Oppenheimer Variable Account Funds NCSRS Certified semi-annual shareholder report (management investment company)

Oppenheimer Variable Account Funds N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-4108

Oppenheimer 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)

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: 06/30/2011

Item 1. Reports to Stockholders.

June 30, 2011 Oppenheimer Small- & Mid-Cap Semiannual Growth Fund/VA Report A Series of Oppenheimer Variable Account Funds SEMI ANNUAL REPORT Fund Performance Discussion Listing of Top Holdings Financial Statements

OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

Portfolio Manager: Ronald J. Zibelli, Jr.

Cumulative Total Returns
For the 6-Month Period Ended 6/30/11


Non-Service Shares	14.67	%
Service Shares	14.52

Average Annual Total Returns
For the Periods Ended 6/30/11


	1-Year			5-Year			10-Year

Non-Service Shares		53.57	%		1.14	%		2.19	%
Service Shares		53.16			0.88			1.92

Expense Ratios
For the Fiscal Year Ended 12/31/10


	Gross			Net
	Expense			Expense
	Ratios			Ratios

Non-Service Shares		0.85	%		0.76	%
Service Shares		1.10			1.01

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance and expense ratios may be lower or higher than the data quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account. The net expense ratios take into account voluntary fee waivers and/or expense reimbursements, without which performance would have been less. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. Expense ratios are as stated in the Fund’s prospectus, current as of the date of this report.

Sector Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on the total market value of common stocks.

Top Ten Common Stock Holdings


Green Mountain Coffee, Inc.	1.7	%
Dollar Tree, Inc.	1.6
Fortinet, Inc.	1.6
Hansen Natural Corp.	1.5
Teradata Corp.	1.5
Gardner Denver, Inc.	1.5
Chipotle Mexican Grill, Inc., Cl. A	1.4
Kansas City Southern, Inc.	1.4
Albemarle Corp.	1.4
Panera Bread Co., Cl. A	1.4

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on net assets.

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

FUND PERFORMANCE DISCUSSION

During the six-month period ended June 30, 2011, the Fund’s Non-Service shares produced a return of 14.67%, outperforming the Russell 2500 Growth Index (the “Index”), which returned 10.25% during the same period.

Economic and Market Overview

At the beginning of the reporting period, encouraging data from the U.S. labor market, including a declining unemployment rate, seemed to indicate that the long-awaited revival of consumer and business confidence was at hand. The global economy also appeared to provide reasons for an upbeat outlook. In Europe, policymakers continued to take measures to contain the sovereign debt problems of peripheral Europe and, in February, strong corporate earnings led to an upward revision of the European Central Bank’s 2011 growth forecast. Fears that had surfaced in 2010 over rising inflationary pressures in the fast-growing emerging markets lessened to a degree as the new year began.

While the markets generally performed well in the first four months of 2011, a number of dramatic global events created increased market volatility. A wave of political unrest in North Africa and the Middle East sparked worries that disruptions in oil production might derail the global economic recovery. Although energy prices surged higher, investors retained their optimism and riskier assets, such as stocks and higher-yielding fixed-income securities, generally continued to rally. Investors encountered another unexpected shock on March 11, when a catastrophic natural disaster followed by a nuclear crisis hit Japan, one of the world’s largest economies and a key exporter of industrial components to many countries and industries, including U.S. automobile manufacturers. However, the disruptions to the global supply chain proved significantly less severe than originally anticipated and, after a brief pullback, the markets continued to climb higher.

In April 2011, market concerns resurfaced when Greece again teetered on the brink of defaulting on its sovereign debt, rekindling worries from 2010 that fiscal instability might spread to other parts of Europe. At the same time, a debate regarding government spending and borrowing intensified in the United States, causing a renewed sense of uncertainty among businesses and consumers as the August 2 deadline to raise the U.S. government’s debt ceiling loomed. Additionally, the Fed’s latest round of quantitative easing measures labeled “QE2” officially ended on June 30, further contributing to questions around what the Fed’s next move would be. As a result, by period end, job creation had slowed to a crawl, the unemployment rate moved higher and consumers reined in spending. Despite the volatility and dramatic headlines, overall the global markets finished the second half of the reporting period in positive territory, reflective of healthy balance sheets of many multinational corporations, continued growth in developing markets and the ongoing economic recoveries in the U.S., Canada and in much of Western Europe.

Fund Review

During the reporting period, the Fund outperformed or performed roughly in line with the Index in seven out of ten sectors, led by stronger relative stock selection within the health care and consumer discretionary sectors. The Fund’s stock selection within the industrials sector also benefited relative performance. Telecommunication services and information technology were the most significant detractors from relative performance, due to weaker relative stock selection.

Health care holding Valeant Pharmaceuticals International, Inc. was the top performing holding for the Fund during the period. The specialty pharmaceutical company reported strong first quarter 2011 results and completed its acquisition of PharmaSwiss. Two consumer discretionary stocks, Ulta Salon Cosmetics & Fragrance Inc. and Chipotle Mexican Grill Inc., also contributed positively to performance. Beauty retailer Ulta Salon Cosmetics & Fragrance continued to announce strong earnings, impressing the market and driving the stock price to new highs. Chipotle Mexican Grill is a fast food restaurant chain specializing in burritos and tacos. The company, which emphasizes high-quality ingredients, experienced increased traffic in its stores and continued to grow by opening new locations. Chipotle Mexican Grill sustained its solid performance run this period and, in the first quarter of 2011, announced an increase in revenue of 24% year-over-year. Information technology stock Fortinet, Inc. performed well for the Fund. Fortinet, a top five holding of the Fund, is a provider of network security appliances and Unified Threat Management (UTM) network security solutions to enterprises, service providers and government entities worldwide. During the period, the company had a successful first quarter and secured new business from various companies. Within consumer staples, Hansen Natural Corp. was another top five holding of the Fund. Hansen Natural, through its subsidiaries, develops and sells specialty beverages in the United States and internationally. High demand for Hansen Natural’s Monster Energy drinks was the primary driver of its success.

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

FUND PERFORMANCE DISCUSSION

During the period, four out of the five most significant detractors from Fund performance were within the information technology sector. Towards the end of the reporting period, a drop in U.S. stock prices broadly led technology company valuations to drop to their lowest levels in more than a decade. Valuations were driven lower primarily by the uncertain economy and potential for future lower revenues, leading to some profit taking. The March 11 earthquake and tsunami in Japan also fueled market speculation that disruptions to the supply chain could affect information technology companies not just in Japan but globally, also sending information technology stocks generally lower. Overall, however, disruptions to the supply chain in the second quarter in actuality were not as bad as the market initially feared. The top individual detractors in information technology were network specialist Ciena Corp., design software and services firm Autodesk, Inc., integrated internet traffic management solutions provider F5 Networks, Inc. and social networking site operator Renren, Inc. We exited our positions in Ciena and Autodesk by period end. Within the materials sector, mining company Silver Wheaton Corp. detracted from performance as it released a weaker than expected earnings report.

At period end, relative to the Index, the Fund had its most significant overweight positions in consumer discretionary and consumer staples and its most substantial underweight positions in information technology, financials, energy, materials and health care.

Outlook

While an uncertain economic environment may continue to create volatile short-term returns in the market, we are optimistic regarding the Fund’s investment strategy. We seek dynamic companies with above-average and sustainable revenue and earnings growth that we believe are positioned to outperform. This includes leading firms in structurally attractive industries with committed management teams that have proven records of performance. Our focus on well-established, higher-quality growth companies is intended to provide both upside participation and a degree of downside protection over the long term.

Investors should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing. The Fund’s prospectus and, if available, the Fund’s summary prospectus contain this and other information about the Fund, and may be obtained by asking your financial advisor or calling us at 1.800.988.8287. Read the prospectus and, if available, the summary prospectus, carefully before investing.

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

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

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

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

FUND EXPENSES

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2011.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any charges associated with the separate accounts that offer this Fund. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these separate account charges were included your costs would have been higher.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2011		June 30, 2011		June 30, 2011

Non-Service shares	$	1,000.00	$	1,146.70	$	4.27
Service shares		1,000.00		1,145.20		5.60

Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,020.83		4.02
Service shares		1,000.00		1,019.59		5.27

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended June 30, 2011 are as follows:


Class	Expense Ratios

Non-Service shares		0.80	%
Service shares		1.05

The expense ratios reflect voluntary waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

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

STATEMENT OF INVESTMENTS June 30, 2011 / Unaudited


	Shares		Value

Common Stocks—97.9%
Consumer Discretionary—19.2%
Auto Components—1.3%
BorgWarner, Inc.¹		46,770	$	3,778,548
TRW Automotive Holdings Corp.¹		84,050		4,961,472

				8,740,020

Automobiles—0.2%
Tesla Motors, Inc.¹		41,720		1,215,304
Hotels, Restaurants & Leisure—2.8%
Chipotle Mexican Grill, Inc., Cl. A¹		32,021		9,868,552
Panera Bread Co., Cl. A¹		76,560		9,620,530

				19,489,082

Household Durables—0.5%
Tempur-Pedic International, Inc.¹		53,190		3,607,346
Internet & Catalog Retail—1.8%
HomeAway, Inc.¹		75,430		2,919,141
NetFlix.com, Inc.¹		24,880		6,535,727
Priceline.com, Inc.¹		6,610		3,383,857

				12,838,725

Leisure Equipment & Products—0.8%
Hasbro, Inc.		119,360		5,243,485
Multiline Retail—2.4%
Dollar Tree, Inc.¹		168,205		11,205,817
Nordstrom, Inc.		114,940		5,395,284

				16,601,101

Specialty Retail—5.8%
Dick’s Sporting Goods, Inc.¹		170,060		6,538,807
PetSmart, Inc.		75,000		3,402,750
Signet Jewelers Ltd.¹		111,770		5,231,954
Tiffany & Co.		92,700		7,278,804
Tractor Supply Co.		136,300		9,115,744
Ulta Salon, Cosmetics & Fragrance, Inc.¹		137,830		8,901,061

				40,469,120

Textiles, Apparel & Luxury Goods—3.6%
Deckers Outdoor Corp.¹		65,780		5,797,849
Fossil, Inc.¹		62,520		7,359,854
lululemon athletica, Inc.¹		58,330		6,522,461
Under Armour, Inc., Cl. A¹		66,650		5,152,712

				24,832,876

Consumer Staples—6.5%
Beverages—1.5%
Hansen Natural Corp.¹		128,870		10,432,027
Food & Staples Retailing—1.5%
Fresh Market, Inc. (The)¹		85,810		3,319,131
Whole Foods Market, Inc.		113,700		7,214,265

				10,533,396

Food Products—1.7%
Green Mountain Coffee, Inc.¹		129,060		11,519,896
Personal Products—1.8%
Estee Lauder Cos., Inc. (The), Cl. A		82,280		8,655,033
Herbalife Ltd.		60,980		3,514,887

				12,169,920

Energy—7.1%
Energy Equipment & Services—4.4%
Carbo Ceramics, Inc.		48,880		7,964,996
Core Laboratories NV		63,550		7,088,367
Key Energy Services, Inc.¹		351,270		6,322,860
Oil States International, Inc.¹		45,720		3,653,485
Superior Energy Services, Inc.¹		149,600		5,556,144

				30,585,852

Oil, Gas & Consumable Fuels—2.7%
Cimarex Energy Co.		44,860		4,033,811
Concho Resources, Inc.¹		102,850		9,446,773
Whiting Petroleum Corp.¹		84,370		4,801,497

				18,282,081

Financials—5.3%
Capital Markets—1.6%
Affiliated Managers Group, Inc.¹		72,930		7,398,749
LPL Investment Holdings, Inc.¹		101,240		3,463,420

				10,862,169

Commercial Banks—2.3%
First Republic Bank¹		74,450		2,403,246
Signature Bank¹		143,720		8,220,784
SVB Financial Group¹		88,480		5,283,141

				15,907,171

Real Estate Management & Development—1.4%
CB Richard Ellis Group, Inc., Cl. A¹		122,350		3,072,209
Jones Lang LaSalle, Inc.		69,850		6,586,855

				9,659,064

Health Care—14.8%
Biotechnology—1.4%
Alexion Pharmaceuticals, Inc.¹		203,820		9,585,655
Health Care Equipment & Supplies—1.3%
Cooper Cos., Inc. (The)		44,340		3,513,502

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


	Shares		Value

Health Care Equipment & Supplies Continued
Edwards Lifesciences Corp.¹		66,620	$	5,807,932

				9,321,434

Health Care Providers & Services—5.3%
AMERIGROUP Corp.¹		75,950		5,352,197
AmerisourceBergen Corp.		123,980		5,132,772
Brookdale Senior Living, Inc.¹		285,690		6,927,983
Catalyst Health Solutions, Inc.¹		94,550		5,277,781
Healthspring, Inc.¹		116,170		5,356,599
HMS Holdings Corp.¹		110,940		8,527,958

				36,575,290

Health Care Technology—2.1%
Cerner Corp.¹		98,720		6,032,779
SXC Health Solutions Corp.¹		146,700		8,643,564

				14,676,343

Life Sciences Tools & Services—2.4%
Illumina, Inc.¹		73,960		5,558,094
Mettler-Toledo International, Inc.¹		24,410		4,117,235
Waters Corp.¹		71,750		6,869,345

				16,544,674

Pharmaceuticals—2.3%
Perrigo Co.		60,080		5,279,230
Valeant Pharmaceuticals
International, Inc.		79,500		4,130,820
Watson Pharmaceuticals, Inc.¹		90,610		6,227,625

				15,637,675

Industrials—15.9%
Aerospace & Defense—2.3%
B/E Aerospace, Inc.¹		174,560		7,123,794
TransDigm Group, Inc.¹		97,280		8,870,963

				15,994,757

Commercial Services & Supplies—1.2%
Stericycle, Inc.¹		56,660		5,049,539
Waste Connections, Inc.		106,440		3,377,341

				8,426,880

Electrical Equipment—4.3%
AMETEK, Inc.		170,655		7,662,410
Polypore International, Inc.¹		135,770		9,210,637
Rockwell Automation, Inc.		62,740		5,443,322
Roper Industries, Inc.		88,910		7,406,203

				29,722,572

Machinery—6.7%
Gardner Denver, Inc.		121,141		10,181,901
Graco, Inc.		106,760		5,408,462
Joy Global, Inc.		68,340		6,508,702
Nordson Corp.		86,620		4,751,107
Parker-Hannifin Corp.		61,180		5,490,293
Robbins & Myers, Inc.		31,672		1,673,865
WABCO Holdings, Inc.¹		105,410		7,279,615
Wabtec Corp.		73,890		4,856,051

				46,149,996

Road & Rail—1.4%
Kansas City Southern, Inc.¹		163,170		9,680,876
Information Technology—20.8%
Communications Equipment—3.2%
Acme Packet, Inc.¹		46,960		3,293,305
Aruba Networks, Inc.¹		263,980		7,800,609
F5 Networks, Inc.¹		31,000		3,417,750
Polycom, Inc.¹		119,160		7,661,988

				22,173,652

Internet Software & Services—2.8%
Rackspace Hosting, Inc.¹		205,050		8,763,837
Renren, Inc., Sponsored ADR¹		265,330		2,348,171
SINA Corp.¹		32,000		3,331,200
VeriSign, Inc.		140,090		4,687,411

				19,130,619

IT Services—1.7%
Teradata Corp.¹		169,550		10,206,910
Wright Express Corp.¹		32,450		1,689,672

				11,896,582

Semiconductors & Semiconductor Equipment—4.4%
Atmel Corp.¹		315,480		4,438,804
Avago Technologies Ltd.		138,220		5,252,360
Cavuim, Inc.¹		151,580		6,607,372
Cypress Semiconductor Corp.		228,630		4,833,238
Netlogic Microsystems, Inc.¹		144,570		5,843,519
Xilinx, Inc.		96,110		3,505,132

				30,480,425

Software—8.7%
Ariba, Inc.¹		153,020		5,274,599
Citrix Systems, Inc.¹		113,650		9,092,000
Fortinet, Inc.¹		399,300		10,896,897
Informatica Corp.¹		146,290		8,547,725

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

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares			Value

Software Continued
MICROS Systems, Inc.¹		67,950		$	3,377,795
Red Hat, Inc.¹		144,910			6,651,369
Salesforce.com, Inc.¹		26,080			3,885,398
SuccessFactors, Inc.¹		135,950			3,996,930
TIBCO Software, Inc.¹		296,780			8,612,556

					60,335,269

Materials—6.5%
Chemicals—3.9%
Airgas, Inc.		48,650			3,407,446
Albemarle Corp.		139,820			9,675,544
CF Industries Holdings, Inc.		42,750			6,056,393
Rockwood Holdings, Inc.¹		149,740			8,279,125

					27,418,508

Containers & Packaging—0.6%
Rock-Tenn Co., Cl. A		60,240			3,996,322
Metals & Mining—2.0%
Allied Nevada Gold Corp.¹		84,800			2,999,376
Molycorp, Inc.¹		92,000			5,617,520
Silver Wheaton Corp.		106,220			3,505,260
Walter Industries, Inc.		13,630			1,578,354

					13,700,510

Telecommunication Services—1.8%
Wireless Telecommunication Services—1.8%
MetroPCS Communications, Inc.¹		276,800			4,763,728
NII Holdings, Inc.¹		82,640			3,502,283
SBA Communications Corp.¹		114,090			4,357,087

					12,623,098

Total Common Stocks (Cost $481,873,786)					677,059,772

Investment Company—3.0%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^2,3 (Cost $20,695,244)		20,695,244			20,695,244

Total Investments, at Value (Cost $502,569,030)		100.9	%		697,755,016
Liabilities in Excess of Other Assets		(0.9	)		(6,233,152	)

Net Assets		100.0	%	$	691,521,864

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 June 30, 2011, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2010

Additions

Reductions

June 30, 2011

Oppenheimer Institutional Money Market Fund, Cl. E

2,477,343

161,187,920

142,970,019

20,695,244


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	20,695,244	$	7,512


3.		Rate shown is the 7-day yield as of June 30, 2011.

8 | OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

Valuation Inputs

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

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

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset 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 table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2011 based on valuation input level:


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

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	133,037,059	$	—	$	—	$	133,037,059
Consumer Staples		44,655,239		—		—		44,655,239
Energy		48,867,933		—		—		48,867,933
Financials		36,428,404		—		—		36,428,404
Health Care		102,341,071		—		—		102,341,071
Industrials		109,975,081		—		—		109,975,081
Information Technology		144,016,547		—		—		144,016,547
Materials		45,115,340		—		—		45,115,340
Telecommunication Services		12,623,098		—		—		12,623,098
Investment Company		20,695,244		—		—		20,695,244

Total Assets	$	697,755,016	$	—	$	—	$	697,755,016

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

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

See accompanying Notes to Financial Statements.

9 | OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2011


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $481,873,786)	$	677,059,772
Affiliated companies (cost $20,695,244)		20,695,244

		697,755,016
Cash		34,274
Receivables and other assets:
Investments sold		4,430,540
Dividends		90,623
Shares of beneficial interest sold		14,926
Other		29,625

Total assets		702,355,004

Liabilities
Payables and other liabilities:
Investments purchased		8,358,489
Shares of beneficial interest redeemed		2,235,420
Shareholder communications		125,583
Transfer and shareholder servicing agent fees		54,329
Distribution and service plan fees		24,881
Trustees’ compensation		24,075
Other		10,363

Total liabilities		10,833,140

Net Assets	$	691,521,864


Composition of Net Assets
Par value of shares of beneficial interest	$	12,975
Additional paid-in capital		715,685,126
Accumulated net investment loss		(1,946,715	)
Accumulated net realized loss on investments		(217,415,508	)
Net unrealized appreciation on investments		195,185,986

Net Assets	$	691,521,864


Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $649,275,215 and 12,163,787 shares of beneficial interest outstanding)	$	53.38
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $42,246,649 and 811,525 shares of beneficial interest outstanding)	$	52.06

See accompanying Notes to Financial Statements.

10 | OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2011


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $6,659)	$	811,970
Affiliated companies		7,512
Interest		283

Total investment income		819,765

Expenses
Management fees		2,403,814
Distribution and service plan fees—Service shares		47,512
Transfer and shareholder servicing agent fees:
Non-Service shares		318,133
Service shares		19,030
Shareholder communications:
Non-Service shares		50,169
Service shares		2,980
Trustees’ compensation		13,840
Custodian fees and expenses		2,912
Administration service fees		750
Other		20,608

Total expenses		2,879,748
Less waivers and reimbursements of expenses		(134,102	)

Net expenses		2,745,646

Net Investment Loss		(1,925,881	)

Realized and Unrealized Gain
Net realized gain on investments from unaffiliated companies		85,472,559
Net change in unrealized appreciation/depreciation on investments		8,616,302

Net Increase in Net Assets Resulting from Operations	$	92,162,980

See accompanying Notes to Financial Statements.

11 | OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months
	Ended			Year Ended
	June 30, 2011			December 31,
	(Unaudited)			2010

Operations
Net investment loss	$	(1,925,881	)	$	(1,731,317	)
Net realized gain		85,472,559			74,149,150
Net change in unrealized appreciation/depreciation		8,616,302			71,236,219

Net increase in net assets resulting from operations		92,162,980			143,654,052

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(49,879,554	)		(72,544,702	)
Service shares		4,697,030			(348,697	)

		(45,182,524	)		(72,893,399	)

Net Assets
Total increase		46,980,456			70,760,653
Beginning of period		644,541,408			573,780,755

End of period (including accumulated net investment loss of $1,946,715 and $20,834, respectively)	$	691,521,864		$	644,541,408

See accompanying Notes to Financial Statements.

12 | OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2011												Year Ended December 31,
Non-Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	46.55		$	36.52		$	27.54		$	54.07		$	50.85		$	49.39

Income (loss) from investment operations:
Net investment loss¹		(.14	)		(.11	)		(.05	)		(.13	)		(.02	)		(.02	)
Net realized and unrealized gain (loss)		6.97			10.14			9.03			(26.40	)		3.24			1.48

Total from investment operations		6.83			10.03			8.98			(26.53	)		3.22			1.46

Net asset value, end of period	$	53.38		$	46.55		$	36.52		$	27.54		$	54.07		$	50.85


Total Return, at Net Asset Value²		14.67	%		27.46	%		32.61	%		(49.07	)%		6.33	%		2.96	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	649,275		$	611,872		$	547,683		$	461,684		$	1,002,442		$	1,054,809

Average net assets (in thousands)	$	641,764		$	548,739		$	478,968		$	754,170		$	1,045,592		$	1,135,831

Ratios to average net assets:³
Net investment loss		(0.56	)%		(0.29	)%		(0.17	)%		(0.30	)%		(0.04	)%		(0.04	)%
Total expenses⁴		0.84	%		0.85	%		0.86	%		0.71	%		0.69	%		0.69	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80	%		0.76	%		0.71	%		0.68	%		0.69	%		0.69	%

Portfolio turnover rate		49	%		95	%		102	%		78	%		112	%		56	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	0.84	%
Year Ended December 31, 2010	0.85	%
Year Ended December 31, 2009	0.86	%
Year Ended December 31, 2008	0.71	%
Year Ended December 31, 2007	0.69	%
Year Ended December 31, 2006	0.69	%

See accompanying Notes to Financial Statements.

13 | OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2011												Year Ended December 31,
Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	45.46		$	35.75		$	27.03		$	53.22		$	50.19		$	48.87

Income (loss) from investment operations:
Net investment loss¹		(.20	)		(.20	)		(.13	)		(.24	)		(.17	)		(.16	)
Net realized and unrealized gain (loss)		6.80			9.91			8.85			(25.95	)		3.20			1.48

Total from investment operations		6.60			9.71			8.72			(26.19	)		3.03			1.32

Net asset value, end of period	$	52.06		$	45.46		$	35.75		$	27.03		$	53.22		$	50.19


Total Return, at Net Asset Value²		14.52	%		27.16	%		32.26	%		(49.21	)%		6.04	%		2.70	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	42,247		$	32,669		$	26,098		$	21,952		$	47,270		$	47,131

Average net assets (in thousands)	$	38,378		$	27,552		$	22,605		$	35,815		$	49,421		$	44,273

Ratios to average net assets:³
Net investment loss		(0.81	)%		(0.53	)%		(0.44	)%		(0.57	)%		(0.31	)%		(0.33	)%
Total expenses⁴		1.09	%		1.10	%		1.12	%		0.98	%		0.96	%		0.97	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05	%		1.01	%		0.97	%		0.95	%		0.96	%		0.97	%

Portfolio turnover rate		49	%		95	%		102	%		78	%		112	%		56	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	1.09	%
Year Ended December 31, 2010	1.10	%
Year Ended December 31, 2009	1.12	%
Year Ended December 31, 2008	0.98	%
Year Ended December 31, 2007	0.96	%
Year Ended December 31, 2006	0.97	%

See accompanying Notes to Financial Statements.

14 | OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Small- & Mid-Cap Growth Fund/VA (the “Fund”), is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek capital appreciation by investing in “growth type” companies. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The Fund offers two classes of shares. Both classes are sold at their offering price, which is the net asset value per share, to separate investment accounts of participating insurance companies as an underlying investment for variable life insurance policies, variable annuity contracts or other investment products. The class of shares designated as Service shares is subject to a distribution and service plan. Both classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class.

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

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

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as “Level 1,” observable market inputs other than unadjusted quoted prices are classified as “Level 2” and significant unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

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

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

U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and “money market-type” debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities.

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

15 | OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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

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

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

During the fiscal year ended December 31, 2010, the Fund utilized $72,390,451 of capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2010, the Fund had available for federal income tax purposes unused capital loss carryforward as follows:


Expiring

2017	��	$	301,034,992

As of June 30, 2011, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $215,562,433 expiring by 2017. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2011, it is estimated that the Fund will utilize $85,472,559 of capital loss carryforward to offset realized capital gains.

16 | OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of June 30, 2011 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.


Federal tax cost of securities	$	504,539,582


Gross unrealized appreciation	$	198,818,208
Gross unrealized depreciation		(5,602,774	)

Net unrealized appreciation	$	193,215,434

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Fund. Although the Act provides a number of benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of a fund’s prior year capital loss carryovers will expire unused. In general, the provisions of the Act will be effective for the Fund’s fiscal year ending 2012. Specific information regarding the impact of the Act on the Fund will be contained within the “Federal Taxes” section of the financial statement notes for the fiscal year ending 2012.

Trustees’ Compensation. The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

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

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

17 | OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

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

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		327,499		$	16,537,314			660,517		$	26,701,795
Redeemed		(1,308,138	)		(66,416,868	)		(2,513,826	)		(99,246,497	)

Net decrease		(980,639	)	$	(49,879,554	)		(1,853,309	)	$	(72,544,702	)


Service Shares
Sold		207,904		$	10,344,328			170,363		$	6,822,078
Redeemed		(115,081	)		(5,647,298	)		(181,692	)		(7,170,775	)

Net increase (decrease)		92,823		$	4,697,030			(11,329	)	$	(348,697	)

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2011, were as follows:


	Purchases		Sales

Investment securities	$	336,989,949	$	404,060,434

4. Fees and Other Transactions with Affiliates

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


Fee Schedule

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

18 | OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS fees at an annual rate of 0.10% of the daily net assets of each class of shares. For the six months ended June 30, 2011, the Fund paid $338,366 to OFS for services to the Fund.

Distribution and Service Plan for Service Shares. The Fund has adopted a Distribution and Service Plan (the “Plan”) in accordance with Rule 12b-1 under the Investment Company Act of 1940 for Service shares to pay OppenheimerFunds Distributor, Inc. (the “Distributor”), for distribution related services, personal service and account maintenance for the Fund’s Service shares. Under the Plan, payments are made periodically at an annual rate of 0.25% of the daily net assets of Service shares of the Fund. The Distributor currently uses all of those fees to compensate sponsors of the insurance product that offers Fund shares, for providing personal service and maintenance of accounts of their variable contract owners that hold Service shares. These fees are paid out of the Fund’s assets on an on-going basis and increase operating expenses of the Service shares, which results in lower performance compared to the Fund’s shares that are not subject to a service fee. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s total annual operating expenses so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.80% for Non-Service shares and 1.05% for Service shares. During the six months ended June 30, 2011, the Manager waived fees and/or reimbursed the Fund $122,517 and $7,297 for Non-Service and Service shares, respectively.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the six months ended June 30, 2011, the Manager waived fees and/or reimbursed the Fund $4,288 for IMMF management fees.

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

5. Pending Litigation

Since 2009, a number of lawsuits have been filed in federal and state courts against the Manager, the Distributor and certain Oppenheimer mutual funds (but not including the Fund) advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal and state securities laws and state common law and allege, among other things, that the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions and that the respective Defendant Fund’s investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. On June 1, 2011, the U.S. District Court for the District of Colorado gave preliminary approval to stipulations and agreements of settlement in certain purported class action lawsuits involving two Defendant Funds, Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund. Those settlements are subject to the final approval of the court. Final approval of the settlements also requires that a sufficient number of class members approve the settlement to induce the settling defendants to proceed with it. These settlements do not resolve any of the other outstanding lawsuits relating to Oppenheimer Champion Income Fund, Oppenheimer Core Bond Fund or other Defendant Funds.

In 2009, what are claimed to be derivative lawsuits were filed in New Mexico state court against the Manager and a subsidiary (but not against the Fund) on behalf of the New Mexico Education Plan Trust. These lawsuits allege breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seek compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

19 | OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Pending Litigation Continued

Other lawsuits have been filed since 2008 in various state and federal courts against the Manager and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of the Manager and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors as defendants. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Mr. Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of certain purported class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 8, 2011, the court issued a ruling approving the settlement as fair, reasonable and adequate. The court’s approval of the settlement is subject to potential appeal by claimants. On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. This settlement is subject to the final approval of the court. The aforementioned settlements do not resolve any of the other outstanding lawsuits relating to these matters.

On April 16, 2010, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On July 15, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark I Funding Limited (“AAArdvark I”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

The Manager believes the lawsuits described above are without legal merit and, with the exception of actions it has agreed to settle, is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.

20 | OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

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

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21 | OPPENHEIMER SMALL- & MID-CAP GROWTH FUND/VA

A Series of Oppenheimer Variable Account Funds


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

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG llp

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and, if available, summary prospectuses, carefully before investing.

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

June 30, 2011 Oppenheimer Balanced Fund/VA Semiannual Report A Series of Oppenheimer Variable Account Funds SEMI ANNUAL REPORT Fund Performance Discussion Listing of Top Holdings Financial Statements

OPPENHEIMER BALANCED FUND/VA

Portfolio Managers: Emmanuel Ferreira, Krishna Memani and Peter A. Strzalkowski

Cumulative Total Returns
For the 6-Month Period Ended 6/30/11


Non-Service Shares	4.28	%
Service Shares	4.16

Average Annual Total Returns
For the Periods Ended 6/30/11


	1-Year		5-Year		10-Year

Non-Service Shares	21.07	%	–1.20	%	1.52	%

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

Service Shares	20.88	%	–1.44	%	1.88	%

Expense Ratios
For the Fiscal Year Ended 12/31/10


	Gross		Net
	Expense		Expense
	Ratios		Ratios

Non-Service Shares	0.92	%	0.66	%
Service Shares	1.17		0.91

Portfolio Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on the total market value of investments.


Top Ten Common Stock Holdings


Take-Two Interactive Software, Inc.	6.9	%
Mylan, Inc.	3.0
Chevron Corp.	2.5
Google, Inc., Cl. A	2.5
Nestle SA	2.3
JPMorgan Chase & Co.	2.3
Jupiter Telecommunications Co. Ltd.	2.1
QUALCOMM, Inc.	2.0
MetLife, Inc.	1.9
eBay, Inc.	1.8

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on net assets.

2 | OPPENHEIMER BALANCED FUND/VA

FUND PERFORMANCE DISCUSSION

During the reporting period, the Fund’s Non-Service Shares produced a return of 4.28%. In comparison, the S&P 500 Index returned 6.02% and the Barclays Capital U.S. Aggregate Bond Index returned 2.72%.

Economic and Market Overview

At the beginning of the reporting period, encouraging data from the U.S. labor market, including a declining unemployment rate, seemed to indicate that the long-awaited revival of consumer and business confidence was at hand. The global economy also appeared to provide reasons for an upbeat outlook. In Europe, policymakers continued to take measures to contain the sovereign debt problems of certain European countries and, in February, strong corporate earnings led to an upward revision of the European Central Bank’s 2011 growth forecast. Fears that had surfaced in 2010 over rising inflationary pressures in the fast-growing emerging markets lessened to a degree as the new year began.

While the markets generally performed well in the first four months of 2011, a number of dramatic global events created increased market volatility. A wave of political unrest in North Africa and the Middle East sparked worries that disruptions in oil production might derail the global economic recovery. Although energy prices surged higher, investors retained their optimism and riskier assets, such as stocks and higher-yielding fixed-income securities, generally continued to rally. Investors encountered another unexpected shock on March 11, when a catastrophic natural disaster followed by a nuclear crisis hit Japan, one of the world’s largest economies and a key exporter of industrial components to many countries and industries, including U.S. automobile manufacturers. However, disruptions to the global supply chain proved significantly less severe than originally anticipated and, after a brief pullback, the markets continued to climb higher.

In April 2011, market concerns resurfaced when Greece again teetered on the brink of defaulting on its sovereign debt, rekindling worries from 2010 that fiscal instability might spread to other parts of Europe. At the same time, a debate regarding government spending and borrowing intensified in the United States, causing a renewed sense of uncertainty among businesses and consumers as the August 2 deadline to raise the U.S. Government’s debt ceiling loomed. Additionally, the Fed’s latest round of quantitative easing measures labeled “QE2” officially ended on June 30, further contributing to questions around what the Fed’s next move would be. As a result, by period end, job creation had slowed to a crawl, the unemployment rate moved higher and consumers reined in spending. Despite the volatility and dramatic headlines, overall the global markets finished the second half of the reporting period in positive territory, reflective of healthy balance sheets of many multinational corporations, continued growth in developing markets and the ongoing economic recoveries in the U.S., Canada and in much of Western Europe.

Fund Review

In a period where equities outperformed bonds, the Fund’s allocation to fixed-income securities resulted in its under-performance versus the S&P 500 Index. Measured separately, the Fund’s equity component performed in line with the S&P 500 Index and the fixed-income component outperformed the Barclays Capital U.S. Aggregate Bond Index.

The Fund’s equity component outperformed the S&P 500 Index primarily in materials, information technology, health care and financials. Stronger relative stock selection in the materials and information technology sectors was the main driver of positive Fund performance. The equity component’s relative overweight to the health care sector versus the S&P 500 Index also benefited performance. An underweight to financial stocks, the only sector in the Index to have a negative return, resulted in the equity component outperforming the S&P 500 Index within the financials sector as well.

The equity component’s top performing individual security was Take-Two Interactive Software, Inc. During the period, Take-Two, a leading video game developer, benefited from sales of its NBA 2K11 basketball game as well as Red Dead Redemption, a game by Rockstar Studios that was well received by consumers. Take-Two remains a long-time holding of the Fund and was its largest equity position at period end. Also within information technology, leading mobile phone chipmaker QUALCOMM, Inc. was another top contributor for the equity component. QUALCOMM raised its 2011 forecast amid strong sales. The company also signed a subscriber unit license agreement with Chinese mobile phone maker Zoom Technologies, Inc. Within the health care sector, managed health care firms Humana, Inc.

3 | OPPENHEIMER BALANCED FUND/VA

FUND PERFORMANCE DISCUSSION

and WellPoint, Inc. were among the top contributors to Fund performance, as market fears over the new health care overhaul abated to a degree. Both firms raised their 2011 forecasts and reported earnings that beat Wall Street expectations.

The most significant detractors within the Fund’s equity component were industrials and energy, due to weaker relative stock selection. Information technology holdings THQ, Inc. and Google, Inc. were the most significant individual detractors. Shares of video game company THQ declined after reviews for its Homefront game came in weaker than expected. A jump in operating expenses due to increased marketing efforts and hiring of new employees caused Google’s shares to fall. The company also declined as the market grew concerned that certain tech stocks were overval-ued given the uncertain economy and potential for future lower revenues, leading to some profit taking.

In health care, Vanda Pharmaceuticals, Inc. detracted from performance. The company announced during the period that a Phase I trial had been initiated by licensing partner Novartis to evaluate the effectiveness of the drug Fanapt, used in the treatment of schizophrenia, in a long-acting injectable formulation. In the immediate term, the market did not seem to think the announcement benefited the company’s bottom line. Our view is that the potential for value creation may be significant for a company with competitive products and minimal debt levels.

The Fund’s fixed-income component outperformed the Barclays Capital U.S. Aggregate Bond Index in a number of areas for the six-month period, including mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS). In terms of MBS, the Fund’s fixed-income component had exposure to MBS guaranteed by government-sponsored enterprises, commonly referred to as agency MBS, as well as a smaller allocation to MBS originated by private entities, also known as non-agency MBS. With respect to investment grade corporate securities, the fixed-income component maintained an overweight to financials and a tilt towards lower-rated, investment grade corporate debt, especially BBB-rated securities. This positioning also contributed to results overall for the period. These areas of the market performed particularly well over the first half of the period, when riskier asset classes continued to rally and outperformed historically defensive securities, such as U.S. Treasuries.

Over the second half of the period, the markets witnessed increased volatility and investors became more risk averse. As a result, the fixed-income component’s exposure to MBS, CMBS, ABS and higher yielding investments did not perform as well over the second half, although these areas still finished in the positive for the overall period. The fixed-income component’s underweight in U.S. Treasuries also detracted from performance over the second half of the period.

Please remember that bonds are exposed to credit and interest rate risks (when interest rates rise, bond/fund prices generally fall). The Fund may invest in below-investment-grade (“junk”) bonds, which are more at risk of default and are subject to liquidity risk. Mortgage-related securities have greater potential for loss when interest rates rise. The Fund also invests in derivative instruments, investments whose values depend on the performance of an underlying security, asset, interest rate or currency and entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. See the prospectus for more information on the risks associated with investing in the Fund.

4 | OPPENHEIMER BALANCED FUND/VA

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

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

5 | OPPENHEIMER BALANCED FUND/VA

FUND EXPENSES

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2011.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	January 1, 2011		June 30, 2011		June 30, 2011

Actual
Non-Service Shares	$	1,000.00	$	1,042.80	$	3.40
Service Shares		1,000.00		1,041.60		4.67

Hypothetical (5% return before expenses)
Non-Service Shares		1,000.00		1,021.47		3.36
Service Shares		1,000.00		1,020.23		4.62


Class	Expense Ratios

Non-Service shares		0.67	%
Service shares		0.92

6 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF INVESTMENTS June 30, 2011 / Unaudited


	Shares		Value

Common Stocks—50.3%
Consumer Discretionary—2.8%
Media—2.1%
Jupiter Telecommunications Co. Ltd.		4,393	$	4,911,128
Multiline Retail—0.7%
Target Corp.		34,730		1,629,184
Consumer Staples—3.9%
Food & Staples Retailing—0.7%
CVS Caremark Corp.		44,100		1,657,278
Food Products—2.3%
Nestle SA		87,780		5,455,254
Tobacco—0.9%
Altria Group, Inc.		83,010		2,192,294
Energy—4.8%
Energy Equipment & Services—0.5%
Schlumberger Ltd.		13,460		1,162,944
Oil, Gas & Consumable Fuels—4.3%
BP plc, ADR		29,250		1,295,483
Chevron Corp.		56,870		5,848,511
CONSOL Energy, Inc.		31,300		1,517,424
Exxon Mobil Corp.		15,430		1,255,693

				9,917,111

Financials—7.4%
Capital Markets—0.5%
Goldman Sachs Group, Inc. (The)		8,180		1,088,676
Commercial Banks—0.8%
M&T Bank Corp.		20,090		1,766,916
Diversified Financial Services—2.3%
JPMorgan Chase & Co.		132,900		5,440,926
Insurance—3.8%
ACE Ltd.		26,440		1,740,281
Everest Re Group Ltd.		34,210		2,796,668
MetLife, Inc.		98,430		4,318,124

				8,855,073

Health Care—9.8%
Biotechnology—3.1%
Amgen, Inc.¹		46,400		2,707,440
Gilead Sciences, Inc.¹		77,790		3,221,284
Vanda Pharmaceuticals, Inc.¹		199,000		1,420,860

				7,349,584

Health Care Providers & Services—2.1%
Humana, Inc.		31,730		2,555,534
WellPoint, Inc.		30,050		2,367,039

				4,922,573

Pharmaceuticals—4.6%
Merck & Co., Inc.		56,567		1,996,249
Mylan, Inc.¹		281,030		6,933,010
Teva Pharmaceutical Industries Ltd., Sponsored ADR		35,740		1,723,383

				10,652,642

Industrials—3.0%
Aerospace & Defense—0.0%
AerCap Holdings NV¹		4,500		58,545
Airlines—0.7%
United Continental Holdings, Inc.¹		69,580		1,574,595
Electrical Equipment—0.8%
Cooper Industries plc		30,490		1,819,338
Machinery—1.5%
Ingersoll-Rand plc		76,350		3,467,054
Information Technology—16.2%
Communications Equipment—2.0%
Orbcomm, Inc.¹		375		1,174
QUALCOMM, Inc.		83,900		4,764,681

				4,765,855

Internet Software & Services—4.3%
eBay, Inc.¹		128,390		4,143,145
Google, Inc., Cl. A¹		11,310		5,727,158

				9,870,303

Software—9.9%
Microsoft Corp.		73,290		1,905,540
Oracle Corp.		64,350		2,117,759
Take-Two Interactive Software, Inc.¹		1,048,576		16,022,241
THQ, Inc.¹		853,300		3,088,946

				23,134,486

Materials—1.7%
Chemicals—1.7%
Celanese Corp., Series A		46,000		2,452,260
LyondellBasell Industries NV, Cl. A		30,300		1,167,156
Mosaic Co. (The)		3,850		260,761

				3,880,177

Metals & Mining—0.0%
Kaiser Aluminum Corp.		114		6,227
Telecommunication Services—0.0%
Diversified Telecommunication Services—0.0%
XO Holdings, Inc.¹		85		60
Utilities—0.7%
Electric Utilities—0.7%
Edison International, Inc.		40,500		1,569,375

Total Common Stocks (Cost $104,873,892)				117,147,598

7 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Asset-Backed Securities—4.3%
AESOP Funding II LLC, Automobile Receivables Nts., Series 2011-1A, Cl. A, 1.85%, 11/20/13²	$	125,000	$	125,587
Ally Auto Receivables Trust 2010-4, Automobile Receivables Nts., Series 2010-4, Cl. A3, 0.91%, 11/17/14		30,000		30,052
Ally Master Owner Trust 2010-3, Asset-Backed Certificates, Series 2010-3, Cl. A, 2.88%, 4/15/15²		200,000		205,820
AmeriCredit Automobile Receivables Trust 2009-1, Automobile Receivables-Backed Nts., Series 2009-1, Cl. A3, 3.04%, 10/15/13		126,923		128,422
AmeriCredit Automobile Receivables Trust 2010-4, Automobile Receivables-Backed Nts., Series 2010-4, Cl. D, 4.20%, 11/8/16		390,000		404,563
AmeriCredit Automobile Receivables Trust 2011-1, Automobile Receivables-Backed Nts., Series 2011-1, Cl. D, 4.26%, 2/8/17		60,000		60,363
AmeriCredit Automobile Receivables Trust 2011-2, Automobile Receivables-Backed Nts.:
Series 2011-2, Cl. A3, 1.61%, 10/8/15		70,000		70,576
Series 2011-2, Cl. D, 4%, 5/8/17		120,000		119,530
AmeriCredit Prime Automobile Receivables Trust 2010-1, Automobile Receivables Nts., Series 2010-1, Cl. A2, 0.97%, 1/15/13		10,199		10,200
AmeriCredit Prime Automobile Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A2, 1.22%, 10/8/13		59,908		60,057
CarMax Auto Owner Trust 2010-3, Automobile Asset-Backed Nts., Series 2010-3, Cl. A3, 0.99%, 2/17/15		65,000		64,975
Carrington Mortgage Loan Trust, Asset-Backed Pass-Through Certificates, Series 2006-FRE1, Cl. A2, 0.296%, 7/25/36³		212,337		200,856
Centre Point Funding LLC, Asset-Backed Nts., Series 2010-1A, Cl. 1, 5.43%, 7/20/15²		60,125		63,938
Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15		180,000		191,899
Citibank Omni Master Trust, Credit Card Receivables:
Series 2009-A12, Cl. A12, 3.35%, 8/15/16²		230,000		235,535
Series 2009-A13, Cl. A13, 5.35%, 8/15/18²		220,000		240,727
Series 2009-A17, Cl. A17, 4.90%, 11/15/18²		220,000		238,268
Series 2009-A8, Cl. A8, 2.287%, 5/16/16^2,3		325,000		328,984
CNH Wholesale Master Note Trust 2011-1, Equipment Nts., Series 2011-1, Cl. 1A, 0.987%, 1/20/41³		240,000		241,120
Countrywide Home Loans, Asset-Backed Certificates:
Series 2002-4, Cl. A1, 0.926%, 2/25/33³		8,285		7,939
Series 2005-16, Cl. 2AF2, 5.382%, 5/1/36		248,225		202,503
Series 2005-17, Cl. 1AF2, 5.363%, 5/1/36		138,010		117,976
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.306%, 6/25/47³		480,000		427,325
DSC Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2011-1, Cl. A, 3.91%, 3/15/16		210,000		212,219
DT Auto Owner Trust 2009-1, Automobile Receivable Nts., Series 2009-1, Cl. A1, 2.98%, 10/15/15²		210,190		212,219
DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/15/15²		290,000		291,441
DT Auto Owner Trust 2011-2A, Automobile Receivable Nts., Series 2011-2A, Cl. C, 3.05%, 7/15/13²		70,000		70,142
First Investors Auto Owner Trust 2011-1, Automobile Receivable Nts., Series 2011-1, Cl. A2, 1.47%, 3/16/15		235,427		235,674
Ford Credit Auto Lease Trust, Automobile Receivable Nts., Series 2010-B, Cl. A2, 0.75%, 10/15/12²		245,000		245,145
Ford Credit Auto Owner Trust, Automobile Receivable Nts., Series 2010-A, Cl. A4, 2.15%, 6/15/15		350,000		358,183
Ford Credit Floorplan Master Owner Trust 2009-2, Asset-Backed Nts., Series 2009-2, Cl. A, 1.737%, 9/15/14³		245,000		248,389
Ford Credit Floorplan Master Owner Trust 2010-1, Asset-Backed Nts., Series 2010-1, Cl. A, 1.837%, 12/15/14^2,3		250,000		254,753
Ford Credit Floorplan Master Owner Trust 2011-1, Asset-Backed Nts., Series 2011-1, Cl. A1, 2.12%, 2/15/16		255,000		258,835
GE Capital Credit Card Master Note Trust, Asset-Backed Nts., Series 2009-2, Cl. A, 3.69%, 7/15/15		105,000		108,014

8 | OPPENHEIMER BALANCED FUND/VA


	Principal
	Amount		Value

Asset-Backed Securities Continued
GE Dealer Floorplan Master Note Trust, Asset-Backed Securities, Series 2009-2A, Cl. A, 1.736%, 10/20/14^2,3	$	240,000	$	243,612
GMAC Mortgage Servicer Advance Funding Ltd., Asset-Backed Nts., Series 2011-1A, Cl. A, 3.72%, 2/15/23²		230,000		232,290
Hertz Vehicle Financing LLC, Automobile Receivable Nts., Series 2010-1A, Cl. A1, 2.60%, 2/25/15²		240,000		244,975
HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.446%, 1/20/35³		212,543		200,187
HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.296%, 3/20/36³		19,974		19,940
MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 1.537%, 3/15/16³		255,000		258,036
Navistar Financial Dealer Note Master Owner Trust, Asset-Backed Nts., Series 2010-1, Cl. A, 1.836%, 1/26/15^2,3		405,000		407,592
Nissan Auto Lease Trust 2010-B, Automobile Asset-Backed Nts., Series 2010-B, Cl. A3, 1.12%, 12/15/13		220,000		221,111
Nissan Master Owner Trust, Automobile Receivable Nts., Series 2010-AA, Cl. A, 1.337%, 1/15/15^2,3		240,000		242,676
RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.286%, 9/25/36³		33,125		33,005
Santander Drive Auto Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A2, 0.95%, 8/15/13		161,554		161,725
Santander Drive Auto Receivables Trust 2010-3, Automobile Receivables Nts., Series 2010-3, Cl. C, 3.06%, 11/15/17		235,000		235,365
Santander Drive Auto Receivables Trust 2010-A, Automobile Receivables Nts., Series 2010-A, Cl. A2, 1.37%, 8/15/13²		221,195		221,828
Santander Drive Auto Receivables Trust 2011-1, Automobile Receivables Nts., Series 2011-1, Cl. D, 4.01%, 2/15/17		245,000		243,574
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17⁴		294,613		294,981
Santander Drive Auto Receivables Trust 2011-S2A, Automobile Receivables Nts., Series 2011-S2A, Cl. D, 3.35%, 6/15/17²		200,000		199,820
Volkswagen Auto Lease Trust 2010-A, Automobile Receivable Nts., Series 2010-A, Cl. A3, 0.99%, 11/20/13		215,000		215,552
Westlake Automobile Receivables Trust 2011-1, Automobile Receivables Nts., Series 2011-1, Cl. A3, 1.49%, 6/16/14²		105,000		105,108
World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2009-A, Cl. A, 4.60%, 9/15/15		5,000		5,070


Total Asset-Backed Securities (Cost $10,122,814)				10,058,676

Mortgage-Backed Obligations—27.0%
Government Agency—21.7%
FHLMC/FNMA/FHLB/Sponsored—21.3%
Federal Home Loan Mortgage Corp.:
5%, 6/1/40		429,322		458,641
5.50%, 9/1/39		1,130,891		1,222,993
7%, 10/1/37		867,944		1,000,017
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 2006-11, Cl. PS, 23.885%, 3/25/36³		225,651		298,212
Series 2426, Cl. BG, 6%, 3/15/17		352,599		381,597
Series 2427, Cl. ZM, 6.50%, 3/15/32		388,604		440,214
Series 2626, Cl. TB, 5%, 6/1/33		587,188		633,514
Series 2638, Cl. KG, 4%, 11/1/27		7,978		7,978
Series 2663, Cl. BA, 4%, 8/1/16		235,951		238,689
Series 2686, Cl. CD, 4.50%, 2/1/17		89,052		89,814
Series 2907, Cl. GC, 5%, 6/1/27		48,565		48,832
Series 2929, Cl. PC, 5%, 1/1/28		29,921		30,007
Series 2952, Cl. GJ, 4.50%, 12/1/28		14,235		14,287
Series 3019, Cl. MD, 4.75%, 1/1/31		201,235		205,105
Series 3025, Cl. SJ, 24.064%, 8/15/35³		66,989		87,722
Series 3094, Cl. HS, 23.698%, 6/15/34³		132,301		169,497
Series 3242, Cl. QA, 5.50%, 3/1/30		103,389		105,184
Series 3848, Cl. WL, 4%, 4/1/40		305,116		323,169
Series R001, Cl. AE, 4.375%, 4/1/15		32,180		32,512
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 17.84%, 4/1/27⁵		163,418		32,135

9 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Continued
Series 192, Cl. IO, 14.084%, 2/1/28⁵	$	46,383	$	9,450
Series 2130, Cl. SC, 53.282%, 3/15/29⁵		129,357		24,648
Series 243, Cl. 6, 1.759%, 12/15/32⁵		155,867		30,654
Series 2527, Cl. SG, 43.425%, 2/15/32⁵		34,046		1,432
Series 2531, Cl. ST, 27.011%, 2/15/30⁵		545,590		23,744
Series 2796, Cl. SD, 69.167%, 7/15/26⁵		189,890		34,710
Series 2802, Cl. AS, 70.684%, 4/15/33⁵		156,042		14,928
Series 2920, Cl. S, 68.177%, 1/15/35⁵		1,009,460		162,804
Series 3110, Cl. SL, 99.999%, 2/15/26⁵		138,317		19,648
Series 3451, Cl. SB, 29.003%, 5/15/38⁵		846,758		111,027
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 3.612%, 6/1/26⁶		46,360		40,191
Federal National Mortgage Assn.:
4%, 7/1/26⁷		235,000		244,841
4.50%, 7/1/26-7/1/41⁷		8,387,000		8,725,384
5%, 8/1/41⁷		8,567,000		9,079,684
5.50%, 9/25/20		10,436		11,404
5.50%, 7/1/26-7/1/41⁷		5,149,000		5,568,997
6%, 3/1/37		728,774		803,293
6%, 7/1/41⁷		3,065,000		3,367,191
6.50%, 8/1/41⁷		1,305,000		1,474,039
7%, 11/1/17		155,715		164,130
7.50%, 1/1/33		192,073		225,176
8.50%, 7/1/32		5,765		6,610
Federal National Mortgage Assn., 15 yr., 3.50%, 6/1/26⁷		2,790,000		2,841,442
Federal National Mortgage Assn., 30 yr., 4%, 8/1/41⁷		3,505,000		3,495,691
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Trust 1998-61, Cl. PL, 6%, 11/25/28		139,394		155,709
Trust 2004-101, Cl. BG, 5%, 1/25/20		885,469		946,398
Trust 2004-81, Cl. KC, 4.50%, 4/1/17		131,852		132,705
Trust 2004-9, Cl. AB, 4%, 7/1/17		167,334		170,833
Trust 2005-104, Cl. MC, 5.50%, 12/25/25		700,000		776,676
Trust 2005-12, Cl. JC, 5%, 6/1/28		159,488		161,627
Trust 2005-22, Cl. EC, 5%, 10/1/28		62,892		63,817
Trust 2005-30, Cl. CU, 5%, 4/1/29		74,527		76,025
Trust 2005-69, Cl. LE, 5.50%, 11/1/33		346,343		369,585
Trust 2006-46, Cl. SW, 23.518%, 6/25/36³		170,124		218,094
Trust 2009-36, Cl. FA, 1.126%, 6/25/37³		401,087		405,070
Trust 2009-37, Cl. HA, 4%, 4/1/19		526,287		554,284
Trust 2009-70, Cl. PA, 5%, 8/1/35		610,598		649,649
Trust 2011-15, Cl. DA, 4%, 3/1/41		220,671		226,960
Trust 2011-3, Cl. KA, 5%, 4/1/40		295,093		320,714
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-65, Cl. S, 51.512%, 11/25/31⁵		391,494		68,650
Trust 2001-81, Cl. S, 40.998%, 1/25/32⁵		90,598		16,985
Trust 2002-47, Cl. NS, 41.161%, 4/25/32⁵		208,093		39,996
Trust 2002-51, Cl. S, 41.438%, 8/25/32⁵		191,079		36,911
Trust 2002-52, Cl. SD, 49.507%, 9/25/32⁵		239,386		47,687
Trust 2002-77, Cl. SH, 50.869%, 12/18/32⁵		130,420		26,106
Trust 2002-84, Cl. SA, 52.219%, 12/25/32⁵		349,010		65,275
Trust 2002-9, Cl. MS, 40.286%, 3/25/32⁵		137,856		26,911
Trust 2003-33, Cl. SP, 52.368%, 5/25/33⁵		403,022		69,001
Trust 2003-4, Cl. S, 48.539%, 2/25/33⁵		225,061		42,237
Trust 2003-46, Cl. IH, 0%, 6/1/23^5,8		1,247,766		177,711
Trust 2003-89, Cl. XS, 92.524%, 11/25/32⁵		123,521		9,384
Trust 2004-54, Cl. DS, 59.579%, 11/25/30⁵		200,991		30,155
Trust 2005-14, Cl. SE, 48.205%, 3/25/35⁵		148,841		18,829
Trust 2005-40, Cl. SA, 70.899%, 5/25/35⁵		556,958		93,846
Trust 2005-71, Cl. SA, 66.006%, 8/25/25⁵		583,940		84,078
Trust 2005-93, Cl. SI, 23.446%, 10/25/35⁵		107,336		16,942
Trust 2006-129, Cl. SM, 22.615%, 1/25/37⁵		696,768		112,941
Trust 2006-60, Cl. DI, 48.297%, 4/25/35⁵		93,363		13,091
Trust 2007-88, Cl. XI, 32.886%, 6/25/37⁵		613,478		89,449
Trust 2008-55, Cl. SA, 26.50%, 7/25/38⁵		446,582		43,777
Trust 2008-67, Cl. KS, 50.655%, 8/25/34⁵		242,744		23,653
Trust 222, Cl. 2, 28.212%, 6/1/23⁵		353,486		66,862
Trust 233, Cl. 2, 40.434%, 8/1/23⁵		337,492		65,478
Trust 252, Cl. 2, 39.133%, 11/1/23⁵		295,563		55,756
Trust 319, Cl. 2, 10.095%, 2/1/32⁵		92,086		21,368
Trust 331, Cl. 9, 14.472%, 2/1/33⁵		280,155		59,228
Trust 334, Cl. 17, 22.265%, 2/1/33⁵		162,795		38,068
Trust 339, Cl. 12, 1.704%, 7/1/33⁵		275,721		49,367
Trust 339, Cl. 7, 28.476%, 7/1/33⁵		940,666		156,978
Trust 343, Cl. 13, 5.749%, 9/1/33⁵		256,975		45,290
Trust 345, Cl. 9, 49.759%, 1/1/34⁵		390,193		81,842
Trust 351, Cl. 10, 0.722%, 4/1/34⁵		39,489		6,659
Trust 351, Cl. 8, 6.704%, 4/1/34⁵		122,765		20,657

10 | OPPENHEIMER BALANCED FUND/VA


	Principal
	Amount		Value

FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued
Trust 356, Cl. 10, 19.823%, 6/1/35⁵	$	97,501	$	16,425
Trust 356, Cl. 12, 22.324%, 2/1/35⁵		51,226		8,561
Trust 362, Cl. 13, 1.357%, 8/1/35⁵		373,775		63,828
Trust 364, Cl. 16, 14.676%, 9/1/35⁵		270,841		51,235
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 3.929%, 9/25/23⁶		130,281		114,294

				49,604,894

GNMA/Guaranteed—0.2%
Government National Mortgage Assn., 8%, 4/15/23		54,539		64,415
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2001-21, Cl. SB, 88.157%, 1/16/27⁵		229,444		42,958
Series 2002-15, Cl. SM, 79.685%, 2/16/32⁵		268,352		52,214
Series 2002-76, Cl. SY, 78.523%, 12/16/26⁵		579,459		115,593
Series 2004-11, Cl. SM, 75.69%, 1/17/30⁵		211,017		47,661
Series 2007-17, Cl. AI, 21.74%, 4/16/37⁵		513,008		89,846

				412,687

Other Agency—0.2%
NCUA Guaranteed Notes Trust 2010-R3, Gtd. Nts., Series 2010-R3, Cl. 2A, 0.75%, 12/8/20³		362,286		364,351
Non-Agency—5.3%
Commercial—3.4%
Banc of America Commercial Mortgage Trust 2007-1, Commercial Mtg. Pass-Through Certificates, Series 2007-1, Cl. A4, 5.451%, 1/1/49		355,000		384,419
Bear Stearns ARM Trust 2007-4, Mtg. Pass-Through Certificates, Series 2007-4, Cl. 22A1, 5.762%, 6/1/47³		262,625		210,236
CFCRE Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2011-C1, Cl. A1, 1.871%, 4/1/44²		73,081		73,301
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37		55,364		45,830
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A4, 5.322%, 12/1/49		290,000		308,119
Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		258,615		148,081
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Series 2010-C1, Cl. A1, 3.156%, 7/1/46²		281,451		283,736
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 2010-C1, Cl. XPA, 4.843%, 9/1/20^2,5		2,259,242		187,701
First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35		256,959		251,033
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		468,941		325,512
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2005-GG5, Commercial Mtg. Pass-Through Certificates, Series 2005-GG5, Cl. AM, 5.277%, 4/1/37		280,000		271,181
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. A4, 5.736%, 12/1/49		70,000		75,225
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2011-GC3, Cl. A1, 2.331%, 3/1/44		201,139		204,565
Impac CMB Trust Series 2005-4, Collateralized Asset-Backed Bonds, Series 2005-4, Cl. 1A1A, 0.726%, 5/25/35³		154,741		117,400
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 5.181%, 11/1/35³		336,245		249,076

11 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Commercial Continued
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates:
Series 2011-C3, Cl. A1, 1.875%, 2/1/46²	$	226,649	$	228,464
Series 2010-C2, Cl. A2, 3.616%, 11/1/43²		340,000		332,686
Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49⁴		140,000		140,929
Series 2007-LDP10, Cl. A3S, 5.317%, 1/1/49		355,000		369,847
Series 2007-LDPX, Cl. A3, 5.42%, 1/15/49		40,000		42,944
Series 2007-LD11, Cl. A2, 5.802%, 6/15/49³		270,000		277,554
JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP7, Commercial Mtg. Pass-Through Certificates, Series 2006-LDP7, 5.87%, 4/1/45³		55,000		57,085
JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB19, Commercial Mtg. Pass-Through Certificates, Series 2007-CB19, Cl. AM, 5.932%, 2/1/49³		60,000		58,305
JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 8/1/37		354,050		281,704
LB-UBS Commercial Mortgage Trust 2006-C3, Commercial Mtg. Pass-Through Certificates, Series 2006-C3, Cl. AM, 5.712%, 3/11/39		90,000		89,812
LB-UBS Commercial Mortgage Trust 2007-C1, Commercial Mtg. Pass-Through Certificates, Series 2007-C1, Cl. A2, 5.318%, 2/11/40		210,000		212,474
Mastr Adjustable Rate Mortgages Trust 2004-13, Mtg. Pass-Through Certificates, Series 2004-13, Cl. 2A2, 2.796%, 4/1/34³		214,953		211,520
Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34		503,777		516,080
ML-CFC Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AM, 5.456%, 7/12/46		475,000		472,508
Morgan Stanley Capital I Trust 2007-IQ16, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ16, Cl. AM, 6.313%, 12/1/49³		215,000		213,043
Structured Adjustable Rate Mortgage Loan Trust, Mtg. Pass-Through Certificates, Series 2007-6, Cl. 3A1, 5.244%, 7/1/37³		311,149		207,321
Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. A3, 5.678%, 5/1/46		260,000		281,024
WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A4, 2.665%, 12/1/35³		165,182		142,216
Wells Fargo Commercial Mortgage Trust 2010-C1, Commercial Mtg. Pass-Through Certificates, Series 2010-C1, Cl. A1, 3.349%, 11/1/43²		182,953		183,807
Wells Fargo Mortgage-Backed Securities 2007-AR8 Trust, Mtg. Pass-Through Certificates, Series 2007-AR8, Cl. A1, 6.088%, 11/1/37³		234,616		191,410
WFRBS Commercial Mortgage Trust 2011-C3, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 6.192%, 3/1/44⁵		2,855,000		271,078

				7,917,226

Multifamily—0.4%
Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1A2A, 5.688%, 6/1/36³		219,183		192,204
GE Capital Commercial Mortgage Corp., Commercial Mtg. Pass-Through Certificates, Series 2001-3, Cl. A2, 6.07%, 6/1/38		256,341		257,787
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 5.557%, 5/1/37³		46,635		40,531
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.819%, 3/25/36³		544,442		460,974

				951,496

Other—0.2%
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A4, 5.444%, 3/1/39		320,000		343,711

12 | OPPENHEIMER BALANCED FUND/VA


	Principal
	Amount		Value

Residential—1.3%
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.58%, 5/1/36³	$	80,000	$	73,255
Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2004-E, Cl. 2A6, 2.867%, 6/1/34³		142,878		130,259
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35		65,595		57,761
CHL Mortgage Pass-Through Trust 2005-HYB7, Mtg. Pass-Through Certificates, Series 2005-HYB7, Cl. 6A1, 5.383%, 11/1/35³		290,439		215,691
CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36		219,209		208,668
Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. A4, 5.823%, 12/1/49³		300,000		332,634
Countrywide Alternative Loan Trust 2005-29CB, Mtg. Pass-Through Certificates, Series 2005-29CB, Cl. A4, 5%, 7/1/35		742,621		568,508
Countrywide Alternative Loan Trust 2007-19, Mtg. Pass-Through Certificates, Series 2007-19, Cl. 1A34, 6%, 8/1/37		205,935		159,894
GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36		216,389		208,062
JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36		122,871		108,743
RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33		133,504		136,482
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		25,775		15,610
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36		42,376		34,760
Thornburg Mortgage Securities Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A2, 0.336%, 11/25/46³		239,528		236,155
WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 5.684%, 5/1/37³		219,430		192,423
Wells Fargo Alternative Loan 2007-PA5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-PA5, Cl. 1A1, 6.25%, 11/1/37		186,389		158,916
Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 2.874%, 9/1/34³		93,141		92,707
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.693%, 10/1/36³		222,705		197,018

				3,127,546


Total Mortgage-Backed Obligations (Cost $61,586,448)				62,721,911

U.S. Government Obligations—0.5%
Federal Home Loan Mortgage Corp. Nts.:
1.75%, 9/10/15⁹		70,000		70,333
2.50%, 5/27/16		100,000		102,629
5%, 2/16/17		115,000		131,383
5.25%, 4/18/16		195,000		224,734
5.50%, 7/18/16		110,000		127,967
Federal National Mortgage Assn. Nts.:
2.375%, 4/11/16⁹		190,000		194,086
4.875%, 12/15/16⁹		160,000		181,666
5%, 3/15/16		120,000		136,841


Total U.S. Government Obligations (Cost $1,138,722)				1,169,639

Non-Convertible Corporate Bonds and Notes—13.3%
Consumer Discretionary—1.8%
Diversified Consumer Services—0.1%
Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15		230,000		247,825
Hotels, Restaurants & Leisure—0.3%
Hyatt Hotels Corp., 5.75% Sr. Unsec. Unsub. Nts., 8/15/15²		340,000		357,662

13 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Hotels, Restaurants & Leisure Continued
Marriott International, Inc., 6.20% Sr. Unsec. Unsub. Nts., 6/15/16	$	255,000	$	286,750

				644,412

Household Durables—0.3%
Fortune Brands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/14		173,000		192,401
Newell Rubbermaid, Inc., 5.50% Sr. Unsec. Nts., 4/15/13		223,000		238,756
Whirlpool Corp.:
5.50% Sr. Unsec. Unsub. Nts., 3/1/13		90,000		95,431
8% Sr. Unsec. Nts., 5/1/12		180,000		190,207

				716,795

Leisure Equipment & Products—0.1%
Mattel, Inc., 5.625% Sr. Unsec. Nts., 3/15/13		215,000		230,016
Media—0.8%
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		138,000		192,214
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 6.375% Sr. Unsec. Nts., 3/1/41		182,000		194,987
Historic TW, Inc., 9.125% Debs., 1/15/13		78,000		86,769
Interpublic Group of Cos., Inc. (The):
6.25% Sr. Unsec. Nts., 11/15/14		80,000		89,000
10% Sr. Unsec. Nts., 7/15/17		264,000		313,500
Lamar Media Corp., 9.75% Sr. Unsec. Nts., 4/1/14		218,000		252,880
Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33		122,000		156,371
Viacom, Inc., 7.875% Sr. Unsec. Debs., 7/30/30		130,000		155,558
Virgin Media Secured Finance plc:
5.25% Sr. Sec. Nts., 1/15/21²		132,000		140,738
6.50% Sr. Sec. Nts., 1/15/18		282,000		310,553

				1,892,570

Multiline Retail—0.1%
Family Dollar Stores, Inc., 5% Sr. Unsec. Nts., 2/1/21		235,000		230,736
Specialty Retail—0.1%
Rent-A-Center, Inc., 6.625% Sr. Unsec. Nts., 11/15/20		240,000		240,000
Consumer Staples—0.8%
Food & Staples Retailing—0.1%
Wal-Mart Stores, Inc., 5.625% Sr. Unsec. Nts., 4/15/41		143,000		148,073
Food Products—0.3%
Bunge Ltd. Finance Corp.:
5.35% Sr. Unsec. Unsub. Nts., 4/15/14		29,000		31,276
8.50% Sr. Unsec. Nts., 6/15/19		155,000		189,145
Kraft Foods, Inc., 6% Sr. Unsec. Nts., 2/11/13		207,000		223,254
TreeHouse Foods, Inc., 7.75% Sr. Unsec. Nts., 3/1/18		240,000		255,600

				699,275

Household Products—0.1%
Energizer Holdings, Inc., 4.70% Sr. Nts., 5/19/21²		239,000		236,349
Tobacco—0.3%
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		177,000		254,606
Lorillard Tobacco Co., 8.125% Sr. Unsec. Nts., 5/1/40		142,000		156,654
Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13		206,000		227,805

				639,065

Energy—1.5%
Energy Equipment & Services—0.4%
Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21		305,000		308,487
Rowan Cos., Inc., 5% Sr. Unsec. Nts., 9/1/17		205,000		219,475
Weatherford International Ltd., 6.50% Sr. Unsec. Bonds, 8/1/36		150,000		155,212
Weatherford International Ltd. Bermuda, 5.125% Sr. Unsec. Unsub. Nts., 9/15/20		170,000		173,776

				856,950

Oil, Gas & Consumable Fuels—1.1%
Anadarko Petroleum Corp., 6.20% Sr. Unsec. Nts., 3/15/40		145,000		147,452
Cloud Peak Energy Resources LLC, 8.25% Sr. Unsec. Unsub. Nts., 12/15/17		215,000		231,125
El Paso Pipeline Partners LP, 6.50% Sr. Unsec. Nts., 4/1/20		330,000		370,843
Gulf South Pipeline Co. LP, 5.75% Sr. Unsec. Nts., 8/15/12²		212,000		220,529
Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13		383,000		410,136
Kinder Morgan Energy Partners LP, 6.50% Sr. Unsec. Unsub. Nts., 9/1/39		110,000		114,597
Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37		245,000		245,160
Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19		212,000		231,080

14 | OPPENHEIMER BALANCED FUND/VA


	Principal
	Amount		Value

Oil, Gas & Consumable Fuels Continued
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/14²	$	140,000	$	153,832
Rockies Express Pipeline LLC, 3.90% Sr. Unsec. Unsub. Nts., 4/15/15²		393,000		398,951
Woodside Finance Ltd., 4.60% Sr. Unsec. Nts., 5/10/21²		165,000		162,146

				2,685,851

Financials—5.4%
Capital Markets—1.2%
Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/19²		405,000		436,074
Credit Suisse Guernsey Ltd., 5.86% Jr. Sub. Perpetual Nts.¹⁰		336,000		322,728
Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34		255,000		241,846
Macquarie Bank Ltd., 6.625% Unsec. Sub. Nts., 4/7/21²		314,000		316,265
Morgan Stanley:
5.50% Sr. Unsec. Unsub. Nts., 7/24/20²		90,000		91,200
5.55% Sr. Unsec. Unsub. Nts., Series F, 4/27/17		570,000		604,646
Nomura Holdings, Inc., 4.125% Sr. Unsec. Unsub. Nts., 1/19/16		223,000		225,963
TD Ameritrade Holding Corp., 2.95% Sr. Unsec. Unsub. Nts., 12/1/12		225,000		230,179
UBS AG Stamford CT, 2.25% Sr. Unsec. Nts., 8/12/13		94,000		95,647
UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Nts.¹⁰		326,000		322,740

				2,887,288

Commercial Banks—1.2%
ANZ National International Ltd., 2.375% Sr. Unsec. Nts., 12/21/12²		258,000		262,016
BNP Paribas SA, 5.186% Sub. Perpetual Nts.^2,10		245,000		226,748
Fifth Third Cap Trust IV, 6.50% Jr. Unsec. Sub. Nts., 4/15/37		433,000		428,670
HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35³		600,000		570,000
Huntington Bancshares, Inc., 7% Sub. Nts., 12/15/20		245,000		276,550
Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/20²		253,000		238,908
Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K¹⁰		349,000		378,665
Zions Bancorp., 7.75% Sr. Unsec. Nts., 9/23/14		306,000		335,650

				2,717,207

Consumer Finance—0.2%
American Express Bank FSB, 5.50% Sr. Unsec. Nts., 4/16/13		223,000		238,626
SLM Corp., 6.25% Sr. Nts., 1/25/16		312,000		323,878

				562,504

Diversified Financial Services—0.9%
Bank of America Corp., 5.875% Sr. Unsec. Unsub. Nts., 1/5/21		95,000		99,816
Citigroup, Inc., 3.953% Sr. Unsec. Nts., 6/15/16		509,000		521,393
Glen Meadow Pass-Through Trust, 6.505% Bonds, 2/12/67^2,3		275,000		244,063
ING Groep NV, 5.775% Jr. Unsec. Sub. Perpetual Bonds¹⁰		255,000		235,875
JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1¹⁰		665,000		716,700
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38		352,000		391,371

				2,209,218

Insurance—1.5%
CNA Financial Corp.:
5.75% Sr. Unsec. Unsub. Nts., 8/15/21		197,000		203,669
5.875% Sr. Unsec. Unsub. Bonds, 8/15/20		235,000		244,613
Hartford Financial Services Group, Inc. (The), 5.25% Sr. Unsec. Nts., 10/15/11		205,000		207,498
International Lease Finance Corp., 5.75% Sr. Unsec. Unsub. Nts., 5/15/16		228,000		224,647
Irish Life & Permanent Group Holdings plc, 3.60% Sr. Unsec. Unsub. Nts., 1/14/13²		320,000		272,190
Liberty Mutual Group, Inc., 5% Sr. Nts., 6/1/21²		342,000		324,244
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Bonds, 4/20/67		466,000		453,185
Prudential Financial, Inc., 3.625% Sr. Unsec. Unsub. Nts., 9/17/12		255,000		261,831
Reinsurance Group of America, Inc., 5% Sr. Unsec. Nts., 6/1/21		331,000		327,874
Swiss Re Capital I LP, 6.854% Perpetual Bonds^2,10		455,000		439,555
Willis Group Holdings plc, 4.125% Sr. Unsec. Unsub. Nts., 3/15/16		241,000		245,854
ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/37^4,10		238,000		238,000

				3,443,160

15 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Real Estate Investment Trusts—0.4%
AvalonBay Communities, Inc.,
6.625% Sr. Unsec. Unsub. Nts., 9/15/11	$	100,000	$	101,140
Brandywine Operating Partnership LP, 5.75% Sr. Unsec. Unsub. Nts., 4/1/12		123,000		127,115
CommonWealth REIT, 6.95% Sr. Unsec. Nts., 4/1/12		54,000		55,780
Mack-Cali Realty LP, 5.25% Sr. Unsec. Unsub. Nts., 1/15/12		93,000		94,967
Simon Property Group LP, 5% Sr. Unsec. Unsub. Nts., 3/1/12		225,000		228,865
WCI Finance LLC/WEA Finance LLC, 5.40% Sr. Unsec. Unsub. Nts., 10/1/12²		226,000		237,521

				845,388

Health Care—0.3%
Biotechnology—0.1%
Celgene Corp., 5.70% Sr. Unsec. Nts., 10/15/40		149,000		146,466
Health Care Providers & Services—0.1%
McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41		124,000		132,930
Quest Diagnostics, Inc., 5.75% Sr. Unsec. Nts., 1/30/40		145,000		144,107

				277,037

Pharmaceuticals—0.1%
Mylan, Inc., 6% Sr. Nts., 11/15/18²		245,000		250,206
Industrials—0.7%
Aerospace & Defense—0.2%
Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16		230,000		235,750
BE Aerospace, Inc., 8.50% Sr. Unsec. Nts., 7/1/18		205,000		224,219

				459,969

Commercial Services & Supplies—0.2%
Corrections Corp. of America, 7.75% Sr. Nts., 6/1/17		235,000		257,031
Republic Services, Inc., 6.75% Sr. Unsec. Unsub. Nts., 8/15/11		195,000		196,136

				453,167

Industrial Conglomerates—0.3%
General Electric Capital Corp.:
4.25% Sr. Unsec. Nts., Series A, 6/15/12		215,000		222,622
5.25% Sr. Unsec. Nts., 10/19/12		34,000		35,850
6.375% Unsec. Sub. Bonds, 11/15/67		428,000		440,305

				698,777

Information Technology—0.7%
Communications Equipment—0.2%
Harris Corp., 6.15% Sr. Unsec. Nts., 12/15/40		262,000		276,356
Juniper Networks, Inc., 5.95% Sr. Unsec. Unsub. Nts., 3/15/41		93,000		96,109
Motorola, Inc., 8% Sr. Unsec. Nts., 11/1/11		220,000		224,879

				597,344

Electronic Equipment & Instruments—0.2%
Arrow Electronics, Inc., 3.375% Sr. Unsec. Unsub. Nts., 11/1/15		430,000		435,882
Office Electronics—0.1%
Xerox Corp., 5.65% Sr. Unsec. Nts., 5/15/13		223,000		240,149
Semiconductors & Semiconductor Equipment—0.1%
KLA-Tencor Corp., 6.90% Sr. Unsec. Nts., 5/1/18		157,000		177,507
Software—0.1%
Symantec Corp., 4.20% Sr. Unsec. Unsub. Nts., 9/15/20		264,000		254,186
Materials—0.7%
Chemicals—0.3%
Agrium, Inc., 6.125% Sr. Unsec. Nts., 1/15/41		101,000		105,699
Airgas, Inc., 3.25% Sr. Nts., 10/1/15		198,000		201,499
Ashland, Inc., 9.125% Sr. Unsec. Nts., 6/1/17		210,000		237,300
Potash Corp. of Saskatchewan, Inc., 5.625% Sr. Unsec. Unsub. Nts., 12/1/40		140,000		141,018

				685,516

Containers & Packaging—0.1%
Sealed Air Corp., 7.875% Sr. Nts., 6/15/17		210,000		227,302
Metals & Mining—0.3%
Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17		330,000		360,938
Vale Inco Ltd., 5.70% Sr. Unsec. Unsub. Nts., 10/15/15		14,000		15,414
Xstrata Canada Corp.:
5.375% Sr. Unsec. Unsub. Nts., 6/1/15		75,000		81,648
6% Sr. Unsec. Unsub. Nts., 10/15/15		132,000		147,192
7.25% Sr. Unsec. Unsub. Nts., 7/15/12		94,000		99,397
Xstrata Finance Canada Ltd., 5.80% Sr. Unsec. Unsub. Bonds, 11/15/16²		35,000		39,222

				743,811

16 | OPPENHEIMER BALANCED FUND/VA


	Principal
	Amount			Value

Telecommunication Services—0.6%
Diversified Telecommunication Services—0.5%
AT&T, Inc., 6.30% Sr. Unsec. Bonds, 1/15/38	$	322,000			342,118
British Telecommunications plc, 9.875% Bonds, 12/15/30		142,000			195,563
CenturyLink, Inc., 7.60% Sr. Unsec. Unsub. Nts., Series P, 9/15/39		82,000			79,097
Frontier Communications Corp., 8.25% Sr. Unsec. Nts., 4/15/17		230,000			251,275
Qwest Corp., 7.625% Sr. Unsec. Unsub. Nts., 6/15/15		225,000			255,375
Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38		140,000			152,233

					1,275,661

Wireless Telecommunication Services—0.1%
American Tower Corp., 7% Sr. Unsec. Nts., 10/15/17		162,000			183,384
Utilities—0.8%
Electric Utilities—0.8%
Allegheny Energy Supply Co. LLC, 8.25% Bonds, 4/15/12²		202,000			212,979
FirstEnergy Solutions Corp., 6.80% Sr. Unsec. Nts., 8/15/39		138,000			143,961
Great Plains Energy, Inc., 2.75% Sr. Unsec. Unsub. Nts., 8/15/13		239,000			244,523
Northeast Utilities Co., 7.25% Sr. Unsec. Nts., 4/1/12		230,000			239,761
Oncor Electric Delivery Co., 7% Debs., 9/1/22		198,000			236,362
PPL WEM Holdings plc, 3.90% Sr. Unsec. Nts., 5/1/16²		340,000			349,116
Texas-New Mexico Power Co., 9.50% Sec. Nts., 4/1/19²		235,000			302,264

					1,728,966


Total Non-Convertible Corporate Bonds and Notes (Cost $29,866,492)					30,968,012

Convertible Corporate Bonds and Notes—0.2%
Standard Chartered plc, 6.409% Cv. Jr. Unsec. Sub. Bonds, 1/29/49² (Cost $387,500)		400,000			381,226

	Shares
Investment Companies—19.3%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^11,12 (Cost $44,860,287)		44,860,287			44,860,287
Total Investments, at Value (Cost $252,836,155)		114.9	%		267,307,349
Liabilities in Excess of Other Assets		(14.9	)		(34,576,829	)

Net Assets		100.0	%	$	232,730,520



Footnotes to Statement of Investments

1.		Non-income producing security.

2.		Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $11,994,159 or 5.15% of the Fund’s net assets as of June 30, 2011.

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

4.		Restricted security. The aggregate value of restricted securities as of June 30, 2011 was $673,910, which represents 0.29% of the Fund’s net assets. See Note 6 of the accompanying Notes. Information concerning restricted securities is as follows:


							Unrealized
	Acquisition						Appreciation
Security	Dates		Cost		Value		(Depreciation)

JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49		7/14/10	$	138,250	$	140,929	$	2,679
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17		2/4/11-4/14/11		295,075		294,981		(94	)
ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/37		2/24/11		240,273		238,000		(2,273	)

			$	673,598	$	673,910	$	312

17 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


Footnotes to Statement of Investments Continued

5.		Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $3,233,448 or 1.39% of the Fund’s net assets as of June 30, 2011.

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 $154,485 or 0.07% of the Fund’s net assets as of June 30, 2011.

7.		When-issued security or delayed delivery to be delivered and settled after June 30, 2011. See Note 1 of the accompanying Notes.

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

9.		All or a portion of the security position is held in collateralized accounts to cover initial margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $303,075. See Note 5 of the 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 June 30, 2011, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2010

Additions

Reductions

June 30, 2011

Oppenheimer Institutional Money Market Fund, Cl. E

45,755,638

38,711,314

39,606,665

44,860,287

Value

Income

Oppenheimer Institutional Money Market Fund, Cl. E

44,860,287

$41,560


12.		Rate shown is the 7-day yield as of June 30, 2011.

Valuation Inputs

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

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset 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 table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2011 based on valuation input level:


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

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	6,540,312	$	—	$	—	$	6,540,312
Consumer Staples		9,304,826		—		—		9,304,826
Energy		11,080,055		—		—		11,080,055
Financials		17,151,591		—		—		17,151,591
Health Care		22,924,799		—		—		22,924,799
Industrials		6,919,532		—		—		6,919,532
Information Technology		37,770,644		—		—		37,770,644
Materials		3,886,404		—		—		3,886,404
Telecommunication Services		60		—		—		60
Utilities		1,569,375		—		—		1,569,375

18 | OPPENHEIMER BALANCED FUND/VA


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

Assets Table
Investments, at Value Continued
Asset-Backed Securities	$	—		$	10,058,676	$	—	$	10,058,676
Mortgage-Backed Obligations		—			62,721,911		—		62,721,911
U.S. Government Obligations		—			1,169,639		—		1,169,639
Non-Convertible Corporate Bonds and Notes		—			30,968,012		—		30,968,012
Convertible Corporate Bonds and Notes		—			381,226		—		381,226
Investment Company		44,860,287			—		—		44,860,287

Total Investments, at Value		162,007,885			105,299,464		—		267,307,349

Other Financial Instruments:
Futures margins		19,344			—		—		19,344

Total Assets	$	162,027,229		$	105,299,464	$	—	$	267,326,693


Liabilities Table
Other Financial Instruments:
Futures margins	$	(38,375	)	$	—	$	—	$	(38,375	)

Total Liabilities	$	(38,375	)	$	—	$	—	$	(38,375	)

Futures Contracts as of June 30, 2011 are as follows:


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

U.S. Treasury Long Bonds	Buy		71		9/21/11	$	8,735,219	$	(91,097	)
U.S. Treasury Nts., 2 yr.	Sell		44		9/30/11		9,651,125		(2,083	)
U.S. Treasury Nts., 5 yr.	Sell		24		9/30/11		2,860,688		(299	)
U.S. Treasury Nts., 10 yr.	Sell		22		9/21/11		2,691,219		26,425
U.S. Treasury Ultra Bonds	Buy		3		9/21/11		378,750		(6,416	)

								$	(73,470	)

See accompanying Notes to Financial Statements.

19 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2011


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $207,975,868)	$	222,447,062
Affiliated companies (cost $44,860,287)		44,860,287

		267,307,349
Cash		64,672
Receivables and other assets:
Investments sold (including $21,843,037 sold on a when-issued or delayed delivery basis)		21,949,904
Interest, dividends and principal paydowns		828,846
Futures margins		19,344
Other		17,139

Total assets		290,187,254

Liabilities
Payables and other liabilities:
Investments purchased (including $56,774,559 purchased on a when-issued or delayed delivery basis)		57,032,663
Shares of beneficial interest redeemed		230,839
Distribution and service plan fees		54,104
Shareholder communications		50,492
Futures margins		38,375
Transfer and shareholder servicing agent fees		19,124
Trustees’ compensation		14,579
Other		16,558

Total liabilities		57,456,734

Net Assets	$	232,730,520


Composition of Net Assets
Par value of shares of beneficial interest	$	19,963
Additional paid-in capital		279,856,668
Accumulated net investment income		1,868,467
Accumulated net realized loss on investments and foreign currency transactions		(63,421,916	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		14,407,338

Net Assets	$	232,730,520


Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $145,528,065 and 12,435,740 shares of beneficial interest outstanding)	$	11.70
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $87,202,455 and 7,526,876 shares of beneficial interest outstanding)	$	11.59

See accompanying Notes to Financial Statements.

20 | OPPENHEIMER BALANCED FUND/VA

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2011


Investment Income
Interest	$	1,933,786
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $34,186)		832,663
Affiliated companies		41,560

Total investment income		2,808,009

Expenses
Management fees		887,582
Distribution and service plan fees—Service shares		111,537
Transfer and shareholder servicing agent fees:
Non-Service shares		74,526
Service shares		44,616
Shareholder communications:
Non-Service shares		16,872
Service shares		10,100
Custodian fees and expenses		7,557
Trustees’ compensation		5,998
Administration service fees		750
Other		24,850

Total expenses		1,184,388
Less waivers and reimbursements of expenses		(274,766	)

Net expenses		909,622

Net Investment Income		1,898,387

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies		10,875,086
Closing and expiration of futures contracts		(1,325	)
Foreign currency transactions		2,983

Net realized gain		10,876,744
Net change in unrealized appreciation/depreciation on:
Investments		(3,180,595	)
Translation of assets and liabilities denominated in foreign currencies		576,030
Futures contracts		(65,798	)

Net change in unrealized appreciation/depreciation		(2,670,363	)

Net Increase in Net Assets Resulting from Operations	$	10,104,768

See accompanying Notes to Financial Statements.

21 | OPPENHEIMER BALANCED FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2011			December 31,
	(Unaudited)			2010

Operations
Net investment income	$	1,898,387		$	4,859,704
Net realized gain		10,876,744			16,046,665
Net change in unrealized appreciation/depreciation		(2,670,363	)		7,623,134

Net increase in net assets resulting from operations		10,104,768			28,529,503

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(3,355,682	)		(2,184,050	)
Service shares		(1,802,307	)		(1,027,757	)

		(5,157,989	)		(3,211,807	)

Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(8,130,228	)		(25,243,141	)
Service shares		(4,287,828	)		(8,416,068	)

		(12,418,056	)		(33,659,209	)

Net Assets
Total decrease		(7,471,277	)		(8,341,513	)
Beginning of period		240,201,797			248,543,310

End of period (including accumulated net investment income of $1,868,467 and $5,128,069, respectively)	$	232,730,520		$	240,201,797

See accompanying Notes to Financial Statements.

22 | OPPENHEIMER BALANCED FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2011												Year Ended December 31,
Non-Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	11.47		$	10.30		$	8.45		$	16.41		$	17.69		$	17.07

Income (loss) from investment operations:
Net investment income¹		.10			.23			.25			.41			.43			.40
Net realized and unrealized gain (loss)		.39			1.09			1.60			(7.03	)		.19			1.38

Total from investment operations		.49			1.32			1.85			(6.62	)		.62			1.78

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.26	)		(.15	)		—			(.39	)		(.46	)		(.36	)
Distributions from net realized gain		—			—			—			(.95	)		(1.44	)		(.80	)

Total dividends and/or distributions to shareholders		(.26	)		(.15	)		—			(1.34	)		(1.90	)		(1.16	)

Net asset value, end of period	$	11.70		$	11.47		$	10.30		$	8.45		$	16.41		$	17.69


Total Return, at Net Asset Value²		4.28	%		12.91	%		21.89	%		(43.47	)%		3.79	%		11.15	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	145,528		$	150,622		$	159,797		$	169,621		$	385,948		$	435,639

Average net assets (in thousands)	$	150,264		$	151,620		$	159,013		$	295,669		$	418,103		$	456,513

Ratios to average net assets:³
Net investment income		1.69	%		2.13	%		2.71	%		3.14	%		2.55	%		2.42	%
Total expenses⁴		0.90	%		0.91	%		0.89	%		0.76	%		0.75	%		0.75	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.67	%		0.65	%		0.60	%		0.67	%		0.73	%		0.75	%

Portfolio turnover rate⁵		31	%		54	%		87	%		67	%		68	%		76	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	0.92	%
Year Ended December 31, 2010	0.92	%
Year Ended December 31, 2009	0.91	%
Year Ended December 31, 2008	0.76	%
Year Ended December 31, 2007	0.75	%
Year Ended December 31, 2006	0.75	%


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


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2011	$	260,638,507	$	261,706,027
Year Ended December 31, 2010	$	412,930,431	$	414,511,903
Year Ended December 31, 2009	$	504,698,365	$	520,212,670
Year Ended December 31, 2008	$	474,582,075	$	434,587,487
Year Ended December 31, 2007	$	296,201,319	$	315,527,720
Year Ended December 31, 2006	$	612,825,833	$	666,549,894

See accompanying Notes to Financial Statements.

23 | OPPENHEIMER BALANCED FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2011												Year Ended December 31,
Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	11.35		$	10.19		$	8.38		$	16.28		$	17.57		$	16.97

Income (loss) from investment operations:
Net investment income¹		.08			.20			.22			.37			.38			.36
Net realized and unrealized gain (loss)		.39			1.08			1.59			(6.97	)		.19			1.37

Total from investment operations		.47			1.28			1.81			(6.60	)		.57			1.73

Dividends and/or distributions to shareholders:							��
Dividends from net investment income		(.23	)		(.12	)		—			(.35	)		(.42	)		(.33	)
Distributions from net realized gain		—			—			—			(.95	)		(1.44	)		(.80	)

Total dividends and/or distributions to shareholders		(.23	)		(.12	)		—			(1.30	)		(1.86	)		(1.13	)

Net asset value, end of period	$	11.59		$	11.35		$	10.19		$	8.38		$	16.28		$	17.57


Total Return, at Net Asset Value²		4.16	%		12.68	%		21.60	%		(43.62	)%		3.49	%		10.86	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	87,203		$	89,580		$	88,746		$	68,798		$	121,399		$	111,363

Average net assets (in thousands)	$	89,956		$	87,280		$	77,101		$	100,164		$	117,012		$	100,010

Ratios to average net assets:³
Net investment income		1.44	%		1.87	%		2.42	%		2.90	%		2.30	%		2.17	%
Total expenses⁴		1.15	%		1.16	%		1.15	%		1.01	%		1.00	%		1.01	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.92	%		0.90	%		0.85	%		0.92	%		0.98	%		1.01	%

Portfolio turnover rate⁵		31	%		54	%		87	%		67	%		68	%		76	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	1.17	%
Year Ended December 31, 2010	1.17	%
Year Ended December 31, 2009	1.17	%
Year Ended December 31, 2008	1.01	%
Year Ended December 31, 2007	1.00	%
Year Ended December 31, 2006	1.01	%


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


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2011	$	260,638,507	$	261,706,027
Year Ended December 31, 2010	$	412,930,431	$	414,511,903
Year Ended December 31, 2009	$	504,698,365	$	520,212,670
Year Ended December 31, 2008	$	474,582,075	$	434,587,487
Year Ended December 31, 2007	$	296,201,319	$	315,527,720
Year Ended December 31, 2006	$	612,825,833	$	666,549,894

See accompanying Notes to Financial Statements.

24 | OPPENHEIMER BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

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

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

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

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.

25 | OPPENHEIMER BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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

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

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

As of June 30, 2011, 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	$	56,774,559
Sold securities		21,843,037

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.

26 | OPPENHEIMER BALANCED FUND/VA

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

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

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

During the fiscal year ended December 31, 2010, the Fund utilized $15,850,155 of capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2010, the Fund had available for federal income tax purposes straddle losses of $120,488 and unused capital loss carryforwards as follows:


Expiring

2016	$	28,551,951
2017		44,728,707

Total	$	73,280,658

As of June 30, 2011, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $62,524,402 expiring by 2017. This estimated capital loss carryforward represents carryforward as of the end of the last

27 | OPPENHEIMER BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2011, it is estimated that the Fund will utilize $10,876,744 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	253,746,733
Federal tax cost of other investments		(6,015,593	)

Total federal tax cost	$	247,731,140


Gross unrealized appreciation	$	26,489,726
Gross unrealized depreciation		(13,002,580	)

Net unrealized appreciation	$	13,487,146

28 | OPPENHEIMER BALANCED FUND/VA

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		154,304		$	1,805,130			272,126		$	2,909,287
Dividends and/or distributions reinvested		287,056			3,355,682			209,000			2,184,050
Redeemed		(1,135,654	)		(13,291,040	)		(2,866,355	)		(30,336,478	)

Net decrease		(694,294	)	$	(8,130,228	)		(2,385,229	)	$	(25,243,141	)


Service Shares
Sold		210,047		$	2,441,490			627,983		$	6,716,376
Dividends and/or distributions reinvested		155,505			1,802,307			99,204			1,027,757
Redeemed		(734,646	)		(8,531,625	)		(1,542,514	)		(16,160,201	)

Net decrease		(369,094	)	$	(4,287,828	)		(815,327	)	$	(8,416,068	)

29 | OPPENHEIMER BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2011, were as follows:


	Purchases		Sales

Investment securities	$	56,275,831	$	68,039,672
U.S. government and government agency obligations		597,171		625,844
To Be Announced (TBA) mortgage-related securities		260,638,507		261,706,027

4. Fees and Other Transactions with Affiliates

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


Fee Schedule

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

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to waive a portion of the advisory fee and/or reimburse certain expenses so that the “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses” will not exceed 0.67% of average annual net assets for Non-Service shares and 0.92% of average annual net assets for Service shares. During the six months ended June 30, 2011, the Manager waived fees and/or reimbursed the Fund $158,063 and $94,654 for Non-Service and Service shares, respectively.

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

30 | OPPENHEIMER BALANCED FUND/VA

5. Risk Exposures and the Use of Derivative Instruments

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

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

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

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

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

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

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

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

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

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

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

31 | OPPENHEIMER BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. 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. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.

Valuations of derivative instruments as of June 30, 2011 are as follows:

Asset Derivatives

Liability Derivatives

Derivatives Not

Accounted for as

Statement of Assets

Hedging Instruments

and Liabilities Location

Value

and Liabilities Location

Value

Interest rate contracts

Futures margins

19,344

Futures margins

38,375


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

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


Amount of Realized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted	Closing and expiration
for as Hedging Instruments	of futures contracts

Interest rate contracts		$(1,325	)


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted
for as Hedging Instruments	Futures contracts

Interest rate contracts		$(65,798	)

Futures Contracts

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

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

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

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

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

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

32 | OPPENHEIMER BALANCED FUND/VA

During the six months ended June 30, 2011, the Fund had an ending monthly average market value of $7,529,366 and $14, 633,048 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.

6. Restricted Securities

As of June 30, 2011, 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.

7. Pending Litigation

33 | OPPENHEIMER BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Pending Litigation Continued

of New York to resolve purported preference and fraudulent transfer claims by the Trustee. This settlement is subject to the final approval of the court. The aforementioned settlements do not resolve any of the other outstanding lawsuits relating to these matters.

34 | OPPENHEIMER BALANCED FUND/VA

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

35 | OPPENHEIMER BALANCED FUND/VA

OPPENHEIMER BALANCED FUND/VA

A Series of Oppenheimer Variable Account Funds


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

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered		KPMG llp
Public Accounting Firm

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and, if available, summary prospectuses, carefully before investing.

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

Oppenheimer Capital Appreciation Fund/VA A Series of Oppenheimer Variable Account Funds Semiannual Report Fund Performance Discussion Listing of Top Holdings Financial Statements

OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Portfolio Manager: Julie Van Cleave

Cumulative Total Returns
For the 6-Month Period Ended 6/30/11


Non-Service Shares	5.47	%
Service Shares	5.34

Average Annual Total Returns
For the Periods Ended 6/30/11


	1-Year			5-Year			10-Year

Non-Service Shares		30.70	%		2.31	%		1.03	%


							Since
							Inception
	1-Year			5-Year			(9/18/01)

Service Shares		30.37	%		2.05	%		3.18	%

Expense Ratios
For the Fiscal Year Ended 12/31/10


Non-Service Shares	0.79	%
Service Shares	1.04

The performance data quoted represents past performance, which does not guarantee future results.

The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance and expense ratios may be lower or higher than the data quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account. Expense ratios are as stated in the Fund’s prospectus, current as of the date of this report.

Sector Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on the total market value of common stocks.


Top Ten Common Stock Holdings
Apple, Inc.	4.8	%
QUALCOMM, Inc.	4.0
Oracle Corp.	3.0
Google, Inc., Cl. A	2.8
Occidental Petroleum Corp.	2.4
ConocoPhillips	1.9
Allergan, Inc.	1.9
Caterpillar, Inc.	1.8
Schlumberger Ltd.	1.8
Thermo Fisher Scientific, Inc.	1.8

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on net assets.

2 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

FUND PERFORMANCE DISCUSSION

During the six-month period ended June 30, 2011, the Fund’s Non-Service Shares produced a return of 5.47%, underperforming the Russell 1000 Growth Index (the “Index”) and the S&P 500 Index, which returned 6.83% and 6.02%, respectively.

Economic and Market Overview

At the beginning of the reporting period, encouraging data from the U.S. labor market, including a declining unemployment rate, seemed to indicate that the long-awaited revival of consumer and business confidence was at hand. The global economy also appeared to provide reasons for an upbeat outlook. In Europe, policymakers continued to take measures to contain the sovereign debt problems of certain European countries and, in February, strong corporate earnings led to an upward revision of the European Central Bank’s 2011 growth forecast. Fears that had surfaced in 2010 over rising inflationary pressures in the fast-growing emerging markets lessened to a degree as the new year began.

While the markets generally performed well in the first four months of 2011, a number of dramatic global events created increased market volatility. A wave of political unrest in North Africa and the Middle East sparked worries that disruptions in oil production might derail the global economic recovery. Although energy prices surged higher, investors retained their optimism and riskier asset classes, such as stocks and higher-yielding fixed-income securities, generally continued to rally. Investors encountered another unexpected shock on March 11, when a catastrophic natural disaster followed by a nuclear crisis hit Japan, one of the world’s largest economies and a key exporter of industrial components to many countries and industries, including U.S. automobile manufacturers. However, disruptions to the global supply chain proved significantly less severe than originally anticipated and, after a brief pullback, the markets continued to climb higher.

Fund Review

The Fund outperformed the Index primarily in the consumer discretionary sector, as a result of stronger relative stock selection. Relative to the Index, most significant detractors from performance were the information technology and financials sectors, as a result of weaker stock selection in those sectors.

During the reporting period, leading mobile phone chipmaker QUALCOMM, Inc. was the top performing stock within information technology and the top performing stock for the Fund overall. The company raised its 2011 forecast amid strong sales. The company also signed a subscriber unit license agreement with Chinese mobile phone maker Zoom Technologies, Inc. Apple, Inc. also performed well for the Fund, as the stock received a boost from continued popularity of the iPhone. Oil and gas equipment and service provider Halliburton Co. benefited from rising oil service activity, and was the top positive contributor to Fund performance in the energy sector. In the industrials sector, heavy equipment maker Caterpillar, Inc. announced its first-quarter profits rose five-fold in light of increased demand for its mining and construction equipment. In terms of health care, pharmaceutical firm Allergan, Inc., the maker of Botox, contributed to Fund results, as it announced an improved 2011 earnings outlook and projected second-quarter sales that topped analysts’ expectations. In addition, life science tools and service provider Thermo Fisher Scientific had a strong reporting period, lifted by strong growth across its product lines and impressive financial results.

3 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

FUND PERFORMANCE DISCUSSION

The top five individual detractors to Fund performance came from the information technology sector. Performance detractors included internet software and services giant Google, Inc., communications equipment providers Cisco Systems, Inc. and Juniper Networks, Inc., semiconductor firm Broadcom Corp. and internet software and service provider Akamai Technologies, Inc. Towards the end of the reporting period, a drop in U.S. stock prices broadly led technology company valuations to drop to their lowest levels in more than a decade. Valuations were driven lower primarily by the uncertain economy and potential for future lower revenues, leading to some profit taking. The March 11 earthquake and tsunami in Japan also fueled market speculation that disruptions to the supply chain could affect information technology companies not just in Japan but globally, helping to send information technology stocks generally lower. Overall, however, disruptions to the supply chain in the second quarter in actuality were not as bad as the market initially feared.

A jump in operating expenses due to increased marketing efforts and hiring of new employees caused Google’s shares to fall. Despite beating analysts’ expectations in its fiscal third quarter, shares of Cisco Systems fell following an announcement that the company planned to undertake measures to reduce costs by $1 billion dollars. Juniper Networks’ stock was hurt by the volatile market environment and renewed pessimism over the strength of the global economic recovery. Broadcom and Akamai both experienced declines as they issued second quarter guidance below analysts’ estimates. We exited our positions in Akamai and Cisco Systems by period end.

At period end, relative to the Index, the Fund had significant overweight positions in the health care and industrials sectors. The Fund had its largest relative underweight position in consumer staples and also held underweights in consumer discretionary and materials.

Outlook

While an uncertain economic environment may continue to create volatile short-term returns in the market, we continue to seek quality growth companies supported by long-term growth themes. As such, we remain optimistic regarding the Fund’s disciplined investment strategy over the long term, which combines top-down sector analysis and bottom-up fundamental research.

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

4 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

FUND EXPENSES

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2011.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2011		June 30, 2011		June 30, 2011

Non-Service shares	$	1,000.00	$	1,054.70	$	4.08
Service shares		1,000.00		1,053.40		5.36

Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,020.83		4.02
Service shares		1,000.00		1,019.59		5.27


Class	Expense Ratios

Non-Service shares		0.80	%
Service shares		1.05

5 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

STATEMENT OF INVESTMENTS June 30, 2011 / Unaudited


	Shares		Value

Common Stocks—99.2%
Consumer Discretionary—12.9%
Auto Components—1.1%
Johnson Controls, Inc.		315,770	$	13,154,978
Hotels, Restaurants & Leisure—1.7%
McDonald’s Corp.		236,840		19,970,349
Internet & Catalog Retail—1.4%
Amazon.com, Inc.¹		83,094		16,991,892
Media—1.5%
Walt Disney Co. (The)		436,250		17,031,200
Specialty Retail—3.4%
Bed Bath & Beyond, Inc.¹		80,200		4,681,274
O’Reilly Automotive, Inc.¹		186,540		12,220,235
Tiffany & Co.		116,230		9,126,380
TJX Cos., Inc. (The)		260,520		13,685,116

				39,713,005

Textiles, Apparel & Luxury Goods—3.8%
Coach, Inc.		275,420		17,607,601
Nike, Inc., Cl. B		165,780		14,916,884
Polo Ralph Lauren Corp., Cl. A		90,980		12,064,858

				44,589,343

Consumer Staples—8.6%
Beverages—3.2%
Brown-Forman Corp., Cl. B		97,020		7,246,424
Coca-Cola Co. (The)		278,100		18,713,349
SABMiller plc		328,260		11,967,236

				37,927,009

Food & Staples Retailing—1.6%
Costco Wholesale Corp.		227,270		18,463,415
Food Products—2.5%
Nestle SA		282,008		17,525,921
Unilever NV CVA		351,743		11,530,425

				29,056,346

Household Products—1.3%
Colgate-Palmolive Co.		175,480		15,338,707
Energy—11.7%
Energy Equipment & Services—4.8%
Baker Hughes, Inc.		40,340		2,927,070
Halliburton Co.		384,160		19,592,160
National Oilwell Varco, Inc.		158,690		12,411,145
Schlumberger Ltd.		243,190		21,011,616

				55,941,991

Oil, Gas & Consumable Fuels—6.9%
Chevron Corp.		178,070		18,312,719
ConocoPhillips		303,920		22,851,745
EOG Resources, Inc.		113,000		11,814,150
Occidental Petroleum Corp.		269,810		28,071,032

				81,049,646

Financials—3.4%
Capital Markets—0.4%
Charles Schwab Corp. (The)		313,010		5,149,015
Commercial Banks—1.0%
Standard Chartered plc		227,540		5,981,840
Wells Fargo & Co.		193,730		5,436,064

				11,417,904

Consumer Finance—1.0%
American Express Co.		227,960		11,785,532
Diversified Financial Services—1.0%
IntercontinentalExchange, Inc.¹		27,610		3,443,243
JPMorgan Chase & Co.		211,760		8,669,454

				12,112,697

Health Care—14.0%
Biotechnology—0.8%
Celgene Corp.¹		157,310		9,488,939
Health Care Equipment & Supplies—2.5%
Baxter International, Inc.		258,710		15,442,400
Stryker Corp.		228,820		13,429,446

				28,871,846

Health Care Providers & Services—1.5%
Express Scripts, Inc.¹		229,700		12,399,206
Medco Health Solutions, Inc.¹		95,260		5,384,095

				17,783,301

Life Sciences Tools & Services—3.1%
Illumina, Inc.¹		93,620		7,035,543
Mettler-Toledo International, Inc.¹		50,860		8,578,556
Thermo Fisher Scientific, Inc.¹		322,140		20,742,595

				36,356,694

Pharmaceuticals—6.1%
Allergan, Inc.		266,530		22,188,623
Bristol-Myers Squibb Co.		518,100		15,004,176
Novo Nordisk AS, Cl. B		158,146		19,847,424
Roche Holding AG		86,708		14,510,634

				71,550,857

Industrials—16.2%
Aerospace & Defense—2.7%
Goodrich Corp.		192,362		18,370,571
United Technologies Corp.		146,220		12,941,932

				31,312,503

6 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA


	Shares			Value

Air Freight & Logistics—1.3%
United Parcel Service, Inc., Cl. B		199,310		$	14,535,678
Electrical Equipment—2.8%
ABB Ltd.		572,375			14,841,243
Emerson Electric Co.		325,400			18,303,750

					33,144,993

Machinery—7.7%
Caterpillar, Inc.		201,300			21,430,398
Danaher Corp.		344,990			18,281,020
Deere & Co.		141,710			11,683,990
Joy Global, Inc.		201,837			19,222,956
Parker-Hannifin Corp.		223,550			20,061,377

					90,679,741

Road & Rail—1.7%
Union Pacific Corp.		191,650			20,008,260
Information Technology—26.5%
Communications Equipment—5.6%
Juniper Networks, Inc.¹		587,510			18,506,565
QUALCOMM, Inc.		832,090			47,254,391

					65,760,956

Computers & Peripherals—4.8%
Apple, Inc.¹		168,740			56,640,956
Electronic Equipment & Instruments—1.3%
Corning, Inc.		859,760			15,604,644
Internet Software & Services—4.1%
eBay, Inc.¹		491,530			15,861,673
Google, Inc., Cl. A¹		63,820			32,317,172

					48,178,845

IT Services—3.2%
Cognizant Technology Solutions Corp.¹		214,300			15,716,762
International Business Machines Corp.		69,710			11,958,751
Visa, Inc., Cl. A		117,527			9,902,825

					37,578,338

Semiconductors & Semiconductor Equipment—1.5%
Broadcom Corp., Cl. A		506,390			17,034,960
Software—6.0%
Intuit, Inc.¹		337,270			17,490,822
Oracle Corp.		1,065,140			35,053,757
Vmware, Inc., Cl. A¹		176,650			17,705,630

					70,250,209

Materials—4.8%
Chemicals—3.3%
Albemarle Corp.		95,070			6,578,844
Ecolab, Inc.		228,710			12,894,670
Praxair, Inc.		179,592			19,465,977

					38,939,491

Metals & Mining—1.5%
Barrick Gold Corp.		94,850			4,295,757
Freeport-McMoRan Copper & Gold,
Inc., Cl. B		254,460			13,460,934

					17,756,691

Telecommunication Services—1.1%
Wireless Telecommunication Services—1.1%
NII Holdings, Inc.¹		304,890			12,921,236

Total Common Stocks (Cost $786,151,878)					1,164,092,167

Investment Company—0.3%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^2,3
(Cost $3,678,593)		3,678,593			3,678,593
Total Investments, at Value (Cost $789,830,471)		99.5	%		1,167,770,760
Other Assets Net of Liabilities		0.5			6,058,402

Net Assets		100.0	%	$	1,173,829,162

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 June 30, 2011, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2010

Additions

Reductions

June 30, 2011

Oppenheimer Institutional Money Market Fund, Cl. E

72,534

75,426,542

71,820,483

3,678,593


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	3,678,593	$	3,109

Rate shown is the 7-day yield as of June 30, 2011.

7 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Valuation Inputs

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

	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 table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2011 based on valuation input level:


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

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	151,450,767	$	—		$	—	$	151,450,767
Consumer Staples		100,785,477		—			—		100,785,477
Energy		136,991,637		—			—		136,991,637
Financials		40,465,148		—			—		40,465,148
Health Care		164,051,637		—			—		164,051,637
Industrials		189,681,175		—			—		189,681,175
Information Technology		311,048,908		—			—		311,048,908
Materials		56,696,182		—			—		56,696,182
Telecommunication Services		12,921,236		—			—		12,921,236
Investment Company		3,678,593		—			—		3,678,593

Total Investments, at Value		1,167,770,760		—			—		1,167,770,760
Other Financial Instruments:
Foreign currency exchange contracts		—		2,815			—		2,815

Total Assets	$	1,167,770,760	$	2,815		$	—	$	1,167,773,575


Liabilities Table
Other Financial Instruments:
Foreign currency exchange contracts	$	—	$	(2,330	)	$	—	$	(2,330	)

Total Liabilities	$	—	$	(2,330	)	$	—	$	(2,330	)

Foreign Currency Exchange Contracts as of June 30, 2011 are as follows:

Counterparty/

Contract Amount

Expiration

Unrealized

Contract Description

Buy/Sell

(000’s)

Date

Value

Appreciation

Depreciation

Bank of New York (The)

Euro (EUR)

Sell

42 EUR

7/1/11

61,492

—

588

Citigroup

British Pound Sterling (GBP)

Sell

19 GBP

7/1/11

30,189

—

108

Deutsche Bank Capital Corp.

Danish Krone (DKK)

Sell

524 DKK

7/1/11

101,860

—

963

JP Morgan Chase:

British Pound Sterling (GBP)

Buy

577 GBP

7/1/11

925,788

—

671

Swiss Franc (CHF)

Sell

205 CHF

7/1/11

244,346

2,815

—

2,815

671

Total unrealized appreciation and depreciation

2,815

2,330

See accompanying Notes to Financial Statements.

8 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited


June 30, 2011

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $786,151,878)	$	1,164,092,167
Affiliated companies (cost $3,678,593)		3,678,593

		1,167,770,760
Cash		69,116
Unrealized appreciation on foreign currency exchange contracts		2,815
Receivables and other assets:
Investments sold		19,395,359
Dividends		3,173,597
Shares of beneficial interest sold		21,063
Other		49,716

Total assets		1,190,482,426

Liabilities
Unrealized depreciation on foreign currency exchange contracts		2,330
Payables and other liabilities:
Investments purchased		14,197,494
Shares of beneficial interest redeemed		1,771,169
Shareholder communications		267,447
Distribution and service plan fees		259,167
Transfer and shareholder servicing agent fees		93,910
Trustees’ compensation		40,725
Other		21,022

Total liabilities		16,653,264

Net Assets	$	1,173,829,162

Composition of Net Assets
Par value of shares of beneficial interest	$	27,759
Additional paid-in capital		1,128,000,393
Accumulated net investment income		2,031,142
Accumulated net realized loss on investments and foreign currency transactions		(334,651,002	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		378,420,870

Net Assets	$	1,173,829,162


Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $745,669,132 and 17,584,051 shares of beneficial interest outstanding)	$	42.41
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $428,160,030 and 10,174,896 shares of beneficial interest outstanding)	$	42.08

See accompanying Notes to Financial Statements.

9 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

STATEMENT OF OPERATIONS Unaudited


For the Six Months Ended June 30, 2011

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $266,510)	$	8,666,481
Affiliated companies		3,109
Interest		512

Total investment income		8,670,102

Expenses
Management fees		3,971,378
Distribution and service plan fees—Service shares		532,867
Transfer and shareholder servicing agent fees:
Non-Service shares		379,287
Service shares		213,179
Shareholder communications:
Non-Service shares		78,235
Service shares		43,905
Trustees’ compensation		27,755
Custodian fees and expenses		19,418
Administration service fees		750
Other		33,518

Total expenses		5,300,292
Less waivers and reimbursements of expenses		(33,860	)

Net expenses		5,266,432

Net Investment Income		3,403,670

Realized and Unrealized Gain
Net realized gain on:
Investments from unaffiliated companies		20,587,357
Foreign currency transactions		2,365,897

Net realized gain		22,953,254
Net change in unrealized appreciation/depreciation on:
Investments		32,783,414
Translation of assets and liabilities denominated in foreign currencies		4,320,797

Net change in unrealized appreciation/depreciation		37,104,211

Net Increase in Net Assets Resulting from Operations	$	63,461,135

See accompanying Notes to Financial Statements.

10 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2011			December 31,
	(Unaudited)			2010

Operations
Net investment income	$	3,403,670		$	3,239,641
Net realized gain		22,953,254			159,280,200
Net change in unrealized appreciation/depreciation		37,104,211			(38,941,658	)

Net increase in net assets resulting from operations		63,461,135			123,578,183

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(2,685,368	)		(1,796,034	)
Service shares		(448,818	)		—

		(3,134,186	)		(1,796,034	)

Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(63,986,593	)		(385,079,054	)
Service shares		(17,586,595	)		(59,987,624	)

		(81,573,188	)		(445,066,678	)

Net Assets
Total decrease		(21,246,239	)		(323,284,529	)
Beginning of period		1,195,075,401			1,518,359,930

End of period (including accumulated net investment income of $2,031,142 and $1,761,658, respectively)	$	1,173,829,162		$	1,195,075,401

See accompanying Notes to Financial Statements.

11 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2011												Year Ended December 31,
Non-Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	40.35		$	36.94		$	25.67		$	47.18		$	41.43		$	38.52

Income (loss) from investment operations:
Net investment income¹		.14			.11			.09			.10			.07			.07
Net realized and unrealized gain (loss)		2.06			3.36			11.27			(21.55	)		5.78			2.98

Total from investment operations		2.20			3.47			11.36			(21.45	)		5.85			3.05

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

Net asset value, end of period	$	42.41		$	40.35		$	36.94		$	25.67		$	47.18		$	41.43


Total Return, at Net Asset Value²		5.47	%		9.42	%		44.52	%		(45.52	)%		14.15	%		7.95	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	745,669		$	771,086		$	1,074,190		$	829,931		$	1,631,791		$	1,598,967

Average net assets (in thousands)	$	764,780		$	976,242		$	927,670		$	1,256,525		$	1,631,686		$	1,615,352

Ratios to average net assets:³
Net investment income		0.66	%		0.31	%		0.29	%		0.25	%		0.15	%		0.17	%
Total expenses⁴		0.80	%		0.79	%		0.78	%		0.66	%		0.65	%		0.67	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80	%		0.79	%		0.78	%		0.66	%		0.65	%		0.67	%

Portfolio turnover rate		13	%		58	%		46	%		67	%		59	%		47	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	0.80	%
Year Ended December 31, 2010	0.79	%
Year Ended December 31, 2009	0.78	%
Year Ended December 31, 2008	0.66	%
Year Ended December 31, 2007	0.65	%
Year Ended December 31, 2006	0.67	%

See accompanying Notes to Financial Statements.

12 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA


	Six Months
	Ended
	June 30, 2011												Year Ended December 31,
Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	39.99		$	36.64		$	25.42		$	46.78		$	41.09		$	38.23

Income (loss) from investment operations:
Net investment income (loss)¹		.09			.02			.01			—	²		(.05	)		(.03	)
Net realized and unrealized gain (loss)		2.04			3.33			11.21			(21.36	)		5.74			2.96

Total from investment operations		2.13			3.35			11.22			(21.36	)		5.69			2.93

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.04	)		��			—	²		—			—	²		(.07	)

Net asset value, end of period	$	42.08		$	39.99		$	36.64		$	25.42		$	46.78		$	41.09


Total Return, at Net Asset Value³		5.34	%		9.15	%		44.15	%		(45.66	)%		13.86	%		7.68	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	428,160		$	423,989		$	444,170		$	313,931		$	546,887		$	463,140

Average net assets (in thousands)	$	429,851		$	427,640		$	368,634		$	454,558		$	510,874		$	426,539

Ratios to average net assets:⁴
Net investment income (loss)		0.42	%		0.06	%		0.03	%		0.00	%⁵		(0.10	)%		(0.08	)%
Total expenses⁶		1.05	%		1.04	%		1.04	%		0.91	%		0.91	%		0.92	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05	%		1.04	%		1.03	%		0.91	%		0.91	%		0.92	%

Portfolio turnover rate		13	%		58	%		46	%		67	%		59	%		47	%


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

2.		Less than $0.005 per share.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

5.		Less than 0.005%.

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


Six Months Ended June 30, 2011	1.05	%
Year Ended December 31, 2010	1.04	%
Year Ended December 31, 2009	1.04	%
Year Ended December 31, 2008	0.91	%
Year Ended December 31, 2007	0.91	%
Year Ended December 31, 2006	0.92	%

See accompanying Notes to Financial Statements.

13 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Capital Appreciation Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek capital appreciation by investing in securities of well-known, established companies. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

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

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

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.

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from independent pricing services.

14 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

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

15 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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

During the fiscal year ended December 31, 2010, the Fund utilized $72,900,879 of capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2010, the Fund had available for federal income tax purpose unused capital loss carryforwards as follows:


Expiring

2011	$	23,369,993
2013		34,677,838
2016		113,637,770
2017		180,633,172

Total	$	352,318,773

As of June 30, 2011, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $329,365,519 expiring by 2017. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2011, it is estimated that the Fund will utilize $22,953,254 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	795,299,332

Gross unrealized appreciation	$	374,998,853
Gross unrealized depreciation		(2,527,425	)

Net unrealized appreciation	$	372,471,428

16 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

17 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		608,516		$	25,273,104			2,554,247		$	93,160,063
Dividends and/or distributions reinvested		63,634			2,685,368			48,307			1,796,034
Redeemed		(2,200,104	)		(91,945,065	)		(12,572,941	)		(480,035,151	)

Net decrease		(1,527,954	)	$	(63,986,593	)		(9,970,387	)	$	(385,079,054	)


Service Shares
Sold		497,805		$	20,531,367			1,613,467		$	57,695,403
Dividends and/or distributions reinvested		10,709			448,818			—			—
Redeemed		(936,221	)		(38,566,780	)		(3,133,549	)		(117,683,027	)

Net decrease		(427,707	)	$	(17,586,595	)		(1,520,082	)	$	(59,987,624	)

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2011, were as follows:


	Purchases		Sales

Investment securities	$	160,526,616	$	252,069,016

4. Fees and Other Transactions with Affiliates

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


Fee Schedule

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

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

18 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s total annual operating expenses so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.80% for Non-Service shares and 1.05% for Service shares. During the six months ended June 30, 2011, the Manager waived fees and/or reimbursed the Fund $20,477 and $11,771 for Non-Service and Service shares, respectively.

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

5. Risk Exposures and the Use of Derivative Instruments

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:

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

19 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments Continue

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

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

Valuations of derivative instruments as of June 30, 2011 are as follows:

Asset Derivatives

Liability Derivatives

Derivatives Not

Accounted for as

Statement of Assets

Hedging Instruments

and Liabilities Location

Value

and Liabilities Location

Value

Foreign exchange
contracts

Unrealized appreciation
on foreign currency
exchange contracts

2,815

Unrealized depreciation
on foreign currency
exchange contracts

2,330

20 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

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

Amount of Realized Gain or (Loss) Recognized on Derivatives



Derivatives Not Accounted for as
Hedging Instruments	Foreign currency transactions

Foreign exchange contracts	$	10,229

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives



Derivatives Not Accounted for as	Translation of assets and liabilities
Hedging Instruments	denominated in foreign currencies

Foreign exchange contracts	$	1,841

Foreign Currency Exchange Contracts

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

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

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

During the six months ended June 30, 2011, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $410,929 and $605,165, respectively.

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

6. Pending Litigation

21 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Pending Litigation Continue

22 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

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

23 | OPPENHEIMER CAPITAL APPRECIATION FUND/ VA

OPPENHEIMER CAPITAL APPRECIATION FUND / VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Julie Van Cleave, Vice President and Portfolio Manager
		Arthur S. Gabinet, Secretary
		Christina M. Nasta, Vice President and Chief Business Officer
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered		KPMG llp
Public Accounting Firm

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and, if available, summary prospectuses, carefully before investing.

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



^©2011 OppenheimerFunds, Inc. All rights reserved.

OPPENHEIMER CORE BOND FUND/VA

Portfolio Managers: Krishna Memani and Peter A. Strzalkowski

Cumulative Total Returns
For the 6-Month Period Ended 6/30/11


Non-Service Shares	3.87	%
Service Shares	3.77

Average Annual Total Returns
For the Periods Ended 6/30/11


	1-Year	5-Year	10-Year

Non-Service Shares	8.06%	-3.11%	0.92%

Since

Inception

1-Year

5-Year

(5/1/02)

Service Shares

7.71%

-3.35%

0.42%

Expense Ratios
For the Fiscal Year Ended 12/31/10


	Gross	Net
	Expense	Expense
	Ratios	Ratios

Non-Service Shares	0.80%	0.71%
Service Shares	1.05	0.96

Corporate Bonds & Notes—Top Ten Industries


Insurance	3.6	%
Commercial Banks	3.2
Capital Markets	3.0
Oil, Gas & Consumable Fuels	2.8
Diversified Financial Services	2.4
Media	2.0
Electric Utilities	1.9
Diversified Telecommunication Services	1.4
Energy Equipment & Services	0.9
Real Estate Investment Trusts	0.9

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on net assets.

Credit Allocation


Credit Rating Breakdown	NRSRO Only Total

Agency		43.0	%
AAA		25.5
AA		1.3
A		8.3
BBB		15.5
BB		3.1
B		0.5
CCC		2.6
CC		0.1
Other Securities		0.1

Total		100.0	%

The percentages above are based on the market value of the Fund’s securities as of June 30, 2011, and are subject to change. Except for securities labeled “Agency” and except for certain securities issued or guaranteed by a foreign sovereign or supranational entity, all securities have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities issued or guaranteed by a foreign sovereign or supranational entity are assigned a credit rating equal to the highest NRSRO rating assigned to that foreign sovereign or supranational entity. Fund assets invested in Oppenheimer Institutional Money Market Fund are assigned that fund’s S&P rating, which is currently AAA. For the purposes of this Credit Allocation table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories, which include AAA, AA, A and BBB. Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. Please consult the Fund’s prospectus for further information. Additional information can be found in the Fund’s Statement of Additional Information.

2 | OPPENHEIMER CORE BOND FUND/VA

FUND PERFORMANCE DISCUSSION

During the reporting period, the Fund’s Non-Service Shares returned 3.87%, outperforming the Barclays Capital U.S. Aggregate Bond Index (the “Index”), which returned 2.72%.The Fund also outperformed the Barclays Capital Credit Index and the Citigroup Broad Investment Grade Bond Index, which returned 3.41% and 2.66%, respectively, during the same period.

Economic and Market Overview

In April 2011, market concerns resurfaced when Greece again teetered on the brink of defaulting on its sovereign debt, rekindling worries from 2010 that fiscal instability might spread to other parts of Europe. At the same time, a debate regarding government spending and borrowing intensified in the United States, causing a renewed sense of uncertainty among businesses and consumers as the August 2 deadline to raise the U.S. government’s debt ceiling loomed. Additionally, the Fed’s latest round of quantitative easing measures labeled “QE2” officially ended on June 30, further contributing to questions around what the Fed’s next move would be. As a result, by period end, job creation had slowed to a crawl, the unemployment rate moved higher and consumers reined in spending. The U.S. housing market also continued to struggle with foreclosures and depressed prices. Despite the volatility and dramatic headlines, overall the global markets finished the second half of the reporting period in positive territory, reflective of healthy balance sheets of many multinational corporations, continued growth in developing markets and the ongoing economic recoveries in the U.S., Canada and in much of Western Europe.

Fund Review

The Fund outperformed the Index in a number of areas for the period, including mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS). The Fund’s exposure to MBS included MBS guaranteed by government-sponsored enterprises, commonly referred to as agency MBS, as well as a smaller allocation to MBS originated by private entities, also known as non-agency MBS. With respect to investment grade corporate securities, the Fund maintained an overweight to financials and a tilt towards lower rated, investment grade corporate debt, especially BBB-rated securities. This positioning also contributed to results overall for the period. These areas of the market performed particularly well over the first half of the period, when riskier asset classes continued to rally and outperformed historically defensive securities, such as U.S. Treasuries.

Over the second half of the period, the markets witnessed increased volatility and investors became more risk averse. As a result, the Fund’s exposure to MBS, CMBS, ABS and higher yielding investments did not perform as well over the second half, although these areas still finished in the positive for the overall period. The Fund’s underweight in U.S. Treasuries also detracted from performance over the second half of the period.

3 | OPPENHEIMER CORE BOND FUND/VA

FUND PERFORMANCE DISCUSSION

Outlook

Easing in oil prices will benefit many producers and consumers globally, and we expect lower prices at the pump to bolster the U.S. consumer in particular. Absent renewed commodity price shocks, we expect the domestic economic expansion to continue. Yet the growth in employment in the U.S. remains sluggish and the domestic housing market is stubbornly weak. Such a backdrop contributes to a frustratingly slow consumer recovery as the U.S. gradually unwinds the debt-fueled excesses of the past.

Nevertheless, we believe key indicators seem to point to a rebound in the U.S., despite the market turbulence in the second half of the reporting period. Corporate profitability continues to advance while defaults for non-investment grade issues remain low. While QE2 has ended, the Fed remains accommodative. We do not expect the Federal Open Market Committee (FOMC) to enact tightening measures in 2011. Consequently, we expect to maintain significant allocations to domestic higher yielding debt, ABS, MBS and CMBS and maintain an underweight to low yielding U.S. Treasuries.

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

4 | OPPENHEIMER CORE BOND FUND/VA

FUND EXPENSES

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2011.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	January 1, 2011		June 30, 2011		June 30, 2011

Actual
Non-Service shares	$	1,000.00	$	1,038.70	$	3.80
Service shares		1,000.00		1,037.70		5.06

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


Class	Expense Ratios

Non-Service shares		0.75	%
Service shares		1.00

5 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS June 30, 2011 / Unaudited


	Principal
	Amount		Value

Asset-Backed Securities—10.2%
AESOP Funding II LLC, Automobile Receivables Nts., Series 2011-1A, Cl. A, 1.85%, 11/20/13¹	$	235,000	$	236,103
Ally Auto Receivables Trust 2010-4, Automobile Receivables Nts., Series 2010-4, Cl. A3, 0.91%, 11/17/14		280,000		280,488
Ally Master Owner Trust 2010-3, Asset-Backed Certificates, Series 2010-3, Cl. A, 2.88%, 4/15/15¹		660,000		679,206
AmeriCredit Automobile Receivables Trust 2009-1, Automobile Receivables-Backed Nts., Series 2009-1, Cl. A3, 3.04%, 10/15/13		27,764		28,092
AmeriCredit Automobile Receivables Trust 2010-3, Automobile Receivables-Backed Nts., Series 2010-3, Cl. A2, 0.77%, 12/9/13		403,892		404,291
AmeriCredit Automobile Receivables Trust 2010-4, Automobile Receivables-Backed Nts., Series 2010-4, Cl. D, 4.20%, 11/8/16		755,000		783,193
AmeriCredit Automobile Receivables Trust 2011-1, Automobile Receivables-Backed Nts., Series 2011-1, Cl. D, 4.26%, 2/8/17		120,000		120,726
AmeriCredit Automobile Receivables Trust 2011-2, Automobile Receivables-Backed Nts.:
Series 2011-2, Cl. A3, 1.61%, 10/8/15		140,000		141,152
Series 2011-2, Cl. D, 4%, 5/8/17		235,000		234,080
AmeriCredit Prime Automobile Receivables Trust 2010-1, Automobile Receivables Nts., Series 2010-1, Cl. A2, 0.97%, 1/15/13		20,398		20,400
AmeriCredit Prime Automobile Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A2, 1.22%, 10/8/13		116,821		117,112
Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.286%, 9/25/36²		20,256		6,609
Carrington Mortgage Loan Trust, Asset-Backed Pass-Through Certificates, Series 2006-FRE1, Cl. A2, 0.296%, 7/25/36²		411,539		389,288
Centre Point Funding LLC, Asset-Backed Nts., Series 2010-1A, Cl. 1, 5.43%, 7/20/15¹		116,492		123,880
Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15		310,000		330,493
Citibank Omni Master Trust, Credit Card Receivables:
Series 2009-A12, Cl. A12, 3.35%, 8/15/16¹		445,000		455,710
Series 2009-A13, Cl. A13, 5.35%, 8/15/18¹		420,000		459,569
Series 2009-A17, Cl. A17, 4.90%, 11/15/18¹		420,000		454,875
Series 2009-A8, Cl. A8, 2.287%, 5/16/16^1,2		620,000		627,600
CNH Wholesale Master Note Trust 2011-1, Equipment Nts., Series 2011-1, Cl. 1A, 0.987%, 1/20/41²		465,000		467,169
Countrywide Home Loans, Asset-Backed Certificates:
Series 2002-4, Cl. A1, 0.926%, 2/25/33²		15,723		15,067
Series 2005-16, Cl. 2AF2, 5.382%, 5/1/36		482,659		393,756
Series 2005-17, Cl. 1AF2, 5.363%, 5/1/36		264,520		226,120
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.306%, 6/25/47²		40,000		35,610
DSC Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2011-1, Cl. A, 3.91%, 3/15/16		400,000		404,226
DT Auto Owner Trust 2009-1, Automobile Receivable Nts., Series 2009-1, Cl. A1, 2.98%, 10/15/15¹		415,254		419,261
DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/15/15¹		570,000		572,832
DT Auto Owner Trust 2011-2A, Automobile Receivable Nts., Series 2011-2A, Cl. C, 3.05%, 7/15/13¹		134,000		134,273
First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.296%, 6/25/36²		1,617		1,612
First Investors Auto Owner Trust 2011-1, Automobile Receivable Nts., Series 2011-1, Cl. A2, 1.47%, 3/16/15		461,244		461,729
Ford Credit Auto Lease Trust, Automobile Receivable Nts., Series 2010-B, Cl. A2, 0.75%, 10/15/12¹		505,000		505,299
Ford Credit Auto Owner Trust, Automobile Receivable Nts., Series 2010-A, Cl. A4, 2.15%, 6/15/15		670,000		685,665
Ford Credit Floorplan Master Owner Trust 2009-2, Asset-Backed Nts., Series 2009-2, Cl. A, 1.737%, 9/15/14²		470,000		476,502

6 | OPPENHEIMER CORE BOND FUND/VA


	Principal
	Amount		Value

Asset-Backed Securities Continued
Ford Credit Floorplan Master OwnerTrust 2010-1, Asset-Backed Nts., Series 2010-1, Cl. A, 1.837%, 12/15/14^1,2	$	490,000	$	499,316
Ford Credit Floorplan Master Owner Trust 2011-1, Asset-Backed Nts., Series 2011-1, Cl. A1, 2.12%, 2/15/16		490,000		497,370
GE Dealer Floorplan Master Note Trust, Asset-Backed Securities, Series 2009-2A, Cl. A, 1.736%, 10/20/14^1,2		460,000		466,923
GMAC Mortgage Servicer Advance Funding Ltd., Asset-Backed Nts., Series 2011-1A, Cl. A, 3.72%, 2/15/23¹		445,000		449,430
Hertz Vehicle Financing LLC, Automobile Receivable Nts., Series 2010-1A, Cl. A1, 2.60%, 2/25/15¹		495,000		505,262
HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.446%, 1/20/35²		422,462		397,903
HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.296%, 3/20/36²		2,774		2,769
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.286%, 8/25/36²		65,291		22,191
Navistar Financial Dealer Note Master Owner Trust, Asset-Backed Nts., Series 2010-1, Cl. A, 1.836%, 1/26/15^1,2		790,000		795,055
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29^3,4		3,370,016		286,451
Nissan Auto Lease Trust 2010-B, Automobile Asset-Backed Nts., Series 2010-B, Cl. A3, 1.12%, 12/15/13		440,000		442,221
Nissan Master Owner Trust, Automobile Receivable Nts., Series 2010-AA, Cl. A, 1.337%, 1/15/15^1,2		485,000		490,407
RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.286%, 9/25/36²		2,484		2,475
Santander Drive Auto Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A2, 0.95%, 8/15/13		348,239		348,608
Santander Drive Auto Receivables Trust 2010-3, Automobile Receivables Nts., Series 2010-3, Cl. C, 3.06%, 11/15/17		485,000		485,753
Santander Drive Auto Receivables Trust 2010-A, Automobile Receivables Nts., Series 2010-A, Cl. A2, 1.37%, 8/15/13¹		425,632		426,852
Santander Drive Auto Receivables Trust 2011-1, Automobile Receivables Nts., Series 2011-1, Cl. D, 4.01%, 2/15/17		465,000		462,293
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17⁴		558,445		559,143
Santander Drive Auto Receivables Trust 2011-S2A, Automobile Receivables Nts., Series 2011-S2A, Cl. D, 3.35%, 6/15/17¹		395,000		394,645
Volkswagen Auto Lease Trust 2010-A, Automobile Receivable Nts., Series 2010-A, Cl. A3, 0.99%, 11/20/13		440,000		441,130
Westlake Automobile Receivables Trust 2011-1, Automobile Receivables Nts., Series 2011-1, Cl. A3, 1.49%, 6/16/14¹		205,000		205,211
World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2009-A, Cl. A, 4.60%, 9/15/15		340,000		344,773


Total Asset-Backed Securities (Cost $22,250,711)				19,218,169

Mortgage-Backed Obligations—67.4%
Government Agency—54.9%
FHLMC/FNMA/FHLB/Sponsored—54.6%
Federal Home Loan Mortgage Corp.:
5%, 12/15/34-6/1/40		86,474		92,382
5.50%, 9/1/39		1,428,494		1,544,833
6%, 5/15/18-10/15/29		2,913,635		3,218,127
6.50%, 4/15/18-4/1/34		658,674		736,041
7%, 8/15/16-10/1/37		815,677		939,166
8%, 4/1/16		202,995		224,279
9%, 8/1/22-5/1/25		70,333		80,562
10.50%, 11/14/20		2,808		3,238

7 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass- Through Certificates:
Series 151, Cl. F, 9%, 5/15/21	$	16,490	$	19,020
Series 1674, Cl. Z, 6.75%, 2/15/24		53,872		60,750
Series 2006-11, Cl. PS, 23.885%, 3/25/36²		433,865		573,380
Series 2034, Cl. Z, 6.50%, 2/15/28		5,926		6,894
Series 2042, Cl. N, 6.50%, 3/15/28		18,730		21,918
Series 2043, Cl. ZP, 6.50%, 4/15/28		703,274		799,548
Series 2046, Cl. G, 6.50%, 4/15/28		52,381		55,955
Series 2053, Cl. Z, 6.50%, 4/15/28		7,313		8,402
Series 2066, Cl. Z, 6.50%, 6/15/28		911,278		1,033,942
Series 2195, Cl. LH, 6.50%, 10/15/29		622,984		721,419
Series 2220, Cl. PD, 8%, 3/15/30		2,892		3,435
Series 2326, Cl. ZP, 6.50%, 6/15/31		184,258		215,644
Series 2461, Cl. PZ, 6.50%, 6/15/32		846,108		959,315
Series 2470, Cl. LF, 1.187%, 2/15/32²		7,799		7,915
Series 2500, Cl. FD, 0.687%, 3/15/32²		163,171		164,009
Series 2526, Cl. FE, 0.587%, 6/15/29²		238,778		239,630
Series 2538, Cl. F, 0.787%, 12/15/32²		1,014,618		1,023,607
Series 2551, Cl. FD, 0.587%, 1/15/33²		160,105		160,792
Series 2638, Cl. KG, 4%, 11/1/27		15,158		15,158
Series 2663, Cl. BA, 4%, 8/1/16		219,566		222,113
Series 2686, Cl. CD, 4.50%, 2/1/17		132,713		133,848
Series 2907, Cl. GC, 5%, 6/1/27		113,744		114,371
Series 2929, Cl. PC, 5%, 1/1/28		68,642		68,840
Series 2936, Cl. PE, 5%, 2/1/35		69,000		73,619
Series 2952, Cl. GJ, 4.50%, 12/1/28		32,466		32,584
Series 3019, Cl. MD, 4.75%, 1/1/31		305,446		311,320
Series 3025, Cl. SJ, 24.064%, 8/15/35²		84,853		111,115
Series 3094, Cl. HS, 23.698%, 6/15/34²		244,248		312,918
Series 3242, Cl. QA, 5.50%, 3/1/30		214,164		217,882
Series 3848, Cl. WL, 4%, 4/1/40		68,897		72,974
Series R001, Cl. AE, 4.375%, 4/1/15		99,672		100,702
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 205, Cl. IO, 14.077%, 9/1/29⁵		20,895		4,370
Series 206, Cl. IO, 0%, 12/1/29^5,6		264,482		56,308
Series 2074, Cl. S, 68.723%, 7/17/28⁵		4,568		956
Series 2079, Cl. S, 81.987%, 7/17/28⁵		7,767		1,630
Series 2130, Cl. SC, 53.448%, 3/15/29⁵		303,065		57,748
Series 243, Cl. 6, 1.759%, 12/15/32⁵		304,484		59,882
Series 2526, Cl. SE, 42.323%, 6/15/29⁵		10,784		2,162
Series 2527, Cl. SG, 46.858%, 2/15/32⁵		396,024		16,661
Series 2531, Cl. ST, 24.987%, 2/15/30⁵		164,809		7,172
Series 2796, Cl. SD, 69.123%, 7/15/26⁵		494,748		90,434
Series 2802, Cl. AS, 71.799%, 4/15/33⁵		306,251		29,298
Series 2819, Cl. S, 56.279%, 6/15/34⁵		98,591		16,635
Series 2920, Cl. S, 68.216%, 1/15/35⁵		1,801,963		290,617
Series 3004, Cl. SB, 99.999%, 7/15/35⁵		105,464		17,133
Series 3110, Cl. SL, 99.999%, 2/15/26⁵		276,634		39,297
Series 3451, Cl. SB, 29.003%, 5/15/38⁵		319,743		41,925
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 3.604%, 6/1/26⁷		115,900		100,477
Federal National Mortgage Assn.:
3.141%, 10/1/36²		202,779		213,512
4%, 7/1/26⁸		490,000		510,519
4.50%, 7/1/26-7/1/41⁸		16,520,000		17,185,143
5%, 2/25/22-7/25/22		18,556		19,963
5%, 8/1/41⁸		16,823,000		17,829,756
5.50%, 7/1/26-7/1/41⁸		10,746,000		11,622,044
6%, 7/1/41⁸		5,105,000		5,608,322
6.50%, 5/25/17-1/1/34		1,241,984		1,356,490
6.50%, 8/1/41⁸		2,816,000		3,180,762
7%, 11/1/17-7/25/35		585,298		639,435
7.50%, 1/1/33		12,274		14,390
8.50%, 7/1/32		21,138		24,235
Federal National Mortgage Assn:
15 yr., 3.50%, 6/1/26⁸		5,355,000		5,453,735
30 yr., 4%, 8/1/41⁸		6,930,000		6,911,594
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Trust 1989-17, Cl. E, 10.40%, 4/25/19		13,693		15,989
Trust 1993-87, Cl. Z, 6.50%, 6/25/23		624,346		699,000
Trust 1998-58, Cl. PC, 6.50%, 10/25/28		516,734		572,203
Trust 1998-61, Cl. PL, 6%, 11/25/28		262,388		293,100
Trust 1999-54, Cl. LH, 6.50%, 11/25/29		417,477		473,319
Trust 2001-44, Cl. QC, 6%, 9/25/16		24,249		26,100
Trust 2001-51, Cl. OD, 6.50%, 10/25/31		31,332		36,129
Trust 2001-74, Cl. QE, 6%, 12/25/31		754,140		843,499
Trust 2002-12, Cl. PG, 6%, 3/25/17		12,540		13,556
Trust 2003-28, Cl. KG, 5.50%, 4/25/23		3,964,000		4,398,456
Trust 2004-101, Cl. BG, 5%, 1/25/20		1,748,802		1,869,136
Trust 2004-81, Cl. KC, 4.50%, 4/1/17		100,749		101,400
Trust 2004-9, Cl. AB, 4%, 7/1/17		445,851		455,174
Trust 2005-12, Cl. JC, 5%, 6/1/28		313,940		318,149
Trust 2005-22, Cl. EC, 5%, 10/1/28		127,633		129,511
Trust 2005-30, Cl. CU, 5%, 4/1/29		131,403		134,044
Trust 2006-110, Cl. PW, 5.50%, 5/25/28		19,023		19,127
Trust 2006-46, Cl. SW, 23.518%, 6/25/36²		331,552		425,040
Trust 2006-50, Cl. KS, 23.519%, 6/25/36²		500,306		638,691
Trust 2009-36, Cl. FA, 1.126%, 6/25/37²		631,144		637,413
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-61, Cl. SH, 53.201%, 11/18/31⁵		30,402		5,281
Trust 2001-63, Cl. SD, 47.082%, 12/18/31⁵		9,486		1,625
Trust 2001-65, Cl. S, 51.585%, 11/25/31⁵		762,781		133,757
Trust 2001-68, Cl. SC, 36.059%, 11/25/31⁵		6,190		1,062

8 | OPPENHEIMER CORE BOND FUND/VA


	Principal
	Amount		Value

FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued
Trust 2001-81, Cl. S, 41.25%, 1/25/32⁵	$	204,987	$	38,431
Trust 2002-28, Cl. SA, 45.517%, 4/25/32⁵		5,443		874
Trust 2002-38, Cl. SO, 64.516%, 4/25/32⁵		13,444		2,059
Trust 2002-39, Cl. SD, 51.824%, 3/18/32⁵		8,889		1,769
Trust 2002-47, Cl. NS, 41.212%, 4/25/32⁵		541,656		104,107
Trust 2002-48, Cl. S, 42.154%, 7/25/32⁵		9,031		1,722
Trust 2002-51, Cl. S, 41.49%, 8/25/32⁵		497,242		96,053
Trust 2002-52, Cl. SD, 49.166%, 9/25/32⁵		625,644		124,632
Trust 2002-52, Cl. SL, 43.536%, 9/25/32⁵		5,626		1,071
Trust 2002-53, Cl. SK, 49.975%, 4/25/32⁵		30,972		6,244
Trust 2002-56, Cl. SN, 44.532%, 7/25/32⁵		12,314		2,347
Trust 2002-60, Cl. SM, 50.528%, 8/25/32⁵		101,829		13,645
Trust 2002-7, Cl. SK, 50.374%, 1/25/32⁵		47,388		9,780
Trust 2002-77, Cl. BS, 44.259%, 12/18/32⁵		62,200		11,703
Trust 2002-77, Cl. IS, 58.292%, 12/18/32⁵		22,904		4,581
Trust 2002-77, Cl. JS, 41.329%, 12/18/32⁵		102,264		18,655
Trust 2002-77, Cl. SA, 43.003%, 12/18/32⁵		97,376		17,576
Trust 2002-77, Cl. SH, 50.909%, 12/18/32⁵		272,233		54,492
Trust 2002-84, Cl. SA, 52.326%, 12/25/32⁵		681,444		127,451
Trust 2002-9, Cl. MS, 40.608%, 3/25/32⁵		10,242		1,999
Trust 2002-90, Cl. SN, 52.093%, 8/25/32⁵		52,386		7,337
Trust 2002-90, Cl. SY, 55.464%, 9/25/32⁵		34,105		4,943
Trust 2003-26, Cl. DI, 17.722%, 4/25/33⁵		22,470		4,611
Trust 2003-33, Cl. SP, 52.473%, 5/25/33⁵		740,585		126,794
Trust 2003-4, Cl. S, 48.629%, 2/25/33⁵		473,951		88,947
Trust 2003-89, Cl. XS, 92.243%, 11/25/32⁵		362,430		27,533
Trust 2004-54, Cl. DS, 59.625%, 11/25/30⁵		446,903		67,049
Trust 2005-14, Cl. SE, 48.231%, 3/25/35⁵		355,015		44,910
Trust 2005-40, Cl. SA, 70.985%, 5/25/35⁵		1,003,955		169,164
Trust 2005-40, Cl. SB, 83.913%, 5/25/35⁵		47,835		9,592
Trust 2005-71, Cl. SA, 66.139%, 8/25/25⁵		1,205,210		173,532
Trust 2005-93, Cl. SI, 23.446%, 10/25/35⁵		951,709		150,219
Trust 2006-129, Cl. SM, 22.616%, 1/25/37⁵		414,037		67,113
Trust 2006-60, Cl. DI, 48.347%, 4/25/35⁵		250,080		35,065
Trust 2008-55, Cl. SA, 26.501%, 7/25/38⁵		168,105		16,479
Trust 2008-67, Cl. KS, 50.659%, 8/25/34⁵		2,262,871		220,491
Trust 221, Cl. 2, 40.335%, 5/1/23⁵		7,905		1,494
Trust 222, Cl. 2, 29.021%, 6/1/23⁵		892,656		168,846
Trust 252, Cl. 2, 39.21%, 11/1/23⁵		773,226		145,864
Trust 294, Cl. 2, 18.526%, 2/1/28⁵		84,674		16,262
Trust 301, Cl. 2, 6.472%, 4/1/29⁵		9,669		2,194
Trust 303, Cl. IO, 9.587%, 11/1/29⁵		132,725		32,433
Trust 320, Cl. 2, 15.895%, 4/1/32⁵		605,574		138,105
Trust 321, Cl. 2, 5.484%, 4/1/32⁵		1,869,547		444,192
Trust 324, Cl. 2, 4.838%, 7/1/32⁵		19,687		4,829
Trust 331, Cl. 5, 0.43%, 2/1/33⁵		26,714		5,016
Trust 331, Cl. 9, 14.549%, 2/1/33⁵		494,088		104,456
Trust 334, Cl. 12, 22.292%, 2/1/33⁵		47,342		8,765
Trust 334, Cl. 17, 22.381%, 2/1/33⁵		343,671		80,363
Trust 339, Cl. 12, 1.706%, 7/1/33⁵		661,253		118,396
Trust 339, Cl. 7, 24.773%, 7/1/33⁵		1,582,718		264,124
Trust 343, Cl. 13, 5.748%, 9/1/33⁵		613,134		108,060
Trust 343, Cl. 18, 2.98%, 5/1/34⁵		174,723		34,212
Trust 345, Cl. 9, 49.65%, 1/1/34⁵		741,884		155,609
Trust 351, Cl. 10, 0.718%, 4/1/34⁵		239,126		40,327
Trust 351, Cl. 8, 6.703%, 4/1/34⁵		373,727		62,886
Trust 356, Cl. 10, 19.822%, 6/1/35⁵		307,826		51,855
Trust 356, Cl. 12, 22.326%, 2/1/35⁵		153,677		25,684
Trust 362, Cl. 13, 1.357%, 8/1/35⁵		552,465		94,342
Trust 364, Cl. 15, 4.905%, 9/1/35⁵		33,564		5,671
Trust 364, Cl. 16, 14.676%, 9/1/35⁵		650,334		123,023
Trust 365, Cl. 16, 2.969%, 3/1/36⁵		1,000,845		177,591
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 3.901%, 9/25/23⁷		275,659		241,833

				102,854,415

GNMA/Guaranteed—0.3%
Government National Mortgage Assn.:
7%, 12/29/23-3/15/26		29,032		33,749
8.50%, 8/1/17-12/15/17		103,295		117,129
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates:
Series 1999-32, Cl. ZB, 8%, 9/16/29		79,081		96,472
Series 2000-7, Cl. Z, 8%, 1/16/30		33,248		38,320

9 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

GNMA/Guaranteed Continued
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 1998-19, Cl. SB, 69.943%, 7/16/28⁵	$	16,489	$	3,503
Series 2001-21, Cl. SB, 88.38%, 1/16/27⁵		592,093		110,855
Series 2002-15, Cl. SM, 79.684%, 2/16/32⁵		622,124		121,048
Series 2004-11, Cl. SM, 75.702%, 1/17/30⁵		481,856		108,835
Series 2007-17, Cl. AI, 21.74%, 4/16/37⁵		183,866		32,202

				662,113

Non-Agency—12.5%
Commercial—8.8%
Asset Securitization Corp., Commercial Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 0.046%, 4/14/29⁵		7,549,705		203,313
Banc of America Commercial Mortgage Trust 2007-1, Commercial Mtg. Pass-Through Certificates, Series 2007-1, Cl. A4, 5.451%, 1/1/49		710,000		768,839
Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 0%, 6/22/24^1,5,6		3,508,420		163,718
CFCRE Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2011-C1, Cl. A1, 1.871%, 4/1/44¹		146,162		146,602
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35		72,012		67,100
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37		345,208		285,763
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates:
Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49		380,000		388,191
Series 2007-CD4, Cl. A4, 5.322%, 12/1/49		875,000		929,670
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Series 2010-C1, Cl. A1, 3.156%, 7/1/46¹		587,590		592,362
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 2010-C1, Cl. XPA, 4.843%, 9/1/20^1,5		4,731,994		393,140
First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35		531,049		518,801
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		208,639		144,825
First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 5.925%, 11/1/37²		411,755		303,737
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2005-GG5, Commercial Mtg. Pass-Through Certificates, Series 2005-GG5, Cl. AM, 5.277%, 4/1/37		115,000		111,378
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. A4, 5.736%, 12/1/49		965,000		1,037,034
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2011-GC3, Cl. A1, 2.331%, 3/1/44		387,911		394,519
GSR Mortgage Loan Trust 2005-AR4, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 6A1, 5.25%, 7/1/35		450,107		449,588
Impac CMB Trust Series 2005-4, Collateralized Asset-Backed Bonds, Series 2005-4, Cl. 1A1A, 0.726%, 5/25/35²		589,042		446,900
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 5.181%, 11/1/35²		698,723		517,583
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates:
Series 2011-C3, Cl. A1, 1.875%, 2/1/46¹		429,187		432,624
Series 2010-C2, Cl. A2, 3.616%, 11/1/43¹		710,000		694,726
Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49⁴		1,395,000		1,404,253

10 | OPPENHEIMER CORE BOND FUND/VA


	Principal
	Amount		Value

Commercial Continued
JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP7, Commercial Mtg. Pass-Through Certificates, Series 2006-LDP7, 5.87%, 4/1/45²	$	590,000	$	612,362
JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB19, Commercial Mtg. Pass-Through Certificates, Series 2007-CB19, Cl. AM, 5.932%, 2/1/49²		115,000		111,751
JPMorgan Mortgage Trust 2007-S3, Mtg. Pass-Through Certificates, Series 2007-S3, Cl. 1A90, 7%, 8/1/37		688,431		547,757
LB-UBS Commercial Mortgage Trust 2006-C3, Commercial Mtg. Pass-Through Certificates, Series 2006-C3, Cl. AM, 5.712%, 3/11/39		85,000		84,823
Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 0%, 2/18/30^5,6		3,359,557		67,923
Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/1/24¹		147,402		112,978
Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34		969,497		993,173
ML-CFC Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AM, 5.456%, 7/12/46		1,000,000		994,754
Morgan Stanley Capital I Trust 2007-IQ16, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ16, Cl. AM, 6.313%, 12/1/49²		410,000		406,268
Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, 0%, 5/18/32^5,6		43,840,639		135,525
Structured Adjustable Rate Mortgage Loan Trust, Mtg. Pass-Through Certificates, Series 2007-6, Cl. 3A1, 5.244%, 7/1/37²		603,994		402,446
Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. A3, 5.678%, 5/1/46		520,000		562,049
WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A4, 2.665%, 12/1/35²		386,997		333,192
Wells Fargo Commercial Mortgage Trust 2010-C1, Commercial Mtg. Pass-Through Certificates, Series 2010-C1, Cl. A1, 3.349%, 11/1/43¹		370,720		372,452
Wells Fargo Mortgage-Backed Securities 2007-AR8 Trust, Mtg. Pass-Through Certificates, Series 2007-AR8, Cl. A1, 6.088%, 11/1/37²		500,325		408,187

				16,540,306

Multifamily—0.8%
Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1A2A, 5.688%, 6/1/36²		448,218		393,046
GE Capital Commercial Mortgage Corp., Commercial Mtg. Pass-Through Certificates, Series 2001-3, Cl. A2, 6.07%, 6/1/38		497,146		499,951
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 5.557%, 5/1/37²		170,994		148,614
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.819%, 3/25/36²		531,163		449,731

				1,491,342

Other—0.0%
Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. B, 37.58%, 10/23/17⁵		720		81
Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. A, 4.062%, 10/23/17⁷		1,066		1,047

				1,128

Residential—2.9%
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.58%, 5/1/36²		155,000		141,932
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35		243,637		214,541
CHL Mortgage Pass-Through Trust 2005-30, Mtg. Pass-Through Certificates, Series 2005-30, Cl. A5, 5.50%, 1/1/36		410,001		393,581
CHL Mortgage Pass-Through Trust 2005-HYB7, Mtg. Pass-Through Certificates, Series 2005-HYB7, Cl. 6A1, 5.383%, 11/1/35²		571,584		424,479

11 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Residential Continued
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35	$	37,622	$	37,386
Countrywide Alternative Loan Trust 2007-19, Mtg. Pass-Through Certificates, Series 2007-19, Cl. 1A34, 6%, 8/1/37		393,806		305,762
GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36		486,172		467,463
JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36		536,993		475,247
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 4.946%, 10/25/36²		48,808		45,486
RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33		266,141		272,078
RALI Series 2006-QS13 Trust:
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36		58,201		35,248
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		2,040		1,235
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		25,710		16,021
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36		164,797		135,177
Structured Adjustable Rate Mortgage Loan Trust, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 3A1, 2.542%, 5/1/34²		248,281		225,342
Thornburg Mortgage Securities Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A2, 0.336%, 11/25/46²		455,273		448,861
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 4A1, 2.671%, 2/1/37²		63,095		48,440
WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 5.684%, 5/1/37²		911,916		799,680
Wells Fargo Alternative Loan 2007-PA5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-PA5, Cl. 1A1, 6.25%, 11/1/37		379,681		323,717
Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 2.874%, 9/1/34²		251,733		250,559
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.693%, 10/1/36²		435,556		385,318

				5,447,553


Total Mortgage-Backed Obligations (Cost $124,555,005)				126,996,857

U.S. Government Obligations—1.6%
Federal Home Loan Mortgage Corp. Nts.:
1.75%, 9/10/15		190,000		190,905
2.50%, 5/27/16		255,000		261,703
5%, 2/16/17		295,000		337,026
5.25%, 4/18/16		515,000		593,529
5.50%, 7/18/16		295,000		343,184
Federal National Mortgage Assn. Nts.:
2.375%, 4/11/16⁹		485,000		495,430
4.875%, 12/15/16⁹		415,000		471,197
5%, 3/15/16		320,000		364,908


Total U.S. Government Obligations (Cost $2,975,966)				3,057,882

Corporate Bonds and Notes—33.0%
Consumer Discretionary—4.4%
Diversified Consumer Services—0.3%
Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15		475,000		511,813
Hotels, Restaurants & Leisure—0.7%
Hyatt Hotels Corp., 5.75% Sr. Unsec. Unsub. Nts., 8/15/15¹		725,000		762,662
Marriott International, Inc., 6.20% Sr. Unsec. Unsub. Nts., 6/15/16		526,000		591,493

				1,354,155

Household Durables—0.8%
Fortune Brands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/14		370,000		411,493
Newell Rubbermaid, Inc., 5.50% Sr. Unsec. Nts., 4/15/13		429,000		459,310
Whirlpool Corp.:
5.50% Sr. Unsec. Unsub. Nts., 3/1/13		152,000		161,172
8% Sr. Unsec. Nts., 5/1/12		380,000		401,549

				1,433,524

12 | OPPENHEIMER CORE BOND FUND/VA


	Principal
	Amount		Value

Leisure Equipment & Products—0.2%
Mattel, Inc., 5.625% Sr. Unsec. Nts., 3/15/13	$	395,000	$	422,588
Media—2.0%
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		292,000		406,713
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 6.375% Sr. Unsec. Nts., 3/1/41		359,000		384,617
Historic TW, Inc., 9.125% Debs., 1/15/13		149,000		165,752
Interpublic Group of Cos., Inc. (The):
6.25% Sr. Unsec. Nts., 11/15/14		150,000		166,875
10% Sr. Unsec. Nts., 7/15/17		528,000		627,000
Lamar Media Corp., 9.75% Sr. Unsec. Nts., 4/1/14		438,000		508,080
Time Warner Entertainment Co. LP, 8.375% Sr. Nts., 7/15/33		257,000		329,405
Viacom, Inc., 7.875% Sr. Unsec. Debs., 7/30/30		270,000		323,082
Virgin Media Secured Finance plc:
5.25% Sr. Sec. Nts., 1/15/21¹		230,000		245,225
6.50% Sr. Sec. Nts., 1/15/18		555,000		611,194

				3,767,943

Multiline Retail—0.2%
Family Dollar Stores, Inc., 5% Sr. Unsec. Nts., 2/1/21		460,000		451,654
Specialty Retail—0.2%
Rent-A-Center, Inc., 6.625% Sr. Unsec. Nts., 11/15/20		457,000		457,000
Consumer Staples—1.8%
Food & Staples Retailing—0.1%
Wal-Mart Stores, Inc., 5.625% Sr. Unsec. Nts., 4/15/41		271,000		280,613
Food Products—0.8%
Bunge Ltd. Finance Corp.:
5.35% Sr. Unsec. Unsub. Nts., 4/15/14		210,000		226,484
8.50% Sr. Unsec. Nts., 6/15/19		200,000		244,059
Kraft Foods, Inc., 6% Sr. Unsec. Nts., 2/11/13		410,000		442,193
TreeHouse Foods, Inc., 7.75% Sr. Unsec. Nts., 3/1/18		470,000		500,550

				1,413,286

Household Products—0.2%
Energizer Holdings, Inc., 4.70% Sr. Nts., 5/19/21¹		463,000		457,864
Tobacco—0.7%
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		337,000		484,758
Lorillard Tobacco Co., 8.125% Sr. Unsec. Nts., 5/1/40		270,000		297,864
Reynolds American, Inc., 7.25% Sr. Sec. Nts., 6/1/13		408,000		451,186

				1,233,808

Energy—3.7%
Energy Equipment & Services—0.9%
Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21		604,000		610,906
Rowan Cos., Inc., 5% Sr. Unsec. Nts., 9/1/17		400,000		428,245
Weatherford International Ltd., 6.50% Sr. Unsec. Bonds, 8/1/36		308,000		318,701
Weatherford International Ltd. Bermuda, 5.125% Sr. Unsec. Unsub. Nts., 9/15/20		318,000		325,064

				1,682,916

Oil, Gas & Consumable Fuels—2.8%
Anadarko Petroleum Corp., 6.20% Sr. Unsec. Nts., 3/15/40		282,000		286,768
Cloud Peak Energy Resources LLC, 8.25% Sr. Unsec. Unsub. Nts., 12/15/17		445,000		478,375
El Paso Pipeline Partners LP, 6.50% Sr. Unsec. Nts., 4/1/20		644,000		723,707
Gulf South Pipeline Co. LP, 5.75% Sr. Unsec. Nts., 8/15/12¹		455,000		473,306
Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13		757,000		810,633
Kinder Morgan Energy Partners LP, 6.50% Sr. Unsec. Unsub. Nts., 9/1/39		217,000		226,070
Nexen, Inc., 6.40% Sr. Unsec. Unsub. Bonds, 5/15/37		466,000		466,304
Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19		404,000		440,360
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/14¹		270,000		296,676
Rockies Express Pipeline LLC, 3.90% Sr. Unsec. Unsub. Nts., 4/15/15¹		764,000		775,568
Woodside Finance Ltd., 4.60% Sr. Unsec. Nts., 5/10/21¹		314,000		308,569

				5,286,336

Financials—13.7%
Capital Markets—3.0%
Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/19¹		800,000		861,380
Credit Suisse Guernsey Ltd., 5.86% Jr. Sub. Perpetual Nts.¹⁰		642,000		616,641

13 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Capital Markets Continued
Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34	$	515,000	$	488,433
Macquarie Bank Ltd., 6.625% Unsec. Sub. Nts., 4/7/21¹		598,000		602,314
Morgan Stanley:
5.50% Sr. Unsec. Unsub. Nts., 7/24/20¹		178,000		180,374
5.55% Sr. Unsec. Unsub. Nts., Series F, 4/27/17		1,205,000		1,278,242
Nomura Holdings, Inc., 4.125% Sr. Unsec. Unsub. Nts., 1/19/16		433,000		438,753
TD Ameritrade Holding Corp., 2.95% Sr. Unsec. Unsub. Nts., 12/1/12		475,000		485,934
UBS AG Stamford CT, 2.25% Sr. Unsec. Nts., 8/12/13		181,000		184,172
UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Nts.¹⁰		620,000		613,800

				5,750,043

Commercial Banks—3.2%
ANZ National International Ltd., 2.375% Sr. Unsec. Nts., 12/21/12¹		507,000		514,892
BNP Paribas SA, 5.186% Sub. Perpetual Nts.^1,10		515,000		476,633
Fifth Third Cap Trust IV, 6.50% Jr. Unsec. Sub. Nts., 4/15/37		845,000		836,550
HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35²		1,270,000		1,206,500
Huntington Bancshares, Inc., 7% Sub. Nts., 12/15/20		472,000		532,782
Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/20¹		493,000		465,541
Standard Chartered plc, 6.409% Cv. Jr. Unsec. Sub. Bonds, 1/29/49¹		700,000		667,145
Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K¹⁰		677,000		734,545
Zions Bancorp., 7.75% Sr. Unsec. Nts., 9/23/14		581,000		637,295

				6,071,883

Consumer Finance—0.6%
American Express Bank FSB, 5.50% Sr. Unsec. Nts., 4/16/13		441,000		471,901
SLM Corp., 6.25% Sr. Nts., 1/25/16		602,000		624,919

				1,096,820

Diversified Financial Services—2.4%
Bank of America Corp., 5.875% Sr. Unsec. Unsub. Nts., 1/5/21		140,000		147,098
Citigroup, Inc., 3.953% Sr. Unsec. Nts., 6/15/16		995,000		1,019,226
Glen Meadow Pass-Through Trust, 6.505% Bonds, 2/12/67^1,2		535,000		474,813
ING Groep NV, 5.775% Jr. Unsec. Sub. Perpetual Bonds¹⁰		535,000		494,875
JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1¹⁰		1,430,000		1,541,175
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38		709,000		788,301

				4,465,488

Insurance—3.6%
CNA Financial Corp.:
5.75% Sr. Unsec. Unsub. Nts., 8/15/21		368,000		380,458
5.875% Sr. Unsec. Unsub. Bonds, 8/15/20		460,000		478,818
Hartford Financial Services Group, Inc. (The), 5.25% Sr. Unsec. Nts., 10/15/11		405,000		409,934
International Lease Finance Corp., 5.75% Sr. Unsec. Unsub. Nts., 5/15/16		441,000		434,514
Irish Life & Permanent Group Holdings plc, 3.60% Sr. Unsec. Unsub. Nts., 1/14/13¹		620,000		527,368
Liberty Mutual Group, Inc., 5% Sr. Nts., 6/1/21¹		666,000		631,423
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Bonds, 4/20/67		945,000		919,013
Prudential Financial, Inc., 3.625% Sr. Unsec. Unsub. Nts., 9/17/12		499,000		512,368
Reinsurance Group of America, Inc., 5% Sr. Unsec. Nts., 6/1/21		655,000		648,814
Swiss Re Capital I LP, 6.854% Perpetual Bonds^1,10		875,000		845,299
Willis Group Holdings plc, 4.125% Sr. Unsec. Unsub. Nts., 3/15/16		463,000		472,325
ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/37^2,4		454,000		454,000

				6,714,334

Real Estate Investment Trusts—0.9%
AvalonBay Communities, Inc., 6.625% Sr. Unsec. Unsub. Nts., 9/15/11		202,000		204,302
Brandywine Operating Partnership LP, 5.75% Sr. Unsec. Unsub. Nts., 4/1/12		237,000		244,930
CommonWealth REIT, 6.95% Sr. Unsec. Nts., 4/1/12		103,000		106,396
Mack-Cali Realty LP, 5.25% Sr. Unsec. Unsub. Nts., 1/15/12		180,000		183,806

14 | OPPENHEIMER CORE BOND FUND/VA


	Principal
	Amount		Value

Real Estate Investment Trusts Continued
Simon Property Group LP, 5% Sr. Unsec. Unsub. Nts., 3/1/12	$	470,000	$	478,074
WCI Finance LLC/WEA Finance LLC, 5.40% Sr. Unsec. Unsub. Nts., 10/1/12¹		439,000		461,380

				1,678,888

Health Care—0.7%
Biotechnology—0.1%
Celgene Corp., 5.70% Sr. Unsec. Nts., 10/15/40		291,000		286,050
Health Care Providers & Services—0.3%
McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41		237,000		254,067
Quest Diagnostics, Inc., 5.75% Sr. Unsec. Nts., 1/30/40		285,000		283,246

				537,313

Pharmaceuticals—0.3%
Mylan, Inc., 6% Sr. Nts., 11/15/18¹		495,000		505,519
Industrials—1.6%
Aerospace & Defense—0.5%
Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16		477,000		488,925
BE Aerospace, Inc., 8.50% Sr. Unsec. Nts., 7/1/18		420,000		459,375

				948,300

Commercial Services & Supplies—0.4%
Corrections Corp. of America, 7.75% Sr. Nts., 6/1/17		473,000		517,344
Republic Services, Inc., 6.75% Sr. Unsec. Unsub. Nts., 8/15/11		295,000		296,718

				814,062

Industrial Conglomerates—0.7%
General Electric Capital Corp.:
4.25% Sr. Unsec. Nts., Series A, 6/15/12		460,000		476,308
5.25% Sr. Unsec. Nts., 10/19/12		28,000		29,524
6.375% Unsec. Sub. Bonds, 11/15/67		833,000		856,949

				1,362,781

Information Technology—1.8%
Communications Equipment—0.6%
Harris Corp., 6.15% Sr. Unsec. Nts., 12/15/40		505,000		532,670
Juniper Networks, Inc., 5.95% Sr. Unsec. Unsub. Nts., 3/15/41		179,000		184,984
Motorola, Inc., 8% Sr. Unsec. Nts., 11/1/11		450,000		459,981

				1,177,635

Electronic Equipment & Instruments—0.5%
Arrow Electronics, Inc., 3.375% Sr. Unsec. Unsub. Nts., 11/1/15		875,000		886,969
Office Electronics—0.2%
Xerox Corp., 5.65% Sr. Unsec. Nts., 5/15/13		435,000		468,453
Semiconductors & Semiconductor Equipment—0.2%
KLA-Tencor Corp., 6.90% Sr. Unsec. Nts., 5/1/18		306,000		345,968
Software—0.3%
Symantec Corp., 4.20% Sr. Unsec. Unsub. Nts., 9/15/20		517,000		497,781
Materials—1.8%
Chemicals—0.8%
Agrium, Inc., 6.125% Sr. Unsec. Nts., 1/15/41		200,000		209,304
Airgas, Inc., 3.25% Sr. Nts., 10/1/15		417,000		424,369
Ashland, Inc., 9.125% Sr. Unsec. Nts., 6/1/17		440,000		497,200
Potash Corp. of Saskatchewan, Inc., 5.625% Sr. Unsec. Unsub. Nts., 12/1/40		285,000		287,073

				1,417,946

Containers & Packaging—0.2%
Sealed Air Corp., 7.875% Sr. Nts., 6/15/17		433,000		468,674
Metals & Mining—0.8%
Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17		698,000		763,439
Vale Inco Ltd., 5.70% Sr. Unsec. Unsub. Nts., 10/15/15		28,000		30,829
Xstrata Canada Corp.:
5.375% Sr. Unsec. Unsub. Nts., 6/1/15		245,000		266,716
6% Sr. Unsec. Unsub. Nts., 10/15/15		347,000		386,938
7.25% Sr. Unsec. Unsub. Nts., 7/15/12		49,000		51,814

				1,499,736

Telecommunication Services—1.6%
Diversified Telecommunication Services—1.4%
AT&T, Inc., 6.30% Sr. Unsec. Bonds, 1/15/38		632,000		671,486
British Telecommunications plc, 9.875% Bonds, 12/15/30		298,000		410,406
CenturyLink, Inc., 7.60% Sr. Unsec. Unsub. Nts., Series P, 9/15/39		158,000		152,406
Frontier Communications Corp., 8.25% Sr. Unsec. Nts., 4/15/17		477,000		521,123
Qwest Corp., 7.625% Sr. Unsec. Unsub. Nts., 6/15/15		447,000		507,345
Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38		289,000		314,252

				2,577,018

15 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Wireless Telecommunication Services—0.2%
American Tower Corp., 7% Sr. Unsec. Nts., 10/15/17	$	337,000	$	381,483
Utilities—1.9%
Electric Utilities—1.9%
Allegheny Energy Supply Co. LLC, 8.25% Bonds, 4/15/12¹		428,000		451,263
FirstEnergy Solutions Corp., 6.80% Sr. Unsec. Nts., 8/15/39		292,000		304,599
Great Plains Energy, Inc., 2.75% Sr. Unsec. Unsub. Nts., 8/15/13		464,000		474,723
Northeast Utilities Co., 7.25% Sr. Unsec. Nts., 4/1/12		470,000		489,945
Oncor Electric Delivery Co., 7% Debs., 9/1/22		389,000		464,368
PPL WEM Holdings plc, 3.90% Sr. Unsec. Nts., 5/1/16¹		658,000		675,642
Texas-New Mexico Power Co., 9.50% Sec. Nts., 4/1/19¹		510,000		655,978

				3,516,518


Total Corporate Bonds and Notes (Cost $60,076,667)				62,223,162


	Shares

Investment Company—19.3%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^11,12(Cost $36,231,519)		36,231,519			36,231,519
Total Investments, at Value (Cost $246,089,868)		131.5	%		247,727,589
Liabilities in Excess of Other Assets		(31.5	)		(59,287,678	)

Net Assets		100.0	%	$	188,439,911


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 $24,127,145 or 12.80% of the Fund’s net assets as of June 30, 2011.

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

3.		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 Note 1 of the accompanying Notes.

4.		Restricted security. The aggregate value of restricted securities as of June 30, 2011 was $2,703,847, which represents 1.43% of the Fund’s net assets. See Note 6 of the accompanying Notes. Information concerning restricted securities is as follows:


							Unrealized
	Acquisition						Appreciation
Security	Dates		Cost		Value		(Depreciation)

JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass- Through Certificates, Series 2007-LDPX, Cl. A2S2, 5.187%, 1/1/49		7/14/10	$	1,377,563	$	1,404,253	$	26,690
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29		8/10/10		3,281,116		286,451		(2,994,665	)
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17		2/4/11-4/14/11		559,237		559,143		(94	)
ZFS Finance USA Trust V, 6.50% Jr. Sub. Bonds, 5/9/37		2/24/11		458,337		454,000		(4,337	)

			$	5,676,253	$	2,703,847	$	(2,972,406	)


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 $6,481,665 or 3.44% of the Fund’s net assets as of June 30, 2011.

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 $343,357 or 0.18% of the Fund’s net assets as of June 30, 2011.

8.		When-issued security or delayed delivery to be delivered and settled after June 30, 2011. See Note 1 of the accompanying Notes.

9.		All or a portion of the security position is held in collateralized accounts to cover initial margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $701,035. See Note 5 of the accompanying Notes.

16 | OPPENHEIMER CORE BOND FUND/VA


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 June 30, 2011, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2010

Additions

Reductions

June 30, 2011

Oppenheimer Institutional Money Market Fund, Cl. E

25,899,825

48,370,012

38,038,318

36,231,519


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	36,231,519	$	25,790


12.		Rate shown is the 7-day yield as of June 30, 2011.

Valuation Inputs

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

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset 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 table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2011 based on valuation input level:


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

Assets Table
Investments, at Value:
Asset-Backed Securities	$	—		$	19,218,169	$	—	$	19,218,169
Mortgage-Backed Obligations		—			126,996,857		—		126,996,857
U.S. Government Obligations		—			3,057,882		—		3,057,882
Corporate Bonds and Notes		—			62,223,162		—		62,223,162
Investment Company		36,231,519			—		—		36,231,519

Total Investments, at Value		36,231,519			211,496,070		—		247,727,589
Other Financial Instruments:
Futures margins		56,463			—		—		56,463

Total Assets	$	36,287,982		$	211,496,070	$	—	$	247,784,052

Liabilities Table
Other Financial Instruments:
Futures margins	$	(78,923	)	$	—	$	—	$	(78,923	)

Total Liabilities	$	(78,923	)	$	—	$	—	$	(78,923	)

17 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Futures Contracts as of June 30, 2011 are as follows:


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

U.S. Treasury Long Bonds	Buy		142		9/21/11	$	17,470,438	$	(246,395	)
U.S. Treasury Nts., 2 yr.	Sell		83		9/30/11		18,205,531		(9,669	)
U.S. Treasury Nts., 5 yr.	Sell		47		9/30/11		5,602,180		(4,566	)
U.S. Treasury Nts., 10 yr.	Sell		75		9/21/11		9,174,609		48,835
U.S. Treasury Ultra Bonds	Buy		6		9/21/11		757,500		(12,833	)

								$	(224,628	)

See accompanying Notes to Financial Statements.

18 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited


June 30, 2011

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $209,858,349)	$	211,496,070
Affiliated companies (cost $36,231,519)		36,231,519

		247,727,589
Cash		8,655
Receivables and other assets:
Investments sold on a when-issued or delayed delivery basis		43,616,170
Shares of beneficial interest sold		8,342,102
Interest, dividends and principal paydowns		1,227,044
Futures margins		56,463
Other		23,519

Total assets		301,001,542

Liabilities
Payables and other liabilities:
Investments purchased on a when-issued or delayed delivery basis		112,042,787
Shares of beneficial interest redeemed		295,807
Futures margins		78,923
Shareholder communications		61,721
Distribution and service plan fees		33,939
Trustees’ compensation		17,899
Transfer and shareholder servicing agent fees		14,999
Other		15,556

Total liabilities		112,561,631

Net Assets	$	188,439,911


Composition of Net Assets
Par value of shares of beneficial interest	$	25,010
Additional paid-in capital		275,753,056
Accumulated net investment income		4,541,657
Accumulated net realized loss on investments		(93,292,905	)
Net unrealized appreciation on investments		1,413,093

Net Assets	$	188,439,911


Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $126,412,649 and 16,724,430 shares of beneficial interest outstanding)	$	7.56
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $62,027,262 and 8,285,242 shares of beneficial interest outstanding)	$	7.49

See accompanying Notes to Financial Statements.

19 | OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF OPERATIONS Unaudited


For the Six Months Ended June 30, 2011

Investment Income
Interest	$	4,225,822
Fee income on when-issued securities		1,186,550
Dividends from affiliated companies		25,790

Total investment income		5,438,162

Expenses
Management fees		552,132
Distribution and service plan fees—Service shares		68,205
Transfer and shareholder servicing agent fees:
Non-Service shares		64,739
Service shares		27,282
Shareholder communications:
Non-Service shares		21,676
Service shares		9,132
Trustees’ compensation		7,645
Custodian fees and expenses		6,753
Administration service fees		750
Other		22,986

Total expenses		781,300
Less waivers and reimbursements of expenses		(24,052	)

Net expenses		757,248

Net Investment Income		4,680,914

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies		3,482,922
Closing and expiration of futures contracts		(242,151	)

Net realized gain		3,240,771
Net change in unrealized appreciation/depreciation on:
Investments		(702,033	)
Futures contracts		(238,850	)

Net change in unrealized appreciation/depreciation		(940,883	)

Net Increase in Net Assets Resulting from Operations	$	6,980,802

See accompanying Notes to Financial Statements.

20 | OPPENHEIMER CORE BOND FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2011			December 31,
	(Unaudited)			2010

Operations
Net investment income	$	4,680,914		$	10,146,680
Net realized gain		3,240,771			8,147,844
Net change in unrealized appreciation/depreciation		(940,883	)		2,718,458

Net increase in net assets resulting from operations		6,980,802			21,012,982

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(7,632,636	)		(2,543,053	)
Service shares		(3,102,242	)		(932,463	)

		(10,734,878	)		(3,475,516	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(3,472,853	)		(17,432,675	)
Service shares		6,547,437			(5,299,305	)

		3,074,584			(22,731,980	)

Net Assets
Total decrease		(679,492	)		(5,194,514	)
Beginning of period		189,119,403			194,313,917

End of period (including accumulated net investment income of $4,541,657 and $10,595,621, respectively)	$	188,439,911		$	189,119,403

See accompanying Notes to Financial Statements.

21 | OPPENHEIMER CORE BOND FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2011			Year Ended December 31,
Non-Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	7.73		$	7.07		$	6.45		$	11.06		$	11.16		$	11.19

Income (loss) from investment operations:
Net investment income¹		.20			.40			.48			.66			.55			.53
Net realized and unrealized gain (loss)		.09			.40			.14			(4.82	)		(.08	)		.03

Total from investment operations		.29			.80			.62			(4.16	)		.47			.56

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.46	)		(.14	)		—			(.45	)		(.57	)		(.59	)

Net asset value, end of period	$	7.56		$	7.73		$	7.07		$	6.45		$	11.06		$	11.16


Total Return, at Net Asset Value²		3.87	%		11.42	%		9.61	%		(39.05	)%		4.39	%		5.28	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	126,413		$	132,557		$	137,597		$	156,339		$	325,661		$	367,106

Average net assets (in thousands)	$	130,518		$	136,333		$	137,631		$	271,355		$	345,723		$	391,750

Ratios to average net assets:³
Net investment income		5.16	%		5.32	%		7.40	%		6.76	%		5.07	%		4.83	%
Total expenses⁴		0.78	%		0.79	%		0.75	%		0.63	%		0.68	%		0.77	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75	%		0.70	%		0.61	%		0.62	%		0.68	%		0.77	%

Portfolio turnover rate⁵		47	%		98	%		143	%		51	%		89	%		114	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	0.80	%
Year Ended December 31, 2010	0.80	%
Year Ended December 31, 2009	0.76	%
Year Ended December 31, 2008	0.63	%
Year Ended December 31, 2007	0.68	%
Year Ended December 31, 2006	0.77	%


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


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2011	$	501,745,444	$	503,794,076
Year Ended December 31, 2010	$	775,240,942	$	766,486,357
Year Ended December 31, 2009	$	977,840,247	$	1,009,549,121
Year Ended December 31, 2008	$	1,019,711,829	$	963,377,934
Year Ended December 31, 2007	$	662,784,931	$	678,316,693
Year Ended December 31, 2006	$	1,168,229,255	$	1,270,329,129

See accompanying Notes to Financial Statements.

22 | OPPENHEIMER CORE BOND FUND/VA


	Six Months
	Ended
	June 30, 2011			Year Ended December 31,
Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	7.65		$	6.99		$	6.41		$	10.98		$	11.10		$	11.15

Income (loss) from investment operations:
Net investment income¹		.18			.37			.46			.63			.52			.49
Net realized and unrealized gain (loss)		.10			.41			.12			(4.77	)		(.08	)		.03

Total from investment operations		.28			.78			.58			(4.14	)		.44			.52

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.44	)		(.12	)		—			(.43	)		(.56	)		(.57	)

Net asset value, end of period	$	7.49		$	7.65		$	6.99		$	6.41		$	10.98		$	11.10


Total Return, at Net Asset Value²		3.77	%		11.28	%		9.05	%		(39.07	)%		4.09	%		4.93	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	62,027		$	56,562		$	56,717		$	63,093		$	103,542		$	41,191

Average net assets (in thousands)	$	55,002		$	57,313		$	52,648		$	101,597		$	70,116		$	21,265

Ratios to average net assets:³
Net investment income		4.91	%		5.06	%		7.16	%		6.55	%		4.85	%		4.56	%
Total expenses⁴		1.03	%		1.04	%		1.01	%		0.88	%		0.92	%		1.06	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00	%		0.95	%		0.86	%		0.87	%		0.92	%		1.06	%

Portfolio turnover rate⁵		47	%		98	%		143	%		51	%		89	%		114	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	1.05	%
Year Ended December 31, 2010	1.05	%
Year Ended December 31, 2009	1.02	%
Year Ended December 31, 2008	0.88	%
Year Ended December 31, 2007	0.92	%
Year Ended December 31, 2006	1.06	%


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


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2011	$	501,745,444	$	503,794,076
Year Ended December 31, 2010	$	775,240,942	$	766,486,357
Year Ended December 31, 2009	$	977,840,247	$	1,009,549,121
Year Ended December 31, 2008	$	1,019,711,829	$	963,377,934
Year Ended December 31, 2007	$	662,784,931	$	678,316,693
Year Ended December 31, 2006	$	1,168,229,255	$	1,270,329,129

See accompanying Notes to Financial Statements.

23 | OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

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

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

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

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.

24 | OPPENHEIMER CORE BOND FUND/VA

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

As of June 30, 2011, 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	$	112,042,787
Sold securities		43,616,170

25 | OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 June 30, 2011 is as follows:


Cost	$	3,281,116
Market Value	$	286,451
Market Value as a % of Net Assets		0.15	%

During the fiscal year ended December 31, 2010, the Fund utilized $8,990,701 of capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2010, the Fund had available for federal income tax purposes post-October losses of $1,043,235 which will expire in 2019 if unutilized and unused capital loss carryforwards as follows:


Expiring

2013	$	226,262
2014		6,107,275
2015		1,245,459
2016		12,777,851
2017		75,069,850

Total	$	95,426,697

As of June 30, 2011, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $93,229,161 expiring by 2017. This estimated capital loss carryforward represents carryforward as of the end of the last

26 | OPPENHEIMER CORE BOND FUND/VA

fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2011, it is estimated that the Fund will utilize $3,240,771 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	246,145,394
Federal tax cost of other investments		(14,529,754	)

Total federal tax cost	$	231,615,640


Gross unrealized appreciation	$	7,040,436
Gross unrealized depreciation		(5,682,869	)

Net unrealized appreciation	$	1,357,567

27 | OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		870,661		$	6,650,303			1,228,005		$	9,215,341
Dividends and/or distributions reinvested		1,028,657			7,632,636			357,672			2,543,053
Redeemed		(2,320,696	)		(17,755,792	)		(3,913,294	)		(29,191,069	)

Net decrease		(421,378	)	$	(3,472,853	)		(2,327,617	)	$	(17,432,675	)


Service Shares
Sold		1,509,667		$	11,314,225			1,784,838		$	13,294,523
Dividends and/or distributions reinvested		422,074			3,102,242			132,264			932,463
Redeemed		(1,039,601	)		(7,869,030	)		(2,632,411	)		(19,526,291	)

Net increase (decrease)		892,140		$	6,547,437			(715,309	)	$	(5,299,305	)

28 | OPPENHEIMER CORE BOND FUND/VA

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2011, were as follows:


	Purchases		Sales

Investment securities	$	63,350,344	$	78,967,495
U.S. government and government agency obligations		1,479,140		1,549,897
To Be Announced (TBA) mortgage-related securities		501,745,444		503,794,076

4. Fees and Other Transactions with Affiliates

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


Fee Schedule

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

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s total annual operating expenses so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.75% for Non-Service shares and 1.00% for Service shares. During the six months ended June 30, 2011, the Manager waived fees and/or reimbursed the Fund $7,170 and $3,043 for Non-Service and Service shares, respectively.

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

5. Risk Exposures and the Use of Derivative Instruments

29 | OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors.

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

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

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

30 | OPPENHEIMER CORE BOND FUND/VA

that the counterparty will not fulfill its obligation to the Fund. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.

Valuations of derivative instruments as of June 30, 2011 are as follows:

Asset Derivatives

Liability Derivatives

Derivatives Not

Accounted for as

Statement of Assets

Hedging Instruments

and Liabilities Location

Value

and Liabilities Location

Value

Interest rate contracts

Futures margins

56,463

Futures margins

78,923


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

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


Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as	Closing and expiration of
Hedging Instruments	futures contracts

Interest rate contracts	$	(242,151	)


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as	Futures
Hedging Instruments	contracts

Interest rate contracts	$	(238,850	)

Futures Contracts

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

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

During the six months ended June 30, 2011, the Fund had an ending monthly average market value of $14,387,996 and $37,607,794 on futures contracts purchased and sold, respectively.

31 | OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Restricted Securities

7. Pending Litigation

32 | OPPENHEIMER CORE BOND FUND/VA

New York state court against the Manager, an affiliate of the Manager and AAArdvark I Funding Limited (“AAArdvark I”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

33 | OPPENHEIMER CORE BOND FUND/VA

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

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies (“portfolio proxies”) relating to securities held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Fund’s Form N-PX filing on the SEC’s website at www.sec.gov.

34 | OPPENHEIMER CORE BOND FUND/VA

OPPENHEIMER CORE BOND FUND/VA

A Series of Oppenheimer Variable Account Funds


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

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG llp

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and, if available, summary prospectuses, carefully before investing.

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



©2011 OppenheimerFunds, Inc. All rights reserved.

OPPENHEIMER GLOBAL SECURITIES FUND/ VA

Portfolio Manager: Rajeev Bhaman
Cumulative Total Returns
For the 6-Month Period Ended 6/30/11


Non-Service Shares	7.54	%
Service Shares	7.41
Class 3 Shares	7.56
Class 4 Shares	7.45

Average Annual Total Returns
For the Periods Ended 6/30/11


	1-Year			5-Year			10-Year

Non-Service Shares		35.10	%		4.66	%		6.63	%


	1-Year			5-Year			10-Year

Service Shares		34.78	%		4.40	%		6.38	%


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

Class 3 Shares		35.11	%		4.66	%		12.16	%


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

Class 4 Shares		34.79	%		4.40	%		7.77	%

Expense Ratios
For the Fiscal Year Ended 12/31/10


Non-Service Shares	0.76	%
Service Shares	1.01
Class 3	0.76
Class 4	1.01

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance and expense ratios may be lower or higher than the data quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account. Expense ratios are as stated in the Fund’s prospectus, current as of the date of this report.

Regional Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on the total market value of investments.

Top Ten Common Stock Holdings


Telefonaktiebolaget LM Ericsson, B Shares	4.6	%
Siemens AG	3.0
eBay, Inc.	2.8
Altera Corp.	2.2
Credit Suisse Group AG	2.0
SAP AG	1.9
Intuit, Inc.	1.8
LVMH Moet Hennessy Louis Vuitton SA	1.8
Tiffany & Co.	1.7
McDonald’s Corp.	1.7

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on net assets.

2 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

FUND PERFORMANCE DISCUSSION

The Fund’s Non-Service Shares produced a return of 7.54% over the first half of 2011, outperforming the MSCI World Index (the “Index”), which rose 5.29%. The Fund outperformed most in the information technology, consumer discretionary, materials and health care sectors and lagged the Index only in the energy sector due to a relative underweight position.

Economic and Market Overview

While the markets generally performed well in the first four months of 2011, a number of dramatic global events created increased market volatility. A wave of political unrest in North Africa and the Middle East sparked worries that disruptions in oil production might derail the global economic recovery. Although energy prices surged higher, investors retained their optimism and riskier assets, such as stocks and bonds, generally continued to rally. Investors encountered another unexpected shock on March 11, when a catastrophic natural disaster and subsequent nuclear crisis hit Japan, one of the world’s largest economies and a key exporter of industrial components to many countries and industries, including U.S. automobile manufacturers. However, the disruptions to the global supply chain proved significantly less severe than originally anticipated and, after a brief pullback, the markets continued to climb higher.

Fund Review

The top contributor to performance over the period was Telefonaktiebolaget LM Ericsson, better known as Ericsson. The company is a leading supplier to the mobile telecom service industry. Indeed, over 40% of the world’s mobile telecom traffic passes over Ericsson network equipment. Telecom service providers such as Ericsson are building capacity to meet dramatically rising data volume, driven by the rapid adoption of mobile devices such as smart phones and tablets.

Altera Corp., which makes programmable chips, was the second strongest contributor to the Fund during the first half of 2011. The market for such flexible chips has continued to expand, as the specificity of devices proliferates and requires highly customized, small batch manufacturing. In our opinion, this is a long-term trend and the lead players in it will have pricing power enabling them to maintain margins. Altera is one of the two global leaders in the space.

European Aeronautic Defence & Space Co. NV (“EADS”) was the third highest contributor to the Fund’s performance during the period. EADS, along with Boeing, is one of the primary players in the oligarchic plane market. Announcement of several new orders for its planes drove EADS stock upward during the period.

Two of the top individual detractors from performance were Sony Corp. and Infosys Ltd. Japanese consumer electronics giant Sony Corp.’s stock prices were negatively impacted by a few factors. In the immediate aftermath of the devastating Japanese earthquake in March, the stock prices of virtually all Japanese companies suffered to some degree. In actuality,

3 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

FUND PERFORMANCE DISCUSSION

most Japanese firms showed remarkable resiliency in resuming business operations quite rapidly and the Japanese stock market generally began a fairly swift recovery. Infosys, the Indian-based international IT consulting and software service company, declined after announcing earnings that were below market expectations. Sales were slower than had been anticipated and an appreciating Indonesian Rupiah dampened foreign currency earnings.

Within consumer discretionary, Carnival Corp.’s performance was negatively impacted by the spike in higher fuel prices and disruptions in service to a few of its cruise lines as a result of the geopolitical turmoil in places such as Japan, North Africa and the Middle East.

We did not change our sector weightings appreciably during the period. Compared to our benchmark, we remained heavily overweight in the information technology sector and significantly underweight in the energy and materials sectors. These weightings reflect our focus on new technologies as one of our investment themes. They also reflect our bias against cyclical industries that must typically rely on outside funding.

Outlook

We do not make bets on directional market movements. In our opinion — and in our experience — it is more prudent to build a portfolio from the bottom up. We focus on individual stocks based on our long-term expectations of their potential to deliver profits. We look for companies that will benefit from secular, long-term growth trends that have a sustainable competitive advantage and that can largely finance their own growth.

It is important to remember that investing in foreign securities may involve special risks (such as currency fluctuations and political uncertainties) and may have greater expense and volatility. Investments in emerging and developing markets may also be especially volatile. Diversification does not assure profit or protect against loss. See the prospectus for more information on the risks associated with investing in the Fund.

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

4 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

FUND EXPENSES

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2011.

5 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

FUND EXPENSES Continued


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2011		June 30, 2011		June 30, 2011

Non-Service shares	$	1,000.00	$	1,075.40	$	3.92
Service shares		1,000.00		1,074.10		5.21
Class 3		1,000.00		1,075.60		3.92
Class 4		1,000.00		1,074.50		5.21

Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,021.03		3.82
Service shares		1,000.00		1,019.79		5.07
Class 3		1,000.00		1,021.03		3.82
Class 4		1,000.00		1,019.79		5.07


Class	Expense Ratios
Non-Service shares		0.76	%
Service shares		1.01
Class 3		0.76
Class 4		1.01

6 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

STATEMENT OF INVESTMENTS June 30, 2011 / Unaudited


	Shares		Value

Common Stocks—98.5%
Consumer Discretionary—17.5%
Automobiles—1.8%
Bayerische Motoren Werke (BMW) AG		71,684	$	7,153,015
Bayerische Motoren Werke (BMW) AG, Preference		711,041		45,199,226

				52,352,241

Diversified Consumer Services—0.0%
Zee Learn Ltd.¹		492,103		221,798
Hotels, Restaurants & Leisure—3.6%
Carnival Corp.		1,097,366		41,293,883
Lottomatica SpA¹		425,850		8,262,817
McDonald’s Corp.		567,920		47,887,014
Shuffle Master, Inc.¹		616,100		5,763,616

				103,207,330

Household Durables—1.2%
Sony Corp.		1,288,800		34,114,004
Media—3.9%
Grupo Televisa SA, Sponsored GDR		1,358,076		33,408,670
McGraw-Hill Cos., Inc. (The)		564,710		23,666,996
Walt Disney Co. (The)		1,146,310		44,751,942
Wire & Wireless India Ltd.¹		2,281,600		440,799
Zee Entertainment Enterprises Ltd.		3,936,820		11,880,253

				114,148,660

Multiline Retail—0.9%
Pinault-Printemps-Redoute SA		114,350		20,363,381
Shinsegae Co. Ltd.		16,551		5,263,021

				25,626,402

Specialty Retail—3.2%
Industria de Diseno Textil SA		481,087		43,840,464
Tiffany & Co.		636,810		50,002,321

				93,842,785

Textiles, Apparel & Luxury Goods—2.9%
LVMH Moet Hennessy Louis
Vuitton SA		282,520		50,843,603
Tod’s SpA		236,715		31,667,042

				82,510,645

Consumer Staples—7.2%
Beverages—2.9%
Companhia de Bebidas das Americas, Sponsored ADR, Preference		930,575		31,388,295
Fomento Economico Mexicano SA de CV, UBD		5,776,889		38,410,626
Grupo Modelo SA de CV, Series C		2,438,361		14,744,498

				84,543,419

Food & Staples Retailing—0.5%
E-Mart Co. Ltd.¹		60,769		13,916,565
Food Products—2.4%
Nestle SA		525,225		32,641,102
Unilever plc		1,126,403		36,265,017

				68,906,119

Household Products—1.4%
Colgate-Palmolive Co.		478,210		41,800,336
Energy—3.8%
Energy Equipment & Services—2.5%
Technip SA		412,260		44,198,471
Transocean Ltd.		443,212		28,613,767

				72,812,238

Oil, Gas & Consumable Fuels—1.3%
Total SA		536,770		31,042,646
YPF Sociedad Anonima SA, Sponsored ADR		166,670		7,508,484

				38,551,130

Financials—16.9%
Capital Markets—4.8%
3i Group plc		2,576,148		11,622,373
Credit Suisse Group AG		1,473,595		57,313,775
Goldman Sachs Group, Inc. (The)		236,500		31,475,785
UBS AG¹		2,085,366		38,023,980

				138,435,913

Commercial Banks—3.7%
Banco Bilbao Vizcaya Argentaria SA		2,972,840		34,876,701
HSBC Holdings plc		2,914,573		28,986,011
Societe Generale SA, Cl. A		320,542		19,021,112
Sumitomo Mitsui Financial Group, Inc.		735,200		22,626,478

				105,510,302

Diversified Financial Services—2.5%
Bank of America Corp.		1,304,000		14,291,840
BM&F BOVESPA SA		4,095,300		27,080,701
Investor AB, B Shares		1,386,451		31,783,247

				73,155,788

7 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Insurance—5.7%
Aflac, Inc.		479,390	$	22,377,925
Allianz SE		305,932		42,736,781
Dai-ichi Life Insurance Co.		21,083		29,519,781
Fidelity National Financial, Inc., Cl. A		942,400		14,833,376
Prudential plc		2,589,007		29,917,747
XL Group plc		1,204,570		26,476,449

				165,862,059

Real Estate Management & Development—0.2%
DLF Ltd.		1,162,728		5,501,901
Health Care—9.4%
Biotechnology—2.0%
Amgen, Inc.¹		210,230		12,266,921
Amylin Pharmaceuticals, Inc.¹		1,095,038		14,629,708
Basilea Pharmaceutica AG¹		19,039		1,390,419
Dendreon Corp.¹		207,690		8,191,294
Gilead Sciences, Inc.¹		240,500		9,959,105
Theravance, Inc.¹		569,100		12,639,711

				59,077,158

Health Care Equipment & Supplies—1.2%
Zimmer Holdings, Inc.¹		537,690		33,982,008
Health Care Providers & Services—3.2%
Aetna, Inc.		1,013,500		44,685,215
WellPoint, Inc.		598,535		47,146,602

				91,831,817

Pharmaceuticals—3.0%
Allergan, Inc.		103,550		8,620,538
Bayer AG		355,486		28,579,924
Mitsubishi Tanabe Pharma Corp.		806,000		13,523,250
Pfizer, Inc.		391,820		8,071,492
Roche Holding AG		103,595		17,336,683
Teva Pharmaceutical Industries Ltd., Sponsored ADR		243,330		11,733,373

				87,865,260

Industrials—13.1%
Aerospace & Defense—2.5%
Embraer SA, ADR		880,703		27,108,038
European Aeronautic
Defense & Space Co.		1,386,180		46,394,957

				73,502,995

Air Freight & Logistics—0.5%
PostNL NV		739,827		6,278,412
TNT Express NV, ADR¹		739,827		7,673,138

				13,951,550

Building Products—1.4%
Assa Abloy AB, Cl. B		1,481,904		39,828,571
Commercial Services & Supplies—0.6%
Mulitplus SA		253,800		4,415,256
Secom Co. Ltd.		295,700		14,200,818

				18,616,074

Electrical Equipment—1.9%
Emerson Electric Co.		443,340		24,937,875
Nidec Corp.		173,900		16,232,831
Prysmian SpA		679,000		13,657,197

				54,827,903

Industrial Conglomerates—5.3%
3M Co.		390,020		36,993,397
Koninklijke Philips Electronics NV		1,160,800		29,812,013
Siemens AG		640,211		87,920,157

				154,725,567

Machinery—0.7%
Fanuc Ltd.		114,600		19,109,739
Road & Rail—0.2%
All America Latina Logistica		732,200		6,178,883
Information Technology—27.7%
Communications Equipment—5.8%
Juniper Networks, Inc.¹		1,144,990		36,067,185
Telefonaktiebolaget LM Ericsson, B Shares		9,166,921		132,173,401

				168,240,586

Electronic Equipment & Instruments—4.4%
Corning, Inc.		1,383,320		25,107,258
Hoya Corp.		1,035,000		22,940,805
Keyence Corp.		95,274		27,020,693
Kyocera Corp.		166,700		16,958,134
Murata Manufacturing Co. Ltd.		529,800		35,391,276

				127,418,166

Internet Software & Services—3.6%
eBay, Inc.¹		2,500,090		80,677,904
Google, Inc., Cl. A¹		46,270		23,430,203

				104,108,107

IT Services—2.3%
Automatic Data Processing, Inc.		571,840		30,124,531
Infosys Ltd.		554,168		36,080,270

				66,204,801

8 | OPPENHEIMER GLOBAL SECURITIES FUND/VA


	Shares			Value

Semiconductors & Semiconductor Equipment—5.1%
Altera Corp.		1,396,340		$	64,720,359
Maxim Integrated Products, Inc.		1,415,335			36,175,963
MediaTek, Inc.		1,531,891			16,700,570
Taiwan Semiconductor Manufacturing Co. Ltd.		11,443,184			28,963,567

					146,560,459

Software—6.5%
Adobe Systems, Inc.¹		1,074,443			33,791,232
Intuit, Inc.¹		985,590			51,112,697
Microsoft Corp.		1,473,980			38,323,480
Nintendo Co. Ltd.		60,600			11,412,241
SAP AG		912,028			55,217,914

					189,857,564

Materials—0.7%
Chemicals—0.7%
Linde AG		120,238			21,080,620

Telecommunication Services—1.4%
Wireless Telecommunication Services—1.4%
America Movil SAB de CV,
ADR, Series L		121,380			6,539,954
KDDI Corp.		4,772			34,335,024

					40,874,978

Utilities—0.8%
Electric Utilities—0.8%
Fortum OYJ		786,400			22,773,870

Total Common Stocks (Cost $2,094,100,646)					2,855,636,311

Investment Company—0.9%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^2,3 (Cost $24,851,031)		24,851,031			24,851,031

Total Investments, at Value (Cost $2,118,951,677)		99.4	%		2,880,487,342
Other Assets Net of Liabilities		0.6			17,091,805

Net Assets		100.0	%	$	2,897,579,147

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 June 30, 2011, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2010

Additions

Reductions

June 30, 2011

| | | |

Oppenheimer Institutional Money Market Fund, Cl. E

32,313,050

114,740,532

122,202,551

24,851,031


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	24,851,031	$	23,690


3.		Rate shown is the 7-day yield as of June 30, 2011.

Valuation Inputs

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

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset 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).

9 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2011 based on valuation input level:


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

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	471,247,264	$	34,776,601	$	—	$	506,023,865
Consumer Staples		209,166,439		—		—		209,166,439
Energy		111,363,368		—		—		111,363,368
Financials		401,831,792		86,634,171		—		488,465,963
Health Care		259,232,993		13,523,250		—		272,756,243
Industrials		331,197,894		49,543,388		—		380,741,282
Information Technology		643,002,397		159,387,286		—		802,389,683
Materials		21,080,620		—		—		21,080,620
Telecommunication Services		6,539,954		34,335,024		—		40,874,978
Utilities		22,773,870		—		—		22,773,870
Investment Company		24,851,031		—		—		24,851,031

Total Investments, at Value		2,502,287,622		378,199,720		—		2,880,487,342
Other Financial Instruments:
Foreign currency exchange contracts		—		1,911		—		1,911

Total Assets	$	2,502,287,622	$	378,201,631	$	—	$	2,880,489,253


	Transfers		Transfers out			Transfers into		Transfers out
	into Level 1*		of Level 1**			Level 2**		of Level 2*

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	—	$	(47,387,991	)	$	47,387,991	$	—
Consumer Staples		—		—			—		—
Energy		—		—			—		—
Financials		—		(93,638,232	)		93,638,232		—
Health Care		—		(13,492,167	)		13,492,167		—
Industrials		—		(56,725,650	)		56,725,650		—
Information Technology		112,303,620		(157,233,362	)		157,233,362		(112,303,620	)
Materials		—		—			—		—
Telecommunication Services		—		(27,565,809	)		27,565,809		—
Utilities		23,857,723		—			—		(23,857,723	)

Total Assets	$	136,161,343	$	(396,043,211	)	$	396,043,211	$	(136,161,343	)


*		Transferred from Level 2 to Level 1 due to the presence of a readily available unadjusted quoted market price. As of the prior reporting period end, these securities were absent 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.

**		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.

10 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

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


Geographic Holdings	Value		Percent

United States	$	1,073,264,510		37.3	%
Japan		297,385,074		10.3
Germany		287,887,637		10.0
France		211,864,170		7.3
Sweden		203,785,219		7.1
Switzerland		146,705,959		5.1
United Kingdom		106,791,148		3.7
Brazil		96,171,173		3.3
Mexico		93,103,748		3.2
Spain		78,717,165		2.7
India		54,125,021		1.9
Italy		53,587,056		1.9
Taiwan		45,664,137		1.6
The Netherlands		43,763,563		1.5
Ireland		26,476,449		0.9
Finland		22,773,870		0.8
Korea, Republic of South		19,179,586		0.7
Israel		11,733,373		0.4
Argentina		7,508,484		0.3

Total	$	2,880,487,342		100.0	%

Foreign Currency Exchange Contracts as of June 30, 2011 are as follows:

Contract Amount

Expiration

Unrealized

Counterparty/Contract Description

Buy/Sell

(000’s)

Date

Value

Appreciation

Citigroup

British Pound Sterling (GBP)

Sell

3,111 GBP

7/5/11

4,993,454

821

JP Morgan Chase

British Pound Sterling (GBP)

Sell

1,851 GBP

7/5/11

2,970,569

1,090

Total unrealized appreciation

1,911

See accompanying Notes to Financial Statements.

11 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2011


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $2,094,100,646)	$	2,855,636,311
Affiliated companies (cost $24,851,031)		24,851,031

		2,880,487,342
Cash		664,945
Unrealized appreciation on foreign currency exchange contracts		1,911
Receivables and other assets:
Investments sold		34,315,958
Interest and dividends		5,928,702
Shares of beneficial interest sold		394,812
Other		801,420

Total assets		2,922,595,090

Liabilities
Payables and other liabilities:
Investments purchased		19,965,862
Shares of beneficial interest redeemed		3,490,145
Distribution and service plan fees		771,162
Shareholder communications		353,398
Transfer and shareholder servicing agent fees		233,237
Trustees’ compensation		57,974
Foreign capital gains tax		17,117
Other		127,048

Total liabilities		25,015,943

Net Assets	$	2,897,579,147


Composition of Net Assets
Par value of shares of beneficial interest	$	90,236
Additional paid-in capital		2,058,972,132
Accumulated net investment income		39,996,060
Accumulated net realized gain on investments and foreign currency transactions		36,513,039
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		762,007,680

Net Assets	$	2,897,579,147


Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,436,488,918 and 44,605,067 shares of beneficial interest outstanding)	$	32.20
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,173,429,462 and 36,724,198 shares of beneficial interest outstanding)	$	31.95
Class 3 Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $201,876,997 and 6,226,460 shares of beneficial interest outstanding)	$	32.42
Class 4 Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $85,783,770 and 2,680,171 shares of beneficial interest outstanding)	$	32.01

See accompanying Notes to Financial Statements.

12 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2011


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $4,361,697)	$	60,543,071
Affiliated companies		23,690
Interest		1,202

Total investment income		60,567,963

Expenses
Management fees		9,014,833
Distribution and service plan fees:
Service shares		1,431,745
Class 4 shares		105,004
Transfer and shareholder servicing agent fees:
Non-Service shares		716,352
Service shares		572,776
Class 3 shares		101,900
Class 4 shares		42,003
Shareholder communications:
Non-Service shares		81,541
Service shares		65,100
Class 3 shares		11,611
Class 4 shares		4,775
Custodian fees and expenses		184,483
Trustees’ compensation		28,308
Administration service fees		750
Other		44,978

Total expenses		12,406,159
Less waivers and reimbursements of expenses		(12,637	)

Net expenses		12,393,522

Net Investment Income		48,174,441

Realized and Unrealized Gain
Net realized gain on:
Investments from unaffiliated companies (net of foreign capital gains tax of $58,482)		79,841,379
Foreign currency transactions		5,238,694

Net realized gain		85,080,073
Net change in unrealized appreciation/depreciation on:
Investments (net of foreign capital gains tax of $16,749)		1,422,387
Translation of assets and liabilities denominated in foreign currencies		72,564,791

Net change in unrealized appreciation/depreciation		73,987,178

Net Increase in Net Assets Resulting from Operations	$	207,241,692

See accompanying Notes to Financial Statements.

13 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months
	Ended			Year Ended
	June 30, 2011			December 31,
	(Unaudited)			2010

Operations
Net investment income	$	48,174,441		$	28,998,191
Net realized gain		85,080,073			61,465,998
Net change in unrealized appreciation/depreciation		73,987,178			297,995,320

Net increase in net assets resulting from operations		207,241,692			388,459,509

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(17,234,287	)		(19,240,136	)
Service shares		(11,357,368	)		(12,039,643	)
Class 3 shares		(2,447,497	)		(2,863,873	)
Class 4 shares		(819,361	)		(934,492	)

		(31,858,513	)		(35,078,144	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(61,424,416	)		(133,425,702	)
Service shares		1,336,119			(16,572,723	)
Class 3 shares		(13,309,917	)		(29,607,611	)
Class 4 shares		(1,240,956	)		(6,420,742	)

		(74,639,170	)		(186,026,778	)

Net Assets
Total increase		100,744,009			167,354,587
Beginning of period		2,796,835,138			2,629,480,551

End of period (including accumulated net investment income of $39,996,060 and $23,680,132, respectively)	$	2,897,579,147		$	2,796,835,138

See accompanying Notes to Financial Statements.

14 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2011			Year Ended December 31,
Non-Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	30.30		$	26.50		$	20.21		$	36.60		$	36.79		$	33.38

Income (loss) from investment operations:
Net investment income¹		.54			.33			.33			.55			.45			.43
Net realized and unrealized gain (loss)		1.74			3.85			6.94			(14.46	)		1.69			5.20

Total from investment operations		2.28			4.18			7.27			(13.91	)		2.14			5.63

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.38	)		(.38	)		(.50	)		(.46	)		(.50	)		(.36	)
Distributions from net realized gain		—			—			(.48	)		(2.02	)		(1.83	)		(1.86	)

Total dividends and/or distributions to shareholders		(.38	)		(.38	)		(.98	)		(2.48	)		(2.33	)		(2.22	)

Net asset value, end of period	$	32.20		$	30.30		$	26.50		$	20.21		$	36.60		$	36.79


Total Return, at Net Asset Value²		7.54	%		15.96	%		39.77	%		(40.19	)%		6.32	%		17.69	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,436,489		$	1,410,764		$	1,364,597		$	1,150,113		$	2,193,638		$	2,297,315

Average net assets (in thousands)	$	1,444,865		$	1,336,110		$	1,206,240		$	1,679,720		$	2,302,726		$	2,189,511

Ratios to average net assets:³
Net investment income		3.46	%		1.22	%		1.51	%		1.95	%		1.21	%		1.27	%
Total expenses⁴		0.76	%		0.76	%		0.75	%		0.65	%		0.65	%		0.66	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76	%		0.76	%		0.75	%		0.65	%		0.65	%		0.66	%

Portfolio turnover rate		7	%		15	%		11	%		19	%		18	%		21	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	0.76	%
Year Ended December 31, 2010	0.76	%
Year Ended December 31, 2009	0.75	%
Year Ended December 31, 2008	0.65	%
Year Ended December 31, 2007	0.65	%
Year Ended December 31, 2006	0.66	%

See accompanying Notes to Financial Statements.

15 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2011			Year Ended December 31,
Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	30.04		$	26.28		$	20.02		$	36.27		$	36.49		$	33.16

Income (loss) from investment operations:
Net investment income¹		.50			.26			.27			.47			.33			.33
Net realized and unrealized gain (loss)		1.72			3.82			6.90			(14.32	)		1.72			5.16

Total from investment operations		2.22			4.08			7.17			(13.85	)		2.05			5.49

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.31	)		(.32	)		(.43	)		(.38	)		(.44	)		(.30	)
Distributions from net realized gain		—			—			(.48	)		(2.02	)		(1.83	)		(1.86	)

Total dividends and/or distributions to shareholders		(.31	)		(.32	)		(.91	)		(2.40	)		(2.27	)		(2.16	)

Net asset value, end of period	$	31.95		$	30.04		$	26.28		$	20.02		$	36.27		$	36.49


Total Return, at Net Asset Value²		7.41	%		15.70	%		39.36	%		(40.33	)%		6.08	%		17.36	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,173,429		$	1,101,584		$	980,485		$	772,107		$	1,300,989		$	983,558

Average net assets (in thousands)	$	1,155,287		$	997,627		$	830,887		$	1,051,239		$	1,180,656		$	750,499

Ratios to average net assets:³
Net investment income		3.23	%		0.96	%		1.23	%		1.70	%		0.91	%		0.98	%
Total expenses⁴		1.01	%		1.01	%		1.00	%		0.90	%		0.89	%		0.91	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01	%		1.01	%		1.00	%		0.90	%		0.89	%		0.91	%

Portfolio turnover rate		7	%		15	%		11	%		19	%		18	%		21	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	1.01	%
Year Ended December 31, 2010	1.01	%
Year Ended December 31, 2009	1.00	%
Year Ended December 31, 2008	0.90	%
Year Ended December 31, 2007	0.89	%
Year Ended December 31, 2006	0.91	%

See accompanying Notes to Financial Statements.

16 | OPPENHEIMER GLOBAL SECURITIES FUND/VA


	Six Months
	Ended
	June 30, 2011			Year Ended December 31,
Class 3 Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	30.50		$	26.67		$	20.34		$	36.82		$	36.99		$	33.55

Income (loss) from investment operations:
Net investment income¹		.54			.33			.33			.56			.45			.43

Net realized and unrealized gain (loss)		1.76			3.88			6.98			(14.56	)		1.71			5.23
Total from investment operations		2.30			4.21			7.31			(14.00	)		2.16			5.66

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.38	)		(.38	)		(.50	)		(.46	)		(.50	)		(.36	)
Distributions from net realized gain		—			—			(.48	)		(2.02	)		(1.83	)		(1.86	)

Total dividends and/or distributions to shareholders		(.38	)		(.38	)		(.98	)		(2.48	)		(2.33	)		(2.22	)

Net asset value, end of period	$	32.42		$	30.50		$	26.67		$	20.34		$	36.82		$	36.99


Total Return, at Net Asset Value²		7.56	%		15.97	%		39.70	%		(40.19	)%		6.34	%		17.69	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	201,877		$	202,621		$	206,356		$	175,971		$	361,621		$	395,901

Average net assets (in thousands)	$	205,532		$	196,495		$	182,553		$	269,650		$	391,270		$	369,406

Ratios to average net assets:³
Net investment income		3.43	%		1.22	%		1.49	%		1.95	%		1.22	%		1.26	%
Total expenses⁴		0.76	%		0.76	%		0.75	%		0.65	%		0.65	%		0.66	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76	%		0.76	%		0.75	%		0.65	%		0.65	%		0.66	%

Portfolio turnover rate		7	%		15	%		11	%		19	%		18	%		21	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	0.76	%
Year Ended December 31, 2010	0.76	%
Year Ended December 31, 2009	0.75	%
Year Ended December 31, 2008	0.65	%
Year Ended December 31, 2007	0.65	%
Year Ended December 31, 2006	0.66	%

See accompanying Notes to Financial Statements.

17 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2011			Year Ended December 31,
Class 4 Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	30.08		$	26.32		$	20.03		$	36.28		$	36.49		$	33.15

Income (loss) from investment operations:
Net investment income¹		.50			.26			.27			.47			.34			.34
Net realized and unrealized gain (loss)		1.74			3.82			6.92			(14.34	)		1.70			5.16

Total from investment operations		2.24			4.08			7.19			(13.87	)		2.04			5.50

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.31	)		(.32	)		(.42	)		(.36	)		(.42	)		(.30	)
Distributions from net realized gain		—			—			(.48	)		(2.02	)		(1.83	)		(1.86	)

Total dividends and/or distributions to shareholders		(.31	)		(.32	)		(.90	)		(2.38	)		(2.25	)		(2.16	)

Net asset value, end of period	$	32.01		$	30.08		$	26.32		$	20.03		$	36.28		$	36.49


Total Return, at Net Asset Value²		7.45	%		15.67	%		39.38	%		(40.35	)%		6.06	%		17.40	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	85,784		$	81,866		$	78,043		$	63,099		$	123,542		$	114,232

Average net assets (in thousands)	$	84,721		$	76,519		$	66,965		$	93,909		$	122,385		$	100,973

Ratios to average net assets:³
Net investment income		3.23	%		0.97	%		1.22	%		1.69	%		0.93	%		1.00	%
Total expenses⁴		1.01	%		1.01	%		1.00	%		0.91	%		0.90	%		0.91	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01	%		1.01	%		1.00	%		0.91	%		0.90	%		0.91	%

Portfolio turnover rate		7	%		15	%		11	%		19	%		18	%		21	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	1.01	%
Year Ended December 31, 2010	1.01	%
Year Ended December 31, 2009	1.00	%
Year Ended December 31, 2008	0.91	%
Year Ended December 31, 2007	0.90	%
Year Ended December 31, 2006	0.91	%

See accompanying Notes to Financial Statements.

18 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Global Securities Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek long-term capital appreciation by investing a substantial portion of its assets in securities of foreign issuers, “growth-type” companies, cyclical industries and special situations that are considered to have appreciation possibilities. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The Fund offers Non-Service, Service, Class 3 and Class 4 shares. All classes are sold at their offering price, which is the net asset value per share, to separate investment accounts of participating insurance companies as an underlying investment for variable life insurance policies, variable annuity contracts or other investment products. The class of shares being designated as Service shares and Class 4 shares are subject to a distribution and service plan. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. The Fund assesses a 1% fee on the proceeds of Class 3 and Class 4 shares that are redeemed (either by selling or exchanging to another Oppenheimer fund or other investment option offered through your variable life insurance or variable annuity contract) within 60 days of their purchase. The fee, which is retained by the Fund, is accounted for as an addition to paid-in capital.

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

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

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.

19 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from independent pricing services.

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

20 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends. During the fiscal year ended December 31, 2010, the Fund utilized $61,984,330 of capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2010, the Fund had available for federal income tax purposes unused capital loss carryforwards as follows:


Expiring

2017	$	17,214,823

As of June 30, 2011, the Fund had available for federal income tax purposes no estimated capital loss carryforward. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2011, it is estimated that the Fund will utilize $17,214,823 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	2,150,304,044

Gross unrealized appreciation	$	818,486,364
Gross unrealized depreciation		(88,146,596	)

Net unrealized appreciation	$	730,339,768

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

21 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		1,285,556		$	41,262,301			3,002,141		$	81,399,571
Dividends and/or distributions reinvested		544,183			17,234,287			719,257			19,240,136
Redeemed		(3,788,231	)		(119,921,004	)		(8,659,048	)		(234,065,409	)

Net decrease		(1,958,492	)	$	(61,424,416	)		(4,937,650	)	$	(133,425,702	)

22 | OPPENHEIMER GLOBAL SECURITIES FUND/VA


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Service Shares
Sold		2,254,777		$	70,707,371			4,081,506		$	109,511,274
Dividends and/or distributions reinvested		361,125			11,357,368			453,129			12,039,643
Redeemed		(2,567,367	)		(80,728,620	)		(5,166,594	)		(138,123,640	)

Net increase (decrease)		48,535		$	1,336,119			(631,959	)	$	(16,572,723	)


Class 3 Shares
Sold		80,442		$	2,557,369			201,269		$	5,485,318
Dividends and/or distributions reinvested		76,748			2,447,497			106,384			2,863,873
Redeemed		(574,099	)		(18,314,783	)¹		(1,401,659	)		(37,956,802	)²

Net decrease		(416,909	)	$	(13,309,917	)		(1,094,006	)	$	(29,607,611	)


Class 4 Shares
Sold		88,797		$	2,838,064			83,546		$	2,267,578
Dividends and/or distributions reinvested		26,011			819,361			35,118			934,492
Redeemed		(156,030	)		(4,898,381	)¹		(362,658	)		(9,622,812	)²

Net decrease		(41,222	)	$	(1,240,956	)		(243,994	)	$	(6,420,742	)


1.		Net of redemption fees of $1,703 and $1,794 for Class 3 and Class 4, respectively.

2.		Net of redemption fees of $3,781 and $2,816 for Class 3 and Class 4, respectively.

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2011, were as follows:


	Purchases		Sales

Investment securities	$	209,578,149	$	273,213,671

4. Fees and Other Transactions with Affiliates

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


Fee Schedule

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

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Distribution and Service Plan for Service Shares and Class 4 Shares. The Fund has adopted a Distribution and Service Plan (the “Plan”) in accordance with Rule 12b-1 under the Investment Company Act of 1940 for Service shares and Class 4 shares to pay OppenheimerFunds Distributor, Inc. (the “Distributor”), for distribution related services, personal service and account maintenance for the Fund’s Service shares and Class 4 shares. Under the Plan, payments are made periodically at an annual rate of 0.25% of the daily net assets of Service shares and Class 4 shares of the Fund. The

23 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

Distributor currently uses all of those fees to compensate sponsors of the insurance product that offers Fund shares, for providing personal service and maintenance of accounts of their variable contract owners that hold Service shares and Class 4 shares. These fees are paid out of the Fund’s assets on an on-going basis and increase operating expenses of the Service shares and Class 4 shares, which results in lower performance compared to the Fund’s shares that are not subject to a service fee. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

5. Risk Exposures and the Use of Derivative Instruments

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:

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

24 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

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

Valuations of derivative instruments as of June 30, 2011 are as follows:


Asset Derivatives
Derivatives Not Accounted for
as Hedging Instruments	Statement of Assets and Liabilities Location	Value

Foreign exchange contracts	Unrealized appreciation on foreign currency exchange contracts	$	1,911

25 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

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


Amount of Realized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted for as
Hedging Instruments	Foreign currency transactions

Foreign exchange contracts	$	(187,289	)


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as	Translation of assets and liabilities
Hedging Instruments	denominated in foreign currencies

Foreign exchange contracts	$	4,171

Foreign Currency Exchange Contracts

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

During the six months ended June 30, 2011, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $1,780,141 and $3,063,047, respectively.

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

6. Pending Litigation

26 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

27 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

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

28 | OPPENHEIMER GLOBAL SECURITIES FUND/VA

OPPENHEIMER GLOBAL SECURITIES FUND/ VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Rajeev Bhaman, Vice President and Portfolio Manager
		Arthur S. Gabinet, Secretary
		Christina M. Nasta, Vice President and Chief Business Officer
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG llp

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and, if available, summary prospectuses, carefully before investing.

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

June 30, 2011 Oppenheimer High Income Fund/VA Semiannual Report A Series of Oppenheimer Variable Account Funds SEMIANNUAL REPORT Fund Performance Discussion Fund Allocations Financial Statements

OPPENHEIMER HIGH INCOME FUND/ VA

Portfolio Manager: Joseph Welsh

Cumulative Total Returns
For the 6-Month Period Ended 6/30/11


Non-Service Shares	4.86	%	Class 3	5.28	%
Service Shares	5.10		Class 4	5.01

Average Annual Total Returns
For the Periods Ended 6/30/11


			Since
			Inception
	1-Year	5-Year	(5/1/07)

Class 3	17.34%	N/A	– 24.40%
Class 4	16.92	N/A	– 24.36

Expense Ratios
For the Fiscal Year Ended 12/31/10


	Gross	Net
	Expense	Expense
	Ratios	Ratios

Non-Service Shares	0.98%	0.69%
Service Shares	1.23	0.94
Class 3	0.99	0.69
Class 4	1.23	0.94

Corporate Bonds & Notes—Top Ten Industries


Media	7.4	%
Oil, Gas & Consumable Fuels	6.4
Hotels, Restaurants & Leisure	6.3
Capital Markets	6.2
Paper & Forest Products	4.6
Aerospace & Defense	4.2
Health Care Providers & Services	3.1
Chemicals	3.0
Food Products	2.9
Energy Equipment & Services	2.7

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on net assets.

Credit Allocation


Credit Rating Breakdown	NRSRO Only Total

AAA		2.3	%
BBB		1.2
BB		10.7
B		55.8
CCC		22.6
CC		1.7
Unrated		5.7

Total		100.0	%

The percentages above are based on the market value of the Fund’s securities as of June 30, 2011, and are subject to change. Except for securities labeled “Unrated” and except for certain securities issued or guaranteed by a foreign sovereign or supranational entity, all securities have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities issued or guaranteed by a foreign sovereign or supranational entity are assigned a credit rating equal to the highest NRSRO rating assigned to that foreign sovereign or supranational entity. Fund assets invested in Oppenheimer Institutional Money Market Fund are assigned that fund’s S&P rating, which is currently AAA. For the purposes of this Credit Allocation table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories, which include AAA, AA, A and BBB. Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. Please consult the Fund’s prospectus for further information. Additional information can be found in the Fund’s Statement of Additional Information.

2 | OPPENHEIMER HIGH INCOME FUND/VA

FUND PERFORMANCE DISCUSSION

During the reporting period, the Fund’s Non-Service Shares returned 4.86%. The Fund underperformed the JPMorgan Domestic High Yield Index (the “Index”), which returned 5.44% and performed in line with the BofA Merrill Lynch High Yield Master Index, which returned 4.89%.

Economic and Market Overview

At the beginning of the reporting period, encouraging data from the U.S. labor market, including a declining unemployment rate, seemed to indicate that the long-awaited revival of consumer and business confidence was at hand. The global economy also appeared to provide reasons for an upbeat outlook. In Europe, policymakers continued to take measures to contain the sovereign debt problems of peripheral Europe, and in February strong corporate earnings led to an upward revision of the European Central Bank’s 2011 growth forecast. Fears that had surfaced in 2010 over rising inflationary pressures in the fast-growing emerging markets lessened to a degree as the new year began.

While the markets generally performed well in the first four months of 2011, a number of dramatic global events created increased market volatility. A wave of political unrest in North Africa and the Middle East sparked worries that disruptions in oil production might derail the global economic recovery. Although energy prices surged higher, investors retained their optimism, and riskier assets, such as stocks and higher-yielding fixed-income securities, generally continued to rally. Investors encountered another unexpected shock on March 11, when a catastrophic natural disaster followed by a nuclear crisis hit Japan, one of the world’s largest economies and a key exporter of industrial components to many countries and industries, including U.S. automobile manufacturers. However, the disruptions to the global supply chain proved significantly less severe than originally anticipated and, after a brief pullback, the markets continued to climb higher.

In April 2011, market concerns resurfaced when Greece again teetered on the brink of defaulting on its sovereign debt, rekindling worries from 2010 that fiscal instability might spread to other parts of Europe. At the same time, a debate regarding government spending and borrowing intensified in the United States, causing a renewed sense of uncertainty among businesses and consumers as the August 2 deadline to raise the U.S. Government’s debt ceiling loomed. Additionally, the Fed’s latest round of quantitative easing measures labeled “QE2” officially ended on June 30, further contributing to questions around what the Fed’s next move would be. As a result, by period end, job creation had slowed to a crawl, the unemployment rate moved higher and consumers reined in spending. Despite the volatility and dramatic headlines, overall the global markets finished the second half of the reporting period in positive territory, reflective of healthy balance sheets of many multinational corporations, continued growth in developing markets and the ongoing economic recoveries in the U.S., Canada and in much of Western Europe.

Fund Review

During the reporting period, the Fund continued to have a tilt towards higher-yielding securities versus the Index. This positioning allowed the Fund to perform well over the first half of the period when riskier asset classes continued to rally and outperform historically defensive securities. However, as investors became more risk averse in the second half of the period, high-yield bonds witnessed a significant sell-off and the Fund’s performance pulled back to a degree.

For the overall six-month period, the Fund outperformed the Index in a number of sectors, led by the utility, paper and packaging, and retail sectors. The Fund’s security selection in all three sectors outperformed versus the Index. Within retail, the Fund’s underweight positioning to a weaker performing sector of the Index also contributed to relative outperformance. Security selection also accounted for outperformance versus the Index in other sectors, including transportation, energy, automotive, cable and satellite, among others.

While most sectors of the Index produced positive total returns for the Fund, a few sectors finished the period in the negative. Diversified media, consumer products and gaming, lodging and leisure lost value during the period and were top detractors from relative performance. The Fund underperformed the Index in each of these sectors as a result of weaker relative security selection. These sectors were among those harder hit by a dampening of consumer sentiment, uncertainty over the direction of the global economy, and a reining in of consumer spending.

3 | OPPENHEIMER HIGH INCOME FUND/VA

FUND PERFORMANCE DISCUSSION

Outlook

Our outlook for high yield bonds remains positive, both on an absolute basis and relative to more defensive asset classes, such as U.S. Treasuries and money market securities, given the historically low rates currently available in those historically defensive areas. We believe that high yield bonds are poised to resume their positive performance as valuations appear fair and fundamentals have continued to improve.

We continue to believe that outperformance may be achieved through diligent credit selection and thoughtful industry sector weightings. Indeed, an environment of sustained low rates and gradually improving fundamentals should play well to the team’s value-oriented process, a process that evaluates market opportunities on a security-by-security basis. At period end, the Fund’s largest overweights relative to the Index were in broadcasting, paper and packaging, and industrials. We believe that these industries have the potential to perform well as they currently offer attractive prices and improving fundamentals. Meanwhile, the Fund’s most significant underweights were in energy, retail, cable and satellite, and financials, as we suspect these sectors could struggle going forward.

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

4 | OPPENHEIMER HIGH INCOME FUND/VA

FUND EXPENSES

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2011.

5 | OPPENHEIMER HIGH INCOME FUND/VA

FUND EXPENSES Continued


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2011		June 30, 2011		June 30, 2011

Non-Service Shares	$	1,000.00	$	1,048.60	$	3.82
Service shares		1,000.00		1,051.00		5.10
Class 3		1,000.00		1,052.80		3.82
Class 4		1,000.00		1,050.10		5.10

Hypothetical
(5% return before expenses)
Non-Service Shares		1,000.00		1,021.08		3.77
Service shares		1,000.00		1,019.84		5.02
Class 3		1,000.00		1,021.08		3.77
Class 4		1,000.00		1,019.84		5.02


Class	Expense Ratios

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

6 | OPPENHEIMER HIGH INCOME FUND/VA

STATEMENT OF INVESTMENTS June 30, 2011 / Unaudited


	Principal
	Amount		Value

Corporate Bonds and Notes—87.7%
Consumer Discretionary—19.3%
Auto Components—2.2%
Goodyear Tire & Rubber Co. (The), 8.25% Sr. Unsec. Unsub. Nts., 8/15/20	$	610,000	$	661,850
Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/17¹		1,450,000		1,569,625
Visteon Corp., 6.75% Sr. Nts., 4/15/19²		690,000		669,300

				2,900,775

Hotels, Restaurants & Leisure—6.3%
Equinox Holdings, Inc., 9.50% Sr. Sec. Nts., 2/1/16²		350,000		369,250
Harrah’s Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18		2,808,000		2,548,243
HOA Restaurants Group LLC/HOA Finance Corp., 11.25% Sr. Sec. Nts., 4/1/17²		660,000		666,600
Isle of Capri Casinos, Inc.:
7% Sr. Unsec. Sub. Nts., 3/1/14		240,000		239,100
7.75% Sr. Unsec. Nts., 3/15/19²		675,000		685,125
Landry’s Restaurants, Inc., 11.625% Sr. Sec. Nts., 12/1/15		455,000		489,125
MGM Mirage, Inc.:
5.875% Sr. Nts., 2/27/14		430,000		415,488
6.625% Sr. Unsec. Nts., 7/15/15		975,000		918,938
Mohegan Tribal Gaming Authority, 8% Sr. Sub. Nts., 4/1/12		1,070,000		872,050
Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/19		435,000		475,238
Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14³		2,595,000		—
Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16		750,000		648,750

				8,327,907

Household Durables—1.2%
Beazer Homes USA, Inc.:
6.875% Sr. Unsec. Nts., 7/15/15		280,000		249,900
9.125% Sr. Nts., 5/15/19²		790,000		683,350
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:
8.50% Sr. Nts., 5/15/18²		320,000		316,000
9% Sr. Nts., 4/15/19²		325,000		322,563

				1,571,813

Leisure Equipment & Products—1.7%
Eastman Kodak Co., 9.75% Sr. Sec. Nts., 3/1/18²		2,355,000		2,260,800

Media—7.4%
Affinion Group Holdings, Inc., 11.625% Sr. Nts., 11/15/15²		420,000		422,100
Affinion Group, Inc., 7.875% Sr. Nts., 12/15/18²		760,000		714,400
Belo (A.H.) Corp.:
7.25% Sr. Unsec. Unsub. Bonds, 9/15/27		115,000		103,213
7.75% Sr. Unsec. Unsub. Debs., 6/1/27		719,000		677,658
CCO Holdings LLC/CCO Holdings Capital Corp.:
7% Sr. Nts., 1/15/19²		115,000		118,738
7% Sr. Unsec. Unsub. Nts., 1/15/19		80,000		82,800
Cengage Learning Acquisitions, Inc.:
10.50% Sr. Nts., 1/15/15²		825,000		750,750
13.25% Sr. Sub. Nts., 7/15/15²		355,000		321,275
Cequel Communications Holdings I LLC, 8.625% Sr. Unsec. Nts., 11/15/17²		620,000		647,900
Clear Channel Communications, Inc.:
9% Sr. Nts., 3/1/21²		335,000		322,438
10.75% Sr. Unsec. Unsub. Nts., 8/1/16		690,000		626,175
Cumulus Media, Inc., 7.75% Sr. Nts., 5/1/19²		350,000		339,500
Entravision Communications Corp., 8.75% Sr. Sec. Nts., 8/1/17		315,000		327,600
Gray Television, Inc., 10.50% Sr. Sec. Nts., 6/29/15		1,235,000		1,290,575
Interactive Data Corp., 10.25% Sr. Nts., 8/1/18¹		230,000		253,575
Kabel BW Erste Beteiligungs GmbH/Kabel Baden-Wurttemberg GmbH & Co. KG, 7.50% Sr. Sec. Nts., 3/15/19²		395,000		404,875
Newport Television LLC/NTV Finance Corp., 13.509% Sr. Nts., 3/15/17^2,4		657,281		683,572
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc., 8.875% Sec. Nts., 4/15/17		535,000		565,763
Sinclair Television Group, Inc., 8.375% Sr. Unsec. Nts., 10/15/18		705,000		743,775
Visant Corp., 10% Sr. Unsec. Nts., 10/1/17		320,000		332,800

				9,729,482

Textiles, Apparel & Luxury Goods—0.5%
Jones Group, Inc. (The)/Jones Apparel Group Holdings, Inc./Jones Apparel Group USA, Inc./JAG Footwear, Accessories & Retail Corp., 6.875% Sr. Unsec. Unsub. Nts., 3/15/19		600,000		582,000

7 | OPPENHEIMER HIGH INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Consumer Staples—2.9%
Food & Staples Retailing—0.0%
Real Time Data Co., 11% Nts., 5/31/09^1,3,4	$	476,601	$	—
Food Products—2.9%
American Seafoods Group LLC, 10.75% Sr. Sub. Nts., 5/15/16²		925,000		980,500
ASG Consolidated LLC, 15% Sr. Nts., 5/15/17^2,4		1,118,635		1,191,346
Blue Merger Sub, Inc., 7.625% Sr. Nts., 2/15/19²		675,000		685,125
Bumble Bee Acquisition Corp., 9% Sr. Sec. Nts., 12/15/17²		280,000		282,800
Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/15¹		690,000		755,550

				3,895,321

Energy—9.1%
Energy Equipment & Services—2.7%
Forbes Energy Services Ltd., 9% Sr. Unsec. Nts., 6/15/19²		475,000		470,250
Global Geophysical Services, Inc., 10.50% Sr. Unsec. Nts., 5/1/17		615,000		648,825
Offshore Group Investments Ltd.:
11.50% Sr. Sec. Nts., 8/1/15		605,000		660,963
11.50% Sr. Sec. Nts., 8/1/15²		160,000		174,800
Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20		565,000		573,475
SESI LLC, 6.375% Sr. Nts., 5/1/19²		970,000		962,725

				3,491,038

Oil, Gas & Consumable Fuels—6.4%
ATP Oil & Gas Corp., 11.875% Sr. Sec. Nts., 5/1/15		1,165,000		1,188,300
Breitburn Energy Partners LP/Breitburn Finance Corp., 8.625% Sr. Unsec. Nts., 10/15/20		665,000		704,900
Chaparral Energy, Inc., 9.875% Sr. Unsec. Nts., 10/1/20		640,000		694,400
James River Coal Co., 7.875% Sr. Nts., 4/1/19²		160,000		159,200
Linn Energy LLC/Linn Energy Finance Corp., 8.625% Sr. Unsec. Nts., 4/15/20		1,110,000		1,209,900
MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/21²		795,000		801,956
Murray Energy Corp., 10.25% Sr. Sec. Nts., 10/15/15²		1,575,000		1,661,625
Quicksilver Resources, Inc., 11.75% Sr. Nts., 1/1/16		645,000		741,750
SandRidge Energy, Inc.:
8.75% Sr. Unsec. Nts., 1/15/20		560,000		599,200
9.875% Sr. Unsec. Nts., 5/15/16²		305,000		336,263
Venoco, Inc., 8.875% Sr. Unsec. Nts., 2/15/19²		345,000		346,725

				8,444,219

Financials—11.6%
Capital Markets—6.2%
Berry Plastics Holding Corp., 10.25% Sr. Unsec. Sub. Nts., 3/1/16		300,000		293,250
Edgen Murray Corp., 12.25% Sr. Sec. Nts., 1/15/15		360,000		364,500
Nationstar Mortgage LLC/Nationstar Capital Corp., 10.875% Sr. Nts., 4/1/15²		2,255,000		2,356,475
Nuveen Investments, Inc.:
5.50% Sr. Unsec. Nts., 9/15/15		535,000		472,138
10.50% Sr. Unsec. Unsub. Nts., 11/15/15		640,000		657,600
Pinafore LLC/Pinafore, Inc., 9% Sr. Sec. Nts., 10/1/18²		1,250,000		1,353,125
Springleaf Finance Corp., 6.90% Nts., Series J, 12/15/17		705,000		650,363
Verso Paper Holdings LLC, 11.375% Sr. Unsec. Sub. Nts., Series B, 8/1/16		1,500,000		1,398,750
Verso Paper Holdings LLC/Verso Paper, Inc., 8.75% Sr. Sec. Nts., 2/1/19²		625,000		559,375

				8,105,576

Consumer Finance—0.8%
Speedy Cash, Inc., 10.75% Sr. Sec. Nts., 10/15/18²		430,000		441,825
TMX Finance LLC/TitleMax Finance Corp., 13.25% Sr. Sec. Nts., 7/15/15		570,000		642,675

				1,084,500

Diversified Financial Services—0.8%
GMAC LLC, 8% Sr. Unsec. Nts., 11/1/31		375,000		407,813
ING Groep NV, 5.775% Jr. Unsec. Sub. Perpetual Bonds⁵		695,000		642,875

				1,050,688

Insurance—0.6%
International Lease Finance Corp.:
8.625% Sr. Unsec. Unsub. Nts., 9/15/15⁶		410,000		445,875
8.75% Sr. Unsec. Unsub. Nts., 3/15/17⁶		350,000		383,688

				829,563

Real Estate Investment Trusts—1.8%
FelCor Escrow Holdings LLC, 6.75% Sr. Sec. Nts., 6/1/19²		1,735,000		1,674,275
OMEGA Healthcare Investors, Inc., 6.75% Sr. Unsec. Nts., 10/15/22²		695,000		688,919

				2,363,194

8 | OPPENHEIMER HIGH INCOME FUND/VA


	Principal
	Amount		Value

Real Estate Management & Development—1.4%
Realogy Corp., 11.50% Sr. Unsec. Unsub. Nts., 4/15/17	$	1,220,000	$	1,244,400
Wallace Theater Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/13^2,6		530,000		520,725

				1,765,125

Health Care—5.9%
Biotechnology—0.1%
Grifols SA/Giant Funding Corp., 8.25% Sr. Nts., 2/1/182		195,000		204,263

Health Care Equipment & Supplies—1.9%
Accellent, Inc., 10% Sr. Unsec. Sub. Nts., 11/1/17		570,000		561,450
Alere, Inc., 8.625% Sr. Unsec. Sub. Nts., 10/1/18		290,000		297,250
Biomet, Inc.:
10.375% Sr. Unsec. Nts., 10/15/17⁴		460,000		509,450
11.625% Sr. Unsec. Sub. Nts., 10/15/17		275,000		305,938
DJO Finance LLC/DJO Finance Corp., 9.75% Sr. Sub. Nts., 10/15/17²		520,000		530,400
Inverness Medical Innovations, Inc., 7.875% Sr. Unsec. Unsub. Nts., 2/1/16		290,000		301,600

				2,506,088

Health Care Providers & Services—3.1%
Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/15⁴		445,151		447,377
Gentiva Health Services, Inc., 11.50% Sr. Unsec. Unsub. Nts., 9/1/18		575,000		609,500
inVentiv Health, Inc., 10% Sr. Unsec. Nts., 8/15/18²		370,000		363,525
Kindred Healthcare, Inc., 8.25% Sr. Nts., 6/1/19²		860,000		860,000
Multiplan, Inc., 9.875% Sr. Nts., 9/1/18²		460,000		491,050
Oncure Holdings, Inc., 11.75% Sr. Sec. Nts., 5/15/17		315,000		326,813
Radiation Therapy Services, Inc., 9.875% Sr. Unsec. Sub. Nts., 4/15/17		335,000		336,256
STHI Holding Corp., 8% Sec. Nts., 3/15/18²		200,000		204,000
US Oncology, Inc., Escrow Shares (related to 9.125% Sr. Sec. Nts., 8/15/17)		435,000		9,788
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18		375,000		389,063

				4,037,372

Health Care Technology—0.1%
MedAssets, Inc., 8% Sr. Nts., 11/15/18²		75,000		74,625

Pharmaceuticals—0.7%
Valeant Pharmaceuticals International, Inc., 6.875% Sr. Unsec. Nts., 12/1/18²		190,000		187,150
Warner Chilcott Co. LLC, 7.75% Sr. Nts., 9/15/18²		800,000		811,000

				998,150

Industrials—12.8%
Aerospace & Defense—4.2%
BE Aerospace, Inc., 6.875% Sr. Nts., 10/1/20		220,000		231,550
DynCorp International, Inc., 10.375% Sr. Unsec. Nts., 7/1/17²		1,210,000		1,246,300
Hawker Beechcraft Acquisition Co. LLC:
8.50% Sr. Unsec. Nts., 4/1/15		1,405,000		1,106,438
9.75% Sr. Unsec. Sub. Nts., 4/1/17		240,000		169,200
Kratos Defense & Security Solutions, Inc.:
10% Sr. Sec. Nts., 6/1/17		235,000		249,100
10% Sr. Sec. Nts., 6/1/17		257,000		272,420
TransDigm, Inc., 7.75% Sr. Sub. Nts., 12/15/18²		1,245,000		1,313,475
Triumph Group, Inc., 8.625% Sr. Unsec. Nts., 7/15/18		895,000		985,619

				5,574,102

Air Freight & Logistics—0.4%
AMGH Merger Sub, Inc., 9.25% Sr. Sec. Nts., 11/1/18²		510,000		540,600

Building Products—1.0%
Associated Materials LLC, 9.125% Sr. Sec. Nts., 11/1/17²		265,000		265,000
Ply Gem Industries, Inc., 13.125% Sr. Unsec. Sub. Nts., 7/15/14		930,000		981,150
Roofing Supply Group LLC/Roofing Supply Finance, Inc., 8.625% Sr. Sec. Nts., 12/1/17²		75,000		75,281

				1,321,431

Commercial Services & Supplies—1.1%
R. R. Donnelley & Sons Co., 7.25% Sr. Nts., 5/15/18		560,000		560,140
West Corp.:
7.875% Sr. Nts., 1/15/19²		305,000		296,613
8.625% Sr. Unsec. Nts., 10/1/18²		635,000		644,525

				1,501,278

Electrical Equipment—0.5%
Thermon Industries, Inc., 9.50% Sr. Sec. Nts., 5/1/17		541,000		582,928

Machinery—2.4%
Cleaver-Brooks, Inc., 12.25% Sr. Sec. Nts., 5/1/16²		680,000		703,800

9 | OPPENHEIMER HIGH INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Machinery Continued
Manitowoc Co., Inc. (The), 8.50% Sr. Unsec. Nts., 11/1/20	$	685,000	$	734,663
Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17		1,335,000		1,375,050
Thermadyne Holdings Corp., 9% Sr. Sec. Nts., 12/15/17²		335,000		351,750

				3,165,263

Marine—0.9%
Marquette Transportation Co./ Marquette Transportation Finance Corp., 10.875% Sec. Nts., 1/15/17		780,000		789,750
Navios Maritime Acquisition Corp., 8.625% Sr. Sec. Nts., 11/1/17		195,000		193,050
Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc., 8.875% Sr. Sec. Nts., 11/1/17		160,000		165,600

				1,148,400

Professional Services—0.5%
Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15²		510,000		530,400
TransUnion LLC/TransUnion Financing Corp., 11.375% Sr. Unsec. Nts., 6/15/18		150,000		170,250

				700,650

Road & Rail—1.8%
Hertz Corp., 7.50% Sr. Unsec. Nts., 10/15/182		1,285,000		1,329,975
Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/15²		1,045,000		992,750

				2,322,725

Information Technology—5.9%
Computers & Peripherals—0.9%
Seagate HDD Cayman:
6.875% Sr. Unsec. Nts., 5/1/20²		650,000		648,375
7% Sr. Unsec. Nts., 11/1/21²		475,000		477,375

				1,125,750

Electronic Equipment & Instruments—1.1%
CDW LLC/CDW Finance Corp.:
11% Sr. Unsec. Nts., 10/12/15		85,000		89,888
12.535% Sr. Unsec. Sub. Nts., 10/12/17		1,310,000		1,418,075

				1,507,963

Internet Software & Services—1.0%
ITC DeltaCom, Inc., 10.50% Sr. Sec. Nts., 4/1/16		1,245,000		1,307,250

IT Services—1.7%
Ceridian Corp., 11.25% Sr. Unsec. Nts., 11/15/15		535,000		537,675
First Data Corp.:
8.875% Sr. Sec. Nts., 8/15/20²		395,000		423,638
9.875% Sr. Unsec. Nts., 9/24/15		1,075,000		1,109,938
SunGard Data Systems, Inc., 7.625% Sr. Unsec. Nts., 11/15/20		190,000		192,850

				2,264,101

Semiconductors & Semiconductor Equipment—1.2%
Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 8/1/20		315,000		326,025
Freescale Semiconductor, Inc., 10.75% Sr. Unsec. Nts., 8/1/20²		1,065,000		1,208,775

				1,534,800

Materials—11.0%
Chemicals—3.0%
Ferro Corp., 7.875% Sr. Unsec. Nts., 8/15/18		635,000		661,988
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC:
8.875% Sr. Sec. Nts., 2/1/18		800,000		836,000
9% Sec. Nts., 11/15/20		380,000		391,400
Lyondell Chemical Co., 8% Sr. Sec. Nts., 11/1/17²		716,000		798,340
Momentive Performance Materials, Inc., 9% Sec. Nts., 1/15/21		1,255,000		1,286,375

				3,974,103

Construction Materials—0.7%
Building Materials Corp. of America, 6.75% Sr. Nts., 5/1/21²		435,000		438,263
Ply Gem Industries, Inc., 8.25% Sr. Sec. Nts., 2/15/18²		540,000		514,350

				952,613

Containers & Packaging—1.8%
Berry Plastics Corp., 9.75% Sec. Nts., 1/15/21		940,000		914,150
Polymer Group, Inc., 7.75% Sr. Sec. Nts., 2/1/19²		650,000		654,875
Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14		755,000		707,813

				2,276,838

Metals & Mining—0.9%
Aleris International, Inc., 7.625% Sr. Nts., 2/15/18²		1,200,000		1,203,000

10 | OPPENHEIMER HIGH INCOME FUND/VA


	Principal
	Amount		Value

Paper & Forest Products—4.6%
ABI Escrow Corp., 10.25% Sr. Sec. Nts., 10/15/18²	$	423,000	$	460,013
Ainsworth Lumber Co. Ltd., 11% Sr. Unsec. Unsub. Nts., 7/29/15^2,4		1,094,375		1,017,769
Appleton Papers, Inc., 10.50% Sr. Sec. Nts., 6/15/15²		1,325,000		1,387,938
Catalyst Paper Corp., 11% Sr. Sec. Nts., 12/15/16²		1,117,000		960,620
Mercer International, Inc., 9.50% Sr. Unsec. Nts., 12/1/17		570,000		614,175
NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/14		1,370,000		1,284,375
Norske Skogindustrier ASA, 6.125% Unsec. Bonds, 10/15/15²		375,000		310,313

				6,035,203

Telecommunication Services—4.1%
Diversified Telecommunication Services—2.5%
Broadview Networks Holdings, Inc., 11.375% Sr. Sec. Nts., 9/1/12		340,000		323,850
Cincinnati Bell, Inc.:
8.25% Sr. Nts., 10/15/17		305,000		308,050
8.75% Sr. Unsec. Sub. Nts., 3/15/18		350,000		334,250
Intelsat Bermuda Ltd.:
11.25% Sr. Unsec. Nts., 2/4/17		635,000		683,419
12.50% Sr. Unsec. Nts., 2/4/17⁴		328,710		354,185
Level 3 Financing, Inc., 9.375% Sr. Unsec. Unsub. Nts., 4/1/19²		975,000		1,009,125
Windstream Corp., 8.125% Sr. Unsec. Unsub. Nts., 9/1/18		305,000		324,825
Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10³		1,000,000		—

				3,337,704

Wireless Telecommunication Services—1.6%
Cricket Communications, Inc., 7.75% Sr. Unsec. Nts., 10/15/20		1,310,000		1,287,075
MetroPCS Wireless, Inc., 6.625% Sr. Unsec. Nts., 11/15/20		780,000		774,150

				2,061,225

Utilities—5.1%
Electric Utilities—2.6%
Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17		1,065,000		867,975
Energy Future Intermediate Holding Co. LLC, 10% Sr. Sec. Nts., 12/1/20		757,000		810,714
Texas Competitive Electric Holdings Co. LLC:
10.25% Sr. Unsec. Nts., Series A, 11/1/15		2,325,000		1,418,250
10.25% Sr. Unsec. Nts., Series B, 11/1/15		410,000		248,050

				3,344,989

Energy Traders—2.4%
Energy Future Holdings Corp.,10% Sr. Sec. Nts., 1/15/20		780,000		831,446
First Wind Capital LLC, 10.25% Sr. Sec. Nts., 6/1/18²		75,000		76,125
Foresight Energy LLC, 9.625% Sr. Unsec. Nts., 8/15/17²		1,295,000		1,380,794
GenOn Energy, Inc.:
9.50% Sr. Unsec. Nts., 10/15/18		415,000		433,675
9.875% Sr. Unsec. Nts., 10/15/20		415,000		435,750
United Maritime Group LLC, 11.75% Sr. Sec. Nts., 6/15/15		15,000		15,750

				3,173,540

Gas Utilities—0.1%
Ferrellgas LP/Ferrellgas Finance Corp., 6.50% Sr. Nts., 5/1/21²		170,000		161,500

Total Corporate Bonds and Notes (Cost $114,408,633)				115,340,455


	Shares

Preferred Stocks—1.9%
Ally Financial, Inc., 7%, Non-Vtg.²		1,479	1,390,075
GMAC Capital Trust I, 8.125% Cum.		10,000	256,000
Greektown Superholdings, Inc., Series A-1⁷		11,550	826,287

Total Preferred Stocks (Cost $2,657,315)			2,472,362

Common Stocks—3.6%
AbitibiBowater, Inc.⁷		27,638	561,051
American Media Operations, Inc.⁷		58,065	929,040
Dana Holding Corp.⁷		19,738	361,205
Gaylord Entertainment Co., Cl. A⁷		21,382	641,460
Global Aviation Holdings, Inc.⁷		300	3,000
Greektown Superholdings, Inc.⁷		874	58,165
Kaiser Aluminum Corp.		458	25,016
Linn Energy LLC		9,065	354,170
LyondellBasell Industries NV, Cl. A		18,740	721,865
Orbcomm, Inc.⁷		1,127	3,528
Visteon Corp.⁷		15,377	1,051,941

Total Common Stocks (Cost $6,225,583)			4,710,441

		Units

Rights, Warrants and Certificates—0.1%
ASG Warrant Corp. Wts., Strike Price $0.01, Exp. 5/15/18^1,7		1,030	128,750
MediaNews Group, Inc. Wts., Strike Price $0.001, Exp. 3/19/17⁷		11,017	396

Total Rights, Warrants and Certificates (Cost $49,050)			129,146

11 | OPPENHEIMER HIGH INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Loan Participations—2.0%
Brock Holdings III, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 2/15/18⁶	$	155,000		$	158,875
Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan, Tranche B, 4.655%, 10/19/15^4,6		2,444,195			1,717,047
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 12.50%, 7/31/15		696,875			743,914

Total Loan Participations (Cost $2,272,201)					2,619,836

Investment Company—2.3%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^8,9 (Cost $2,999,927)		2,999,927			2,999,927
Total Investments, at Value (Cost $128,612,709)		97.6	%		128,272,167
Other Assets Net of Liabilities		2.4			3,160,347

Net Assets		100.0	%	$	131,432,514

Footnotes to Statement of Investments

1. Restricted security. The aggregate value of restricted securities as of June 30, 2011 was $2,707,500, which represents 2.06% of the Fund’s net assets. See Note 5 of the accompanying Notes. Information concerning restricted securities is as follows:


							Unrealized
	Acquisition						Appreciation
Security	Dates		Cost		Value		(Depreciation)

ASG Warrant Corp. Wts., Strike Price $0.01, Exp. 5/15/18		4/28/10-8/19/10	$	49,050	$	128,750	$	79,700
Interactive Data Corp., 10.25% Sr. Nts., 8/1/18		7/20/10		230,000		253,575		23,575
Real Time Data Co., 11% Nts., 5/31/09		6/30/99-5/31/01		365,810		—		(365,810	)
Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/15		4/28/10-5/4/11		703,577		755,550		51,973
Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/17		8/13/10-5/3/11		1,441,862		1,569,625		127,763

			$	2,790,299	$	2,707,500	$	(82,799	)


2.		Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $52,884,315 or 40.24% of the Fund’s net assets as of June 30, 2011.

3.		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 Note 1 of the accompanying Notes.

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

5.		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.

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

7.		Non-income producing security.

8.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2011, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2010

Additions

Reductions

June 30, 2011

Oppenheimer Institutional Money Market Fund, Cl. E

4,033,152

32,523,279

33,556,504

2,999,927


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	2,999,927	$	4,188


9.		Rate shown is the 7-day yield as of June 30, 2011.

Valuation Inputs

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

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset 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).

12 | OPPENHEIMER HIGH INCOME FUND/VA

Footnotes to Statement of Investments Continued

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2011 based on valuation input level:


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

Assets Table
Investments, at Value:
Corporate Bonds and Notes	$	—	$	115,340,455	$	—	$	115,340,455
Preferred Stocks		—		1,646,075		826,287		2,472,362
Common Stocks		2,668,295		1,980,981		61,165		4,710,441
Rights, Warrants and Certificates		—		128,750		396		129,146
Loan Participations		—		2,619,836		—		2,619,836
Investment Company		2,999,927		—		—		2,999,927

Total Assets	$	5,668,222	$	121,716,097	$	887,848	$	128,272,167

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value:


						Change in
						unrealized								Transfer
	Value as of		Realized			appreciation/								out of			Value as of
	December 31, 2010		gain (loss)			depreciation			Purchase		Sales			Level 3			June 30, 2011

Assets Table
Investments, at Value:
Common Stocks	$	1,036,161	$	(208,776	)	$	964,574		$	—	$	—		$	(1,730,794	)	$	61,165
Corporate Bonds		87,082		(457,059	)		(834,139	)		1,312,570		(108,454	)		—			—
Preferred Stock		1,226,957		(1,097,476	)		696,806			—		—			—			826,287
Rights, Warrants and Certificates		403		(3,172,834	)		3,172,827			—		—			—			396

Total Assets	$	2,350,603	$	(4,936,145	)	$	4,000,068		$	1,312,570	$	(108,454	)	$	(1,730,794	)	$	887,848

The total change in unrealized appreciation/depreciation included in the statement of operations attributable to level 3 investments still held at June 30, 2011 includes:


	Change in
	unrealized
	appreciation/
	depreciation

Corporate Bonds and Notes	$	(261	)
Preferred Stocks		(328,713	)
Common Stocks		(28,204	)
Rights, Warrants and Certificates		396

Total	$	(27,808	)

See accompanying Notes to Financial Statements.

13 | OPPENHEIMER HIGH INCOME FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited


June 30, 2011

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $125,612,782)	$	125,272,240
Affiliated companies (cost $2,999,927)		2,999,927

		128,272,167

Receivables and other assets:
Interest, dividends and principal paydowns		2,640,094
Shares of beneficial interest sold		693,312
Other		71,689

Total assets		131,677,262

Liabilities
Bank overdraft		11,965
Payables and other liabilities:
Shares of beneficial interest redeemed		73,879
Shareholder communications		71,931
Distribution and service plan fees		45,591
Trustees’ compensation		13,324
Transfer and shareholder servicing agent fees		11,059
Legal, auditing and other professional fees		10,391
Other		6,608

Total liabilities		244,748

Net Assets	$	131,432,514


Composition of Net Assets
Par value of shares of beneficial interest	$	64,032
Additional paid-in capital		353,756,829
Accumulated net investment income		5,311,861
Accumulated net realized loss on investments		(227,359,666	)
Net unrealized depreciation on investments		(340,542	)

Net Assets	$	131,432,514


Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $54,637,007 and 26,742,258 shares of beneficial interest outstanding)	$	2.04
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $63,084,409 and 30,684,244 shares of beneficial interest outstanding)	$	2.06
Class 3 Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $5,368,558 and 2,603,334 shares of beneficial interest outstanding)	$	2.06
Class 4 Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $8,342,540 and 4,001,676 shares of beneficial interest outstanding)	$	2.08

See accompanying Notes to Financial Statements.

14 | OPPENHEIMER HIGH INCOME FUND/VA

STATEMENT OF OPERATIONS Unaudited


For the Six Months Ended June 30, 2011

Investment Income
Interest	$	6,243,825
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $281)		59,907
Affiliated companies		4,188

Total investment income		6,307,920

Expenses
Management fees		523,573
Distribution and service plan fees:
Service shares		80,087
Class 4 shares		10,794
Transfer and shareholder servicing agent fees:
Non-Service shares		30,240
Service shares		32,040
Class 3 shares		3,205
Class 4 shares		4,324
Shareholder communications:
Non-Service shares		15,935
Service shares		16,787
Class 3 shares		1,687
Class 4 shares		2,261
Trustees’ compensation		5,040
Custodian fees and expenses		4,891
Administration service fees		750
Other		27,973

Total expenses		759,587
Less waivers and reimbursements of expenses		(145,322	)

Net expenses		614,265

Net Investment Income		5,693,655

Realized and Unrealized Gain (Loss)
Net realized gain on investments from unaffiliated companies		1,969,470
Net change in unrealized appreciation/depreciation on investments		(440,958	)

Net Increase in Net Assets Resulting from Operations	$	7,222,167

See accompanying Notes to Financial Statements.

15 | OPPENHEIMER HIGH INCOME FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2011			December 31,
	(Unaudited)			2010

Operations
Net investment income	$	5,693,655		$	12,056,923
Net realized gain		1,969,470			6,278,337
Net change in unrealized appreciation/depreciation		(440,958	)		(249,331	)

Net increase in net assets resulting from operations		7,222,167			18,085,929

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(5,402,411	)		(3,674,586	)
Service shares		(5,518,442	)		(3,877,767	)
Class 3 shares		(555,527	)		(304,126	)
Class 4 shares		(704,748	)		(385,856	)

		(12,181,128	)		(8,242,335	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(4,780,413	)		(10,126,348	)
Service shares		1,618,779			(5,260,981	)
Class 3 shares		(434,422	)		929,124
Class 4 shares		1,104,519			(118,291	)

		(2,491,537	)		(14,576,496	)

Net Assets
Total decrease		(7,450,498	)		(4,732,902	)
Beginning of period		138,883,012			143,615,914

End of period (including accumulated net investment income of $5,311,861 and $11,799,334, respectively)	$	131,432,514		$	138,883,012

See accompanying Notes to Financial Statements.

16 | OPPENHEIMER HIGH INCOME FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2011												Year Ended December 31,
Non-Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	2.13		$	1.98		$	1.58		$	7.95		$	8.55		$	8.44

Income (loss) from investment operations:
Net investment income¹		.09			.18			.17			.54			.57			.58
Net realized and unrealized gain (loss)		.01			.10			.23			(6.44	)		(.56	)		.17

Total from investment operations		.10			.28			.40			(5.90	)		.01			.75

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.19	)		(.13	)		—			(.47	)		(.61	)		(.64	)

Net asset value, end of period	$	2.04		$	2.13		$	1.98		$	1.58		$	7.95		$	8.55


Total Return, at Net Asset Value²		4.86	%		14.81	%		25.32	%		(78.67	)%		(0.10	)%		9.42	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	54,637		$	61,563		$	67,385		$	111,040		$	294,819		$	361,445

Average net assets (in thousands)	$	60,968		$	59,598		$	71,782		$	211,186		$	335,702		$	365,154

Ratios to average net assets:³
Net investment income		8.29	%		9.01	%		9.78	%		9.30	%		6.96	%		7.05	%
Total expenses⁴		0.96	%		0.98	%		0.94	%		0.80	%		0.75	%		0.74	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75	%		0.69	%		0.57	%		0.78	%		0.74	%		0.74	%

Portfolio turnover rate		33	%		132	%		128	%		53	%⁵		67	%⁵		57	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	0.96	%
Year Ended December 31, 2010	0.98	%
Year Ended December 31, 2009	0.96	%
Year Ended December 31, 2008	0.80	%
Year Ended December 31, 2007	0.76	%
Year Ended December 31, 2006	0.74	%


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


	Purchase Transactions		Sale Transactions

Year Ended December 31, 2008	$	40,240,084	$	41,196,921
Year Ended December 31, 2007	$	30,798,147	$	24,096,458

See accompanying Notes to Financial Statements.

17 | OPPENHEIMER HIGH INCOME FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2011												Year Ended December 31,
Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	2.14		$	1.99		$	1.58		$	7.89		$	8.50		$	8.39

Income (loss) from investment operations:
Net investment income¹		.08			.17			.16			.54			.55			.56
Net realized and unrealized gain (loss)		.03			.10			.25			(6.40	)		(.57	)		.17

Total from investment operations		.11			.27			.41			(5.86	)		(.02	)		.73

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.19	)		(.12	)		—			(.45	)		(.59	)		(.62	)

Net asset value, end of period	$	2.06		$	2.14		$	1.99		$	1.58		$	7.89		$	8.50


Total Return, at Net Asset Value²		5.10	%		14.44	%		25.95	%		(78.57	)%		(0.47	)%		9.23	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	63,084		$	63,713		$	64,440		$	43,375		$	157,333		$	173,299

Average net assets (in thousands)	$	64,593		$	63,661		$	54,202		$	116,236		$	169,569		$	160,703

Ratios to average net assets:³
Net investment income		8.04	%		8.76	%		9.60	%		9.13	%		6.71	%		6.80	%
Total expenses⁴		1.21	%		1.23	%		1.21	%		1.05	%		1.01	%		1.00	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00	%		0.94	%		0.80	%		1.03	%		1.00	%		1.00	%

Portfolio turnover rate		33	%		132	%		128	%		53	%⁵		67	%⁵		57	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	1.21	%
Year Ended December 31, 2010	1.23	%
Year Ended December 31, 2009	1.23	%
Year Ended December 31, 2008	1.05	%
Year Ended December 31, 2007	1.02	%
Year Ended December 31, 2006	1.00	%


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


	Purchase Transactions		Sale Transactions

Year Ended December 31, 2008	$	40,240,084	$	41,196,921
Year Ended December 31, 2007	$	30,798,147	$	24,096,458

See accompanying Notes to Financial Statements.

18 | OPPENHEIMER HIGH INCOME FUND/VA


	Six Months
	Ended
	June 30, 2011									Year Ended December 31,
Class 3 Shares	(Unaudited)			2010			2009			2008			2007¹

Per Share Operating Data
Net asset value, beginning of period	$	2.14		$	1.99		$	1.57		$	7.98		$	8.26

Income (loss) from investment operations:
Net investment income²		.09			.18			.17			.56			.37
Net realized and unrealized gain (loss)		.02			.10			.25			(6.50	)		(.65	)

Total from investment operations		.11			.28			.42			(5.94	)		(.28	)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.19	)		(.13	)		—			(.47	)		—

Net asset value, end of period	$	2.06		$	2.14		$	1.99		$	1.57		$	7.98


Total Return, at Net Asset Value³		5.28	%		14.69	%		26.75	%		(78.89	)%		(3.39	)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,369		$	6,034		$	4,684		$	1,582		$	4,921

Average net assets (in thousands)	$	6,459		$	5,279		$	3,568		$	5,292		$	3,750

Ratios to average net assets:⁴
Net investment income		8.29	%		8.97	%		9.86	%		9.29	%		6.90	%
Total expenses⁵		0.96	%		0.99	%		0.97	%		0.80	%		0.76	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75	%		0.69	%		0.53	%		0.78	%		0.75	%

Portfolio turnover rate		33	%		132	%		128	%		53	%⁶		67	%⁶


1.		For the period from May 1, 2007 (inception of offering) to December 31, 2007.

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

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	0.96	%
Year Ended December 31, 2010	0.99	%
Year Ended December 31, 2009	0.99	%
Year Ended December 31, 2008	0.80	%
Period Ended December 31, 2007	0.77	%


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


	Purchase Transactions		Sale Transactions

Year Ended December 31, 2008	$	40,240,084	$	41,196,921
Period Ended December 31, 2007	$	30,798,147	$	24,096,458

See accompanying Notes to Financial Statements.

19 | OPPENHEIMER HIGH INCOME FUND/VA

FINANCIAL HIGHLI GHTS Continued


	Six Months
	Ended
	June 30, 2011									Year Ended December 31,
Class 4 Shares	(Unaudited)			2010			2009			2008			2007¹

Per Share Operating Data
Net asset value, beginning of period	$	2.16		$	2.01		$	1.59		$	7.97		$	8.26

Income (loss) from investment operations:
Net investment income²		.09			.18			.16			.54			.36
Net realized and unrealized gain (loss)		.02			.09			.26			(6.46	)		(.65	)

Total from investment operations		.11			.27			.42			(5.92	)		(.29	)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.19	)		(.12	)		—			(.46	)		—

Net asset value, end of period	$	2.08		$	2.16		$	2.01		$	1.59		$	7.97


Total Return, at Net Asset Value³		5.01	%		14.27	%		26.42	%		(78.63	)%		(3.51	)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,343		$	7,573		$	7,107		$	4,167		$	9,476

Average net assets (in thousands)	$	8,711		$	7,278		$	6,285		$	10,658		$	7,201

Ratios to average net assets:⁴
Net investment income		8.04	%		8.74	%		9.62	%		9.00	%		6.61	%
Total expenses⁵		1.21	%		1.23	%		1.19	%		1.07	%		1.05	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00	%		0.94	%		0.80	%		1.05	%		1.04	%

Portfolio turnover rate		33	%		132	%		128	%		53	%⁶		67	%⁶


1.		For the period from May 1, 2007 (inception of offering) to December 31, 2007.

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

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	1.21	%
Year Ended December 31, 2010	1.23	%
Year Ended December 31, 2009	1.21	%
Year Ended December 31, 2008	1.07	%
Period Ended December 31, 2007	1.06	%


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


	Purchase Transactions		Sale Transactions

Year Ended December 31, 2008	$	40,240,084	$	41,196,921
Period Ended December 31, 2007	$	30,798,147	$	24,096,458

See accompanying Notes to Financial Statements.

20 | OPPENHEIMER HIGH INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer High Income Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek a high level of current income from investment in high-yield, fixed-income securities. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

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

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

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.

21 | OPPENHEIMER HIGH INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

In the absence of a current price quotation obtained from an independent pricing service or broker-dealer, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. As of June 30, 2011, the Manager determined the fair valuation of certain common and preferred stock based on internally developed models. Such investments have been classified as Level 3 instruments.

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


Cost	$	2,446,880
Market Value	$	—
Market Value as a % of Net Assets		0.00	%

22 | OPPENHEIMER HIGH INCOME FUND/VA

During the fiscal year ended December 31, 2010, the Fund utilized $4,432,223 of capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2010, the Fund had available for federal income tax purposes unused capital loss carryforwards as follows:


Expiring

2011	$	8,529,303
2012		128,504
2016		48,495,519
2017		171,938,143

Total	$	229,091,469

As of June 30, 2011, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $227,121,999 expiring by 2017. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2011, it is estimated that the Fund will utilize $1,969,470 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	129,041,138

Gross unrealized appreciation	$	5,594,028
Gross unrealized depreciation		(6,362,999	)

Net unrealized depreciation	$	(768,971	)

23 | OPPENHEIMER HIGH INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		2,139,222		$	4,549,354			11,152,476		$	21,983,381
Dividends and/or distributions reinvested		2,648,241			5,402,411			1,954,567			3,674,586
Redeemed		(7,012,343	)		(14,732,178	)		(18,147,101	)		(35,784,315	)

Net decrease		(2,224,880	)	$	(4,780,413	)		(5,040,058	)	$	(10,126,348	)

24 | OPPENHEIMER HIGH INCOME FUND/VA


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Service Shares
Sold		1,542,012			3,235,275			2,939,505			5,849,488
Dividends and/or distributions reinvested		2,691,923			5,518,442			2,040,930			3,877,767
Redeemed		(3,389,607	)		(7,134,938	)		(7,528,455	)		(14,988,236	)

Net increase (decrease)		844,328		$	1,618,779			(2,548,020	)	$	(5,260,981	)


Class 3 Shares
Sold		572,587			1,222,127			2,054,702			4,093,320
Dividends and/or distributions reinvested		269,673			555,527			160,066			304,126
Redeemed		(1,055,776	)		(2,212,076	)¹		(1,747,107	)		(3,468,322	)²

Net increase (decrease)		(213,516	)	$	(434,422	)		467,661		$	929,124


Class 4 Shares
Sold		1,139,600			2,458,346			1,725,510			3,440,558
Dividends and/or distributions reinvested		338,821			704,748			200,967			385,856
Redeemed		(978,268	)		(2,058,575	)¹		(1,958,189	)		(3,944,705	)²

Net increase (decrease)		500,153		$	1,104,519			(31,712	)	$	(118,291	)


1.		Net of redemption fees of $281 and $180 for Class 3 and Class 4 shares, respectively.

2.		Net of redemption fees of $3,684 and $7,734 for Class 3 and Class 4 shares, respectively.


3.		Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2011, were as follows:


	Purchases		Sales

Investment securities	$	41,173,324	$	47,482,148


4.		Fees and Other Transactions with Affiliates

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


Fee Schedule

Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Over $1 billion	0.50

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

25 | OPPENHEIMER HIGH INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

periodically at an annual rate of 0.25% of the daily net assets of Service shares and Class 4 shares of the Fund. The Distributor currently uses all of those fees to compensate sponsors of the insurance product that offers Fund shares, for providing personal service and maintenance of accounts of their variable contract owners that hold Service shares and Class 4 shares. These fees are paid out of the Fund’s assets on an on-going basis and increase operating expenses of the Service shares and Class 4 shares, which results in lower performance compared to the Fund’s shares that are not subject to a service fee. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s total annual operating expenses so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.75% for Non-Service and Class 3 shares and 1.00% for Service and Class 4 shares. During the six months ended June 30, 2011, the Manager waived fees and/or reimbursed the Fund $61,960, $65,694, $6,583 and $8,931 for Non-Service, Service, Class 3 and Class 4 shares, respectively.

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

5. Restricted Securities

6. Pending Litigation

26 | OPPENHEIMER HIGH INCOME FUND/VA

27 | OPPENHEIMER HIGH INCOME FUND/VA

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

28 | OPPENHEIMER HIGH INCOME FUND/VA

OPPENHEIMER HIGH INCOME FUND/ VA


A Series of Oppenheimer Variable Accounts

Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Joseph Welsh, Vice President and Portfolio Manager
		Arthur S. Gabinet, Secretary
		Christina M. Nasta, Vice President and Chief Business Officer
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG llp


Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and, if available, summary prospectuses, carefully before investing.

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

June 30, 2011 Oppenheimer Main Street Fund^®/VA A Series of Oppenheimer Variable Account Funds Semiannual Report SEMI ANNUAL REPORT Fund Performance Discussion Listing of Top Holdings Financial Statements

OPPENHEIMER MAIN STREET FUND^{^®}/VA

Portfolio Managers: Manind Govil and Benjamin Ram

Cumulative Total Returns
For the 6-Month Period Ended 6/30/11


Non-Service Shares	2.79	%
Service Shares	2.60

Average Annual Total Returns
For the Periods Ended 6/30/11


	1-Year		5-Year		10-Year

Non-Service Shares	28.44	%	1.89	%	2.58	%
Service Shares	28.08		1.63		2.33

Expense Ratios
For the Fiscal Year Ended 12/31/10


Non-Service Shares	0.78	%
Service Shares	1.03

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance and expense ratios may be lower or higher than the data quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account. Expense ratios are as stated in the Fund’s prospectus current as of the date of this report.

Sector Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on the total market value of common stocks.

Top Ten Common Stock Holdings


Apple, Inc.	5.0	%
Chevron Corp.	4.7
Occidental Petroleum Corp.	4.4
CIT Group, Inc.	3.8
eBay, Inc.	3.5
Philip Morris International, Inc.	3.2
United Parcel Service, Inc., Cl. B	3.1
Citigroup, Inc.	3.0
Ford Motor Co.	3.0
JPMorgan Chase & Co.	3.0

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on net assets.

2 | OPPENHEIMER MAIN STREET FUND/VA

FUND PERFORMANCE DISCUSSION

For the six-month reporting period ended June 30, 2011, the Fund’s Non-Service Shares produced a return of 2.79%. The S&P 500 Index produced a return of 6.02% over the same period. The Fund achieved solid relative performance in the consumer staples, materials and industrials sectors, but results from the financials and consumer discretionary sectors underperformed relative to the S&P 500 Index. Stock selection in the financials and consumer discretionary sectors detracted from relative performance, as certain Fund holdings in those sectors were negatively impacted by market volatility and a dampening of consumer sentiment over the period.

Economic and Market Overview

While the markets generally performed well in the first four months of 2011, a number of dramatic global events created increased market volatility. A wave of political unrest in North Africa and the Middle East sparked worries that disruptions in oil production might derail the global economic recovery. Although energy prices surged higher, investors retained their optimism and riskier asset classes, such as stocks and higher-yielding fixed-income securities, generally continued to rally. Investors encountered another unexpected shock when a catastrophic natural disaster followed by a nuclear crisis hit Japan, one of the world’s largest economies and a key exporter of industrial components to many countries and industries, including U.S. automobile manufacturers. However, the disruptions to the global supply chain proved significantly less severe than originally anticipated and, after a brief pullback, the markets continued to climb higher.

In April 2011, market concerns resurfaced when Greece again teetered on the brink of defaulting on its sovereign debt, rekindling worries from 2010 that fiscal instability might spread to other parts of Europe. At the same time, a debate regarding government spending and borrowing intensified in the United States, causing a renewed sense of uncertainty among businesses and consumers as the August 2 deadline to raise the U.S. government’s debt ceiling loomed. Additionally, the Fed’s latest round of quantitative easing measures labeled “QE2” officially ended on June 30, further contributing to questions around what the Fed’s next move would be. Behind this backdrop, by period end, job creation had slowed to a crawl, the unemployment rate moved higher and consumers reined in spending. Despite the volatility and dramatic headlines, overall the global markets finished the second half of the reporting period in positive territory, reflective of healthy balance sheets of many multinational corporations, continued growth in developing markets and the ongoing economic recoveries in the U.S., Canada and in much of Western Europe.

Fund Review

The top contributor for the Fund during the period was health care insurer WellPoint, Inc., which rebounded from previous weakness amid rising enrollment trends and a deceleration in the rise of medical costs. Tobacco producer Philip Morris International, Inc. advanced due to skillful execution of its business plan, including greater penetration of developing markets. Integrated energy giant Chevron Corp. gained value along with energy-related commodity prices, which proved especially beneficial to its refinery operations. Tyco International Ltd. benefited from mergers-and-acquisitions speculation and a positive outlook for its security division.

Among detractors from performance, automaker Ford Motor Co.’s stock declined amid deteriorating investor sentiment, despite gains in market share and better-than-expected earnings in the second quarter. In financials, Wells Fargo & Co., like other large banks, underperformed amid concerns regarding low lending demand, elevated foreclosure activity and a more stringent regulatory environment. Results of internet media giant Google, Inc. disappointed investors focused on short-term results due to higher marketing and staffing costs. Google’s market share continues to rise. We exited our position in Wells Fargo & Co. by period end.

3 | OPPENHEIMER MAIN STREET FUND/VA

FUND PERFORMANCE DISCUSSION

Outlook

Although we expect the economic recovery to remain choppy, our extensive analyses of individual companies suggest that corporate fundamentals generally remain strong. Many companies are flush with cash, and earnings have continued to grow. In our judgment, large companies are likely to put idle cash to work through mergers-and-acquisitions activity, share buybacks or dividend increases. As portfolio managers who emphasize a bottom-up stock selection investment approach, the Fund’s strategy is driven primarily by our assessment of the strengths and weaknesses of individual companies.

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

4 | OPPENHEIMER MAIN STREET FUND/VA

FUND EXPENSES

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2011.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	January 1, 2011		June 30, 2011		June 30, 2011

Actual
Non-Service Shares	$	1,000.00	$	1,027.90	$	3.93
Service Shares		1,000.00		1,026.00		5.19

Hypothetical (5% return before expenses)
Non-Service Shares		1,000.00		1,020.93		3.92
Service Shares		1,000.00		1,019.69		5.17


Class	Expense Ratios

Non-Service Shares		0.78	%
Service Shares		1.03

5 | OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS June 30, 2011 / Unaudited


		Shares		Value

Common Stocks—99.2%
Consumer Discretionary—11.0%
Automobiles—3.0%
Ford Motor Co.¹			3,392,610	$	46,784,092
Hotels, Restaurants & Leisure—2.1%
Hyatt Hotels Corp., Cl. A¹			551,688		22,519,904
McDonald’s Corp.			126,426		10,660,240

					33,180,144

Media—2.9%
McGraw-Hill Cos., Inc. (The)			1,067,391		44,734,357
Specialty Retail—3.0%
AutoZone, Inc.¹			87,300		25,740,405
TJX Cos., Inc. (The)			415,780		21,840,923

					47,581,328

Consumer Staples—11.1%
Beverages—2.4%
Dr. Pepper Snapple Group, Inc.			883,940		37,063,604
Food Products—5.5%
General Mills, Inc.			703,860		26,197,669
J.M. Smucker Co. (The)			99,760		7,625,654
Mead Johnson Nutrition Co., Cl. A			441,982		29,855,884
Sara Lee Corp.			1,164,100		22,106,259

					85,785,466

Tobacco—3.2%
Philip Morris International, Inc.			758,359		50,635,630
Energy—12.4%
Oil, Gas & Consumable Fuels—12.4%
Chevron Corp.			711,289		73,148,961
Enterprise Products Partners LP			346,070		14,953,685
Kinder Morgan, Inc.			400,860		11,516,708
Noble Energy, Inc.			227,530		20,393,514
Occidental Petroleum Corp.			662,440		68,920,258
Plains All American Pipeline LP			98,141		6,281,024
	��
					195,214,150

Financials—17.2%
Capital Markets—2.6%
Blackstone Group LP (The)			1,042,500		17,263,800
State Street Corp.			553,142		24,941,173

					42,204,973

Commercial Banks—3.8%
CIT Group, Inc.¹			1,336,890		59,170,751
Diversified Financial Services—6.0%
Citigroup, Inc.			1,130,989		47,094,382
JPMorgan Chase & Co.			1,139,350		46,644,989

					93,739,371

Insurance—4.8%
Aflac, Inc.			390,830		18,243,944
Genworth Financial, Inc., Cl. A			684,030		7,031,828
Marsh & McLennan Cos., Inc.			510,710		15,929,045
Progressive Corp.			1,587,850		33,948,233

					75,153,050

Health Care—12.9%
Biotechnology—2.8%
Celgene Corp.¹			600,872		36,244,599
Human Genome Sciences, Inc.¹			298,700		7,330,098

					43,574,697

Health Care Equipment & Supplies—0.2%
Intuitive Surgical, Inc.¹			7,070		2,630,818
Health Care Providers & Services—2.5%
WellPoint, Inc.			509,880		40,163,248
Life Sciences Tools & Services—0.3%
Waters Corp.¹			53,800		5,150,812
Pharmaceuticals—7.1%
Abbott Laboratories			797,140		41,945,507
Allergan, Inc.			103,830		8,643,848
Bristol-Myers Squibb Co.			714,890		20,703,214
Hospira, Inc.¹			284,640		16,127,702
Teva Pharmaceutical Industries Ltd., Sponsored ADR			491,490		23,699,648

					111,119,919

Industrials—8.6%
Aerospace & Defense—1.0%
Boeing Co. (The)			225,280		16,654,950
Air Freight & Logistics—3.1%
United Parcel Service, Inc., Cl. B			658,600		48,031,698
Construction & Engineering—0.6%
KBR, Inc.			245,214		9,242,116
Industrial Conglomerates—2.6%
Tyco International Ltd.			834,340		41,241,426
Road & Rail—1.3%
CSX Corp.			480,870		12,608,411
Norfolk Southern Corp.			95,710		7,171,550

					19,779,961

6 | OPPENHEIMER MAIN STREET FUND/VA


	Shares			Value

Information Technology—19.3%
Communications Equipment—2.9%
QUALCOMM, Inc.		797,631		$	45,297,464
Computers & Peripherals—5.2%
Apple, Inc.¹		236,192			79,282,569
Western Digital Corp.¹		88,640			3,224,723

					82,507,292

Internet Software & Services—5.8%
eBay, Inc.¹		1,707,515			55,101,509
Google, Inc., Cl. A¹		72,160			36,540,381

					91,641,890

IT Services—0.5%
Visa, Inc., Cl. A		91,690			7,725,799
Semiconductors & Semiconductor Equipment—1.4%
Marvell Technology Group Ltd.¹		1,440,890			21,274,741
Software—3.5%
Check Point Software Technologies Ltd.¹		281,160			15,983,946
Microsoft Corp.		1,473,907			38,321,582

					54,305,528

Materials—2.1%
Chemicals—1.9%
Praxair, Inc.		278,280			30,162,769
Metals & Mining—0.2%
Glencore International plc¹		389,000			3,065,450
Telecommunication Services—2.3%
Wireless Telecommunication Services—2.3%
America Movil SAB de CV, ADR, Series L		667,306			35,954,449
Utilities—2.3%
Energy Traders—2.3%
AES Corp. (The)¹		2,876,390			36,645,209


Total Common Stocks (Cost $1,196,597,577)					1,557,417,152

Investment Company—1.2%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^2,3 (Cost $18,636,976)		18,636,976			18,636,976

Total Investments, at Value (Cost $1,215,234,553)		100.4	%		1,576,054,128
Liabilities in Excess of Other Assets		(0.4	)		(5,901,667	)

Net Assets		100.0	%	$	1,570,152,461

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 June 30, 2011, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2010

Additions

Reductions

June 30, 2011

Oppenheimer Institutional Money Market Fund, Cl. E

21,709,488

202,037,010

205,109,522

18,636,976


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	18,636,976	$	29,089


3.		Rate shown is the 7-day yield as of June 30, 2011.

7 | OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Valuation Inputs

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

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset 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 table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2011 based on valuation input level:


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

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	172,279,921	$	—	$	—	$	172,279,921
Consumer Staples		173,484,700		—		—		173,484,700
Energy		195,214,150		—		—		195,214,150
Financials		270,268,145		—		—		270,268,145
Health Care		202,639,494		—		—		202,639,494
Industrials		134,950,151		—		—		134,950,151
Information Technology		302,752,714		—		—		302,752,714
Materials		33,228,219		—		—		33,228,219
Telecommunication Services		35,954,449		—		—		35,954,449
Utilities		36,645,209		—		—		36,645,209
Investment Company		18,636,976		—		—		18,636,976

Total Assets	$	1,576,054,128	$	—	$	—	$	1,576,054,128

See accompanying Notes to Financial Statements.

8 | OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2011


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,196,597,577)	$	1,557,417,152
Affiliated companies (cost $18,636,976)		18,636,976

		1,576,054,128
Cash		3,519,429
Receivables and other assets:
Dividends		1,683,168
Other		51,164

Total assets		1,581,307,889

Liabilities
Payables and other liabilities:
Investments purchased		7,865,250
Shares of beneficial interest redeemed		2,123,188
Distribution and service plan fees		688,923
Shareholder communications		293,935
Transfer and shareholder servicing agent fees		126,218
Trustees’ compensation		39,796
Other		18,118

Total liabilities		11,155,428

Net Assets	$	1,570,152,461


Composition of Net Assets
Par value of shares of beneficial interest	$	74,151
Additional paid-in capital		1,587,995,766
Accumulated net investment income		7,499,128
Accumulated net realized loss on investments and foreign currency transactions		(386,236,159	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		360,819,575

Net Assets	$	1,570,152,461


Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $435,531,640 and 20,461,094 shares of beneficial interest outstanding)	$	21.29
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,134,620,821 and 53,690,143 shares of beneficial interest outstanding)	$	21.13

See accompanying Notes to Financial Statements.

9 | OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2011


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $14,683)	$	12,211,425
Affiliated companies		29,089
Interest		690

Total investment income		12,241,204

Expenses
Management fees		5,247,259
Distribution and service plan fees—Service shares		1,443,779
Transfer and shareholder servicing agent fees:
Non-Service shares		227,578
Service shares		577,532
Shareholder communications:
Non-Service shares		39,365
Service shares		99,708
Trustees’ compensation		32,261
Custodian fees and expenses		5,451
Administration service fees		750
Other		39,197

Total expenses		7,712,880
Less waivers and reimbursements of expenses		(15,827	)

Net expenses		7,697,053

Net Investment Income		4,544,151

Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments from unaffiliated companies		50,370,975
Foreign currency transactions		115

Net realized gain		50,371,090
Net change in unrealized appreciation/depreciation on:
Investments		(11,097,572	)
Translation of assets and liabilities denominated in foreign currencies		(38,141	)

Net change in unrealized appreciation/depreciation		(11,135,713	)

Net Increase in Net Assets Resulting from Operations	$	43,779,528

See accompanying Notes to Financial Statements.

10 | OPPENHEIMER MAIN STREET FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2011			December 31,
	(Unaudited)			2010

Operations
Net investment income	$	4,544,151		$	12,343,744
Net realized gain		50,371,090			122,769,693
Net change in unrealized appreciation/depreciation		(11,135,713	)		110,123,026

Net increase in net assets resulting from operations		43,779,528			245,236,463

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(3,755,987	)		(5,119,114	)
Service shares		(6,566,777	)		(11,011,249	)

		(10,322,764	)		(16,130,363	)

Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(43,361,869	)		(66,941,748	)
Service shares		(75,118,102	)		(135,835,930	)

		(118,479,971	)		(202,777,678	)

Net Assets
Total increase (decrease)		(85,023,207	)		26,328,422
Beginning of period		1,655,175,668			1,628,847,246

End of period (including accumulated net investment income of $7,499,128 and $13,277,741, respectively)	$	1,570,152,461		$	1,655,175,668

See accompanying Notes to Financial Statements.

11 | OPPENHEIMER MAIN STREET FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2011												Year Ended December 31,
Non-Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	20.88		$	18.18		$	14.56		$	25.61		$	24.78		$	21.79

Income (loss) from investment operations:
Net investment income¹		.08			.17			.21			.29			.33			.27
Net realized and unrealized gain (loss)		.50			2.73			3.71			(9.64	)		.75			2.98

Total from investment operations		.58			2.90			3.92			(9.35	)		1.08			3.25

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.17	)		(.20	)		(.30	)		(.32	)		(.25	)		(.26	)
Distributions from net realized gain		—			—			—			(1.38	)		—			—

Total dividends and/or distributions to shareholders		(.17	)		(.20	)		(.30	)		(1.70	)		(.25	)		(.26	)

Net asset value, end of period	$	21.29		$	20.88		$	18.18		$	14.56		$	25.61		$	24.78


Total Return, at Net Asset Value²		2.79	%		16.11	%		28.29	%		(38.47	)%		4.43	%		15.03	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	435,531		$	469,720		$	474,637		$	432,360		$	907,727		$	1,046,146

Average net assets (in thousands)	$	458,794		$	454,937		$	430,517		$	670,994		$	1,006,655		$	1,054,522

Ratios to average net assets:³
Net investment income		0.74	%		0.93	%		1.35	%		1.42	%		1.28	%		1.19	%
Total expenses⁴		0.78	%		0.78	%		0.78	%		0.66	%		0.65	%		0.66	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.78	%		0.78	%		0.78	%		0.66	%		0.65	%		0.66	%

Portfolio turnover rate		21	%		45	%		128	%		132	%		111	%		100	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	0.78	%
Year Ended December 31, 2010	0.78	%
Year Ended December 31, 2009	0.78	%
Year Ended December 31, 2008	0.66	%
Year Ended December 31, 2007	0.65	%
Year Ended December 31, 2006	0.66	%

See accompanying Notes to Financial Statements.

12 | OPPENHEIMER MAIN STREET FUND/VA


	Six Months
	Ended
	June 30, 2011												Year Ended December 31,
Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	20.71		$	18.04		$	14.42		$	25.38		$	24.58		$	21.63

Income (loss) from investment operations:
Net investment income¹		.05			.13			.17			.24			.26			.22
Net realized and unrealized gain (loss)		.49			2.70			3.70			(9.56	)		.75			2.95

Total from investment operations		.54			2.83			3.87			(9.32	)		1.01			3.17

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.12	)		(.16	)		(.25	)		(.26	)		(.21	)		(.22	)
Distributions from net realized gain		—			—			—			(1.38	)		—			—

Total dividends and/or distributions to shareholders		(.12	)		(.16	)		(.25	)		(1.64	)		(.21	)		(.22	)

Net asset value, end of period	$	21.13		$	20.71		$	18.04		$	14.42		$	25.38		$	24.58


Total Return, at Net Asset Value²		2.60	%		15.83	%		27.99	%		(38.63	)%		4.15	%		14.76	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,134,621		$	1,185,456		$	1,154,210		$	1,020,103		$	1,464,690		$	1,099,293

Average net assets (in thousands)	$	1,164,321		$	1,193,630		$	1,029,909		$	1,268,430		$	1,315,488		$	810,181

Ratios to average net assets:³
Net investment income		0.49	%		0.68	%		1.10	%		1.20	%		1.03	%		0.95	%
Total expenses⁴		1.03	%		1.03	%		1.03	%		0.91	%		0.90	%		0.91	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.03	%		1.03	%		1.03	%		0.91	%		0.90	%		0.91	%

Portfolio turnover rate		21	%		45	%		128	%		132	%		111	%		100	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	1.03	%
Year Ended December 31, 2010	1.03	%
Year Ended December 31, 2009	1.03	%
Year Ended December 31, 2008	0.91	%
Year Ended December 31, 2007	0.90	%
Year Ended December 31, 2006	0.91	%

See accompanying Notes to Financial Statements.

13 | OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

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

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

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

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.

14 | OPPENHEIMER MAIN STREET FUND/VA

its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

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

15 | OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

During the fiscal year ended December 31, 2010, the Fund utilized $118,380,559 of capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2010, the Fund had available for federal income tax purposes unused capital loss carryforwards as follows:


Expiring

2016	$	99,612,647
2017		332,195,657

Total	$	431,808,304

As of June 30, 2011, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $381,437,214 expiring by 2017. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2011, it is estimated that the Fund will utilize $50,371,090 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	1,220,077,592


Gross unrealized appreciation	$	367,292,512
Gross unrealized depreciation		(11,315,976	)

Net unrealized appreciation	$	355,976,536

16 | OPPENHEIMER MAIN STREET FUND/VA

on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		616,769		$	13,076,820			2,851,462		$	52,574,153
Dividends and/or distributions reinvested		176,503			3,755,987			279,275			5,119,114
Redeemed		(2,824,018	)		(60,194,676	)		(6,743,462	)		(124,635,015	)

Net decrease		(2,030,746	)	$	(43,361,869	)		(3,612,725	)	$	(66,941,748	)


Service Shares
Sold		1,137,123		$	23,634,468			7,702,331		$	136,115,255
Dividends and/or distributions reinvested		310,633			6,566,777			604,682			11,011,249
Redeemed		(5,001,558	)		(105,319,347	)		(15,049,192	)		(282,962,434	)

Net decrease		(3,553,802	)	$	(75,118,102	)		(6,742,179	)	$	(135,835,930	)

17 | OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2011, were as follows:


	Purchases		Sales

Investment securities	$	332,186,240	$	448,086,838

4. Fees and Other Transactions with Affiliates

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


Fee Schedule

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

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

5. Risk Exposures and the Use of Derivative Instruments

18 | OPPENHEIMER MAIN STREET FUND/VA

no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors.

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

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

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

19 | OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

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

Amount of Realized Gain or (Loss) Recognized on Derivatives


Derivatives Not Accounted
for as Hedging Instruments	Foreign currency transactions

Foreign exchange contracts	$	(8,881	)

Foreign Currency Exchange Contracts

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

During the six months ended June 30, 2011, the Fund had daily average contract amounts on forward foreign currency contracts to buy of $73,966.

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

As of June 30, 2011, the Fund had no outstanding forward contracts.

6. Pending Litigation

20 | OPPENHEIMER MAIN STREET FUND/VA

followed. The plaintiffs in these actions seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. On June 1, 2011, the U.S. District Court for the District of Colorado gave preliminary approval to stipulations and agreements of settlement in certain purported class action lawsuits involving two Defendant Funds, Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund. Those settlements are subject to the final approval of the court. Final approval of the settlements also requires that a sufficient number of class members approve the settlement to induce the settling defendants to proceed with it. These settlements do not resolve any of the other outstanding lawsuits relating to Oppenheimer Champion Income Fund, Oppenheimer Core Bond Fund or other Defendant Funds.

21 | OPPENHEIMER MAIN STREET FUND/VA

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

22 | OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND^{^®}/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Manind Govil, Vice President and Portfolio Manager
		Benjamin Ram, Vice President and Portfolio Manager
		Arthur S. Gabinet, Secretary
		Christina M. Nasta, Vice President and Chief Business Officer
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG llp

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and, if available, summary prospectuses, carefully before investing.

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



©2011 OppenheimerFunds, Inc. All rights reserved.

OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND^{^®}/VA

Portfolio Managers: Matthew P. Ziehl, Raymond Anello¹and Raman Vardharaj

Cumulative Total Returns
For the 6-Month Period Ended 6/30/11


Non-Service Shares	7.64	%
Service Shares	7.54

Average Annual Total Returns
For the Periods Ended 6/30/11


	1-Year	5-Year	10-Year

Non-Service Shares	34.63%	3.57%	7.58%

Since

Inception

1-Year

5-Year

(7/16/01)

Service Shares

34.23%

3.31%

7.72%

Expense Ratios
For the Fiscal Year Ended 12/31/10


	Gross Expense	Net Expense
	Ratios	Ratios

Non-Service Shares	0.85%	0.80%
Service Shares	1.10	1.05

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance and expense ratios may be lower or higher than the data quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns do not include the charges associated with the separate account products that offer this Fund. Performance would have been lower if such charges were taken into account. The net expense ratios take into account voluntary fee waivers and/or expense reimbursements, without which performance would have been less. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. Expense ratios are as stated in the Fund’s prospectus, current as of the date of this report.

1. Effective April 2011.

Sector Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on the total market value of common stocks.

Top Ten Common Stock Holdings


Healthspring, Inc.	1.3	%
Holly Corp.	1.2
Robert Half International, Inc.	1.2
Semtech Corp.	1.1
MSCI, Inc., Cl. A	1.1
Old Dominion Freight Line, Inc.	1.1
Questcor Pharmaceuticals, Inc.	1.0
IMAX Corp.	1.0
AES Corp. (The)	1.0
Digital Realty Trust, Inc.	0.9

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on net assets.

2 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

FUND PERFORMANCE DISCUSSION

For the six-month reporting period ended June 30, 2011, the Fund’s Non-Service Shares produced a return of 7.64%. In comparison, Russell 2500 Index (the “Index”) produced a return of 8.06% and the Russell 2000 Index returned 6.21% over the same period. The Fund’s underperformance was primarily a result of weaker relative stock selection over the first half of the reporting period, when the market was in more of a speculative phase that tended to favor what we consider to be lower-quality securities.

Economic and Market Overview

While the markets generally performed well in the first four months of 2011, a number of dramatic global events created increased market volatility. A wave of political unrest in North Africa and the Middle East sparked worries that disruptions in oil production might derail the global economic recovery. Although energy prices surged higher, investors retained their optimism and riskier asset classes, such as stocks and higher-yielding fixed-income securities, generally continued to rally. Investors encountered another unexpected shock when a catastrophic natural disaster followed by a nuclear crisis hit Japan, one of the world’s largest economies and a key exporter of industrial components to many countries and industries, including U.S. automobile manufacturers. However, the disruptions to the global supply chain proved significantly less severe than originally anticipated and, after a brief pullback, the markets continued to climb higher.

The macroeconomic setbacks that occurred over the first half of 2011 sparked sharp declines among small- and mid-cap stocks in the final weeks of the period. Small-cap stocks generally lagged broader market averages during this time, but mid-cap stocks held up better, outperforming their large-cap counterparts. In a more uncertain investment climate, investors shifted their focus away from small-cap stocks, and from economically sensitive industry groups to those that historically have held up relatively well in times of economic weakness, such as stocks in the consumer staples sector. Energy, industrials and information technology securities led the stock market retreat in the final three months of the period. Energy firms were hit with higher costs and supply chain interruptions, in part caused by the natural disaster in Japan. The market also saw information technology companies stocks as potentially at risk for supply chain disruptions, particularly those companies domiciled in Japan or with key suppliers based in Japan, which fueled a sell-off in that sector. Despite the volatility and dramatic headlines, the Index finished the second half of the reporting period in positive territory, reflective of healthy balance sheets of many multinational corporations, continued growth in developing markets and the ongoing slow economic recoveries in the U.S., Canada and in much of Western Europe.

Fund Review

The top contributor for the Fund during the reporting period was oil refiner Holly Corp., which saw profit margins expand when it tapped lower-cost sources of crude oil. Holly Corp. and Frontier Oil, two large oil refiners, issued a statement in the first quarter of the year that they had agreed upon an all-stock merger that would give the company a value of approximately $7 billion and would create one of the biggest oil refiners in the western United States.

3 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

FUND PERFORMANCE DISCUSSION

The stock rose on the news of the impending completion of the merger, which was completed in July 2011. The Fund maintained a position in the merged company, HollyFrontier Corp. In the consumer discretionary sector, fashion accessories retailer Fossil, Inc. announced better-than-expected financial results stemming from effective cost management, increased demand in its core watch business and robust growth in Asia. The firm continued to build out its brand as it gained momentum as a world leader in watch production and design. In the health care sector, managed care provider HealthSpring, Inc. benefited from rising enrollment trends, particularly in Medicare Advantage programs, as well as a deceleration in the rise of medical costs. Information technology company Polycom, Inc., which makes teleconferencing equipment, benefited performance. Sales and earnings estimates have been rising as the company gains market share with new products, and sales have increased with major equipment reseller partners such as Hewlett-Packard and Microsoft. We trimmed our position as Polycom approached our price target, but continue to expect solid long-term results. Also within information technology, semiconductor equipment manufacturer Varian Semiconductor Equipment Associates, Inc. was acquired by Applied Materials at a premium to its then-prevailing stock price. Health care and information technology were the two strongest outperforming sectors for the Fund relative to the Index.

Among detractors from performance, mortgage insurance provider MGIC Investment Corp. was hurt by news of ongoing defaults in a persistently troubled U.S. housing market. For-profit education company Cappella Education Co. continued to disappoint when management failed to take decisive action in adjusting to a new regulatory environment, prompting us to sell the Fund’s position in the company. Gastroenterology specialist Salix Pharmaceuticals Ltd. suffered a setback when the U.S. Food and Drug Administration requested additional studies before approval of a new drug. Other laggards over the first half of 2011 included network optimization and security specialist Blue Coat Systems, Inc. and audio technology company Dolby Laboratories, Inc., both of which we exited by period end. On a relative basis, the Fund underperformed the Index primarily in consumer staples and industrials, due to weaker stock selection.

Outlook

Consistent with our bottom-up approach to security selection, we have maintained a generally sector-neutral investment posture that enables us to focus more intently on our stock selection process. As of period end, our extensive analyses of individual companies suggest that corporate fundamentals generally remain strong. Many companies are flush with cash, and earnings have continued to grow. In our judgment, large companies are likely to put idle cash to work by acquiring smaller companies in similar or complementary businesses.

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

4 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

FUND EXPENSES

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2011.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	January 1, 2011		June 30, 2011		June 30, 2011

Actual
Non-Service shares	$	1,000.00	$	1,076.40	$	4.13
Service shares		1,000.00		1,075.40		5.42

Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,020.83		4.02
Service shares		1,000.00		1,019.59		5.27


Class	Expense Ratios

Non-Service shares		0.80	%
Service shares		1.05

5 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

STATEMENT OF INVESTMENTS June 30, 2011 / Unaudited


	Shares		Value

Common Stocks—98.6%
Consumer Discretionary—14.0%
Auto Components—1.5%
American Axle & Manufacturing Holdings, Inc.¹		107,360	$	1,221,757
Autoliv, Inc.		17,280		1,355,616
Dana Holding Corp.¹		377,740		6,912,642
Drew Industries, Inc.		11,570		286,010
Federal-Mogul Corp.¹		5,800		132,414
Lear Corp.		43,030		2,301,244
Standard Motor Products, Inc.		20,970		319,373
Superior Industries International, Inc.		30,660		677,893
Tower International, Inc.¹		540		9,553
TRW Automotive Holdings Corp.¹		15,300		903,159

				14,119,661

Distributors—0.5%
Pool Corp.		170,510		5,082,903
Diversified Consumer Services—1.0%
Bridgepoint Education, Inc.¹		59,130		1,478,250
Career Education Corp.¹		103,840		2,196,216
Coinstar, Inc.¹		8,400		458,136
DeVry, Inc.		37,400		2,211,462
Education Management Corp.¹		34,530		826,648
ITT Educational Services, Inc.¹		10,760		841,862
Lincoln Educational Services Corp.		92,490		1,586,204
Universal Technical Institute, Inc.		21,860		432,172

				10,030,950

Hotels, Restaurants & Leisure—1.9%
AFC Enterprises, Inc.¹		14,732		242,341
Ameristar Casinos, Inc.		52,040		1,233,868
Bally Technologies, Inc.¹		159,720		6,497,410
Biglari Holdings, Inc.¹		120		46,926
Brinker International, Inc.		82,040		2,006,698
Cheesecake Factory, Inc. (The)¹		39,570		1,241,311
Cracker Barrel Old Country Store, Inc.		120,410		5,937,417
Papa John’s International, Inc.¹		44,398		1,476,677
Texas Roadhouse, Inc., Cl. A		2,770		48,572

				18,731,220

Household Durables—0.6%
American Greetings Corp., Cl. A		63,540		1,527,502
CSS Industries, Inc.		12,200		255,346
Helen of Troy Ltd.¹		38,270		1,321,463
La-Z-Boy, Inc.¹		14,480		142,918
Leggett & Platt, Inc.		11,160		272,081
Toll Brothers, Inc.¹		127,840		2,651,402

				6,170,712

Leisure Equipment & Products—0.3%
JAKKS Pacific, Inc.¹		59,630		1,097,788
Mattel, Inc.		12,780		351,322
Sturm, Ruger & Co., Inc.		75,220		1,651,079

				3,100,189

Media—1.8%
Belo Corp., Cl. A¹		97,470		733,949
Dish Network Corp., Cl. A¹		7,690		235,852
Gannett Co., Inc.		124,890		1,788,425
Global Sources Ltd.¹		16,890		155,219
IMAX Corp.¹		304,550		9,876,557
Interpublic Group of Cos., Inc. (The)		147,890		1,848,625
Journal Communications, Inc.¹		56,700		293,139
Lee Enterprises, Inc.¹		190,870		169,874
Nexstar Broadcasting Group, Inc., Cl. A¹		7,210		59,194
Sinclair Broadcast Group, Inc., Cl. A		156,363		1,716,866

				16,877,700

Multiline Retail—0.4%
Dillard’s, Inc., Cl. A		63,350		3,303,069
Fred’s, Inc.		6,560		94,661

				3,397,730

Specialty Retail—4.4%
Advance Auto Parts, Inc.		18,280		1,069,197
AnnTaylor Stores Corp.¹		42,530		1,110,033
Ascena Retail Group, Inc.¹		63,690		2,168,645
Books-A-Million, Inc.		19,890		69,018
Casual Male Retail Group, Inc.¹		10,690		44,364
Cato Corp., Cl. A		78,454		2,259,475
Chico’s FAS, Inc.		84,280		1,283,584
Children’s Place Retail Stores, Inc.¹		164,360		7,312,376
Cost Plus, Inc.¹		2,920		29,200
Express, Inc.		103,730		2,261,314
Finish Line, Inc. (The), Cl. A		98,380		2,105,332
Foot Locker, Inc.		101,940		2,422,094
GameStop Corp., Cl. A¹		85,970		2,292,820
Kirkland’s, Inc.¹		2,233		26,841
Men’s Wearhouse, Inc. (The)		54,830		1,847,771
Monro Muffler Brake, Inc.		62,420		2,327,642
Pep Boys-Manny, Moe & Jack		69,510		759,744
Pier 1 Imports, Inc.¹		103,000		1,191,710
Sally Beauty Holdings, Inc.¹		76,830		1,313,793
Select Comfort Corp.¹		78,160		1,405,317
Shoe Carnival, Inc.¹		6,610		199,292
Stage Stores, Inc.		49,569		832,759
Tractor Supply Co.		104,700		7,002,336

6 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA


	Shares		Value

Specialty Retail Continued
Wet Seal, Inc., Cl. A¹		21,050	$	94,094
Williams-Sonoma, Inc.		38,460		1,403,405

				42,832,156

Textiles, Apparel & Luxury Goods—1.6%
Fossil, Inc.¹		60,477		7,119,352
Phillips/Van Heusen Corp.		119,170		7,802,060

				14,921,412

Consumer Staples—2.8%
Beverages—0.2%
Constellation Brands, Inc., Cl. A¹		65,510		1,363,918
Dr. Pepper Snapple Group, Inc.		12,460		522,448
National Beverage Corp.		4,640		67,976

				1,954,342

Food & Staples Retailing—0.1%
Spartan Stores, Inc.		22,990		448,995
Weis Markets, Inc.		3,050		124,227

				573,222

Food Products—1.3%
B&G Foods, Inc., Cl. A		14,450		297,959
Hormel Foods Corp.		50,280		1,498,847
Omega Protein Corp.¹		3,090		42,642
Overhill Farms, Inc.¹		40,420		224,331
Smithfield Foods, Inc.¹		89,070		1,947,961
TreeHouse Foods, Inc.¹		127,886		6,983,854
Tyson Foods, Inc., Cl. A		97,420		1,891,896

				12,887,490

Household Products—0.7%
Central Garden & Pet Co., Cl. A¹		53,718		545,238
Church & Dwight Co., Inc.		144,740		5,867,760

				6,412,998

Personal Products—0.5%
Elizabeth Arden, Inc.¹		3,300		95,799
Medifast, Inc.¹		36,100		856,653
Nu Skin Asia Pacific, Inc., Cl. A		76,650		2,878,208
Prestige Brands Holdings, Inc.¹		51,830		665,497
Revlon, Inc., Cl. A¹		18,810		316,008
USANA Health Sciences, Inc.¹		16,300		509,864

				5,322,029

Energy—6.4%
Energy Equipment & Services—1.7%
Basic Energy Services, Inc.¹		3,850		121,160
Bolt Technology Corp.¹		23,240		288,176
Complete Production Services, Inc.¹		52,040		1,736,054
Helix Energy Solutions Group, Inc.¹		76,500		1,266,840
ION Geophysical Corp.¹		25,280		239,149
Matrix Service Co.¹		13,190		176,482
Nabors Industries Ltd.¹		24,070		593,085
Newpark Resources, Inc.¹		261,700		2,373,619
Parker Drilling Co.¹		95,830		560,606
Patterson-UTI Energy, Inc.		64,060		2,024,937
Pioneer Drilling Co.¹		47,780		728,167
Precision Drilling Corp.¹		150,600		2,162,616
RPC, Inc.		82,420		2,022,587
Superior Energy Services, Inc.¹		47,100		1,749,294
Tesco Corp.¹		33,950		658,970

				16,701,742

Oil, Gas & Consumable Fuels—4.7%
Alpha Natural Resources, Inc.¹		2,690		122,234
Arch Coal, Inc.		60,330		1,608,398
Atlas Energy LP		14,300		310,739
CVR Energy, Inc.¹		99,924		2,460,129
Delek US Holdings, Inc.		39,110		614,027
Dominion Resources Black Warrior Trust		13,370		137,845
Holly Corp.		171,280		11,886,832
James River Coal Co.¹		22,260		463,453
Kosmos Energy LLC¹		137,400		2,333,052
L&L Energy, Inc.¹		13,320		68,332
MarkWest Energy Partners LP		139,478		6,728,419
PAA Natural Gas Storage LP		215,600		4,887,652
Petrobras Argentina SA, ADR		36,440		705,843
PetroQuest Energy, Inc.¹		140,380		985,468
PrimeEnergy Corp.¹		5,936		138,962
Stone Energy Corp.¹		78,840		2,395,948
Tesoro Corp.¹		79,470		1,820,658
Ultrapar Participacoes SA, Sponsored ADR		66,030		1,197,124
VAALCO Energy, Inc.¹		182,820		1,100,576
W&T Offshore, Inc.		83,770		2,188,072
Warren Resources, Inc.¹		107,840		410,870
Western Refining, Inc.¹		142,510		2,575,156

				45,139,789

Financials—21.5%
Capital Markets—1.1%
Apollo Global Management LLC		133,530		2,296,716
Arlington Asset Investment Corp.		6,640		208,430
Artio Global Investors, Inc.		36,450		411,885
Calamos Asset Management, Inc., Cl. A		9,190		133,439

7 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Capital Markets Continued
FXCM, Inc., Cl. A		20,310	$	201,475
Janus Capital Group, Inc.		123,580		1,166,595
Medley Capital Corp.		6,030		70,792
MF Global Holdings Ltd.¹		769,254		5,954,026

				10,443,358

Commercial Banks—2.3%
BBVA Banco Frances SA, ADR		72,553		747,296
CapitalSource, Inc.		665,900		4,295,055
Cardinal Financial Corp.		2,920		31,974
Century Bancorp, Inc., Cl. A		11,130		294,500
Enterprise Financial Services Corp.		8,580		116,087
First Midwest Bancorp, Inc.		147,340		1,810,809
FirstMerit Corp.		355,120		5,863,031
Grupo Financiero Galicia SA		71,780		971,901
IBERIABANK Corp.		104,882		6,045,398
International Bancshares Corp.		9		151
KeyCorp		124,090		1,033,670
National Bankshares, Inc.		8,507		213,015
Northrim BanCorp, Inc.		15,570		295,363
Republic Bancorp, Inc., Cl. A		10,520		209,348
Washington Banking Co.		11,190		147,932

				22,075,530

Consumer Finance—0.9%
Advance America Cash Advance
Centers, Inc.		56,710		390,732
Cash America International, Inc.		51,087		2,956,405
Credit Acceptance Corp.¹		2,940		248,342
EZCORP, Inc., Cl. A¹		81,540		2,900,786
World Acceptance Corp.¹		37,208		2,439,729

				8,935,994

Diversified Financial Services—1.9%
Encore Capital Group, Inc.¹		42,040		1,291,469
Life Partners Holdings, Inc.		43,889		150,978
Moody’s Corp.		151,080		5,793,918
MSCI, Inc., Cl. A¹		285,820		10,769,698

				18,006,063

Insurance—5.1%
Allied World Assurance Holdings Ltd.		35,401		2,038,390
Alterra Capital Holdings Ltd.		105,940		2,362,462
American Equity Investment Life Holding Co.		88,030		1,118,861
American Financial Group, Inc.		64,390		2,298,079
American Safety Insurance Holdings Ltd.¹		17,670		338,204
Amerisafe, Inc.¹		35,998		814,275
AmTrust Financial Services, Inc.		83,518		1,902,540
Arch Capital Group Ltd.¹		105,680		3,373,306
Assured Guaranty Ltd.		74,870		1,221,130
Berkley (W.R.) Corp.		69,842		2,265,674
Brown & Brown, Inc.		158,160		4,058,386
CNA Financial Corp.		14,580		423,549
CNO Financial Group, Inc.¹		159,270		1,259,826
Crawford & Co.		20,850		147,410
Delphi Financial Group, Inc., Cl. A		59,940		1,750,847
EMC Insurance Group, Inc.		7,190		137,329
FBL Financial Group, Inc., Cl. A		38,460		1,236,489
Fidelity National Financial, Inc., Cl. A		144,760		2,278,522
Harleysville Group, Inc.		8,410		262,140
HCC Insurance Holdings, Inc.		66,230		2,086,245
Horace Mann Educators Corp.		68,019		1,061,777
Lincoln National Corp.		11,350		323,362
Maiden Holdings Ltd.		89,410		813,631
Meadowbrook Insurance Group, Inc.		119,460		1,183,849
National Interstate Corp.		11,130		254,877
National Western Life Insurance Co., Cl. A		2,710		432,164
OneBeacon Insurance Group Ltd.		53,180		712,080
Phoenix Cos., Inc. (The)¹		51,760		127,330
Primerica, Inc.		99,900		2,194,803
Protective Life Corp.		69,150		1,599,440
Reinsurance Group of America, Inc.		34,690		2,111,233
Selective Insurance Group, Inc.		21,690		352,896
StanCorp Financial Group, Inc.		36,122		1,523,987
Symetra Financial Corp.		97,200		1,305,396
Torchmark Corp.		11,590		743,383
Tower Group, Inc.		56,080		1,335,826
Unitrin, Inc.		26,290		780,024
Universal Insurance Holdings, Inc.		19,760		92,279
UnumProvident Corp.		38,110		971,043

				49,293,044

Real Estate Investment Trusts—8.7%
American Campus Communities, Inc.		63,670		2,261,558
Apartment Investment & Management Co.		45,130		1,152,169
Associated Estates Realty Corp.		80,460		1,307,475
BRE Properties, Inc., Cl. A		46,740		2,331,391
Camden Property Trust		30,240		1,923,869
CBL & Associates Properties, Inc.		111,760		2,026,209
Chatham Lodging Trust		137,010		2,207,231

8 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA


	Shares		Value

Real Estate Investment Trusts Continued
Colonial Properties Trust		58,430	$	1,191,972
Cypress Sharpridge Investments, Inc.		181,650		2,326,937
Developers Diversified Realty Corp.		85,650		1,207,665
Digital Realty Trust, Inc.		143,000		8,834,540
Douglas Emmett, Inc.		53,260		1,059,341
Duke Realty Corp.		83,470		1,169,415
EastGroup Properties, Inc.		5,170		219,777
Education Realty Trust, Inc.		5,000		42,850
Equity Lifestyle Properties, Inc.		5,560		347,166
Essex Property Trust, Inc.		16,710		2,260,696
Extra Space Storage, Inc.		103,500		2,207,655
Glimcher Realty Trust		61,070		580,165
Hatteras Financial Corp.		235,600		6,650,988
Home Properties of New York, Inc.		38,140		2,321,963
Hospitality Properties Trust		640		15,520
Kilroy Realty Corp.		28,680		1,132,573
LaSalle Hotel Properties		290,940		7,663,360
Mid-America Apartment Communities, Inc.		120,919		8,158,405
Post Properties, Inc.		5,040		205,430
Ramco-Gershenson Properties Trust		42,910		531,226
Rayonier, Inc.		33,180		2,168,313
Starwood Property Trust, Inc.		295,390		6,058,449
Sun Communities, Inc.		27,350		1,020,429
Tanger Factory Outlet Centers, Inc.		276,340		7,397,622
Taubman Centers, Inc.		34,500		2,042,400
U-Store-It Real Estate Investment Trust		177,600		1,868,352
UDR, Inc.		79,950		1,962,773

				83,855,884

Real Estate Management & Development—0.1%
Alto Palermo SA, ADR		1,620		35,397
CB Richard Ellis Group, Inc., Cl. A¹		28,150		706,847

				742,244

Thrifts & Mortgage Finance—1.4%
BankUnited, Inc.		145,740		3,867,940
First Defiance Financial Corp.¹		30,890		453,774
First Niagara Financial Group, Inc.		384,260		5,072,232
MGIC Investment Corp.¹		698,770		4,157,682
OceanFirst Financial Corp.		11,390		147,501
Ocwen Financial Corp.¹		1,620		20,671
Walker & Dunlop, Inc.¹		13,740		182,742

				13,902,542

Health Care—12.1%
Biotechnology—1.2%
Ariad Pharmaceuticals, Inc.¹		152,190		1,724,313
Aveo Pharmaceuticals, Inc.¹		81,680		1,683,425
Halozyme Therapeutics, Inc.¹		209,580		1,448,198
Indevus Pharmaceuticals, Inc.¹		2,500		25
Momenta Pharmaceuticals, Inc.¹		78,740		1,532,280
Myriad Genetics, Inc.¹		90,180		2,047,988
PDL BioPharma, Inc.		369,472		2,168,801
SciClone Pharmaceuticals, Inc.¹		142,340		859,734

				11,464,764

Health Care Equipment & Supplies—1.8%
Align Technology, Inc.¹		49,430		1,127,004
ArthroCare Corp.¹		12,160		406,995
Atrion Corp.		2,678		529,708
Cantel Medical Corp.		5,510		148,274
ConMed Corp.¹		8,730		248,630
Dexcom, Inc.¹		242,700		3,516,723
Greatbatch, Inc.¹		175,260		4,700,473
Hill-Rom Holdings, Inc.		8,420		387,657
ICU Medical, Inc.¹		1,100		48,070
Invacare Corp.		62,281		2,067,106
Orthofix International NV¹		83,660		3,553,040
Utah Medical Products, Inc.		7,840		205,878
Vascular Solutions, Inc.¹		490		6,076
Wright Medical Group, Inc.¹		41,220		618,300
Young Innovations, Inc.		9,650		275,218

				17,839,152

Health Care Providers & Services—4.7%
Allied Healthcare International, Inc.¹		15,900		39,591
American Dental Partners, Inc.¹		3,400		44,064
AMERIGROUP Corp.¹		35,120		2,474,906
AmSurg Corp.¹		32,870		858,893
Assisted Living Concepts, Inc.		3,990		66,952
Centene Corp.¹		48,910		1,737,772
Continucare Corp.¹		7,350		45,423
Coventry Health Care, Inc.¹		49,170		1,793,230
Ensign Group, Inc. (The)		39,640		1,204,660
Five Star Quality Care, Inc.¹		52,770		306,594
Gentiva Health Services, Inc.¹		39,256		817,702
Health Management Associates, Inc., Cl. A¹		692,760		7,467,953
HEALTHSOUTH Corp.¹		14,800		388,500
Healthspring, Inc.¹		278,768		12,853,992
HMS Holdings Corp.¹		81,010		6,227,239

9 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Health Care Providers & Services Continued
Kindred Healthcare, Inc.¹		7,860	$	168,754
LHC Group, Inc.¹		42,410		977,975
Lincare Holdings, Inc.		75,566		2,211,817
MedQuist Holdings, Inc.¹		73,860		954,271
Metropolitan Health Networks, Inc.¹		117,040		560,622
National HealthCare Corp.		3,470		172,008
Providence Service Corp.¹		14,060		177,859
PSS World Medical, Inc.¹		19,240		538,912
Select Medical Holdings Corp.¹		45,820		406,423
Skilled Healthcare Group, Inc., Cl. A¹		57,570		544,612
Team Health Holdings, Inc.¹		37,220		837,822
Triple-S Management Corp., Cl. B¹		8,447		183,553
U.S. Physical Therapy, Inc.		34,705		858,255

				44,920,354

Health Care Technology—0.5%
Emdeon, Inc., Cl. A¹		16,880		221,466
HealthStream, Inc.¹		1,010		13,403
SXC Health Solutions Corp.¹		64,880		3,822,730
Transcend Services, Inc.¹		16,490		484,641

				4,542,240

Life Sciences Tools & Services—0.9%
Affymetrix, Inc.¹		123,540		979,672
Bruker Corp.¹		114,600		2,333,256
Cambrex Corp.¹		94,840		438,161
eResearch Technology, Inc.¹		53,460		340,540
Harvard Bioscience, Inc.¹		69,300		369,369
Pharmaceutical Product Development, Inc.		75,820		2,035,009
Waters Corp.¹		25,070		2,400,202

				8,896,209

Pharmaceuticals—3.0%
DepoMed, Inc.¹		68,720		562,130
Endo Pharmaceuticals Holdings, Inc.¹		53,962		2,167,654
Hi-Tech Pharmacal Co., Inc.¹		41,400		1,197,702
Ista Pharmaceuticals, Inc.¹		7,830		59,860
Medicines Co. (The)¹		121,930		2,013,064
Obagi Medical Products, Inc.¹		24,210		228,300
Perrigo Co.		42,320		3,718,658
Questcor Pharmaceuticals, Inc.¹		419,268		10,104,359
Salix Pharmaceuticals Ltd.¹		115,770		4,611,119
ViroPharma, Inc.¹		85,220		1,576,570
Warner Chilcott plc, Cl. A		90,680		2,188,108
Watson Pharmaceuticals, Inc.¹		14,270		980,777

				29,408,301

Industrials—15.4%
Aerospace & Defense—1.4%
AAR Corp.		3,660		99,149
B/E Aerospace, Inc.¹		146,588		5,982,256
Cubic Corp.		16,840		858,672
Hexcel Corp.¹		6,960		152,354
LMI Aerospace, Inc.¹		13,620		332,737
Moog, Inc., Cl. A¹		240		10,445
Spirit Aerosystems Holdings, Inc., Cl. A¹		290,490		6,390,780

				13,826,393

Air Freight & Logistics—0.7%
Hub Group, Inc., Cl. A¹		172,000		6,477,520
Park-Ohio Holdings Corp.¹		6,260		132,336

				6,609,856

Airlines—0.7%
Alaska Air Group, Inc.¹		37,770		2,585,734
Gol Linhas Aereas Inteligentes SA, ADR		93,320		1,133,838
Pinnacle Airlines Corp.¹		6,530		29,646
Southwest Airlines Co.		84,900		969,558
US Airways Group, Inc.¹		279,660		2,491,771

				7,210,547

Building Products—0.0%
Trex Co., Inc.¹		8,850		216,648
Commercial Services & Supplies—1.9%
APAC Teleservices, Inc.¹		57,640		307,221
Avery-Dennison Corp.		28,960		1,118,725
Cenveo, Inc.¹		4,600		29,440
Consolidated Graphics, Inc.¹		27,640		1,518,818
Deluxe Corp.		97,016		2,397,265
Ennis, Inc.		29,600		515,040
G&K Services, Inc., Cl. A		9,620		325,733
Intersections, Inc.		2,690		48,958
KAR Auction Services, Inc.¹		85,570		1,618,129
Knoll, Inc.		104,650		2,100,326
Multi-Color Corp.		5,920		146,165
R.R. Donnelley & Sons Co.		64,940		1,273,473
Sykes Enterprises, Inc.¹		55,260		1,189,748
Tetra Tech, Inc.¹		12,270		276,075
Viad Corp.		12,930		288,210
Waste Connections, Inc.		155,205		4,924,655

				18,077,981

10 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA


	Shares		Value

Construction & Engineering—3.0%
Aecom Technology Corp.¹		289,819	$	7,923,651
Baker (Michael) Corp.¹		12,875		271,920
Chicago Bridge & Iron Co. NV		62,520		2,432,028
Great Lakes Dredge & Dock Co.		161,310		900,110
KBR, Inc.		224,770		8,471,581
MasTec, Inc.¹		95,440		1,882,077
MYR Group, Inc.¹		4,480		104,832
Primoris Services Corp.		55,660		718,014
Sterling Construction Co., Inc.¹		27,580		379,777
Tutor Perini Corp.		170,883		3,277,536
URS Corp.¹		49,390		2,209,709

				28,571,235

Electrical Equipment—0.9%
Advanced Battery Technologies, Inc.¹		178,330		176,547
Belden, Inc.		10,590		369,167
Generac Holdings, Inc.¹		184,020		3,569,988
Regal-Beloit Corp.		61,270		4,090,991

				8,206,693

Industrial Conglomerates—0.2%
Seaboard Corp.		450		1,088,100
Tredegar Corp.		43,614		800,317

				1,888,417

Machinery—2.4%
Actuant Corp., Cl. A		2,720		72,978
AGCO Corp.¹		22,230		1,097,273
Alamo Group, Inc.		13,170		312,129
Albany International Corp., Cl. A		34,030		898,052
Blount International, Inc.¹		53,860		940,934
Briggs & Stratton Corp.		110,140		2,187,380
Douglas Dynamics, Inc.		53,460		844,133
Duoyuan Global Water, Inc., ADR¹		19,520		37,869
Freightcar America, Inc.¹		76,830		1,946,872
Kadant, Inc.¹		23,400		737,334
Kennametal, Inc.		27,770		1,172,172
L.B. Foster Co., Cl. A		3,900		128,349
Lincoln Electric Holdings, Inc.		17,250		618,413
Mueller Industries, Inc.		27,250		1,033,041
NACCO Industries, Inc., Cl. A		2,865		277,389
Navistar International Corp.¹		31,180		1,760,423
Sauer-Danfoss, Inc.¹		24,500		1,234,555
Terex Corp.¹		101,990		2,901,616
TriMas Corp.¹		47,030		1,163,993
Wabtec Corp.		55,110		3,621,829

				22,986,734

Professional Services—2.1%
CBIZ, Inc.¹		142,990		1,052,406
CRA International, Inc.¹		590		15,983
Dolan Co. (The)¹		19,070		161,523
GP Strategies Corp.¹		33,110		452,283
Huron Consulting Group, Inc.¹		11,760		355,270
ICF International, Inc.¹		1,130		28,679
Kelly Services, Inc., Cl. A¹		9,320		153,780
Korn-Ferry International¹		276,080		6,070,999
Mistras Group, Inc.¹		14,500		234,900
On Assignment, Inc.¹		14,260		140,176
Robert Half International, Inc.		411,750		11,129,591
SFN Group, Inc.¹		105,760		961,358

				20,756,948

Road & Rail—1.8%
Amerco¹		18,930		1,820,120
Genesee & Wyoming, Inc., Cl. A¹		65,631		3,848,602
Old Dominion Freight Line, Inc.¹		272,190		10,152,687
RailAmerica, Inc.¹		27,150		407,250
Saia, Inc.¹		23,180		392,901
Werner Enterprises, Inc.		12,060		302,103

				16,923,663

Trading Companies & Distributors—0.3%
Applied Industrial Technologies, Inc.		66,740		2,376,611
DXP Enterprises, Inc.¹		20,297		514,529
Houston Wire & Cable Co.		23,560		366,358

				3,257,498

Information Technology—15.5%
Communications Equipment—1.8%
Aruba Networks, Inc.¹		207,380		6,128,079
Bel Fuse, Inc.		1,600		34,704
Finisar Corp.¹		239,560		4,319,267
Ituran Location & Control Ltd.		20,751		292,382
Oplink Communications, Inc.¹		8,710		162,267
Plantronics, Inc.		40,404		1,475,958
Polycom, Inc.¹		71,490		4,596,807
Westell Technologies, Inc., Cl. A¹		4,000		14,280

				17,023,744

11 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Computers & Peripherals—0.8%
Cray, Inc.¹		28,460	$	182,144
Electronics for Imaging, Inc.¹		16,760		288,607
QLogic Corp.¹		120,470		1,917,882
Synaptics, Inc.¹		63,220		1,627,283
Western Digital Corp.¹		102,470		3,727,859

				7,743,775

Electronic Equipment & Instruments—1.4%
AVX Corp.		112,850		1,719,834
Daktronics, Inc.		24,890		268,563
DDi Corp.		46,470		443,324
Electro Scientific Industries, Inc.¹		6,640		128,152
Insight Enterprises, Inc.¹		94,986		1,682,202
Jabil Circuit, Inc.		58,860		1,188,972
KEMET Corp.¹		83,440		1,192,358
Littlefuse, Inc.		12,170		714,622
Molex, Inc.		63,370		1,633,045
Newport Corp.¹		53,600		973,912
Power-One, Inc.¹		156,400		1,266,840
Vishay Intertechnology, Inc.¹		136,290		2,049,802
X-Rite, Inc.¹		27,040		134,389
Zygo Corp.¹		3,510		46,402

				13,442,417

Internet Software & Services—0.8%
IAC/InterActiveCorp¹		10,080		384,754
j2 Global Communications, Inc.¹		182,165		5,142,518
Liquidity Services, Inc.¹		6,940		163,853
United Online, Inc.		8,970		54,089
ValueClick, Inc.¹		118,560		1,968,096

				7,713,310

IT Services—1.1%
Booz Allen Hamilton Holding Corp.¹		7,860		150,205
CACI International, Inc., Cl. A¹		73,550		4,639,534
Cardtronics, Inc.¹		63,770		1,495,407
CGI Group, Inc., Cl. A¹		73,060		1,800,929
CSG Systems International, Inc.¹		73,741		1,362,734
NeuStar, Inc., Cl. A¹		57,660		1,510,692

				10,959,501

Semiconductors & Semiconductor Equipment—7.3%
Advanced Energy Industries, Inc.¹		30,640		453,166
Advanced Semiconductor Engineering, Inc., ADR		193,430		1,090,945
Amtech Systems, Inc.¹		11,040		227,866
ASM International NV		18,250		721,788
Atmel Corp.¹		137,670		1,937,017
ATMI, Inc.¹		35,050		716,072
Avago Technologies Ltd.		34,870		1,325,060
Brooks Automation, Inc.¹		140,810		1,529,197
China Sunergy Co. Ltd., ADR¹		138,840		274,903
Cirrus Logic, Inc.¹		41,780		664,302
Cohu, Inc.		9,590		125,725
Cypress Semiconductor Corp.		90,540		1,914,016
Entegris, Inc.¹		137,620		1,392,714
Entropic Communications, Inc.¹		59,240		526,644
Fairchild Semiconductor International, Inc., Cl. A¹		152,790		2,553,121
FEI Co.¹		6,290		240,215
GSI Technology, Inc.¹		69,500		500,400
GT Solar International, Inc.¹		237,630		3,849,606
Himax Technologies, Inc., ADR		162,420		357,324
Integrated Device Technology, Inc.¹		227,120		1,785,163
Integrated Silicon Solution, Inc.¹		14,470		139,925
International Rectifier Corp.¹		56,370		1,576,669
Intersil Corp., Cl. A		19,350		248,648
IXYS Corp.¹		30,680		459,586
KLA-Tencor Corp.		27,820		1,126,154
Kulicke & Soffa Industries, Inc.¹		114,630		1,276,978
Lam Research Corp.¹		35,170		1,557,328
Lattice Semiconductor Corp.¹		298,910		1,948,893
LTX-Credence Corp.¹		84,570		756,056
Magnachip Semiconductor Corp., Depositary Shares¹		6,440		74,189
Maxim Integrated Products, Inc.		55,710		1,423,948
Micrel, Inc.		178,797		1,891,672
Mindspeed Technologies, Inc.¹		3,850		30,800
MKS Instruments, Inc.		84,840		2,241,473
Nanometrics, Inc.¹		90,008		1,709,252
Netlogic Microsystems, Inc.¹		165,100		6,673,342
Novellus Systems, Inc.¹		62,890		2,272,845
ON Semiconductor Corp.¹		166,710		1,745,454
Photronics, Inc.¹		141,350		1,197,235
RF Micro Devices, Inc.¹		278,200		1,702,584
Rudolph Technologies, Inc.¹		52,210		559,169
Semtech Corp.¹		402,919		11,015,805
Silicon Image, Inc.¹		3,750		24,225
Skyworks Solutions, Inc.¹		100,890		2,318,452
Standard Microsystems Corp.¹		16,620		448,574

12 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA


	Shares		Value

Semiconductors & Semiconductor Equipment Continued
Teradyne, Inc.¹		123,960	$	1,834,608
Veeco Instruments, Inc.¹		42,560		2,060,330

				70,499,438

Software—2.3%
Cadence Design Systems, Inc.¹		130,430		1,377,341
FactSet Research Systems, Inc.		47,022		4,811,291
JDA Software Group, Inc.¹		1,570		48,497
Manhattan Associates, Inc.¹		41,025		1,412,901
Monotype Imaging Holdings, Inc.¹		32,030		452,584
Renaissance Learning, Inc.		14,240		178,570
Solarwinds, Inc.¹		145,210		3,795,789
Take-Two Interactive Software, Inc.¹		17,340		264,955
TeleCommunication Systems, Inc.¹		38,260		184,796
TIBCO Software, Inc.¹		257,226		7,464,699
Websense, Inc.¹		87,750		2,278,868

				22,270,291

Materials—5.5%
Chemicals—2.1%
Cabot Corp.		44,460		1,772,620
Cytec Industries, Inc.		107,356		6,139,690
Eastman Chemical Co.		5,390		550,157
Ferro Corp.¹		292,750		3,934,560
Georgia Gulf Corp.¹		48,310		1,166,203
Huntsman Corp.		58,940		1,111,019
Innophos Holdings, Inc.		17,589		858,343
Innospec, Inc.¹		32,190		1,081,906
LSB Industries, Inc.¹		7,900		339,068
PolyOne Corp.		62,760		970,897
Solutia, Inc.¹		23,770		543,145
STR Holdings, Inc.¹		38,550		575,166
TPC Group, Inc.¹		18,930		742,435
Westlake Chemical Corp.		15,160		786,804

				20,572,013

Construction Materials—0.4%
Eagle Materials, Inc.		117,030		3,261,626
Containers & Packaging—1.1%
Ball Corp.		18,590		714,971
Boise, Inc.		167,730		1,306,617
Graphic Packaging Holding Co.¹		205,940		1,120,314
Packaging Corp. of America		271,690		7,604,603

				10,746,505

Metals & Mining—1.2%
A. M. Castle & Co.¹		550		9,136
Century Aluminum Co.¹		240,930		3,770,555
Compass Minerals International, Inc.		40,590		3,493,581
Horsehead Holding Corp.¹		66,190		881,651
Noranda Aluminum Holding Corp.¹		47,220		714,911
Taseko Mines Ltd.¹		124,190		615,982
Worthington Industries, Inc.		100,660		2,325,246

				11,811,062

Paper & Forest Products—0.7%
Buckeye Technologies, Inc.		99,100		2,673,718
Domtar Corp.		22,780		2,157,722
Glatfelter		93,290		1,434,800
Mercer International, Inc.¹		5,200		52,416
Neenah Paper, Inc.		5,190		110,443

				6,429,099

Telecommunication Services—1.1%
Diversified Telecommunication Services—0.7%
Brasil Telecom SA, ADR		6,420		183,997
Cincinnati Bell, Inc.¹		206,802		686,583
General Communication, Inc., Cl. A¹		28,750		347,013
Nortel Inversora SA, Sponsored ADR¹		16,570		474,233
Telecom Argentina SA, Sponsored ADR		66,770		1,740,026
Telecom Corp. of New Zealand Ltd., Sponsored ADR		15,460		156,146
Tim Participacoes SA, ADR		35,970		1,770,084
Vonage Holdings Corp.¹		364,800		1,608,768

				6,966,850

Wireless Telecommunication Services—0.4%
Cellcom Israel Ltd.		70,490		1,953,983
Partner Communications Co. Ltd., Sponsored ADR		40,760		608,139
USA Mobility, Inc.		94,762		1,446,068

				4,008,190

Utilities—4.3%
Electric Utilities—1.5%
Companhia Energetica de Minas Gerais, Sponsored ADR		86,590		1,787,218
Companhia Paranaense de Energia-Copel, Sponsored ADR		83,101		2,257,023
Empresa Distribuidora y Comercializadora Norte SA, ADR¹		33,860		338,600
NV Energy, Inc.		146,120		2,242,942
Pampa Energia SA, Sponsored ADR		31,290		479,989

13 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares			Value

Electric Utilities Continued
PNM Resources, Inc.		28,500		$	477,090
Portland General Electric Co.		83,270			2,105,066
UniSource Energy Corp.		53,370			1,992,302
Westar Energy, Inc.		92,070			2,477,604

					14,157,834

Energy Traders—1.0%
AES Corp. (The)¹		730,320			9,304,277
Gas Utilities—0.9%
Atmos Energy Corp.		20,170			670,653
UGI Corp.		246,060			7,846,853

					8,517,506

Multi-Utilities—0.7%
Alliant Energy Corp.		52,510			2,135,057
Avista Corp.		24,220			622,212
CMS Energy Corp.		109,770			2,161,371
Teco Energy, Inc.		122,230			2,308,925

					7,227,565

Water Utilities—0.2%
Aqua America, Inc.		110,790			2,435,164

Total Common Stocks (Cost $761,912,334)					952,204,704

Investment Companies—2.0%
Ares Capital Corp.		250,850			4,031,160
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^2,3		15,584,241			15,584,241

Total Investment Companies (Cost $18,857,951)					19,615,401

Total Investments, at Value (Cost $780,770,285)		100.6	%		971,820,105
Liabilities in Excess of Other Assets		(0.6	)		(5,452,722	)

Net Assets		100.0	%	$	966,367,383


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 June 30, 2011, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2010

Additions

Reductions

June 30, 2011

Oppenheimer Institutional Money Market Fund, Cl. E

13,940,550

122,381,243

120,737,552

15,584,241


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	15,584,241	$	12,498


3.		Rate shown is the 7-day yield as of June 30, 2011.

14 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

Valuation Inputs

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

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset 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 table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2011 based on valuation input level:


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

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	135,264,633	$	—	$	—	$	135,264,633
Consumer Staples		27,150,081		—		—		27,150,081
Energy		61,841,531		—		—		61,841,531
Financials		207,254,659		—		—		207,254,659
Health Care		117,070,995		—		25		117,071,020
Industrials		148,494,744		—		37,869		148,532,613
Information Technology		149,652,476		—		—		149,652,476
Materials		52,820,305		—		—		52,820,305
Telecommunication Services		10,975,040		—		—		10,975,040
Utilities		41,642,346		—		—		41,642,346
Investment Companies		19,615,401		—		—		19,615,401

Total Assets	$	971,782,211	$	—	$	37,894	$	971,820,105

See accompanying Notes to Financial Statements.

15 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited


June 30, 2011

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $765,186,044)	$	956,235,864
Affiliated companies (cost $15,584,241)		15,584,241

		971,820,105

Receivables and other assets:
Investments sold		12,641,501
Dividends		1,070,533
Other		24,636

Total assets		985,556,775

Liabilities
Bank overdraft		433,843
Payables and other liabilities:
Investments purchased		12,167,374
Shares of beneficial interest redeemed		5,608,357
Distribution and service plan fees		541,537
Shareholder communications		324,401
Transfer and shareholder servicing agent fees		77,383
Trustees’ compensation		17,021
Other		19,476

Total liabilities		19,189,392

Net Assets	$	966,367,383


Composition of Net Assets
Par value of shares of beneficial interest	$	51,488
Additional paid-in capital		873,376,038
Accumulated net investment income		2,040,150
Accumulated net realized loss on investments		(100,150,113	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		191,049,820

Net Assets	$	966,367,383


Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $92,894,061 and 4,913,940 shares of beneficial interest outstanding)	$	18.90
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $873,473,322 and 46,574,433 shares of beneficial interest outstanding)	$	18.75

See accompanying Notes to Financial Statements.

16 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

STATEMENT OF OPERATIONS Unaudited


For the Six Months Ended June 30, 2011

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $44,973)	$	6,572,622
Affiliated companies		12,498
Interest		404

Total investment income		6,585,524

Expenses
Management fees		3,293,815
Distribution and service plan fees—Service shares		1,079,565
Transfer and shareholder servicing agent fees:
Non-Service shares		47,707
Service shares		431,833
Shareholder communications:
Non-Service shares		15,456
Service shares		139,452
Trustees’ compensation		18,117
Custodian fees and expenses		3,269
Administration service fees		750
Other		32,550

Total expenses		5,062,514
Less waivers and reimbursements of expenses		(146,986	)

Net expenses		4,915,528

Net Investment Income		1,669,996

Realized and Unrealized Gain (Loss)
Net realized gain on investments from unaffiliated companies		115,241,668
Net change in unrealized appreciation/depreciation on:
Investments		(46,150,530	)
Translation of assets and liabilities denominated in foreign currencies		(23,810	)

Net change in unrealized appreciation/depreciation		(46,174,340	)

Net Increase in Net Assets Resulting from Operations	$	70,737,324

See accompanying Notes to Financial Statements.

17 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2011			December 31,
	(Unaudited)			2010

Operations
Net investment income	$	1,669,996		$	3,898,427
Net realized gain		115,241,668			52,686,058
Net change in unrealized appreciation/depreciation		(46,174,340	)		128,474,710

Net increase in net assets resulting from operations		70,737,324			185,059,195

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(569,104	)		(548,102	)
Service shares		(3,235,789	)		(2,854,368	)

		(3,804,893	)		(3,402,470	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(9,371,017	)		(4,150,760	)
Service shares		(46,480,510	)		33,619,248

		(55,851,527	)		29,468,488

Net Assets
Total increase		11,080,904			211,125,213
Beginning of period		955,286,479			744,161,266

End of period (including accumulated net investment income of $2,040,150 and $4,175,047, respectively)	$	966,367,383		$	955,286,479

See accompanying Notes to Financial Statements.

18 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2011			Year Ended December 31,
Non-Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	17.66		$	14.40		$	10.65		$	18.20		$	19.15		$	17.18

Income (loss) from investment operations:
Net investment income¹		.05			.10			.08			.12			.09			.08
Net realized and unrealized gain (loss)		1.30			3.25			3.78			(6.73	)		(.30	)		2.46

Total from investment operations		1.35			3.35			3.86			(6.61	)		(.21	)		2.54

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.11	)		(.09	)		(.11	)		(.08	)		(.06	)		(.03	)
Distributions from net realized gain		—			—			—			(.86	)		(.68	)		(.54	)

Total dividends and/or distributions to shareholders		(.11	)		(.09	)		(.11	)		(.94	)		(.74	)		(.57	)

Net asset value, end of period	$	18.90		$	17.66		$	14.40		$	10.65		$	18.20		$	19.15


Total Return, at Net Asset Value²		7.64	%		23.41	%		37.20	%		(37.83	)%		(1.21	)%		15.00	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	92,894		$	95,576		$	81,814		$	58,478		$	93,939		$	81,405

Average net assets (in thousands)	$	96,211		$	88,063		$	69,585		$	80,406		$	94,815		$	62,659

Ratios to average net assets:³
Net investment income		0.57	%		0.68	%		0.71	%		0.80	%		0.48	%		0.46	%
Total expenses⁴		0.83	%		0.85	%		0.91	%		0.75	%		0.73	%		0.77	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80	%		0.80	%		0.82	%		0.75	%		0.73	%		0.77	%

Portfolio turnover rate		57	%		73	%		140	%		130	%		115	%		110	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	0.83	%
Year Ended December 31, 2010	0.85	%
Year Ended December 31, 2009	0.91	%
Year Ended December 31, 2008	0.75	%
Year Ended December 31, 2007	0.73	%
Year Ended December 31, 2006	0.77	%

See accompanying Notes to Financial Statements.

19 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2011			Year Ended December 31,
Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	17.50		$	14.28		$	10.54		$	18.03		$	18.98		$	17.06

Income (loss) from investment operations:
Net investment income¹		.03			.07			.05			.08			.05			.04
Net realized and unrealized gain (loss)		1.29			3.21			3.76			(6.67	)		(.29	)		2.42

Total from investment operations		1.32			3.28			3.81			(6.59	)		(.24	)		2.46

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.07	)		(.06	)		(.07	)		(.04	)		(.03	)		—	²
Distributions from net realized gain		—			—			—			(.86	)		(.68	)		(.54	)

Total dividends and/or distributions to shareholders		(.07	)		(.06	)		(.07	)		(.90	)		(.71	)		(.54	)

Net asset value, end of period	$	18.75		$	17.50		$	14.28		$	10.54		$	18.03		$	18.98


Total Return, at Net Asset Value³		7.54	%		23.06	%		36.88	%		(38.00	)%		(1.39	)%		14.66	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	873,473		$	859,710		$	662,347		$	551,644		$	821,642		$	636,430

Average net assets (in thousands)	$	870,917		$	730,069		$	612,651		$	769,150		$	766,102		$	479,456

Ratios to average net assets:⁴
Net investment income		0.32	%		0.45	%		0.47	%		0.52	%		0.23	%		0.23	%
Total expenses⁵		1.08	%		1.10	%		1.15	%		0.99	%		0.97	%		1.00	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05	%		1.05	%		1.07	%		0.99	%		0.97	%		1.00	%

Portfolio turnover rate		57	%		73	%		140	%		130	%		115	%		110	%


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

2.		Less than $0.005 per share.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	1.08	%
Year Ended December 31, 2010	1.10	%
Year Ended December 31, 2009	1.15	%
Year Ended December 31, 2008	0.99	%
Year Ended December 31, 2007	0.97	%
Year Ended December 31, 2006	1.00	%

See accompanying Notes to Financial Statements.

20 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Main Street Small- & Mid-Cap Fund/VA (the “Fund”), formerly Oppenheimer Main Street Small Cap Fund/VA, is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

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

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

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.

21 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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

22 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended December 31, 2010, the Fund utilized $46,413,192 of capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2010, the Fund had available for unused capital loss carryforwards as follows:


Expiring

2016	$	45,463,528
2017		161,762,514

Total	$	207,226,042

As of June 30, 2011, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $91,984,374 expiring by 2017. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2011, it is estimated that the Fund will utilize $115,241,668 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	789,594,190


Gross unrealized appreciation	$	196,518,932
Gross unrealized depreciation		(14,293,017	)

Net unrealized appreciation	$	182,225,915

23 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		502,377		$	9,175,288			2,793,780		$	42,429,352
Dividends and/or distributions reinvested		30,896			569,104			36,202			548,102
Redeemed		(1,031,961	)		(19,115,409	)		(3,098,803	)		(47,128,214	)

Net decrease		(498,688	)	$	(9,371,017	)		(268,821	)	$	(4,150,760	)

24 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Service Shares
Sold		2,189,733		$	39,720,084			11,844,155		$	173,858,907
Dividends and/or distributions reinvested		176,916			3,235,789			189,911			2,854,368
Redeemed		(4,909,237	)		(89,436,383	)		(9,301,032	)		(143,094,027	)

Net increase (decrease)		(2,542,588	)	$	(46,480,510	)		2,733,034		$	33,619,248

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2011, were as follows:


	Purchases		Sales

Investment securities	$	547,788,433	$	600,837,663

4. Fees and Other Transactions with Affiliates

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


Fee Schedule

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

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s total annual operating expenses so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.80% for Non-Service shares and 1.05% for Service shares. During the six months ended June 30, 2011, the Manager waived fees and/or reimbursed the Fund $13,958 and $126,315 for Non-Service and Service shares, respectively.

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

25 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Pending Litigation

26 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

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

27 | OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND/VA

OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND^{^®}/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee George C. Bowen, Trustee Edward L. Cameron, Trustee Jon S. Fossel, Trustee Sam Freedman, Trustee Beverly L. Hamilton, Trustee Robert J. Malone, Trustee F. William Marshall, Jr., Trustee William F. Glavin, Jr., Trustee, President and Principal Executive Officer Matthew P. Ziehl, Vice President and Portfolio Manager Raymond Anello, Vice President and Portfolio Manager Raman Vardharaj, Vice President and Portfolio Manager Arthur S. Gabinet, Secretary Christina M. Nasta, Vice President and Chief Business Officer Mark S. Vandehey, Vice President and Chief Compliance Officer Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer Robert G. Zack, Vice President

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG llp

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and, if available, summary prospectuses, carefully before investing

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

June 30, 2011 Oppenheimer Money Fund/VA Semiannual A Series of Oppenheimer Variable Account Funds SEMIANNUAL REPORT Fund Performance Discussion Financial Statements

OPPENHEIMER MONEY FUND/VA

Portfolio Managers: Carol Wolf and Christopher Proctor

Current Yield

For the 7-Day Period Ended 6/30/11

0.01%

For the 6-Month Period Ended 6/30/11

0.01%

The performance data quoted represents past performance, which does not guarantee future results. Yields are annualized and include dividends in a hypothetical investment for the periods shown. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s performance should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s performance does not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account. The yields take into account voluntary fee waivers and/or expense reimbursements, without which yields would have been lower. Some of these undertakings may be modified at any time, as indicated in the Fund’s prospectus.

Portfolio Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on the total market value of investments.

Fund Performance Discussion

The Fund’s yield remained at historical lows as the Federal Reserve (the “Fed”) left short-term interest rates unchanged in a range between 0% and 0.25% during an uneven economic recovery. While the Fund generated little income during the reporting period, we remained successful in our efforts to preserve capital and maintain liquidity for the Fund’s shareholders.

Economic and Market Environment

2 | OPPENHEIMER MONEY FUND/VA

FUND PERFORMANCE DISCUSSION Continued

In April 2011, market concerns resurfaced when Greece again teetered on the brink of defaulting on its sovereign debt, rekindling worries from 2010 that fiscal instability might spread to other parts of Europe. At the same time, a debate regarding government spending and borrowing intensified in the United States, causing a renewed sense of uncertainty among businesses and consumers as the August 2 deadline to raise the U.S. Government’s debt ceiling loomed. Additionally, the Fed’s latest round of quantitative easing measures labeled “QE2” officially ended on June 30, further contributing to questions around what the Fed’s next move would be. As a result, by period end, job creation had slowed to a crawl, the unemployment rate moved higher and consumers reined in spending. Despite the volatility and dramatic headlines, overall the global markets finished the second half of the reporting period in positive territory, reflective of healthy balance sheets of many multinational corporations, continued growth in developing markets and the ongoing economic recoveries in the U.S., Canada and in much of Western Europe.

Portfolio Strategy

We continued to maintain a conservative investment posture, carefully monitoring the health of the financial institutions that issue money market instruments. We typically focused on commercial paper and time deposits from high-quality issuers, and we avoided non-traditional repurchase agreements.

For much of the reporting period, we maintained the Fund’s weighted average maturity in a range that was in line with industry averages. However, over the second half of the reporting period, we responded to the decreased likelihood of rate hikes from the Fed by increasing the Fund’s weighted average maturity to a slightly longer-than-average position.

We expect the choppy economic recovery to continue, but we believe a subpar GDP growth rate means that the Fed will likely maintain its current course of keeping interest rates at historic lows, and money market yields seem poised to remain at or near current levels for some time. Although the Fed ended QE2, the market has appeared to push back its expectations of higher short-term interest rates given the continued slow rate of economic growth. Accordingly, we remain focused primarily on capital preservation and liquidity. In addition, it is worth noting that regulators are considering additional changes to the rules governing money market funds. We are monitoring the debate closely, and we will adjust our investment strategies as needed.

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

3 | OPPENHEIMER MONEY FUND/VA

FUND EXPENSES

Fund Expenses. As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2011.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio, and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any charges associated with the separate accounts that offer this Fund. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these separate account charges were included your costs would have been higher.

Beginning

Ending

Expenses

Account

Paid During

Value

6 Months Ended

January 1, 2011

June 30, 2011

Actual

1,000.00

1,000.10

1.49

Hypothetical
(5% return before expenses)

1,000.00

1,023.31

1.51

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The annualized expense ratio based on the 6-month period ended June 30, 2011 is as follows:

Expense Ratio

0.30%

The expense ratio reflects voluntary waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” table in the Fund’s financial statements, included in this report, also shows the gross expense ratio, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

4 | OPPENHEIMER MONEY FUND/VA

STATEMENT OF INVESTMENTS June 30, 2011 / Unaudited


	Maturity		Final Legal		Principal
	Date*		Maturity Date**		Amount		Value

Certificates of Deposit—33.3%
Yankee Certificates of Deposit—33.3%
Bank of Nova Scotia, Houston TX:
0.18%		8/25/11		8/25/11	$	2,800,000	$	2,800,000
0.19%		8/29/11		8/29/11		1,600,000		1,600,000
0.20%		8/5/11		8/5/11		2,500,000		2,500,000
Barclays Bank plc, New York, 0.77%¹		7/19/11		7/19/11		4,000,000		4,000,000
BNP Paribas, New York, 0.44%¹		8/15/11		8/15/11		2,700,000		2,700,000
Credit Agricole Corporate & Investment Bank, New York Branch, 0.17%		7/13/11		7/13/11		3,600,000		3,600,000
Credit Suisse, New York Branch, 0.21%		7/28/11		7/28/11		1,000,000		1,000,000
National Australia Bank, New York:
0.20%		9/22/11		9/22/11		3,200,000		3,200,000
0.22%		10/27/11		10/27/11		2,500,000		2,500,000
0.22%		10/28/11		10/28/11		1,800,000		1,800,000
Rabobank Nederland NV, New York:
0.26%¹		8/16/11		5/16/12		2,500,000		2,500,000
0.27%¹		7/29/11		7/29/11		2,000,000		2,000,000
Royal Bank of Canada, New York:
0.25%¹		7/1/11		7/1/11		3,500,000		3,500,000
0.27%¹		7/1/11		8/16/11		3,000,000		3,000,000
Skandinaviska Enskilda Bank, New York, 0.25%		8/8/11		8/8/11		4,000,000		4,000,000
Svenska Handelsbanken, New York, 0.34%		9/28/11		9/28/11		4,500,000		4,501,611
Toronto Dominion Bank, New York, 0.27%¹		7/12/11		7/12/12		1,000,000		1,000,000
UBS AG, Stamford CT, 0.20%		9/26/11		9/26/11		5,000,000		5,000,000

Total Certificates of Deposit (Cost $51,201,611)								51,201,611

Direct Bank Obligations—19.7%
Barclays US Funding LLC, 0.23%		7/21/11		7/21/11		400,000		399,949
Commonwealth Bank of Australia, 0.27%²		7/11/11		7/11/11		1,000,000		999,925
Credit Agricole North America, Inc., 0.17%		7/7/11		7/7/11		2,000,000		1,999,943
ING (US) Funding LLC:
0.11%		7/5/11		7/5/11		2,000,000		1,999,976
0.11%		7/6/11		7/6/11		4,000,000		3,999,867
0.20%		8/1/11		8/1/11		400,000		399,931
Nordea North America, Inc.:
0.20%		9/8/11		9/8/11		1,900,000		1,899,290
0.25%		11/21/11		11/21/11		3,000,000		2,997,021
0.36%		7/26/11		7/26/11		2,000,000		1,999,500
Skandinaviska Enskilda Banken AB, 0.24%²		9/1/11		9/1/11		2,600,000		2,598,948
Societe Generale North America, Inc., 0.18%		7/14/11		7/14/11		4,700,000		4,699,720
Svenska Handelsbanken, Inc., 0.20%²		10/11/11		10/11/11		2,700,000		2,698,470
Swedbank AB:
0.21%		9/7/11		9/7/11		2,500,000		2,499,032
0.26%		7/28/11		7/28/11		1,000,000		999,805

Total Direct Bank Obligations (Cost $30,191,377)								30,191,377

Short-Term Notes—40.9%
Diversified Financial Services—4.6%
General Electric Capital Services, 0.20%		10/7/11		10/7/11		7,100,000		7,096,134
Electric Utilities—1.3%
Electricite De France, 0.17%²		7/20/11		7/20/11		2,000,000		1,999,821

5 | OPPENHEIMER MONEY FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Maturity		Final Legal		Principal
	Date*		Maturity Date**		Amount		Value

Leasing & Factoring—4.8%
American Honda Finance Corp., 0.35%¹		9/29/11		6/29/12	$	1,500,000	$	1,500,000
Toyota Motor Credit Corp.:
0.30%		8/3/11		8/3/11		1,000,000		999,725
0.30%		8/4/11		8/4/11		2,500,000		2,499,292
0.30%		8/5/11		8/5/11		920,000		919,732
0.30%		8/12/11		8/12/11		1,500,000		1,499,475

								7,418,224

Municipal—11.5%
Carroll Cnty., KY Solid Waste Disposal Revenue Bonds, North American Stainless Project, Series 2006, 0.14%¹		7/7/11		7/7/11		4,300,000		4,300,000
Chicago, IL Industrial Development Revenue Bonds, Freedman Seating Co. Project, Series 1998, 0.23%¹		7/7/11		7/7/11		1,275,000		1,275,000
Cobb Cnty., GA Development Authority Revenue Bonds, Presbyterian Village-Austell, Inc., 0.21%¹		7/7/11		7/7/11		3,005,000		3,005,000
Health Care Revenue Bonds, SFO Associates Project, Series 1994, 0.22%¹		7/7/11		7/7/11		1,900,000		1,900,000
IL Finance Authority, Freedman Seating Co. Project, Series 2005, 0.23%¹		7/7/11		7/7/11		1,085,000		1,085,000
Miami-Dade Cnty., FL Industrial Development Authority Bonds, Airbus Service Co., Inc. Project, Series 98, 0.13%¹		7/7/11		7/7/11		1,000,000		1,000,000
San Antonio, TX Industrial Development Authority Revenue Bonds, Tindall Corp. Project, 0.24%¹		7/7/11		7/7/11		3,100,000		3,100,000
St. Paul, MN Port Authority Revenue Refunding Bonds, Series 2009-12EE, 0.13%¹		7/7/11		7/7/11		1,150,000		1,150,000
Valdosta-Lowndes Cnty., GA Industrial Authority, Steeda Autosports, Inc. Project, Series 2008, 0.30%¹		7/7/11		7/7/11		880,000		880,000

								17,695,000

Personal Products—3.6%
Reckitt Benckiser Treasury Services plc:
0.40%²		7/11/11		7/11/11		2,500,000		2,499,722
0.43%²		9/1/11		9/1/11		1,000,000		999,259
0.43%²		9/8/11		9/8/11		2,000,000		1,998,352

								5,497,333

Receivables Finance—9.2%
Alpine Securitization Corp., 0.19%		7/5/11		7/5/11		2,000,000		1,999,958
Chariot Funding LLC, 0.03%²		7/1/11		7/1/11		2,000,000		2,000,000
Crown Point Capital Co.:
0.27%		7/5/11		7/5/11		1,200,000		1,199,964
0.27%		7/12/11		7/12/11		2,000,000		1,999,835
Market Street Funding LLC, 0.05%²		7/1/11		7/1/11		3,700,000		3,700,000
Mont Blanc Capital Corp.:
0.22%²		7/25/11		7/25/11		2,200,000		2,199,663
0.25%²		7/11/11		7/11/11		1,000,000		999,931

								14,099,351

Special Purpose Financial—5.9%
Crown Point Capital Co., 0.20%		7/14/11		7/14/11		3,000,000		2,999,783
Lexington Parker Capital Co. LLC:
0.27%²		7/6/11		7/6/11		4,000,000		3,999,850
0.27%²		7/7/11		7/7/11		2,000,000		1,999,910

								8,999,543

Total Short-Term Notes (Cost $62,805,406)								62,805,406

6 | OPPENHEIMER MONEY FUND/VA


	Maturity		Final Legal		Principal
	Date*		Maturity Date**		Amount			Value

U.S. Government Obligations—6.6%
U.S. Treasury Nts.:
0.75%		7/5/11		7/5/11	$	2,000,000		$	2,008,435
1.00%		4/30/12		4/30/12		1,000,000			1,005,714
1.13%		12/15/11		12/15/11		3,000,000			3,010,637
1.38%		2/15/12		2/15/12		2,000,000			2,013,055
4.50%		3/31/12		3/31/12		1,000,000			1,031,165
4.88%		7/31/11		7/31/11		1,000,000			1,003,696

Total U.S. Government Obligations (Cost $10,072,702)									10,072,702

Total Investments, at Value (Cost $154,271,096)						100.5	%		154,271,096
Liabilities in Excess of Other Assets						(0.5	)		(734,091	)

Net Assets						100.0	%	$	153,537,005

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.

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

2.		Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $28,693,851 or 18.69% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

Valuation Inputs

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

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset 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 table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2011 based on valuation input level:


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

Assets Table
Investments, at Value:
Certificates of Deposit	$	—	$	51,201,611	$	—	$	51,201,611
Direct Bank Obligations		—		30,191,377		—		30,191,377
Short-Term Notes		—		62,805,406		—		62,805,406
U.S. Government Obligations		—		10,072,702		—		10,072,702

Total Assets	$	—	$	154,271,096	$	—	$	154,271,096

See accompanying Notes to Financial Statements.

7 | OPPENHEIMER MONEY FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited


June 30, 2011

Assets
Investments, at value (cost $154,271,096)—see accompanying statement of investments	$	154,271,096
Cash		3,458,991
Receivables and other assets:
Shares of beneficial interest sold		135,251
Interest		70,773
Other		12,251

Total assets		157,948,362

Liabilities
Payables and other liabilities:
Investments purchased		3,299,996
Shares of beneficial interest redeemed		1,063,067
Shareholder communications		16,613
Transfer and shareholder servicing agent fees		12,384
Trustees’ compensation		8,496
Dividends		490
Other		10,311

Total liabilities		4,411,357

Net Assets	$	153,537,005


Composition of Net Assets
Par value of shares of beneficial interest	$	153,537
Additional paid-in capital		153,383,053
Accumulated net realized gain on investments		415

Net Assets—applicable to 153,536,590 shares of beneficial interest outstanding	$	153,537,005


Net Asset Value, Redemption Price Per Share and Offering Price Per Share	$	1.00

See accompanying Notes to Financial Statements.

8 | OPPENHEIMER MONEY FUND/VA

STATEMENT OF OPERATIONS Unaudited


For the Six Months Ended June 30, 2011

Investment Income
Interest	$	227,791

Expenses
Management fees		325,059
Transfer and shareholder servicing agent fees		72,235
Shareholder communications		11,969
Trustees’ compensation		8,658
Custodian fees and expenses		1,067
Administration service fees		750
Other		18,426

Total expenses		438,164
Less waivers and reimbursements of expenses		(217,903	)

Net expenses		220,261

Net Investment Income		7,530

Net Realized Gain on Investments		415

Net Increase in Net Assets Resulting from Operations	$	7,945

See accompanying Notes to Financial Statements.

9 | OPPENHEIMER MONEY FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2011			December 31,
	(Unaudited)			2010

Operations
Net investment income	$	7,530		$	11,351
Net realized gain		415			68

Net increase in net assets resulting from operations		7,945			11,419

Dividends and/or Distributions to Shareholders
Dividends from net investment income		(7,530	)		(46,794	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions		3,839,435			(31,222,151	)

Net Assets
Total increase (decrease)		3,839,850			(31,257,526	)
Beginning of period		149,697,155			180,954,681

End of period	$	153,537,005		$	149,697,155

See accompanying Notes to Financial Statements.

10 | OPPENHEIMER MONEY FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2011												Year Ended December 31,
	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Income from investment operations-net investment income and net realized gain¹		—	²		—	²		—	²		.03			.05			.05

Dividends and/or distributions to shareholders:
Dividends from net investment income		—	²		—	²		—	²		(.03	)		(.05	)		(.05	)
Distributions from net realized gain		—			—			—			—			—	²		—	²

Total dividends and/or distributions to shareholders		—	²		—	²		—	²		(.03	)		(.05	)		(.05	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Total Return³		0.01	%		0.03	%		0.32	%		2.78	%		4.98	%		4.71	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	153,537		$	149,697		$	180,955		$	243,356		$	189,749		$	171,521

Average net assets (in thousands)	$	145,692		$	164,258		$	218,079		$	212,564		$	181,271		$	171,118

Ratios to average net assets:⁴
Net investment income		0.01	%		0.01	%		0.35	%		2.72	%		4.86	%		4.61	%
Total expenses		0.61	%		0.61	%		0.57	%		0.50	%		0.50	%		0.49	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.30	%		0.35	%		0.48	%		0.50	%		0.50	%		0.49	%


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

2.		Less than $0.005 per share.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

11 | OPPENHEIMER MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Money Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek maximum current income from investments in “money market” securities consistent with low capital risk and the maintenance of liquidity. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

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

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

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

12 | OPPENHEIMER MONEY FUND/VA

Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually but may be paid at other times to maintain the net asset value per share at $1.00. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Sold		52,465,252		$	52,465,252			64,871,083		$	64,871,083
Dividends and/or distributions reinvested		7,530			7,530			46,794			46,794
Redeemed		(48,633,347	)		(48,633,347	)		(96,140,028	)		(96,140,028	)

Net increase (decrease)		3,839,435		$	3,839,435			(31,222,151	)	$	(31,222,151	)

13 | OPPENHEIMER MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Fees and Other Transactions with Affiliates

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


Fee Schedule

Up to $500 million	0.450	%
Next $500 million	0.425
Next $500 million	0.400
Over $1.5 billion	0.375

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS fees at an annual rate of 0.10% of its daily net assets. For the six months ended June 30, 2011, the Fund paid $72,729 to OFS for services to the Fund.

Waivers and Reimbursements of Expenses. The Manager has voluntarily undertaken to waive fees and/or reimburse expenses to the extent necessary to assist the Fund in attempting to maintain a positive yield. There is no guarantee that the Fund will maintain a positive yield. During the six months ended June 30, 2011, the Manager waived fees and/or reimbursed the Fund $217,903.

The Manager has voluntarily agreed to limit the Fund’s total annual operating expenses so that those expenses, as a percentage of daily net assets, will not exceed the annual rate of 0.50%.

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

4. Pending Litigation

14 | OPPENHEIMER MONEY FUND/VA

assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors as defendants. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Mr. Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of certain purported class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 8, 2011, the court issued a ruling approving the settlement as fair, reasonable and adequate. The court’s approval of the settlement is subject to potential appeal by claimants. On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. This settlement is subject to the final approval of the court. The aforementioned settlements do not resolve any of the other outstanding lawsuits relating to these matters.

15 | OPPENHEIMER MONEY FUND/VA

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

16 | OPPENHEIMER MONEY FUND/VA

OPPENHEIMER MONEY FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Carol E. Wolf, Vice President and Portfolio Manager
		Christopher Proctor, Vice President and Portfolio Manager
		Arthur S. Gabinet, Secretary
		Christina M. Nasta, Vice President and Chief Business Officer
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered		KPMG llp
Public Accounting Firm

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and, if available, summary prospectuses, carefully before investing.

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



©2011 OppenheimerFunds, Inc. All rights reserved.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/ VA

Portfolio Managers: Arthur P. Steinmetz, Krishna Memani, Joseph Welsh, Caleb Wong and Sara J. Zervos, Ph.D.

Cumulative Total Returns
For the 6-Month Period Ended 6/30/11


Non-Service Shares	4.79	%
Service Shares	4.68

Average Annual Total Returns
For the Periods Ended 6/30/11


	1-Year			5-Year			10-Year

Non-Service Shares		14.43	%		7.70	%		7.82	%
Service Shares		14.35			7.45			7.48

Expense Ratios
For the Fiscal Year Ended 12/31/10


	Gross Expense			Net Expense
	Ratios			Ratios

Non-Service Shares		0.79	%		0.71	%
Service Shares		1.03			0.95

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance and expense ratios may be lower or higher than the data quoted. Returns do not consider capital gains or income taxes. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account. The net expense ratios take into account voluntary fee waivers and/or expense reimbursements, without which performance would have been less. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. Expense ratios are as stated in the Fund’s prospectus, current as of the date of this report.

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on the total market value of investments.

Corporate Bonds & Notes—Top Ten Industries


Oil, Gas & Consumable Fuels	4.1	%
Commercial Banks	2.3
Electric Utilities	1.7
Media	1.7
Hotels, Restaurants & Leisure	1.4
Capital Markets	1.1
Metals & Mining	1.0
Diversified Telecommunication Services	0.9
Energy Traders	0.9
Paper & Forest Products	0.9

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on net assets.

2 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

FUND PERFORMANCE DISCUSSION

For the six-month period ended June 30, 2011, the Fund’s Non-Service Shares provided a return of 4.79%. In comparison, the Barclays Capital U.S. Aggregate Bond Index returned 2.72% and the Citigroup World Government Bond Index returned 4.00%.

Despite volatility stemming from a sovereign debt crisis in Europe, natural disasters in Japan, political uprisings in the Middle East and a contentious political debate in the United States, global fixed-income securities held up relatively well, on average, over the reporting period. The Fund produced higher returns than its benchmarks, primarily due to strong results from high yield corporate bonds.

Economic and Market Overview

2011 began on an optimistic note as investors responded positively to an accelerating U.S. economic recovery, better-than-expected economic data in Europe and strong corporate earnings across a number of regions. Consequently, investors began the year with an ample appetite for risk, sparking gains among high yield bonds and emerging-market securities. In contrast, high-quality sovereign debt, including U.S. government securities, lagged market averages at the time as investors focused on higher-yielding securities.

However, several unexpected macroeconomic developments soon called the global economic recovery into question. Political uprisings in North Africa and the Middle East in February fueled a sharp rise in energy prices, and natural and nuclear disasters hit Japan in March, disrupting one of the world’s larger economies and potentially upsetting the global industrial supply chain for some industries. Yet, investor sentiment rebounded relatively quickly from these setbacks, and investors returned their attention to higher-yielding, lower-rated segments of the U.S. and global bond markets.

In late April, investor sentiment began to deteriorate in earnest when Greece teetered on the brink of defaulting on its sovereign debt, reigniting concerns last seen in 2010 regarding the possible spread of a sovereign debt crisis to other peripheral members of the European Union. In addition, persistently high unemployment and a pressured housing market weighed on investor sentiment in the United States, as did an intensifying debate about government spending and borrowing. These developments sparked a reversal of fortune in the global bond markets as formerly high-flying corporate bonds gave back some of their previous gains and traditional safe havens rallied, driving prices of U.S. government securities and the sovereign debt of other fiscally sound nations higher. In the emerging markets, bonds generally remained under pressure from measures designed to forestall an acceleration of inflation, including tighter monetary policies imposed in China, India and other fast-growing economies.

Fund Review

The Fund received especially robust results from high yield corporate bonds, which traditionally have provided a degree of protection from fluctuating interest rates. The Fund’s focus on bonds with B and CCC ratings, and a corresponding de-emphasis on BB-rated bonds, enhanced returns within the high yield sector. The Fund also benefited from an allocation to senior floating-rate bank loans, which historically have tended to do well in rising interest-rate environments, through its investment in Oppenheimer Master Loan Fund, LLC.

Among U.S. government securities, the Fund favored mortgage-backed securities backed by U.S. government agencies over lower yielding U.S. Treasury securities. The Fund also invested in non-agency mortgage-backed securities. These securities fared well over the first half of 2011 due to lower-than-average prepayment rates, contributing positively to the Fund’s relative performance during that time.

As has been the case for some time, the Fund’s international investments focused more on bonds in the emerging markets than in developed markets. This positioning helped bolster the Fund’s relative results. The Fund received especially strong contributions to performance from bonds in markets where inflation-adjusted yields remained relatively high, such as Brazil, South Africa and Mexico. The Fund’s developed markets positions had a mild bias favoring corporate securities over sovereign bonds.

3 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

FUND PERFORMANCE DISCUSSION

Although the Fund suffered relatively few disappointments during the reporting period, it experienced losses in certain areas, particularly over the second half of the period. An emphasis on the euro over the Japanese yen proved ineffective when the European sovereign debt crisis intensified. As the markets witnessed increased volatility and investors became more risk averse, the Fund’s investments in mortgage-backed securities and commercial mortgage-backed securities detracted from performance, as did certain higher yielding investments. While the Fund’s performance pulled back to a degree over the second half of the period, the losses did not nearly offset the gains witnessed earlier in the period.

Outlook

Despite a currently cloudy near-term outlook stemming from political uncertainties in Europe and the United States, we remain cautiously optimistic regarding the longer-term prospects of global fixed-income markets. As the global economy moves to the next phase of the economic cycle, we expect longer-term bond yields to rise in most sovereign debt markets, and the emerging markets should continue to enjoy robust economic growth. The corporate sector may offer better opportunities for current income and potential price appreciation. We also have identified attractive opportunities among U.S. mortgage-backed securities.

Please remember that bonds are exposed to credit and interest rate risks (when interest rates rise, bond/fund prices generally fall). The Fund may invest in foreign securities, which entail special risks (such as currency fluctuations and political factors) and may have higher expenses and volatility. The Fund also invests in derivative instruments, investments whose values depend on the performance of an underlying security, asset, interest rate, index or currency and entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. The Fund may invest in below-investment-grade (“junk”) bonds, which are more at risk of default and are subject to liquidity risk. See the prospectus for more information on the risks associated with investing in the Fund.

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

4 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

FUND EXPENSES

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2011.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2011		June 30, 2011		June 30, 2011

Non-Service Shares	$	1,000.00	$	1,047.90	$	3.66
Service Shares		1,000.00		1,046.80		4.93

Hypothetical (5% return before expenses)
Non-Service Shares		1,000.00		1,021.22		3.61
Service Shares		1,000.00		1,019.98		4.87

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended June 30, 2011 are as follows:


Class	Expense Ratios

Non-Service Shares		0.72	%
Service Shares		0.97

5 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS June 30, 2011 / Unaudited


	Principal
	Amount		Value

Asset-Backed Securities—1.6%
AESOP Funding II LLC, Automobile Receivables Nts., Series 2011-1A, Cl. A, 1.85%, 11/20/13¹	$	315,000	$	316,478
Ally Auto Receivables Trust 2010-2, Automobile Receivables Nts., Series 2010-2, Cl. A4, 2.09%, 5/15/15		115,000		117,449
Ally Auto Receivables Trust 2010-4, Automobile Receivables Nts., Series 2010-4, Cl. A3, 0.91%, 11/17/14		140,000		140,244
Ally Master Owner Trust, Asset-Backed Nts., Series 2011-1, Cl. A2, 2.15%, 1/15/16		845,000		856,628
AmeriCredit Automobile Receivables Trust 2010-4, Automobile Receivables-Backed Nts., Series 2010-4, Cl. A3, 1.27%, 4/8/15		230,000		230,766
AmeriCredit Automobile Receivables Trust 2011-2, Automobile Receivables-Backed Nts., Series 2011-2, Cl. A3, 1.61%, 10/8/15		310,000		312,551
AmeriCredit Prime Automobile Receivables Trust 2007-1, Automobile Receivables Nts., Series 2007-1, Cl. D, 5.62%, 9/8/14		1,319,000		1,340,651
AmeriCredit Prime Automobile Receivables Trust 2010-1, Automobile Receivables Nts., Series 2010-1, Cl. A2, 0.97%, 1/15/13		67,021		67,028
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.146%, 5/25/34²		924,857		822,699
Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.286%, 9/25/36²		357,859		116,758
Bank of America Auto Trust 2010-2, Automobile Receivables, Series 2010-2, Cl. A4, 1.94%, 6/15/17		60,000		61,162
Capital Auto Receivables Asset Trust 2007-1, Automobile Asset-Backed Securities, Series 2007-1, Cl. B, 5.15%, 9/17/12		262,000		266,431
Citibank Omni Master Trust, Credit Card Receivables:
Series 2009-A12, Cl. A12, 3.35%, 8/15/16¹		585,000		599,079
Series 2009-A13, Cl. A13, 5.35%, 8/15/18¹		535,000		585,404
Series 2009-A17, Cl. A17, 4.90%, 11/15/18¹		535,000		579,424
Series 2009-A8, Cl. A8, 2.287%, 5/16/16^1,2		205,000		207,513
Countrywide Home Loans, Asset-Backed Certificates:
Series 2005-16, Cl. 2AF2, 5.382%, 5/1/36		1,054,955		860,638
Series 2005-17, Cl. 1AF2, 5.363%, 5/1/36		143,761		122,891
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.306%, 6/25/47²		5,320,000		4,736,183
CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates:
Series 2005-G, Cl. 2A, 0.417%, 12/15/35²		181,367		101,811
Series 2006-H, Cl. 2A1A, 0.337%, 11/15/36²		68,485		21,142
DSC Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2011-1, Cl. A, 3.91%, 3/15/16		520,000		525,494
DT Auto Owner Trust 2009-1, Automobile Receivable Nts., Series 2009-1, Cl. A1, 2.98%, 10/15/15¹		334,937		338,170
DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/15/15¹		720,000		723,578
Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 0.656%, 8/15/25^3,4		1,820,063		—
First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.296%, 6/25/36²		23,183		23,103
First Investors Auto Owner Trust 2011-1, Automobile Receivable Nts., Series 2011-1, Cl. A2, 1.47%, 3/16/15		581,360		581,970
Ford Credit Auto Lease Trust, Automobile Receivable Nts., Series 2010-B, Cl. A2, 0.75%, 10/15/12¹		620,000		620,367
Ford Credit Auto Owner Trust, Automobile Receivable Nts., Series 2010-A, Cl. A4, 2.15%, 6/15/15		1,635,000		1,673,228

6 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal
	Amount		Value

Asset-Backed Securities Continued
Ford Credit Floorplan Master Owner Trust 2011-1, Asset-Backed Nts., Series 2011-1, Cl. A1, 2.12%, 2/15/16	$	625,000	$	634,400
GE Capital Credit Card Master Note Trust, Asset-Backed Nts., Series 2009-2, Cl. A, 3.69%, 7/15/15		550,000		565,790
GE Dealer Floorplan Master Note Trust, Asset-Backed Securities, Series 2009-2A, Cl. A, 1.736%, 10/20/14^1,2		270,000		274,063
GMAC Mortgage Servicer Advance Funding Ltd., Asset-Backed Nts., Series 2011-1A, Cl. A, 3.72%, 2/15/23¹		580,000		585,774
Harley-Davidson Motorcycle Trust 2010-1, Motorcycle Contract-Backed Nts., Series 2010-1, Cl. A3, 1.16%, 2/15/15		430,000		431,237
Hertz Vehicle Financing LLC, Automobile Receivable Nts., Series 2010-1A, Cl. A1, 2.60%, 2/25/15¹		310,000		316,426
Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.863%, 6/1/35		1,046,000		563,256
HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.446%, 1/20/35²		170,559		160,644
HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.296%, 3/20/36²		48,825		48,742
Hyundai Auto Receivables Trust 2010-A, Automobile Receivable Nts., Series 2010-A, Cl. A3, 1.50%, 10/15/14		625,000		630,955
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts.:
Series 2007-1A, Cl. B, 2.165%, 8/15/22^2,4		7,870,000		5,509,000
Series 2007-1A, Cl. C, 3.465%, 8/15/22^2,4		5,270,000		3,583,600
Series 2007-1A, Cl. D, 5.465%, 8/15/22^2,4		5,270,000		3,530,900
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.286%, 8/25/36²		1,221,877		415,292
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29^3,4		66,744		5,673
Nissan Auto Lease Trust 2010-B, Automobile Asset-Backed Nts., Series 2010-B, Cl. A3, 1.12%, 12/15/13		550,000		552,776
Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/1/36		208,002		186,265
RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.286%, 9/25/36²		54,656		54,459
Santander Drive Auto Receivables Trust 2010-3, Automobile Receivables Nts., Series 2010-3, Cl. A3, 1.20%, 6/16/14		340,000		341,168
Santander Drive Auto Receivables Trust 2010-A, Automobile Receivables Nts., Series 2010-A, Cl. A2, 1.37%, 8/15/13¹		566,392		568,015
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17⁴		290,216		290,578
SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 0.647%, 6/15/39²		2,487,000		1,193,851
Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 3.747%, 5/1/37^1,2,5		175,850		98,518
Volkswagen Auto Lease Trust 2010-A, Automobile Receivable Nts., Series 2010-A, Cl. A3, 0.99%, 11/20/13		545,000		546,400
Westlake Automobile Receivables Trust 2011-1, Automobile Receivables Nts., Series 2011-1, Cl. A3, 1.49%, 6/16/14¹		275,000		275,282
World Financial Network Credit Card Master Note Trust, Credit Card Receivables, Series 2009-A, Cl. A, 4.60%, 9/15/15		515,000		522,229

Total Asset-Backed Securities (Cost $47,075,624)				38,834,133

7 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Mortgage-Backed Obligations—20.0%
Government Agency—6.7%
FHLMC/FNMA/FHLB/Sponsored—6.4%
Federal Home Loan Mortgage Corp.:
5%, 9/15/33-6/1/40	$	1,959,502	$	2,093,561
5.50%, 9/1/39		1,554,976		1,681,615
6%, 5/15/18-10/1/37		891,264		981,693
6.50%, 3/15/18-8/15/32		1,953,055		2,203,856
7%, 10/1/31-10/1/37		509,269		587,528
7.50%, 1/1/32		763,217		891,257
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg.
Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		907,522		1,034,051
Series 151, Cl. F, 9%, 5/15/21		24,735		28,530
Series 1674, Cl. Z, 6.75%, 2/15/24		727,272		820,125
Series 1897, Cl. K, 7%, 9/15/26		1,600,870		1,825,186
Series 2006-11, Cl. PS, 23.885%, 3/25/36²		502,585		664,199
Series 2043, Cl. ZP, 6.50%, 4/15/28		625,133		710,709
Series 2106, Cl. FG, 0.637%, 12/15/28²		1,133,052		1,136,778
Series 2122, Cl. F, 0.637%, 2/15/29²		33,899		33,963
Series 2148, Cl. ZA, 6%, 4/15/29		960,382		1,037,860
Series 2195, Cl. LH, 6.50%, 10/15/29		498,055		576,751
Series 2326, Cl. ZP, 6.50%, 6/15/31		70,868		82,940
Series 2344, Cl. FP, 1.137%, 8/15/31²		341,778		345,639
Series 2368, Cl. PR, 6.50%, 10/15/31		282,749		312,093
Series 2412, Cl. GF, 1.137%, 2/15/32²		654,475		662,525
Series 2449, Cl. FL, 0.737%, 1/15/32²		435,549		438,511
Series 2451, Cl. FD, 1.187%, 3/15/32²		224,475		227,375
Series 2453, Cl. BD, 6%, 5/15/17		103,417		111,563
Series 2461, Cl. PZ, 6.50%, 6/15/32		1,019,195		1,155,561
Series 2464, Cl. FI, 1.187%, 2/15/32²		215,777		218,379
Series 2470, Cl. AF, 1.187%, 3/15/32²		385,145		391,969
Series 2470, Cl. LF, 1.187%, 2/15/32²		220,816		224,082
Series 2471, Cl. FD, 1.187%, 3/15/32²		334,908		339,467
Series 2477, Cl. FZ, 0.737%, 6/15/31²		871,674		877,111
Series 2500, Cl. FD, 0.687%, 3/15/32²		27,405		27,546
Series 2517, Cl. GF, 1.187%, 2/15/32²		191,988		194,748
Series 2526, Cl. FE, 0.587%, 6/15/29²		52,762		52,951
Series 2551, Cl. FD, 0.587%, 1/15/33²		24,770		24,876
Series 2676, Cl. KY, 5%, 9/15/23		3,843,000		4,169,190
Series 2907, Cl. GC, 5%, 6/1/27		511,208		514,026
Series 3019, Cl. MD, 4.75%, 1/1/31		718,697		732,517
Series 3025, Cl. SJ, 24.064%, 8/15/35²		567,176		742,713
Series 3094, Cl. HS, 23.698%, 6/15/34²		325,664		417,224
Series 3848, Cl. WL, 4%, 4/1/40		812,001		860,046
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 192, Cl. IO, 14.051%, 2/1/28⁶		24,926		5,078
Series 205, Cl. IO, 14.063%, 9/1/29⁶		129,089		26,996
Series 2074, Cl. S, 68.348%, 7/17/28⁶		35,020		7,329
Series 2079, Cl. S, 81.858%, 7/17/28⁶		58,399		12,256
Series 2136, Cl. SG, 82.812%, 3/15/29⁶		1,584,280		299,097
Series 2399, Cl. SG, 76.17%, 12/15/26⁶		914,778		165,158
Series 243, Cl. 6, 1.751%, 12/15/32⁶		369,731		72,714
Series 2437, Cl. SB, 88.466%, 4/15/32⁶		2,713,879		534,971
Series 2526, Cl. SE, 41.343%, 6/15/29⁶		66,242		13,283
Series 2802, Cl. AS, 74.24%, 4/15/33⁶		401,043		38,366
Series 2920, Cl. S, 68.237%, 1/15/35⁶		587,244		94,710
Series 3110, Cl. SL, 17.819%, 2/15/26⁶		350,853		49,840
Series 3451, Cl. SB, 29.003%, 5/15/38⁶		1,105,445		144,946
Federal National Mortgage Assn.:
3.141%, 10/1/36²		4,694,821		4,943,311
4%, 7/1/26⁷		355,000		369,866
4.50%, 7/1/26-7/1/41⁷		20,360,000		21,183,902
5%, 11/25/21-7/25/33		2,465,925		2,638,688
5%, 8/1/41⁷		17,270,000		18,303,506
5.50%, 4/25/21-1/1/36		942,277		1,023,890
5.50%, 7/1/26-7/1/41⁷		13,668,000		14,783,620
6%, 10/25/16-1/25/19		543,214		593,120
6%, 7/1/41⁷		10,925,000		12,002,139
6.50%, 4/25/17-1/1/34		2,487,380		2,832,002
7%, 11/1/17-6/25/34		2,600,069		2,994,264
7.50%, 2/25/27-3/25/33		2,877,470		3,371,806
8.50%, 7/1/32		3,096		3,550

8 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal
	Amount		Value

FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn:
15 yr., 3.50%, 6/1/26⁷	$	6,925,000	$	7,052,683
30 yr., 4%, 8/1/41⁷		7,780,000		7,759,336
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Trust 1999-54, Cl. LH, 6.50%, 11/25/29		502,676		569,915
Trust 2001-51, Cl. OD, 6.50%, 10/25/31		266,321		307,095
Trust 2001-69, Cl. PF, 1.186%, 12/25/31²		493,798		502,500
Trust 2001-80, Cl. ZB, 6%, 1/25/32		570,009		637,081
Trust 2002-12, Cl. PG, 6%, 3/25/17		339,829		367,368
Trust 2002-29, Cl. F, 1.186%, 4/25/32²		244,345		248,777
Trust 2002-60, Cl. FH, 1.186%, 8/25/32²		499,022		506,749
Trust 2002-64, Cl. FJ, 1.186%, 4/25/32²		75,242		76,607
Trust 2002-68, Cl. FH, 0.686%, 10/18/32²		171,314		172,555
Trust 2002-84, Cl. FB, 1.186%, 12/25/32²		1,015,937		1,034,447
Trust 2002-9, Cl. PC, 6%, 3/25/17		344,142		375,835
Trust 2002-9, Cl. PR, 6%, 3/25/17		421,386		455,642
Trust 2002-90, Cl. FH, 0.686%, 9/25/32²		568,419		573,081
Trust 2003-11, Cl. FA, 1.186%, 9/25/32²		1,015,960		1,034,471
Trust 2003-116, Cl. FA, 0.586%, 11/25/33²		77,838		78,102
Trust 2004-101, Cl. BG, 5%, 1/25/20		1,615,982		1,727,176
Trust 2005-109, Cl. AH, 5.50%, 12/25/25		2,160,000		2,382,520
Trust 2005-12, Cl. JC, 5%, 6/1/28		695,034		704,352
Trust 2005-25, Cl. PS, 27.343%, 4/25/35²		529,142		834,565
Trust 2005-31, Cl. PB, 5.50%, 4/25/35		560,000		615,342
Trust 2005-71, Cl. DB, 4.50%, 8/25/25		480,000		517,880
Trust 2006-46, Cl. SW, 23.518%, 6/25/36²		873,994		1,120,433
Trust 2009-36, Cl. FA, 1.126%, 6/25/37²		431,358		435,642
Trust 2011-15, Cl. DA, 4%, 3/1/41		1,076,334		1,107,011
Trust 2011-3, Cl. KA, 5%, 4/1/40		609,536		662,458
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-61, Cl. SH, 52.301%, 11/18/31⁶		279,321		48,517
Trust 2001-63, Cl. SD, 46.308%, 12/18/31⁶		68,129		11,667
Trust 2001-68, Cl. SC, 35.84%, 11/25/31⁶		44,359		7,608
Trust 2001-81, Cl. S, 41.301%, 1/25/32⁶		55,767		10,455
Trust 2002-28, Cl. SA, 45.271%, 4/25/32⁶		34,581		5,550
Trust 2002-38, Cl. SO, 64.28%, 4/25/32⁶		189,245		28,978
Trust 2002-48, Cl. S, 41.93%, 7/25/32⁶		54,536		10,397
Trust 2002-52, Cl. SL, 43.362%, 9/25/32⁶		34,748		6,613
Trust 2002-56, Cl. SN, 44.292%, 7/25/32⁶		74,939		14,282
Trust 2002-77, Cl. IS, 57.527%, 12/18/32⁶		322,418		64,482
Trust 2002-77, Cl. SH, 50.949%, 12/18/32⁶		78,174		15,648
Trust 2002-9, Cl. MS, 40.435%, 3/25/32⁶		71,973		14,050
Trust 2003-13, Cl. IO, 17.848%, 3/25/33⁶		600,485		132,039
Trust 2003-26, Cl. DI, 17.887%, 4/25/33⁶		455,694		93,504
Trust 2003-33, Cl. SP, 52.588%, 5/25/33⁶		482,599		82,625
Trust 2003-38, Cl. SA, 44.953%, 3/25/23⁶		735,305		94,992
Trust 2003-4, Cl. S, 48.695%, 2/25/33⁶		141,656		26,585
Trust 2004-56, Cl. SE, 25.036%, 10/25/33⁶		2,059,549		340,239
Trust 2005-14, Cl. SE, 48.325%, 3/25/35⁶		1,921,709		243,098
Trust 2005-40, Cl. SA, 71.112%, 5/25/35⁶		1,635,106		275,511
Trust 2005-40, Cl. SB, 97.452%, 5/25/35⁶		2,733,030		548,059
Trust 2005-63, Cl. SA, 78.733%, 10/25/31⁶		114,484		23,426
Trust 2005-71, Cl. SA, 66.253%, 8/25/25⁶		383,961		55,284
Trust 2006-129, Cl. SM, 22.616%, 1/25/37⁶		758,185		122,897
Trust 2006-51, Cl. SA, 24.344%, 6/25/36⁶		9,743,216		1,606,856
Trust 2006-60, Cl. DI, 48.451%, 4/25/35⁶		1,763,896		247,328
Trust 2006-90, Cl. SX, 99.999%, 9/25/36⁶		1,659,634		387,238
Trust 2007-88, Cl. XI, 32.847%, 6/25/37⁶		2,789,407		406,713

9 | OPPENHEIMER GLOBAL STRATEGIC 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
Trust 2008-55, Cl. SA, 26.50%, 7/25/38⁶	$	584,122	$	57,260
Trust 214, Cl. 2, 40.146%, 3/1/23⁶		402,823		74,025
Trust 221, Cl. 2, 40.231%, 5/1/23⁶		47,363		8,950
Trust 254, Cl. 2, 32.25%, 1/1/24⁶		767,678		144,861
Trust 2682, Cl. TQ, 99.999%, 10/15/33⁶		614,485		112,610
Trust 2981, Cl. BS, 99.999%, 5/15/35⁶		1,080,998		190,483
Trust 301, Cl. 2, 6.433%, 4/1/29⁶		177,108		40,190
Trust 313, Cl. 2, 31.614%, 6/1/31⁶		1,877,292		451,492
Trust 319, Cl. 2, 7.297%, 2/1/32⁶		861,139		199,825
Trust 321, Cl. 2, 10.608%, 4/1/32⁶		227,434		54,037
Trust 324, Cl. 2, 3.693%, 7/1/32⁶		240,346		58,959
Trust 328, Cl. 2, 9.06%, 12/1/32⁶		589,487		120,294
Trust 331, Cl. 5, 0.472%, 2/1/33⁶		873,815		164,082
Trust 332, Cl. 2, 0.104%, 3/1/33⁶		5,172,746		1,126,910
Trust 334, Cl. 12, 22.23%, 2/1/33⁶		760,521		140,813
Trust 339, Cl. 15, 8.824%, 7/1/33⁶		2,240,095		463,393
Trust 345, Cl. 9, 49.689%, 1/1/34⁶		1,038,723		217,870
Trust 351, Cl. 10, 0.647%, 4/1/34⁶		469,477		79,174
Trust 351, Cl. 8, 6.632%, 4/1/34⁶		761,578		128,148
Trust 356, Cl. 10, 19.752%, 6/1/35⁶		629,581		106,056
Trust 356, Cl. 12, 22.259%, 2/1/35⁶		315,037		52,652
Trust 362, Cl. 13, 1.393%, 8/1/35⁶		381,834		65,204

				156,780,674
GNMA/Guaranteed—0.2%
Government National Mortgage Assn.:
2.125%, 12/9/25²		5,492		5,664
7%, 3/29/28-7/29/28		240,418		280,400
7.50%, 3/1/27		13,145		15,428
8%, 11/29/25-5/29/26		50,774		58,632
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates:
Series 1999-32, Cl. ZB, 8%, 9/16/29		998,403		1,217,960
Series 2000-12, Cl. ZA, 8%, 2/16/30		2,256,810		2,606,255
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 1998-19, Cl. SB, 69.433%, 7/16/28⁶		123,810		26,303
Series 1998-6, Cl. SA, 78.739%, 3/16/28⁶		73,246		15,993
Series 2001-21, Cl. SB, 89.25%, 1/16/27⁶		554,315		103,782
Series 2007-17, Cl. AI, 21.74%, 4/16/37⁶		656,014		114,892

				4,445,309

Other Agency—0.1%
NCUA Guaranteed Notes Trust 2010-C1, Gtd. Nts.:
Series 2010-C1, Cl. A1, 1.60%, 10/29/20		542,333		541,721
Series 2010-C1, Cl. A2, 2.90%, 10/29/20		805,000		804,707
NCUA Guaranteed Notes Trust 2010-R1, Gtd. Nts., Series 2010-R1, Cl. 1A, 0.64%, 10/7/20²		1,124,523		1,126,637

				2,473,065

Non-Agency—13.3%

Commercial—7.7%
Banc of America Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AM, 6.077%, 7/10/44²		4,192,000		4,255,339
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		6,063,165
Banc of America Commercial Mortgage Trust 2007-1, Commercial Mtg. Pass-Through Certificates, Series 2007-1, Cl. AMFX, 5.482%, 1/1/49		4,159,386		4,059,519
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		7,863,724
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2008-1, Cl. AM, 6.437%, 2/10/51²		3,415,000		3,420,719
Bear Stearns Commercial Mortgage Securities Trust 2006-PWR13, Commercial Mtg. Pass-Through Certificates, Series 2006-PWR13, Cl. AJ, 5.611%, 9/1/41		6,630,000		6,029,826
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, Commercial Mtg. Pass-Through Certificates:
Series 2007-PWR17, Cl. AJ, 6.138%, 6/1/50²		7,400,000		6,083,465
Series 2007-PWR17, Cl. AM, 5.915%, 6/1/50		2,330,000		2,322,351

10 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal
	Amount		Value
\| \|
Commercial Continued
CFCRE Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2011-C1, Cl. A1, 1.871%, 4/1/44¹	$	190,010	$	190,582
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35		3,366,570		3,136,918
CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 5.123%, 12/20/35²		176,854		138,918
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37		9,799,352		8,111,909
Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 5.823%, 12/1/49²		4,270,000		4,259,471
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A4, 5.322%, 12/1/49		955,000		1,014,668
DBUBS Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2011-LC1, Cl. E, 5.729%, 11/1/46^1,2		2,515,000		2,147,602
Deutsche Alt-A Securities, Inc., Mtg. Pass-Through Certificates, Series 2007-RS1, Cl. A2, 0.686%, 1/27/37^2,4		1,393,099		766,205
Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates:
Series 2006-AB2, Cl. A1, 5.885%, 6/25/36		219,058		171,677
Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		709,061		406,001
Deutsche Mortgage & Asset Receiving, Commercial Mtg.
Pass-Through Certificates, Series 2010-C1, Cl. A1, 3.156%, 7/1/46¹		720,908		726,764
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 2010-C1, Cl. XPA, 4.843%, 9/1/20^1,6		5,784,652		480,596
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		639,827		444,130
First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 5.925%, 11/1/37²		3,601,616		2,656,788
GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 7.116%, 5/15/30²		1,567,000		1,571,860
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2005-GG5, Commercial Mtg. Pass-Through Certificates, Series 2005-GG5, Cl. AM, 5.277%, 4/1/37		1,285,000		1,244,526
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2006-GG7, Commercial Mtg. Pass-Through Certificates:
Series 2006-GG7, Cl. AJ, 6.078%, 7/10/38²		6,150,000		5,622,856
Series 2006-GG7, Cl. AM, 6.078%, 7/1/38²		615,000		633,025
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		5,088,994
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations:
Series 2011-GC3, Cl. A1, 2.331%, 3/1/44		502,848		511,414
Series 2011-GC3, Cl. D, 5.728%, 3/1/44^1,2		3,130,000		2,870,223
GSR Mortgage Loan Trust 2005-AR4, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 6A1, 5.25%, 7/1/35		94,467		94,358
Impac CMB Trust Series 2005-4, Collateralized Asset-Backed Bonds, Series 2005-4, Cl. 1A1A, 0.726%, 5/25/35²		5,477,491		4,155,717
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 5.181%, 11/1/35²		1,712,228		1,268,343

11 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Commercial Continued
IndyMac Index Mortgage Loan Trust 2005-AR31, Mtg. Pass-Through Certificates, Series 2005-AR31, Cl. 2A2, 2.623%, 1/1/36^2,5	$	23,131	$	238
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates:
Series 2006-CIBC15, Cl. AM, 5.855%, 6/1/43		775,000		760,244
Series 2007-CB15, Cl. AJ, 5.502%, 6/1/47		8,281,000		6,671,160
Series 2007-CB18, Cl. A4, 5.44%, 6/1/47		2,315,000		2,477,473
Series 2007-CB18, Cl. AM, 5.466%, 6/1/47		6,400,000		6,227,416
Series 2008-C2, Cl. AM, 6.786%, 2/1/51²		4,990,000		4,603,807
Series 2010-C2, Cl. A2, 3.616%, 11/1/43¹		860,000		841,499
Series 2011-C3, Cl. A1, 1.875%, 2/1/46¹		554,567		559,009
JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, Commercial Mtg. Pass-Through Certificates, Series 2006-CIBC16, Cl. AJ, 5.623%, 5/1/45		2,175,000		1,806,403
JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP7, Commercial Mtg. Pass-Through Certificates, Series 2006-LDP7, 5.87%, 4/1/45²		120,000		124,548
JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB19, Commercial Mtg. Pass-Through Certificates, Series 2007-CB19, Cl. AM, 5.932%, 2/1/49²		6,465,000		6,282,342
JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDP11, Commercial Mtg. Pass-Through Certificates, Series 2007-LDP11, Cl. ASB, 5.817%, 6/1/49²		570,000		608,887
JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 5.518%, 1/1/37²		369,144		272,977
LB-UBS Commercial Mortgage Trust 2007-C2, Commercial Mtg. Pass-Through Certificates, Series 2007-C2, Cl. AM, 5.493%, 2/11/40		2,950,000		2,783,558
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		5,694,984
LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.148%, 4/11/41²		2,610,000		2,611,720
Lehman Structured Securities Corp., Mtg.-Backed Security, 6%, 5/1/29		85,444		17,439
Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34		278,053		284,843
Merrill Lynch Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.863%, 5/1/39²		3,845,000		3,561,644
ML-CFC Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AJ, 5.485%, 7/1/46		3,745,000		3,325,998
Morgan Stanley Capital I Trust 2006-IQ12, Commercial Mtg. Pass-Through Certificates, Series 2006-IQ12, Cl. AJ, 5.399%, 12/1/43		7,734,000		6,659,061
Morgan Stanley Capital I Trust 2007-IQ15, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ15, Cl. AM, 6/1/49²		5,875,000		5,613,894
Morgan Stanley Capital I Trust 2007-IQ16, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ16, Cl. AM, 6.313%, 12/1/49²		525,000		520,221
Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates, Series 2006-HQ10, Cl. AM, 5.36%, 11/1/41		8,500,000		8,576,939
RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 3.233%, 4/25/35²		121,750		18,626
Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36		765,320		531,339

12 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal
	Amount		Value

Commercial Continued
STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.823%, 2/1/37²	$	10,114,441	$	7,388,503
Structured Adjustable Rate Mortgage Loan Trust, Mtg. Pass-Through Certificates, Series 2007-6, Cl. 3A1, 5.244%, 7/1/37²		7,138,115		4,756,183
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		4,266,871
Wachovia Bank Commercial Mortgage Trust 2006-C25, Commercial Mtg. Pass-Through Certificates, Series 2006-C25, Cl. AJ, 5.924%, 5/1/43²		4,220,000		3,963,545
Wachovia Bank Commercial Mortgage Trust 2006-C28, Commercial Mtg. Pass-Through Certificates, Series 2006-C28, Cl. A4, 5.572%, 10/1/48		810,000		876,939
WaMu Mortgage Pass-Through Certificates 2006-AR15 Trust, Mtg. Pass-Through Certificates, Series 2006-AR15, Cl. 1A, 1.118%, 11/1/46²		1,240,620		822,633
WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 2.609%, 4/1/47²		878,744		501,642
Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 2.76%, 11/1/34²		1,055,996		125,080
Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.737%, 2/1/35²		3,973,862		3,697,188
Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 1A3, 2.802%, 4/25/36²		2,602,780		2,391,478
WFRBS Commercial Mortgage Trust 2011-C3, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 6.192%, 3/1/44⁶		6,155,000		584,409

				188,622,393

Multifamily—1.0%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2006-2, Cl. AJ, 5.959%, 5/1/45²		4,295,000		4,019,730
Citigroup Commercial Mortgage Trust 2006-C5, Commercial Mtg. Pass-Through Certificates, Series 2006-C5, Cl. AJ, 5.482%, 10/1/49		5,792,000		5,111,784
Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1A2A, 5.688%, 6/1/36²		6,580,424		5,770,437
JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, Commercial Mtg. Pass-Through Certificates, Series 2006-CIBC16, Cl. AM, 5.593%, 5/1/45		395,000		393,364
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 5.557%, 5/1/37²		5,176,461		4,498,942
Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005-AR15, Cl. 1A2, 5.047%, 9/1/35²		467,490		440,396
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.819%, 3/25/36²		3,465,837		2,934,494

				23,169,147

Other—0.1%
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A4, 5.444%, 3/1/39		2,315,000		2,486,534

Residential—4.5%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-4, Cl. AM, 5.997%, 2/1/51²		3,960,000		3,885,135
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.58%, 5/1/36²		2,025,000		1,854,279
Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 2.795%, 5/1/34²		3,216,550		2,727,018

13 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Residential Continued
Bear Stearns ARM Trust 2004-9, Mtg. Pass-Through Certificates, Series 2004-9, Cl. 23A1, 4.976%, 11/1/34²	$	1,210,119	$	1,188,567
Chase Mortgage Finance Trust 2007-A1, Multiclass Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 9A1, 3.022%, 2/1/37²		1,415,735		1,406,373
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35		6,343,933		5,586,322
CHL Mortgage Pass-Through Trust 2005-HYB7, Mtg. Pass-Through Certificates, Series 2005-HYB7, Cl. 6A1, 5.383%, 11/1/35²		7,288,857		5,412,971
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35		1,984,544		1,972,093
CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36		857,164		815,944
CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 2.981%, 6/1/47²		2,174,525		1,578,425
CHL Mortgage Pass-Through Trust 2007-HY4, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 1A1, 5.684%, 9/1/47²		1,986,845		1,356,532
Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 4.944%, 5/1/35²		2,613,362		2,242,825
Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 5.093%, 8/1/35²		5,351,787		4,215,972
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AMFX, 5.366%, 12/1/49		6,060,000		5,500,117
CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 2A1, 5.50%, 10/1/21		1,598,275		1,536,834
Countrywide Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl. 1A10, 6%, 2/1/37		10,678,245		7,713,051
Countrywide Alternative Loan Trust 2007-19, Mtg. Pass-Through Certificates, Series 2007-19, Cl. 1A4, 6%, 8/1/37		2,868,000		2,116,943
GSR Mortgage Loan Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 2A1, 2.783%, 5/1/34²		3,323,813		2,924,164
GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 4A1, 5.267%, 11/1/35²		3,507,074		2,825,264
GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36		1,351,726		1,299,711
JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36		314,004		277,898
LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.167%, 9/11/45²		10,430,000		10,276,239
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 4.946%, 10/25/36²		1,826,577		1,702,272
RALI Series 2006-QS13 Trust:
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36		2,040,928		1,236,032
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		40,795		24,707
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		1,002,688		624,828
Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35		3,577,681		3,002,235
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36		4,374,191		3,587,980

14 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal
	Amount			Value

Residential Continued
Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35	$	4,795,580		$	4,230,325
WaMu Mortgage Pass-Through Certificates 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2007-AR12, Cl. 1A8, 2.722%, 10/1/35²		2,531,824			2,159,585
WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 5.836%, 9/1/36²		1,283,836			1,072,736
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates:
Series 2007-HY1, Cl. 4A1, 2.671%, 2/1/37²		14,713,672			11,296,231
Series 2007-HY1, Cl. 5A1, 5.448%, 2/1/37²		8,816,041			7,059,203
WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 5.684%, 5/1/37²		1,182,641			1,037,085
Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust, Mtg. Pass-Through Certificates, Series 2005-AR16, Cl. 2A1, 2.756%, 10/1/35²		1,531,269			1,385,452
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.693%, 10/1/36²		3,963,365			3,506,220

					110,637,568
Total Mortgage-Backed

Obligations (Cost $491,272,148)					488,614,690

U.S. Government Obligations—3.3%
Federal Home Loan Mortgage Corp. Nts.:
1.125%, 7/27/12		17,545,000			17,690,641
2.50%, 5/27/16		1,000,000			1,026,287
5%, 2/16/17		6,500,000			7,425,990
5.125%, 11/17/17		4,000,000			4,596,468
Federal National Mortgage Assn. Nts.:
1.125%, 7/30/12		16,180,000			16,322,109
2.375%, 4/11/16		1,000,000			1,021,505
4.375%, 10/15/15⁸		4,000,000			4,435,264
4.875%, 12/15/16		1,000,000			1,135,414
5.375%, 6/12/17		6,500,000			7,571,064
U.S. Treasury Bills, 0.101%, 12/1/11^8,9		16,800,000			16,795,716
U.S. Treasury Bonds, STRIPS, 4.833%, 2/15/16^9,10		2,116,000			1,958,809

Total U.S. Government Obligations (Cost $78,959,611)					79,979,267

Foreign Government Obligations—22.5%
Argentina—0.7%
Argentina (Republic of) Bonds:
2.50%, 12/31/38²		4,155,000			1,817,813
7%, 10/3/15		10,135,000			9,847,279
Argentina (Republic of) Sr. Unsec. Bonds, Series X, 7%, 4/17/17		3,600,000			3,311,100
Provincia de Buenos Aires Sr. Unsec. Unsub. Nts., 10.875%, 1/26/21¹		1,675,000			1,566,125

					16,542,317

Australia—0.3%
Australia (Commonwealth of) Sr. Unsec. Bonds:
Series 119, 6.25%, 4/15/15		290,000	AUD		326,532
Series 120, 6%, 2/15/17		850,000	AUD		959,254
New South Wales Treasury Corp. Sr. Unsec. Unsub. Nts., Series 16, 6%, 4/1/16		3,610,000	AUD		3,986,588
Queensland Treasury Corp. Sr. Unsec. Unsub. Nts., Series 16, 6%, 4/21/16		895,000	AUD		984,556

					6,256,930

Austria—0.1%
Austria (Republic of) Bonds, 4.35%, 3/15/19¹		730,000	EUR		1,135,386
Austria (Republic of) Sr. Unsec. Unsub. Bonds, Series 2, 4.65%, 1/15/18		585,000	EUR		928,009

					2,063,395

Belgium—0.1%
Belgium (Kingdom of) Bonds, Series 52, 4%, 3/28/18		1,550,000	EUR		2,285,422
Belgium (Kingdom of) Sr. Bonds, Series 40, 5.50%, 9/28/17		455,000	EUR		725,514

					3,010,936
Brazil—2.6%
Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.:
10%, 1/1/17		61,453,000	BRR		35,708,814
10%, 1/1/21		33,538,000	BRR		18,793,335

15 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Brazil Continued
Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.: Continued
12.065%, 5/15/45¹¹		6,470,000	BRR	$	8,601,037

					63,103,186
Canada—0.3%
Canada (Government of) Nts.:
3%, 12/1/15		4,545,000	CAD		4,865,216
3.75%, 6/1/19		1,225,000	CAD		1,348,586
4%, 6/1/17		1,775,000	CAD		1,988,361

					8,202,163
Colombia—0.6%
Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28¹		3,058,000,000	COP		2,183,644
Colombia (Republic of) Bonds, 7.375%, 9/18/37		2,715,000			3,434,475
Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19		1,980,000			2,477,970
Colombia (Republic of) Sr. Unsec. Bonds, 6.125%, 1/18/41		4,085,000			4,462,863
Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17		1,340,000			1,650,880

					14,209,832

Denmark—0.0%
Denmark (Kingdom of) Bonds, 4%, 11/15/19		4,555,000	DKK		947,670
Dominican Republic—0.1%
Dominican Republic Bonds, 7.50%, 5/6/21¹		1,700,000			1,776,500
Finland—0.0%
Finland (Republic of) Sr. Unsec. Unsub. Nts., 3.875%, 9/15/17		470,000	EUR		720,656
France—0.0%
France (Government of) Bonds, 4%, 4/25/60		385,000	EUR		530,217
Germany—0.7%
Germany (Federal Republic of) Bonds:
0.50%, 6/15/12		1,365,000	EUR		1,962,296
3.50%, 7/4/19		2,785,000	EUR		4,240,883
Series 07, 4.25%, 7/4/39		915,000	EUR		1,435,506
Series 08, 4.25%, 7/4/18		3,070,000	EUR		4,899,984
Series 157, 2.25%, 4/10/15		2,940,000	EUR		4,297,747

					16,836,416

Ghana—0.1%
Ghana (Republic of) Bonds, 8.50%, 10/4/17¹		1,375,000			1,560,625

Greece—0.2%
Hellenic Republic Sr. Unsec. Unsub. Bonds, 30 yr.:
4.50%, 9/20/37		5,095,000	EUR		3,202,939
4.60%, 9/20/40		1,745,000	EUR		1,072,184

					4,275,123

Hungary—1.8%
Hungary (Republic of) Bonds:
Series 16/C, 5.50%, 2/12/16		848,300,000	HUF		4,368,695
Series 17/B, 6.75%, 2/24/17		2,541,200,000	HUF		13,532,669
Series 19/A, 6.50%, 6/24/19		1,981,000,000	HUF		10,225,866
Series 20/A, 7.50%, 11/12/20		1,308,000,000	HUF		7,182,425
Hungary (Republic of) Sr. Unsec. Bonds, 7.625%, 3/29/41		1,500,000			1,625,625
Hungary (Republic of) Sr. Unsec. Unsub. Nts., 6.375%, 3/29/21		5,865,000			6,216,900

					43,152,180

Indonesia—0.9%
Indonesia (Republic of) Nts., 6.875%, 1/17/18¹		5,270,000			6,192,250
Indonesia (Republic of) Sr. Unsec. Bonds, 4.875%, 5/5/21¹		3,730,000			3,837,238
Indonesia (Republic of) Sr. Unsec. Nts., 7.75%, 1/17/38¹		5,235,000			6,589,556
Indonesia (Republic of) Sr. Unsec. Unsub. Bonds, 6.625% 2/17/37¹		1,360,000			1,519,800
Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35¹		2,030,000			2,740,500

					20,879,344

Italy—0.4%
Italy (Republic of) Bonds:
3.75%, 3/1/21		1,860,000	EUR		2,499,758
4%, 9/1/20		2,590,000	EUR		3,582,401
5%, 9/1/40		800,000	EUR		1,062,965
Italy (Republic of) Treasury Bonds, 3.75%, 12/15/13		2,665,000	EUR		3,899,534

					11,044,658

Ivory Coast—0.0%
Ivory Coast (Republic of) Sr. Unsec. Bonds, 2.50%, 12/31/32^1,3		415,000			220,988

Japan—2.7%
Japan (Government of) Bonds, 20 yr., Series 112, 2.10%, 6/20/29		989,000,000	JPY		12,843,462
Japan (Government of) Sr. Unsec. Unsub. Bonds:
2 yr., Series 304, 0.20%, 5/15/13		970,000,000	JPY		12,055,785
5 yr., Series 91, 0.40%, 9/20/15		1,213,000,000	JPY		15,093,695
5 yr., Series 96, 0.50%, 3/20/16		1,341,000,000	JPY		16,727,578

16 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal
	Amount			Value

Japan Continued
Japan (Government of) Sr. Unsec. Unsub. Bonds: Continued
10 yr., Series 307, 1.30%, 3/20/20		659,000,000	JPY	$	8,429,085

					65,149,605
Korea, Republic of South—1.1%
Korea (Republic of) Sr. Unsec. Bonds, Series 2006, 5%, 6/10/20		11,491,000,000	KRW		11,356,442
Korea (Republic of) Sr. Unsec. Monetary Stabilization Bonds:
Series 1208, 3.81%, 8/2/12		10,222,000,000	KRW		9,588,181
Series 1210, 3.28%, 10/2/12		4,948,000,000	KRW		4,610,888
Korea (Republic of) Sr. Unsec. Unsub. Nts., 5.125%, 12/7/16		1,635,000			1,804,739

					27,360,250

Malaysia—0.4%
Malaysia (Government of) Sr. Unsec. Bonds:
Series 1/06, 4.262%, 9/15/16		3,060,000	MYR		1,048,288
Series 0309, 2.711%, 2/14/12		20,900,000	MYR		6,927,587
Wakala Global Sukuk Bhd Bonds, 4.646%, 7/6/21^4,7		2,060,000			2,056,467

					10,032,342

Mexico—1.9%
United Mexican States Bonds:
5.625%, 1/15/17		1,220,000			1,392,630
Series M, 6.50%, 6/10/21²		58,270,000	MXN		4,808,090
Series M20, 7.50%, 6/3/27²		129,280,000	MXN		10,961,599
Series M10, 7.75%, 12/14/17		11,820,000	MXN		1,080,876
Series M10, 8%, 12/17/15		44,000,000	MXN		4,030,623
Series M20, 8.50%, 5/31/29²		26,500,000	MXN		2,433,894
Series M20, 10%, 12/5/24²		181,400,000	MXN		19,132,002
United Mexican States Nts., 6.75%, 9/27/34		610,000			712,175
United Mexican States Sr. Nts., 5.75%, 10/12/2110		1,170,000			1,096,875

					45,648,764

Norway—0.0%
Norway (Kingdom of) Bonds, Series 471, 5%, 5/15/15		1,515,000	NOK		304,876
Panama—0.3%
Panama (Republic of) Bonds:
7.25%, 3/15/15		2,740,000			3,241,420
8.875%, 9/30/27		110,000			156,475
9.375%, 4/1/29		1,100,000			1,639,000
Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26		1,175,000			1,454,063

					6,490,958

Peru—0.4%
Peru (Republic of) Sr. Unsec. Nts., 7.84%, 8/12/20¹		20,980,000	PEN		8,425,727
Peru (Republic of) Sr. Unsec. Unsub. Bonds, 5.625%, 11/18/50¹		410,000			388,475

					8,814,202

Philippines—0.0%
Philippines (Republic of the) Sr. Unsec. Unsub. Nts., 4.95%, 1/15/21		40,000,000	PHP		923,161
Poland—1.3%
Poland (Republic of) Bonds:
Series 0415, 5.50%, 4/25/15		2,145,000	PLZ		793,730
Series 0416, 5%, 4/25/16		53,215,000	PLZ		19,261,975
Series 1015, 6.25%, 10/24/15		16,725,000	PLZ		6,337,670
Series 1017, 5.25%, 10/25/17		570,000	PLZ		206,125
Poland (Republic of) Sr. Unsec. Nts.:
5.125%, 4/21/21		3,240,000			3,357,450
6.375%, 7/15/19		2,085,000			2,387,325

					32,344,275

Qatar—0.1%
Qatar (State of) Sr. Nts., 5.25%, 1/20/20¹		1,595,000			1,708,245
Qatar (State of) Sr. Unsec. Nts., 6.40%, 1/20/40¹		750,000			832,500

					2,540,745

Russia—0.1%
Russian Federation Bonds, 5%, 4/29/20¹		1,250,000			1,295,313
South Africa—1.9%
South Africa (Republic of) Bonds:
5.50%, 3/9/20		1,795,000			1,970,013
Series R209, 6.25%, 3/31/36		37,950,000	ZAR		4,145,888
Series R208, 6.75%, 3/31/21		33,370,000	ZAR		4,382,461
Series R213, 7%, 2/28/31		27,100,000	ZAR		3,328,072
Series R207, 7.25%, 1/15/20		115,470,000	ZAR		15,863,592
Series R204, 8%, 12/21/18		44,800,000	ZAR		6,517,519
Series R186, 10.50%, 12/21/26		62,200,000	ZAR		10,655,814

					46,863,359

Spain—0.2%
Spain (Kingdom of) Bonds, 5.50%, 7/30/17		420,000	EUR		630,847
Spain (Kingdom of) Sr. Unsub. Bonds, 4.10%, 7/30/18		3,330,000	EUR		4,582,746

					5,213,593

17 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Sri Lanka—0.1%
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts., 6.25%, 10/4/20¹	$	1,330,000		$	1,336,650
Sweden—0.0%
Sweden (Kingdom of) Bonds, Series 1051, 3.75%, 8/12/17		4,560,000	SEK		760,908
The Netherlands—0.1%
Netherlands (Kingdom of the) Bonds:
4%, 7/15/18		1,390,000	EUR		2,143,909
4%, 7/15/19		435,000	EUR		672,050

					2,815,959

Turkey—1.0%
Turkey (Republic of) Bonds:
6.875%, 3/17/36		2,645,000			2,922,725
7%, 3/11/19		1,360,000			1,570,800
8.68%, 2/20/13¹⁰		17,180,000	TRY		9,178,947
10.50%, 1/15/20²		1,120,000	TRY		735,280
11%, 8/6/14		6,590,000	TRY		4,271,522
Series CPI, 14.419%, 8/14/13²		2,200,000	TRY		2,002,851
Turkey (Republic of) Nts., 7.50%, 7/14/17		1,780,000			2,100,400
Turkey (Republic of) Unsec. Nts., 6%, 1/14/41		2,440,000			2,391,200

					25,173,725

Ukraine—0.5%
City of Kyiv Via Kyiv Finance plc Sr. Unsec. Bonds, 9.375%, 7/11/16^4,7		985,000			985,000
Financing of Infrastructural Projects State Enterprise Gtd. Nts., 8.375%, 11/3/17¹		1,980,000			2,079,000
Ukraine (Republic of) Bonds, 7.75%, 9/23/20¹		2,010,000			2,090,400
Ukraine (Republic of) Sr. Unsec. Nts.:
6.25%, 6/17/16¹		2,470,000			2,467,530
6.75%, 11/14/17¹		510,000			517,013
7.95%, 2/23/21¹		3,745,000			3,922,888

					12,061,831

United Kingdom—0.3%
United Kingdom Treasury Bonds:
2.25%, 3/7/14		1,180,000	GBP		1,946,910
4.75%, 3/7/20		2,105,000	GBP		3,764,692
4.75%, 12/7/38		1,615,000	GBP		2,800,220

					8,511,822

Uruguay—0.4%
Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36		2,325,000			2,941,125
Uruguay (Oriental Republic of) Sr. Nts., 6.875%, 9/28/25		1,950,000			2,379,000
Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22		3,615,000			4,695,885

					10,016,010

Venezuela—0.8%
Venezuela (Republic of) Bonds, 9%, 5/7/23		2,800,000			2,037,000
Venezuela (Republic of) Nts.:
8.25%, 10/13/24		1,160,000			794,600
8.50%, 10/8/14		1,875,000			1,720,313
Venezuela (Republic of) Sr. Unsec. Unsub. Nts.:
7.75%, 10/13/19		4,635,000			3,371,963
12.75%, 8/23/22		390,000			351,000
Venezuela (Republic of) Unsec. Bonds:
7%, 3/31/38		2,860,000			1,673,100
7.65%, 4/21/25		5,725,000			3,735,563
9.375%, 1/13/34		2,040,000			1,463,700
Venezuela (Republic of) Unsec. Nts., 13.625%, 8/15/18¹		5,465,000			5,178,088

					20,325,327

Total Foreign Government Obligations (Cost $517,865,298)					549,316,811

Loan Participations—0.4%
Brock Holdings III, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 2/15/18^2,7		620,000			635,500
Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan, Tranche B, 4.655%, 10/19/15^2,12		10,040,515			7,053,461
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 12.50%, 7/31/15		3,186,875			3,401,989

Total Loan Participations (Cost $9,705,536)					11,090,950

Corporate Bonds and Notes—28.6%
Consumer Discretionary—4.3%
Auto Components—0.4%
Goodyear Tire & Rubber Co. (The), 8.25% Sr. Unsec. Unsub. Nts., 8/15/20		2,190,000			2,376,150
Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/17⁴		5,172,000			5,598,690

18 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal
	Amount		Value

Auto Components Continued
Visteon Corp., 6.75% Sr. Nts., 4/15/19¹	$	2,470,000	$	2,395,900

				10,370,740

Hotels, Restaurants & Leisure—1.4%
Grupo Posadas SAB de CV, 9.25% Sr. Unsec. Nts., 1/15/15¹		1,285,000		1,265,725
Harrah’s Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18		10,027,000		9,099,503
HOA Restaurants Group LLC/HOA Finance Corp., 11.25% Sr. Sec. Nts., 4/1/17¹		2,635,000		2,661,350
Isle of Capri Casinos, Inc.:
7% Sr. Unsec. Sub. Nts., 3/1/14		975,000		971,344
7.75% Sr. Unsec. Nts., 3/15/19¹		2,715,000		2,755,725
Landry’s Restaurants, Inc., 11.625% Sr. Sec. Nts., 12/1/15		2,500,000		2,687,500
MGM Mirage, Inc.:
5.875% Sr. Nts., 2/27/14		1,885,000		1,821,381
6.625% Sr. Unsec. Nts., 7/15/15		3,885,000		3,661,613
Mohegan Tribal Gaming Authority, 8% Sr. Sub. Nts., 4/1/12		4,070,000		3,317,050
Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/19		1,550,000		1,693,375
Premier Cruise Ltd., 11% Sr. Nts., 3/15/08^3,4		250,000		—
Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14³		10,465,000		—
Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16		2,545,000		2,201,425
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 7.75% Sec. Nts., 8/15/20		1,555,000		1,696,894

				33,832,885

Household Durables—0.3%
Beazer Homes USA, Inc.:
6.875% Sr. Unsec. Nts., 7/15/15		995,000		888,038
9.125% Sr. Nts., 5/15/19¹		2,825,000		2,443,625
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:
8.50% Sr. Nts., 5/15/18¹		995,000		982,563
9% Sr. Nts., 4/15/19¹		1,635,000		1,622,738

				5,936,964

Leisure Equipment & Products—0.3%
Eastman Kodak Co., 9.75% Sr. Sec. Nts., 3/1/18¹		8,525,000		8,184,000

Media—1.7%
Affinion Group Holdings, Inc., 11.625% Sr. Nts., 11/15/15¹		1,770,000		1,778,850
Affinion Group, Inc., 7.875% Sr. Nts., 12/15/18¹		3,055,000		2,871,700
Belo (A.H.) Corp.:
7.25% Sr. Unsec. Unsub. Bonds, 9/15/27		465,000		417,338
7.75% Sr. Unsec. Unsub. Debs., 6/1/27		2,983,000		2,811,478
CCO Holdings LLC/CCO Holdings Capital Corp.:
7% Sr. Nts., 1/15/19¹		480,000		495,600
7% Sr. Unsec. Unsub. Nts., 1/15/19		320,000		331,200
Cengage Learning Acquisitions, Inc., 10.50% Sr. Nts., 1/15/15¹		4,855,000		4,418,050
Cequel Communications Holdings I LLC, 8.625% Sr. Unsec. Nts., 11/15/17¹		2,350,000		2,455,750
Clear Channel Communications, Inc.:
9% Sr. Nts., 3/1/21¹		1,200,000		1,155,000
10.75% Sr. Unsec. Unsub. Nts., 8/1/16		2,470,000		2,241,525
Cumulus Media, Inc., 7.75% Sr. Nts., 5/1/19¹		1,230,000		1,193,100
DISH DBS Corp., 6.75% Sr. Unsec. Nts., 6/1/21¹		1,080,000		1,112,400
Entravision Communications Corp., 8.75% Sr. Sec. Nts., 8/1/17		1,130,000		1,175,200
Gray Television, Inc., 10.50% Sr. Sec. Nts., 6/29/15		4,245,000		4,436,025
Interactive Data Corp., 10.25% Sr. Nts., 8/1/18⁴		965,000		1,063,913
Kabel BW Erste Beteiligungs GmbH/Kabel Baden-Wurttemberg GmbH & Co. KG, 7.50% Sr. Sec. Nts., 3/15/19¹		1,595,000		1,634,875
Newport Television LLC/NTV Finance Corp., 13.509% Sr. Nts., 3/15/17^1,12		2,381,531		2,476,792
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc., 8.875% Sec. Nts., 4/15/17		1,850,000		1,956,375
Sinclair Television Group, Inc., 8.375% Sr. Unsec. Nts., 10/15/18		2,505,000		2,642,775
Univision Communications, Inc., 7.875% Sr. Sec. Nts., 11/1/20¹		695,000		715,850
VimpelCom Holdings BV, 7.504% Sr. Unsec. Unsub. Nts., 3/1/22¹		2,055,000		2,067,330
Visant Corp., 10% Sr. Unsec. Nts., 10/1/17		1,135,000		1,180,400

				40,631,526

19 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Specialty Retail—0.1%
Limited Brands, Inc., 6.625% Sr. Nts., 4/1/21	$	2,320,000		$	2,383,800
Textiles, Apparel & Luxury Goods—0.1%
Jones Group, Inc. (The)/Jones Apparel Group Holdings, Inc./ Jones Apparel Group USA, Inc./ JAG Footwear, Accessories & Retail Corp., 6.875% Sr. Unsec. Unsub. Nts., 3/15/19		2,390,000			2,318,300
Consumer Staples—1.0%
Beverages—0.1%
AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/17²		2,080,000	BRR		1,355,329
Food & Staples Retailing—0.1%
Cencosud SA, 5.50% Sr. Unsec. Nts., 1/20/21¹		2,065,000			2,075,325
Real Time Data Co., 11% Nts., 5/31/09^3,4,12		142,981			—

					2,075,325

Food Products—0.8%
American Seafoods Group LLC, 10.75% Sr. Sub. Nts., 5/15/16¹		3,680,000			3,900,800
ASG Consolidated LLC, 15% Sr. Nts., 5/15/17^1,12		4,665,812			4,969,090
Blue Merger Sub, Inc., 7.625% Sr. Nts., 2/15/19¹		2,705,000			2,745,575
Bumble Bee Acquisition Corp., 9% Sr. Sec. Nts., 12/15/17¹		2,275,000			2,297,750
MHP SA, 10.25% Sr. Unsec. Nts., 4/29/15¹		3,798,000			4,077,913
Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/15⁴		2,465,000			2,699,175

					20,690,303

Energy—4.5%
Energy Equipment & Services—0.4%
Forbes Energy Services Ltd., 9% Sr. Unsec. Nts., 6/15/19¹		1,695,000			1,678,050
Global Geophysical Services, Inc., 10.50% Sr. Unsec. Nts., 5/1/17		2,200,000			2,321,000
Offshore Group Investments Ltd.:
11.50% Sr. Sec. Nts., 8/1/15		2,565,000			2,802,263
11.50% Sr. Sec. Nts., 8/1/15¹		565,000			617,263
Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20		2,295,000			2,329,425

					9,748,001

Oil, Gas & Consumable Fuels—4.1%
Afren plc, 11.50% Sr. Sec. Nts., 2/1/16¹		1,705,000			1,884,025
Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/15¹		1,500,000			1,650,000
Antero Resources Finance Corp., 9.375% Sr. Unsec. Nts., 12/1/17		2,955,000			3,191,400
ATP Oil & Gas Corp., 11.875% Sr. Sec. Nts., 5/1/15		4,420,000			4,508,400
Breitburn Energy Partners LP/ Breitburn Finance Corp., 8.625% Sr. Unsec. Nts., 10/15/20		2,805,000			2,973,300
Chaparral Energy, Inc., 9.875% Sr. Unsec. Nts., 10/1/20		2,715,000			2,945,775
Empresa Nacional del Petroleo, 5.25% Unsec. Nts., 8/10/20¹		815,000			829,796
Gaz Capital SA:
7.288% Sr. Sec. Nts., 8/16/37¹		5,105,000			5,589,975
8.146% Sr. Sec. Nts., 4/11/18¹		2,680,000			3,165,750
8.625% Sr. Sec. Nts., 4/28/34¹		1,680,000			2,111,760
9.25% Sr. Unsec. Unsub. Nts., 4/23/19¹		3,175,000			3,980,656
James River Coal Co., 7.875% Sr. Nts., 4/1/19¹		640,000			636,800
KazMunayGaz National Co., 6.375% Sr. Unsec. Bonds, 4/9/21¹		1,775,000			1,887,890
KMG Finance Sub BV:
7% Sr. Unsec. Bonds, 5/5/20¹		1,150,000			1,272,360
9.125% Sr. Unsec. Unsub. Nts., 7/2/18¹		3,580,000			4,429,892
Linn Energy LLC/Linn Energy Finance Corp., 8.625% Sr. Unsec. Nts., 4/15/20		3,950,000			4,305,500
Lukoil International Finance BV:
6.125% Sr. Unsec. Nts., 11/9/20¹		3,560,000			3,689,050
6.656% Sr. Unsec. Unsub. Bonds, 6/7/22¹		610,000			645,838
7.25% Sr. Unsec. Unsub. Nts., 11/5/19¹		595,000			664,080
MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/21¹		3,195,000			3,222,956
Murray Energy Corp., 10.25% Sr. Sec. Nts., 10/15/15¹		5,450,000			5,749,750
Nak Naftogaz Ukraine, 9.50% Unsec. Nts., 9/30/14		4,360,000			4,801,450
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/21¹		1,190,000			1,261,400
Pemex Project Funding Master Trust:
6.625% Sr. Unsec. Unsub. Nts., 6/15/38		680,000			716,483
6.625% Unsec. Unsub. Bonds, 6/15/35		4,465,000			4,728,542

20 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal
	Amount			Value

Oil, Gas & Consumable Fuels Continued
Pertamina PT (Persero):
5.25% Nts., 5/23/21¹	$	2,250,000		$	2,277,000
6.50% Sr. Unsec. Nts., 5/27/41¹		995,000			990,025
Petrobras International Finance Co.:
5.75% Sr. Unsec. Unsub. Nts., 1/20/20		1,120,000			1,199,639
7.875% Sr. Unsec. Nts., 3/15/19		1,590,000			1,932,270
Petroleos de Venezuela SA, 8.50% Sr. Nts., 11/2/17		3,265,000			2,437,323
Petroleos Mexicanos:
5.50% Sr. Unsec. Unsub. Nts., 1/21/21		1,650,000			1,738,275
6% Sr. Unsec. Unsub. Nts., 3/5/20		1,380,000			1,521,450
Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/19¹		2,380,000			2,885,750
PT Adaro Indonesia, 7.625% Nts., 10/22/19¹		2,060,000			2,296,900
Quicksilver Resources, Inc., 11.75% Sr. Nts., 1/1/16		2,300,000			2,645,000
Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19		1,230,000			1,340,700
SandRidge Energy, Inc.:
8.75% Sr. Unsec. Nts., 1/15/20		2,925,000			3,129,750
9.875% Sr. Unsec. Nts., 5/15/16¹		1,290,000			1,422,225
Tengizchevroil LLP, 6.124% Nts., 11/15/14¹		934,849			997,951
Venoco, Inc., 8.875% Sr. Unsec. Nts., 2/15/19¹		1,375,000			1,381,875

					99,038,961

Financials—5.2%
Capital Markets—1.1%
Banco de Credito del Peru, 9.75% Jr. Sub. Nts., 11/6/69⁴		800,000			896,000
Berry Plastics Holding Corp., 10.25% Sr. Unsec. Sub. Nts., 3/1/16		900,000			879,750
Credit Suisse First Boston International, 6.80% Export-Import Bank of Ukraine Nts., 10/4/12		830,000			854,900
Edgen Murray Corp., 12.25% Sr. Sec. Nts., 1/15/15		1,420,000			1,437,750
Nationstar Mortgage LLC/Nationstar Capital Corp., 10.875% Sr. Nts., 4/1/15¹		6,440,000			6,729,800
Nuveen Investments, Inc.:
5.50% Sr. Unsec. Nts., 9/15/15		1,095,000			966,338
10.50% Sr. Unsec. Unsub. Nts., 11/15/15		2,565,000			2,635,538
Pinafore LLC/Pinafore, Inc., 9% Sr. Sec. Nts., 10/1/18¹		2,940,000			3,182,550
Springleaf Finance Corp., 6.90% Nts., Series J, 12/15/17		2,510,000			2,315,475
Verso Paper Holdings LLC, 11.375% Sr. Unsec. Sub. Nts., Series B, 8/1/16		5,310,000			4,951,575
Verso Paper Holdings LLC/ Verso Paper, Inc., 8.75% Sr. Sec. Nts., 2/1/19¹		2,495,000			2,233,025

					27,082,701

Commercial Banks—2.3%
Akbank TAS, 5.125% Sr. Unsec. Nts., 7/22/15¹		2,050,000			2,050,000
Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/17¹		1,610,000			1,698,550
Banco BMG SA:
9.15% Nts., 1/15/16¹		2,660,000			2,819,600
9.95% Unsec. Unsub. Nts., 11/5/19¹		1,150,000			1,216,125
Banco Cruzeiro do Sul SA, 8.25% Sr. Unsec. Nts., 1/20/16¹		830,000			817,550
Banco de Credito del Peru:
5.375% Sr. Nts., 9/16/20¹		480,000			459,600
6.95% Sub. Nts., 11/7/21^1,2		1,510,000			1,570,400
Banco do Brasil SA, 8.50% Jr. Sub. Perpetual Bonds^1,13		1,195,000			1,389,188
Banco do Brasil SA (Cayman), 6% Sr. Unsec. Nts., 1/22/20¹		955,000			1,031,400
Banco PanAmericano SA, 8.50% Sr. Unsec. Sub. Nts., 4/23/20¹		900,000			992,250
Banco Votorantim SA, 5.25% Sr. Unsec. Unsub. Nts., 2/11/16¹		830,000			845,604
Bancolombia SA, 4.25% Sr. Unsec. Nts., 1/12/16¹		1,630,000			1,646,300
Bank of Scotland plc:
4.375% Sr. Sec. Nts., 7/13/16		2,050,000	EUR		3,046,767
4.50% Sr. Sec. Nts., 7/13/21		1,404,000	EUR		2,005,964
BOM Capital plc, 6.699% Sr. Unsec. Nts., 3/11/15¹		3,310,000			3,462,922
CIT Group, Inc., 7% Sec. Bonds, 5/2/17¹		1,625,000			1,625,000
Halyk Savings Bank of Kazakhstan JSC:
7.25% Unsec. Unsub. Nts., 5/3/17¹		710,000			720,650
9.25% Sr. Nts., 10/16/13¹		8,420,000			9,219,900
ICICI Bank Ltd.:
5.50% Sr. Unsec. Nts., 3/25/15¹		3,050,000			3,204,412
6.375% Bonds, 4/30/22^1,2		3,060,000			2,998,800
Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/04^3,4		90,000			—
PrivatBank JSC/UK SPV Credit Finance plc, 8% Sr. Sec. Nts., 2/6/12¹		1,240,000			1,252,722

21 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Commercial Banks Continued
Salisbury International Investments Ltd., 4.424% Sec. Nts., Series 2006-003, Tranche E, 7/22/11^2,4	$	1,100,000		$	1,079,540
Turkiye Is Bankasi (Isbank), 5.10% Sr. Unsec. Nts., 2/1/16¹		1,240,000			1,227,061
VEB Finance Ltd., 6.902% Sr. Unsec. Unsub. Nts., 7/9/20¹		3,530,000			3,773,923
VTB Capital SA:
6.315% Nts., 2/22/18¹		2,080,000			2,137,195
6.465% Sr. Sec. Unsub. Nts., 3/4/15¹		1,560,000			1,657,812
6.551% Sr. Unsec. Nts., 10/13/20¹		1,185,000			1,208,700

					55,157,935

Consumer Finance—0.2%
JSC Astana Finance, 9.16% Nts., 3/14/12³		7,200,000			781,920
Speedy Cash, Inc., 10.75% Sr. Sec. Nts., 10/15/18¹		1,540,000			1,582,350
TMX Finance LLC/TitleMax Finance Corp., 13.25% Sr. Sec. Nts., 7/15/15		2,410,000			2,717,275

					5,081,545

Diversified Financial Services—0.6%
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26⁴		2,809,723			2,655,188
BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17		410,000	EUR		597,750
Banco Invex SA, 29.368% Mtg.-Backed Certificates, Series 062U, 3/13/34^2,11		4,830,734	MXN		685,304
BM&F BOVESPA SA, 5.50% Sr. Unsec. Nts., 7/16/20¹		835,000			868,818
GMAC LLC, 8% Sr. Unsec. Nts., 11/1/31		1,260,000			1,370,250
ING Groep NV, 5.775% Jr. Unsec. Sub. Perpetual Bonds¹³		2,935,000			2,714,875
JPMorgan Hipotecaria su Casita:
7.812% Sec. Nts., 8/26/35^2,4		5,808,600	MXN		547,508
27.787% Mtg.-Backed Certificates, Series 06U, 9/25/35²		1,760,363	MXN		289,443
Korea Development Bank (The), 4% Sr. Unsec. Unsub. Nts., 9/9/16		1,465,000			1,504,715
Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97^1,14		6,360,000			4,064,638

					15,298,489

Insurance—0.1%
International Lease Finance Corp., 8.75% Sr. Unsec. Unsub. Nts., 3/15/17²		1,475,000			1,616,969

Real Estate Investment Trusts—0.4%
FelCor Escrow Holdings LLC, 6.75% Sr. Sec. Nts., 6/1/19¹		6,160,000			5,944,400
OMEGA Healthcare Investors, Inc., 6.75% Sr. Unsec. Nts., 10/15/22¹		2,470,000			2,448,388

					8,392,788

Real Estate Management & Development—0.3%
Country Garden Holdings Co., 11.125% Sr. Unsec. Nts., 2/23/18¹		1,665,000			1,723,275
Realogy Corp., 11.50% Sr. Unsec. Unsub. Nts., 4/15/17		4,355,000			4,442,100
Wallace Theater Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/13^1,2		2,230,000			2,190,975

					8,356,350

Thrifts & Mortgage Finance—0.2%
Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16¹		785,000			820,325
WM Covered Bond Program:
4% Sec. Mtg. Nts., Series 2, 9/27/16		2,705,000	EUR		3,986,158
4.375% Sec. Nts., 5/19/14		345,000	EUR		516,639

					5,323,122

Health Care—1.1%
Biotechnology—0.0%
Grifols SA/Giant Funding Corp., 8.25% Sr. Nts., 2/1/18¹		800,000			838,000

Health Care Equipment & Supplies—0.3%
Accellent, Inc., 10% Sr. Unsec. Sub. Nts., 11/1/17		2,305,000			2,270,425
Alere, Inc., 8.625% Sr. Unsec. Sub. Nts., 10/1/18		1,030,000			1,055,750
Biomet, Inc., 11.625% Sr. Unsec. Sub. Nts., 10/15/17		1,911,000			2,125,988
DJO Finance LLC/DJO Finance Corp., 9.75% Sr. Sub. Nts., 10/15/17¹		735,000			749,700
Inverness Medical Innovations, Inc., 7.875% Sr. Unsec. Unsub. Nts., 2/1/16		1,045,000			1,086,800

					7,288,663

Health Care Providers & Services—0.6%
Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/15¹²		1,593,400			1,601,367
Gentiva Health Services, Inc., 11.50% Sr. Unsec. Unsub. Nts., 9/1/18		2,405,000			2,549,300
inVentiv Health, Inc., 10% Sr. Unsec. Nts., 8/15/18¹		1,320,000			1,296,900
Kindred Healthcare, Inc., 8.25% Sr. Nts., 6/1/19¹		3,080,000			3,080,000

22 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal
	Amount		Value

Health Care Providers & Services Continued
Multiplan, Inc., 9.875% Sr. Nts., 9/1/18¹	$	1,920,000	$	2,049,600
Oncure Holdings, Inc., 11.75% Sr. Sec. Nts., 5/15/17		1,130,000		1,172,375
Radiation Therapy Services, Inc., 9.875% Sr. Unsec. Sub. Nts., 4/15/17		1,205,000		1,209,519
STHI Holding Corp., 8% Sec. Nts., 3/15/18¹		795,000		810,900
US Oncology, Inc., Escrow Shares (related to 9.125% Sr. Sec. Nts., 8/15/17⁾		1,730,000		38,925
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18		1,595,000		1,654,813

				15,463,699

Health Care Technology—0.0%
MedAssets, Inc., 8% Sr. Nts., 11/15/18¹		305,000		303,475

Pharmaceuticals—0.2%
Mylan, Inc., 6% Sr. Nts., 11/15/18¹		810,000		827,213
Valeant Pharmaceuticals International, Inc., 6.875% Sr. Unsec. Nts., 12/1/18¹		765,000		753,525
Warner Chilcott Co. LLC, 7.75% Sr. Nts., 9/15/18¹		2,320,000		2,351,900

				3,932,638

Industrials—2.8%

Aerospace & Defense—0.7%
BE Aerospace, Inc., 6.875% Sr. Nts., 10/1/20		925,000		973,563
DynCorp International, Inc., 10.375% Sr. Unsec. Nts., 7/1/17¹		4,235,000		4,362,050
Hawker Beechcraft Acquisition Co. LLC:
8.50% Sr. Unsec. Nts., 4/1/15		4,815,000		3,791,813
9.75% Sr. Unsec. Sub. Nts., 4/1/17		955,000		673,275
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Nts., 3/15/21¹		1,410,000		1,466,400
Kratos Defense & Security Solutions, Inc., 10% Sr. Sec. Nts., 6/1/17		1,040,000		1,102,400
TransDigm, Inc., 7.75% Sr. Sub. Nts., 12/15/18¹		4,445,000		4,689,475

				17,058,976

Air Freight & Logistics—0.0%
AMGH Merger Sub, Inc., 9.25% Sr. Sec. Nts., 11/1/18¹		770,000		816,200

Airlines—0.2%
Delta Air Lines, Inc., 12.25% Sr. Sec. Nts., 3/15/15¹		3,630,000		4,038,375

Building Products—0.2%
Associated Materials LLC, 9.125% Sr. Sec. Nts., 11/1/17¹		1,105,000		1,105,000
Ply Gem Industries, Inc., 13.125% Sr. Unsec. Sub. Nts., 7/15/14		3,945,000		4,161,975
Roofing Supply Group LLC/ Roofing Supply Finance, Inc., 8.625% Sr. Sec. Nts., 12/1/17¹		1,100,000		1,104,125

				6,371,100

Commercial Services & Supplies—0.2%
R. R. Donnelley & Sons Co., 7.25% Sr. Nts., 5/15/18		2,000,000		2,000,500
West Corp.:
7.875% Sr. Nts., 1/15/19¹		1,220,000		1,186,450
8.625% Sr. Unsec. Nts., 10/1/18¹		2,665,000		2,704,975

				5,891,925

Construction & Engineering—0.2%
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24¹		3,790,761		4,289,246
Odebrecht Finance Ltd., 7% Sr. Unsec. Nts., 4/21/20¹		780,000		861,900

				5,151,146

Electrical Equipment—0.1%
Thermon Industries, Inc., 9.50% Sr. Sec. Nts., 5/1/17		1,929,000		2,078,498

Machinery—0.5%
Cleaver-Brooks, Inc., 12.25% Sr. Sec. Nts., 5/1/16¹		2,675,000		2,768,625
Manitowoc Co., Inc. (The), 8.50% Sr. Unsec. Nts., 11/1/20		2,805,000		3,008,363
Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17		4,460,000		4,593,800
Thermadyne Holdings Corp., 9% Sr. Sec. Nts., 12/15/17¹		1,325,000		1,391,250

				11,762,038

Marine—0.2%
Marquette Transportation Co./ Marquette Transportation Finance Corp., 10.875% Sec. Nts., 1/15/17		2,790,000		2,824,875
Navios Maritime Acquisition Corp., 8.625% Sr. Sec. Nts., 11/1/17		695,000		688,050
Navios Maritime Holdings, Inc./ Navios Maritime Finance U.S., Inc., 8.875% Sr. Sec. Nts., 11/1/17		565,000		584,775

				4,097,700

23 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Professional Services—0.1%
Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15¹	$	2,105,000	$	2,189,200
TransUnion LLC/TransUnion Financing Corp., 11.375% Sr. Unsec. Nts., 6/15/18		660,000		749,100

				2,938,300

Road & Rail—0.4%
Hertz Corp., 7.50% Sr. Unsec. Nts., 10/15/18¹		4,495,000		4,652,325
Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/20¹		785,000		842,305
Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/15¹		3,730,000		3,543,500

				9,038,130

Information Technology—1.6%

Communications Equipment—0.2%
Telcordia Technologies, Inc., 11% Sr. Sec. Nts., 5/1/18¹		3,970,000		5,031,975

Computers & Peripherals—0.2%
Seagate HDD Cayman:
6.875% Sr. Unsec. Nts., 5/1/20¹		2,740,000		2,733,150
7% Sr. Unsec. Nts., 11/1/21¹		1,695,000		1,703,475

				4,436,625

Electronic Equipment & Instruments—0.2%
CDW LLC/CDW Finance Corp.:
11% Sr. Unsec. Nts., 10/12/15		332,000		351,090
12.535% Sr. Unsec. Sub. Nts., 10/12/17		4,630,000		5,011,975

				5,363,065

Internet Software & Services—0.2%
ITC DeltaCom, Inc., 10.50% Sr. Sec. Nts., 4/1/16		5,135,000		5,391,750

IT Services—0.5%
Ceridian Corp., 11.25% Sr. Unsec. Nts., 11/15/15		2,145,000		2,155,725
First Data Corp.:
8.875% Sr. Sec. Nts., 8/15/20¹		2,390,000		2,563,275
9.875% Sr. Unsec. Nts., 9/24/15		4,695,000		4,847,588
SunGard Data Systems, Inc., 7.625% Sr. Unsec. Nts., 11/15/20		765,000		776,475

				10,343,063

Semiconductors & Semiconductor Equipment—0.3%
Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 8/1/20		1,340,000		1,386,900
Freescale Semiconductor, Inc.:
9.25% Sr. Sec. Nts., 4/15/18¹		1,710,000		1,851,075
10.75% Sr. Unsec. Nts., 8/1/20¹		4,015,000		4,557,025

				7,795,000

Materials—3.5%

Chemicals—0.8%
Braskem Finance Ltd., 5.75% Sr. Unsec. Nts., 4/15/21¹		2,500,000		2,528,250
Celanese US Holdings LLC, 5.875% Sr. Nts., 6/15/21		1,540,000		1,576,575
Ferro Corp., 7.875% Sr. Unsec. Nts., 8/15/18		2,270,000		2,366,475
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC:
8.875% Sr. Sec. Nts., 2/1/18		2,860,000		2,988,700
9% Sec. Nts., 11/15/20		1,340,000		1,380,200
Lyondell Chemical Co., 8% Sr. Sec. Nts., 11/1/17¹		2,862,000		3,191,130
Momentive Performance Materials, Inc., 9% Sec. Nts., 1/15/21		4,480,000		4,592,000

				18,623,330

Construction Materials—0.4%
Building Materials Corp. of America, 6.75% Sr. Nts., 5/1/21¹		1,540,000		1,551,550
CEMEX Espana SA, 9.25% Sr. Sec. Nts., 5/12/20¹		872,000		867,640
CEMEX Finance LLC, 9.50% Sr. Sec. Bonds, 12/14/16¹		1,275,000		1,324,406
CEMEX SAB de CV, 9% Sr. Sec. Nts., 1/11/18¹		1,295,000		1,324,138
Ply Gem Industries, Inc., 8.25% Sr. Sec. Nts., 2/15/18¹		2,130,000		2,028,825
Rearden G Holdings Eins GmbH, 7.875% Sr. Unsec. Nts., 3/30/20¹		990,000		1,084,050
West China Cement Ltd., 7.50% Sr. Nts., 1/25/16¹		1,075,000		1,037,375

				9,217,984

Containers & Packaging—0.4%
Berry Plastics Corp., 9.75% Sec. Nts., 1/15/21		3,830,000		3,724,675
Polymer Group, Inc., 7.75% Sr. Sec. Nts., 2/1/19¹		2,075,000		2,090,563
Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14		3,140,000		2,943,750

				8,758,988

24 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal
	Amount			Value

Metals & Mining—1.0%
Aleris International, Inc., 7.625% Sr. Nts., 2/15/18¹	$	4,775,000		$	4,786,938
Alrosa Finance SA, 7.75% Nts., 11/3/20¹		1,580,000			1,722,200
Consolidated Minerals Ltd., 8.875% Sr. Sec. Nts., 5/1/16¹		1,245,000			1,229,438
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/19¹		750,000			822,188
Ferrexpo Finance plc, 7.875% Sr. Unsec. Bonds, 4/7/16¹		2,165,000			2,238,177
JSC Severstal, 6.70% Nts., 10/25/17¹		1,940,000			1,978,800
Metinvest BV, 8.75% Sr. Unsec. Unsub. Nts., 2/14/18¹		1,665,000			1,731,600
Vedanta Resources plc:
8.25% Sr. Unsec. Nts., 6/7/21¹		2,500,000			2,531,250
9.50% Sr. Unsec. Nts., 7/18/18¹		7,715,000			8,447,925

					25,488,516

Paper & Forest Products—0.9%
ABI Escrow Corp., 10.25% Sr. Sec. Nts., 10/15/18¹		1,779,000			1,934,663
Ainsworth Lumber Co. Ltd., 11% Sr. Unsec. Unsub. Nts., 7/29/15^1,12		3,904,875			3,631,534
Appleton Papers, Inc., 10.50% Sr. Sec. Nts., 6/15/15¹		4,470,000			4,682,325
Catalyst Paper Corp., 11% Sr. Sec. Nts., 12/15/16¹		3,981,000			3,423,660
Mercer International, Inc., 9.50% Sr. Unsec. Nts., 12/1/17		2,290,000			2,467,475
NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/14		4,855,000			4,551,563
Norske Skogindustrier ASA, 6.125% Unsec. Bonds, 10/15/15¹		1,500,000			1,241,250

					21,932,470

Telecommunication Services—1.8%

Diversified Telecommunication Services—0.9%
Axtel SAB de CV, 9% Sr. Unsec. Nts., 9/22/19¹		2,490,000			2,443,935
Broadview Networks Holdings, Inc., 11.375% Sr. Sec. Nts., 9/1/12		1,485,000			1,414,463
Cincinnati Bell, Inc.:
8.25% Sr. Nts., 10/15/17		1,310,000			1,323,100
8.75% Sr. Unsec. Sub. Nts., 3/15/18		2,020,000			1,929,100
Intelsat Bermuda Ltd.:
11.25% Sr. Unsec. Nts., 2/4/17		2,755,000			2,965,069
12.50% Sr. Unsec. Nts., 2/4/17¹²		1,424,414			1,534,806
Intelsat Jackson Holdings SA, 7.25% Sr. Unsec. Nts., 10/15/20¹		755,000			753,113
Level 3 Financing, Inc., 9.375% Sr. Unsec. Unsub. Nts., 4/1/19¹		3,460,000			3,581,100
Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/20¹		4,162,000			4,130,785
Wind Acquisition Finance SA, 7.25% Sr. Sec. Nts., 2/15/18¹		1,190,000			1,240,575
Windstream Corp., 8.125% Sr. Unsec. Unsub. Nts., 9/1/18		1,295,000			1,379,175
Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10³		250,000			—

					22,695,221

Wireless Telecommunication Services—0.9%
America Movil SAB de CV:
6.125% Sr. Unsec. Unsub. Nts., 3/30/40		925,000			971,463
8.46% Sr. Unsec. Unsub. Bonds, 12/18/36		52,700,000	MXN		4,150,632
Cricket Communications, Inc., 7.75% Sr. Unsec. Nts., 10/15/20		5,285,000			5,192,513
MetroPCS Wireless, Inc., 6.625% Sr. Unsec. Nts., 11/15/20		2,770,000			2,749,225
MTS International Funding Ltd., 8.625% Sr. Unsec. Nts., 6/22/20¹		2,335,000			2,676,494
Vimpel Communications/VIP Finance Ireland Ltd. OJSC, 7.748% Nts., 2/2/21¹		1,245,000			1,288,575
VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18¹		4,190,000			4,752,717

					21,781,619

Utilities—2.8%

Electric Utilities—1.7%
Centrais Eletricas Brasileiras SA, 6.875% Sr. Unsec. Unsub. Nts., 7/30/19¹		2,185,000			2,485,438
Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17		3,780,000			3,080,700
Empresa Distribuidora y Comercializadora Norte SA, 9.75% Nts., 10/25/22¹		840,000			850,500
Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/19¹		1,435,000			1,675,363
Energy Future Intermediate Holding Co. LLC, 10% Sr. Sec. Nts., 12/1/20		2,687,000			2,877,659
Eskom Holdings Ltd.:
5.75% Sr. Unsec. Bonds, 1/26/21¹		2,900,000			3,016,000
7.85% Sr. Unsec. Unsub. Nts., Series ES26, 4/2/26		31,000,000	ZAR		4,095,211
10% Nts., Series ES23, 1/25/23		44,000,000	ZAR		6,980,629
Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19¹		4,550,000			5,001,032

25 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Electric Utilities Continued
Majapahit Holding BV:
7.75% Nts., 10/17/16¹	$	2,250,000		$	2,621,250
8% Sr. Unsec. Nts., 8/7/19¹		1,150,000			1,365,625
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16		109,600,000	PHP		2,760,858
Texas Competitive Electric Holdings Co. LLC:
10.25% Sr. Unsec. Nts., Series A, 11/1/15		8,270,000			5,044,700
10.25% Sr. Unsec. Nts., Series B, 11/1/15		1,460,000			883,300

					42,738,265

Energy Traders—0.9%
Colbun SA, 6% Sr. Unsec. Nts., 1/21/20¹		1,640,000			1,726,544
Comision Federal de Electricidad, 4.875% Sr. Nts., 5/26/21¹		1,665,000			1,670,994
Energy Future Holdings Corp., 10% Sr. Sec. Nts., 1/15/20		2,770,000			2,952,698
First Wind Capital LLC, 10.25% Sr. Sec. Nts., 6/1/18¹		270,000			274,050
Foresight Energy LLC, 9.625% Sr. Unsec. Nts., 8/15/17¹		4,430,000			4,723,488
GenOn Energy, Inc.:
9.50% Sr. Unsec. Nts., 10/15/18		1,465,000			1,530,925
9.875% Sr. Unsec. Nts., 10/15/20		1,465,000			1,538,250
Power Sector Assets & Liabilities Management Corp.:
7.25% Sr. Gtd. Unsec. Nts., 5/27/19¹		1,280,000			1,520,000
7.39% Sr. Gtd. Unsec. Nts., 12/2/24¹		1,270,000			1,504,950
PT Cikarang Listindo/Listindo Capital BV, 9.25% Sr. Nts., 1/29/15¹		1,150,000			1,260,209
United Maritime Group LLC, 11.75% Sr. Sec. Nts., 6/15/15		3,630,000			3,811,469

					22,513,577

Gas Utilities—0.1%
Ferrellgas LP/Ferrellgas Finance Corp., 6.50% Sr. Nts., 5/1/21¹		680,000			646,000
TGI International Ltd., 9.50% Nts., 10/3/17¹		1,442,000			1,627,658

					2,273,658

Water Utilities—0.1%
Cia de Saneamento Basico do Estado de Sao Paulo, 6.25% Sr. Unsec. Nts., 12/16/20¹		1,475,000			1,519,250

Total Corporate Bonds and Notes (Cost $675,817,855)					695,849,252

Preferred Stocks—0.4%
Ally Financial, Inc., 7%, Non-Vtg.¹		5,231			4,916,486
GMAC Capital Trust I, 8.125% Cum.		30,000			768,000
Greektown Superholdings, Inc., Series A-1¹⁵		45,600			3,262,224

Total Preferred Stocks (Cost $9,847,060)					8,946,710

Common Stocks—0.8%
AbitibiBowater, Inc. ¹⁵		88,383			1,794,175
American Media Operations, Inc.¹⁵		161,731			2,587,696
Arco Capital Corp. Ltd.^4,15		690,638			1,381,276
Dana Holding Corp. ¹⁵		72,775			1,331,783
Gaylord Entertainment Co., Cl. A¹⁵		76,364			2,290,920
Global Aviation Holdings, Inc.¹⁵		100			1,000
Greektown Superholdings, Inc.¹⁵		3,450			229,598
Kaiser Aluminum Corp.		229			12,508
Linn Energy LLC		32,364			1,264,461
LyondellBasell Industries NV, Cl. A		74,839			2,882,798
MHP SA, GDR^1,15		56,610			934,065
Orbcomm, Inc.¹⁵		375			1,174
Premier Holdings Ltd.¹⁵		18,514			—
Visteon Corp. ¹⁵		54,219			3,709,122

Total Common Stocks (Cost $29,207,334)					18,420,576


	Units

Rights, Warrants and Certificates—0.0%
ASG Warrant Corp. Wts., Strike Price $0.01, Exp. 5/15/18^4,15		4,275	534,375
MediaNews Group, Inc. Wts., Strike Price $0.001, Exp. 3/19/17¹⁵		11,668	420

Total Rights, Warrants and Certificates (Cost $189,000)			534,795


	Principal
	Amount

Structured Securities—6.1%
Barclays Bank plc:
Indonesia (Republic of) Total Return Linked Bonds, 10.50%, 8/19/30		10,440,000,000	IDR	1,412,374
Indonesia (Republic of) Total Return Linked Bonds, 10.50%, 8/19/30		13,870,000,000	IDR	1,876,401
Indonesia (Republic of) Total Return Linked Bonds, Series 22, 11%, 9/17/25		10,380,000,000	IDR	1,482,863

26 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal
	Amount			Value

Structured Securities Continued
Barclays Bank plc: Continued
Indonesia (Republic of) Total Return Linked Nts., Series 51, 10.50%, 8/19/30		2,650,000,000	IDR	$	358,505
Indonesia (Republic of) Total Return Linked Nts., Series 51, 11%, 9/17/25		2,650,000,000	IDR		378,573
Russian Federation Total Return Linked Bonds, 7.15%, 1/25/13²		57,980,000	RUR		2,129,164
Russian Federation Total Return Linked Bonds, 6.70%, 2/8/13²		59,410,000	RUR		2,168,912
Citigroup Funding, Inc.:
ALROSA Russia Corporate Bond Credit Linked Unsec. Nts., 8.25%, 6/25/15^2,4		19,220,000	RUR		707,181
Indonesia (Republic of) Credit Linked Nts., Series 23, 11%, 9/17/25		6,920,000,000	IDR		988,575
Indonesia (Republic of) Total Return Linked Nts., 11%, 9/17/25		2,100,000,000	IDR		300,001
Instituto Costarricense De Eletricidad Total Return Linked Nts., 2.274%, 10/25/11²		1,960,000			1,973,153
Russian Federation Credit Linked Bonds, 6.70%, 2/8/13^2,4		39,820,000	RUR		1,439,756
Ukraine (Republic of) Credit Linked Nts., 5.50%, 9/1/15^2,4		17,586,000	UAH		2,025,282
Citigroup Global Markets
Holdings, Inc.:
Adira Dinamika Multi Finance Credit Linked Nts., 6.75%, 1/5/12^4,7		34,400,000,000	IDR		4,011,428
Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18⁴		3,255,000,000	COP		2,238,371
Colombia (Republic of) Credit Linked Nts., 13.753%, 2/26/15^4,11		2,199,000,000	COP		2,748,011
Colombia (Republic of) Credit Linked Nts., Series 01, 13.753%, 2/26/15^4,11		811,000,000	COP		1,013,478
Colombia (Republic of) Credit Linked Nts., Series 02, 13.753%, 2/26/15^4,11		1,345,000,000	COP		1,680,798
Colombia (Republic of) Total Return Linked Bonds, 7.25%, 6/16/16		4,510,000,000	COP		2,594,078
Colombia (Republic of) Total Return Linked Bonds, Series 2, 11%, 7/27/20		2,665,000,000	COP		1,828,768
Colombia (Republic of) Total Return Linked Bonds, Series 2, 7.25%, 6/16/16		3,553,000,000	COP		2,043,627
Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12⁴		49,300,000	DOP		1,325,167
Credit Suisse First Boston International:
Moitk Total Return Linked Nts., 21%, 3/30/11³		53,910,000	RUR		5,791
Russian Oreniz Total Return Linked Nts., 9.24%, 2/24/12²		81,784,500	RUR		2,905,212
Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/20/10³		97,250,000	RUR		348
Credit Suisse Group AG, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/27/12		42,600,000	RUR		1,521,660
Credit Suisse International:
OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12²		44,460,000	RUR		1,709,495
OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12²		30,880,000	RUR		1,187,341
OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12²		41,550,000	RUR		1,597,605
Deutsche Bank AG:
Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/25^4,10		1,899,154			1,237,902
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/25^4,10		2,419,815			1,577,278
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/25^4,10		2,089,123			1,361,727
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/25^4,10		1,867,412			1,217,212
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/25^4,10		2,325,080			1,515,528
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/25^4,10		2,653,725			1,729,744
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/25^4,10		2,120,016			1,381,864
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/25^4,10		1,992,725			1,298,893
Coriolanus Ltd. Sec. Credit Linked Nts., 11.836%, 12/31/17^4,11		17,990,000	BRR		10,713,754
Indonesia (Republic of) Credit Linked Nts., 10.50%, 8/23/30		40,660,000,000	IDR		5,500,681
Indonesia (Republic of) Credit Linked Nts., Series 03, 11%, 9/17/25		6,740,000,000	IDR		962,861
JSC Gazprom Total Return Linked Nts., 13.12%, 6/28/12²		38,600,000	RUR		1,486,250
JSC Gazprom Total Return Linked Nts., Series 4, 13.12%, 6/28/12²		45,990,000	RUR		1,770,794
JSC VTB Bank Credit Linked Nts., 12%, 6/19/12^2,7		20,500,000	UAH		2,605,612

27 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Structured Securities Continued
Deutsche Bank AG: Continued Opic Reforma I Credit Linked Nts., Cl. 2A, 8.344%, 5/22/15^2,4		697,693	MXN	$	58,876
Opic Reforma I Credit Linked Nts., Cl. 2B, 8.344%, 5/22/15^2,4		1,220,632	MXN		103,006
Opic Reforma I Credit Linked Nts., Cl. 2C, 8.344%, 5/22/15^2,4		18,404,162	MXN		1,553,075
Opic Reforma I Credit Linked Nts., Cl. 2D, 8.344%, 5/22/15^2,4		1,341,270	MXN		113,186
Opic Reforma I Credit Linked Nts., Cl. 2E, 8.344%, 5/22/15^2,4		974,458	MXN		82,232
Opic Reforma I Credit Linked Nts., Cl. 2F, 8.344%, 5/22/15^2,4		622,337	MXN		52,517
Opic Reforma I Credit Linked Nts., Cl. 2G, 8.344%, 5/22/15^2,4		114,609	MXN		9,672
Ukraine (Republic of) 6 yr. Total Return Linked Nts., 4.05%, 8/30/11		885,000			858,609
Ukraine (Republic of) 6.5 yr. Total Return Linked Nts., 4.05%, 2/29/12		885,000			755,551
Ukraine (Republic of) 7 yr. Total Return Linked Nts., 4.05%, 8/30/12		885,000			673,379
Eirles Two Ltd. Sec. Nts.:
Series 324, 3.635%, 4/30/12^2,4		4,100,000			3,771,180
Series 335, 2.085%, 4/30/12^2,4		6,300,000			6,043,590
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37^4,10		63,720,800,000	COP		1,837,061
Hallertau SPC Credit Linked Nts.:
Series 2007-01, 2.445%, 12/20/17^2,4		6,250,000			5,658,750
Series 2008-01, 9.888%, 8/2/10^3,4,10		14,337,604	BRR		918,694
Series 2008-2A, 7.85%, 9/17/13^2,4		10,929,375			11,134,847
HSBC Bank USA NA, Indonesia (Republic of) Credit Linked Nts., Series 2, 9.50%, 7/15/31¹		13,330,000,000	IDR		1,665,612
JPMorgan Chase & Co.:
Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20⁴		1,315,000,000	COP		902,585
Indonesia (Republic of) Credit Linked Bonds, 10.50%, 8/19/30¹		13,083,000,000	IDR		1,769,931
Indonesia (Republic of) Credit Linked Bonds, Series 04, 11%, 9/17/25¹		2,650,000,000	IDR		378,573
Indonesia (Republic of) Credit Linked Nts., Series 04, 10.50%, 8/19/30¹		6,700,000,000	IDR		906,408
Indonesia (Republic of) Credit Linked Nts., Series 4, 11%, 9/17/25¹		32,670,000,000	IDR		4,667,160
Indonesia (Republic of) Total Return Linked Nts., 10.50%, 8/19/30¹		1,190,000,000	IDR		160,989
JPMorgan Chase & Co.: Continued Indonesia (Republic of) Total Return Linked Nts., Series 53, 11%, 9/17/25¹		2,100,000,000	IDR		300,001
JPMorgan Chase Bank NA:
Indonesia (Republic of) Credit Linked Nts., Series 1, 9.50%, 7/17/31¹		13,672,000,000	IDR		1,708,346
Indonesia (Republic of) Credit Linked Nts., Series 2, 10.50%, 8/19/30¹		24,100,000,000	IDR		3,260,364
Indonesia (Republic of) Credit Linked Nts., Series 2, 11%, 9/17/25¹		15,710,000,000	IDR		2,244,294
Indonesia (Republic of) Credit Linked Nts., Series 3, 11%, 9/17/25¹		7,420,000,000	IDR		1,060,004
Russian Federation Credit Linked Bonds, 6.70%, 2/8/13^2,4		39,840,000	RUR		1,454,460
Russian Federation Credit Linked Bonds, Series 2, 7.15%, 1/25/13^2,4		48,970,000	RUR		1,798,295
LB Peru Trust II Certificates, Series 1998-A, 4.534%, 2/28/16^3,10		363,871			36,387
Lehman Brothers Treasury Co. BV, Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/12⁴		1,638,384			852,943
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16⁴		1,784,000,000	COP		1,080,888
Morgan Stanley:
Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17¹		4,885,000	PEN		1,458,002
Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34		69,109,562	RUR		1,167,695
Morgan Stanley Capital Services, Inc.:
Brazil (Federal Republic of) Credit Linked Nts., 12.551%, 1/5/22^1,10		28,914,000	BRR		2,775,533
GISAD Sr. Unsec. Credit Linked Nts., 166.572%, 4/2/13¹⁰		6,386,000	EUR		463,035
United Mexican States Credit Linked Nts., 5.64%, 11/20/15⁴		2,000,000			1,814,200
Standard Bank Group Ltd., Ghana (Republic of) Credit Linked Bonds, 11.155%, 9/21/11^1,10		1,305,000	GHS		842,449

28 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal
	Amount			Value

Structured Securities Continued
Standard Charter Bank:
Ghana (Republic of) Credit Linked Bonds, 11.441%, 9/1/11^4,10		1,020,000	GHS	$	662,371
Ghana (Republic of) Credit Linked Bonds, 11.44%, 9/8/11^4,10		1,920,000	GHS		1,244,284
UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11⁴		1,222,052	GHS		815,508

Total Structured Securities (Cost $162,604,942)					149,126,560

Expiration

Strike

Date

Price

Contracts

Options Purchased—0.0%

New Turkish Lira (TRY) Put¹⁵

9/6/11

2.250

EUR

3,460,000

11,540

New Turkish Lira (TRY) Put¹⁵

9/6/11

2.250

EUR

3,460,000

12,231

Total Options Purchased (Cost $93,612)

23,771


	Shares			Value

Investment Companies—19.2%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^16,17		61,435,362		$	61,435,362
Oppenheimer Master Event-Linked Bond Fund, LLC¹⁶		4,827,322			52,650,853
Oppenheimer Master Loan Fund, LLC¹⁶		29,466,809			353,492,007

Total Investment Companies (Cost $463,209,647)					467,578,222
Total Investments, at Value (Cost $2,485,847,667)		102.9	%		2,508,315,737
Liabilities in Excess of Other Assets		(2.9	)		(71,821,800	)

Net Assets		100.0	%	$	2,436,493,937

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
COP		Colombian Peso
DKK		Danish Krone
DOP		Dominican Republic Peso
EUR		Euro
GBP		British Pound Sterling
GHS		Ghana Cedi
HUF		Hungarian Forint
IDR		Indonesia Rupiah
JPY		Japanese Yen
KRW		South Korean Won


MXN		Mexican Nuevo Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
NZD		New Zealand Dollar
PEN		Peruvian New Sol
PHP		Philippines Peso
PLZ		Polish Zloty
RUR		Russian Ruble
SEK		Swedish Krona
TRY		New Turkish Lira
UAH		Ukraine Hryvnia
ZAR		South African Rand


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 $490,601,734 or 20.14% of the Fund’s net assets as of June 30, 2011.

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

3.		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 Note 1 of the accompanying Notes.

29 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Restricted security. The aggregate value of restricted securities as of June 30, 2011 was $114,368,682, which represents 4.69% of the Fund’s net assets. See Note 6 of the accompanying Notes. Information concerning restricted securities is as follows:


							Unrealized
	Acquisition						Appreciation
Security	Dates		Cost		Value		(Depreciation)

Arco Capital Corp. Ltd.		2/27/07	$	10,359,570	$	1,381,276	$	(8,978,294	)
ASG Warrant Corp. Wts., Strike Price $0.01, Exp. 5/15/18		4/28/10-8/19/10		189,000		534,375		345,375
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26		11/21/06-10/20/09		2,611,441		2,655,188		43,747
Banco de Credito del Peru, 9.75% Jr. Sub. Nts., 11/6/69		10/30/09		800,000		896,000		96,000
Citigroup Funding, Inc., ALROSA Russia Corporate Bond Credit Linked Unsec. Nts., 8.25%, 6/25/15		3/1/11		680,410		707,181		26,771
Citigroup Funding, Inc., Russian Federation Credit Linked Bonds, 6.70%, 2/8/13		3/2/11		1,414,594		1,439,756		25,162
Citigroup Funding, Inc., Ukraine (Republic of) Credit Linked Nts., 5.50%, 9/1/15		9/7/10		1,848,936		2,025,282		176,346
Citigroup Global Markets Holdings, Inc., Adira Dinamika Multi Finance Credit Linked Nts., 6.75%, 1/5/12		6/17/11		3,995,354		4,011,428		16,074
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18		12/9/08		1,374,989		2,238,371		863,382
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., 13.753%, 2/26/15		7/18/08		1,832,525		2,748,011		915,486
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 01, 13.753%, 2/26/15		7/31/08		683,541		1,013,478		329,937
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 02, 13.753%, 2/26/15		8/8/08		1,140,704		1,680,798		540,094
Citigroup Global Markets Holdings, Inc., Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12		3/7/07		1,479,820		1,325,167		(154,653	)
City of Kyiv Via Kyiv Finance plc Sr. Unsec. Bonds, 9.375%, 7/11/16		6/30/11		985,000		985,000		—
Deutsche Alt-A Securities, Inc., Mtg. Pass-Through Certificates, Series 2007-RS1, Cl. A2, 0.686%, 1/27/37		5/29/08		1,011,067		766,205		(244,862	)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/25		10/8/10		1,262,507		1,237,902		(24,605	)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/25		4/16/09		1,283,298		1,298,893		15,595
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/25		8/18/09		1,374,443		1,381,864		7,421
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/25		9/25/09		1,724,479		1,729,744		5,265
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/25		12/17/09		1,518,052		1,515,528		(2,524	)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/25		3/30/10		1,225,314		1,217,212		(8,102	)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/25		5/18/10		1,375,743		1,361,727		(14,016	)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/25		7/16/10		1,599,444		1,577,278		(22,166	)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Nts., 11.836%, 12/31/17		9/19/07		7,797,239		10,713,754		2,916,515
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 8.344%, 5/22/15		5/21/08		67,269		58,876		(8,393	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 8.344%, 5/22/15		6/12/08		117,680		103,006		(14,674	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 8.344%, 5/22/15		6/18/08		1,785,486		1,553,075		(232,411	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 8.344%, 5/22/15		7/8/08		130,028		113,186		(16,842	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 8.344%, 5/22/15		7/15/08		94,626		82,232		(12,394	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 8.344%, 5/22/15		8/8/08		61,263		52,517		(8,746	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 8.344%, 5/22/15		8/22/08		11,304		9,672		(1,632	)
Eirles Two Ltd. Sec. Nts., Series 324, 3.635%, 4/30/12		4/17/07		4,102,239		3,771,180		(331,059	)
Eirles Two Ltd. Sec. Nts., Series 335, 2.085%, 4/30/12		9/17/07		6,255,401		6,043,590		(211,811	)
Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 0.656%, 8/15/25		8/17/00		1,820,063		—		(1,820,063	)
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37		1/18/07		5,824,686		1,837,061		(3,987,625	)
Hallertau SPC Credit Linked Nts., Series 2007-01, 2.445%, 12/20/17		12/13/07		6,250,000		5,658,750		(591,250	)
Hallertau SPC Credit Linked Nts., Series 2008-01, 9.888%, 8/2/10		4/18/08^-10/1/08		7,188,001		918,694		(6,269,307	)
Hallertau SPC Credit Linked Nts., Series 2008-2A, 7.85%, 9/17/13		10/23/08		11,011,314		11,134,847		123,533
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. B, 2.165%, 8/15/22		11/6/07		6,976,404		5,509,000		(1,467,404	)

30 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


							Unrealized
	Acquisition						Appreciation
Security	Dates		Cost		Value		(Depreciation)

Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. C, 3.465%, 8/15/22		6/8/07	$	5,270,000	$	3,583,600	$	(1,686,400	)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. D, 5.465%, 8/15/22		6/8/07		5,270,000		3,530,900		(1,739,100	)
Interactive Data Corp., 10.25% Sr. Nts., 8/1/18		7/20/10		965,000		1,063,913		98,913
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20		8/24/10		909,811		902,585		(7,226	)
JPMorgan Chase Bank NA, Russian Federation Credit Linked Bonds, 6.70%, 2/8/13		3/1/11		1,397,826		1,454,460		56,634
JPMorgan Chase Bank NA, Russian Federation Credit Linked Bonds, Series 2, 7.15%, 1/25/13		2/28/11		1,722,224		1,798,295		76,071
JPMorgan Hipotecaria su Casita, 7.812% Sec. Nts., 8/26/35		3/21/07		526,714		547,508		20,794
Lehman Brothers Treasury Co. BV, Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/12		6/20/07		1,643,518		852,943		(790,575	)
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16		10/20/06		762,393		1,080,888		318,495
Morgan Stanley Capital Services, Inc., United Mexican States Credit Linked Nts., 5.64%, 11/20/15		11/3/05		2,000,000		1,814,200		(185,800	)
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29		8/10/10		66,025		5,673		(60,352	)
Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/04		6/30/09		89,593		—		(89,593	)
Premier Cruise Ltd., 11% Sr. Nts., 3/15/08		3/6/98		242,675		—		(242,675	)
Real Time Data Co., 11% Nts., 5/31/09		6/30/99-5/31/01		110,538		—		(110,538	)
Salisbury International Investments Ltd., 4.424% Sec. Nts., Series 2006-003, Tranche E, 7/22/11		7/12/06		1,100,000		1,079,540		(20,460	)
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17		2/4/11-4/14/11		290,651		290,578		(73	)
Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/15		9/22/10-9/23/10		2,617,792		2,699,175		81,383
Standard Charter Bank, Ghana (Republic of) Credit Linked Bonds, 11.441%, 9/1/11		3/3/11		657,835		662,371		4,536
Standard Charter Bank, Ghana (Republic of) Credit Linked Bonds, 11.44%, 9/8/11		3/8/11		1,236,672		1,244,284		7,612
Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/17		8/13/10-12/31/10		5,070,118		5,598,690		528,572
UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11		12/22/06		1,334,245		815,508		(518,737	)
Wakala Global Sukuk Bhd Bonds, 4.646%, 7/6/21		6/28/11		2,060,000		2,056,467		(3,533	)

			$	136,606,864	$	114,368,682	$	(22,238,182	)


5.		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.

6.		Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $11,772,648 or 0.48% of the Fund’s net assets as of June 30, 2011.

7.		When-issued security or delayed delivery to be delivered and settled after June 30, 2011. See Note 1 of the accompanying Notes.

8.		All or a portion of the security position is held in collateral accounts to cover the Fund’s obligations under certain derivative contracts. The aggregate market value of such securities is $3,813,305. See Note 5 of the accompanying Notes.

9.		All or a portion of the security position is held in collateralized accounts to cover initial margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $11,848,876. See Note 5 of the accompanying Notes.

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

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

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

13.		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.

14.		Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

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 June 30, 2011, 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:

31 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued


	Shares		Gross		Gross		Shares
	December 31, 2010		Additions		Reductions		June 30, 2011

Oppenheimer Institutional Money Market Fund, Cl. E		83,436,389		317,790,773		339,791,800		61,435,362
Oppenheimer Master Event-Linked Bond Fund, LLC		1,103,918		3,723,404		—		4,827,322
Oppenheimer Master Loan Fund, LLC		29,466,809		—		—		29,466,809


						Realized
	Value		Income			Gain (Loss)

Oppenheimer Institutional Money Market Fund, Cl. E	$	61,435,362	$	48,046		$	—
Oppenheimer Master Event-Linked Bond Fund, LLC		52,650,853		1,764,763	^a		(2,412,739	)^a
Oppenheimer Master Loan Fund, LLC		353,492,007		14,192,665	^b		1,297,849	^b

	$	467,578,222	$	16,005,474		$	(1,114,890	)

	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.

17.

Rate shown is the 7-day yield as of June 30, 2011.

Valuation Inputs

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

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset 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 table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2011 based on valuation input level:


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

Assets Table
Investments, at Value:
Asset-Backed Securities	$	—		$	26,210,633		$	12,623,500	$	38,834,133
Mortgage-Backed Obligations		—			487,077,856			1,536,834		488,614,690
U.S. Government Obligations		—			79,979,267			—		79,979,267
Foreign Government Obligations		—			549,316,811			—		549,316,811
Loan Participations		—			11,090,950			—		11,090,950
Corporate Bonds and Notes		—			695,849,252			—		695,849,252
Preferred Stocks		—			5,684,486			3,262,224		8,946,710
Common Stocks		10,511,884			7,678,094			230,598		18,420,576
Rights, Warrants and Certificates		—			534,375			420		534,795
Structured Securities		—			148,231,091			895,469		149,126,560
Options Purchased		—			23,771			—		23,771
Investment Companies		61,435,362			406,142,860			—		467,578,222

Total Investments, at Value		71,947,246			2,417,819,446			18,549,045		2,508,315,737
Other Financial Instruments:
Appreciated swaps, at value		—			3,804,981			—		3,804,981
Depreciated swaps, at value		—			648,646			—		648,646
Futures margins		621,456			—			—		621,456
Foreign currency exchange contracts		—			2,678,003			—		2,678,003

Total Assets	$	72,568,702		$	2,424,951,076		$	18,549,045	$	2,516,068,823

Liabilities Table
Other Financial Instruments:
Appreciated swaps, at value	$	—		$	(4,018,998	)	$	—	$	(4,018,998	)
Depreciated swaps, at value		—			(2,052,604	)		—		(2,052,604	)
Appreciated options written, at value		—			(14,773	)		—		(14,773	)
Depreciated options written, at value		—			(164,959	)		—		(164,959	)
Futures margins		(1,787,283	)		—			—		(1,787,283	)
Foreign currency exchange contracts		—			(7,550,045	)		—		(7,550,045	)

Total Liabilities	$	(1,787,283	)	$	(13,801,379	)	$	—	$	(15,588,662	)

32 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

The table below shows the significant 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.


	Transfers out of			Transfers into			Transfers out of			Transfers into		Transfers out of
	Level 1^a			Level 2			Level 2^c			Level 3^c		Level 3^b

Assets Table
Investments, at Value:
Corporate Bonds and Notes	$	—		$	999,460	^b	$	(1,047	)	$	1,047	$	(999,460	)
Common Stocks		—			1,381,276	^b		—			—		(1,381,276	)
Investment Companies		(353,953,479	)		353,953,479	^a		—			—		—

Total Assets	$	(353,953,479	)	$	356,334,215		$	(1,047	)	$	1,047	$	(2,380,736	)

	a.		Transferred from Level 1 to Level 2 as the current market for the securities are not considered active.

	b.		Transferred from Level 3 to Level 2 because of the presence of observable market data due to an increase in market activity for these securities.

	c.		Transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity for these securities.

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value:


						Change in			Accretion/
						unrealized			(amortization)
	Value as of		Realized			appreciation/			of premium/					Transfers into		Transfers out of			Value as of
	December 31, 2010		gain (loss)			depreciation			discount^a		Sales			Level 3^b		Level 3			June 30, 2011

Assets Table
Investments, at Value:
Asset-Backed Securities	$	10,800,935	$	—		$	2,029,022		$	23,478	$	—		$	—	$	(229,935	)^c	$	12,623,500
Mortgage-Backed Obligations		1,581,294		—			(57,714	)		13,254		—			—		—			1,536,834
Corporate Bonds and Notes		1,744,997		(286,121	)		472,014			—		(932,477	)		1,047		(999,460	)^c		—
Preferred Stocks		4,844,088		(537,064	)		(1,044,800	)		—		—			—		—			3,262,224
Common Stocks		4,360,342		(34,604	)		(76,727	)		—		—			—		(4,018,413	)^d		230,598
Rights, Warrants and Certificates		423		(2,025	)		2,022			—		—			—		—			420
Structured Securities		1,288,812		—			(394,915	)		1,572		—			—		—			895,469

Total Assets	$	24,620,891	$	(859,814	)	$	928,902		$	38,304	$	(932,477	)	$	1,047	$	(5,247,808	)	$	18,549,045

	a.		Included in net investment income.

	b.		Transferred to Level 3 because of the lack of observable market data due to a decrease in market activity for these securities.

	c.		Transferred from Level 3 because of the presence of observable market data due to a increase in market activity for these securities.

	d.		Transferred from Level 3 because of the presence of a readily available unadjusted quoted market price for these securities.

The total change in unrealized appreciation/depreciation included in the statement of operations attributable to level 3 investments still held at June 30, 2011 includes:


	Change in
	unrealized
	appreciation/
	depreciation

Asset-Backed Securities	$	2,029,022
Mortgage-Backed Obligations		199,700
Corporate Bonds and Notes		(1,047	)
Preferred Stocks		(1,297,776	)
Common Stocks		(111,331	)
Rights, Warrants and Certificates		420
Structured Securities		141,162

Total	$	960,150

33 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

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


Geographic Holdings	Value		Percent

United States	$	1,524,741,23		60.8	%
Brazil		117,807,048		4.7
Russia		74,267,599		3.0
Mexico		73,681,466		2.9
Indonesia		67,084,297		2.7
Japan		65,149,605		2.6
South Africa		60,955,199		2.4
Hungary		43,152,180		1.7
Colombia		37,126,818		1.5
Ukraine		34,871,091		1.4
Poland		32,344,275		1.3
Turkey		28,913,821		1.2
Korea, Republic of South		28,864,965		1.2
Peru		28,843,985		1.2
Supranational		25,600,191		1.0
Canada		23,357,438		0.9
Venezuela		22,762,650		0.9
Kazakhstan		20,152,868		0.8
Germany		18,471,291		0.7
Argentina		18,213,142		0.7
India		17,182,387		0.7
Philippines		16,432,357		0.7
United Kingdom		13,564,553		0.5
Italy		12,285,233		0.5
Malaysia		10,032,342		0.4
Uruguay		10,016,010		0.4
The Netherlands		8,413,632		0.3
Panama		6,490,958		0.3
Australia		6,256,930		0.2
Spain		6,051,593		0.2
Dominican Republic		5,756,855		0.2
Ghana		5,125,237		0.2
Israel		5,001,032		0.2
Chile		4,631,665		0.2
Luxembourg		4,499,875		0.2
Greece		4,275,123		0.2
Belgium		3,010,936		0.1
Trinidad & Tobago		2,885,750		0.1
China		2,760,650		0.1
Cayman Islands		2,733,150		0.1
Qatar		2,540,745		0.1
Austria		2,063,395		0.1
Costa Rica		1,973,153		0.1
Nigeria		1,884,025		0.1
Norway		1,546,126		0.1
Sri Lanka		1,336,650		0.1
Denmark		947,670		—
Sweden		760,908		—
Finland		720,656		—
France		530,217		—
Ivory Coast		220,988		—
European Union		23,771		—

Total	$	2,508,315,737		100.0	%

34 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Foreign Currency Exchange Contracts as of June 30, 2011 are as follows:


		Contract
Counterparty/		Amount			Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)			Dates		Value		Appreciation		Depreciation

Banc of America:
Canadian Dollar (CAD)	Sell		4,630	CAD		10/26/11	$	4,786,102	$	79,899	$	—
Chinese Renminbi (Yuan) (CNY)	Sell		36,030	CNY		7/8/11^-8/24/11		5,575,705		7,343		2,868
Euro (EUR)	Sell		3,650	EUR		10/6/11		5,277,950		—		105,808
Indonesia Rupiah (IDR)	Buy		4,075,000	IDR		8/15/11		471,689		—		1,935
Malaysian Ringgit (MYR)	Sell		2,905	MYR		7/5/11		961,706		3,973		—
New Taiwan Dollar (TWD)	Sell		141,000	TWD		8/22/11		4,911,854		—		7,506
Singapore Dollar (SGD)	Sell		5,980	SGD		9/6/11		4,868,922		—		801
Thailand Baht (THB)	Buy		164,760	THB		8/15/11		5,344,296		—		43,539

										91,215		162,457
Bank Paribas Asia — FGN
Polish Zloty (PLZ)	Buy		142,650	PLZ		7/11/11^-8/10/11		51,814,518		—		523,403
Barclay’s Capital:
Australian Dollar (AUD)	Buy		1,380	AUD		8/24/11		1,469,386		8,825		330
Australian Dollar (AUD)	Sell		430	AUD		8/24/11		457,852		—		9,810
Colombian Peso (COP)	Sell		1,270,000	COP		7/5/11		717,818		—		45,148
Euro (EUR)	Buy		130	EUR		8/24/11		188,216		2,340		—
Euro (EUR)	Sell		13,130	EUR		7/5/11^-8/24/11		19,036,331		—		328,659
Hungarian Forint (HUF)	Sell		66,000	HUF		7/11/11		359,651		1,923		—
Indonesia Rupiah (IDR)	Buy		84,325,000	IDR		8/10/11		9,769,136		—		87,673
Japanese Yen (JPY)	Sell		899,000	JPY		7/7/11^-10/26/11		11,173,329		—		190,154
Mexican Nuevo Peso (MXN)	Buy		9,800	MXN		8/24/11		832,762		4,091		—
Mexican Nuevo Peso (MXN)	Sell		4,100	MXN		8/24/11		348,400		—		3,261
New Turkish Lira (TRY)	Buy		70	TRY		8/22/11		42,696		—		45
Russian Ruble (RUR)	Buy		3,470	RUT		10/7/11		122,939		—		231
Singapore Dollar (SGD)	Buy		17,645	SGD		7/11/11		14,365,469		309,302		—
South African Rand (ZAR)	Sell		113,550	ZAR		8/8/11		16,695,353		—		46,281
South Korean Won (KRW)	Buy		1,240,000	KRW		7/25/11		1,159,575		18,296		—
South Korean Won (KRW)	Sell		10,979,000	KRW		7/29/11		10,264,289		—		153,317

										344,777		864,909
Citigroup:
Australian Dollar (AUD)	Buy		260	AUD		8/24/11		276,841		2,614		—
Australian Dollar (AUD)	Sell		730	AUD		8/24/11		777,284		—		9,734
British Pound Sterling (GBP)	Buy		120	GBP		8/24/11		192,459		634		—
British Pound Sterling (GBP)	Sell		520	GBP		8/24/11		833,988		—		1,151
Chinese Renminbi (Yuan) (CNY)	Buy		1,060	CNY		7/8/11		163,979		362		—
Colombian Peso (COP)	Buy		1,270,000	COP		7/5/11		717,818		44,078		—
Colombian Peso (COP)	Sell		715,000	COP		7/11/11		404,057		—		10,464
Euro (EUR)	Buy		10,555	EUR		7/7/11		15,303,314		237,919		—
Euro (EUR)	Sell		9,835	EUR		9/22/11^-11/10/11		14,226,638		1,332		179,380
Indonesia Rupiah (IDR)	Buy		1,775,000	IDR		8/15/11		205,460		29		705
Japanese Yen (JPY)	Sell		1,501,000	JPY		8/24/11^-9/22/11		18,653,094		73,679		—
New Taiwan Dollar (TWD)	Sell		4,120	TWD		8/3/11		143,489		316		—
New Zealand Dollar (NZD)	Buy		330	NZD		8/24/11		272,349		3,234		—
Norwegian Krone (NOK)	Buy		227,240	NOK		8/10/11		42,007,312		6,332		—
Norwegian Krone (NOK)	Sell		1,000	NOK		8/24/11		184,677		—		3,446
Polish Zloty (PLZ)	Buy		7,365	PLZ		7/11/11		2,682,038		—		22,898
South African Rand (ZAR)	Buy		3,880	ZAR		8/24/11		569,062		23,233		—
South African Rand (ZAR)	Sell		3,400	ZAR		8/24/11		498,663		—		10,879
Swedish Krona (SEK)	Buy		500	SEK		8/24/11		78,785		1,077		—
Swedish Krona (SEK)	Sell		3,500	SEK		8/24/11		551,493		—		12,693

										394,839		251,350

35 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Foreign Currency Exchange Contracts: Continued


		Contract
Counterparty/		Amount			Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)			Dates		Value		Appreciation		Depreciation

Citigroup EM:
Argentine Peso (ARP)	Buy		8,760	ARP		9/26/11	$	2,091,289	$	—	$	402
Brazilian Real (BRR)	Buy		18,675	BRR		7/5/11-8/2/11		11,918,244		268,807		—
Brazilian Real (BRR)	Sell		28,245	BRR		7/5/11-8/2/11		17,987,780		—		406,550
Chilean Peso (CLP)	Buy		194,000	CLP		8/24/11		412,262		5,767		—
Chilean Peso (CLP)	Sell		258,000	CLP		8/24/11		548,267		—		5,182
Chinese Renminbi (Yuan) (CNY)	Buy		3,430	CNY		7/8/11		530,613		1,169		—
Colombian Peso (COP)	Sell		6,241,000	COP		7/11/11-7/14/11		3,526,604		43		88,620
Egyptian Pounds (EGP)	Buy		25,800	EGP		8/29/11-9/27/11		4,254,316		—		22,107
Indonesia Rupiah (IDR)	Buy		34,400,000	IDR		7/5/11		4,008,322		8,322		—
Indonesia Rupiah (IDR)	Sell		37,300,000	IDR		8/10/11		4,321,242		—		14,580
Mexican Nuevo Peso (MXN)	Buy		60,540	MXN		7/18/11		5,162,278		120,052		—

										404,160		537,441
Credit Suisse:
British Pound Sterling (GBP)	Buy		1,500	GBP		9/22/11		2,404,902		—		24,756
Euro (EUR)	Buy		120	EUR		8/24/11		173,738		4,217		—
Malaysian Ringgit (MYR)	Buy		18,925	MYR		7/5/11-9/2/11		6,240,916		10,911		—
Malaysian Ringgit (MYR)	Sell		1,330	MYR		11/10/11		436,164		7,436		—
Mexican Nuevo Peso (MXN)	Buy		58,400	MXN		8/22/11		4,963,530		86,980		—
New Turkish Lira (TRY)	Sell		1,865	TRY		8/4/11		1,141,466		27,850		—
South African Rand (ZAR)	Buy		285,095	ZAR		8/10/11		41,904,738		188,199		—
Swedish Krona (SEK)	Sell		3,900	SEK		8/24/11		614,521		212		—
Swiss Franc (CHF)	Sell		640	CHF		8/24/11		761,497		2,926		710

										328,731		25,466
Credit Suisse EM
Argentine Peso (ARP)	Buy		11,220	ARP		9/26/11		2,678,569		—		834
Deutsche Bank Capital Corp.:
Australian Dollar (AUD)	Buy		2,270	AUD		10/26/11		2,398,164		14,553		—
Australian Dollar (AUD)	Sell		580	AUD		7/7/11		621,510		—		18,118
British Pound Sterling (GBP)	Buy		924	GBP		7/7/11		1,482,846		—		13,064
British Pound Sterling (GBP)	Sell		2,764	GBP		7/7/11-8/24/11		4,435,384		26,679		15,991
Canadian Dollar (CAD)	Buy		560	CAD		8/24/11		579,810		4,748		—
Canadian Dollar (CAD)	Sell		3,815	CAD		7/7/11-8/24/11		3,953,076		—		80,714
Chinese Renminbi (Yuan) (CNY)	Buy		27,950	CNY		1/6/12		4,352,113		13,875		—
Euro (EUR)	Buy		5,055	EUR		10/26/11		7,304,936		12,011		—
Euro (EUR)	Sell		9,745	EUR		7/7/11		14,128,924		—		258,865
Japanese Yen (JPY)	Sell		1,342,000	JPY		9/26/11-10/26/11		16,680,750		—		372,103
Swiss Franc (CHF)	Sell		505	CHF		7/7/11		600,679		4,278		—

										76,144		758,855
Deutsche Bank EM:
Chinese Renminbi (Yuan) (CNY)	Sell		11,200	CNY		1/6/12		1,743,959		—		4,829
Ukraine Hryvnia (UAH)	Buy		20,948	UAH		7/7/11		2,621,488		—		5,160
										—		9,989
Goldman Sachs EM:
Brazilian Real (BRR)	Buy		10,450	BRR		7/5/11-1/4/12		6,634,357		106,503		551
Brazilian Real (BRR)	Sell		9,575	BRR		7/5/11		6,127,817		—		272,264
Chinese Renminbi (Yuan) (CNY)	Buy		21,080	CNY		2/16/12		3,288,314		9,931		—
Colombian Peso (COP)	Buy		857,000	COP		7/11/11		484,304		6,668		—
Malaysian Ringgit (MYR)	Buy		74,250	MYR		7/14/11-8/10/11		24,537,558		65,720		—
Mexican Nuevo Peso (MXN)	Buy		74,750	MXN		7/18/11		6,373,973		85,326		—
New Turkish Lira (TRY)	Buy		880	TRY		8/22/11		536,754		—		12,897
New Turkish Lira (TRY)	Sell		10	TRY		7/18/11		6,140		342		—

										274,490		285,712

36 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Foreign Currency Exchange Contracts: Continued


		Contract
Counterparty/		Amount			Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)			Dates		Value		Appreciation		Depreciation

Goldman, Sachs & Co.:
Brazilian Real (BRR)	Sell		1,360	BRR		7/5/11	$	870,374	$	—	$	12,654
Euro (EUR)	Buy		28,760	EUR		8/10/11		41,656,576		—		483,870
Japanese Yen (JPY)	Buy		60,000	JPY		8/24/11		745,520		247		2,017
Japanese Yen (JPY)	Sell		484,000	JPY		8/24/11-9/26/11		6,015,130		13		103,401
New Turkish Lira (TRY)	Buy		10	TRY		7/18/11		6,140		—		266

										260		602,208
HSBC EM:
Brazilian Real (BRR)	Buy		2,010	BRR		8/2/11-1/4/12		1,266,724		35,541		—
Brazilian Real (BRR)	Sell		1,620	BRR		8/2/11		1,029,779		—		23,317
New Turkish Lira (TRY)	Buy		7,880	TRY		8/23/11		4,805,472		—		24,191

										35,541		47,508
JP Morgan Chase:
Chinese Renminbi (Yuan) (CNY)	Sell		31,500	CNY		7/18/11		4,872,759		—		21,978
Euro (EUR)	Buy		6,695	EUR		10/26/11		9,674,885		9,004		6,991
Hong Kong Dollar (HKD)	Sell		6,570	HKD		8/24/11		844,588		—		850
Indian Rupee (INR)	Sell		9,000	INR		7/11/11		200,918		—		1,603
New Taiwan Dollar (TWD)	Sell		12,670	TWD		8/3/11		441,263		—		1,790
Norwegian Krone (NOK)	Buy		4,600	NOK		8/24/11		849,515		16,057		—
Norwegian Krone (NOK)	Sell		1,800	NOK		8/24/11		332,419		—		12,202
Russian Ruble (RUR)	Sell		1,590	RUR		8/16/11		56,658		—		849
Singapore Dollar (SGD)	Buy		545	SGD		11/10/11		443,858		1,337		—

										26,398		46,263
JP Morgan EM:
Chilean Peso (CLP)	Buy		604,000	CLP		8/24/11		1,283,539		881		816
Chilean Peso (CLP)	Sell		194,000	CLP		8/24/11		412,262		—		3,967
Chinese Renminbi (Yuan) (CNY)	Buy		77,200	CNY		7/18/11-2/17/12		12,001,913		25,158		4,912
Colombian Peso (COP)	Buy		501,000	COP		7/11/11		283,123		1,662		—
Colombian Peso (COP)	Sell		7,997,000	COP		7/11/11-7/14/11		4,518,881		248		16,101
Hong Kong Dollar (HKD)	Sell		31,440	HKD		8/24/11		4,041,681		—		4,774
Indian Rupee (INR)	Sell		223,880	INR		7/11/11-7/18/11		4,991,656		—		22,585
New Taiwan Dollar (TWD)	Buy		142,000	TWD		8/22/11		4,946,690		29,792		—
Philippines Peso (PHP)	Buy		361,000	PHP		7/28/11		8,308,532		—		51,820
Russian Ruble (RUR)	Buy		203,470	RUR		10/7/11		7,208,765		131,724		—
Russian Ruble (RUR)	Sell		7,470	RUR		8/16/11		266,186		—		1,997
South Korean Won (KRW)	Buy		3,490,000	KRW		10/25/11		3,246,541		50,022		—
Thailand Baht (THB)	Buy		209,300	THB		7/11/11		6,806,567		—		139,421

										239,487		246,393
Morgan Stanley EM
Russian Ruble (RUR)	Buy		16,670	RUR		7/5/11		596,622		317		—
Nomura Securities:
Chinese Renminbi (Yuan) (CNY)	Buy		22,440	CNY		2/19/13		3,552,558		521		—
New Zealand Dollar (NZD)	Buy		330	NZD		8/24/11		272,349		5,708		—
New Zealand Dollar (NZD)	Sell		470	NZD		8/24/11		387,891		—		5,395
South Korean Won (KRW)	Buy		3,250,000	KRW		7/25/11		3,039,208		47,677		—

										53,906		5,395
RBS Greenwich Capital:
Euro (EUR)	Buy		17,050	EUR		7/6/11		24,720,896		117,746		—
Indian Rupee (INR)	Buy		43,000	INR		7/11/11		959,944		6,407		500
New Taiwan Dollar (TWD)	Sell		142,000	TWD		7/18/11		4,944,617		—		8,920
New Turkish Lira (TRY)	Buy		65,280	TRY		8/10/11		39,908,708		—		1,678,856

37 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Foreign Currency Exchange Contracts: Continued


		Contract
Counterparty/		Amount			Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)			Dates		Value		Appreciation		Depreciation

RBS Greenwich Capital: Continued
Swiss Franc (CHF)	Buy		530	CHF		11/10/11	$	631,070	$	23,575	$	—
Swiss Franc (CHF)	Sell		810	CHF		8/24/11		963,769		12,475		—

										160,203		1,688,276
Standard NY EM:
Egyptian Pounds (EGP)	Buy		3,260	EGP		9/27/11		535,182		—		1,444
State Street:
Hungarian Forint (HUF)	Buy		2,177,000	HUF		7/11/11		11,863,048		170,430		22,997
Hungarian Forint (HUF)	Sell		531,000	HUF		7/11/11		2,893,559		—		59,004
Indian Rupee (INR)	Buy		216,000	INR		7/18/11		4,815,741		67,027		—
Mexican Nuevo Peso (MXN)	Sell		58,400	MXN		8/22/11		4,963,530		—		40,038
South African Rand (ZAR)	Buy		37,730	ZAR		8/24/11-9/6/11		5,524,375		4,162		1,439
South African Rand (ZAR)	Sell		3,880	ZAR		8/24/11		569,062		—		12,256
Swedish Krona (SEK)	Buy		44,580	SEK		10/26/11		6,998,562		—		238,276

										241,619		374,010
UBS Investment Bank:
Canadian Dollar (CAD)	Buy		640	CAD		8/24/11		662,640		2,504		—
Canadian Dollar (CAD)	Sell		670	CAD		8/24/11		693,702		—		4,827
Japanese Yen (JPY)	Sell		36,000	JPY		8/24/11		447,312		138		—
Swedish Krona (SEK)	Buy		259,360	SEK		8/10/11		40,902,923		—		1,106,860

										2,642		1,111,687
Westpac:
New Zealand Dollar (NZD)	Sell		280	NZD		8/24/11		231,084		—		4,872
Swedish Krona (SEK)	Buy		6,500	SEK		8/24/11		1,024,201		3,274		202
Swedish Krona (SEK)	Sell		1,100	SEK		8/24/11		173,326		—		1,371

										3,274		6,445

Total unrealized appreciation and depreciation									$	2,678,003	$	7,550,045

Futures Contracts as of June 30, 2011 are as follows:


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

DAX Index	Buy		15		9/16/11	$	4,019,566	$	15,288
Euro-Bundesobligation	Buy		53		9/8/11		9,644,189		(17,198	)
Japan (Government of) Bonds, 10 yr.	Buy		3		9/8/11		5,255,823		18,298
Japan (Government of) Mini Bonds, 10 yr.	Buy		42		9/7/11		7,362,325		8,015
NASDAQ 100 E-Mini Index	Buy		182		9/16/11		8,448,440		368,603
New Financial Times Stock Exchange 100 Index	Sell		73		9/16/11		6,915,475		(210,178	)
NIKKEI 225 Index	Sell		14		9/8/11		853,425		(37,874	)
NIKKEI 225 Index	Sell		55		9/8/11		6,708,900		(280,511	)
Standard & Poor’s 500 E-Mini Index	Sell		374		9/16/11		24,599,850		(923,485	)
U.S. Treasury Long Bonds	Buy		1,088		9/21/11		133,858,000		(1,247,924	)
U.S. Treasury Nts., 2 yr.	Buy		100		9/30/11		21,934,375		26,238
U.S. Treasury Nts., 2 yr.	Sell		471		9/30/11		103,310,906		15,515
U.S. Treasury Nts., 5 yr.	Sell		481		9/30/11		57,332,946		(296,844	)
U.S. Treasury Nts., 10 yr.	Buy		1,967		9/21/11		240,619,422		696,544
U.S. Treasury Nts., 10 yr.	Sell		860		9/21/11		105,202,188		140,311
U.S. Treasury Ultra Bonds	Buy		90		9/21/11		11,362,500		(238,629	)
United Kingdom Long Gilt	Buy		7		9/28/11		1,349,848		3,620

								$	(1,960,211	)

38 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Written Options as of June 30, 2011 are as follows:


													Unrealized
		Number of		Exercise		Expiration		Premiums					Appreciation/
Description	Type	Contracts		Price		Date		Received		Value			(Depreciation)

Euro (EUR)	Call		1,705,000	$	1.422		7/1/11	$	17,353	$	(50,598	)	$	(33,245	)
Euro (EUR)	Call		1,680,000		1.420		7/5/11		18,625		(54,439	)		(35,814	)
Euro (EUR)	Call		1,640,000		1.430		7/5/11		16,968		(37,378	)		(20,410	)
Euro (EUR)	Call		1,605,000		1.442		7/6/11		17,902		(22,544	)		(4,642	)
Euro (EUR)	Put		1,705,000		1.422		7/1/11		17,738		(11	)		17,727
Euro (EUR)	Put		1,680,000		1.420		7/5/11		19,078		(495	)		18,583
Euro (EUR)	Put		1,640,000		1.430		7/5/11		16,968		(1,905	)		15,063
Euro (EUR)	Put		1,605,000		1.442		7/6/11		17,902		(6,960	)		10,942
New Turkish Lira (TRY)	Put		3,460,000	2.170 EUR			9/6/11		14,039		(3,011	)		11,028
New Turkish Lira (TRY)	Put		3,460,000	2.170 EUR			9/6/11		14,090		(2,391	)		11,699

								$	170,663	$	(179,732	)	$	(9,069	)

Credit Default Swap Contracts as of June 30, 2011 are as follows:


	Buy/Sell	Notional		Pay/					Upfront						Unrealized
Reference Entity/	Credit	Amount		Receive			Termination		Payment						Appreciation
Swap Counterparty	Protection	(000’s)		Fixed Rate			Date		Received/(Paid)			Value			(Depreciation)

Barrick Gold Corp.
Goldman Sachs International	Buy	$	4,940		1.00	%		6/20/16	$	58,206		$	(36,300	)		21,906

	Total		4,940							58,206			(36,300	)		21,906
Capital One Financial Corp.
Goldman Sachs International	Sell		4,960		1.00			6/20/16		(7,526	)		(44,648	)		(52,174	)

	Total		4,960							(7,526	)		(44,648	)		(52,174	)
CBS Corp.
Barclays Bank plc	Sell		4,830		1.00			6/20/16		11,810			10,428			22,238

	Total		4,830							11,810			10,428			22,238
CDX Emerging Markets
Index, Series 15:
Barclays Bank plc	Buy		10,525		5.00			6/20/16		1,422,337			(1,298,342	)		123,995
Merrill Lynch International	Buy		10,735		5.00			6/20/16		1,448,569			(1,324,247	)		124,322

	Total		21,260							2,870,906			(2,622,589	)		248,317
Cisco Systems, Inc.
Barclays Bank plc	Buy		4,830		1.00			6/20/16		84,807			(49,257	)		35,550

	Total		4,830							84,807			(49,257	)		35,550
Federative Republic of Brazil:
Barclays Bank plc	Sell		2,060		1.00			3/20/16		9,382			(14,034	)		(4,652	)
Credit Suisse International	Sell		1,680		1.00			6/20/16		11,493			(12,023	)		(530	)

	Total		3,740							20,875			(26,057	)		(5,182	)
GATX Corp.
Deutsche Bank, London Branch	Sell		4,830		1.00			6/20/16		154,498			(152,449	)		2,049

	Total		4,830							154,498			(152,449	)		2,049
Hewlett-Packard Co.
Citibank NA, New York	Buy		4,960		1.00			6/20/16		115,189			(62,417	)		52,772

	Total		4,960							115,189			(62,417	)		52,772
Istanbul Bond Co. SA for
Finansbank AS
Merrill Lynch Capital
Services, Inc.	Sell		3,100		1.30			3/24/13		—			(46,367	)		(46,367	)

	Total		3,100							—			(46,367	)		(46,367	)

39 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Credit Default Swap Contracts Continued


	Buy/Sell	Notional		Pay/					Upfront						Unrealized
Reference Entity/	Credit	Amount		Receive			Termination		Payment						Appreciation
Swap Counterparty	Protection	(000’s)		Fixed Rate			Date		Received/(Paid)			Value			(Depreciation)

Kohl’s Corp.
Deutsche Bank,
London Branch	Buy	$	4,940		1.00	%		6/20/16	$	68,710		$	(19,961	)	$	48,749

	Total		4,940							68,710			(19,961	)		48,749
Petroleos de Venezuela SA
Barclays Bank plc	Sell		4,140		5.00			7/20/11		107,030			80,664			187,694

	Total		4,140							107,030			80,664			187,694
Republic of Hungary:
Barclays Bank plc	Sell		1,250		1.00			3/20/16		105,216			(94,375	)		10,841
Barclays Bank plc	Sell		2,370		1.00			6/20/16		191,125			(186,959	)		4,166
Citibank NA, New York	Buy		10,000		1.00			9/20/15		11,275			203,100			214,375
HSBC Bank USA	Sell		2,090		1.00			3/20/16		182,236			(157,795	)		24,441
JPMorgan Chase Bank NA, NY Branch	Sell		1,670		1.00			3/20/16		139,178			(126,085	)		13,093
Merrill Lynch Capital Services, Inc.	Sell		2,090		1.00			3/20/16		182,236			(157,795	)		24,441
UBS AG	Sell		2,090		1.00			3/20/16		181,992			(157,795	)		24,197

	Total		21,560							993,258			(677,704	)		315,554
Republic of Peru:
Barclays Bank plc	Sell		1,650		1.00			6/20/16		48,911			(38,852	)		10,059
Credit Suisse International	Sell		1,240		1.00			6/20/16		36,757			(29,198	)		7,559
Deutsche Bank AG	Buy		1,900		1.71			12/20/16		—			(19,054	)		(19,054	)
Goldman Sachs International	Sell		2,065		1.00			6/20/16		43,083			(48,624	)		(5,541	)
HSBC Bank USA	Sell		1,240		1.00			6/20/16		36,757			(29,198	)		7,559
JPMorgan Chase Bank NA	Sell		2,065		1.00			6/20/16		47,856			(48,624	)		(768	)

	Total		10,160							213,364			(213,550	)		(186	)
Republic of the Philippines:
Barclays Bank plc	Buy		3,270		1.76			12/20/14		—			(65,212	)		(65,212	)
JPMorgan Chase Bank NA, London
Branch	Buy		4,900		1.74			12/20/14		—			(94,409	)		(94,409	)

	Total		8,170							—			(159,621	)		(159,621	)
RR Donnelley & Sons Co.
Deutsche Bank London Branch	Sell		4,940		5.00			6/20/16		(407,118	)		388,314			(18,804	)

	Total		4,940							(407,118	)		388,314			(18,804	)
SLM Corp.:
Citibank NA, New York	Sell		3,795		5.00			6/20/15		(378,690	)		204,547			(174,143	)
UBS AG	Sell		1,035		5.00			6/20/16		(103,784	)		55,785			(47,999	)

	Total		4,830							(482,474	)		260,332			(222,142	)
Target Corp.
Credit Suisse International	Buy		4,830		1.00			6/20/16		107,171			(97,973	)		9,198

	Total		4,830							107,171			(97,973	)		9,198

Grand Total Buys										3,316,264			(2,864,072	)		452,192

Grand Total Sells										592,442			(605,083	)		(12,641	)

Total Credit Default Swaps									$	3,908,706		$	(3,469,155	)	$	439,551

40 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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

Type of Reference

Total Maximum Potential

Asset on which the

Payments for Selling Credit

Amount

Reference Asset

Fund Sold Protection

Protection (Undiscounted)

Recoverable*

Rating Range**

Investment Grade Single Name Corporate Debt

19,450,000

—

BBB to BBB-

Non-Investment Grade Single Name Corporate Debt

4,940,000

—

BB+

Investment Grade Sovereign Debt

26,660,000

—

BBB-

Non-Investment Grade Sovereign Debt

4,140,000

—

BB-

Total

55,190,000

—


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

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

Interest Rate Swap Contracts as of June 30, 2011 are as follows:

Notional

Interest Rate/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

BZDI:

Goldman Sachs Group, Inc. (The)

10,600 BRR

BZDI

11.390

1/5/15

(165,110

)

Goldman Sachs Group, Inc. (The)

5,190 BRR

BZDI

12.800

1/2/17

221,005

Goldman Sachs Group, Inc. (The)

9,900 BRR

BZDI

11.420

1/3/14

(117,249

)

JPMorgan Chase Bank NA

10,200 BRR

BZDI

13.900

1/2/17

635,816

Total

35,890 BRR

574,462

MXN TllE BANXICO:

Bank of America Merrill Lynch

87,500 MXN

MXN TIIE BANXICO

5.875

12/6/12

15,574

Bank of America Merrill Lynch

220,000 MXN

MXN TIIE BANXICO

5.735

11/29/12

12,082

Bank of America Merrill Lynch

134,500 MXN

MXN TIIE BANXICO

5.750

12/5/12

7,306

Barclays Bank plc

86,300 MXN

MXN TIIE BANXICO

5.630

1/21/13

9,950

Citibank NA

86,000 MXN

MXN TIIE BANXICO

5.640

1/16/13

12,083

Deutsche Bank AG

179,500 MXN

MXN TIIE BANXICO

5.890

1/10/13

40,351

Goldman Sachs Group, Inc. (The)

216,900 MXN

MXN TIIE BANXICO

5.880

12/14/12

48,202

Total

1,010,700 MXN

145,548

Six-Month AUD BBR BBSW

Westpac Banking Corp

11,685 AUD

6.098

Six-Month AUD BBR BBSW

1/5/21

(249,286

)

Six-Month CZK PRIBOR PRBO:

Barclays Bank plc

183,000 CZK

3.200

Six-Month CZK PRIBOR PRBO

12/21/15

(61,177

)

Morgan Stanley

173,300 CZK

3.060

Six-Month CZK PRIBOR PRBO

12/16/15

(32,063

)

Total

356,300 CZK

(93,240

)

Six-Month EUR EURIBOR:

Barclays Bank plc

7,120 EUR

Six-Month EUR EURIBOR

3.580

2/21/15

51,904

Morgan Stanley

6,910 EUR

Six-Month EUR EURIBOR

3.410

12/16/15

20,472

Total

14,030 EUR

72,376

Six-Month JPY BBA LIBOR

JPMorgan Chase Bank NA

987,000 JPY

1.233

Six-Month JPY BBA LIBOR

1/7/21

(107,053

)

Three-Month NZD BBR FRA

Barclays Bank plc

15,490 NZD

Three-Month NZD BBA FRA

5.280

5/5/21

239,781

41 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Interest Rate Swap Contracts Continued

Notional

Interest Rate/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

Three-Month USD BBA LIBOR

Barclays Bank plc

11,900

Three-Month USD BBA FRA

3.371

1/6/21

348,016

Three-Month ZAR JIBAR SAFEX:

Barclays Bank plc

45,590 ZAR

7.040

Three-Month ZAR JIBAR SAFEX

1/21/14

(50,942

)

Barclays Bank plc

45,140 ZAR

7.050

Three-Month ZAR JIBAR SAFEX

1/24/14

(50,594

)

Total where Fund pays a fixed rate

90,730 ZAR

(101,536

)

Barclays Bank plc

17,830 ZAR

Three-Month ZAR JIBAR SAFEX

8.350

1/24/21

97,865

Barclays Bank plc

17,990 ZAR

Three-Month ZAR JIBAR SAFEX

8.310

1/21/21

90,086

Goldman Sachs Group, Inc. (The)

145,500 ZAR

Three-Month ZAR JIBAR SAFEX

8.700

3/11/14

167,948

JPMorgan Chase Bank NA

146,780 ZAR

Three-Month ZAR JIBAR SAFEX

8.480

3/1/14

134,194

JPMorgan Chase Bank NA

146,690 ZAR

Three-Month ZAR JIBAR SAFEX

8.390

3/2/14

115,216

JPMorgan Chase Bank NA

114,930 ZAR

Three-Month ZAR JIBAR SAFEX

8.650

3/4/14

128,225

Total where Fund pays a variable rate

589,720 ZAR

733,534

Total

680,450 ZAR

631,998

Total Interest Rate Swaps

1,562,602

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


AUD		Australian Dollar
BRR		Brazilian Real
CZK		Czech Koruna
EUR		Euro
JPY		Japanese Yen
MXN		Mexican Nuevo Peso
NZD		New Zealand Dollar
ZAR		South African Rand

Abbreviations/Definitions are as follows:


BANIXCO		Banco de Mexico
BBA LIBOR		British Bankers’ Association London-Interbank Offered Rate
BBR		Bank Bill Rate
BBR BBSW		Bank Bill Swap Reference Rate (Australian Financial Market)
BZDI		Brazil Interbank Deposit Rate
EURIBOR		Euro Interbank Offered Rate
FRA		Forward Rate Agreement
JIBAR		South Africa Johannesburg Interbank Agreed Rate
PRIBOR PRBO		Prague Interbank Offering Rate
SAFEX		South African Futures Exchange
TIIE		Interbank Equilibrium Interest Rate

42 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Total Return Swap Contracts as of June 30, 2011 are as follows:

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

Consumer Staples Select
Sector Index

One-Month USD BBA LIBOR plus

15 basis points and if negative,

the absolute value of the Total

If positive, the Total Return

Return of the Consumer Staples

of the Consumer Staples

Morgan Stanley

1,905

Select Sector Index

3/6/12

(40,807

)

Custom Basket of Securities:

One-Month CHF BBA LIBOR

plus 30 basis points and if

negative, the absolute value

If positive, the Total Return

of the Total Return of

of a custom basket

Citibank NA

1,818

CHF

a custom basket of securities

of securities

1/11/12

(108,702

)

One-Month DKK BBA

LIBOR plus 30 basis points

and if negative, the absolute

If positive, the Total Return

value of the Total Return of

of a custom basket

Citibank NA

3,088

DKK

a custom basket of securities

of securities

1/11/12

(12,520

)

One-Month EURIBOR

plus 30 basis points and

if negative, the absolute value

If positive, the Total Return

of the Total Return of

of a custom basket

Citibank NA

3,674

EUR

a custom basket of securities

of securities

1/11/12

(170,536

)

One-Month GBP BBA LIBOR

plus 30 basis points and

if negative, the absolute value

If positive, the Total Return

of the Total Return of

of a custom basket

Citibank NA

481

GBP

a custom basket of securities

of securities

1/11/12

12,122

One-Month SEK STIBOR SIDE

plus 30 basis points and if

negative, the absolute value of

If positive, the Total Return

the Total Return of

of a custom basket

Citibank NA

6,034

SEK

a custom basket of securities

of securities

1/11/12

(17,305

)

One-Month JPY BBA LIBOR

plus 53 basis points and if

negative, the absolute value of

If positive, the Total Return

the Total Return of

of a custom basket

Citibank NA, New York

557,760

JPY

a custom basket of securities

of securities

4/16/12

85,945

One-Month USD BBA LIBOR

plus 18 basis points and if

negative, the absolute value

If positive, the

Goldman Sachs Group,

of the Total Return of a custom

Total Return of a

Inc. (The)

24,256

basket of securities

custom basket of securities

9/9/11

483,942

One-Month GBP BBA LIBOR

plus 50 basis points and if

negative, the absolute value of

If positive, the Total Return

the Total Return of

of a custom basket

Morgan Stanley

4,519

GBP

a custom basket of securities

of securities

1/16/12

(71,026

)

Reference Entity Total

201,920

43 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Total Return Swap Contracts: Continued

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

Health Care Select Sector
Index

One-Month USD BBA LIBOR

plus 8 basis points and

if negative, the absolute

If positive, the Total

value of Total Return of the

Return of the Health

UBS AG

1,834

Health Care Select Sector Index

Care Select Sector Index

11/4/11

736

Industrial Select Sector
Index:

One-Month USD BBA LIBOR

plus 12 basis points and

if negative, the absolute value

If positive, the Total

of the Total Return of the

Return of the Industrial

Deutsche Bank AG

131

Industrial Select Sector Index

Select Sector Index

4/9/12

5,779

One-Month USD BBA LIBOR

plus 12 basis points and

if negative, the absolute value

If positive, the Total

of the Total Return of the

Return of the Industrial

Deutsche Bank AG

2,021

Industrial Select Sector Index

Select Sector Index

4/9/12

89,081

Reference Entity Total

94,860

MSCI Daily TR Gross
EAFE USD Index:

One-Month USD BBA LIBOR

plus 15 basis points and if

If positive, the Total Return

negative, the absolute value of

of the MSCI Daily Gross

the Total Return of the MSCI

Citibank NA

523

EAFE USD Index

Daily Gross EAFE USD Index

10/7/11

7,462

One-Month USD BBA LIBOR

plus 15 basis points and if

If positive, the Total Return

negative the Total Return of,

of the MSCI Daily Gross

the MSCI Daily Gross

Citibank NA

2,246

EAFE USD Index

1/9/12

29,773

One-Month USD BBA LIBOR

plus 15 basis points and

If positive, the Total Return

if negative, the Total

of the MSCI Daily Gross

Return of the MSCI Daily

Citibank NA

301

EAFE USD Index

Gross EAFE USD Index

1/9/12

3,836

One-Month USD LIBOR

minus 5 basis points and if

If positive, the Total Return

negative, the absolute value of

Goldman Sachs Group,

of the MSCI Daily Gross

the Total Return of the MSCI

Inc. (The)

120

EAFE USD Index

Daily Gross EAFE USD Index

7/8/11

(697

)

One-Month USD BBA LIBOR plus

20 basis points and if negative,

If positive, the Total Return

the absolute value of the

Goldman Sachs Group,

of the MSCI Daily Gross

Total Return of the MSCI Daily

Inc. (The)

3,461

EAFE USD Index

Gross EAFE USD Index

5/10/12

(21,061

)

One-Month USD LIBOR minus

5 basis points and if negative,

If positive, the Total Return

the absolute value of the Total

Goldman Sachs Group,

of the MSCI Daily Gross

Return of the MSCI Daily Gross

Inc. (The)

563

EAFE USD Index

7/8/11

(3,594

)

44 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Total Return Swap Contracts: Continued

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

MSCI Daily TR Gross
EAFE USD Index: Continued

One-Month USD BBA LIBOR

minus 10 basis points and if

If positive, the Total Return

negative, the absolute value of

of the MSCI Daily Gross

the Total Return of the MSCI

UBS AG

6,935

EAFE USD Index

Daily Gross EAFE USD Index

10/7/11

77,258

Reference Entity Total

92,977

MSCI Daily TR Gross
Europe EURO Index:

One-Month EUR EURIBOR

minus 20 basis points and if

If positive, the Total Return

negative, the absolute value of

of the MSCI Daily Gross

the Total Return of the MSCI

Citibank NA

2,112

EUR

Europe EURO Index

Daily Gross Europe EURO Index

1/6/12

(15,721

)

One-Month EUR EURIBOR

and if negative, the

If positive, the Total Return

absolute value of the Total

Goldman Sachs Group,

of the MSCI Daily Gross

Return of the MSCI Daily

Inc. (The)

3,341

EUR

Europe EURO Index

Gross Europe EURO Index

1/12/12

(23,228

)

Reference Entity Total

(38,949

)

MSCI Daily TR Net
EAFE USD Index

One-Month USD BBA

LIBOR minus 2.5 basis points

and if negative, the

If positive, the Total Return

Goldman Sachs Group,

absolute value of the MSCI

of the MSCI Daily

Inc. (The)

6,164

Daily Net EAFE USD Index

Net EAFE USD Index

5/8/12

16,222

MSCI Daily TR Net
Germany USD Index

One-Month USD BBA LIBOR

minus 15 basis points and if

negative, the absolute value of

If positive, the Total Return

the Total Return of the MSCI

of the MSCI Daily Net

Citibank NA

2,455

Daily Net Germany USD Index

Germany USD Index

6/1/12

65,245

MSCI Daily TR Net
Italy USD Index

One-Month USD BBA LIBOR

minus 25 basis points and if

If positive, the absolute value

Goldman Sachs Group,

negative, the absolute value of

of the Total Return of the

Inc. (The)

2,435

the MSCI Daily Net Italy USD Index

MSCI Daily Net Italy USD Index

3/6/12

(55,363

)

MSCI Daily TR Net
Japan USD Index

One-Month USD BBA LIBOR plus

20 basis points and if negative,

the absolute value of the

If positive, the Total Return

Total Return of the MSCI Daily

of the MSCI Daily

UBS AG

2,438

Net Japan USD Index

6/4/12

67,083

45 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Total Return Swap Contracts: Continued

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

MSCI Daily TR Net
Netherlands USD Index

One-Month USD BBA LIBOR plus

20 basis points and if negative,

the absolute value of the Total

If positive, the Total Return

Return of the MSCI Daily Net

of the MSCI Daily Net

UBS AG

2,507

Netherlands USD Index

5/7/12

(55,909

)

MSCI Daily TR Net
Spain USD Index

One-Month USD BBA LIBOR minus

33 basis points and if negative,

the absolute value of the

If positive, the Total Return of

Total Return of the MSCI

the MSCI Daily Net

Nomura International

2,399

Daily Net Spain USD Index

Spain USD Index

3/6/12

121,568

S&P 100 Index

One-Month USD BBA LIBOR

plus 10 basis points and if

If positive, the Total

negative, the absolute value

Goldman Sachs Group,

Return of the

of the Total Return of the

Inc. (The)

6,060

S&P 100 Index

4/9/12

(143,400

)

Total of Total Return Swaps

326,183

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


CHF		Swiss Franc
DKK		Danish Krone
EUR		Euro
GBP		British Pounds Sterling
JPY		Japanese Yen
SEK		Swedish Krona

Abbreviations are as follows:
BBA LIBOR		British Bankers’ Association London-Interbank Offered Rate
EURIBOR		Euro Interbank Offered Rate
MSCI EAFE		Morgan Stanley Capital International Europe, Australia and Far East. A stock market index of foreign stocks from the
		perspective of a North American investor
S&P		Standard & Poor’s
STIBOR SIDE		Stockholm Interbank Offered Rate
TR		Total Return

46 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Volatility Swaps as of June 30, 2011 are as follows:

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

AUD/GBP Spot Exchange Rate

The Historic Volatility

of the mid AUD/GBP

spot exchange rate

during the Observation

Credit Suisse

GBP

Period

9.800

7/15/11

(651

)

AUD/USD Spot Exchange Rate:

The Historic Volatility

of the mid AUD/USD

spot exchange rate

during the Observation

Credit Suisse

Period

11.150

7/8/11

(9,397

)

The Historic Volatility

of the mid AUD/USD

spot exchange rate

during the Observation

Deutsche Bank AG

Period

11.550

7/14/11

(7,045

)

The Historic Volatility

of the mid AUD/USD

spot exchange rate

during the Observation

Royal Bank of Scotland plc

Period

11.300

7/11/11

(10,038

)

Reference Entity Total

(26,480

)

CAD/GBP Spot Exchange Rate

The Historic Volatility

of the mid CAD/GBP

spot exchange rate

Goldman Sachs Group,

during the Observation

Inc. (The)

GBP

Period

7.650

7/11/11

(12,797

)

CHF/JPY Spot Exchange Rate

The Historic

Volatility of the mid

CHF/JPY spot

exchange rate during

the Observation

Citibank NA

CHF

10.650

Period

7/20/11

7,147

CHF/SEK Spot Exchange Rate:

The Historic Volatility

of the mid CHF/SEK

spot exchange

rate during the

Citibank NA

CHF

14.250

Observation Period

8/2/11

(14,994

)

The Historic Volatility

of the mid CHF/SEK

spot exchange

Goldman Sachs Group ,

rate during the

Inc. (The)

CHF

13.000

Observation Period

8/5/11

2,892

Total where Fund pays a fixed rate

(12,102

)

The Historic Volatility

of the mid CHF/SEK

spot exchange rate

during the

Bank of America Merril Lynch

CHF

Observation Period

14.700

7/26/11

(1,577

)

47 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Volatility Swaps Continued

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

CHF/SEK Spot Exchange Rate: Continued

The Historic Volatility

of the mid CHF/SEK

spot exchange

rate during the

Deutsche Bank AG

CHF

Observation Period

14.500

7/28/11

(5,252

)

Total where Fund pays a variable rate

(6,829

)

Reference Entity Total

(18,931

)

CHF/USD Spot Exchange Rate:

The Historic Volatility

of the mid CHF/USD

spot exchange

rate during the

Citibank NA

13.000

Observation Period

7/29/11

12,856

The Historic

Volatility of the mid

CHF/USD spot

exchange rate during the

Deutsche Bank AG

Observation Period

12.000

7/29/11

19,565

Reference Entity Total

32,421

EUR/GBP Spot Exchange Rate

The Historic

Volatility of the mid

EUR/GBPspot

Goldman Sachs Group,

exchange rate during the

Inc. (The)

EUR

Observation Period

9.100

7/21/11

1,729

EUR/NOK Spot Exchange Rate

The Historic

Volatility of the mid

EUR/NOK spot

Goldman Sachs Group,

exchange rate during the

Inc. (The)

EUR

Observation Period

7.025

7/15/11

(5,421

)

EUR/SEK Spot Exchange Rate:

The Historic

Volatility of the mid

EUR/SEK spot

exchange rate during the

Deutsche Bank AG

EUR

Observation Period

6.700

7/5/11

(352

)

The Historic

Volatility of the mid

EUR/SEK spot

exchange rate during the

Deutsche Bank AG

EUR

Observation Period

7.600

7/22/11

(1,709

)

The Historic

Volatility of the mid

EUR/SEK spot

Goldman Sachs Group,

exchange rate during

Inc. (The)

EUR

the Observation Period

6.675

7/7/11

(2,762

)

48 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Volatility Swaps Continued

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

EUR/SEK Spot Exchange
Rate: Continued

The Historic

Volatility of the mid

EUR/SEK spot

Goldman Sachs Group,

exchange rate during

Inc. (The)

EUR

the Observation Period

7.525

7/25/11

(3,383

)

The Historic

Volatility of the mid

EUR/SEK spot

exchange rate during

Royal Bank of Scotland plc

EUR

the Observation Period

7.200

7/25/11

(10,888

)

Reference Entity Total

(19,094

)

GBP/USD Spot Exchange Rate

The Historic

Volatility of the mid

GBP/USD spot

exchange rate during

Royal Bank of Scotland plc

the Observation Period

8.200

7/7/11

4,472

Total Volatility Swaps

(37,605

)

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


AUD		Australian Dollar
CHF		Swiss Franc
EUR		Euro
GBP		British Pounds Sterling
JPY		Japanese Yen
NOK		Norwegian Krone
SEK		Swedish Krona

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

Swap Summary as of June 30, 2011 is as follows:


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

Bank of America Merril Lynch:
	Interest Rate	442,000		MXN	$	34,962
	Volatility	11		CHF		(1,577	)

						33,385

Barclays Bank plc:
	Credit Default Buy Protection	$	18,625			(1,412,811	)
	Credit Default Sell Protection		16,300			(243,128	)
	Interest Rate	183,000		CZK		(61,177	)
	Interest Rate	7,120		EUR		51,904
	Interest Rate	86,300		MXN		9,950
	Interest Rate	15,490		NZD		239,781
	Interest Rate		11,900			348,016
	Interest Rate	126,550		ZAR		86,415

						(981,050	)

49 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Swap Summary Continued


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

Citibank NA :
	Interest Rate	86,000		MXN	$	12,083
	Total Return	1,818		CHF		(108,702	)
	Total Return	3,088		DKK		(12,520	)
	Total Return	5,786		EUR		(186,257	)
	Total Return	481		GBP		12,122
	Total Return	6,034		SEK		(17,305	)
	Total Return	5,525				106,316
	Volatility	22		CHF		(7,847	)
	Volatility		13			12,856

						(189,254	)

Citibank NA, New York:
	Credit Default Buy Protection		14,960			140,683
	Credit Default Sell Protection		3,795			204,547
	Total Return	557,760		JPY		85,945

						431,175

Credit Suisse:
	Volatility	8		GBP		(651	)
	Volatility		13			(9,397	)

						(10,048	)

Credit Suisse International:
	Credit Default Buy Protection		4,830			(97,973	)
	Credit Default Sell Protection		2,920			(41,221	)

						(139,194	)

Deutsche Bank AG:
	Credit Default Buy Protection		1,900			(19,054	)
	Interest Rate	179,500		MXN		40,351
	Total Return		2,152			94,860
	Volatility	11		CHF		(5,252	)
	Volatility	18		EUR		(2,061	)
	Volatility		26			12,520

						121,364

Deutsche Bank, London Branch:
	Credit Default Buy Protection		4,940			(19,961	)
	Credit Default Sell Protection		4,940			388,314
	Credit Default Sell Protection		4,830			(152,449	)

						215,904

Goldman Sachs Group, Inc. (The):
	Interest Rate	25,690		BRR		(61,354	)
	Interest Rate	216,900		MXN		48,202
	Interest Rate	145,500		ZAR		167,948
	Total Return	3,341		EUR		(23,228	)
	Total Return		43,359			276,049
	Volatility	11		CHF		2,892
	Volatility	36		EUR		(9,837	)
	Volatility	8		GBP		(12,797	)

						387,875

Goldman Sachs International:
	Credit Default Buy Protection		4,940			(36,300	)
	Credit Default Sell Protection		7,025			(93,272	)

						(129,572	)

50 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Swap Summary Continued


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

HSBC Bank USA	Credit Default Sell Protection	$	3,330		$	(186,993	)
JPMorgan Chase Bank NA:
	Credit Default Sell Protection		2,065			(48,624	)
	Interest Rate	10,200		BRR		635,816
	Interest Rate	987,000		JPY		(107,053	)
	Interest Rate	408,400		ZAR		377,635

						857,774
JPMorgan Chase Bank NA, London Branch	Credit Default Buy Protection		4,900			(94,409	)
JPMorgan Chase Bank NA, NY Branch	Credit Default Sell Protection		1,670			(126,085	)
Merrill Lynch Capital Services, Inc.	Credit Default Sell Protection		5,190			(204,162	)
Merrill Lynch International	Credit Default Buy Protection		10,735			(1,324,247	)
Morgan Stanley:
	Interest Rate	173,300		CZK		(32,063	)
	Interest Rate	6,910		EUR		20,472
	Total Return	4,519		GBP		(71,026	)
	Total Return		1,905			(40,807	)

						(123,424	)
Nomura International	Total Return		2,399			121,568
Royal Bank of Scotland plc:
	Volatility	9		EUR		(10,888	)
	Volatility		26			(5,566	)

						(16,454	)
UBS AG:
	Credit Default Sell Protection		3,125			(102,010	)
	Total Return		13,714			89,168

						(12,842	)
Westpac Banking Corp.	Interest Rate	11,685		AUD		(249,286	)

		Total Swaps			$	(1,617,975	)

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


AUD		Australian Dollar
BRR		Brazilian Real
CHF		Swiss Franc
CZK		Czech Koruna
DKK		Danish Krone
EUR		Euro
GBP		British Pounds Sterling
JPY		Japanese Yen
MXN		Mexican Nuevo Peso
NZD		New Zealand Dollar
SEK		Swedish Krona
ZAR		South African Rand

See accompanying Notes to Financial Statements.

51 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2011


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $2,022,638,020)	$	2,040,737,515
Affiliated companies (cost $463,209,647)		467,578,222

		2,508,315,737
Cash—foreign currencies (cost $767,643)		762,190
Unrealized appreciation on foreign currency exchange contracts		2,678,003
Appreciated swaps, at value (upfront payments received $130,115)		3,804,981
Depreciated swaps, at value (upfront payments paid $889,592)		648,646
Receivables and other assets:
Investments sold (including $43,844,016 sold on a when-issued or delayed delivery basis)		48,304,730
Interest, dividends and principal paydowns		31,170,916
Shares of beneficial interest sold		1,209,618
Futures margins		621,456
Closed foreign currency contracts		559,456
Other		281,242

Total assets		2,598,356,975

Liabilities
Bank overdraft		70,579
Appreciated options written, at value (premiums received $99,815)		14,773
Depreciated options written, at value (premiums received $70,848)		164,959
Unrealized depreciation on foreign currency exchange contracts		7,550,045
Appreciated swaps, at value (upfront payments received $4,563,895)		4,018,998
Depreciated swaps, at value (net upfront payments received $104,288)		2,052,604
Payables and other liabilities:
Investments purchased (including $135,398,511 purchased on a when-issued or delayed delivery basis)		137,868,295
Shares of beneficial interest redeemed		5,157,576
Futures margins		1,787,283
Closed foreign currency contracts		1,297,984
Distribution and service plan fees		1,075,491
Shareholder communications		411,243
Transfer and shareholder servicing agent fees		201,227
Foreign capital gains tax		44,445
Trustees’ compensation		43,895
Other		103,641

Total liabilities		161,863,038

Net Assets	$	2,436,493,937


Composition of Net Assets
Par value of shares of beneficial interest	$	429,260
Additional paid-in capital		2,316,972,670
Accumulated net investment income		11,723,896
Accumulated net realized gain on investments and foreign currency transactions		89,454,072
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		17,914,039

Net Assets	$	2,436,493,937

52 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $716,202,495 and 128,015,642 shares of beneficial interest outstanding)	$	5.59
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,720,291,442 and 301,244,500 shares of beneficial interest outstanding)	$	5.71

See accompanying Notes to Financial Statements.

53 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2011


Allocation of Income and Expenses from Master Funds¹
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	1,763,194
Dividends		1,569
Expenses²		(106,938	)

Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		1,657,825
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Interest (net of foreign withholding taxes of $381)		14,098,476
Dividends		94,189
Expenses³		(574,549	)

Net investment income allocated from Oppenheimer Master Loan Fund, LLC		13,618,116

Total allocation of net investment income from master funds		15,275,941

Investment Income
Interest		68,830,190
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $1,123)		229,207
Affiliated companies		48,046
Fee income on when-issued securities		1,272,030

Total investment income		70,379,473

Expenses
Management fees		6,922,906
Distribution and service plan fees—Service shares		2,112,423
Transfer and shareholder servicing agent fees:
Non-Service shares		357,121
Service shares		844,963
Shareholder communications:
Non-Service shares		62,606
Service shares		147,963
Custodian fees and expenses		136,257
Trustees’ compensation		32,780
Administration service fees		750
Other		91,953

Total expenses		10,709,722
Less waivers and reimbursements of expenses		(646,330	)

Net expenses		10,063,392

Net Investment Income		75,592,022


1.		The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes. See Note 1 of accompanying Notes.

2.		Net of expense waivers and/or reimbursements of $888.

3.		Net of expense waivers and/or reimbursements of $6,763.

54 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies (including premiums on options exercised)	$	33,981,284
Closing and expiration of option contracts written		7,632
Closing and expiration of futures contracts		(1,854,079	)
Foreign currency transactions		14,815,910
Swap contracts		2,419,754
Net realized gain (loss) allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(2,412,739	)
Oppenheimer Master Loan Fund, LLC		1,297,849

Total net realized gain		48,255,611
Net change in unrealized appreciation/depreciation on:
Investments		(31,342,736	)
Translation of assets and liabilities denominated in foreign currencies		15,943,010
Futures contracts		6,304,676
Option contracts written		(9,069	)
Swap contracts		2,761,728
Net change in unrealized appreciation/deprecation allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(1,013,738	)
Oppenheimer Master Loan Fund, LLC		(2,957,932	)

Total net change in unrealized appreciation/depreciation		(10,314,061	)

Net Increase in Net Assets Resulting from Operations	$	113,533,572

See accompanying Notes to Financial Statements.

55 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2011			December 31,
	(Unaudited)			2010

Operations
Net investment income	$	75,592,022		$	200,479,913
Net realized gain		48,255,611			193,741,731
Net change in unrealized appreciation/depreciation		(10,314,061	)		11,389,337

Net increase in net assets resulting from operations		113,533,572			405,610,981

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(23,004,040	)		(66,430,241	)
Service shares		(46,831,691	)		(313,790,173	)


		(69,835,731	)		(380,220,414	)
Distributions from net realized gain:
Non-Service shares		(8,843,118	)		—
Service shares		(20,376,612	)		—

		(29,219,730	)		—

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		1,858,547			(81,259,481	)
Service shares		38,062,667			(1,976,534,500	)

		39,921,214			(2,057,793,981	)

Net Assets
Total increase (decrease)		54,399,325			(2,032,403,414	)
Beginning of period		2,382,094,612			4,414,498,026

End of period (including accumulated net investment income of $11,723,896 and $5,967,605, respectively)	$	2,436,493,937		$	2,382,094,612

See accompanying Notes to Financial Statements.

56 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2011			Year Ended December 31,
Non-Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	5.58		$	5.30		$	4.49		$	5.56		$	5.26		$	5.11

Income (loss) from investment operations:
Net investment income¹		.18			.34			.30			.30			.28			.26
Net realized and unrealized gain (loss)		.08			.40			.53			(1.04	)		.21			.11

Total from investment operations		.26			.74			.83			(.74	)		.49			.37

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.18	)		(.46	)		(.02	)		(.27	)		(.19	)		(.22	)
Distributions from net realized gain		(.07	)		—			—	²		(.06	)		—			—

Total dividends and distributions to shareholders		(.25	)		(.46	)		(.02	)		(.33	)		(.19	)		(.22	)

Net asset value, end of period	$	5.59		$	5.58		$	5.30		$	4.49		$	5.56		$	5.26


Total Return, at Net Asset Value³		4.79	%		14.97	%		18.83	%		(14.21	)%		9.69	%		7.49	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	716,203		$	711,755		$	757,772		$	648,570		$	734,611		$	606,632

Average net assets (in thousands)	$	720,266		$	737,071		$	681,926		$	753,062		$	664,668		$	564,248

Ratios to average net assets:^4,5
Net investment income		6.46	%		6.47	%		6.20	%		5.78	%		5.34	%		5.05	%
Total expenses⁶		0.77	%		0.75	%		0.67	%		0.59	%		0.59	%		0.64	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.72	%		0.71	%		0.64	%		0.57	%		0.57	%		0.63	%

Portfolio turnover rate⁷		29	%		99	%		110	%		86	%		76	%		93	%


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

2.		Less than $0.005 per share.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

5.		Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.

6.		Total expenses including all affiliated fund expenses were as follows:


Six Months Ended June 30, 2011	0.77	%
Year Ended December 31, 2010	0.75	%
Year Ended December 31, 2009	0.68	%
Year Ended December 31, 2008	0.60	%
Year Ended December 31, 2007	0.61	%
Year Ended December 31, 2006	0.64	%


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


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2011	$	570,420,039	$	560,904,505
Year Ended December 31, 2010	$	1,034,550,699	$	1,085,289,655
Year Ended December 31, 2009	$	1,909,574,925	$	1,836,038,328
Year Ended December 31, 2008	$	634,319,548	$	594,845,589
Year Ended December 31, 2007	$	1,061,009,472	$	1,120,098,096
Year Ended December 31, 2006	$	742,785,501	$	749,719,239

See accompanying Notes to Financial Statements.

57 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2011			Year Ended December 31,
Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	5.68		$	5.38		$	4.56		$	5.65		$	5.34		$	5.19

Income (loss) from investment operations:
Net investment income¹		.18			.33			.29			.29			.28			.25
Net realized and unrealized gain (loss)		.08			.42			.54			(1.06	)		.22			.11

Total from investment operations		.26			.75			.83			(.77	)		.50			.36

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.16	)		(.45	)		(.01	)		(.26	)		(.19	)		(.21	)
Distributions from net realized gain		(.07	)		—			—	²		(.06	)		—			—

Total dividends and distributions to shareholders		(.23	)		(.45	)		(.01	)		(.32	)		(.19	)		(.21	)

Net asset value, end of period	$	5.71		$	5.68		$	5.38		$	4.56		$	5.65		$	5.34


Total Return, at Net Asset Value³		4.68	%		14.77	%		18.41	%		(14.49	)%		9.55	%		7.23	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,720,291		$	1,670,340		$	3,656,726		$	2,810,315		$	2,876,016		$	1,396,188

Average net assets (in thousands)	$	1,704,237		$	2,485,427		$	3,143,836		$	3,152,967		$	2,075,028		$	1,016,582

Ratios to average net assets:^4,5
Net investment income		6.21	%		6.15	%		5.95	%		5.54	%		5.08	%		4.83	%
Total expenses⁶		1.02	%		0.99	%		0.92	%		0.84	%		0.84	%		0.89	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.97	%		0.95	%		0.89	%		0.82	%		0.82	%		0.88	%

Portfolio turnover rate⁷		29	%		99	%		110	%		86	%		76	%		93	%


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

2.		Less than $0.005 per share.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

5.		Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.

6.		Total expenses including all affiliated fund expenses were as follows:


Six Months Ended June 30, 2011	1.02	%
Year Ended December 31, 2010	0.99	%
Year Ended December 31, 2009	0.93	%
Year Ended December 31, 2008	0.85	%
Year Ended December 31, 2007	0.86	%
Year Ended December 31, 2006	0.89	%


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


	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2011	$	570,420,039	$	560,904,505
Year Ended December 31, 2010	$	1,034,550,699	$	1,085,289,655
Year Ended December 31, 2009	$	1,909,574,925	$	1,836,038,328
Year Ended December 31, 2008	$	634,319,548	$	594,845,589
Year Ended December 31, 2007	$	1,061,009,472	$	1,120,098,096
Year Ended December 31, 2006	$	742,785,501	$	749,719,239

See accompanying Notes to Financial Statements.

58 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Global Strategic Income Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek a high level of current income principally derived from interest on debt securities. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

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

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

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.

Structured securities are valued utilizing price quotations obtained from broker-dealers or independent pricing services. Values are determined based upon market inputs which typically include the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events.

59 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Swap contracts are valued utilizing price quotations obtained from broker-dealer counterparties or independent pricing services. Values are determined based on relevant market information on the underlying reference assets which may include credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures and forward currency rates.

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from independent pricing services.

Loans are valued at the mean between the “bid” and “asked” price, as typically obtained from independent pricing services. These prices are determined based upon information obtained from market participants including the average of broker-dealer price quotations. Loans may also be valued based upon price quotations obtained directly from a broker-dealer. Price quotations provided by broker-dealers may be based on reported trade data, to the extent the loan has recently traded.

In the absence of a current price quotation obtained from an independent pricing service or broker-dealer, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. As of June 30, 2011, the Manager determined the fair value of certain notes using internal models based on anticipated cash flows and/or residual value. The Manager fair valued certain thinly traded collateralized debt obligations using monthly broker-dealer price quotations. For certain common and preferred stock that do not trade, the Manager has determined the fair value of these securities using internal models utilizing manager assumptions, comparable security inputs and the company’s quarterly financial statements. Such investments have been classified as Level 3 instruments.

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

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

60 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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 June 30, 2011, 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	$	135,398,511
Sold securities		43,844,016


Cost	$	26,039,539
Market Value	$	1,969,801
Market Value as a % of Net Assets		0.08	%

61 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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

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

During the fiscal year ended December 31, 2010, the Fund utilized $161,264,243 of capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2010, the Fund had available for federal income tax purposes post-October losses of $42,644,008 which will expire in 2019 if unutilized and straddle losses of $247,177.

62 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

As of June 30, 2011, the Fund had available for federal income tax purposes no estimated capital loss carryforward. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2011, it is estimated that the Fund will utilize $42,891,185 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	2,488,870,603
Federal tax cost of other investments		137,579,283

Total federal tax cost	$	2,626,449,886


Gross unrealized appreciation	$	172,930,865
Gross unrealized depreciation		(153,214,178	)

Net unrealized appreciation	$	19,716,687

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

63 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		6,118,764		$	34,091,027			13,659,013		$	73,616,257
Dividends and/or distributions reinvested		5,843,515			31,847,158			13,002,895			66,430,241
Redeemed		(11,524,584	)		(64,079,638	)		(42,045,616	)		(221,305,979	)

Net increase (decrease)		437,695		$	1,858,547			(15,383,708	)	$	(81,259,481	)


Service Shares
Sold		16,957,330		$	96,509,636			39,118,559		$	211,931,885
Dividends and/or distributions reinvested		12,087,824			67,208,303			60,274,068			313,790,173
Redeemed		(22,090,681	)		(125,655,272	)		(484,576,971	)		(2,502,256,558	)

Net increase (decrease)		6,954,473		$	38,062,667			(385,184,344	)	$	(1,976,534,500	)

64 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2011, were as follows:


	Purchases		Sales

Investment securities	$	588,189,304	$	567,602,530
U.S. government and government agency obligations		3,189,350		900,000
To Be Announced (TBA) mortgage-related securities		570,420,039		560,904,505

4. Fees and Other Transactions with Affiliates

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


Fee Schedule
Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Over $1 billion	0.50

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in IMMF and the Master Funds. During the six months ended June 30, 2011, the Manager waived fees and/or reimbursed the Fund $646,330 for management fees.

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

65 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments

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:

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

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

66 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance.

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. As of June 30, 2011, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $7,714,857, which represents gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. master agreements, which allow the Fund to net unrealized appreciation and depreciation for certain positions in swaps, over-the-counter options, swaptions, and forward currency exchange contracts for each individual counterparty. The amount of loss that the Fund would incur taking into account these master netting arrangements would be $1,140,117 as of June 30, 2011. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to International Swap and Derivatives Association, Inc. master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.

As of June 30, 2011 the Fund has required certain counterparties to post collateral of $2,229,331.

As of June 30, 2011, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $6,683,532 for which the Fund has posted collateral of $3,813,305. If a contingent feature would have been triggered as of June 30, 2011, the Fund could have been required to pay this amount in cash to its counterparties. If the Fund fails to perform under these contracts and agreements, the cash and/or securities posted as collateral will be made available to the counterparty. Cash posted as collateral for these contracts, if any, is reported on the Statement of Assets and Liabilities; securities posted as collateral, if any, are reported on the Statement of Investments.

67 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

Valuations of derivative instruments as of June 30, 2011 are as follows:

Asset Derivatives

Liability Derivatives

Derivatives Not Accounted

Statement of Assets

for as Hedging Instruments

and Liabilities Location

Value

and Liabilities Location

Value

Credit contracts

Appreciated swaps, at value

294,192

Appreciated swaps, at value

4,018,998

Credit contracts

Depreciated swaps, at value

648,646

Depreciated swaps, at value

392,995

Equity contracts

Appreciated swaps, at value

1,066,052

Depreciated swaps, at value

739,869

Interest rate contracts

Appreciated swaps, at value

2,396,076

Depreciated swaps, at value

833,474

Volatility contracts

Appreciated swaps, at value

48,661

Depreciated swaps, at value

86,266

Equity contracts

Futures margins

113,568

Futures margins

343,964

Interest rate contracts

Futures margins

507,888

Futures margins

1,443,319

Foreign exchange contracts

Unrealized appreciation on foreign currency exchange contracts

2,678,003

Unrealized depreciation on foreign currency exchange contracts

7,550,045

Foreign exchange contracts

Appreciated options written, at value

14,773

Foreign exchange contracts

Investments, at value

23,771

Depreciated options written, at value

164,959

Total

7,776,857

15,588,662


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

**		Amounts relate to purchased options.

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


	Amount of Realized Gain or (Loss) Recognized on Derivatives
	Investments
	from
	unaffiliated			Closing
	companies			and
	(including			expiration		Closing and
	premiums			of option		expiration of			Foreign
Derivatives Not Accounted	on options			contracts		futures			currency		Swap
for as Hedging Instruments	exercised)*			written		contracts			transactions		contracts			Total

Credit contracts	$	—		$	—	$	—		$	—	$	535,701		$	535,701
Equity contracts		—			—		(1,639,535	)		—		1,894,090			254,555
Foreign exchange contracts		(1,575,156	)		7,632		—			4,987,758		(240,915	)		3,179,319
Interest rate contracts		—			—		(214,544	)		—		(275,192	)		(489,736	)
Volatility contracts		—			—		—			—		506,070			506,070

Total	$	(1,575,156	)	$	7,632	$	(1,854,079	)	$	4,987,758	$	2,419,754		$	3,985,909


*		Includes purchased option contracts, purchased swaption contracts and written option contracts exercised, if any.


	Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
									Translation of
									assets and
									liabilities
			Option						denominated
Derivatives Not Accounted			contracts			Futures			in foreign		Swap
for as Hedging Instruments	Investments*		written			contracts			currencies		contracts			Total

Credit contracts	$	—	$	—		$	—		$	—	$	599,992		$	599,992
Equity contracts		—		—			(532,990	)		—		(575,750	)		(1,108,740	)
Foreign exchange contracts		680,514		(9,069	)		—			3,601,404		1,564,189			5,837,038
Interest rate contracts		—		—			6,837,666			—		1,212,615			8,050,281
Volatility contracts		—		—			—			—		(39,318	)		(39,318	)

Total	$	680,514	$	(9,069	)	$	6,304,676		$	3,601,404	$	2,761,728		$	13,339,253


*		Includes purchased option contracts and purchased swaption contracts, if any.

68 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Foreign Currency Exchange Contracts

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

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

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

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

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

During the six months ended June 30, 2011, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $680,914,325 and $280,280,733, respectively.

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

Futures Contracts

69 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

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.

During the six months ended June 30, 2011, the Fund had an ending monthly average market value of $448,688,784 and $244,820,002 on futures contracts purchased and sold, respectively.

Option Activity

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

Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. 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.

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.

During the six months ended June 30, 2011, the Fund had an ending monthly average market value of $8,422 and $132,182 on purchased call options and purchased put options, respectively.

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

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

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

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

During the six months ended June 30, 2011, the Fund had an ending monthly average market value of $118,712 and $3,133 on written call options and written put options, respectively.

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

70 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Written option activity for the six months ended June 30, 2011 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, 2010		—		$	—			—		$	—
Options written		999,045,000			476,060			988,605,000			327,508
Options closed or expired		(699,125,000	)		(320,026	)		(293,290,000	)		(85,186	)
Options exercised		(293,290,000	)		(85,186	)		(681,765,000	)		(142,507	)

Options outstanding as of June 30, 2011		6,630,000		$	70,848			13,550,000		$	99,815

Swap Contracts

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

Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The values of swap contracts are aggregated by positive and negative values and disclosed separately on the Statement of Assets and Liabilities by contracts in unrealized appreciation and depreciation positions. Upfront payments paid or received, if any, affect the value of the respective swap. Therefore, to determine the unrealized appreciation (depreciation) on swaps, upfront payments paid should be subtracted from, while upfront payments received should be added to, the value of contracts reported as an asset on the Statement of Assets and Liabilities. Conversely, upfront payments paid should be added to, while upfront payments received should be subtracted from the value of contracts reported as a liability. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations. 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.

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

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

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

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

71 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

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

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

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

For the six months ended June 30, 2011, the Fund had ending monthly average notional amounts of $66,180,714 and $53,008,571 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

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

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

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

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

For the six months ended June 30, 2011, the Fund, had ending monthly average notional amounts of $61,784,228 and $206,392,739 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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

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

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

The Fund has entered into total return swaps on various equity securities or indexes to increase exposure to equity risk. These equity risk related total return swaps require the Fund to pay a floating reference interest rate, or an amount equal to the negative price movement of securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract.

The Fund has entered into total return swaps on various equity securities or indexes to decrease exposure to equity risk. These equity risk related total return swaps require the Fund to pay an amount equal to the positive price movement of securities or an index multiplied by the notional amount of the contract. The Fund will receive payments of a floating reference interest rate or an amount equal to the negative price movement of the same securities or index multiplied by the notional amount of the contract.

72 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

For the six months ended June 30, 2011, the Fund had ending monthly average notional amounts of $62,365,490 and $24,079,558 on total return swaps which are long the reference asset and total return swaps which are short the reference asset, respectively.

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

Currency Swaps. A currency swap is an agreement between counterparties to exchange different currencies equivalent to the notional value at contract inception and reverse the exchange of the same notional values of those currencies at contract termination. The contract may also include periodic exchanges of cash flows based on a specified index or interest rate.

The Fund has entered into currency swap contracts with the obligation to pay an interest rate on the dollar notional amount and receive an interest rate on various foreign currency notional amounts in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts seek to increase exposure to foreign exchange rate risk.

The Fund has entered into currency swap contracts with the obligation to pay an interest rate on various foreign currency notional amounts and receive an interest rate on the dollar notional amount in order to take a negative investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts seek to decrease exposure to foreign exchange rate risk.

For the six months ended June 30, 2011, the Fund had ending monthly average notional amounts of $8,078,792 on currency swaps.

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

As of June 30, 2011, the Fund had no such currency 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 volatility of the reference investment as measured by changes in its price or level while the other cash flow is based on an interest rate or the measured volatility of a different reference investment. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movement, rather than general directional increases or decreases in its price.

Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Fund.

The Fund has entered into volatility swaps to increase exposure to the volatility risk of various reference investments. These types of volatility swaps require the fund to pay the measured volatility and receive a fixed interest payment over the period of the contract. If the measured volatility of the related reference investment increases over the period, the swaps will depreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will appreciate in value.

The Fund has entered into volatility swaps to decrease exposure to the volatility risk of various reference investments. These types of volatility swaps require the fund to pay a fixed interest payment and receive the measured volatility over the period of the contract. If the measured volatility of the related reference investment increases over the period, the swaps will appreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will depreciate in value.

For the six months ended June 30, 2011, the Fund had ending monthly average notional amounts of $44,156 and $202,844 on volatility swaps which pay volatility and volatility swaps which receive volatility, respectively.

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

73 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Restricted Securities

As of June 30, 2011, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Directors as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

7. Pending Litigation

74 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

75 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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

76 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Arthur P. Steinmetz, Vice President and Portfolio Manager
		Krishna Memani, Vice President and Portfolio Manager
		Joseph Welsh, Vice President and Portfolio Manager
		Caleb Wong, Vice President and Portfolio Manager
		Dr. Sara J. Zervos, Vice President and Portfolio Manager
		Arthur S. Gabinet, Secretary
		Christina M. Nasta, Vice President and Chief Business Officer
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and, if available, summary prospectuses, carefully before investing.

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



^©2011 OppenheimerFunds, Inc. All rights reserved.

OPPENHEIMER VALUE FUND/VA

Portfolio Manager: Mitch Williams

Cumulative Total Returns

For the 6-Month Period Ended 6/30/11


Non-Service Shares	7.19	%
Service Shares	5.77

Average Annual Total Returns

For the Periods Ended 6/30/11


					Since
					Inception
	1-Year		5-Year		(1/2/03)

Non-Service Shares	41.75	%	6.83	%	9.84	%

Since

Inception

1-Year

5-Year

(9/18/06)

Service Shares

32.28

N/A

1.25

Expense Ratios

For the Fiscal Year Ended 12/31/10


	Gross Expense		Net Expense
	Ratios		Ratios

Non-Service Shares	2.05	%	0.57	%
Service Shares	2.08		0.93

Sector Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on the total market value of common stocks.

Top Ten Common Stock Holdings


Chevron Corp.	4.9	%
Humana, Inc.	3.1
MetLife, Inc.	2.9
JPMorgan Chase & Co.	2.8
Wells Fargo & Co.	2.8
Coca-Cola Co. (The)	2.7
Goldman Sachs Group, Inc. (The)	2.6
Ingersoll-Rand plc	2.5
Ford Motor Co.	2.5
Celanese Corp., Series A	2.4

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and are based on net assets.

2 | OPPENHEIMER VALUE FUND/VA

FUND PERFORMANCE DISCUSSION

During the six-month period ended June 30, 2011, the Fund’s Non-Service shares produced a return of 7.19%, outperforming the Russell 1000 Value Index (the “Index”), which returned 5.92% during the same period.

Economic and Market Overview

In April 2011, market concerns resurfaced when Greece again teetered on the brink of defaulting on its sovereign debt, rekindling worries from 2010 that fiscal instability might spread to other parts of Europe. At the same time, a debate regarding government spending and borrowing intensified in the United States, causing a renewed sense of uncertainty among businesses and consumers as the August 2 deadline to raise the U.S. Government’s debt ceiling loomed. Additionally, the Fed’s latest round of quantitative easing measures labeled “QE2” officially ended on June 30, further contributing to questions around what the Fed’s next move would be. As a result, by period end, job creation had slowed to a crawl, the unemployment rate moved higher and consumers reined in spending. Despite the volatility and dramatic headlines, overall the global markets finished the second half of the reporting period in positive territory, reflective of healthy balance sheets of many multinational corporations, continued growth in developing markets and the ongoing economic recoveries in the U.S., Canada and in much of Western Europe.

Fund Review

The Fund outperformed the Index primarily within the materials and information technology sectors, as a result of stronger relative stock selection. The Fund’s stock selection within the energy sector also benefited relative performance. The most significant detractors from relative performance were consumer discretionary, industrials and utilities, due to weaker relative stock selection.

During the reporting period, information technology holding National Semiconductor Corp. was the top performing stock for the Fund. Shares of the stock rose substantially higher following an announcement that Texas Instruments planned to acquire the company for $25 per share in an all-cash transaction valued at approximately $6.5 billion. Within the health care sector, managed health care firms Humana, Inc. and WellPoint, Inc. were among the top contributors to Fund performance, as fears over the new health care overhaul abated to a degree. Both firms raised their 2011 forecasts and reported earnings that beat Wall Street expectations. Within the energy sector, integrated oil and gas company Chevron Corp. and oil and gas equipment and service provider Halliburton Co. led in terms of positive contributors. Both companies benefited from rising oil prices and increased demand. Viacom, Inc. within consumer discretionary performed well for the Fund, as the stock climbed to new highs primarily due to the popularity of programming on its Nickelodeon and MTV stations. We exited our positions in Halliburton and National Semiconductor by period end.

3 | OPPENHEIMER VALUE FUND/VA

FUND PERFORMANCE DISCUSSION

On the negative side, investment banking and brokerage firm Goldman Sachs Group, Inc. was a significant detractor to Fund performance during the reporting period, as was diversified bank Wells Fargo & Co. The Fund’s holdings in these two firms underperformed amidst uncertainty over the future of the global economic recovery and disappointing earnings. Financials was the weakest performing sector of the Index. Within consumer discretionary, the weakening U.S. economy and a pessimistic American consumer adversely affected the stock performance of apparel retailer Talbots, Inc. and general merchandiser Target Corp. Consumers cut back on spending even at discount retailers, as unemployment remained elevated and commodity prices soared. The souring economy also negatively impacted the stock of Ford Motor Co. As the overall stock market slumped towards the end of the period against the backdrop of a renewed crisis in Greece and lower U.S. GDP numbers, Ford announced that its light-vehicle deliveries fell much more than was expected, sending the stock price substantially lower.

At period end, relative to the Index, the Fund had significant overweight positions in the materials, health care, consumer discretionary and utilities sectors. The Fund had its largest relative underweight in financials and was underweight to a lesser degree in telecommunication services, information technology, industrials, energy and consumer staples when compared to the Index.

Outlook

While an uncertain economic environment may continue to create volatile short-term returns in the market, we continue to utilize in-depth fundamental research to uncover companies that are undervalued relative to their long-term earnings power. In our opinion, the long-term perspective and focus on company fundamentals helps find value opportunities in all market conditions.

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

4 | OPPENHEIMER VALUE FUND/VA

FUND EXPENSES

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2011.

5 | OPPENHEIMER VALUE FUND/VA

FUND EXPENSES Continued


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	January 1, 2011		June 30, 2011		June 30, 2011

Actual
Non-Service shares	$	1,000.00	$	1,071.90	$	4.12
Service shares		1,000.00		1,057.70		5.37

Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,020.83		4.02
Service shares		1,000.00		1,019.59		5.27


Class	Expense Ratios

Non-Service shares		0.80	%
Service shares		1.05

6 | OPPENHEIMER VALUE FUND/VA

STATEMENT OF INVESTMENTS June 30, 2011 / Unaudited


	Shares		Value

Common Stocks—94.3%
Consumer Discretionary—10.7%
Automobiles—2.5%
Ford Motor Co.¹		14,470	$	199,541
Household Durables—2.0%
Mohawk Industries, Inc.¹		2,630		157,774
Media—4.1%
Comcast Corp., Cl. A		6,590		166,991
Viacom, Inc., Cl. B		3,160		161,160

				328,151

Multiline Retail—1.7%
Target Corp.		2,990		140,261
Specialty Retail—0.4%
Talbots, Inc. (The)¹		10,180		34,001
Consumer Staples—6.1%
Beverages—2.7%
Coca-Cola Co. (The)		3,280		220,711
Food & Staples Retailing—1.5%
Walgreen Co.		2,744		116,510
Household Products—1.9%
Church & Dwight Co., Inc.		3,710		150,403
Energy—11.2%
Oil, Gas & Consumable Fuels—11.2%
Apache Corp.		690		85,139
Chevron Corp.		3,830		393,877
Exxon Mobil Corp.		2,064		167,968
Penn West Petroleum Ltd.		3,020		69,702
Royal Dutch Shell plc, ADR		2,600		184,938

				901,624

Financials—22.2%
Capital Markets—4.9%
Goldman Sachs Group, Inc. (The)		1,580		210,282
State Street Corp.		4,100		184,869

				395,151

Commercial Banks—9.5%
CIT Group, Inc.¹		3,270		144,730
M&T Bank Corp.		1,830		160,949
PNC Financial Services Group, Inc.		1,880		112,067
U.S. Bancorp		4,780		121,938
Wells Fargo & Co.		8,000		224,480

				764,164

Diversified Financial Services—2.8%
JPMorgan Chase & Co.		5,600		229,264
Insurance—5.0%
ACE Ltd.		2,550		167,841
MetLife, Inc.		5,360		235,143

				402,984

Health Care—14.8%
Biotechnology—3.0%
Amgen, Inc.¹		1,430		83,441
Gilead Sciences, Inc.¹		3,890		161,085

				244,526

Health Care Equipment & Supplies—2.4%
Medtronic, Inc.		5,010		193,035
Health Care Providers & Services—7.3%
HCA Holdings, Inc.¹		4,490		148,170
Humana, Inc.		3,140		252,896
WellPoint, Inc.		2,370		186,685

				587,751

Pharmaceuticals—2.1%
Pfizer, Inc.		8,020		165,212
Industrials—7.3%
Aerospace & Defense—1.4%
AerCap Holdings NV¹		8,870		115,399
Airlines—1.4%
United Continental Holdings, Inc.¹		4,830		109,303
Electrical Equipment—2.0%
Babcock & Wilcox Co.¹		870		24,108
Cooper Industries plc		2,300		137,241

				161,349

Machinery—2.5%
Ingersoll-Rand plc		4,440		201,620
Information Technology—6.4%
Internet Software & Services—0.9%
VeriSign, Inc.		2,230		74,616
Semiconductors & Semiconductor Equipment—1.2%
Xilinx, Inc.		2,550		92,999
Software—4.3%
Microsoft Corp.		7,360		191,360
Oracle Corp.		4,810		158,297

				349,657

Materials—5.6%
Chemicals—3.4%
Celanese Corp., Series A		3,640		194,048
LyondellBasell Industries NV, Cl. A		2,040		78,581

				272,629

Containers & Packaging—1.5%
Rock-Tenn Co., Cl. A		1,810		120,075
Metals & Mining—0.7%
Allegheny Technologies, Inc.		950		60,297
Telecommunication Services—2.0%
Diversified Telecommunication Services—1.1%
AT&T, Inc.		2,872		90,210

7 | OPPENHEIMER VALUE FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares			Value

Wireless Telecommunication Services—0.9%
Vodafone Group plc, Sponsored ADR		2,790		$	74,549
Utilities—8.0%
Electric Utilities—5.5%
American Electric Power Co., Inc.		2,080			78,374
Edison International, Inc.		4,660			180,575
Entergy Corp.		2,710			185,039

					443,988

Energy Traders—0.9%
GenOn Energy, Inc.¹		18,820			72,645
Multi-Utilities—1.6%
NiSource, Inc.		1,870			37,868
Public Service Enterprise Group, Inc.		2,860			93,349

					131,217

Total Common Stocks (Cost $6,710,997)					7,601,616

Investment Company—5.5%
Oppenheimer Institutional Money
Market Fund, Cl. E, 0.15%^2,3 (Cost $446,372)		446,372			446,372
Total Investments, at Value (Cost $7,157,369)		99.8	%		8,047,988
Other Assets Net of Liabilities		0.2			16,434

Net Assets		100.0	%	$	8,064,422

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 June 30, 2011, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

December 31, 2010

Additions

Reductions

June 30, 2011

Oppenheimer Institutional Money Market Fund, Cl. E

230,823

2,305,994

2,090,445

446,372


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	446,372	$	320


3.		Rate shown is the 7-day yield as of June 30, 2011.

8 | OPPENHEIMER VALUE FUND/VA

Valuation Inputs

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

	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 table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2011 based on valuation input level:


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

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	859,728	$	—	$	—	$	859,728
Consumer Staples		487,624		—		—		487,624
Energy		901,624		—		—		901,624
Financials		1,791,563		—		—		1,791,563
Health Care		1,190,524		—		—		1,190,524
Industrials		587,671		—		—		587,671
Information Technology		517,272		—		—		517,272
Materials		453,001		—		—		453,001
Telecommunication Services		164,759		—		—		164,759
Utilities		647,850		—		—		647,850
Investment Company		446,372		—		—		446,372

Total Assets	$	8,047,988	$	—	$	—	$	8,047,988

See accompanying Notes to Financial Statements.

9 | OPPENHEIMER VALUE FUND/VA

STATEMENT OF ASSETS AND LIABILITIES Unaudited


June 30, 2011
Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $6,710,997)	$	7,601,616
Affiliated companies (cost $446,372)		446,372

		8,047,988
Cash		1,457
Receivables and other assets:
Investments sold		135,995
Dividends		10,814
Shares of beneficial interest sold		205
Other		6,396

Total assets		8,202,855

Liabilities
Payables and other liabilities:
Investments purchased		96,108
Shareholder communications		14,048
Legal, auditing and other professional fees		9,676
Trustees’ compensation		5,209
Shares of beneficial interest redeemed		4,943
Distribution and service plan fees		4,940
Transfer and shareholder servicing agent fees		649
Other		2,860

Total liabilities		138,433

Net Assets	$	8,064,422


Composition of Net Assets
Par value of shares of beneficial interest	$	754
Additional paid-in capital		8,300,955
Accumulated net investment income		26,954
Accumulated net realized loss on investments		(1,154,873	)
Net unrealized appreciation on investments		890,632

Net Assets	$	8,064,422


Net Asset Value Per Share
Non-Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $105,536 and 11,695 shares of beneficial interest outstanding)	$	9.02
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $7,958,886 and 741,915 shares of beneficial interest outstanding)	$	10.73

See accompanying Notes to Financial Statements.

10 | OPPENHEIMER VALUE FUND/VA

STATEMENT OF OPERATIONS Unaudited


For the Six Months Ended June 30, 2011
Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $995)	$	75,220
Affiliated companies		320
Interest		3

Total investment income		75,543

Expenses
Management fees		29,777
Distribution and service plan fees—Service shares		9,798
Transfer and shareholder servicing agent fees:
Non-Service shares		51
Service shares		3,919
Shareholder communications:
Non-Service shares		142
Service shares		9,162
Legal, auditing and other professional fees		11,137
Trustees’ compensation		3,889
Administration service fees		750
Custodian fees and expenses		148
Other		3,225

Total expenses		71,998
Less waivers and reimbursements of expenses		(30,421	)

Net expenses		41,577

Net Investment Income		33,966

Realized and Unrealized Gain (Loss)
Net realized gain on investments from unaffiliated companies		798,363
Net change in unrealized appreciation/depreciation on investments		(393,998	)

Net Increase in Net Assets Resulting from Operations	$	438,331

See accompanying Notes to Financial Statements.

11 | OPPENHEIMER VALUE FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2011			December 31,
	(Unaudited)			2010

Operations
Net investment income	$	33,966		$	60,182
Net realized gain		798,363			524,533
Net change in unrealized appreciation/depreciation		(393,998	)		356,769

Net increase in net assets resulting from operations		438,331			941,484

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(904	)		(479	)
Service shares		(66,745	)		(64,271	)

		(67,649	)		(64,750	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		7,422			42,114
Service shares		283,127			(1,058,473	)

		290,549			(1,016,359	)

Net Assets
Total increase (decrease)		661,231			(139,625	)
Beginning of period		7,403,191			7,542,816

End of period (including accumulated net investment income of $26,954 and $60,637, respectively)	$	8,064,422		$	7,403,191

See accompanying Notes to Financial Statements.

12 | OPPENHEIMER VALUE FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2011												Year Ended December 31,
Non-Service Shares	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	8.49		$	7.22		$	4.99		$	11.73		$	11.58		$	11.16

Income (loss) from investment operations:
Net investment income (loss)¹		.06			.11			.11			.12			.10			(.03	)
Net realized and unrealized gain (loss)		.55			1.24			2.14			(4.44	)		.59			1.61

Total from investment operations		.61			1.35			2.25			(4.32	)		.69			1.58

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.08	)		(.08	)		(.02	)		(2.42	)		(.10	)		(.01	)

Distributions from net realized gain		—			—			—			—			(.44	)		(1.15	)

Total dividends and/or distributions to shareholders		(.08	)		(.08	)		(.02	)		(2.42	)		(.54	)		(1.16	)


Net asset value, end of period	$	9.02		$	8.49		$	7.22		$	4.99		$	11.73		$	11.58


Total Return, at Net Asset Value²		7.19	%		18.85	%		45.08	%		(36.43	)%		5.89	%		14.03	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	105		$	92		$	38		$	6		$	1,728		$	2,657

Average net assets (in thousands)	$	103		$	57		$	20		$	857		$	2,753		$	2,695

Ratios to average net assets:³
Net investment income (loss)		1.45	%		1.46	%		1.75	%		1.07	%		0.80	%		(0.29	)%
Total expenses⁴		1.70	%		2.05	%		2.30	%		1.48	%		1.49	%		2.14	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80	%		0.57	%		0.85	%		1.25	%		1.25	%		2.14	%

Portfolio turnover rate		52	%		109	%		122	%		175	%		142	%		124	%


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

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	1.70	%
Year Ended December 31, 2010	2.05	%
Year Ended December 31, 2009	2.31	%
Year Ended December 31, 2008	1.48	%
Year Ended December 31, 2007	1.49	%
Year Ended December 31, 2006	2.14	%

See accompanying Notes to Financial Statements.

13 | OPPENHEIMER VALUE FUND/VA

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2011													Year Ended December 31,
Service Shares	(Unaudited)			2010			2009			2008				2007			2006¹

Per Share Operating Data
Net asset value, beginning of period	$	10.23		$	8.99		$	6.79		$	11.75			$	11.57		$	11.89

Income (loss) from investment operations:
Net investment income (loss)²		.04			.08			.09			.08				.06			(.05	)
Net realized and unrealized gain (loss)		.55			1.24			2.12			(4.97	)			.60			.88

Total from investment operations		.59			1.32			2.21			(4.89	)			.66			.83

Dividends and/or distributions to shareholders:													��
Dividends from net investment income		(.09	)		(.08	)		(.01	)		(.07	)			(.04	)		—
Distributions from net realized gain		—			—			—			—				(.44	)		(1.15	)

Total dividends and/or distributions to shareholders		(.09	)		(.08	)		(.01	)		(.07	)			(.48	)		(1.15	)


Net asset value, end of period	$	10.73		$	10.23		$	8.99		$	6.79			$	11.75		$	11.57


Total Return, at Net Asset Value³		5.77	%		14.81	%		32.57	%		(41.62	)%			5.70	%		6.81	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,959		$	7,311		$	7,505		$	4,690			$	6,481		$	455

Average net assets (in thousands)	$	7,907		$	7,008		$	5,501		$	5,561			$	3,527		$	268

Ratios to average net assets:⁴
Net investment income (loss)		0.85	%		0.85	%		1.10	%		0.84	%			0.49	%		(1.30	)%
Total expenses⁵		1.81	%		2.08	%		2.17	%		2.13	%			1.63	%		2.89	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05	%		0.93	%		1.15	%		1.50	%			1.50	%		2.88	%

Portfolio turnover rate		52	%		109	%		122	%		175	%			142	%		124	%


1.		For the period from September 18, 2006 (inception of offering) to December 31, 2006.

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

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

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


Six Months Ended June 30, 2011	1.81	%
Year Ended December 31, 2010	2.08	%
Year Ended December 31, 2009	2.18	%
Year Ended December 31, 2008	2.13	%
Year Ended December 31, 2007	1.63	%
Period Ended December 31, 2006	2.89	%

See accompanying Notes to Financial Statements.

14 | OPPENHEIMER VALUE FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Value FUND/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek long-term growth of capital by investing primarily in common stocks with low price earnings ratios and better-than-anticipated earnings. Realization of current income is a secondary consideration. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

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

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

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.

15 | OPPENHEIMER VALUE FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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

During the fiscal year ended December 31, 2010, the Fund utilized $446,612 of capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2010, the Fund had available unused capital loss carryforwards as follows:


Expiring

2016	$	856,985
2017		999,882

Total	$	1,856,867

As of June 30, 2011, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $1,058,504 expiring by 2017. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2011, it is estimated that the Fund will utilize $798,363 of capital loss carryforward to offset realized capital gains.

16 | OPPENHEIMER VALUE FUND/VA

and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.


Federal tax cost of securities	$	7,256,359


Gross unrealized appreciation	$	966,793
Gross unrealized depreciation		(175,164	)

Net unrealized appreciation	$	791,629

17 | OPPENHEIMER VALUE FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of
each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		2,149		$	19,289			6,745		$	50,146
Dividends and/or distributions reinvested		101			904			65			479
Redeemed		(1,391	)		(12,771	)		(1,196	)		(8,511	)

Net increase		859		$	7,422			5,614		$	42,114


Service Shares
Sold		77,973		$	828,442			108,649		$	1,008,324
Dividends and/or distributions reinvested		6,284			66,745			7,063			64,271
Redeemed		(57,136	)		(612,060	)		(235,966	)		(2,131,068	)

Net increase (decrease)		27,121		$	283,127			(120,254	)	$	(1,058,473	)

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2011, were as follows:


	Purchases		Sales

Investment securities	$	4,034,764	$	3,962,340

4. Fees and Other Transactions with Affiliates

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


Fee Schedule

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

18 | OPPENHEIMER VALUE FUND/VA

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s total annual operating expenses so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.80% for Non-Service shares and 1.05% for Service shares. During the six months ended June 30, 2011, the Manager waived fees and/or reimbursed the Fund $459 and $29,787 for Non-Service and Service shares, respectively.

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

5. Pending Litigation

19 | OPPENHEIMER VALUE FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Pending Litigation Continued

20 | OPPENHEIMER VALUE FUND/VA

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

21 | OPPENHEIMER VALUE FUND/VA

OPPENHEIMER VALUE FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Mitch Williams, Vice President and Portfolio Manager
		Arthur S. Gabinet, Secretary
		Christina M. Nasta, Vice President and Chief Business Officer
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG llp

Counsel		K&L Gates LLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, or calling us at 1.800.988.8287. Read prospectuses and, if available, summary prospectuses, carefully before investing.

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

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

	•		the name, address, and business, educational, and/or other pertinent background of the person being recommended;

	•		a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

	•		any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

	•		the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

		The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.

4.		Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its

		subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”

5.		Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 06/30/2011, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)

(1) Not applicable to semiannual reports.

	(2)		Exhibits attached hereto.

	(3)		Not applicable.

(b)

Exhibit attached hereto.

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: 08/10/2011

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: 08/10/2011



By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer

Date: 08/10/2011

Non-Service Shares