0%, 3/1/337,8		397,236		74,281
Trust 339, Cl. 15, 0%, 8/1/337,8		1,232,794		202,351
Trust 345, Cl. 9, 0%, 1/1/347,8		326,403		56,042
Trust 351, Cl. 10, 0%, 4/1/347,8		237,255		37,762
Trust 351, Cl. 8, 0%, 4/1/347,8		399,365		63,518
Trust 356, Cl. 10, 0%, 6/1/357,8		299,403		48,345
Trust 356, Cl. 12, 0%, 2/1/357,8		147,650		23,826
Trust 362, Cl. 13, 0%, 8/1/357,8		192,733		32,772
				181,758,225
GNMA/Guaranteed–0.1%
Government National Mortgage Assn.: 1.625%, 12/9/252		4,288		4,461
7%, 3/29/28-7/29/28		173,114		194,196
7.50%, 3/1/27		10,355		11,227
8%, 11/29/25-5/29/26		34,916		35,288
Government National Mortgage Assn. , Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/1/29		712,184		844,005
Series 2000-12, Cl. ZA, 8%, 2/16/30		1,614,079		1,902,569
Government National Mortgage Assn. , Interest-Only Stripped Mtg.-Backed Security: Series 1998-6, Cl. SA, 57.023%, 3/16/287		49,561		10,428

10
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
GNMA/Guaranteed Continued
Series 2007-17, Cl. AI, 16.867%, 4/16/377	$	439,618	$	83,313
Series 2011-52, Cl. HS, 8.867%, 4/16/417		744,578		186,977
				3,272,464
Non-Agency–17.2%
Commercial–13.2%
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		2,331,337
Banc of America Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AM, 6.055%, 7/10/442		4,242,000		4,373,430
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		6,414,885
Banc of America Commercial Mortgage Trust 2007-5, Commercial Mtg. Pass-Through Certificates, Series 2007-5, Cl. AM, 5.772%, 2/1/51		8,090,000		8,683,466
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2008-1, Cl. AM, 6.438%, 2/10/512		3,415,000		3,721,047
BCAP LLC Trust, Mtg. Pass-Through Certificates: Series 2012-RR2, Cl. 5A2, 2.708%, 3/1/362,3		7,665,772		6,116,903
Series 2012-RR2, Cl. 6A3, 2.444%, 9/1/352,3		640,355		652,155
Series 2012-RR6, Cl. 1A5, 2.366%, 11/1/362,3		431,395		435,907
Bear Stearns ARM Trust 2007-4, Mtg. Pass-Through Certificates, Series 2007-4, Cl. 22A1, 5.201%, 6/1/472		704,695		618,876
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		8,183,469
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, Commercial Mtg. Pass-Through Certificates, Series 2007-PWR17, Cl. AJ, 6.082%, 6/1/502		7,400,000		7,034,277

11
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Commercial Continued
Bear Stearns Commercial Mortgage Securities Trust 2007-T26, Commercial Mtg. Pass-Through Certificates, Series 2007-T26, Cl. AJ, 5.566%, 1/1/452	$	6,183,000	$	5,972,577
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35		2,073,083		2,071,449
CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 4.517%, 12/20/352		125,885		104,462
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37		5,165,437		4,271,822
Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.336%, 12/1/492		4,270,000		4,699,974
Citigroup Commercial Mortgage Trust 2013-GC11, Commercial Mtg. Pass-Through Certificates, Series 2013-GC11, Cl. D, 4.607%, 4/1/232,3		3,125,000		2,649,013
Citigroup Mortgage Loan Trust, Inc. 2012-8, Mtg. Pass-Through Certificates, Series 2012-8, Cl. 1A1, 2.674%, 10/1/352,3		1,016,640		1,021,775
Citigroup Mortgage Loan Trust, Inc., Re-Securitized Mtg.-Backed Certificates, Series 2009-8, Cl. 7A2, 2.642%, 3/25/362,3		10,474,197		8,904,184
Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2012-CR4, Cl. D, 4.731%, 10/1/452,3		3,505,000		3,084,729
Series 2012-CR5, Cl. E, 4.48%, 12/1/452		2,970,000		2,568,466
Series 2013-CR6, Cl. D, 4.316%, 3/1/462		1,525,000		1,278,784
Series 2013-CR7, Cl. D, 4.501%, 3/1/462,3		3,245,000		2,711,249
Series 2013-CR9, Cl. D, 4.403%, 7/10/452		2,685,000		2,251,069
Series 2013-LC13, Cl. C, 5.049%, 8/1/462		1,155,000		1,156,083
Series 2013-LC13, Cl. D, 5.049%, 8/1/462		2,314,000		2,037,225
Countrywide Alternative Loan Trust 2006-J2, Mtg. Pass-Through Certificates, Series 2006-J2, Cl. A7, 6%, 4/1/36		524,274		449,686

12
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Commercial Continued
Credit Suisse First Boston Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-C6, Cl. AJ, 5.23%, 12/1/40	$	600,000	$	638,246
CSMC Mortgage-Backed Trust 2006-C1, Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.567%, 2/1/392		9,720,000		10,491,161
DBUBS Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2011-LC1, Cl. E, 5.729%, 11/1/462,3		3,620,000		3,523,518
Series 2011-LC2A, Cl. D, 5.626%, 7/1/442,3		5,170,000		5,044,173
Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates: Series 2006-AB2, Cl. A1, 5.885%, 6/25/36		104,193		78,882
Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		505,052		379,959
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Series 2010-C1, Cl. XPA, 5.024%, 7/1/463,7		4,981,774		218,232
Series 2012-CR5, Cl. XA, 3.858%, 12/1/457		3,540,151		390,040
Deutsche Mortgage Securities, Inc., Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2013-RS1, Cl. 1A2, 6/28/471,2,4		5,060,145		3,744,507
EverBank Mortgage Loan Trust, Commercial Mtg. Pass-Through Certificates, Series 2013-1, Cl. A1, 2.25%, 4/1/43		1,203,890		1,109,340
First Horizon Alternative Mortgage Securities Trust 2005-FA8, Mtg. Pass-Through Certificates, Series 2005-FA8, Cl. 1A6, 0.829%, 11/25/352		4,398,922		3,345,117
First Horizon Alternative Mortgage Securities Trust 2005-FA9, Mtg. Pass-Through Certificates, Series 2005-FA9, Cl. A4A, 5.50%, 12/1/35		1,658,735		1,470,216
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/1/37		1,287,758		954,558

13
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Commercial Continued
First Horizon Alternative Mortgage Securities Trust 2007-FA4, Mtg. Pass-Through Certificates, Series 2007-FA4, Cl. 1A6, 6.25%, 8/1/372	$	5,089,755	$	4,386,367
FREMF Mortgage Trust 2013-K25, Commercial Mtg. Pass-Through Certificates, Series 2013-K25, Cl. C, 3.742%, 11/1/452		2,850,000		2,365,825
FREMF Mortgage Trust 2013-K26, Commercial Mtg. Pass-Through Certificates, Series 2013-K26, Cl. C, 3.723%, 12/1/402,3		1,040,000		859,711
FREMF Mortgage Trust 2013-K27, Commercial Mtg. Pass-Through Certificates, Series 2013-K27, Cl. C, 3.617%, 1/1/462,3		1,630,000		1,329,148
FREMF Mortgage Trust 2013-K28, Commercial Mtg. Pass-Through Certificates, Series 2013-K28, Cl. C, 3.614%, 3/1/232,3		1,605,000		1,309,381
FREMF Mortgage Trust 2013-K29, Commercial Mtg. Pass-Through Certificates, Series 2013-K29, Cl. C, 3.601%, 5/1/462,3		2,655,000		2,146,368
FREMF Mortgage Trust 2013-K30, Commercial Mtg. Pass-Through Certificates, Series 2013-K30, Cl. C, 3.666%, 6/1/452,3		2,490,000		1,980,138
FREMF Mortgage Trust 2013-K712, Commercial Mtg. Pass-Through Certificates, Series 2013-K712, Cl. C, 3.483%, 5/1/452,3		2,655,000		2,366,429
FREMF Mortgage Trust 2013-K713, Commercial Mtg. Pass-Through Certificates, Series 2013-K713, Cl. C, 3.274%, 4/25/202,3		740,000		629,621
GE Commercial Mortgage Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-C4, Cl. AJ, 5.489%, 11/1/452		6,510,000		6,307,376
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2006-GG7, Commercial Mtg. Pass-Through Certificates, Series 2006-GG7, Cl. AJ, 6.056%, 7/10/382		8,205,000		8,004,572

14
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Commercial Continued
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	$	6,058,957
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		5,321,821
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2011-GC3, Cl. D, 5.728%, 3/1/442,3		4,085,000		4,002,405
GSR Mortgage Loan Trust 2005-AR4, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 6A1, 5.25%, 7/1/35		47,858		47,592
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 4.706%, 11/1/352		1,127,357		934,096
JPMBB Commercial Mortgage Securities Trust 2013-C14, Commercial Mtg. Pass-Through Certificates, Series 2013-C14, Cl. D, 4.713%, 8/1/462		2,500,000		2,142,480
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2006-LDP7, Cl. AJ, 6.056%, 4/1/452		3,495,000		3,506,960
Series 2006-LDP8, Cl. AJ, 5.48%, 5/1/452		8,425,000		8,719,909
Series 2007-CB15, Cl. AJ, 5.502%, 6/1/47		8,281,000		7,581,454
JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, Commercial Mtg. Pass-Through Certificates, Series 2006-CIBC16, Cl. AJ, 5.623%, 5/1/45		2,695,000		2,523,543
JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB19, Commercial Mtg. Pass-Through Certificates, Series 2007-CB19, Cl. AM, 5.895%, 2/1/492		5,850,000		6,281,438
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C10, Commercial Mtg. Pass-Through Certificates, Series 2013-C10, Cl. D, 4.30%, 12/15/472		3,420,000		2,806,871
JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 2.728%, 1/1/372		234,724		199,976

15
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Commercial Continued
JPMorgan, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2009-5, Cl. 1A2, 2.613%, 7/1/362,3	$	5,216,151	$	3,991,879
LB-UBS Commercial Mortgage Trust 2006-C3, Commercial Mtg. Pass-Through Certificates, Series 2006-C3, Cl. AJ, 5.72%, 3/11/39		4,350,000		4,346,990
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		6,412,396
LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.32%, 4/11/412		2,610,000		2,936,858
Lehman Structured Securities Corp., Mtg.-Backed Security, 6%, 5/1/29		1,156		232
Merrill Lynch Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.872%, 5/1/392		6,860,000		6,965,455
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		5,645,962
Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6, Commercial Mtg. Pass-Through Certificates, Series 2012-C6, Cl. E, 4.82%, 11/1/452,3		2,290,000		2,010,984
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7, Commercial Mtg. Pass-Through Certificates, Series 2013-C7, Cl. D, 4.444%, 2/1/462		4,250,000		3,535,892
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8, Commercial Mtg. Pass-Through Certificates, Series 2013-C8, Cl. D, 4.312%, 12/1/482		2,020,000		1,690,274
Morgan Stanley Capital I Trust 2006-HQ10, Commercial Mtg. Pass-Through Certificates, Series 2006-HQ10, Cl. AJ, 5.39%, 11/1/41		3,975,000		3,963,160
Morgan Stanley Capital I Trust 2007-HQ11, Commercial Mtg. Pass-Through Certificates, Series 2007-HQ11, Cl. AJ, 5.51%, 2/1/44		2,115,000		2,241,111

16
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Commercial Continued
Morgan Stanley Capital I Trust 2007-IQ13, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ13, Cl. AM, 5.406%, 3/1/44	$	765,000	$	821,322
Morgan Stanley Capital I Trust 2007-IQ15, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ15, Cl. AM, 6.107%, 6/1/492		5,875,000		6,323,759
Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates, Series 2006-HQ10, Cl. AM, 5.36%, 11/1/41		8,500,000		9,339,931
Morgan Stanley, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2012-R3, Cl. 1A, 2.366%, 11/1/362,3		42,072		41,594
RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 3.222%, 4/25/352		87,026		12,032
Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36		564,817		435,222
Sequoia Mortgage Trust, Mtg. Pass-Through Certificates, Series 2012-2, Cl. A2, 3.50%, 4/1/42		228,547		230,237
STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.74%, 2/1/372		6,541,157		5,433,759
Structured Adjustable Rate Mortgage Loan Trust 2004-10, Commercial Mtg. Pass-Through Certificates, Series 2004-10, Cl. 2A, 2.426%, 8/1/342		7,075,657		6,828,186
Structured Adjustable Rate Mortgage Loan Trust 2006-4, Commercial Mtg. Pass-Through Certificates, Series 2006-4, Cl. 6A, 5.168%, 5/1/362		1,864,503		1,570,762
Structured Adjustable Rate Mortgage Loan Trust 2007-6, Mtg. Pass-Through Certificates, Series 2007-6, Cl. 3A1, 4.689%, 7/1/372		5,493,254		4,512,362
UBS-Barclays Commercial Mortgage Trust 2012-C2, Commercial Mtg. Pass-Through Certificates, Series 2012-C2, Cl. E, 5.049%, 5/1/632,3		1,415,000		1,232,751

17
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Commercial Continued
UBS-Barclays Commercial Mortgage Trust 2013-C5, Commercial Mtg. Pass-Through Certificates, Series 2013-C5, Cl. D, 4.232%, 3/1/462	$	4,200,000	$	3,446,184
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		4,802,794
Wachovia Bank Commercial Mortgage Trust 2006-C25, Commercial Mtg. Pass-Through Certificates, Series 2006-C25, Cl. AJ, 5.915%, 5/1/432		5,315,000		5,467,232
WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 2.204%, 4/1/472		608,443		403,042
Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 2.701%, 11/1/342		162,503		6,633
Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.611%, 2/1/352		2,849,546		2,848,041
Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005-AR15, Cl. 1A6, 2.613%, 9/1/352		5,804,414		5,439,526
Wells Fargo Mortgage-Backed Securities 2006-8 Trust, Mtg. Pass-Through Certificates, Series 2006-8, Cl. A15, 6%, 7/1/36		3,271,921		3,124,646
Wells Fargo Mortgage-Backed Securities 2006-AR7 Trust, Mtg. Pass-Through Certificates, Series 2006-AR7, Cl. 2A4, 2.616%, 5/1/362		2,253,907		2,082,693
Wells Fargo Mortgage-Backed Securities 2007-AR3 Trust, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. A4, 5.699%, 4/1/372		1,501,866		1,428,280
WFRBS Commercial Mortgage Trust 2011-C3, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 3.332%, 3/1/447		5,927,471		423,144
WFRBS Commercial Mortgage Trust 2012-C10, Commercial Mtg. Pass-Through Certificates, Series 2012-C10, Cl. D, 4.609%, 12/1/452,3		1,165,000		1,012,988

18
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Commercial Continued
WFRBS Commercial Mortgage Trust 2012-C7, Commercial Mtg. Pass-Through Certificates, Series 2012-C7, Cl. E, 5.004%, 6/1/452,3	$	2,040,000	$	1,806,543
WFRBS Commercial Mortgage Trust 2012-C8, Commercial Mtg. Pass-Through Certificates, Series 2012-C8, Cl. D, 5.042%, 8/1/452,3		2,275,000		2,047,863
WFRBS Commercial Mortgage Trust 2013-C11, Commercial Mtg. Pass-Through Certificates, Series 2013-C11, Cl. D, 4.324%, 3/1/452,3		1,168,000		966,587
WFRBS Commercial Mortgage Trust 2013-C15, Commercial Mtg. Pass-Through Certificates, Series 2013-C15, Cl. D, 4.636%, 8/1/462		3,150,000		2,672,906
				325,500,898
Multifamily–0.8%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2006-2, Cl. AJ, 5.959%, 5/1/452		4,295,000		4,521,778
CHL Mortgage Pass-Through Trust 2006-20, Mtg. Pass-Through Certificates, Series 2006-20, Cl. 1A17, 5.75%, 2/1/37		1,940,630		1,701,736
Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1A2A, 5.458%, 6/1/362		4,313,452		3,992,527
Countrywide Alternative Loan Trust 2006-24CB, Mtg. Pass-Through Certificates, Series 2006-24CB, Cl. A12, 5.75%, 6/1/36		1,643,933		1,336,979
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 4.807%, 5/1/372		3,351,341		3,174,411
Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005-AR15, Cl. 1A2, 2.613%, 9/1/352		308,791		300,298
Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A3, 2.642%, 3/1/362		4,703,165		4,663,305
				19,691,034

19
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Residential–3.2%
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.139%, 5/25/342	$	848,365	$	817,165
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2007-1, Cl. 1A3, 6%, 1/1/37		1,731,159		1,529,280
Series 2007-4, Cl. AM, 6.001%, 2/1/512		4,760,000		5,226,927
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.405%, 5/1/362		1,564,171		1,525,832
Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 2.739%, 5/1/342		2,032,381		1,982,531
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35		4,251,687		3,909,898
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35		1,478,808		1,516,320
CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36		359,122		332,027
CHL Mortgage Pass-Through Trust 2007-15, Mtg. Pass-Through Certificates, Series 2007-15, Cl. 1A29, 6.25%, 9/1/37		3,210,123		2,953,021
CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 2.758%, 6/1/472		1,813,102		1,595,767
Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 2.69%, 5/1/352		1,949,601		1,933,860
Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 2.86%, 8/1/352		3,649,334		3,115,221
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		8,650,620
Countrywide Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl.1A10, 6%, 2/1/37		7,583,445		6,048,654

20
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Residential Continued
Countrywide Alternative Loan Trust 2007-19, Mtg. Pass-Through Certificates, Series 2007-19, Cl. 1A4, 6%, 8/1/37	$	1,987,089	$	1,567,320
Countrywide Home Loans, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.071%, 5/1/362		512,313		507,628
CSMC Mortgage-Backed Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 2A10, 6%, 4/1/37		1,897,951		1,645,529
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.299%, 6/25/472		549,916		549,079
CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates: Series 2005-G, Cl. 2A, 0.412%, 12/15/352		131,147		100,533
Series 2006-H, Cl. 2A1A, 0.332%, 11/15/362		58,700		32,864
GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36		454,098		443,954
Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.863%, 6/1/35		1,042,985		1,068,570
JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36		254,497		238,643
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.279%, 8/25/362		1,089,687		486,453
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 2.378%, 10/25/362		1,323,712		1,265,457
NC Finance Trust, Series 1999-I, Cl. D, 3.405%, 1/25/291,6		66,744		4,338
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates: Series 2006-QS13, Cl. 1A5, 6%, 9/25/36		1,481,268		1,158,711
Series 2006-QS13, Cl. 1A8, 6%, 9/1/36		29,609		23,161
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		698,479		557,711

21
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Residential Continued
Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35	$	2,838,315	$	2,566,053
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36		3,028,949		2,745,064
Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35		3,673,469		3,541,043
Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 2.244%, 5/1/372,3,9		151,268		71,613
WaMu Mortgage Pass-Through Certificates 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2007-AR12, Cl. 1A8, 2.373%, 10/1/352		1,963,571		1,861,911
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates: Series 2007-HY1, Cl. 4A1, 2.539%, 2/1/372		10,650,862		9,202,409
Series 2007-HY1, Cl. 5A1, 2.489%, 2/1/372		6,488,367		5,307,108
WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 4.891%, 5/1/372		759,124		723,792
Wells Fargo Mortgage-Backed Securities 2005-9 Trust, Mtg. Pass-Through Certificates, Series 2005-9, Cl. 2A6, 5.25%, 10/25/35		304,650		314,446
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.589%, 10/1/362		2,408,931		2,325,426
				79,445,939
Total Mortgage-Backed Obligations (Cost $595,066,038)				609,668,560
U.S. Government Obligations–9.3%
Federal Home Loan Mortgage Corp. Nts.: 0.875%, 3/7/18		8,718,000		8,528,514
1.375%, 5/1/20		11,644,000		11,102,170
2.375%, 1/13/22		1,113,000		1,085,740
Federal National Mortgage Assn. Nts.: 0.375%, 7/5/16		844,000		837,102
1.25%, 1/30/17		1,406,000		1,422,924

22
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
U.S. Government Obligations Continued
1.375%, 11/15/16	$	2,250,000		$	2,289,229
1.625%, 11/27/184		4,786,000			4,772,939
1.875%, 9/18/18		4,187,000			4,239,266
U.S. Treasury Bills: 0.03%, 10/10/13		605,000			604,995
0.063%, 10/31/1310		18,250,000			18,249,544
0.016%, 11/14/13		225,000			224,994
0.048%, 11/7/1311		11,675,000			11,674,743
0.007%, 12/12/13		1,680,000			1,679,983
U.S. Treasury Bonds, STRIPS, 4.833%, 2/15/1612		2,116,000			2,094,362
U.S. Treasury Nts., 0.25%, 7/31/1511		160,700,000			160,602,777
Total U.S. Government Obligations (Cost $229,527,308)					229,409,282
Foreign Government Obligations–24.1%
Angola–0.2%
Angola (Republic of) Sr. Unsec. Nts., 7%, 8/16/19		3,655,000			3,933,694
Australia–0.5%
New South Wales Treasury Corp. Sr. Unsec. Nts., Series 19, 6%, 4/1/19		460,000	AUD		478,357
Queensland Treasury Corp. Nts.: Series 21, 6%, 6/14/21		3,960,000	AUD		4,144,274
Series 22, 6%, 7/21/22		195,000	AUD		200,286
Series 33, 6.50%, 3/14/33		2,770,000	AUD		2,909,698
Queensland Treasury Corp. Sr. Unsec. Nts., Series 19, 6.25%, 6/14/19		580,000	AUD		610,088
Victoria Treasury Corp., Series 1224, 5.50%, 12/17/24		540,000	AUD		542,561
Victoria Treasury Corp. Nts., 5.50%, 11/17/26		2,525,000	AUD		2,514,784
Western Australia Treasury Corp. Unsec. Nts., 7%, 10/15/19		220,000	AUD		237,944
					11,637,992
Belgium–0.2%
Belgium (Kingdom of) Bonds: Series 58, 3.75%, 9/28/20		2,955,000	EUR		4,480,872
Series 60, 4.25%, 3/28/41		150,000	EUR		227,468
					4,708,340
Bolivia–0.0%
Bolivia (Plurinational State of) Unsec. Bonds, 4.875%, 10/29/22		360,000			327,150
Brazil–3.3%
Brazil (Federative Republic of) Letra Tesouro Nacional Nts.: 9.073%, 1/1/1412		57,310,000	BRR		25,268,582
9.371%, 7/1/1412		42,775,000	BRR		18,000,723

23
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Brazil Continued
Brazil (Federative Republic of) Nota Do Tesouro Nacional Nts.: 9.762%, 1/1/14		15,580,000	BRR	$	7,031,214
9.762%, 1/1/17		13,765,000	BRR		6,004,970
9.762%, 1/1/21		27,720,000	BRR		11,612,235
13.505%, 5/15/4513		2,845,000	BRR		3,013,824
Series NTNB, 13.288%, 8/15/5013		2,640,000	BRR		2,781,293
Brazil (Federative Republic of) Nota Do Tesouro Nacional Unsec. Bonds, 9.762%, 1/1/18		10,795,000	BRR		4,652,273
Brazil (Federative Republic of) Sr. Unsec. Unsub. Nts., 4.875%, 1/22/21		1,707,000			1,841,426
Brazil Minas SPE Sec. Bonds, 5.333%, 2/15/283		1,720,000			1,664,100
					81,870,640
Canada–0.1%
Canada (Government of) Nts., 3.75%, 6/1/19		2,145,000	CAD		2,276,068
Canada (Government of) Treasury Bills, 1.042%, 12/5/1312		960,000	CAD		930,372
					3,206,440
Colombia–0.4%
Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19		2,665,000			3,240,640
Colombia (Republic of) Sr. Unsec. Bonds, 6.125%, 1/18/41		430,000			471,925
Colombia (Republic of) Sr. Unsec. Nts.: 4%, 2/26/24		1,490,000			1,463,925
Series B, 7%, 5/4/22		4,397,000,000	COP		2,329,410
Series B, 10%, 7/24/24		399,000,000	COP		260,504
Colombia (Republic of) Unsec. Bonds, 8.125%, 5/21/24		970,000			1,257,363
Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17		620,000			724,780
					9,748,547
Costa Rica–0.0%
Costa Rica (Republic of) Sr. Unsec. Bonds, 4.375%, 4/30/253		240,000			210,600
Croatia–0.2%
Croatia (Republic of) Unsec. Nts.: 5.50%, 4/4/233		2,865,000			2,757,563
6.25%, 4/27/173		1,420,000			1,495,714
6.375%, 3/24/213		700,000			726,425
6.75%, 11/5/193		685,000			733,806
					5,713,508

24
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Denmark–0.1%
Denmark (Kingdom of) Bonds, 4%, 11/15/19		6,445,000	DKK	$	1,365,526
Dominican Republic–0.1%
Banco De Reservas De La Republica Dominicana Bonds, 7%, 2/1/233		1,090,000			1,040,950
Dominican Republic Sr. Unsec. Bonds, 5.875%, 4/18/243		1,210,000			1,128,325
					2,169,275
Finland–0.1%
Finland (Republic of) Sr. Unsec. Nts., 1.50%, 4/15/233		875,000	EUR		1,132,582
Finland (Republic of) Unsec. Bonds, 1.625%, 9/15/22		600,000	EUR		793,725
					1,926,307
France–0.3%
France (Republic of) Bonds: 2.75%, 10/25/27		745,000	EUR		990,726
3.75% 10/25/19		1,380,000	EUR		2,120,452
4.50%, 4/25/41		1,740,000	EUR		2,824,971
France (Republic of) Unsec. Nts., 2.25%, 10/25/22		1,915,000	EUR		2,600,766
					8,536,915
Germany–0.6%
Germany (Federal Republic of) Bonds, 2.50%, 7/4/44		1,065,000	EUR		1,411,754
Germany (Federal Republic of) Unsec. Bonds: 0.25%, 4/13/18		2,895,000	EUR		3,842,719
1.50%, 5/15/23		3,545,000	EUR		4,696,557
Series 153, 4%, 10/11/13		3,075,000	EUR		4,163,035
					14,114,065
Guatemala–0.0%
Guatemala (Republic of) Sr. Unsec. Bonds, 4.875%, 2/13/283		1,190,000			1,094,800
Hungary–1.9%
Hungary Bonds: 6.75%, 11/24/17		486,000,000	HUF		2,364,623
Series 19/A, 6.50%, 6/24/19		510,000,000	HUF		2,466,385
Series 20/A, 7.50%, 11/12/20		280,000,000	HUF		1,429,150
Series 23A, 6%, 11/24/23		555,200,000	HUF		2,563,819
Hungary Sr. Unsec. Bonds, 7.625%, 3/29/41		135,000			145,125
Hungary Sr. Unsec. Nts., 5.75%, 6/11/18		330,000	EUR		468,763

25
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Hungary Continued
Hungary Sr. Unsec. Unsub. Nts., 6.375%, 3/29/21	$	3,215,000		$	3,436,031
Hungary Treasury Bills: 3.522%, 4/30/1412		2,468,000,000	HUF		10,997,978
3.559%, 1/8/1412		823,000,000	HUF		3,725,692
Series 3M, 3.538%, 12/27/1312		588,000,000	HUF		2,651,999
Series 12M, 3.512%, 3/5/1412		1,176,000,000	HUF		5,293,598
Hungary Unsec. Bonds: 5.375%, 2/21/23		2,365,000			2,311,788
5.50%, 12/20/18		1,244,000,000	HUF		5,766,056
Series 16/D, 5.50%, 12/22/16		442,000,000	HUF		2,076,284
					45,697,291
Indonesia–0.3%
Indonesia (Republic of) Sr. Unsec. Bonds: 4.875%, 5/5/213		2,005,000			1,994,975
5.375%, 10/17/233		2,260,000			2,260,000
Indonesia (Republic of) Sr. Unsec. Nts.: 4%, 11/21/183		2,145,000			2,086,013
11.625%, 3/4/193		445,000			595,744
Indonesia (Republic of) Unsec. Nts., 6.125%, 3/15/193		1,335,000			1,398,413
					8,335,145
Italy–0.6%
Italy (Republic of) Bonds: 4%, 9/1/20		1,600,000	EUR		2,200,060
4.50%, 3/1/19		3,730,000	EUR		5,300,457
5%, 3/1/22		300,000	EUR		429,719
5%, 9/1/40		1,200,000	EUR		1,609,134
Series EU, 1.129%, 10/15/172		730,000	EUR		935,853
Italy (Republic of) Sr. Unsec. Nts., 4.50%, 6/8/15		141,000,000	JPY		1,500,552
Italy (Republic of) Treasury Bills, 0.4461%, 10/31/13		440,000	EUR		595,036
Italy (Republic of) Treasury Bonds: 3.50%, 11/1/17		645,000	EUR		887,217
4.75%, 5/1/17		805,000	EUR		1,157,088
4.75%, 9/1/44		600,000	EUR		765,893
					15,381,009
Ivory Coast–0.2%
Ivory Coast Bonds, 5.75%, 12/31/32		5,625,000			4,992,188

26
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Japan–1.1%
Japan Bonds: 10 yr., 1.10%, 3/20/21		491,000,000	JPY	$	5,223,472
10 yr., Series 329, 0.80%, 6/20/23		89,000,000	JPY		916,574
20 yr., Series 112, 2.10%, 6/20/29		421,000,000	JPY		4,814,857
20 yr., Series 134, 1.80%, 3/20/32		267,000,000	JPY		2,849,994
30 yr., 2%, 3/20/42		522,000,000	JPY		5,673,016
30 yr., Series 39, 1.90%, 6/20/43		30,000,000	JPY		318,546
Japan Sr. Unsec. Bonds: Series 38, 1.80%, 3/20/43		90,000,000	JPY		934,913
Series 143, 1.60%, 3/20/33		411,000,000	JPY		4,213,880
Series 328, 0.60%, 3/20/23		299,000,000	JPY		3,027,415
Japan Sr. Unsec. Nts., 2.30%, 3/19/18		395,000	CAD		380,677
					28,353,344
Kazakhstan–0.0%
Development Bank of Kazakhstan Sr. Unsec. Bonds, 4.125%, 12/10/223		770,000			714,175
Korea, Republic of South–0.0%
Korea Housing Finance Corp. Sec. Nts., 1.625%, 9/15/183		790,000			746,370
Latvia–0.0%
Latvia (Republic of) Sr. Unsec. Nts., 5.25%, 6/16/213		930,000			1,010,213
Lithuanua–0.2%
Lithuania (Republic of) Sr. Unsec. Bonds, 6.625%, 2/1/223		1,840,000			2,164,300
Lithuania (Republic of) Sr. Unsec. Nts., 6.125%, 3/9/213		1,990,000			2,281,038
					4,445,338
Malaysia–0.4%
Central Bank of Malaysia Treasury Bills: Series 0213, 2.975%, 1/9/1412		7,790,000	MYR		2,370,289
Series 0413, 2.974%, 1/16/1412		15,580,000	MYR		4,737,830
Series 2513, 2.953%, 12/5/1312		3,895,000	MYR		1,188,757
Malaysia (Government of) Sr. Unsec. Bonds, Series 1/06, 4.262%, 9/15/16		2,435,000	MYR		764,571
					9,061,447
Mexico–5.3%
United Mexican States Bonds: 7.50%, 4/8/33		325,000			414,375
Series M, 5%, 6/15/172		41,100,000	MXN		3,202,594
Series M, 6.50%, 6/9/222		83,700,000	MXN		6,636,679
Series M20, 7.50%, 6/3/272		51,700,000	MXN		4,331,946
Series M10, 7.75%, 12/14/17		22,135,000	MXN		1,891,994
Series MI10, 8%, 12/19/13		237,800,000	MXN		18,355,591

27
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Mexico–Continued
Series M20, 8.50%, 5/31/292		40,740,000	MXN	$	3,641,196
United Mexican States Nts., 6.75%, 9/27/34		855,000			1,017,450
United Mexican States Treasury Bills: 3.67%, 3/20/1412		235,000,000	MXN		17,649,551
3.777%, 12/11/1312		308,300,000	MXN		23,387,179
3.803%, 11/14/1312		56,355,000	MXN		4,286,071
3.81%, 10/31/1312		142,655,000	MXN		10,864,754
3.826%, 10/3/1312		156,600,000	MXN		11,960,199
3.982%, 11/7/1312		63,900,000	MXN		4,858,441
3.99%, 2/6/1412		39,700,000	MXN		2,994,325
3.993%, 1/23/1412		31,600,000	MXN		2,386,845
United Mexican States Unsec. Bonds: 3.646%, 3/6/1412		127,470,000	MXN		9,586,130
Series M, 7%, 6/19/142		38,800,000	MXN		3,046,726
					130,512,046
Morocco–0.1%
Morocco (Kingdom of) Sr. Unsec. Nts., 4.25%, 12/11/223		1,405,000			1,285,856
Nigeria–0.3%
Nigeria (Federal Republic of) Sr. Unsec. Bonds, 5.125%, 7/12/183		865,000			880,138
Nigeria (Federal Republic of) Treasury Bills: 11.235%, 1/23/1412		166,000,000	NGN		993,894
11.835%, 10/24/1312		42,000,000	NGN		258,630
11.851%, 10/10/1312		32,000,000	NGN		198,290
Nigeria (Federal Republic of) Treasury Bonds: 7%, 10/23/19		214,000,000	NGN		994,796
16%, 6/29/19		219,000,000	NGN		1,507,030
16.39%, 1/27/22		231,000,000	NGN		1,657,643
					6,490,421
Panama–0.1%
Panama (Republic of) Bonds: 6.70%, 1/26/36		1,105,000			1,267,988
8.875%, 9/30/27		480,000			663,600
9.375%, 4/1/29		480,000			687,600
					2,619,188
Paraguay–0.0%
Paraguay (Republic of) Sr. Unsec. Bonds, 4.625%, 1/25/233		380,000			348,650
Peru–0.3%
El Fondo MIVIVIENDA SA, 3.50% Unsec. Nts., 1/31/233		1,110,000			968,475

28
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Peru (Republic of) Sr. Unsec. Bonds, 8.20%, 8/12/263		6,795,000	PEN	$	2,974,527
Peru (Republic of) Sr. Unsec. Nts.: 6.55%, 3/14/37		875,000			1,039,063
7.84%, 8/12/203		6,380,000	PEN		2,657,585
					7,639,650
Philippines–0.2%
Philippines (Republic of the) Sr. Unsec. Bonds, 6.375%, 1/15/32		1,600,000			1,880,000
Philippines (Republic of the) Sr. Unsec. Unsub. Bonds, 6.375%, 10/23/34		1,590,000			1,878,188
					3,758,188
Poland–0.4%
Poland (Republic of) Bonds: Series 0415, 5.50%, 4/25/15		2,200,000	PLZ		730,825
Series 1017, 5.25%, 10/25/17		3,050,000	PLZ		1,033,324
Poland (Republic of) Sr. Unsec. Bonds, 3%, 3/17/23		1,130,000			1,037,905
Poland (Republic of) Sr. Unsec. Nts.: 5%, 3/23/22		1,085,000			1,169,630
5.125%, 4/21/21		1,875,000			2,043,750
Poland (Republic of) Unsec. Bonds, Series 429, 5.75%, 4/25/29		9,460,000	PLZ		3,364,808
					9,380,242
Portugal–0.1%
Portugal (Republic of) Sr. Unsec. Bonds, 4.10%, 4/15/37		760,000	EUR		710,710
Portugal (Republic of) Sr. Unsec. Nts., 4.75%, 6/14/19		140,000	EUR		175,188
Portugal (Republic of) Sr. Unsec. Unsub. Bonds., 4.35%, 10/16/17		2,200,000	EUR		2,820,032
					3,705,930
Romania–0.1%
Romania Sr. Unsec. Bonds, 6.75%, 2/7/223		1,960,000			2,242,142
Russia–1.7%
AHML Finance Ltd. Unsec. Nts., 7.75%, 2/13/183		44,700,000	RUR		1,349,077
Russian Federation Bonds: 7.50%, 3/15/182		138,400,000	RUR		4,419,839
7.50%, 2/27/192		183,000,000	RUR		5,832,855
7.60%, 4/14/212		196,000,000	RUR		6,254,772
Russian Federation Sr. Unsec. Bonds: 5.875%, 9/16/433		905,000			938,938
Series 6211, 7%, 1/25/232		317,300,000	RUR		9,694,829

29
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Russian Federation Sr. Unsec. Nts., 4.875%, 9/16/233	$	1,335,000		$	1,368,375
Russian Federation Unsec. Bonds: Series 9, 7.90%, 3/18/212		33,200,000	RUR		1,030,279
Series 6209, 7.60%, 7/20/222		140,700,000	RUR		4,466,150
Vnesheconombank Sr. Unsec. Bonds, Series 18, 8.55%, 9/17/322		36,100,000	RUR		1,138,657
Vnesheconombank Via VEB Finance plc, Sr. Unsec. Unsub. Nts., 5.45%, 11/22/173		1,535,000			1,636,464
Vnesheconombank Via VEB Finance plc Sr. Unsec. Unsub. Nts., 6.902%, 7/9/203		2,880,000			3,168,144
Vnesheconombank via VEB Finance plc, Sr. Unsec. Nts., 5.375%, 2/13/173		1,345,000			1,427,045
					42,725,424
Rwanda–0.1%
Rwanda (Republic of) Sr. Unsec. Bonds, 6.625%, 5/2/233		1,640,000			1,447,300
Serbia–0.1%
Serbia (Republic of) Sr. Unsec. Nts., 5.25%, 11/21/173		1,080,000			1,077,300
Serbia (Republic of) Treasury Bills: 9.824%, 1/30/1412		38,000,000	RSD		436,534
10.004%, 6/12/1412		151,000,000	RSD		1,668,450
					3,182,284
Singapore–0.0%
Singapore (Republic of) Sr. Unsec. Bonds, 2.375%, 4/1/17		730,000	SGD		617,178
South Africa–1.1%
South Africa (Republic of) Bonds: Series R208, 6.75%, 3/31/21		106,055,000	ZAR		10,185,146
Series R213, 7%, 2/28/31		30,838,000	ZAR		2,644,075
Series R207, 7.25%, 1/15/20		91,930,000	ZAR		9,153,537
South Africa (Republic of) Sr. Unsec. Bonds, 5.875%, 9/16/25		1,335,000			1,407,424
South Africa (Republic of) Sr. Unsec. Nts., 5.875%, 5/30/22		290,000			314,650
South Africa (Republic of) Unsec. Bonds, Series 2023, 7.75%, 2/28/23		24,300,000	ZAR		2,437,781
					26,142,613
Spain–0.1%
Comunidad De Madrid Sr. Unsec. Nts., 4.30%, 9/15/26		1,630,000	EUR		1,963,700
Instituto de Credito Oficial Sr. Unsec. Nts., 5%, 5/15/15		2,200,000	NOK		368,532

30
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Spain (Kingdom of) Sr. Unsec. Bonds, 4.50%, 1/31/18		550,000	EUR	$	793,998
					3,126,230
Sri Lanka–0.1%
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Bonds, 5.875%, 7/25/223		895,000			827,875
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts.: 6.25%, 10/4/203		990,000			968,963
6.25% 7/27/213		1,875,000			1,804,688
					3,601,526
Tanzania–0.1%
Tanzania (United Republic of) Sr. Unsec. Nts., 6.392%, 3/8/202		1,510,000			1,566,625
Thailand–0.5%
Thailand (Kingdom of) Sr. Unsec. Bonds: 3.58%, 12/17/27		146,200,000	THB		4,410,197
3.625%, 6/16/23		143,600,000	THB		4,501,217
3.65%, 12/17/21		92,100,000	THB		2,919,520
					11,830,934
The Netherlands–0.1%
Netherlands (Kingdom of the) Bonds: 4%, 7/15/19		1,120,000	EUR		1,743,232
4%, 1/15/37		400,000	EUR		656,508
					2,399,740
Turkey–1.3%
Turkey (Republic of) Bonds: 6.875%, 3/17/36		615,000			655,898
9%, 3/5/14		16,685,000	TRY		8,325,774
9%, 3/8/17		14,275,000	TRY		7,154,990
Turkey (Republic of) Sr. Unsec. Nts., 5.625%, 3/30/21		1,105,000			1,153,620
Turkey (Republic of) Unsec. Bonds: 5%, 5/13/152		15,660,000	TRY		7,345,288
5.828%, 2/11/1513		2,305,000	TRY		1,545,760
6.25%, 9/26/22		1,740,000			1,875,285
7.10%, 3/8/232		5,740,000	TRY		2,507,636
Series 5Y, 6.30%, 2/14/182		4,445,000	TRY		2,005,702
					32,569,953
United Arab Emirates–0.1%
Emirates of Dubai Sr. Unsec. International Bonds, 5.591%, 6/22/21		1,810,000			1,959,325

31
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
United Kingdom–0.4%
United Kingdom Treasury Bonds: 3.75%, 9/7/21		3,080,000	GBP	$	5,521,677
4%, 9/7/16		1,215,000	GBP		2,150,519
4.25%, 12/7/55		450,000	GBP		853,531
4.75%, 12/7/38		1,120,000	GBP		2,224,923
					10,750,650
Uruguay–0.1%
Uruguay (Oriental Rupublic of) Sr. Unsec. Nts., 4.50%, 8/14/24		2,490,000			2,533,575
Venezuela–0.6%
Venezuela (Republic of) Bonds: 9%, 5/7/23		4,005,000			3,270,083
13.625%, 8/15/18		355,000			386,950
Venezuela (Republic of) Nts., 8.25%, 10/13/24		2,930,000			2,219,475
Venezuela (Republic of) Sr. Unsec. Unsub. Nts., 12.75%, 8/23/22		1,340,000			1,341,340
Venezuela (Republic of) Unsec. Bonds: 7%, 3/31/38		2,085,000			1,370,888
7.65%, 4/21/25		2,840,000			2,059,000
Venezuela (Republic of) Unsec. Nts., 13.625%, 8/15/183		3,570,000			3,748,500
					14,396,236
Total Foreign Government Obligations (Cost $619,642,306)					596,132,225
Corporate Bonds and Notes–31.6%
Consumer Discretionary–4.3%
Auto Components–0.6%
Affinia Group, Inc., 7.75% Sr. Unsec. Nts., 5/1/213		1,640,000			1,689,200
Continental Rubber of America Corp., 4.50% Sr. Sec. Nts., 9/15/193		510,000			534,480
GKN Holdings plc, 6.75% Sr. Unsec. Unsub. Nts., 10/28/19		595,000	GBP		1,095,914
Goodyear Tire & Rubber Co. (The), 8.25% Sr. Unsec. Unsub. Nts., 8/15/20		3,385,000			3,799,663
Lear Corp., 4.75% Sr. Unsec. Nts., 1/15/233		1,710,000			1,594,575
Servus Luxembourg Holding SCA, 7.75% Sr. Sec. Nts., 6/15/183		670,000	EUR		924,719
Visteon Corp., 6.75% Sr. Unsec. Nts., 4/15/19		3,559,000			3,799,233
					13,437,784
Automobiles–0.2%
Ford Motor Co., 7.45% Bonds, 7/16/31		1,025,000			1,254,093

32
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Automobiles Continued
Jaguar Land Rover plc: 5.625% Sr. Unsec. Nts., 2/1/233	$	1,295,000		$	1,272,338
7.75% Sr. Unsec. Bonds, 5/15/183		500,000			542,500
8.25% Sr. Nts., 3/15/203		245,000	GBP		442,840
					3,511,771
Diversified Consumer Services–0.1%
Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20		1,285,000			1,352,463
ServiceMaster Co.: 7% Sr. Unsec. Unsub. Nts., 8/15/20		455,000			432,250
8% Sr. Unsec. Unsub. Nts., 2/15/20		1,565,000			1,557,175
					3,341,888
Hotels, Restaurants & Leisure–0.9%
Boyd Gaming Corp., 9.125% Sr. Unsec. Nts., 12/1/18		2,295,000			2,507,288
Burger King Corp., 9.875% Sr. Unsec. Unsub. Nts., 10/15/18		1,105,000			1,245,888
HOA Restaurants Group LLC/HOA Finance Corp., 11.25% Sr. Sec. Nts., 4/1/173		2,075,000			2,126,875
Isle of Capri Casinos, Inc., 7.75% Sr. Unsec. Unsub. Nts., 3/15/19		2,290,000			2,415,950
Landry’s, Inc., 9.375% Sr. Unsec. Nts., 5/1/203		2,290,000			2,427,400
MCE Finance Ltd., 5% Sr. Unsec. Nts., 2/15/213		1,625,000			1,564,063
MGM Resorts International: 6.625% Sr. Unsec. Unsub. Nts., 12/15/21		1,595,000			1,652,819
6.75% Sr. Unsec. Nts., 10/1/20		1,515,000			1,594,538
MTR Gaming Group, Inc., 11.50% Sec. Nts., 8/1/19		1,170,825			1,290,835
Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/19		1,985,000			2,183,500
PNK Finance Corp., 6.375% Sr. Unsec. Nts., 8/1/213		1,670,000			1,711,750
Premier Cruise Ltd., 11% Sr. Nts., 3/15/081,6		250,000			–
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 6.375% Sr. Sec. Nts., 6/1/213		1,250,000			1,200,000
Viking Cruises Ltd., 8.50% Sr. Nts., 10/15/223		930,000			1,034,625
					22,955,531
Household Durables–0.2%
Arcelik AS, 5% Sr. Unsec. Nts., 4/3/233		635,000			548,481

33
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Household Durables Continued
Beazer Homes USA, Inc., 9.125% Sr. Unsec. Nts., 5/15/19	$	2,280,000	$	2,416,800
K Hovnanian Enterprises, Inc., 9.125% Sec. Nts., 11/15/203		1,100,000		1,196,250
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25% Sr. Unsec. Nts., 4/15/213		1,050,000		981,750
				5,143,281
Media–1.4%
Belo (A.H.) Corp., 7.75% Sr. Unsec. Unsub. Debs., 6/1/27		3,132,000		3,335,580
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75% Sr. Unsec. Nts., 9/1/233		1,615,000		1,538,288
Cinemark USA, Inc., 5.125% Sr. Unsec. Nts., 12/15/22		615,000		579,638
Cumulus Media Holdings, Inc., 7.75% Sr. Unsec. Unsub. Nts., 5/1/19		1,220,000		1,271,850
DISH DBS Corp.: 5.875% Sr. Unsec. Nts., 7/15/22		1,675,000		1,658,250
6.75% Sr. Unsec. Nts., 6/1/21		835,000		881,969
7.875% Sr. Unsec. Nts., 9/1/19		2,135,000		2,444,575
DreamWorks Animation SKG, Inc., 6.875% Sr. Unsec. Unsub. Nts., 8/15/203		1,260,000		1,313,550
Gannett Co., Inc., 5.125% Sr. Unsec. Nts., 7/15/203		1,070,000		1,053,950
Globo Comunicacao e Participacoes SA, 5.307% Sr. Unsec. Unsub. Nts., 5/11/223		515,000		520,150
Gray Television, Inc., 7.50% Sr. Unsec. Nts., 10/1/20		2,305,000		2,408,725
Igloo Holdings Corp., 8.25% Sr. Unsec. Nts., 12/15/171,5		2,879,000		2,952,774
LIN Television Corp., 6.375% Sr. Unsec. Nts., 1/15/21		1,195,000		1,200,975
Myriad International Holdings BV, 6% Sr. Unsec. Nts., 7/18/203		730,000		770,150
Nexstar Broadcasting, Inc., 6.875% Sr. Unsec. Nts., 11/15/203		1,165,000		1,191,213
Sinclair Television Group, Inc.: 5.375% Sr. Unsec. Nts., 4/1/21		1,235,000		1,179,425
6.125% Sr. Unsec. Nts., 10/1/22		2,410,000		2,403,975
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 7.50% Sr. Sec. Nts., 3/15/19		830,000		900,550
Univision Communications, Inc., 7.875% Sr. Sec. Nts., 11/1/203		2,935,000		3,224,831
UPCB Finance V Ltd., 7.25% Sr. Sec. Nts., 11/15/213		1,600,000		1,752,000
UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/223		2,380,000		2,534,700
				35,117,118

34
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Multiline Retail–0.2%
Burlington Coat Factory Warehouse Corp., 10% Sr. Unsec. Nts., 2/15/19	$	415,000		$	463,763
Burlington Holdings LLC/Burlington Holding Finance, Inc., 9% Sr. Unsec. Nts., 2/15/183,5		3,100,000			3,200,750
J.C. Penney Corp., Inc., 6.375% Sr. Unsec. Unsub. Nts., 10/15/36		1,590,000			1,116,975
					4,781,488
Specialty Retail–0.5%
BC Mountain LLC/BC Mountain Finance, Inc., 7% Sr. Unsec. Nts., 2/1/213		3,240,000			3,231,900
Claire’s Stores, Inc.: 7.75% Sr. Unsec. Nts., 6/1/203		1,250,000			1,228,125
8.875% Sr. Sec. Nts., 3/15/19		1,555,000			1,671,625
Hot Topic, Inc., 9.25% Sr. Sec. Nts., 6/15/213		1,435,000			1,481,638
Michaels FinCo Holdings LLC/Michaels FinCo., Inc., 7.50% Sr. Unsec. Nts., 8/1/183		2,530,000			2,574,275
Party City Holdings, Inc., 8.875% Sr. Unsec. Nts, 8/1/203		2,265,000			2,446,200
					12,633,763
Textiles, Apparel & Luxury Goods–0.2%
Levi Strauss & Co., 7.75% Sr. Unsec. Unsub. Nts., 5/15/18		145,000	EUR		209,699
Quiksilver, Inc./QS Wholesale, Inc.: 7.875% Sr. Sec. Nts., 8/1/183		1,060,000			1,110,350
10% Sr. Unsec. Nts., 8/1/203		1,060,000			1,120,950
SIWF Merger Sub, Inc./Springs Industries, Inc., 6.25% Sr. Sec. Nts., 6/1/213		1,250,000			1,228,125
					3,669,124
Consumer Staples–0.9%
Beverages–0.0%
Coca-Cola Icecek AS, 4.75% Sr. Unsec. Nts., 10/1/183,4		870,000			879,551
Food & Staples Retailing–0.1%
BI-LO LLC/BI-LO Finance Corp., 8.625% Sr. Unsec. Nts., 9/15/183,5		1,225,000			1,249,500
US Foods, Inc., 8.50% Sr. Sec. Nts., 6/30/19		1,585,000			1,678,119
					2,927,619

35
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Food Products–0.6%
American Seafoods Group LLC, 10.75% Sr. Sub. Nts., 5/15/163	$	2,770,000	$	2,894,650
ARAMARK Corp., 5.75% Sr. Unsec. Nts., 3/15/203		1,615,000		1,639,225
ASG Consolidated LLC, 15% Sr. Nts., 5/15/173,5		2,599,749		2,658,243
BFF International Ltd., 7.25% Sr. Unsec. Unsub. Nts., 1/28/203		155,000		172,050
BRF SA, 5.875% Sr. Unsec. Unsub. Nts., 6/6/223		385,000		384,038
Bumble Bee Acquisition Corp., 9% Sr. Sec. Nts., 12/15/173		2,942,000		3,199,425
Chiquita Brands International, Inc., 7.875% Sr. Sec. Nts., 2/1/213		1,460,000		1,554,900
MHP SA, 8.25% Sr. Unsec. Nts., 4/2/203		1,545,000		1,236,309
Wells Enterprises, Inc., 6.75% Sr. Sec. Nts., 2/1/203		1,140,000		1,165,650
				14,904,490
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		1,553,475
9% Sr. Unsec. Unsub. Nts., 4/15/19		1,285,000		1,355,675
				2,909,150
Tobacco–0.1%
Vector Group Ltd., 7.75% Sr. Sec. Nts., 2/15/21		1,145,000		1,190,800
Energy–5.5%
Energy Equipment & Services–0.7%
Drill Rigs Holdings, Inc., 6.50% Sr. Sec. Nts., 10/1/173		2,310,000		2,396,625
Exterran Partners LP/EXLP Finance Corp., 6% Sr. Unsec. Nts., 4/1/213		725,000		706,875
Forbes Energy Services Ltd., 9% Sr. Unsec. Nts., 6/15/19		745,000		752,450
Hornbeck Offshore Services, Inc., 5.875% Sr. Unsec. Nts., 4/1/20		2,160,000		2,192,400
Odebrecht Offshore Drilling Finance Ltd., 6.75% Sr. Sec. Nts., 10/1/223		1,850,000		1,900,875
Offshore Group Investment Ltd.: 7.125% Sr. Sec. Nts., 4/1/23		1,495,000		1,465,100
7.50% Sr. Sec. Nts., 11/1/19		2,120,000		2,241,900
Pacific Drilling SA, 5.375% Sr. Sec. Nts., 6/1/203		1,265,000		1,236,538

36
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Energy Equipment & Services Continued
Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20	$	2,590,000	$	2,751,875
QGOG Constellation SA, 6.25% Sr. Unsec. Nts., 11/9/193		1,380,000		1,314,450
Seadrill Ltd., 5.625% Sr. Unsec. Nts., 9/15/173		1,100,000		1,116,500
				18,075,588
Oil, Gas & Consumable Fuels–4.8%
Access Midstream Partners LP/ACMP Finance Corp., 4.875% Sr. Unsec. Unsub. Nts., 5/15/23		785,000		741,825
Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/153		2,295,000		2,461,388
Alpha Natural Resources, Inc., 6% Sr. Unsec. Unsub. Nts., 6/1/19		1,055,000		886,200
Antero Resources Finance Corp., 6% Sr. Unsec. Nts., 12/1/20		740,000		751,100
Arch Coal, Inc., 7.25% Sr. Unsec. Unsub. Nts., 6/15/21		1,065,000		812,063
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.: 5.875% Sr. Unsec. Nts., 8/1/233		1,280,000		1,209,600
6.625% Sr. Nts., 10/1/203		720,000		738,000
Bill Barrett Corp., 7.625% Sr. Unsec. Unsub. Nts., 10/1/19		1,160,000		1,189,000
BreitBurn Energy Partners LP/BreitBurn Finance Corp.: 7.875% Sr. Unsec. Nts., 4/15/22		490,000		491,225
8.625% Sr. Unsec. Nts., 10/15/20		3,175,000		3,365,500
Chaparral Energy, Inc., 9.875% Sr. Unsec. Nts., 10/1/20		650,000		734,500
Chesapeake Energy Corp., 5.75% Sr. Unsec. Nts., 3/15/23		1,425,000		1,435,688
Chesapeake Midstream Partners LP/CHKM Finance Corp., 6.125% Sr. Unsec. Unsub. Nts., 7/15/22		1,640,000		1,693,300
Cimarex Energy Co., 5.875% Sr. Unsec. Unsub. Nts., 5/1/22		1,700,000		1,725,500
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.50% Sr. Unsec. Unsub. Nts., 12/15/19		485,000		526,225
CNOOC Curtis Funding No 1 Pty Ltd., 4.50% Sr. Unsec. Unsub. Nts., 10/3/231,4		1,280,000		1,291,674
Denbury Resources, Inc., 4.625% Sr. Unsec. Sub. Nts., 7/15/23		1,040,000		956,800
Ecopetrol SA, 7.625% Sr. Unsec. Unsub. Nts., 7/23/19		315,000		374,063

37
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Oil, Gas & Consumable Fuels Continued
Empresa Nacional del Petroleo, 4.75% Sr. Unsec. Unsub. Nts., 12/6/213	$	1,215,000	$	1,201,472
EP Energy LLC/Everest Acquisition Finance, Inc., 7.75% Sr. Unsec. Nts., 9/1/22		2,450,000		2,670,500
Gaz Capital SA: 8.146% Sr. Sec. Nts., 4/11/183		3,050,000		3,549,590
8.625% Sr. Sec. Nts., 4/28/343		2,345,000		2,814,000
9.25% Sr. Unsec. Unsub. Nts., 4/23/193		4,630,000		5,718,976
Gazprom OAO Via Gaz Capital SA, 4.95% Sr. Unsec. Nts., 7/19/223		4,930,000		4,775,938
Gazprom Via Gaz Capital SA, 5.999% Sr. Unsec. Nts., 1/23/213		580,000		609,725
Genesis Energy LP/Genesis Energy Finance Corp., 5.75% Sr. Unsec. Unsub. Nts., 2/15/21		945,000		930,825
Halcon Resources Corp., 8.875% Sr. Unsec. Unsub. Nts., 5/15/21		2,720,000		2,801,600
Hiland Partners LP/Hiland Partners Finance Corp., 7.25% Sr. Nts., 10/1/203		695,000		728,013
Inergy Midstream LP/Finance Corp., 6% Sr. Unsec. Nts., 12/15/203		495,000		493,763
KMG Finance Sub BV, 9.125% Sr. Unsec. Unsub. Nts., 7/2/183		905,000		1,112,019
Kodiak Oil & Gas Corp., 5.50% Sr. Unsec. Nts., 1/15/213		1,275,000		1,259,063
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/231		630,000		636,300
Linn Energy LLC/Linn Energy Finance Corp., 8.625% Sr. Unsec. Nts., 4/15/20		3,555,000		3,692,756
Lukoil International Finance BV: 4.563% Sr. Unsec. Nts., 4/24/233		605,000		564,314
7.25% Sr. Unsec. Unsub. Nts., 11/5/193		1,330,000		1,517,929
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.50% Sr. Unsec. Unsub. Nts., 7/15/23		2,340,000		2,217,150
MEG Energy Corp.: 6.50% Sr. Unsec. Nts., 3/15/213		5,005,000		5,067,563
7% Sr. Unsec. Nts., 3/31/243,4		575,000		579,313
Memorial Production Partners LP/Memorial Production Finance Corp., 7.625% Sr. Unsec. Nts., 5/1/21		740,000		719,650
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC, 9.25% Sr. Unsec. Nts., 6/1/213		1,270,000		1,260,475

38
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Oil, Gas & Consumable Fuels Continued
Murray Energy Corp., 8.625% Sr. Sec. Nts., 6/15/213	$	635,000		$	639,763
Navios Maritime Acquisition Corp., 8.625% Sr. Sec. Nts., 11/1/17		890,000			927,825
Novatek OAO via Novatek Finance Ltd.: 4.422% Sr. Unsec. Nts., 12/13/223		3,350,000			3,082,000
7.75% Unsec. Nts., 2/21/173		20,260,000	RUR		623,548
Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23		1,110,000			1,182,150
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/213		239,575			244,965
Pacific Rubiales Energy Corp., 5.125% Sr. Unsec. Nts., 3/28/233		1,295,000			1,167,119
Pemex Project Funding Master Trust: 5.75% Sr. Unsec. Unsub. Nts., 3/1/18		800,000			890,000
6.625% Unsec. Unsub. Bonds, 6/15/35		1,270,000			1,347,483
Pertamina Persero PT, 4.875% Sr. Unsec. Unsub. Nts., 5/3/223		1,070,000			971,025
Petroleos de Venezuela SA: 5.125% Sr. Unsec. Nts., 10/28/16		1,010,000			815,575
8.50% Sr. Nts., 11/2/173		4,190,000			3,806,615
12.75% Sr. Unsec. Nts., 2/17/223		2,350,000			2,303,000
Petroleos Mexicanos: 1.95% Sr. Unsec. Nts., 12/20/22		175,750			175,049
2% Sr. Unsec. Nts., 12/20/22		869,250			867,727
3.50% Sr. Unsec. Unsub. Nts., 1/30/23		2,940,000			2,679,728
4.875% Sr. Unsec. Unsub. Nts., 1/18/24		3,940,000			3,949,850
5.50% Sr. Unsec. Unsub. Nts., 6/27/44		185,000			168,852
6% Sr. Unsec. Unsub. Nts., 3/5/20		3,635,000			4,053,025
6.50% Sr. Unsec. Unsub. Nts., 6/2/41		1,475,000			1,535,839
8% Unsec. Unsub. Nts., 5/3/19		2,145,000			2,600,813
Petroleum Co. of Trinidad & Tobago Ltd.: 6% Sr. Unsec. Unsub. Nts., 5/8/223		195,000			209,138
9.75% Sr. Unsec. Nts., 8/14/193		515,000			664,350
Petronas Capital Ltd., 7.875% Nts., 5/22/223		1,030,000			1,312,728
Range Resources Corp., 5% Sr. Unsec. Sub. Nts., 8/15/22		995,000			967,638
Reliance Industries Ltd., 5.875% Sr. Unsec. Perpetual Bonds3,14		680,000			557,600
Rentech Nitrogen Partners LP/Rentech Nitrogen Finance Corp., 6.50% Sec. Nts., 4/15/213		1,050,000			1,034,250
Rosetta Resources, Inc., 5.625% Sr. Unsec. Unsub. Nts., 5/1/21		740,000			706,700
Sabine Pass Liquefaction LLC: 5.625% Sr. Sec. Nts., 2/1/213		1,230,000			1,210,013

39
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Oil, Gas & Consumable Fuels Continued
5.625% Sr. Sec. Nts., 4/15/233	$	1,020,000		$	983,025
Samson Investment Co., 10.25% Sr. Unsec. Nts., 2/15/203		1,355,000			1,443,075
Sanchez Energy Corp., 7.75% Sr. Unsec. Nts., 6/15/213		740,000			725,200
SandRidge Energy, Inc.: 7.50% Sr. Unsec. Unsub. Nts., 2/15/23		635,000			631,825
7.50% Sr. Unsec. Unsub. Nts., 3/15/21		640,000			649,600
Schahin II Finance Co. SPV Ltd., 5.875% Sr. Sec. Unsub. Nts., 9/25/223		2,466,850			2,362,009
Sibur Securities Ltd., 3.914% Sr. Unsec. Nts., 1/31/183		1,470,000			1,403,850
SM Energy Co., 6.50% Sr. Unsec. Unsub. Nts., 1/1/23		1,170,000			1,199,250
Tengizchevroil LLP, 6.124% Nts., 11/15/143		422,045			432,596
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.875% Sr. Unsec. Nts., 10/1/20		485,000			486,213
Western Refining, Inc., 6.25% Sr. Unsec. Unsub. Nts., 4/1/21		1,250,000			1,231,250
					118,546,846
Financials–7.0%
Capital Markets–0.9%
American Capital Ltd., 6.50% Sr. Unsec. Nts., 9/15/183		1,315,000			1,334,725
Cantor Commercial Real Estate Co. LP/CCRE Finance, 7.75% Sr. Unsec. Nts., 2/15/183,4		1,880,000			1,922,300
Deutsche Bank AG, 4.296% Unsec. Sub. Nts., 5/24/28		670,000			606,533
Deutsche Bank Capital Trust, 4.901% Unsec. Sub. Perpetual Bonds2,3,14		610,000			541,375
Nationstar Mortgage LLC/Nationstar Capital Corp.: 6.50% Sr. Unsec. Nts., 8/1/18		430,000			434,300
6.50% Sr. Unsec. Unsub. Nts., 7/1/21		510,000			490,875
7.875% Sr. Unsec. Nts., 10/1/20		1,655,000			1,733,613
10.875% Sr. Unsec. Nts., 4/1/15		1,295,000			1,355,477
Nuveen Investments, Inc., 9.50% Sr. Unsec. Nts., 10/15/203		1,545,000			1,517,963
Pinafore LLC/Pinafore, Inc., 9% Sec. Nts., 10/1/18		1,473,000			1,612,935
Prospect Medical Holdings, Inc., 8.375% Sr. Sec. Nts., 5/1/193		1,100,000			1,160,500
Red de Carreteras de Occidente SAPIB de CV, 9% Sr. Sec. Nts., 6/10/283		23,700,000	MXN		1,615,008

40
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Capital Markets Continued
Springleaf Finance Corp., 6.90% Nts., Series J, 12/15/17	$	2,460,000		$	2,583,000
UBS AG (Jersey Branch): 4.28% Jr. Sub. Perpetual Nts.14		195,000	EUR		266,755
7.152% Jr. Sub. Perpetual Bonds14		125,000	EUR		187,074
7.25% Unsec. Sub. Nts., 2/22/22		2,300,000			2,476,008
US Coatings Acquisition, Inc./Flash Dutch 2 BV, 7.375% Sr. Unsec. Nts., 5/1/213		1,045,000			1,097,250
Verso Paper Holdings LLC/Verso Paper, Inc., 11.75% Sr. Sec. Nts., 1/15/19		1,165,000			1,208,688
					22,144,379
Commercial Banks–3.8%
Akbank TAS, 7.50% Sr. Unsec. Nts., 2/5/183		4,310,000	TRY		1,950,547
Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/173		1,720,000			1,901,838
Banco ABC Brasil SA, 8.50% Sr. Unsec. Nts., 3/28/161		1,080,000	BRR		437,351
Banco Bilbao Vizcaya Argentaria SA, 9% Jr. Sub. Perpetual Bonds14		50,000			49,558
Banco BMG SA: 8.875% Unsec. Sub. Nts., 8/5/203		530,000			500,850
9.15% Nts., 1/15/163		978,000			1,017,120
9.95% Unsec. Unsub. Nts., 11/5/193		1,395,000			1,381,050
Banco de Costa Rica, 5.25% Sr. Unsec. Nts., 8/12/183		1,105,000			1,122,128
Banco del Estado de Chile: 3.875% Sr. Unsec. Nts., 2/8/223		700,000			680,794
4.125% Sr. Unsec. Nts., 10/7/203		1,180,000			1,201,193
Banco do Brasil SA (Cayman), 9.25% Jr. Sub. Perpetual Bonds3,14		4,715,000			5,021,475
Banco do Estado do Rio Grande do Sul SA, 7.375% Sub Nts., 2/2/223		4,330,000			4,302,938
Banco Santander Brasil SA (Cayman Islands), 8% Sr. Unsec. Unsub. Nts., 3/18/163		1,850,000	BRR		776,294
Banco Santander Mexico SA, 4.125% Sr. Unsec. Nts., 11/9/223		1,745,000			1,605,400
Bancolombia SA, 5.125% Unsec. Sub. Nts., 9/11/22		2,675,000			2,454,313
Bank of Scotland plc: 4.875% Sr. Sec. Nts., 12/20/24		245,000	GBP		448,929
4.875% Sr. Sec. Unsub. Nts., 11/8/16		140,000	GBP		250,484
Barclays Bank plc: 4.75% Jr. Sub. Perpetual Bonds14		400,000	EUR		430,731

41
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Commercial Banks Continued
6% Jr. Sub. Perpetual Bonds14		1,530,000	GBP	$	2,235,430
14% Jr. Sub. Perpetual Bonds14		780,000	GBP		1,698,246
BBVA Banco Continental SA, 5% Sr. Unsec. Nts., 8/26/223		1,125,000			1,082,813
BNP Paribas SA: 5.945% Jr. Sub. Perpetual Bonds14		1,505,000	GBP		2,406,246
7.195% Jr. Sub. Perpetual Bonds3,14		400,000			403,500
BPCE SA, 9% Jr. Sub. Perpetual Bonds14		2,090,000	EUR		3,008,132
Caixa Economica Federal, 4.50% Sr. Unsec. Nts., 10/3/183,4		1,730,000			1,716,506
CIT Group, Inc.: 4.25% Sr. Unsec. Nts., 8/15/17		405,000			414,113
5% Sr. Unsec. Nts., 8/15/22		1,740,000			1,708,283
Commerzbank AG, 8.125% Unsec. Nts., 9/19/233		805,000			823,113
Corp Financiera de Desarrollo SA, 4.75% Sr. Unsec. Nts., 2/8/223		1,185,000			1,152,413
Corp Group Banking SA, 6.75% Sr. Unsec. Nts., 3/15/233		1,725,000			1,474,875
Credit Agricole SA, 8.375% Jr. Sub. Perpetual Bonds3,14		2,850,000			3,131,438
Danske Bank AS, 5.684% Jr. Sub. Perpetual Bonds14		1,430,000	GBP		2,315,040
EUROFIMA, 6.25% Bonds, 12/28/18		935,000	AUD		946,216
European Investment Bank: 6% Sr. Unsec. Nts., 8/6/20		1,125,000	AUD		1,128,385
6.50% Sr. Unsec. Nts., 8/7/19		565,000	AUD		582,355
Export-Import Bank of India, 4% Sr. Unsec. Nts., 1/14/23		460,000			394,174
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/223		1,525,000			1,372,500
ICICI Bank Ltd., 6.375% Bonds, 4/30/222,3		945,000			883,575
LBG Capital No. 1 plc, 11.04% Unsec. Sub. Nts., 3/19/20		2,316,000	GBP		4,366,547
LBG Capital No.1 plc, 7.869% Sec. Sub. Nts., 8/25/20		265,000	GBP		455,603
Lloyds TSB Bank plc, 6% Sr. Sec. Nts., 2/8/29		385,000	GBP		780,723
Rabobank Capital Funding Trust IV, 5.556% Perpetual Bonds3,14		375,000	GBP		609,033
RBS Capital Trust III, 5.512% Jr. Sub. Perpetual Bonds14		2,515,000			2,332,663
Royal Bank of Scotland NV: 3.37% Sub. Nts., 5/17/18		275,000	AUD		224,853
3.37% Sub. Nts., Series FRN, 5/17/18		340,000	AUD		278,000
Royal Bank of Scotland plc (The): 2.375% Sr. Unsec. Sub. Nts., 11/2/15		85,000	CHF		94,028
13.125% Unsec. Sub. Nts., 3/19/22		370,000	AUD		412,489

42
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Commercial Banks Continued
Sberbank of Russia Via SB Capital SA: 5.125% Sub. Nts., 10/29/223	$	1,365,000		$	1,279,961
5.40% Sr. Unsec. Nts., 3/24/17		790,000			843,325
6.125% Sr. Nts., 2/7/223		2,100,000			2,205,000
Scottish Widows plc, 5.125% Jr. Sub. Perpetual Bonds14		470,000	GBP		736,158
Societe Generale SA, 5.922% Jr. Sub. Perpetual Bonds3,14		2,225,000			2,280,972
Stadshypotek AB, 6% Sec. Unsub. Bonds, 6/21/17		5,385,000	SEK		950,143
Standard Chartered plc, 5.20% Unsec. Sub. Nts., 1/26/243		260,000			261,857
Turkiye Halk Bankasi AS, 4.875% Sr. Unsec. Nts., 7/19/173		1,490,000			1,497,450
Turkiye Is Bankasi AS: 3.875% Sr. Unsec. Nts., 11/7/173		590,000			568,613
5.097% Unsec. Nts., 11/6/1312		13,100,000	TRY		6,433,886
6% Sub. Nts., 10/24/223		1,680,000			1,541,400
7.293% Unsec. Nts., 10/9/1312		3,895,000	TRY		1,924,738
Turkiye Sise ve Cam Fabrikalari AS, 4.25% Sr. Unsec. Nts., 5/9/203		595,000			517,055
Turkiye Vakiflar Bankasi Tao, 3.75% Sr. Unsec. Nts., 4/15/183		2,025,000			1,893,375
VTB Bank OJSC Via VTB Capital SA, 6% Sr. Unsec. Nts., 4/12/173		900,000			949,500
VTB Capital SA: 6.465% Sr. Sec. Unsub. Nts., 3/4/153		630,000			666,275
6.875% Sr. Sec. Nts., 5/29/183		1,585,000			1,707,838
Yapi ve Kredi Bankasi AS: 5.50% Unsec. Sub. Nts., 12/6/223		2,155,000			1,853,300
6.75% Sr. Unsec. Nts., 2/8/173		1,245,000			1,307,561
					93,382,692
Consumer Finance–0.5%
Ahern Rentals, Inc., 9.50% Sr. Sec. Nts., 6/15/183		1,460,000			1,543,950
Ally Financial, Inc., 7.50% Sr. Unsec. Unsub. Nts., 9/15/20		1,405,000			1,584,138
Cash America International, Inc., 5.75% Sr. Unsec. Nts., 5/15/183		2,920,000			2,847,000
Community Choice Financial, Inc., 10.75% Sr. Sec. Nts., 5/1/19		540,000			477,900
JSC Astana Finance, 9.16% Nts., 3/14/126		7,200,000			409,500
Milestone Aviation Group LLC, 8.625% Sr. Unsec. Nts., 12/15/173		1,380,000			1,459,350

43
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Consumer Finance Continued
SLM Corp., 7.25% Sr. Unsec. Unsub. Nts., 1/25/22		1,130,000		$	1,155,425
Speedy Cash, Inc., 10.75% Sr. Sec. Nts., 5/15/183		1,930,000			2,040,975
TMX Finance LLC/TitleMax Finance Corp., 8.50% Sr. Sec. Nts., 9/15/183		1,910,000			2,005,500
					13,523,738
Diversified Financial Services–0.9%
AG Spring Finance Ltd., 7.50% Sr. Sec. Nts., 6/1/183		280,000	EUR		386,374
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 4/15/243		2,447,787			2,381,207
AyT Cedulas Cajas X Fondo de Titulizacion, 3.75% Sec. Nts., 6/30/25		140,000	EUR		153,577
Banco BTG Pactual SA (Cayman): 4% Sr. Unsec. Nts., 1/16/203		2,380,000			2,136,050
5.75% Unsec. Sub. Nts., 9/28/223		1,205,000			1,090,525
Banco Invex SA, 31.938% Mtg.-Backed Certificates, Series 062U, 3/13/346,13		4,830,531	MXN		244,244
Brazil Loan Trust 1, 5.477% Sr. Sec. Nts., 7/24/233		1,395,000			1,422,900
Cedulas TDA 6 Fondo de Titulizacion de Activos, 3.875% Sec. Nts., 5/23/25		140,000	EUR		154,659
CNG Holdings, Inc., 9.375% Sr. Sec. Nts., 5/15/203		420,000			390,600
European Investment Bank, 5% Sr. Unsec. Nts., 8/22/22		700,000	AUD		654,052
Export Credit Bank of Turkey, 5.875% Sr. Unsec. Nts., 4/24/193		3,240,000			3,333,150
ING Verzekeringen NV, 6.375% Unsec. Sub. Nts., 5/7/27		1,645,000	EUR		2,312,354
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.375% Sr. Unsec. Nts., 4/1/203		1,715,000			1,706,425
Jefferies LoanCore LLC/JLC Finance Corp., 6.875% Sr. Unsec. Nts., 6/1/203		1,685,000			1,659,725
JPMorgan Hipotecaria su Casita: 8.448% Sec. Nts., 8/26/351,13		5,808,600	MXN		39,701
30.266% Mtg.-Backed Certificates, Series 06U, 9/25/3513		1,270,549	MXN		154,961
Magyar Export-Import Bank RT, 5.50% Sr. Unsec. Nts., 2/12/183		1,240,000			1,253,950
National Savings Bank, 8.875% Sr. Unsec. Nts., 9/18/183		915,000			940,734
Spencer Spirit Holdings, Inc., 9% Sr. Unsec. Nts., 5/1/183,5		1,685,000			1,651,300
					22,066,488

44
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Insurance–0.3%
Assicurazioni Generali SpA, 7.75% Unsec. Sub. Nts., 12/12/42		55,000	EUR	$	80,638
Aviva plc, 6.125% Jr. Sub. Perpetual Bonds14		1,415,000	GBP		2,280,448
AXA SA, 6.379% Sub. Perpetual Bonds3,14		530,000			512,113
Hockey Merger Sub 2, Inc., 7.875% Sr. Unsec. Nts., 10/1/213,4		655,000			659,094
Patriot Merger Corp., 9% Sr. Unsec. Nts., 7/15/213		850,000			879,750
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds3,14		2,123,000			2,229,562
Swiss Reinsurance Co. via ELM BV: 3.96% Jr. Sub. Perpetual Bonds2,14		125,000	AUD		106,603
7.635% Jr. Sub. Perpetual Bonds14		55,000	AUD		52,755
					6,800,963
Real Estate Investment Trusts (REITs)–0.3%
DuPont Fabros Technology LP, 5.875% Sr. Unsec. Nts., 9/15/213		1,535,000			1,542,675
FelCor Escrow Holdings LLC, 6.75% Sr. Sec. Nts., 6/1/19		1,175,000			1,245,500
Felcor Lodging LP, 5.625% Sr. Sec. Nts., 3/1/23		1,250,000			1,170,313
Geo Group, Inc. (The), 5.125% Sr. Unsec. Nts., 4/1/233		1,615,000			1,485,800
iStar Financial, Inc., 4.875% Sr. Unsec. Unsub. Nts., 7/1/18		1,055,000			1,028,625
OMEGA Healthcare Investors, Inc., 6.75% Sr. Unsec. Nts., 10/15/22		1,130,000			1,220,400
					7,693,313
Real Estate Management & Development—0.3%
BR Malls International Finance Ltd., 8.50% Perpetual Bonds3,14		990,000			984,431
Country Garden Holdings Co. Ltd., 7.50% Sr. Unsec. Unsub. Nts., 12/31/233		2,255,000			2,181,713
Realogy Corp.: 7.625% Sr. Sec. Nts., 1/15/203		2,535,000			2,839,200
9% Sr. Sec. Nts., 1/15/203		865,000			1,003,400
Techem GmbH, 6.125% Sr. Sec. Nts., 10/1/193		745,000	EUR		1,088,503
					8,097,247
Health Care–1.3%
Biotechnology–0.1%
Grifols SA, 8.25% Sr. Sec. Nts., 2/1/18		995,000			1,073,356

45
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Biotechnology Continued
Universal Hospital Services, Inc., 7.625% Sr. Sec. Nts, 8/15/20	$	1,570,000		$	1,628,875
					2,702,231
Health Care Equipment & Supplies–0.3%
Accellent, Inc., 10% Sr. Unsec. Sub. Nts., 11/1/17		690,000			638,250
Alere, Inc.: 7.25% Sr. Unsec. Unsub. Nts., 7/1/18		1,270,000			1,377,950
8.625% Sr. Unsec. Sub. Nts., 10/1/18		152,298			164,863
Biomet, Inc.: 6.50% Sr. Unsec. Sub. Nts., 10/1/20		630,000			641,813
6.50% Sr. Unsec. Unsub. Nts., 8/1/20		2,090,000			2,168,375
ConvaTec Healthcare ESA, 10.875% Sr. Unsec. Nts., 12/15/183		540,000	EUR		827,336
Hologic, Inc., 6.25% Sr. Unsec. Unsub. Nts., 8/1/20		185,000			193,556
Kinetic Concepts, Inc./KCI USA, Inc., 10.50% Sec. Nts., 11/1/18		1,840,000			2,040,100
					8,052,243
Health Care Providers & Services–0.7%
Acadia Healthcare Co., Inc., 6.125% Sr. Unsec. Nts., 3/15/213		440,000			446,600
CHS/Community Health Systems, Inc., 7.125% Sr. Unsec. Unsub. Nts., 7/15/20		970,000			980,913
DaVita HealthCare Partners, Inc., 5.75% Sr. Unsec. Unsub. Nts., 8/15/22		895,000			889,406
Fresenius Medical Care US Finance II, Inc.: 5.625% Sr. Unsec. Nts., 7/31/193		805,000			843,238
5.875% Sr. Unsec. Nts., 1/31/223		405,000			417,150
Gentiva Health Services, Inc., 11.50% Sr. Unsec. Unsub. Nts., 9/1/18		1,370,000			1,428,225
HCA, Inc., 7.50% Sr. Unsec. Unsub. Nts., 2/15/22		1,740,000			1,914,000
Health Management Associates, Inc., 7.375% Sr. Unsec. Nts., 1/15/20		855,000			941,034
HealthSouth Corp.: 7.75% Sr. Unsec. Nts., 9/15/22		845,000			910,488
8.125% Sr. Unsec. Unsub. Nts., 2/15/20		549,000			600,469
Kindred Healthcare, Inc., 8.25% Sr. Unsec. Nts., 6/1/19		1,885,000			2,016,950
Multiplan, Inc., 9.875% Sr. Nts., 9/1/183		1,390,000			1,542,900
Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/213		1,055,000			1,004,888
Tenet Healthcare Corp., 6% Sr. Sec. Nts., 10/1/203		1,030,000			1,055,106
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18		1,970,000			2,088,200
					17,079,567

46
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Life Sciences Tools & Services–0.1%
Jaguar Holding Co./Jaguar Merger Sub, Inc., 9.50% Sr. Unsec. Nts., 12/1/193	$	990,000	$	1,117,463
Pharmaceuticals–0.1%
Valeant Pharmaceuticals International, Inc., 6.875% Sr. Unsec. Nts., 12/1/183		955,000		1,014,688
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, 7.75% Sr. Unsec. Nts., 9/15/18		1,005,000		1,097,963
				2,112,651
Industrials–3.9%
Aerospace & Defense–0.9%
BE Aerospace, Inc., 6.875% Sr. Nts., 10/1/20		1,080,000		1,185,300
DynCorp International, Inc., 10.375% Sr. Unsec. Nts., 7/1/17		4,180,000		4,326,300
Embraer SA, 5.15% Sr. Unsec. Unsub. Nts., 6/15/22		800,000		778,000
Erickson Air-Crane, Inc., 8.25% Sr. Sec. Nts., 5/1/203		2,902,000		2,854,843
FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sr. Sec. Nts., 5/1/203		2,560,000		2,675,200
GenCorp, Inc., 7.125% Sec. Nts., 3/15/213		3,235,000		3,404,838
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21		1,785,000		1,932,263
Kratos Defense & Security Solutions, Inc., 10% Sr. Sec. Nts., 6/1/17		1,137,000		1,242,173
Schaeffler Finance BV, 8.50% Sr. Sec. Nts., 2/15/193		1,940,000		2,172,800
TransDigm, Inc., 7.75% Sr. Unsec. Sub. Nts., 12/15/18		1,125,000		1,203,750
Triumph Group, Inc., 8.625% Sr. Unsec. Nts., 7/15/18		650,000		708,500
				22,483,967
Air Freight & Logistics–0.2%
Air Medical Group Holdings, Inc., 9.25% Sr. Sec. Nts., 11/1/18		897,000		968,760
SPL Logistics Escrow LLC/SPL Logistics Finance Corp., 8.875% Sr. Sec. Nts., 8/1/201		2,560,000		2,694,400
				3,663,160
Airlines–0.2%
Air Canada, 6.75% Sr. Sec. Nts., 10/1/193		1,100,000		1,095,875
Emirates Airline, 4.50% Sr. Unsec. Nts., 2/28/253		2,910,000		2,619,000

47
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Airlines Continued
US Airways 2011-1 Class A Pass-Through Trust, 7.125% Sec. Certificates, 10/22/23	$	1,256,516		$	1,379,026
					5,093,901
Building Products–0.2%
Nortek, Inc., 8.50% Sr. Unsec. Nts., 4/15/21		1,770,000			1,933,725
Ply Gem Industries, Inc.: 8.25% Sr. Sec. Nts., 2/15/18		1,163,000			1,250,225
9.375% Sr. Unsec. Nts., 4/15/17		1,755,000			1,860,300
					5,044,250
Commercial Services & Supplies–0.5%
Affinion Group, Inc., 7.875% Sr. Unsec. Nts., 12/15/18		3,020,000			2,408,450
Cenveo Corp., 8.875% Sec. Nts., 2/1/18		720,000			720,000
First Data Corp., 6.75% Sr. Sec. Nts., 11/1/203		2,340,000			2,433,600
R.R. Donnelley & Sons Co., 7.875% Sr. Unsec. Unsub. Nts., 3/15/21		1,190,000			1,282,225
STHI Holding Corp., 8% Sec. Nts., 3/15/183		995,000			1,077,088
Tervita Corp., 8% Sr. Sec. Nts., 11/15/183		1,220,000			1,230,675
West Corp., 8.625% Sr. Unsec. Nts., 10/1/18		2,285,000			2,496,363
					11,648,401
Construction & Engineering–0.3%
Andrade Gutierrez International SA, 4% Sr. Unsec. Nts., 4/30/183		1,135,000			1,069,738
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/241		3,410,502			3,990,287
OAS Investments GmbH, 8.25% Sr. Nts., 10/19/193		815,000			825,188
Odebrecht Finance Ltd., 8.25% Sr. Unsec. Nts., 4/25/183		1,130,000	BRR		424,763
					6,309,976
Electrical Equipment–0.1%
General Cable Corp., 5.75% Sr. Unsec. Unsub. Nts., 10/1/223		1,240,000			1,193,500
Orion Engineered Carbons Bondco GmbH, 10% Sr. Sec. Nts., 6/15/181		751,500	EUR		1,133,686
					2,327,186
Industrial Conglomerates–0.1%
GE Capital Australia Funding Pty Ltd., 7% Bonds, 10/8/15		625,000	AUD		622,211
Hutchison Whampoa Europe Finance 13 Ltd., 3.75% Jr. Sub. Perpetual Bonds14		110,000	EUR		141,559

48
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Industrial Conglomerates Continued
KOC Holding AS, 3.50% Sr. Unsec. Nts., 4/24/203	$	1,870,000		$	1,606,330
					2,370,100
Machinery–0.6%
Actuant Corp., 5.625% Sr. Unsec. Unsub. Nts., 6/15/22		1,205,000			1,211,025
ArvinMeritor, Inc., 10.625% Sr. Unsec. Nts., 3/15/18		1,115,000			1,209,775
Cleaver-Brooks, Inc., 8.75% Sr. Sec. Nts., 12/15/193		1,620,000			1,755,675
CNH Capital LLC, 6.25% Sr. Unsec. Nts., 11/1/16		670,000			740,350
Manitowoc Co., Inc. (The), 8.50% Sr. Unsec. Nts., 11/1/20		2,890,000			3,229,575
Navistar International Corp., 8.25% Sr. Unsec. Nts., 11/1/21		965,000			981,888
Terex Corp., 6% Sr. Unsec. Nts., 5/15/21		2,725,000			2,769,281
Thermadyne Holdings Corp., 9% Sr. Sec. Nts., 12/15/17		2,060,000			2,229,950
Xerium Technologies, Inc., 8.875% Sr. Unsec. Nts., 6/15/18		1,580,000			1,627,400
					15,754,919
Marine–0.0%
Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc., 8.875% Sr. Sec. Nts., 11/1/17		725,000			761,250
Professional Services–0.1%
FTI Consulting, Inc., 6% Sr. Unsec. Unsub. Nts., 11/15/22		2,565,000			2,558,588
Road & Rail–0.3%
Avis Budget Car Rental LLC/Avis Budget Finance, 5.50% Sr. Unsec. Unsub. Nts., 4/1/23		1,680,000			1,562,400
Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/203		860,000			946,000
Kenan Advantage Group, Inc. (The), 8.375% Sr. Unsec. Nts., 12/15/181		1,510,000			1,591,163
REFER Rede Ferroviaria Nacional, 4% Sr. Unsec. Unsub. Nts., 3/16/15		540,000	EUR		701,318
Transnet SOC Ltd., 4% Sr. Unsec. Nts., 7/26/223		520,000			461,500
Ukraine Railways via Shortline plc, 9.50% Unsec. Nts., 5/21/183		310,000			249,550
Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/153		4,775,000			2,769,500
					8,281,431

49
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Trading Companies & Distributors–0.4%
Air Lease Corp., 4.75% Sr. Unsec. Unsub. Nts., 3/1/20	$	880,000		$	869,000
HD Supply, Inc., 7.50% Sr. Unsec. Nts., 7/15/203		3,255,000			3,381,131
International Lease Finance Corp.: 3.875% Sr. Unsec. Unsub. Nts., 4/15/18		1,255,000			1,214,997
8.75% Sr. Unsec. Unsub. Nts., 3/15/17		1,847,000			2,128,668
United Rentals North America, Inc., 7.375% Sr. Unsec. Nts., 5/15/20		1,125,000			1,217,813
					8,811,609
Information Technology–1.1%
Communications Equipment–0.1%
Avaya, Inc., 7% Sr. Sec. Nts., 4/1/193		1,305,000			1,226,700
ViaSat, Inc., 6.875% Sr. Unsec. Unsub. Nts., 6/15/20		1,166,000			1,215,555
					2,442,255
Computers & Peripherals–0.0%
Denali Borrower LLC/Denali Finance Corp., 5.625% Sr. Sec. Nts., 10/15/203,4		1,230,000			1,200,788
Electronic Equipment, Instruments & Components–0.1%
Anixter, Inc., 5.625% Sr. Unsec. Nts., 5/1/19		980,000			1,014,300
Belden, Inc., 5.50% Sr. Unsec. Sub. Nts., 9/1/223		1,245,000			1,207,650
					2,221,950
Internet Software & Services–0.3%
Cerved Group SpA, 6.375% Sr. Sec. Nts., 1/15/203		790,000	EUR		1,095,471
EarthLink, Inc., 7.375% Sr. Sec. Nts., 6/1/203		3,160,000			3,096,800
Equinix, Inc., 4.875% Sr. Unsec. Nts., 4/1/20		1,220,000			1,189,500
IAC/InterActiveCorp, 4.75% Sr. Unsec. Unsub. Nts., 12/15/22		1,255,000			1,160,875
					6,542,646
IT Services–0.3%
Ceridian Corp., 11.25% Sr. Unsec. Nts., 11/15/15		335,000			340,025
First Data Corp.: 8.25% Sec. Nts., 1/15/213		1,410,000			1,462,875
10.625% Sr. Unsec. Nts., 6/15/213		730,000			744,600
12.625% Sr. Unsec. Nts., 1/15/21		1,126,000			1,244,230
iPayment, Inc., 10.25% Sr. Unsec. Nts., 5/15/18		6,685,000			4,813,200
					8,604,930

50
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount		Value
Semiconductors & Semiconductor Equipment–0.2%
Freescale Semiconductor, Inc.: 9.25% Sr. Sec. Nts., 4/15/183	$	2,250,000	$	2,446,875
10.75% Sr. Unsec. Nts., 8/1/20		1,988,000		2,221,590
				4,668,465
Software–0.1%
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/213		1,085,000		1,131,113
Infor US, Inc., 9.375% Sr. Unsec. Nts., 4/1/19		485,000		544,413
				1,675,526
Materials–2.8%
Chemicals–0.6%
ADS Waste Holdings, Inc., 8.25% Sr. Nts., 10/1/203		385,000		408,100
Braskem Finance Ltd.: 5.375% Sr. Unsec. Nts., 5/2/223		2,030,000		1,903,125
5.75% Sr. Unsec. Nts., 4/15/213		1,630,000		1,605,550
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 8.875% Sr. Sec. Nts., 2/1/18		680,000		707,200
Hexion US Finance Corp., 6.625% Sr. Sec. Nts., 4/15/20		875,000		879,375
Huntsman International LLC, 4.875% Sr. Unsec. Unsub. Nts., 11/15/20		220,000		209,550
Ineos Finance plc, 8.375% Sr. Sec. Bonds, 2/15/193		1,045,000		1,156,031
INEOS Group Holdings SA, 6.125% Sr. Unsec. Nts., 8/15/183		1,050,000		1,029,000
Mexichem SAB de CV, 4.875% Sr. Unsec. Nts., 9/19/223		1,365,000		1,327,463
Momentive Performance Materials, Inc., 8.875% Sr. Sec. Nts., 10/15/20		1,160,000		1,223,800
PetroLogistics LP/PetroLogistics Finance Corp., 6.25% Sr. Unsec. Nts., 4/1/203		420,000		412,650
PQ Corp., 8.75% Sr. Sec. Nts., 5/1/183		1,140,000		1,219,800
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 8.75% Sr. Sec. Nts., 2/1/193		1,140,000		1,137,150
				13,218,794
Construction Materials–0.6%
Building Materials Corp. of America, 6.75% Sr. Nts., 5/1/213		1,975,000		2,128,063
CEMEX Espana Luxembourg, 9.875% Sr. Sec. Nts., 4/30/193		3,005,000		3,380,625

51
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Construction Materials Continued
CEMEX Espana SA, 9.25% Sr. Sec. Nts., 5/12/203	$	3,280,000		$	3,542,400
CEMEX Finance LLC, 9.375% Sr. Sec. Nts., 10/12/223		1,990,000			2,189,000
Cemex SAB de CV: 6.50% Sr. Sec. Nts., 12/10/193		1,560,000			1,540,500
7.25% Sr. Sec. Nts., 1/15/213,4		1,675,000			1,672,906
HeidelbergCement Finance BV, 8% Sr. Unsec. Unsub. Nts., 1/31/17		360,000	EUR		568,652
Lafarge SA, 5.375% Sr. Unsec. Unsub. Nts., 6/26/17		395,000	EUR		576,570
					15,598,716
Containers & Packaging–0.5%
Ardagh Packaging Finance plc/Ardagh MP Holdings USA, Inc., 7% Sr. Unsec. Nts., 11/15/203		2,205,000			2,127,825
Berry Plastics Corp., 9.75% Sec. Nts., 1/15/21		1,580,000			1,832,800
Consolidated Container Co. LLC/Consolidated Container Capital, Inc., 10.125% Sr. Unsec. Nts., 7/15/203		590,000			634,250
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/233		2,815,000			2,589,800
Polymer Group, Inc., 7.75% Sr. Sec. Nts., 2/1/19		1,540,000			1,653,575
Sealed Air Corp.: 5.25% Sr. Unsec. Nts., 4/1/233		1,620,000			1,543,050
6.50% Sr. Unsec. Nts., 12/1/203		1,445,000			1,520,863
Smurfit Kappa Acquisitions, 7.75% Sr. Sec. Nts., 11/15/193		770,000	EUR		1,134,968
					13,037,131
Metals & Mining–1.0%
Aleris International, Inc.: 7.625% Sr. Unsec. Nts., 2/15/18		2,655,000			2,791,069
7.875% Sr. Unsec. Unsub. Nts., 11/1/20		2,550,000			2,645,625
Alrosa Finance SA, 7.75% Nts., 11/3/203		3,570,000			3,981,264
Consolidated Minerals Ltd., 8.875% Sr. Sec. Nts., 5/1/163		1,070,000			1,088,725
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/193		770,000			800,800
Evraz Group SA, 6.50% Sr. Unsec. Nts., 4/22/203		1,515,000			1,400,436
Ferrexpo Finance plc, 7.875% Sr. Unsec. Bonds, 4/7/163		1,675,000			1,524,250

52
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Metals & Mining Continued
FMG Resources Pty Ltd., 6.875% Sr. Unsec. Unsub. Nts., 2/1/183	$	1,060,000		$	1,111,675
Gerdau Holdings, Inc., 7% Sr. Unsec. Nts., 1/20/203		305,000			326,350
Gerdau Trade, Inc., 5.75% Sr. Unsec. Nts., 1/30/213		815,000			802,775
JMC Steel Group, Inc., 8.25% Sr. Unsec. Nts., 3/15/183		205,000			198,850
Metalloinvest Finance Ltd., 5.625% Unsec. Nts., 4/17/203		1,140,000			1,107,225
Mexico Generadora de Energia S de RL, 5.50% Sr. Sec. Nts., 12/6/323		1,270,000			1,146,175
Novelis, Inc., 8.75% Sr. Unsec. Nts., 12/15/20		1,285,000			1,416,713
Samarco Mineracao SA, 4.125% Sr. Unsec. Nts., 11/1/223		960,000			837,600
Severstal OAO Via Steel Capital SA, 4.45% Sr. Unsec. Nts., 3/19/183		785,000			770,281
Vedanta Resources plc, 6% Sr. Unsec. Nts., 1/31/193		1,255,000			1,198,525
Walter Energy, Inc.: 9.50% Sr. Sec. Nts., 10/15/19		880,000			914,100
9.875% Sr. Unsec. Unsub. Nts., 12/15/203		1,420,000			1,246,050
					25,308,488
Paper & Forest Products–0.1%
Catalyst Paper Corp., 11% Sr. Sec. Nts., 10/30/175		1,993,571			1,176,207
NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/146		3,620,097			–
					1,176,207
Telecommunication Services–2.8%
Diversified Telecommunication Services–1.6%
Activision Blizzard, Inc., 5.625% Sr. Unsec. Unsub. Nts., 9/15/213		655,000			657,456
Brasil Telecom SA, 9.75% Sr. Unsec. Nts., 9/15/163		2,550,000	BRR		1,013,419
Cequel Communications Escrow 1 LLC/Cequel Escrow Capital Corp., 6.375% Sr. Nts., 9/15/203		5,325,000			5,458,125
Colombia Telecomunicaciones SA ESP, 5.375% Sr. Unsec. Nts., 9/27/223		560,000			516,600
Fairpoint Communications, Inc., 8.75% Sr. Sec. Nts., 8/15/193		3,600,000			3,681,000
Frontier Communications Corp., 7.625% Sr. Unsec. Unsub. Nts., 4/15/24		1,615,000			1,623,075
Intelsat Jackson Holdings SA: 5.50% Sr. Unsec. Nts., 8/1/233		1,055,000			991,700
7.25% Sr. Unsec. Nts., 10/15/20		1,460,000			1,565,850

53
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Diversified Telecommunication Services Continued
Intelsat Luxembourg SA, 7.75% Sr. Unsec. Nts., 6/1/213	$	2,095,000		$	2,176,181
Koninklijke KPN NV, 6.125% Jr. Sub. Perpetual Bonds14		860,000	EUR		1,192,829
Level 3 Communications, Inc., 8.875% Sr. Unsec. Unsub. Nts., 6/1/19		1,935,000			2,080,125
Level 3 Financing, Inc., 9.375% Sr. Unsec. Unsub. Nts., 4/1/19		765,000			847,238
MetroPCS Wireless, Inc.: 6.25% Sr. Unsec. Unsub. Nts., 4/1/213		1,610,000			1,624,088
6.625% Sr. Unsec. Nts., 11/15/20		2,490,000			2,589,600
Portugal Telecom International Finance BV, 5.625% Sr. Unsec. Unsub. Nts., 2/8/16		530,000	EUR		752,861
Telecom Italia SpA, 7.75% Unsec. Sub. Nts., 3/20/73		2,335,000	EUR		3,156,600
Telefonica Chile SA, 3.875% Sr. Unsec. Nts., 10/12/223		1,080,000			964,551
Telefonica Emisiones SAU, 3.987% Sr. Unsec. Unsub. Nts., 1/23/23		575,000	EUR		757,894
Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/203		4,255,000			3,786,950
Verizon Communications, Inc., 6.55% Sr. Unsec. Unsub. Nts., 9/15/43		130,000			147,256
Wind Acquisition Finance SA, 7.25% Sr. Sec. Nts., 2/15/183		2,535,000			2,636,400
Windstream Corp., 6.375% Sr. Unsec. Nts., 8/1/23		1,045,000			961,400
					39,181,198
Wireless Telecommunication Services–1.2%
America Movil SAB de CV: 6.45% Sr. Unsec. Nts., 12/5/22		22,780,000	MXN		1,637,910
8.46% Sr. Unsec. Unsub. Bonds, 12/18/36		14,700,000	MXN		1,099,385
Digicel Group Ltd., 8.25% Sr. Unsec. Nts., 9/30/203		610,000			634,400
Digicel Ltd., 6% Sr. Unsec. Nts., 4/15/213		1,150,000			1,083,875
Millicom International Cellular SA, 4.75% Sr. Unsec. Nts., 5/22/203		875,000			815,938
MTS International Funding Ltd.: 5% Sr. Unsec. Nts., 5/30/233		1,145,000			1,056,263
8.625% Sr. Unsec. Nts., 6/22/203		1,855,000			2,177,306
SBA Telecommunications, Inc., 5.75% Sr. Unsec. Unsub. Nts., 7/15/20		785,000			783,038
Sprint Capital Corp., 6.875% Sr. Unsec. Nts., 11/15/28		3,075,000			2,759,813

54
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Wireless Telecommunication Services Continued
Sprint Nextel Corp., 9% Sr. Unsec. Nts., 11/15/183	$	1,045,000		$	1,227,875
Vimpel Communications, Inc.: 8.85% Sr. Unsec. Nts., 3/8/222		12,300,000	RUR		386,483
8.85% Sr. Unsec. Nts., 3/8/222		13,700,000	RUR		430,473
Vimpel Communications/VIP Finance Ireland Ltd. OJSC: 7.748% Sec. Nts., 2/2/213		2,140,000			2,311,200
9.125% Sr. Unsec. Nts., 4/30/183		4,520,000			5,254,500
VimpelCom, 7.504% Sr. Unsec. Unsub. Nts., 3/1/223		4,930,000			5,207,313
VimpelCom Holdings BV: 5.95% Sr. Unsec. Unsub. Nts., 2/13/233		2,400,000			2,281,584
9% Sr. Unsec. Nts., 2/13/18		47,100,000	RUR		1,462,358
					30,609,714
Utilities–2.0%
Electric Utilities–1.2%
Dubai Electricity & Water Authority, 7.375% Sr. Unsec. Unsub. Nts., 10/21/203,4		5,120,000			6,016,000
EDP Finance BV, 6% Sr. Unsec. Unsub. Nts., 2/2/183		1,055,000			1,094,563
Electricite de France SA, 5.25% Jr. Sub. Perpetual Bonds2,3,14		2,100,000			1,989,977
Empresas Publicas de Medellin ESP, 8.375% Sr. Unsec. Unsub. Nts., 2/1/213		2,227,465,000	COP		1,225,854
Enel SpA, 8.75% Unsec. Sub. Nts., 9/24/733		575,000			589,375
Eskom Holdings Ltd., 5.75% Sr. Unsec. Bonds, 1/26/213		540,000			540,000
Iberdrola International BV, 5.75% Jr. Sub. Perpetual Bonds14		820,000	EUR		1,120,431
Israel Electric Corp. Ltd.: 6.70% Sr. Unsec. Nts., 2/10/173		1,885,000			2,025,838
7.25% Nts., 1/15/193		8,830,000			9,670,545
9.375% Sr. Sec. Nts., 1/28/203		425,000			509,700
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16		109,600,000	PHP		2,716,338
Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 11/22/213		1,055,000			1,012,800
					28,511,421
Energy Traders–0.5%
AES Corp. (The): 7.375% Sr. Unsec. Unsub. Nts., 7/1/21		1,045,000			1,154,725
8% Sr. Unsec. Unsub. Nts., 10/15/17		1,100,000			1,270,500

55
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Energy Traders Continued
Calpine Corp.: 7.50% Sr. Sec. Nts., 2/15/213	$	1,026,000		$	1,095,255
7.875% Sr. Sec. Nts., 1/15/233		995,000			1,052,213
Colbun SA, 6% Sr. Unsec. Nts., 1/21/203		2,150,000			2,308,831
Dynegy, Inc., 5.875% Sr. Unsec. Nts., 6/1/233		420,000			384,300
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.: 10% Sr. Sec. Nts., 12/1/203		1,840,000			1,941,200
11.75% Sec. Nts., 3/1/223		1,715,000			1,937,950
Instituto Costarricense de Electricidad, 6.95% Sr. Unsec. Nts., 11/10/213		190,000			196,175
NRG Energy, Inc., 6.625% Sr. Unsec. Nts., 3/15/23		1,455,000			1,433,175
Perusahaan Listrik Negara PT, 5.25% Sr. Unsec. Nts., 10/24/423		315,000			236,250
Power Sector Assets & Liabilities Management Corp., 7.39% Sr. Gtd. Unsec. Nts., 12/2/243		335,000			403,675
					13,414,249
Gas Utilities–0.2%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75% Sr. Unsec. Nts., 5/20/20		2,595,000			2,770,163
Empresa de Energia de Bogota SA ESP, 6.125% Sr. Unsec. Unsub. Nts., 11/10/213		1,145,000			1,176,488
Gas Natural de Lima y Callao SA, 4.375% Sr. Unsec. Nts., 4/1/233		710,000			644,325
Transportadora de Gas Internacional SA ESP, 5.70% Sr. Unsec. Nts., 3/20/223		585,000			589,388
					5,180,364
Multi-Utilities–0.1%
Eskom Holdings SOC Ltd., 6.75% Sr. Unsec. Nts., 8/6/233		1,845,000			1,905,332
Veolia Environnement SA, 4.44% Unsec. Perpetual Bonds2,14		850,000	EUR		1,125,487
					3,030,819
Total Corporate Bonds and Notes (Cost $790,840,051)					779,531,166

56
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Shares			Value
Preferred Stocks–0.1%
Ally Financial, Inc., 7% Cum., Series G, Non-Vtg. (Cost $3,049,853)		3,287		$	3,140,934
Common Stocks–0.2%
American Media, Inc. 15		219,796			2,527,654
Arco Capital Corp. Ltd. 1,15		690,638			–
Catalyst Paper Corp. 15		154,233			178,183
Global Aviation Holdings, Inc. 15		400			–
NewPage Corp. 15		15,700			1,373,750
Nortek, Inc. 15		24,095			1,655,567
Premier Holdings Ltd. 15		18,514			–
Revel Entertainment 15		19,163			440,749
Wallace Theater Holdings, Inc. 1,15		1,525			15,296
Total Common Stocks (Cost $13,802,296)					6,191,199
	Units
Rights, Warrants and Certificates–0.0%
MediaNews Group, Inc. Wts., Strike Price $48.72, Exp. 3/19/17 15 (Cost $6,331,150)		22,685			–
	Principal Amount
Structured Securities–1.1%
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24		1,549,000,000	COP		1,011,329
Credit Suisse First Boston International, Moitk Total Return Linked Nts., 21%, 3/30/116		53,910,000	RUR		–
Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/24/106		97,250,000	RUR		–
Deutsche Bank AG: Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/253,12		1,627,846			1,209,676
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/253,12		2,074,127			1,541,314
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/253,12		1,790,677			1,330,678
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/253,12		1,600,639			1,189,458
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/253,12		1,992,926			1,480,972
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/253,12		2,274,622			1,690,305
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/253,12		1,817,157			1,350,356
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/253,12		1,708,050			1,269,277
Coriolanus Ltd. Sec. Credit Linked Nts., 17.954%, 12/31/171,13		12,850,000	BRR		7,894,491
Opic Reforma I Credit Linked Nts., Cl. 2A, 7.455%, 5/22/151,2		697,693	MXN		50,205

57
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Principal Amount			Value
Opic Reforma I Credit Linked Nts., Cl. 2B, 7.455%, 5/22/151,2		1,220,632	MXN	$	87,835
Opic Reforma I Credit Linked Nts., Cl. 2C, 7.455%, 5/22/151,2		18,404,162	MXN		1,324,335
Opic Reforma I Credit Linked Nts., Cl. 2D, 7.455%, 5/22/151,2		1,341,270	MXN		96,516
Opic Reforma I Credit Linked Nts., Cl. 2E, 7.455%, 5/22/151,2		974,458	MXN		70,120
Opic Reforma I Credit Linked Nts., Cl. 2F, 7.455%, 5/22/151,2		622,337	MXN		44,782
Opic Reforma I Credit Linked Nts., Cl. 2G, 7.455%, 5/22/151,2		114,609	MXN		8,247
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., Cl. B, 10%, 7/30/243		4,250,000,000	COP		2,774,788
Goldman Sachs Group, Inc. (The), United Mexican States Credit Linked Nts., 9.05%, 2/8/371,12		315,000,000	MXN		2,168,265
LB Peru Trust II Certificates, Series 1998-A, 0%, 2/28/166,12		2,994			2,998
Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34		47,440,873	RUR		733,896
Total Structured Securities (Cost $33,239,439)					27,329,843

		Counterparty		Exercise Price	Expiration Date		Contracts
Over-the-Counter Options Purchased–0.2%
AUD Currency Call15	BOFA		95.500	JPY		8/4/14		1,395,000	AUD	23,077
AUD Currency Call15	GSCO-OT		102.000	JPY		9/10/14		1,970,000	AUD	11,656
BRR Currency Call15	CITNA-B		2.200	BRR		10/15/13		27,500,000	BRR	98,683
BRR Currency Call15	BOFA		2.240	BRR		11/1/13		76,675,000	BRR	672,329
BRR Currency Call15	GSCO-OT		2.210	BRR		12/23/13		155,605,000	BRR	1,326,825
HUF Currency Call15	CITNA-B		217.700	HUF		11/1/13		4,975,000,000	HUF	193,179
HUF Currency Call15	BOFA		218.300	HUF		11/4/13		4,993,000,000	HUF	232,923
INR Curency Call15	GSCO-OT		65.250	INR		9/3/14		82,500,000	INR	36,300
INR Currency Call15	GSCO-OT		65.000	INR		9/2/14		82,500,000	INR	34,198

58
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

		Counterparty		Exercise Price	Expiration Date		Contracts Value
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund Call15	GSCO-OT		93.000	USD		12/20/13		6,663	USD	$	244,925
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund Call15	DEU		92.000	USD		12/20/13		2,218	USD		141,199
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund Call15	DEU		94.000	USD		12/20/13		4,460	USD		59,832
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund Call15	GSCO-OT		94.000	USD		12/20/13		4,465	USD		85,289
JPY Currency Call15	GSCO-OT		95.500	JPY		10/18/13		187,500,000	JPY		4,108
JPY Currency Put15	GSCO-OT		108.000	JPY		5/22/15		650,000,000	JPY		122,259
MXN Currency Call15	DEU		12.650	MXN		10/15/13		99,500,000	MXN		10,177
MXN Currency Call15	MSCO		12.430	MXN		10/18/13		146,850,000	MXN		5,090
MXN Currency Call15	GSCO-OT		12.430	MXN		10/18/13		146,850,000	MXN		5,090
MXN Currency Call15	DEU		12.460	MXN		10/31/13		427,000,000	MXN		50,155
MXN Currency Call15	BOFA		12.360	MXN		10/31/13		282,000,000	MXN		20,766
MXN Currency Call15	CITNA-B		12.380	MXN		11/1/13		282,975,000	MXN		24,291
MXN Currency Call15	CITNA-B		12.460	MXN		11/1/13		284,700,000	MXN		34,318
MXN Currency Call15	GSCO-OT		12.680	MXN		12/23/13		107,100,000	MXN		77,809
MXN Currency Call15	GSCO-OT		13.000	MXN		9/29/14		17,000,000	MXN		46,768
MYR Currency Call15	BAC		3.170	MYR		11/1/13		95,100,000	MYR		151,948
MYR Currency Call15	JPM		3.180	MYR		11/1/13		108,840,000	MYR		186,281
PLZ Currency Call15	DEU		3.090	PLZ		11/1/13		70,700,000	PLZ		195,037
PLZ Currency Call15	BOFA		3.080	PLZ		11/4/13		70,370,000	PLZ		166,664

59
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Counterparty

Exercise Price

Expiration Date

Contracts

Value

RUR Currency Call15

JPM

32.640

RUR

11/1/13

1,305,000,000

RUR

505,648

RUR Currency Call15

BOFA

32.380

RUR

11/1/13

555,500,000

RUR

148,096

RUR Currency Call15

BAC

32.470

RUR

11/1/13

742,700,000

RUR

227,504

TRY Currency Call15

GSCO–OT

1.910

TRY

10/9/13

7,435,000

TRY

113

TRY Currency Call15

GSCO–OT

1.890

TRY

10/22/13

7,445,000

TRY

636

TRY Currency Call15

JPM

1.910

TRY

11/1/13

54,465,000

TRY

24,937

TRY Currency Call15

FIB

1.910

TRY

11/4/13

54,490,000

TRY

29,445

ZAR Currency Call15

MSCO

9.580

ZAR

11/1/13

218,900,000

ZAR

65,504

ZAR Currency Call15

JPM

9.610

ZAR

11/4/13

219,800,000

ZAR

84,386

ZAR Currency Call15

BOFA

9.310

ZAR

11/29/13

79,000,000

ZAR

17,700

Total Over-the-Counter Options Purchased (Cost  $8,981,200)

5,365,145

Counterparty

Buy/Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount

Over-the-Counter Credit Default Swaptions Purchased–0.0%

Credit Default Swap maturing 6/20/18 Call

BOFA

Sell

iTraxx Europe Senior Financials Series 19 Version 1

1.000

%

10/17/13

9,290,000

EUR

52,214

Credit Default Swap maturing 6/20/18 Call

JPM

Sell

CDX.NA.HY.20

5.000

12/19/13

685,000

3,379

Total Over-the-Counter Credit Default Swaptions Purchased (Cost $56,877)

$

55,593

Counterparty

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount

Over-the-Counter Interest Rate Swaptions Purchased–0.2%

Interest Rate Swap maturing 7/27/46 Call

BOFA

Receive

Three- Month USD BBA LIBOR

3.890

%

7/26/16

$

6,860,000

815,212

60
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount

Interest Rate Swap maturing 8/4/46 Call

BOFA

Receive

Three- Month USD BBA LIBOR

4.860

8/3/16

1,395,000

68,606

Interest Rate Swap maturing 10/8/23 Call

BOFA

Pay

Three- Month CAD BA CDOR

2.083

10/9/13

15,740,000

CAD

–

Interest Rate Swap maturing 10/21/18 Call

BOFA

Pay

Three- Month USD BBA LIBOR

1.398

10/18/13

81,985,000

32,451

Interest Rate Swap maturing 2/5/19 Call

BOFA

Pay

Three- Month USD BBA LIBOR

1.858

2/4/14

22,010,000

268,375

Interest Rate Swap maturing 11/20/23 Call

BAC

Receive

Three- Month USD BBA LIBOR

2.183

11/19/13

2,850,000

166,215

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount

Value

Interest Rate Swap maturing 4/27/47 Call

BAC

Receive

Three- Month USD BBA LIBOR

3.480

%

4/26/17

5,040,000

$

919,596

Interest Rate Swap maturing 1/25/46 Call

BAC

Receive

Six-Month GBP BBA LIBOR

3.540

1/26/16

1,325,000

GBP

168,047

Interest Rate Swap maturing 5/30/33 Call

BAC

Receive

Six-Month GBP BBA LIBOR

3.990

5/31/23

1,235,000

GBP

104,617

Interest Rate Swap maturing 7/20/20 Call

BAC

Pay

Six-Month GBP BBA LIBOR

2.270

7/21/15

4,160,000

GBP

81,066

Interest Rate Swap maturing 6/20/21 Call

BAC

Pay

Six-Month GBP BBA LIBOR

2.618

6/21/16

5,420,000

GBP

128,517

Interest Rate Swap maturing 2/12/18 Call

BAC

Pay

Three- Month USD BBA LIBOR

2.362

2/7/14

33,325,000

220,349

Interest Rate Swap maturing 1/16/16 Call

GSCOI

Receive

Three- Month USD BBA LIBOR

1.750

3/14/14

230,200,000

42,264

Interest Rate Swap maturing 12/4/45 Call

GSCO-OT

Receive

Six-Month GBP BBA LIBOR

3.275

12/7/15

1,320,000

GBP

214,709

Interest Rate Swap maturing 1/22/44 Call

GSCOI

Receive

Three- Month USD BBA LIBOR

4.320

1/17/14

9,615,000

227,219

Interest Rate Swap maturing 3/7/16 Call

JPM

Receive

Three- Month USD BBA LIBOR

1.160

3/6/14

69,820,000

45,199

Interest Rate Swap maturing 11/19/23 Call

JPM

Receive

Three- Month USD BBA LIBOR

2.256

11/18/13

2,640,000

136,589

Interest Rate Swap maturing 10/21/18 Call

JPM

Pay

Three- Month USD BBA LIBOR

1.395

10/18/13

27,330,000

10,314

61
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount

Value

Interest Rate Swap maturing 10/11/17 Call

JPM

Pay

Three- Month USD BBA LIBOR

2.014

10/10/13

6,575,000

17,697

Interest Rate Swap maturing 1/26/19 Call

UBS

Pay

Six-Month EUR EURIBOR

1.545

1/25/17

11,220,000

EUR

97,720

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $4,299,083)

$

3,764,762

	Shares
Investment Companies–7.8%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.09% 16,17		86,895,069	86,895,069
Oppenheimer Master Event-Linked Bond Fund, LLC 16		4,827,322	65,271,396
Oppenheimer Master Loan Fund, LLC 16		212,114	2,936,038
Oppenheimer Short Duration Fund, Cl. Y 16		3,704,360	37,117,692
Total Investment Companies (Cost $190,260,981)			192,220,195

Total Investments, at Value (Cost $2,635,993,581)	105.0	%	$	2,594,241,802
Liabilities in Excess of Other Assets	(5.0	)		(124,595,613	)
Net Assets	100.0	%	$	2,469,646,189

Footnotes to Statement of Investments

Principal amount is reported in U.S. Dollars, except for those denoted in the following currencies:

AUD	Australian Dollar
BRR	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
JPY	Japanese Yen
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NGN	Nigeria Naira
NOK	Norwegian Krone
PEN	Peruvian New Sol
PHP	Philippines Peso

62
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

PLZ	Polish Zloty
RSD	Serbian Dinar
RUR	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Bhat
TRY	New Turkish Lira
ZAR	South African Rand

1. Restricted security. The aggregate value of restricted securities as of September 30, 2013 was $48,487,630, which represents 1.96% 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 Receivables Trust, Automobile Receivables Nts., Series 2012-A, Cl. D, 3.15%, 10/15/18		6/8/12	$	2,110,379	$	2,208,007		$97,628
Arco Capital Corp. Ltd.		6/28/13		–		–		–
Banco ABC Brasil SA, 8.50% Sr. Unsec. Nts., 3/28/16		3/22/13		537,247		437,351		(99,896	)
CNOOC Curtis Funding No 1 Pty Ltd., 4.50% Sr. Unsec. Unsub. Nts., 10/3/23		9/26/13		1,280,000		1,291,674		11,674
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Nts., 17.954%, 12/31/17		9/19/07		5,969,120		7,894,491		1,925,371
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 7.455%, 5/22/15		5/21/08		67,269		50,205		(17,064	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 7.455%, 5/22/15		6/12/08		117,680		87,835		(29,845	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 7.455%, 5/22/15		6/18/08		1,785,486		1,324,335		(461,151	)

63
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation (Depreciation)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 7.455%, 5/22/15		7/8/08		130,028		96,516		(33,512	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 7.455%, 5/22/15		7/15/08		94,626		70,120		(24,506	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 7.455%, 5/22/15		8/8/08		61,263		44,782		(16,481	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 7.455%, 5/22/15		8/22/08		11,304		8,247		(3,057	)
Deutsche Mortgage Securities, Inc., Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2013-RS1, Cl. 1A2, 0%, 6/28/47		9/23/13		3,744,507		3,744,507		–
Goldman Sachs Group, Inc. (The), United Mexican States Credit Linked Nts., 9.05%, 2/8/37		9/12/12		3,694,699		2,168,265		(1,526,434	)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. B, 2.096%, 8/15/22		11/6/07		7,095,966		6,886,250		(209,716	)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. C, 3.396%, 8/15/22		6/8/07		5,270,000		4,558,550		(711,450	)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. D, 5.396%, 8/15/22		6/8/07		5,270,000		4,558,550		(711,450	)
Igloo Holdings Corp., 8.25% Sr. Unsec. Nts., 12/15/17		12/13/12- 12/14/12		2,870,788		2,952,774		81,986
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24		8/3/06- 7/24/07		3,622,459		3,990,287		367,828
JPMorgan Hipotecaria su Casita, 8.448% Sec. Nts., 8/26/35		3/21/07		526,714		39,701		(487,013	)
Kenan Advantage Group, Inc. (The), 8.375% Sr. Unsec. Nts., 12/15/18		12/7/12- 3/15/13		1,535,658		1,591,163		55,505
LBC Tank Terminals Holding Netherlands BV, 6.875%Sr. Unsec. Nts., 5/15/23		5/8/13		630,000		636,300		6,300
NC Finance Trust, Series 1999-I, Cl. D, 3.405%, 1/25/29		8/10/10		66,025		4,338		(61,687	)
Orion Engineered Carbons Bondco GmbH, 10% Sr. Sec. Nts., 6/15/18		8/8/13- 8/19/13		1,119,835		1,133,686		13,851
Premier Cruise Ltd., 11% Sr. Nts., 3/15/08		3/6/98		242,675		–		(242,675	)
SPL Logistics Escrow LLC/SPL Logistics Finance Corp., 8.875% Sr. Sec. Nts., 8/1/20		7/24/12		2,560,000		2,694,400		134,400
Wallace Theater Holdings, Inc.		3/28/13		15		15,296		15,281
			$	50,413,743	$	48,487,630	$	(1,926,113	)

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

3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $593,805,754 or 24.03% of the Fund’s net assets as of September 30, 2013.

4. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after September 30, 2013. See accompanying Notes.

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

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

64
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

7. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans or other receivables. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage or asset-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $6,349,753 or 0.26% of the Fund’s net assets as of September 30, 2013.

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

9. 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.

10. 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 $2,499,938. See accompanying Notes.

11. 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 $4,144,030. See accompanying Notes.

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

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

14. 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.

15. Non-income producing security.

16. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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 September 30, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		34,093,630		786,772,415		733,970,976		86,895,069
Oppenheimer Master Event-Linked Bond Fund, LLC		4,827,322		-		-		4,827,322
Oppenheimer Master Loan Fund, LLC		25,357,850		-		25,145,736		212,114
Oppenheimer Short Duration Fund, Cl. Y		1,010,027		2,694,333		-		3,704,360

	Value		Income			Realized  Gain (Loss)
Oppenheimer Institutional Money Market Fund, Cl. E	$	86,895,069	$	40,046		$	-
Oppenheimer Master Event-Linked Bond Fund, LLC		65,271,396		3,895,632	a		(54,365)	a
Oppenheimer Master Loan Fund, LLC		2,936,038		6,237,384	b		5,547,250	b
Oppenheimer Short Duration Fund, Cl. Y		37,117,692		50,021			-
	$	192,220,195	$	10,223,083		$	5,492,885

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

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

65
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

17. Rate shown is the 7-day yield as of September 30, 2013.

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

Geographic Holdings	Value		Percent
United States	$	1,569,682,887		60.5	%
Mexico		174,100,859		6.7
Brazil		139,406,528		5.4
Russia		108,842,249		4.2
Turkey		58,480,521		2.3
Hungary		47,377,343		1.8
United Kingdom		33,770,565		1.3
South Africa		29,987,185		1.2
Japan		28,479,711		1.1
Peru		25,574,522		1.0
France		23,971,350		0.9
Germany		23,744,145		0.9
Colombia		23,226,927		0.9
Italy		22,939,493		0.9
Venezuela		21,321,426		0.8
Supranational		19,314,358		0.7
Canada		16,300,819		0.6
The Netherlands		13,926,277		0.5
Australia		13,873,125		0.5
Israel		12,206,083		0.5
Thailand		11,830,934		0.5
Malaysia		10,712,404		0.4
United Arab Emirates		10,594,325		0.4
Indonesia		10,555,220		0.4
Luxembourg		10,341,114		0.4
Poland		9,741,943		0.4
Chile		7,831,716		0.3
Philippines		6,878,201		0.3
Spain		6,822,079		0.3
Nigeria		6,490,421		0.3
Portugal		6,254,672		0.2
Croatia		5,713,508		0.2
Belgium		5,344,640		0.2
Switzerland		5,318,757		0.2
China		5,037,450		0.2
Ivory Coast		4,992,188		0.2
Dominican Republic		4,550,482		0.2
Sri Lanka		4,542,260		0.2
India		4,521,085		0.2
Lithuanua		4,445,338		0.2
Angola		3,933,694		0.2
Denmark		3,680,566		0.1
Kazakhstan		3,614,290		0.1

66
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Geographic Holdings	Value		Percent
Serbia		3,182,284		0.1
Ukraine		3,010,109		0.1
Panama		2,619,188		0.1
Uruguay		2,533,575		0.1
Greece		2,396,625		0.1
Romania		2,242,142		0.1
Finland		1,926,307		0.1
Jamaica		1,718,275		0.1
Tanzania		1,566,625		0.1
Costa Rica		1,528,903		0.1
Rwanda		1,447,300		0.1
Morocco		1,285,856		0.1
Ireland		1,134,968		–
Norway		1,116,500		–
Guatemala		1,094,800		–
Latvia		1,010,213		–
Sweden		950,143		–
Trinidad & Tobago		873,488		–
Korea, Republic of South		746,370		–
Singapore		617,178		–
Paraguay		348,650		–
Bolivia		327,150		–
European Union		149,934		–
Hong Kong		141,559		–
Total		$2,594,241,802		100.0	%

Forward Currency Exchange Contracts as of September 30, 2013:
Counterparty	Settlement Month(s)	Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation	Unrealized Depreciation
BAC	10/2013	3,260,000	COP	1,701	USD	$8,436	$-
BAC	11/2013	7,600	EUR	10,013	USD	270,735	-
BAC	11/2013	9,020	PLZ	2,878	USD	360	-
BAC	10/2013	54,900	RUR	1,693	USD	5	-
BAC	12/2013	380	TRY	184	USD	2,022	-
BAC	1/2014	6,561	USD	14,880	BRR	-	9,674
BAC	11/2013	1,699	USD	1,310	EUR	-	73,275
BAC	11/2013	604	USD	59,000	JPY	12,333	8,404
BAC	10/2013	11,406	USD	37,200	MYR	18,358	4,778
BAC	10/2013- 12/2013	8,000	USD	265,760	RUR	2,124	141,123
BAC	12/2013	13,603	USD	28,190	TRY	-	190,745
BAC	10/2013	6,852	USD	70,760	ZAR	-	188,099
BAC	11/2013	16,684	USD	155,880	ZAR	1,264,993	-
BAC	10/2013- 12/2013	44,340	ZAR	4,443	USD	39,081	86,952

67
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Counterparty	Settlement Month(s)	Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation	Unrealized Depreciation
BNP	12/2013	2,900	TRY	1,377	USD	41,892	-
BNP	11/2013	1,692	USD	1,120	GBP	-	120,787
BNP	12/2013	2,629	USD	588,000	HUF	-	28,184
BNP	12/2013- 3/2014	23,944	USD	312,600	MXN	270,764	-
BOA	10/2013- 12/2013	712,192,000	IDR	6,554	USD	-	392,890
BOA	11/2013	1,505,000	JPY	14,940	USD	375,861	-
BOA	11/2013	3,173,000	KRW	2,949	USD	-	5,680
BOA	10/2013	17,535	MYR	5,395	USD	-	21,754
BOA	11/2013	316,000	THB	10,156	USD	-	85,860
BOA	11/2013	310	USD	350	AUD	-	15,471
BOA	1/2014	19,514	USD	44,940	BRR	-	329,335
BOA	10/2013	539	USD	281,000	CLP	-	15,205
BOA	11/2013	1,838	USD	21,134,000	IDR	27,796	-
BOA	11/2013	55,384	USD	5,414,000	JPY	285,763	-
BOA	10/2013- 6/2014	45,272	USD	584,770	MXN	882,619	51,435
BOA	10/2013	3,884	USD	10,310	PEN	196,933	-
BOA	10/2013	3,054	USD	123,000	PHP	227,649	-
BOA	10/2013	5,682	USD	18,210	PLZ	-	137,862
BOA	10/2013	4,117	USD	137,180	RUR	-	91,948
BOA	10/2013	3,980	USD	7,880	TRY	101,006	-
BOA	10/2013- 12/2013	8,531	USD	84,820	ZAR	130,657	-
BOA	12/2013	38,710	ZAR	4,002	USD	-	182,415
CITNA-B	11/2013	420	CAD	410	USD	-	2,948
CITNA-B	10/2013	126,000	CLP	249	USD	-	886
CITNA-B	10/2013	3,029,000	COP	1,639	USD	-	50,697
CITNA-B	12/2013	3,265,000	KRW	3,027	USD	-	3,640
CITNA-B	11/2013	9,121	USD	9,595	AUD	207,989	2,859
CITNA-B	12/2013	2,031	USD	3,875,000	COP	12,873	-
CITNA-B	1/2014	22,904	USD	17,285	EUR	433	487,895
CITNA-B	11/2013- 1/2014	15,006	USD	9,735	GBP	-	742,370
CITNA-B	11/2013- 3/2014	29,230	USD	386,800	MXN	172,605	177,102
CITNA-B	10/2013	5,645	USD	18,310	PLZ	-	206,768
CITNA-B	11/2013	3,174	USD	100,000	THB	-	12,349
CITNA-B	10/2013	5,620	USD	56,600	ZAR	10,037	-
CITNA-B	11/2013	47,750	ZAR	4,607	USD	115,894	-
DEU	10/2013	3,970	PEN	1,421	USD	8,482	9,444
DEU	2/2014	29,157	USD	21,730	EUR	-	252,998
DEU	2/2014	1,878	USD	1,210	GBP	-	78,880

68
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Counterparty	Settlement Month(s)	Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation	Unrealized Depreciation
DEU	11/2013	729	USD	2,400	PLZ	-	36,439
DEU	11/2013	1,502	USD	15,450	ZAR	-	26,024
DEU	11/2013	990	ZAR	98	USD	-	701
FIB	11/2013	50,470	PLZ	15,775	USD	330,683	-
FIB	11/2013- 2/2014	897	USD	945	CAD	-	17,594
FIB	11/2013	6,008	USD	19,220	PLZ	-	125,931
GSCO-OT	10/2013	423,000	CLP	816	USD	17,924	-
GSCO-OT	11/2013	429,000	JPY	4,313	USD	53,013	-
GSCO-OT	11/2013- 9/2014	5,819	USD	6,460	AUD	88	181,676
GSCO-OT	7/2014	56,668	USD	133,205	BRR	14,285	140,926
GSCO-OT	11/2013- 12/2013	34,488	USD	25,815	EUR	-	441,078
GSCO-OT	9/2014	1,258	USD	90,200	INR	-	71,829
GSCO-OT	10/2014	458	USD	6,200	MXN	-	1,804
HSBC	3/2014	8,115	USD	16,685	TRY	89,343	-
JPM	10/2013	947,000	COP	497	USD	-	75
JPM	12/2013	23,311,000	IDR	2,093	USD	-	129,934
JPM	11/2013	3,259,000	KRW	3,026	USD	-	3,021
JPM	10/2013	9,450	MYR	2,953	USD	-	57,636
JPM	12/2013	16,440	PLZ	5,321	USD	-	76,899
JPM	11/2013	74,000	THB	2,315	USD	43,525	-
JPM	12/2013	13,360	TRY	6,805	USD	-	267,701
JPM	11/2013	40,812	USD	92,095	BRR	-	375,911
JPM	10/2013	3,516	USD	6,488,000	COP	114,335	-
JPM	4/2014	5,755	USD	1,293,000	HUF	-	41,273
JPM	1/2014	1,838	USD	21,599,000	IDR	25,668	-
JPM	11/2013	983	USD	97,000	JPY	2,876	6,994
JPM	10/2013	10,688	USD	132,000	MXN	632,854	-
JPM	10/2013	9,141	USD	29,865	MYR	-	3,686
JPM	10/2013- 12/2013	26,792	USD	901,740	RUR	-	781,318
JPM	5/2014	3,845	USD	116,400	THB	169,187	-
JPM	10/2013- 12/2013	26,781	USD	51,745	TRY	1,348,686	-
MSCO	11/2013	101,430	MXN	7,735	USD	43,087	54,975
MSCO	10/2013	5,350	PEN	1,935	USD	-	21,267
MSCO	7/2014	5,755	USD	13,300	BRR	119,685	-
MSCO	11/2013- 1/2014	3,304	USD	2,480	EUR	498	52,418
MSCO	11/2013	1,980	USD	1,270	GBP	-	75,122
MSCO	10/2013- 4/2014	17,350	USD	3,938,000	HUF	-	455,061
MSCO	10/2013- 12/2013	43,911	USD	564,400	MXN	1,047,701	115,986

69
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Counterparty	Settlement Month(s)	Currency Purchased (000’s)		Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
MSCO	11/2013	161	USD	1,040	SEK		-		825
MSCO	10/2013	102,810	ZAR	9,984	USD		244,393		-
NOM	12/2013	960	EUR	1,300	USD		-		560
NOM	11/2013	966,000	JPY	9,583	USD		247,577		-
NOM	11/2013	21,480	MYR	6,689	USD		-		120,814
NOM	11/2013	64,100	THB	2,054	USD		3,575		15,532
NOM	11/2013	7,580	USD	24,025	MYR		233,323		-
RBSC	11/2013	455	CHF	473	USD		29,956		-
RBSC	11/2013	10,270,000	KRW	9,223	USD		297,478		-
RBSC	11/2013	680	NOK	115	USD		-		2,124
RBSC	11/2013	15,240	PLZ	4,770	USD		93,553		-
RBSC	11/2013	340	SEK	51	USD		1,397		-
RBSC	11/2013	66	USD	375	DKK		-		1,764
RBSC	12/2013-3/2014	15,317	USD	3,461,000	HUF		-		303,354
RBSC	10/2013	2,289	USD	21,640	ZAR		136,044		-
Total unrealized appreciation and depreciation						$	10,028,434	$	8,218,964

Futures Contracts as of September 30, 2013:
Description	Exchange	Buy/Sell	Expiration Date	Number of Contracts		Unrealized Appreciation (Depreciation)
Australian Treasury Bonds, 10 yr.	SFE	Sell	12/16/13	80	$	(178,731	)
Euro-Bundesobligation	EUX	Sell	12/6/13	20		(63,873	)
U.S. Long Bonds	CBT	Buy	12/19/13	705		2,417,437
U.S. Long Bonds	CBT	Sell	12/19/13	228		(256,181	)
U.S. Treasury Nts., 2 yr.	CBT	Sell	12/31/13	169		(79,824	)
U.S. Treasury Nts., 5 yr.	CBT	Buy	12/31/13	324		107,396
U.S. Treasury Nts., 5 yr.	CBT	Sell	12/31/13	1,457		(2,043,673	)
U.S. Treasury Nts., 10 yr.	CBT	Buy	12/19/13	91		123,926
U.S. Treasury Nts., 10 yr.	CBT	Sell	12/19/13	91		(143,892	)
U.S. Treasury Ultra Bonds	CBT	Buy	12/19/13	197		850,652
United Kingdom Long Gilt	LIF	Sell	12/27/13	25		(56,658	)
					$	676,579

70
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Over-the-Counter Written Options as of September 30, 2013:
Description	Counterparty	Exercise Price			Expiration Date		Number of Contracts				Premiums Received		Value
AUD Currency Put	GSCO-OT		70.000	JPY		8/4/14		(1,395,000	)	AUD	$	15,678	$	(9,517	)
AUD Currency Put	BOFA		70.080	JPY		9/10/14		(1,970,000	)	AUD		17,706		(17,048	)
BRR Currency Call	GSCO-OT		2.133	BRR		12/23/13		(150,315,000	)	BRR		487,070		(534,096	)
BRR Currency Put	CITNA-B		2.460	BRR		10/15/13		(30,750,000	)	BRR		102,125		(371	)
France (Republic of) Bonds, 2.75%, 10/25/27 Put	JPM		98.875	EUR		10/22/13		(1,325,000	)	EUR		49,408		(22,685	)
INR Currency Put	GSCO-OT		100.000	INR		9/3/14		(126,500,000	)	INR		22,897		(4,048	)
INR Currency Put	GSCO-OT		98.320	INR		9/2/14		(124,800,000	)	INR		25,016		(4,666	)
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund Put	GSCO-OT		91.000	USD		12/20/13		(446	)	USD		149,410		(99,363	)
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund Put	DEU		90.000	USD		12/20/13		(1,336	)	USD		402,995		(231,383	)
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund Put	GSCO-OT		89.000	USD		12/20/13		(444	)	USD		135,420		(61,303	)
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund Put	DEU		89.000	USD		12/20/13		(889	)	USD		264,470		(121,178	)
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund Put	DEU		90.000	USD		12/20/13		(446	)	USD		139,375		(77,928	)
JPY Currency Call1	GSCO-OT		90.000	JPY		5/22/15		(542,000,000	)	JPY		102,378		(162,058	)
JPY Currency Put	GSCO-OT		120.000	JPY		5/22/15		(722,000,000	)	JPY		122,138		(35,804	)
JPY Currency Put	GSCO-OT		100.00	JPY		10/18/13		(196,500,000	)	JPY		4,991		(7,048	)
MXN Currency Call	GSCO-OT		12.275	MXN		12/23/13		(103,700,000	)	MXN		50,857		(25,246	)
MXN Currency Call	GSCO-OT		12.250	MXN		9/29/14		(16,000,000	)	MXN		18,090		(18,749	)
MXN Currency Put	GSCO-OT		13.310	MXN		10/18/13		(157,500,000	)	MXN		119,397		(93,446	)
MXN Currency Put	MSCO		13.310	MXN		10/18/13		(157,300,000	)	MXN		122,023		(93,328	)
MXN Currency Put	GSCO-OT		15.750	MXN		9/29/14		(20,600,000	)	MXN		27,558		(26,416	)
TRY Currency Put2	GSCO-OT		2.058	TRY		10/22/13		(8,120,000	)	TRY		29,875		(27,725	)
TRY Currency Put	GSCO-OT		2.115	TRY		10/9/13		(8,250,000	)	TRY		33,593		(4,587	)
Total Over-the-Counter Written Options												$2,442,470		$(1,678,033)

1. Knock-in option becomes eligible for exercise if at any time spot rates are less than or equal to 79.50 JPY per 1 USD.

2. Knock-in option becomes eligible for exercise if at any time spot rates are greater than or equal to 2.1645 TRY per 1 USD.

71
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Over-the-Counter Credit Default Swaps at September 30, 2013 are as follows:

Reference Entity	Swap Counterparty		Buy/Sell Protection		Fixed Rate			Maturity Date		Notional Amount (000’s)			Premiums Received/ (Paid)		Value
Banco Bilbao Vizcaya Argentaria Senior Finance SAU		UBS		Sell		3	%		12/20/17		125	EUR	$	4,874	$	5,545
Banco Bilbao Vizcaya Argentaria Senior Finance SAU		UBS		Sell		3			12/20/17		125	EUR		5,012		5,545
Banco Santander SA		UBS		Sell		3			9/20/17		250	EUR		(901)		13,203
Ireland (Republic of)		GSCOI		Buy		1			3/20/18		660	USD		(27,725)		8,648
Ireland (Republic of)		GSCOI		Buy		1			3/20/18		585	EUR		(21,644)		(11,020)
Italy (Republic of)		GSCOI		Sell		1			3/20/23		660	USD		105,519		(97,619)
Peru (Republic of)		DEU		Buy		1			9/20/18		2,575	USD		(41,301)		59,602
Ukraine		JPM		Buy		5			12/20/18		855	USD		(172,626)		189,323
Ukraine		JPM		Buy		5			12/20/18		855	USD		(171,247)		189,323
Total Over-the-Counter Credit Default Swaps													$	(320,039)	$	362,550

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

Type of Reference Asset on which the Fund Sold Protection	Total Maximum Potential Payments for Selling Credit Protection (Undiscounted)			Amount Recoverable*		Reference Asset Rating Range**
Investment Grade Single Name Corporate Debt		500,000	EUR		–		BBB to BBB-
Investment Grade Sovereign Debt		660,000	USD		$–		BBB+

72
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

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

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

Cleared Interest Rate Swaps at September 30, 2013:

Exchange

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

CITI

Receive

Three-Month USD BBA LIBOR

2.855

%

9/20/23

2,980

USD

$

(25,223)

JPM

Receive

Six-Month EUR EURIBOR

1.435

9/5/18

21,955

EUR

(340,792)

JPM

Receive

Six-Month EUR EURIBOR

2.254

9/5/23

2,710

EUR

(69,050)

JPM

Receive

Six-Month EUR EURIBOR

2.253

9/6/23

14,355

EUR

(362,554)

JPM

Receive

Three-Month USD BBA LIBOR

1.859

3/6/17

73,270

USD

(751,241)

Total of Cleared Interest Rate Swaps

$

(1,548,860)

Over-the-Counter Interest Rate Swaps at September 30, 2013:

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

BAC

Pay

MXN TIIE BANXICO

8.255

%

8/10/23

37,700

MXN

$

(14,058)

BAC

Pay

Three-Month SEK STIBOR SIDE

2.175

5/10/23

5,000

SEK

(34,273)

BAC

Pay

Three-Month ZAR JIBAR SAFEX

6.980

6/20/15

59,400

ZAR

25,718

BOFA

Pay

MXN TIIE BANXICO

7.530

5/18/33

2,700

MXN

(2,540)

BOFA

Pay

Three-Month CAD BA CDOR

1.660

5/9/16

6,635

CAD

(21,674)

BOFA

Pay

Three-Month CAD BA CDOR

3.155

9/18/23

3,055

CAD

37,093

GSCOI

Pay

BZDI

9.950

1/2/15

20,945

BRR

6,979

GSCOI

Pay

Six-Month JPY BBA LIBOR

0.820

4/15/23

79,000

JPY

2,849

GSCOI

Pay

Three-Month SEK STIBOR SIDE

1.565

5/3/18

19,000

SEK

(64,861)

73
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

GSCOI

Pay

Three-Month ZAR JIBAR SAFEX

7.000

6/20/15

91,500

ZAR

41,305

GSCOI

Pay

Three-Month ZAR JIBAR SAFEX

7.950

6/22/16

64,600

ZAR

30,207

GSCOI

Pay

Three-Month ZAR JIBAR SAFEX

7.850

6/25/16

62,400

ZAR

24,294

GSCOI

Pay

Three-Month ZAR JIBAR SAFEX

7.638

8/3/16

155,900

ZAR

18,951

HSBC

Pay

MXN TIIE BANXICO

7.775

7/28/23

38,600

MXN

(58,385)

JPM

Pay

MXN TIIE BANXICO

7.340

5/17/33

2,700

MXN

(6,750)

JPM

Pay

Three-Month ZAR JIBAR SAFEX

7.460

6/19/16

123,800

ZAR

7,976

JPM

Pay

Three-Month ZAR JIBAR SAFEX

7.920

6/20/16

98,600

ZAR

46,282

JPM

Pay

Three-Month ZAR JIBAR SAFEX

6.450

7/2/15

174,200

ZAR

(11,569)

Total of Over-the-Counter Interest Rate Swaps

$

27,544

	Counterparty		Buy/Sell Protection		Reference Asset	Fixed Rate			Expiration Date		Notional Amount (000’s)			Premium Received		Value
Over-the-Counter Credit Default Swaptions Written at September 30, 2013
Credit Default Swap maturing 6/20/18 Call		BOFA		Sell	iTraxx Europe Senior Financials Series 19 Version 1		1.000	%		10/17/13		9,290	EUR	$	18,378	$	(27,802)
Credit Default Swap maturing 6/20/18 Call		JPM		Sell	iTraxx Europe Crossover Series 19 Version 1		5.000			11/21/13		1,310	EUR		14,435		(3,938)
Credit Default Swap maturing 6/20/18 Call		JPM		Sell	CDX.NA.HY.20		5.000			12/19/13		685	USD		10,960		(966)
Credit Default Swap maturing 6/20/18 Call		JPM		Sell	CDX.NA.HY.20		5.000			12/19/13		685	USD		10,446		(17,799)
Total Over-the-Counter Credit Default Swaptions Written														$	54,219	$	(50,505)

74
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premium Received

Value

Over-the-Counter Interest Rate Swaptions Written at September 30, 2013

Interest Rate Swap maturing 8/5/17 Call

BAC

Pay

Six-Month EUR EURIBOR

1.490

8/4/15

37,220

EUR

$

340,260

$

(355,475)

Interest Rate Swap maturing 6/1/33 Call

BAC

Pay

Six-Month EUR EURIBOR

3.117

5/31/23

1,345

EUR

118,392

(127,079)

Interest Rate Swap maturing 10/20/23 Call

BAC

Pay

MXN TIIE BANXICO

5.390

11/1/13

39,100

MXN

65,279

(295,942)

Interest Rate Swap maturing 6/20/21 Call

BAC

Receive

Six-Month GBP BBA LIBOR

2.118

6/21/16

5,420

GBP

143,319

(56,039)

Interest Rate Swap maturing 6/20/21 Call

BAC

Pay

Six-Month GBP BBA LIBOR

3.118

6/21/16

5,420

GBP

114,486

(232,268)

Interest Rate Swap maturing 1/25/21 Call

BAC

Pay

Six-Month GBP BBA LIBOR

2.295

1/26/16

4,765

GBP

178,161

(319,308)

Interest Rate Swap maturing 7/20/20 Call

BAC

Receive

Six-Month GBP BBA LIBOR

1.770

7/21/15

4,160

GBP

59,088

(28,298)

Interest Rate Swap maturing 7/20/20 Call

BAC

Pay

Six-Month GBP BBA LIBOR

2.770

7/21/15

4,160

GBP

83,867

(138,971)

Interest Rate Swap maturing 1/14/19 Call

BAC

Receive

Six-Month GBP BBA LIBOR

1.250

7/21/15

6,870

GBP

20,945

(3,637)

Interest Rate Swap maturing 1/14/19 Call

BAC

Pay

Six-Month GBP BBA LIBOR

2.000

7/21/15

6,870

GBP

67,842

(70,428)

Interest Rate Swap maturing 4/27/22 Call

BAC

Pay

Three-Month USD BBA LIBOR

3.100

4/26/17

20,415

USD

528,749

(999,294)

Interest Rate Swap maturing 2/12/18 Call

BAC

Receive

Three-Month USD BBA LIBOR

1.862

2/7/14

33,325

USD

74,981

(57,593)

Interest Rate Swap maturing 12/9/18 Call

BAC

Receive

Three-Month USD BBA LIBOR

1.950

12/6/13

39,720

USD

268,110

(720,825)

Interest Rate Swap maturing 1/2/24 Call

BOFA

Pay

MXN TIIE BANXICO

6.060

1/14/14

6,630

MXN

19,218

(33,797)

Interest Rate Swap maturing 10/21/23 Call

BOFA

Receive

Three-Month USD BBA LIBOR

3.070

10/18/13

17,255

USD

179,452

(437,492)

Interest Rate Swap maturing 12/18/18 Call

BOFA

Pay

Three-Month USD BBA LIBOR

2.403

12/17/13

33,000

USD

221,100

(350,609)

Interest Rate Swap maturing 2/5/44 Call

BOFA

Receive

Three-Month USD BBA LIBOR

3.760

2/4/14

5,500

USD

265,100

(205,895)

75
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premium Received

Value

Over-the-Counter Interest Rate Swaptions Written at September 30, 2013 Continued

Interest Rate Swap maturing 8/4/21 Call

BOFA

Pay

Three-Month USD BBA LIBOR

4.860

8/3/16

5,515

USD

82,725

(80,419)

Interest Rate Swap maturing 7/27/26 Call

BOFA

Pay

Three-Month USD BBA LIBOR

3.960

7/26/16

14,750

USD

798,558

(789,153)

Interest Rate Swap maturing 10/8/23 Call

BOFA

Pay

Three-Month CAD BA CDOR

2.583

10/9/13

15,740

CAD

136,665

(616,123)

Interest Rate Swap maturing 12/27/18 Call

GSCOI

Pay

Six-Month EUR EURIBOR

2.055

12/23/13

6,810

EUR

53,548

(34,129)

Interest Rate Swap maturing 1/16/16 Call

GSCOI

Pay

Three-Month USD BBA LIBOR

2.000

3/14/14

230,200

USD

138,120

(27,789)

Interest Rate Swap maturing 1/22/24 Call

GSCOI

Pay

Three-Month USD BBA LIBOR

4.500

3/14/14

24,580

USD

245,800

(133,620)

Interest Rate Swap maturing 12/4/20 Call

GSCO-OT

Pay

Six-Month GBP BBA LIBOR

2.055

12/7/15

5,020

GBP

189,330

(369,079)

Interest Rate Swap maturing 5/13/24 Call

JPM

Pay

Six-Month AUD BBR BBSW

4.057

5/13/14

1,330

AUD

34,620

(58,794)

Interest Rate Swap maturing 10/12/23 Call

JPM

Pay

MXN TIIE BANXICO

6.750

12/24/13

6,200

MXN

13,405

(13,405)

Interest Rate Swap maturing 10/19/23 Call

JPM

Pay

MXN TIIE BANXICO

5.440

12/24/13

39,600

MXN

67,479

(287,972)

Interest Rate Swap maturing 3/7/19 Call

JPM

Pay

Three-Month USD BBA LIBOR

2.860

3/6/14

28,615

USD

228,920

(63,870)

Interest Rate Swap maturing 1/26/27 Call

UBS

Pay

Six-Month EUR EURIBOR

2.545

1/25/17

2,670

EUR

163,464

(111,592)

Interest Rate Swap maturing 12/9/18 Call

UBS

Receive

Six-Month EUR EURIBOR

1.650

12/6/13

3,935

EUR

41,554

(94,254)

Interest Rate Swap maturing 3/7/24 Call

UBS

Receive

Six-Month EUR EURIBOR

2.510

3/6/14

2,620

EUR

68,738

(126,170)

Interest Rate Swap maturing 6/12/17 Call

UBS

Pay

Six-Month EUR EURIBOR

1.320

6/11/15

9,630

EUR

90,615

(88,980)

Interest Rate Swap maturing 12/5/18 Call

UBS

Receive

Six-Month GBP BBA LIBOR

2.150

12/6/13

2,620

GBP

37,155

(75,008)

Interest Rate Swap maturing 5/23/18 Call

UBS

Pay

Six-Month GBP BBA LIBOR

1.545

12/6/13

2,675

GBP

35,371

(89,071)

Interest Rate Swap maturing 11/5/23 Call

UBS

Pay

Three-Month USD BBA LIBOR

3.408

11/4/13

4,185

USD

31,178

(1,177)

Total Over-the-Counter Interest Rate Swaptions Written

$

5,205,594

$

(7,493,555)

Glossary:

76
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Counterparty Abbreviations
BAC	Barclays Bank plc
BOFA	Bank of America
BNP	BNP Paribas
CITNA-B	Citibank NA
DEU	Deutsche Bank Securities, Inc.
FIB	Credit Suisse International
GSCO-OT	Goldman Sachs Bank USA
GSCOI	Goldman Sachs International
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MSCO	Morgan Stanley Capital Services, Inc.
NOM	Nomura Global Financial Products, Inc.
RBSC	Royal Bank of Scotland plc (The)
UBS	UBS AG
Currency abbreviations indicate amounts reporting in currencies
AUD	Australian Dollar
BRR	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesia Rupiah
INR	Indian Rupee
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
SGD	Singapore Dollar
THB	Thai Bhat
TRY	New Turkish Lira
ZAR	South African Rand
Definitions
BA CDOR	Canada Bankers Acceptances Deposit Offering Rate

77
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	British Bankers’ Association London –
BBA LIBOR	Interbank Offered Rate
BANXICO	Banco de Mexico
BZDI	Brazil Interbank Deposit Rate
CDX.NA.HY.20	Markit CDX North American High Yield
EURIBOR	Euro Interbank Offered Rate
iTraxx Europe Senior Financials Series 19	Credit Default Swap Trading Index for a
Version 1	Specific Basket of Securities
	Johannesburg Intgerbank Agreed Rate South
JIBAR SAFEX	African Fututres Exchange
STIBOR SIDE	Stockholm Interbank Offered Rate
TIIE	Interbank Equilibrium Interest Rate
Exchange Abbreviations
CBT	Chicago Board of Trade
CITI	Citigroup
JPM	JPMorgan Chase Bank NA
EUX	European Stock Exchanges
	London Interantional Financial Futures and
LIF	Options Exchange
SFE	Sydney Futures Exchange

Notes to Consolidated Statement of Investments

Change in Method of Accounting. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. Prior to September 30, 2013, the Subsidiary was shown as an investment of the Fund on the Statement of Investments and the financial statements of the Subsidiary were presented along with the Fund. The staff of the Securities and Exchange Commission has recently commented on their preference to have wholly-owned Cayman investment funds consolidated into the parent fund’s financial statements. Management of the Fund implemented the change in policy because it is a more effective method of providing transparency into the Fund’s holdings and operations. Accordingly, as a result of the change in method of accounting, the Fund consolidates the assets and liabilities as well as the operations of the Subsidiary within its financial statements.

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

78
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

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 Consolidated Statement of 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 September 30, 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		$189,705,127
Sold securities		42,279,420

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.

79
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 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 September 30, 2013 is as follows:

Cost	$	18,587,077
Market Value	$	6,344,355
Market Value as a % of Net Assets		0.26	%

Investment in Oppenheimer Global Strategic Income Fund/VA (Cayman) Ltd. The Fund may invest up to 25% of its total assets in Oppenheimer Global Strategic Income Fund/VA (Cayman) Ltd., a wholly-owned and controlled Cayman Islands subsidiary (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 financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At September 30, 2013, the Fund owned 15,000 shares with a market value of $1,401,566.

80
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is 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 Consolidated 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 Consolidated Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each Master Fund according to its allocated pro-rata share, based on its relative proportion of total outstanding Master Fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the Master Funds. As a shareholder, the Fund is subject to its proportional share of the Master Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Master Funds.

Foreign Currency Translation. The Fund’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the New York Stock Exchange (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.

81
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

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

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

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

82
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

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.

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.

83
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

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

84
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

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

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

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

The table below categorizes amounts as of September 30, 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	$	–	$	82,574,847	$	16,003,350	$	98,578,197
Corporate Loans		–		37,171,426		5,683,275		42,854,701
Mortgage-Backed Obligations		–		609,228,315		440,245		609,668,560
U.S. Government Obligations		–		229,409,282		–		229,409,282
Foreign Government Obligations		–		596,132,225		–		596,132,225
Corporate Bonds and Notes		–		774,189,377		5,341,789		779,531,166
Preferred Stocks		–		3,140,934		–		3,140,934
Common Stocks		1,833,750		3,460,655		896,794		6,191,199

85
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Rights, Warrants and Certificates		–			–			–		–
Structured Securities		–			14,848,153			12,481,690		27,329,843
Over-the-Counter Options Purchased		–			5,365,145			–		5,365,145
Over-the-Counter Credit Default Swaptions Purchased		–			55,593			–		55,593
Over-the-Counter Interest Rate Swaptions Purchased		–			3,764,762			–		3,764,762
Investment Companies		124,012,761			68,207,434			–		192,220,195
Total Investments, at Value		125,846,511			2,427,548,148			40,847,143		2,594,241,802
Other Financial Instruments:
Swaps, at value		–			712,843			–		712,843
Variation margin receivable		42,739			–			–		42,739
Foreign currency exchange contracts		–			10,028,434			–		10,028,434
Total Assets	$	125,889,250		$	2,438,289,425		$	40,847,143	$	2,605,025,818
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	–		$	(1,871,609	)	$	–	$	(1,871,609	)
Options written, at value		–			(1,678,033	)		–		(1,678,033	)
Variation margin payable		(237,147	)		–			–		(237,147	)
Foreign currency exchange contracts		–			(8,218,964	)		–		(8,218,964	)
Swaptions written, at value		–			(7,544,060	)		–		(7,544,060	)
Total Liabilities	$	(237,147	)	$	(19,312,666	)	$	–	$	(19,549,813	)

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

86
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

	Transfers into Level 1			Transfers into Level 2			Transfers out of Level 2			Transfers into Level 3			Transfers out of Level 3
Assets Table
Investments, at Value:
Common Stocks	$	143,954	a	$	2,527,654	bb		–		$	–		$	(2,671,608	) a,b
Corporate Bonds and Notes		–			540,000	b		(7,501,743	)		7,501,743			(540,000	) b
Structured Securities		–			11,214,573	b		(2,441,766	) c		2,441,766	c		(11,214,573	) b
Total Assets	$	143,954		$	14,282,227		$	(9,943,509	)	$	9,943,509		$	(14,426,181	)

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

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

c. 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 currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance 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. These instruments 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. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

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.

87
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

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

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

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

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

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 due to unanticipated changes in the market risk factors and the overall market. 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. 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. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

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.

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

88
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date. Such contracts are traded in the OTC inter-bank currency dealer market.

Forward contracts are reported on a schedule following the Consolidated Statement of Investments. The unrealized appreciation (depreciation) is reported in the Consolidated Statement of Assets and Liabilities in the annual and semiannual reports as a receivable (or payable) and in the Consolidated 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 Consolidated Statement of Operations in the annual and semiannual reports.

The Fund has entered into forward 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 contracts seek to increase exposure to foreign exchange rate risk.

The Fund has entered into forward 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 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 contracts seek to increase exposure to foreign exchange rate risk.

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

During the period ended September 30, 2013, the Fund had daily average contract amounts on forward contracts to buy and sell of $256,416,420 and $740,361,986, respectively.

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty to a forward contract will default and fail to perform its obligations to the Fund.

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, 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 and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

89
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 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 in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to satisfy the Fund’s payment obligations.

Futures contracts are reported on a schedule following the Consolidated Statement of Investments. Securities held by a futures commission merchant to cover initial margin requirements on open futures contracts are noted in the Consolidated Statement of Investments. Cash held by a futures commission merchant 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 Consolidated Statement of Assets and Liabilities in the annual and semiannual reports. The net change in unrealized appreciation and depreciation is reported in the Consolidated Statement of Operations in the annual and semiannual reports. Realized gains (losses) are reported in the Consolidated Statement of Operations in the annual and semiannual reports at the closing or expiration of futures contracts.

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

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

The Fund has purchased futures contracts on various equity indexes to increase exposure to equity risk.

The Fund has sold futures contracts on various equity indexes to decrease exposure to equity risk.

The Fund has 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 September 30, 2013, the Fund had an ending monthly average market value of $166,544,884 and $362,385,821 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

90
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

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, currency or other underlying financial instrument at a fixed price, upon exercise of the option.

Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). 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 Consolidated 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 Consolidated Statement of Operations in the annual and semiannual reports.

The Fund has purchased call options on currencies to increase exposure to foreign exchange rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has purchased put options on currencies to decrease exposure to foreign exchange rate risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

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

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

During the period ended September 30, 2013, the Fund had an ending monthly average market value of $1,532,058 and $319,603 on purchased call options and purchased put options, respectively.

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

91
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

The risk in writing a call option is that the market price of the security increases and if the option is exercised, the Fund must either purchase the security at a higher price for delivery or, if the Fund owns the underlying security, give up the opportunity for profit. 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.

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

During the period ended September 30, 2013, the Fund had an ending monthly average market value of $416,842 and $970,170 on written call options and written put options, respectively.

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

Written option activity for the period ended September 30, 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		68,283,430,439		7,661,425		68,183,757,737		10,040,701

92
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

				Call Options						Put Options
	Number of			Amount of			Number of			Amount of
	Contracts			Premiums			Contracts			Premiums
Options closed or expired		(49,257,921,381	)		(5,660,097	)		(30,422,908,575	)		(5,358,911	)
Options exercised		(19,849,030,000	)		(2,088,103	)		(38,349,155,000	)		(3,877,200	)
Options outstanding as of
September 30, 2013		812,015,000		$	658,395			1,557,013,561		$	1,784,075

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, the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction (“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of the venue of their execution, are required to be cleared through a clearinghouse (“cleared swaps”). Swap contracts may include interest rate, equity, debt, index, total return, credit default, currency, and volatility swaps.

Swap contracts are reported on a schedule following the Consolidated Statement of Investments. Daily changes in the value of cleared swaps are reported as variation margin receivable or payable on the Consolidated Statement of Assets and Liabilities in the annual and semiannual reports. The values of OTC swap contracts are aggregated by positive and negative values and disclosed separately on the Consolidated Statement of Assets and Liabilities in the annual and semiannual reports. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund, if any, at termination or settlement. The net change in this amount during the period is included on the Consolidated 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 Consolidated Statement of Operations in the annual and semiannual reports.

Swap contract agreements are exposed to the market risk factor of the specific underlying reference rate or 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 have embedded leverage, they can expose the Fund to substantial risk in the isolated market risk factor.

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

93
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of 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 swap less the market value of specified debt securities issued by the reference asset. Upon exercise of the contract the difference between such value and the notional amount is recorded as realized gain (loss) and is included on the Consolidated 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 issuers and/or indexes of issuers that are either unavailable or considered to be less attractive in the bond market.

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

The Fund has engaged in spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same reference asset 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 September 30, 2013, the Fund had ending monthly average notional amounts of $22,884,383 and $15,315,417 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.

94
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

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 floating interest rate while the other is typically a fixed interest rate.

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

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

For the period ended September 30, 2013, the Fund had ending monthly average notional amounts of $46,777,760 and $87,455,752 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 the value of asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate) and the other on the total return of a reference asset (such as a security or a basket of securities or securities index). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments.

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

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, and an amount equal to the negative price movement of securities or an index (expressed as a percentage) 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 (expressed as a percentage) multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities.

95
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

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 (expressed as a percentage) multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities. The Fund will receive payments of a floating reference interest rate and an amount equal to the negative price movement of the same securities or index (expressed as a percentage) multiplied by the notional amount of the contract.

For the period ended September 30, 2013, the Fund had ending monthly average notional amounts of $26,375,359 and $17,393,628 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.

As of September 30, 2013, the Fund had no such total return swap agreements outstanding.

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 realized volatility of the reference investment as measured by changes in its price or level over the specified time period while the other cash flow is based on a specified rate representing expected volatility for the reference investment at the time the swap is executed, or the measured volatility of a different reference investment over the specified time period. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movements in its price, over the specified time period, 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.

Variance swaps are a type of volatility swap where counterparties agree to exchange periodic payments based on the measured variance (or the volatility squared) of a reference security, index, or other reference investment over a specified time period. At payment date, a net cash flow will be exchanged based on the difference between the realized variance of the reference investment over the specified time period and the specified rate representing expected variance for the reference investment at the time the swap is executed multiplied by the notional amount of the contract.

96
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

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 rate payment. 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 rate payment and receive the measured volatility. If the measured volatility of the related reference investment increases over the period, the swaps will appreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will depreciate in value.

For the period ended September 30, 2013, the Fund had ending monthly average notional amounts of $216,086 and $230,548 on volatility swaps which pay measured volatility and volatility swaps which receive measured volatility, respectively.

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

As of September 30, 2013, the Fund had no such volatility swaps agreements outstanding.

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.

Purchased swaptions are reported as a component of investments in the Consolidated Statement of Investments and the Consolidated Statement of Assets and Liabilities in the annual and semiannual reports. Written swaptions are reported on a schedule following the Consolidated Statement of Investments and their value is reported as a separate asset or liability line item in the Consolidated 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 Consolidated 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 Consolidated Statement of Operations in the annual and semiannual reports for the amount of the premium paid or received.

The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the swaption, according to the terms of the underlying agreement. Swaption contracts written by the Fund do not give rise to

97
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

counterparty credit risk prior to exercise as they obligate the Fund, not its counterparty, to perform. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the swaption expires unexercised. However, when the Fund exercises a purchased swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract.

The Fund purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. A purchased swaption of this type becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

The Fund has purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. A purchased swaption of this type becomes more valuable as the reference interest rate increases relative to the preset interest rate.

The Fund has purchased swaptions which gives it the option to sell credit protection through credit default swaps in order to increase exposure to the credit risk of individual issuers and/ or indexes of issuers. 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 gives it the option to buy credit protection through credit default swaps in order to decrease exposure to the credit risk of individual issuers and/or indexes of issuers. 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 gives it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. A written swaption of this type becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

The Fund has written swaptions which gives it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a 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 increases relative to the preset interest rate.

The Fund has written swaptions which give it the obligation, if exercised by the purchaser, to sell credit protection through credit default swaps in order to increase exposure to the credit risk of individual issuers and/or indexes of issuers. A written swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset decreases.

98
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

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 issuers and/or, indexes of issuers. 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 September 30, 2013, the Fund had an ending monthly average market value of $5,407,000 and $6,477,354 on purchased and written swaptions, respectively.

Written swaption activity for the period ended September 30, 2013 was as follows:

			Call Swaptions
	Notional                              Amount		Amount of Premiums
Swaptions outstanding as of
December 31, 2012		253,267,387	$	5,033,479
Swaptions written		2,619,010,000		19,312,478
Swaptions closed or expired		(2,138,902,387)		(18,491,447)
Swaptions exercised		(43,535,000)		(594,697)
Swaptions outstanding as of September 30, 2013		689,840,000	$	5,259,813

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. For OTC options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform.

To reduce counterparty risk with respect to OTC transactions, the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps, options, swaptions, and forward currency exchange contracts for each individual counterparty. 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 ISDA 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.

99
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

As of September 30, 2013 the Fund has required certain counterparties to post collateral of $4,249,321.

ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities in the annual and semiannual reports. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for cleared swaps.

With respect to cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

100
	Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Global Strategic Income Fund/VA
CONSOLIDATED STATEMENT OF INVESTMENTS	September 30, 2013 (Unaudited)

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Consolidated Statement of Assets and Liabilities in the annual and semiannual reports as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

Restricted Securities

As of September 30, 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 Consolidated Statement of Investments. Restricted securities are reported on a schedule following the Consolidated Statement of Investments.

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 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	$	2,636,208,385
Federal tax cost of other investments		(107,739,635)
Total federal tax cost	$	2,528,468,750
Gross unrealized appreciation	$	65,487,063
Gross unrealized depreciation		(109,891,076)
Net unrealized depreciation	$	(44,404,013)

101
	Oppenheimer Global Strategic Income Fund/VA

STATEMENT OF INVESTMENTS    September 30, 2013 / Unaudited

	Shares	Value
Common Stocks—87.8%
Consumer Discretionary—10.8%
Auto Components—1.2%
American Axle & Manufacturing Holdings, Inc.1	1,750	$	34,510
Lear Corp.	1,250		89,463
			123,973
Automobiles—1.7%
Ford Motor Co.	7,000		118,090
General Motors Co.1	1,375		49,459
			167,549
Hotels, Restaurants & Leisure—0.4%
Carnival Corp.	300		9,792
McDonald’s Corp.	325		31,268
			41,060
Household Durables—1.3%
MDC Holdings, Inc.	2,750		82,528
Standard Pacific Corp.1	6,500		51,415
			133,943
Media—1.2%
Cinemark Holdings, Inc.	675		21,424
Comcast Corp., Special, Cl. A	2,000		86,740
Time Warner Cable, Inc.	100		11,160
			119,324
Multiline Retail—3.1%
J.C. Penney Co., Inc.1	10,000		88,200
Kohl’s Corp.	1,750		90,563
Target Corp.	2,000		127,960
			306,723
Specialty Retail—1.9%
Best Buy Co., Inc.	1,750		65,625
Foot Locker, Inc.	3,500		118,790
			184,415
Consumer Staples—5.9%
Beverages—1.7%
Molson Coors Brewing Co., Cl. B, Non-Vtg.	990		49,629
PepsiCo, Inc.	1,550		123,225
			172,854
Food & Staples Retailing—1.4%
Walgreen Co.	2,600		139,880
Food Products—1.3%
Archer-Daniels-Midland Co.	1,500		55,260
General Mills, Inc.	800		38,336
Pinnacle Foods, Inc.	1,630		43,146
			136,742

	Shares		Value
Household Products—0.7%
Procter & Gamble Co. (The)	1,000	$	75,590
Tobacco—0.8%
Philip Morris International, Inc.	900		77,931
Energy—11.0%
Energy Equipment & Services—2.3%
Baker Hughes, Inc.	525		25,777
Ensco plc, Cl. A	2,250		120,938
Halliburton Co.	1,750		84,262
			230,977
Oil, Gas & Consumable Fuels—8.7%
Apache Corp.	1,040		88,546
BP plc, Sponsored ADR	3,135		131,764
Chevron Corp.	1,750		212,625
CONSOL Energy, Inc.	450		15,142
Exxon Mobil Corp.	400		34,416
HollyFrontier Corp.	350		14,739
Kinder Morgan Management LLC1	1,525		114,314
Kinder Morgan, Inc.	4,000		142,280
Royal Dutch Shell plc, Cl. A, ADR	1,250		82,100
Williams Cos., Inc. (The)	1,750		63,630
			899,556
Financials—23.7%
Capital Markets—2.5%
Goldman Sachs Group, Inc. (The)	1,040		164,538
Morgan Stanley	3,450		92,978
			257,516
Commercial Banks—0.7%
CIT Group, Inc.1	1,400		68,278
Diversified Financial Services—9.2%
Bank of America Corp.	7,770		107,226
Citigroup, Inc.	7,750		375,952
JPMorgan Chase & Co.	7,250		374,753
KKR Financial Holdings LLC	7,000		72,310
			930,241
Insurance—6.5%
ACE Ltd.	1,250		116,950
American International Group, Inc.	2,890		140,541
Assured Guaranty Ltd.	6,425		120,469
Everest Re Group Ltd.	375		54,529
MetLife, Inc.	3,500		164,325

    1    OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares	Value
Insurance (Continued)
XL Group plc	2,000	$	61,640
			658,454
Real Estate Investment Trusts (REITs)—4.8%
American Homes 4 Rent, Cl. A1	1,500		24,225
Apollo Commercial Real Estate Finance, Inc.	3,750		57,262
Ashford Hospitality Trust, Inc.	3,000		37,020
Colony Financial, Inc.	4,250		84,915
CYS Investments, Inc.	6,125		49,796
Digital Realty Trust, Inc.	1,075		57,083
Rayonier, Inc.	900		50,085
Starwood Property Trust, Inc.	4,125		98,876
Two Harbors Investment Corp.	1,750		16,993
Weyerhaeuser Co.	250		7,157
			483,412
Health Care—7.4%
Health Care Equipment & Supplies—0.6%
Baxter International, Inc.	525		34,487
Medtronic, Inc.	500		26,625
			61,112
Health Care Providers & Services—2.1%
Cardinal Health, Inc.	1,460		76,139
UnitedHealth Group, Inc.	1,800		128,898
			205,037
Pharmaceuticals—4.7%
GlaxoSmithKline plc, Sponsored ADR	475		23,831
Johnson & Johnson	680		58,949
Merck & Co., Inc.	2,000		95,220
Novartis AG, ADR	150		11,507
Pfizer, Inc.	5,500		157,905
Roche Holding AG, Sponsored ADR	40		2,701
Teva Pharmaceutical Industries Ltd., Sponsored ADR	3,350		126,563
			476,676
Industrials—7.4%
Aerospace & Defense—0.7%
General Dynamics Corp.	500		43,760
Textron, Inc.	1,000		27,610
			71,370

	Shares	Value
Airlines—1.1%
United Continental Holdings, Inc.1	3,500	$	107,485
Commercial Services & Supplies—1.2%
ADT Corp. (The)	1,250		50,825
Pitney Bowes, Inc.	1,350		24,557
RR Donnelley & Sons Co.	3,000		47,400
			122,782
Electrical Equipment—0.4%
General Cable Corp.	1,250		39,687
Industrial Conglomerates—2.7%
General Electric Co.2	11,350		271,151
Machinery—0.5%
Navistar International Corp.1	1,250		45,600
Marine—0.4%
Costamare, Inc.	1,500		26,445
Diana Containerships, Inc.	3,000		11,370
			37,815
Road & Rail—0.4%
CSX Corp.	1,750		45,045
Information Technology—7.8%
Communications Equipment—1.7%
Cisco Systems, Inc.	3,650		85,483
QUALCOMM, Inc.	1,375		92,620
			178,103
Computers & Peripherals—3.8%
Apple, Inc.	775		369,481
EMC Corp.	225		5,751
			375,232
Semiconductors & Semiconductor Equipment—0.6%
Intel Corp.	2,660		60,967
Software—1.7%
Microsoft Corp.	5,000		166,550
Materials—5.2%
Chemicals—1.8%
Celanese Corp., Series A	1,000		52,790
LyondellBasell Industries NV, Cl. A	950		69,568
Mosaic Co. (The)	1,500		64,530
			186,888
Metals & Mining—1.4%
Allegheny Technologies, Inc.	2,250		68,670
Freeport-McMoRan Copper & Gold, Inc.	2,000		66,160
			134,830
Paper & Forest Products—2.0%
Domtar Corp.	1,150		91,333

    2    OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

	Shares	Value
Paper & Forest Products (Continued)
International Paper Co.	2,500	$	112,000
			203,333
Telecommunication Services—5.5%
Diversified Telecommunication Services—5.5%
AT&T, Inc.	3,750		126,825
CenturyLink, Inc.	5,525		173,374
Consolidated Communications Holdings, Inc.	4,250		73,270
Frontier Communications Corp.2	30,000		125,100
Windstream Holdings, Inc.	7,500		60,000
			558,569
Utilities—3.1%
Electric Utilities—2.8%
American Electric Power Co., Inc.	1,325		57,439
Edison International	1,575		72,544
Exelon Corp.	1,550		45,942
FirstEnergy Corp.	1,275		46,474
PPL Corp.	1,500		45,570
			267,969
Energy Traders—0.3%
NRG Energy, Inc.	1,000		27,330
Total Common Stocks (Cost $8,311,802)			8,851,949
	Principal Amount
Convertible Corporate Bonds and Notes—6.2%
Colony Financial, Inc. 5% Cv. Sr. Unsec. Unsub. Nts., 4/15/23	$50,000		51,906
General Cable Corp., 4.50% Cv. Sub. Nts., 11/15/29	35,000		39,659
Liberty Interactive LLC, 0.75% Cv. Sr. Unsec. Unsub. Nts., 3/30/433	35,000		39,681
MGIC Investment Corp., 9% Cv. Jr. Sub. Nts., 4/1/633	125,000		138,047
Micron Technology, Inc., 2.125% Cv. Sr. Unsec. Nts., Series F, 2/15/332,3	50,000		85,875
Navistar International Corp., 3% Cv. Sr. Sub. Nts., 10/15/14	55,000		55,997

	Principal Amount	Value
Convertible Corporate Bonds and Notes (Continued)
Peabody Energy Corp., 4.75% Cv. Jr. Sub. Nts., 12/15/41	$25,000	$	20,187
Radian Group, Inc., 2.25% Cv. Sr. Unsec. Nts., 3/1/192	50,000		73,188
Starwood Property Trust, Inc., 4% Cv. Sr. Unsec. Nts., 1/15/19	40,000		41,600
United Airlines, Inc., 4.50% Cv. Sr. Unsec. Nts., 1/15/15	45,000		76,697
Total Convertible Corporate Bonds and Notes (Cost $592,953)			622,837
Non-Convertible Corporate Bonds and Notes—0.7%
MBIA Insurance Co., 11.528% Sub. Nts., 1/15/333	70,000		47,600
NII Capital Corp., 7.625% Sr. Unsec. Nts., 4/1/21	38,000		27,170
Total Non-Convertible Corporate Bonds and Notes (Cost $81,059)			74,770
	Shares
Preferred Stocks—2.4%
Beazer Homes USA, Inc., 7.50% Cv.	1,500		43,920
Continental Airlines Finance Trust II, 6% Cv., Non-Vtg.	1,461		65,060
General Motors Co., 4.75% Cv., Series B, Non-Vtg.	2,500		125,375
iStar Financial, Inc., 4.50% Cv., Non-Vtg.	225		12,517
Total Preferred Stocks (Cost $239,382)			246,872
Investment Company—3.9%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.09%4,5 (Cost $388,976)	388,976	$	388,976
Total Investments,at Value (Cost $9,614,172)	101.0%		10,185,404
Liabilities in Excess of Other Assets	(1.0)		(99,111)
Net Assets	100.0%	$	10,086,293

    3    OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF INVESTMENTS    September 30, 2013 / Unaudited

Footnotes to Statement of Investments

1. Non-income producing security.

2. All or a portion of the security position is held in segregated accounts and pledges to cover margin requirements with respect to outstanding written options. The aggregate market value of such securities is $83,102. See accompanying Notes.

3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $311,203 or 3.09% of the Fund’s net assets as of September 30, 2013.

4. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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   September 30, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		60,104		4,248,356		3,919,484		388,976
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	388,976	$	211

5. Rate shown is the 7-day yield as of September 30, 2013.

Exchange-Traded Options Written at September 30, 2013

Description	Exchange	Exercise Price		Expiration Date	Number of Contracts		Premiums Received		Value
Cisco Systems, Inc. Put	NYS	USD	24.000	10/19/13	USD	(5)	$	205	$	(465)
D.R. Horton, Inc. Put	NYS	USD	19.000	10/19/13	USD	(25)		2,249		(1,125)
Domtar Corp. Put	PHS	USD	75.000	10/19/13	USD	(5)		810		(475)
Foot Locker, Inc. Put	NYS	USD	34.000	10/19/13	USD	(5)		680		(445)
Foot Locker, Inc. Put	NYS	USD	32.000	10/19/13	USD	(5)		392		(100)
Radian Group, Inc. Put	NYS	USD	13.000	11/16/13	USD	(5)		270		(275)
Regions Financial Corp. Put	NYS	USD	9.000	10/19/13	USD	(5)		80		(50)
Target Corp. Put	NYS	USD	65.000	10/19/13	USD	(5)		895		(885)
Total of Exchange-Traded Options Written							$	5,581	$	(3,820)

    4    OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Footnotes to Statement of Investments (Continued)

Glossary:
Exchange Abbreviations:
NYS	New York Stock Exchange
PHS	NASDAQ OMX PHLX

    5    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.

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 New York Stock Exchange (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

    6    OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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

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

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

        Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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

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

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

    7    OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

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.

    8    OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Securities Valuation (Continued)

The table below categorizes amounts as of September 30, 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	$	1,076,987	$	—	$	—	$	1,076,987
Consumer Staples		602,997		—		—		602,997
Energy		1,130,533		—		—		1,130,533
Financials		2,397,900		—		—		2,397,900
Health Care		742,825		—		—		742,825
Industrials		740,935		—		—		740,935
Information Technology		780,852		—		—		780,852
Materials		525,051		—		—		525,051
Telecommunication Services		558,569		—		—		558,569
Utilities		295,300		—		—		295,300
Convertible Corporate Bonds and Notes		—		622,837		—		622,837
Non-Convertible Corporate Bonds and Notes		—		74,770		—		74,770
Preferred Stocks		43,920		202,952		—		246,872
Investment Company		388,976		—		—		388,976
Total Assets	$	9,284,845	$	900,559	$	—	$	10,185,404
Liabilities Table
Other Financial Instruments:
Options written, at value	$	(3,820)	$	—	$	—	$	(3,820)
Total Liabilities	$	(3,820)	$	—	$	—	$	(3,820)

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 currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance 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. These instruments 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. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

    9    OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments (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.

        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 due to unanticipated changes in the market risk factors and the overall market. 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. 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. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

10    OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments (Continued)

        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.

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

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, currency or other underlying financial instrument at a fixed price, upon exercise of the option.

        Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). 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.

        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 collateral 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 market price of the security increases and if the option is exercised, the Fund must either purchase the security at a higher price for delivery or, if the Fund owns the underlying security, give up the opportunity for profit. 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 individual equity securities and/or equity indexes to increase exposure to equity risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

        The Fund has written call options on individual equity securities and/or equity indexes to decrease exposure to equity risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

11    OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments (Continued)

        During the period ended September 30, 2013, the Fund had an ending monthly average market value of $535 and $646 on written call options and written put options, respectively.

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

Written option activity for the period ended September 30, 2013 was as follows:

	Call Options		Put Options
	Number of         Contracts	Amount of Premiums	Number of Contracts	Amount of Premiums
Options outstanding as of December 31, 2012	—	$            —	—	$            —
Options written	34	2,744	82	7,129
Options closed or expired	(30)	(2,468)	(17)	(1,061)
Options exercised	(4)	(276)	(5)	(487)
Options outstanding as of September 30, 2013	—	$            —	60	$  5,581

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

        For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities in the annual and semiannual reports. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

        The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for cleared swaps.

        With respect to cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

        There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate cleared swaps at any time.

12    OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO STATEMENT OF INVESTMENTS    Unaudited / (Continued)

Risk Exposures and the Use of Derivative Instruments (Continued)

The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

        Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

        For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Statement of Assets and Liabilities in the annual and semiannual reports as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

Federal Taxes

The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 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	$	9,687,691
Federal tax cost of other investments		(5,581)
Total federal tax cost	$	9,682,110
Gross unrealized appreciation	$	712,429
Gross unrealized depreciation		(212,955)
Net unrealized appreciation	$	499,474

13    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 9/30/2013, 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:	11/11/2013

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:	11/11/2013
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	11/11/2013