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)

Arthur S. Gabinet

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: 6/30/2013

Item 1. Reports to Stockholders.


June 30, 2013
	Oppenheimer Discovery Mid Cap Growth Fund/VA* A Series of Oppenheimer Variable Account Funds	Semiannual Report

	SEMIANNUAL REPORT Listing of Top Holdings Fund Performance Discussion Financial Statements *Prior to 4/30/13, the Fund’s name was Oppenheimer Small- & Mid-Cap Growth Fund/VA

LOGO

Portfolio Manager: Ronald J. Zibelli, Jr., CFA

Cumulative Total Returns

For the 6-Month Period Ended 6/28/13¹


Non-Service Shares		10.83	%
Service Shares		10.68
Average Annual Total Returns For the Periods Ended 6/28/13¹
	1-Year			5-Year		10-Year
Non-Service Shares		13.44	%		4.45%		6.21%
Service Shares		13.17	%		4.18%		5.94%

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 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 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 include changes in share price and reinvested distributions but 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.

1. June 28, 2013, was the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.


TOP TEN COMMON STOCK HOLDINGS
Kansas City Southern	2.1	%
Affiliated Managers Group, Inc.	2.0
Tractor Supply Co.	2.0
SBA Communications Corp., Cl. A	2.0
Cooper Cos., Inc. (The)	2.0
LinkedIn Corp., Cl. A	1.9
AMETEK, Inc.	1.7
NetSuite, Inc.	1.6
Actavis, Inc.	1.6
Whole Foods Market, Inc.	1.5

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on the total market value of common stocks.

2 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 10.83% during the reporting period, underperforming the Russell Midcap Growth Index, (the “Index”), which returned 14.70%. The Fund’s underperformance stemmed primarily from weaker relative stock selection in the consumer discretionary sector. Weaker relative stock selection and an underweight position in the consumer staples sector also detracted to a lesser degree. The Fund outperformed the Index in the industrials and financials sectors due to stronger relative stock selection. The Fund also underperformed the Russell 2500 Growth Index and the Russell 2000 Growth Index, which returned 15.82% and 17.44%, respectively. The Fund changed its benchmarks from the Russell Midcap Growth Index, the Russell 2500 Growth Index and the Russell 2000 Growth Index to the Russell Midcap Growth Index, which it believes is a more appropriate measure of the Fund’s performance.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

Equities performed positively for the period as central banks throughout the world, including the United States, Europe and Japan, took steps to maintain highly accommodative monetary policy and stimulate their respective economies. In addition, a clear recovery in the U.S. provided further support for equity markets. However, later in the period, the Federal Reserve appeared to weigh the merits of backing away from its quantitative easing policy. As a result, the markets sold off sharply and made a quick reappraisal of interest rate risk in an array of credit markets and related currencies. Equities, particularly those in emerging markets, experienced spillover effects as a result.

TOP INDIVIDUAL CONTRIBUTORS

During the period, the top performing holdings were LinkedIn Corp., Actavis, Inc. and Tractor Supply Co. LinkedIn, the largest professional networking website, rallied strongly after announcing strong growth and profitability over its fourth quarter. Actavis is one of the largest manufacturers of generic drugs worldwide. In May, the company announced the acquisition of specialty pharmaceutical company Warner Chilcott for $8.5 billion. We believe the transaction has the potential to be beneficial for Actavis due to tax and operating expense synergies. Tractor Supply, the largest domestic operator of retail farm and ranch stores, delivered positive first quarter results despite weather challenges.

Another top performing holding this period was Kansas City Southern, which was the largest holding in the Fund at the end of the period. Kansas City Southern, an operator of a Class 1 railroad in North America, reported positive fourth quarter earnings results slightly above analysts’ expectations. The company also benefited from the potential agreement for construction of crude and chemical offloading and storage at its Port Arthur, Texas location, which could provide substantially more upside to the company’s rail business.

TOP INDIVIDUAL DETRACTORS

The most underperforming individual stocks this period were information technology companies Rackspace Hosting, Inc., Aruba Networks, Inc. and SolarWinds, Inc. Rackspace Hosting is a provider of information technology hosting services that reported fourth quarter revenue that trailed analysts’ estimates, fueling concern that growth may slow. Aruba Networks, a supplier of wireless LAN (WLAN) systems for enterprises, reported disappointing third quarter results and fourth quarter guidance due largely to delayed customer orders. SolarWinds, a provider of infrastructure management tools, reported first quarter revenue below street estimates as growth from new licenses slowed. We sold our position in these three stocks during the period. The largest underperforming sector this period was consumer discretionary, partly due to the Fund being underweight in the media and hotel sub-sectors, which performed well. In addition, Ulta Salon, Cosmetics & Fragrance, Inc. detracted from performance. Ulta, one of the largest beauty retailers in the U.S., hurt performance as investors became concerned over the surprise departure of its CEO. We have reduced our position.

STRATEGY & OUTLOOK

Our long-term investment process remains the same. 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.

The macroeconomic environment is characterized by modest economic expansion, slow corporate profit growth and low interest rates. We believe that this is an environment that favors growth companies and are optimistic regarding the Fund’s investment strategy. Our focus on well-established, higher quality growth companies has the potential to provide both upside participation and a degree of downside protection over the long term.

3 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

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. or its affiliates.

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 DISCOVERY 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 28, 2013.

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

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


Actual	Beginning Account Value January 1, 2013		Ending Account Value June 28, 2013		Expenses Paid During 6 Months Ended June 28, 2013
Non-Service shares	$	1,000.00	$	1,108.30	$	4.14
Service shares		1,000.00		1,106.80		5.44

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,020.60		3.97
Service shares		1,000.00		1,019.37		5.21

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 179/365 (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 28, 2013 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 DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF INVESTMENTS June 28, 2013* / Unaudited


	Shares			Value
Common Stocks—98.6%
Consumer Discretionary—22.0%
Auto Components—0.7%
Delphi Automotive plc		90,810	��	$	4,603,159
Distributors—1.3%
LKQ Corp.¹		303,040			7,803,280
Hotels, Restaurants & Leisure—3.6%
Domino’s Pizza, Inc.		51,440			2,991,236
Dunkin’ Brands Group, Inc.		154,250			6,604,985
Panera Bread Co., Cl. A¹		43,990			8,179,501
Wynn Resorts Ltd.		33,560			4,295,680
					22,071,402
Household Durables—2.7%
Harman International Industries, Inc.		60,130			3,259,046
Lennar Corp., Cl. A		131,840			4,751,514
Taylor Morrison Home Corp., Cl. A¹		218,270			5,321,423
Whirlpool Corp.		26,610			3,043,120
					16,375,103
Internet & Catalog Retail—0.7%
HomeAway, Inc.¹		126,910			4,104,269
Leisure Equipment & Products—0.6%
Polaris Industries, Inc.		37,930			3,603,350
Media—2.9%
AMC Networks, Inc., Cl. A¹		97,450			6,374,205
Lions Gate Entertainment Corp.¹		250,480			6,880,686
Sinclair Broadcast Group, Inc., Cl. A		165,100			4,850,638
					18,105,529
Specialty Retail—6.3%
Dick’s Sporting Goods, Inc.		63,200			3,163,792
GNC Holdings, Inc., Cl. A		106,980			4,729,586
Lumber Liquidators Holdings, Inc.¹		17,770			1,383,750
O’Reilly Automotive, Inc.¹		42,560			4,793,107
Restoration Hardware Holdings, Inc.¹		56,480			4,236,000
Tractor Supply Co.		104,430			12,282,012
Ulta Salon, Cosmetics & Fragrance, Inc.¹		36,090			3,614,774
Urban Outfitters, Inc.¹		114,140			4,590,711
					38,793,732
Textiles, Apparel & Luxury Goods—3.2%
Michael Kors Holdings Ltd.¹		115,240			7,147,185
PVH Corp.		37,940			4,744,397
Under Armour, Inc., Cl. A¹		123,920			7,399,263
					19,290,845
Consumer Staples—4.9%
Beverages—0.5%
Constellation Brands, Inc., Cl. A¹		63,260			3,297,111
Food & Staples Retailing—1.5%
Whole Foods Market, Inc.		183,600			9,451,728
Food Products—1.6%
Green Mountain Coffee Roasters, Inc.¹		41,090			3,084,215
Hormel Foods Corp.		74,180			2,861,864
Mead Johnson Nutrition Co., Cl. A		48,770			3,864,047
					9,810,126
Household Products—0.5%
Church & Dwight Co., Inc.		48,070			2,966,400
Personal Products—0.8%
Estee Lauder Cos., Inc. (The), Cl. A		77,660			5,107,698
Energy—6.9%
Energy Equipment & Services—3.1%
Atwood Oceanics, Inc.¹		91,100			4,741,755
Dresser-Rand Group, Inc.¹		57,730			3,462,645
Dril-Quip, Inc.¹		16,950			1,530,416
Oceaneering International, Inc.		127,030			9,171,566
					18,906,382
Oil, Gas & Consumable Fuels—3.8%
Cabot Oil & Gas Corp.		127,060			9,023,801
Concho Resources, Inc.¹		35,070			2,936,060
Gulfport Energy Corp.¹		67,000			3,153,690
Oasis Petroleum, Inc.¹		201,270			7,823,365
					22,936,916


	Shares		Value
Financials—7.2%
Capital Markets—2.8%
Affiliated Managers Group, Inc.¹		75,850	$	12,434,849
Financial Engines, Inc.		104,700		4,773,273
				17,208,122
Commercial Banks—2.1%
First Republic Bank		82,470		3,173,446
Signature Bank¹		70,820		5,879,476
SVB Financial Group¹		40,750		3,395,290
				12,448,212
Consumer Finance—0.5%
Portfolio Recovery Associates, Inc.¹		19,510		2,997,321
Insurance—1.3%
ProAssurance Corp.		152,880		7,974,221
Real Estate Management & Development—0.5%
Realogy Holdings Corp.¹		64,500		3,098,580
Health Care—13.3%
Biotechnology—2.5%
Alexion Pharmaceuticals, Inc.¹		50,540		4,661,810
BioMarin Pharmaceutical, Inc.¹		58,590		3,268,736
Onyx Pharmaceuticals, Inc.¹		61,970		5,380,235
Quintiles Transnational Holdings, Inc.¹		43,760		1,862,426
				15,173,207
Health Care Equipment & Supplies—3.0%
Cooper Cos., Inc. (The)		102,180		12,164,529
Sirona Dental Systems, Inc.¹		94,320		6,213,802
				18,378,331
Health Care Providers & Services—3.8%
Catamaran Corp.¹		96,534		4,703,136
DaVita HealthCare Partners, Inc.¹		43,080		5,204,064
Team Health Holdings, Inc.¹		115,020		4,723,871
Universal Health Services, Inc., Cl. B		91,240		6,109,430
WellCare Health Plans, Inc.¹		47,460		2,636,403
				23,376,904
Health Care Technology—1.4%
Cerner Corp.¹		86,850		8,345,417
Life Sciences Tools & Services—1.0%
Covance, Inc.¹		41,610		3,168,185
Illumina, Inc.¹		44,160		3,304,934
				6,473,119
Pharmaceuticals—1.6%
Actavis, Inc.¹		80,020		10,100,124
Industrials—18.8%
Aerospace & Defense—4.0%
B/E Aerospace, Inc.¹		133,490		8,420,549
Hexcel Corp.¹		240,680		8,195,154
TransDigm Group, Inc.		52,840		8,283,727
				24,899,430
Airlines—0.5%
Copa Holdings SA, Cl. A		23,480		3,078,697
Building Products—2.1%
A.O. Smith Corp.		160,400		5,819,312
Fortune Brands Home & Security, Inc.		185,200		7,174,648
				12,993,960
Commercial Services & Supplies—0.9%
Stericycle, Inc.¹		49,900		5,510,457
Electrical Equipment—2.9%
AMETEK, Inc.		251,992		10,659,262
Roper Industries, Inc.		57,770		7,176,189
				17,835,451
Machinery—3.8%
Graco, Inc.		54,210		3,426,614
Middleby Corp.¹		19,210		3,267,429
Pentair Ltd.		79,650		4,595,009
WABCO Holdings, Inc.¹		61,400		4,585,966
Wabtec Corp.		148,700		7,945,041
				23,820,059
Road & Rail—3.1%
Hertz Global Holdings, Inc.¹		132,240		3,279,552
Kansas City Southern		124,420		13,183,543

6 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA


	Shares		Value
Road & Rail (Continued)
Ryder System, Inc.		51,820	$	3,150,138
				19,613,233
Trading Companies & Distributors—1.5%
United Rentals, Inc.¹		182,100		9,088,611
Information Technology—20.1%
Computers & Peripherals—0.5%
Stratasys Ltd.¹		39,590		3,315,267
Internet Software & Services—5.9%
Cornerstone OnDemand, Inc.¹		113,710		4,922,506
CoStar Group, Inc.¹		68,060		8,784,504
Equinix, Inc.¹		35,490		6,555,713
LinkedIn Corp., Cl. A¹		63,910		11,395,153
MercadoLibre, Inc.		37,930		4,087,337
				35,745,213
IT Services—3.2%
Alliance Data Systems Corp.¹		41,770		7,561,623
FleetCor Technologies, Inc.¹		53,580		4,356,054
Gartner, Inc.¹		61,260		3,491,207
MAXIMUS, Inc.		60,990		4,542,535
				19,951,419
Semiconductors & Semiconductor Equipment—1.2%
Cavium, Inc.¹		116,230		4,111,055
Microchip Technology, Inc.		84,770		3,157,683
				7,268,738
Software—9.3%
Aspen Technology, Inc.¹		208,080		5,990,623
CommVault Systems, Inc.¹		102,520		7,780,243
Concur Technologies, Inc.¹		77,078		6,272,608
Guidewire Software, Inc.¹		77,030		3,239,112
Informatica Corp.¹		90,680		3,171,986
NetSuite, Inc.¹		110,432		10,131,032
ServiceNow, Inc.¹		151,190		6,106,564


	Shares			Value
Software (Continued)
Splunk, Inc.¹		125,990		$	5,840,896
Tableau Software, Inc., Cl. A¹		26,230			1,453,667
Ultimate Software Group, Inc. (The)¹		56,790			6,660,899
Workday, Inc., Cl. A¹		14,270			914,564
					57,562,194
Materials—3.4%
Chemicals—1.6%
Sherwin-Williams Co.		24,560			4,337,296
Westlake Chemical Corp.		57,530			5,546,467
					9,883,763
Construction Materials—1.0%
Eagle Materials, Inc.		93,650			6,206,186
Containers & Packaging—0.8%
Rock-Tenn Co., Cl. A		48,160			4,810,221
Telecommunication Services—2.0%
Wireless Telecommunication Services—2.0%
SBA Communications Corp., Cl. A¹		165,400			12,259,448
Total Common Stocks
(Cost $429,731,548)					606,642,935
Investment Company—1.5%
Oppenheimer Institutional Money Market
Fund, Cl. E, 0.11%^2,3
(Cost $9,233,637)		9,233,637			9,233,637
Total Investments, at Value
(Cost $438,965,185)		100.1	%		615,876,572
Liabilities in Excess of Other Assets		(0.1	)		(528,622	)
Net Assets		100.0	%	$	615,347,950

Footnotes to Statement of Investments

* June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

1. Non-income producing security.

2. Rate shown is the 7-day yield as of June 28, 2013.

3. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 28, 2013, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares December 31, 2012		Gross Additions		Gross Reductions		Shares June 28, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		11,313,011		135,060,321		137,139,695		9,233,637

					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	9,233,637	$	5,955

See accompanying Notes to Financial Statements.

7 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 28, 2013¹ / Unaudited


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $429,731,548)	$	606,642,935
Affiliated companies (cost $9,233,637)		9,233,637
		615,876,572
Cash		31,333
Receivables and other assets:
Investments sold		2,678,850
Dividends		103,426
Other		40,334
Total assets		618,730,515


Liabilities
Payables and other liabilities:
Investments purchased		1,925,676
Shares of beneficial interest redeemed		1,327,606
Transfer and shareholder servicing agent fees		47,449
Trustees’ compensation		34,076
Shareholder communications		25,209
Distribution and service plan fees		6,388
Other		16,161
Total liabilities		3,382,565


Net Assets	$	615,347,950


Composition of Net Assets
Par value of shares of beneficial interest	$	10,149
Additional paid-in capital		560,825,339
Accumulated net investment loss		(1,426,371	)
Accumulated net realized loss on investments		(120,972,554	)
Net unrealized appreciation on investments		176,911,387
Net Assets	$	615,347,950


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 $581,529,626 and 9,575,491 shares of beneficial interest outstanding)		$60.73

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $33,818,324 and 573,772 shares of beneficial interest outstanding)		$58.94

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

8 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 28, 2013¹ / Unaudited


Investment Income
Dividends:
Unaffiliated companies	$	1,117,857
Affiliated companies		5,955
Interest:		29
Total investment income		1,123,841


Expenses
Management fees		2,198,203
Distribution and service plan fees - Service shares		44,451
Transfer and shareholder servicing agent fees:
Non-Service shares		288,357
Service shares		17,808
Shareholder communications:
Non-Service shares		30,939
Service shares		1,894
Trustees’ compensation		21,034
Custodian fees and expenses		2,738
Other		32,671
Total expenses		2,638,095
Less waivers and reimbursements of expenses		(118,254	)
Net expenses		2,519,841


Net Investment Loss		(1,396,000	)


Realized and Unrealized Gain
Net realized gain on investments from unaffiliated companies		53,526,707
Net change in unrealized appreciation/depreciation on investments		10,994,721


Net Increase in Net Assets Resulting from Operations	$	63,125,428

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

9 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012
Operations
Net investment income (loss)	$	(1,396,000)	$	65,784
Net realized gain		53,526,707		50,857,244
Net change in unrealized appreciation/depreciation		10,994,721		42,312,507
Net increase in net assets resulting from operations		63,125,428		93,235,535


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(73,101)		—
Service shares		—		—
		(73,101)		—


Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(36,699,691)		(71,703,483	)
Service shares		(5,880,354)		(5,448,961	)
		(42,580,045)		(77,152,444	)


Net Assets
Total increase		20,472,282		16,083,091
Beginning of period		594,875,668		578,792,577

End of period (including accumulated net investment income (loss) of $(1,426,371) and $42,730, respectively)	$	615,347,950	$	594,875,668

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

10 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares		Six Months Ended June 28, 2013¹ (Unaudited)			Year Ended December 31, 2012		Year Ended December 30, 2011	¹		Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Per Share Operating Data
Net asset value, beginning of period	$	54.80		$	47.06	$	46.55		$	36.52		$	27.54		$	54.07
Income (loss) from investment operations:
Net investment income (loss)²		(0.13	)		0.01		(0.26	)		(0.11	)		(0.05	)		(0.13	)
Net realized and unrealized gain (loss)		6.07			7.73		0.77			10.14			9.03			(26.40	)
Total from investment operations		5.94			7.74		0.51			10.03			8.98			(26.53	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.01	)		0.00		0.00			0.00			0.00			0.00
Net asset value, end of period	$	60.73		$	54.80	$	47.06		$	46.55		$	36.52		$	27.54


Total Return, at Net Asset Value³		10.83%			16.45%		1.09%			27.46%			32.61%			(49.07)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	581,530		$	558,934	$	543,020		$	611,872		$	547,683		$	461,684
Average net assets (in thousands)	$	585,087		$	575,072	$	605,083		$	548,739		$	478,968		$	754,170
Ratios to average net assets:⁴
Net investment income (loss)		(0.44)%			0.03%		(0.53)%			(0.29)%			(0.17)%			(0.30)%
Total expenses⁵		0.84%			0.85%		0.84%			0.85%			0.86%			0.71%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%			0.80%		0.80%			0.76%			0.71%			0.68%
Portfolio turnover rate		44%			66%		91%			95%			102%			78%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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 28, 2013	0.84	%
Year Ended December 31, 2012	0.85	%
Year Ended December 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	%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

FINANCIAL HIGHLIGHTS _Continued


Service Shares		Six Months Ended June 28, 2013¹ (Unaudited)			Year Ended December 31, 2012			Year Ended December 30, 2011	¹		Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Per Share Operating Data
Net asset value, beginning of period	$	53.25		$	45.84		$	45.46		$	35.75		$	27.03		$	53.22
Income (loss) from investment operations:
Net investment loss²		(0.20	)		(0.12	)		(0.37	)		(0.20	)		(0.13	)		(0.24	)
Net realized and unrealized gain (loss)		5.89			7.53			0.75			9.91			8.85			(25.95	)
Total from investment operations		5.69			7.41			0.38			9.71			8.72			(26.19	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00			0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	58.94		$	53.25		$	45.84		$	45.46		$	35.75		$	27.03


Total Return, at Net Asset Value³		10.68%			16.17%			0.83%			27.16%			32.26%			(49.21)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	33,818		$	35,942		$	35,773		$	32,669		$	26,098		$	21,952
Average net assets (in thousands)	$	36,144		$	37,842		$	37,775		$	27,552		$	22,605		$	35,815
Ratios to average net assets:⁴
Net investment loss		(0.69)%			(0.22)%			(0.78)%			(0.53)%			(0.44)%			(0.57)%
Total expenses⁵		1.09%			1.10%			1.09%			1.10%			1.12%			0.98%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%			1.05%			1.05%			1.01%			0.97%			0.95%
Portfolio turnover rate		44%			66%			91%			95%			102%			78%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	1.09	%
Year Ended December 31, 2012	1.10	%
Year Ended December 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	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS _Unaudited

1. Significant Accounting Policies

Oppenheimer Discovery Mid-Cap Growth Fund/VA (the “Fund”), formerly Oppenheimer Small- & Mid-Cap Growth Fund/VA, is a separate series of Oppenheimer Variable Account Funds, a diversified 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 OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

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.

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

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

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended December 31, 2012, the Fund utilized $44,334,654 of capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had post-October losses of $1,360,650. Details of the fiscal year ended December 31, 2012 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring
2017	$	172,735,813

As of June 28, 2013, it is estimated that the capital loss carryforwards would be $119,209,106 expiring by 2017. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, 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 28, 2013, it is estimated that the Fund will utilize $53,526,707 of capital loss carryforward to offset realized capital gains.

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

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of June 28, 2013 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.

13 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS _{Unaudited / Continued}

1. Significant Accounting Policies (Continued)


Federal tax cost of securities	$	439,183,198

Gross unrealized appreciation	$	180,418,996
Gross unrealized depreciation		(3,725,622)

Net unrealized appreciation	$	176,693,374

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.

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.

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. Securities Valuation

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

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

Valuation Methods and Inputs

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

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

14 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

2. Securities Valuation (Continued)

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

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

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

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

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


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

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

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

Classifications

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

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

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

15 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS _{Unaudited / Continued}

2. Securities Valuation (Continued)

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

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 28, 2013 based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	134,750,669	$	—	$	—	$	134,750,669
Consumer Staples		30,633,063		—		—		30,633,063
Energy		41,843,298		—		—		41,843,298
Financials		43,726,456		—		—		43,726,456
Health Care		81,847,102		—		—		81,847,102
Industrials		116,839,898		—		—		116,839,898
Information Technology		123,842,831		—		—		123,842,831
Materials		20,900,170		—		—		20,900,170
Telecommunication Services		12,259,448		—		—		12,259,448
Investment Company		9,233,637		—		—		9,233,637

Total Assets	$	615,876,572	$	—	$	—	$	615,876,572

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.

3. 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 28, 2013						Year Ended December 31, 2012
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		271,855		$	16,387,488			424,674		$	22,730,798
Dividends and/or distributions reinvested		1,176			73,101			—			—
Redeemed		(896,499	)		(53,160,280	)		(1,765,118	)		(94,434,281	)

Net decrease		(623,468	)	$	(36,699,691	)		(1,340,444	)	$	(71,703,483	)


Service Shares
Sold		40,915		$	2,326,506			138,098		$	7,173,273
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		(142,135	)		(8,206,860	)		(243,546	)		(12,622,234	)

Net decrease		(101,220	)	$	(5,880,354	)		(105,448	)	$	(5,448,961	)

4. 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 28, 2013, were as follows:


	Purchases		Sales
Investment securities	$	267,580,528	$	304,042,995

5. 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

16 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

5. Fees and Other Transactions with Affiliates (Continued)

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. Fees incurred by the Fund with respect to these services are detailed in the statement of operations.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by 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 expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; 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 28, 2013, the Manager waived fees and/or reimbursed the Fund $107,892 and $5,823 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 28, 2013, the Manager waived fees and/or reimbursed the Fund $4,539 for IMMF management fees.

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

6. Pending Litigation

Since 2009, a number of class action lawsuits have been pending in federal courts against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain 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 securities law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. 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.

Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against OFI 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 OFI 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. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The settlement does not resolve other outstanding lawsuits against OFI and its affiliates relating to BLMIS.

17 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS _{Unaudited / Continued}

6. Pending Litigation (Continued)

contract claim without prejudice, and granted plaintiffs leave to replead their contract claim to assert a cause of action for specific performance within 30 days. On May 9, 2013, plaintiffs filed a notice of appeal from the court’s dismissal order. On July 15, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract and common law fraud claims against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

OFI believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. 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, OFI believes that these suits should not impair the ability of OFI 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.

18 OPPENHEIMER DISCOVERY 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.CALL OPP (225.5677), (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.CALL OPP (225.5677), 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.

19 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA


A Series of Oppenheimer Variable Account Funds
Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee Edward L. Cameron, Trustee Jon S. Fossel, Trustee Richard F. Grabish, Trustee Beverly L. Hamilton, Trustee Victoria J. Herget, Trustee Robert J. Malone, Trustee F. William Marshall, Jr., Trustee Karen L. Stuckey, Trustee James D. Vaughn, Trustee William F. Glavin, Jr., Trustee, President and Principal Executive Officer Ronald J. Zibelli, Jr., Vice President Arthur S. Gabinet, Secretary and Chief Legal Officer 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

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc. DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		K&L Gates LLP

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

		© 2013 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO


June 30, 2013

	Oppenheimer	Semiannual Report
	Capital Income Fund/VA*
	A Series of Oppenheimer Variable Account Funds

	SEMIANNUAL REPORT
	Listing of Top Holdings Fund Performance Discussion Financial Statements
* Prior to 4/30/13, the Fund’s name was Oppenheimer Balanced Fund/VA

LOGO


Portfolio Managers: Magnus Krantz¹ and Krishna Memani
Cumulative Total Returns For the 6-Month Period Ended 6/28/13²
Non-Service Shares	5.65%
Service Shares	5.57
Average Annual Total Returns For the Periods Ended 6/28/13²
	1-Year	5-Year	10-Year
Non-Service Shares	13.54%	-0.03%	3.25%
Service Shares	13.36%	-0.26%	2.99%

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 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 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 include changes in share price and reinvested distributions but 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.

TOP TEN COMMON STOCK HOLDINGS


		Chevron Corp.		1.1%
		Apple, Inc.		1.0
		National Oilwell Varco, Inc.		0.9
		Philip Morris International, Inc.		0.8
		Discover Financial Services		0.8
		JPMorgan Chase & Co.		0.8
		Google, Inc., Cl. A		0.8
		Citigroup, Inc.		0.7
		Pfizer, Inc.		0.7
		QUALCOMM, Inc.		0.7
		Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.


PORTFOLIO ALLOCATION
Common Stocks	35.3	%
Mortgage-Backed Obligations	23.9
Non-Convertible Corporate Bonds and Notes	23.1
Asset-Backed Securities	9.7
Investment Company	7.2
U.S. Government Obligations	0.8

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on the total market value of investments.

1. Magnus Krantz became a Portfolio Manager in April 2013.

2. June 28, 2013, was the last business day of the Fund’s semiannual period.

See Note 1 of the accompanying Notes to Financial Statements.

2 OPPENHEIMER CAPITAL INCOME FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 5.65% during the reporting period. On a relative basis, the Fund outperformed its Reference Index, which returned 3.14%. The Fund’s Reference Index is a customized weighted index currently comprised of the following underlying broad-based security indices: 65% of the Barclays U.S. Aggregate Bond Index and 35% of the Russell 3000 Index. Measured separately, the Barclays U.S. Aggregate Bond Index returned -2.44% and the Russell 3000 Index returned 14.06%.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

Simultaneously, the intermediate and long-end of the U.S. Treasury curve steepened quite dramatically as investors began to price in the likelihood of higher interest rates in the future. The volatility continued through June as the Federal Open Market Committee (FOMC) issued a statement indicating again that if the U.S. economy continued to improve the Fed would begin to slow down its $85 billion a month purchases of U.S. Treasuries and mortgage-backed securities. In this environment, equities generally outperformed fixed-income.

EQUITY STRATEGY REVIEW

The equity strategy outperformed the Russell 3000 Index this period. The outperformance was largely driven by sector allocation. Relative underweights to information technology, telecommunication services, materials and utilities, four weaker performing sectors of the Russell 3000 Index, benefited Fund performance. Favorable stock selection in both telecommunication services and materials also contributed. Stock selection in information technology, health care and consumer discretionary detracted from relative performance results.

The equity strategy’s top contributors to performance were Walgreen Co., Verizon Communications, Inc., Honeywell International, Inc., Chevron Corp. and The Goldman Sachs Group, Inc. We exited our positions in each of these stocks, except for Chevron, by period end. Drug store operator Walgreen performed particularly well for the period. In 2012, the company acquired a 45% stake in European pharmacy chain Alliance Boots. Synergies between the companies appeared strong and Alliance Boots contributed positively to Walgreen’s results this period.

Verizon Communications is a provider of communications, information and entertainment products and services. Shares of Verizon rallied as the company continued to add wireless subscribers and its FiOs TV and internet service continued to grow. Honeywell is a diversified technology and manufacturing company that released positive 2012 results during the period. The company also continued to grow despite global economic weakness. Oil company Chevron’s stock was driven partly by higher refining profitability and a rise in upstream volumes. In a favorable environment for financials, Goldman Sachs saw an increase in underwriting services and its investment banking business performed solidly. Goldman Sachs also took a number of cost-cutting measures during the period.

The most significant detractors from the equity strategy’s performance were Apple, Inc., Aruba Networks, Inc. and Philip Morris International, Inc. Apple is the maker of the iPhone, iPod and iPad. Investors were concerned about the maturation of high end smartphones markets in developed countries. There were also concerns over increased competition from other smartphone makers such as Samsung and HTC. Fundamentals of many technology companies continued to suffer from the macroeconomic headwinds impacting enterprise spending, and Aruba Networks was no exception. Networking company Aruba Networks’ earnings growth may have also been hurt due to discounting by competitor Cisco Systems. We exited our position by period end. Earnings estimates for internationally-based marketer of tobacco products Philip Morris have fallen since management reported first quarter results that missed expectations. In weaker economies the company suffered volume declines both as consumers traded-down to lower priced cigarettes and the illicit “black-market” gained share. The latter had a particularly detrimental impact in the Philippines after the government raised excise taxes by an extraordinary percentage. As is true for other multi-national companies, Philip Morris was also negatively affected by a stronger U.S. dollar. We believe Philip Morris has the opportunity to create longer-term value, despite these shorter-term setbacks.

FIXED-INCOME STRATEGY REVIEW

The Fund’s fixed-income strategy experienced a negative return this period, but outperformed the Barclays U.S. Aggregate Bond Index. The fixed-income strategy maintained a significant underweight position to government bonds, and instead sourced its exposure through corporate bonds, mortgages and structured

3 OPPENHEIMER CAPITAL INCOME FUND/VA

products. This positioning drove the fixed-income strategy’s outperformance over the first half of the period, but resulted in declines later in the period after the Fed discussed the potential eventual tapering of its quantitative easing program.

The fixed-income strategy performed positively over the first half of the period as credit markets in the U.S. rallied on the back of positive economic data, despite the Cyprus banking crisis, deteriorating conditions in the Eurozone and moderating growth in emerging markets. Our exposure to corporate bonds benefited as corporate bond performance versus Treasuries was strong. During this time, an overweight to financials drove much of the positive performance among our corporate bonds, as the sector is a perceived safe haven from leveraged buyout activity (“LBO”) activity, which picked up early in the period. Specifically, our allocations to large cap banks and multi-line insurance companies were helpful. The subordinated debt of banks was a positive as their spread relative to senior debt continued to narrow as bank profitability and capital metrics continue to improve. Investments in agency and non-agency mortgage-backed securities (“MBS”), commercial mortgage-backed securities (“CMBS”) and asset backed securities (“ABS”), also benefited performance over the first half of the period.

Beginning in May, fixed-income markets turned volatile after the Fed began to discuss tapering. The Fed’s comments resulted in spreads on the Barclays Credit Index widening out to levels last seen in October 2012. Before the Fed’s comments, we started reducing our position in MBS since we felt they were vulnerable to policy changes. While this limited the negative impact, MBS still detracted from performance, as did CMBS and ABS. Over the second half of the period, the fixed-income strategy benefited from an overweight position in junior capital instruments within the financial sector. The strategy was negatively impacted by two positions in the tobacco sector, as this sector began to underperform amid the tumultuous environment. Additionally, our sector overweight to pharmaceuticals detracted from performance, although it is worth noting that security selection within the sector was in line with the sector’s overall performance during this time.

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. or its affiliates.

4 OPPENHEIMER CAPITAL 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 28, 2013.


Actual	Beginning Account Value January 1, 2013	Ending Account Value June 28, 2013			Expenses Paid During 6 Months Ended June 28, 2013
Non-Service shares	$ 1,000.00		$	1,056.50		$	3.38
Service shares	1,000.00			1,055.70			4.65

Hypothetical (5% return before expenses)
Non-Service shares	1,000.00			1,021.23			3.33
Service shares	1,000.00			1,020.01			4.57

Class

Expense Ratios

Non-Service shares

0.67%

Service shares

0.92

5 OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENTOF INVESTMENTS June 28, 2013* / Unaudited


	Shares		Value

Common Stocks—34.2%

Consumer Discretionary—4.4%

Automobiles & Components—0.7%
Dana Holding Corp.		45,783	$	881,781

Ford Motor Co.		75,470		1,167,521

				2,049,302

Consumer Durables & Apparel—0.9%
PVH Corp.		12,800		1,600,640

Toll Brothers, Inc.¹		22,620		738,091

				2,338,731

Media—0.6%
Time Warner, Inc.		30,000		1,734,600

Retailing—1.7%
AutoZone, Inc.¹		3,830		1,622,733

Pier 1 Imports, Inc.		44,920		1,055,171

Ross Stores, Inc.		15,680		1,016,221

Signet Jewelers Ltd.		15,200		1,024,936

				4,719,061

Services—0.5%
Brinker International, Inc.		13,460		530,728

LifeLock, Inc.¹		69,290		811,386

				1,342,114

Consumer Staples—2.8%

Food, Beverage & Tobacco—2.1%
Flowers Foods, Inc.		87,405		1,927,280

Mondelez International, Inc., Cl. A		65,210		1,860,441

Philip Morris International, Inc.		26,860		2,326,613

				6,114,334

Household & Personal Products—0.7%
Henkel AG & Co. KGaA		6,285		492,595

Henkel AG & Co. KGaA, Preference		16,995		1,594,748

				2,087,343

Energy—3.8%

Energy Equipment & Services—0.9%
National Oilwell Varco, Inc.		39,100		2,693,990

Oil, Gas & Consumable Fuels—2.9%
Chevron Corp.		25,490		3,016,487

EPL Oil & Gas, Inc.¹		15,430		453,025

Noble Energy, Inc.		31,920		1,916,477

PAA Natural Gas Storage LP		22,680		477,187

QEP Resources, Inc.		53,920		1,497,898

Western Refining, Inc.		32,960		925,187

				8,286,261

Financials—6.5%

Banks—2.0%
CIT Group, Inc.¹		42,270		1,971,050

Home Loan Servicing Solutions Ltd.		34,140		818,336

Huntington Bancshares, Inc.		144,600		1,139,448

Ocwen Financial Corp.¹		20,980		864,796

Webster Financial Corp.		33,470		859,510

				5,653,140

Diversified Financials—2.8%
Citigroup, Inc.		44,040		2,112,599

Discover Financial Services		46,880		2,233,363

Financial Engines, Inc.		14,180		646,466

JPMorgan Chase & Co.		42,150		2,225,098

WisdomTree Investments, Inc.¹		82,900		959,153

				8,176,679

Insurance—1.1%
American International Group, Inc.¹		24,960		1,115,712

Fidelity National Financial, Inc., Cl. A		38,610		919,304

Lincoln National Corp.		30,640		1,117,441

				3,152,457

Real Estate—0.6%
Apollo Commercial Real Estate Finance, Inc.		58,470		928,504

Digital Realty Trust, Inc.		14,740		899,140

				1,827,644

Health Care—4.8%

Health Care Equipment & Services—2.1%
CareFusion Corp.¹		26,460		975,051

Covidien plc		24,510		1,540,208


	Shares		Value

Health Care Equipment & Services (Continued)
Express Scripts Holding Co.¹		21,660	$	1,336,205

Omnicare, Inc.		11,890		567,272

Team Health Holdings, Inc.¹		13,650		560,605

Universal Health Services, Inc., Cl. B		11,300		756,648

				5,735,989

Pharmaceuticals, Biotechnology & Life Sciences—2.7%%
AbbVie, Inc.		22,790		942,139

Actavis, Inc.¹		16,180		2,042,240

Bristol-Myers Squibb Co.		10,100		451,369

Medivation, Inc.¹		9,820		483,144
					��
Onyx Pharmaceuticals, Inc.¹		5,380		467,092

Pfizer, Inc.		73,565		2,060,556

Santarus, Inc.¹		24,860		523,303

Zoetis, Inc.		23,186		716,215

				7,686,058

Industrials—4.3%

Capital Goods—1.3%
AECOM Technology Corp.¹		17,960		570,948

AGCO Corp.		15,090		757,367

Greenbrier Cos., Inc.¹		34,750		846,857

Joy Global, Inc.		13,520		656,126

KBR, Inc.		25,770		837,525

				3,668,823

Commercial & Professional Services—1.8%
ADT Corp. (The)		17,720		706,142

Mobile Mini, Inc.¹		27,250		903,337

Robert Half International, Inc.		31,440		1,044,751

Towers Watson & Co., Cl. A		14,190		1,162,729

Tyco International Ltd.		48,080		1,584,236

				5,401,195

Transportation—1.2%
Canadian National Railway Co.		20,580		2,001,816

United Parcel Service, Inc., Cl. B		17,920		1,549,722

				3,551,538

Information Technology—6.2%

Semiconductors & Semiconductor Equipment—0.5%
Cavium, Inc.¹		15,610		552,126

Skyworks Solutions, Inc.¹		35,070		767,682

				1,319,808

Software & Service—3.3%
eBay, Inc.¹		39,020		2,018,114

Fortinet, Inc.¹		57,750		1,010,625

Google, Inc., Cl. A¹		2,520		2,218,532

Guidewire Software, Inc.¹		12,660		532,353

International Business Machines Corp.		8,870		1,695,146

Microsoft Corp.		23,710	��	818,706

ServiceNow, Inc.¹		12,250		494,777

Splunk, Inc.¹		12,350		572,546

				9,360,799

Technology Hardware & Equipment—2.4%
Apple, Inc.		7,190		2,847,815

Corning, Inc.		53,650		763,439

QUALCOMM, Inc.		33,470		2,044,348

Western Digital Corp.		19,050		1,182,814

				6,838,416

Materials—1.4%

Chemicals—0.3%
W.R. Grace & Co.¹		10,060		845,442

Construction Materials—0.3%
Vulcan Materials Co.		15,860		767,783

Containers & Materials—0.3%
Packaging Corp. of America		15,470		757,411

Metals & Mining—0.3%
Kaiser Aluminum Corp.		12,270		760,004

Paper & Forest Products—0.2%
P.H. Glatfelter Co.		21,910		549,941

6 OPPENHEIMER CAPITAL INCOME FUND/VA





	Shares		Value

Telecommunication Services—0.0%

Diversified Telecommunication Services—0.0%
ORBCOMM, Inc.¹		375		$ 1,684

Total Common Stocks (Cost $93,925,306)				97,420,547

	Principal Amount

Asset-Backed Securities—9.3%

Ally Auto Receivables Trust, Series 2012-A, Cl. D, 3.15%, 10/15/18⁴	$	500,000		507,589

Ally Master Owner Trust, Series 2012-2, Cl. A, 0.693%, 3/15/16²		350,000		349,220

American Credit Acceptance Receivables Trust:
Series 2012-2, Cl. A, 1.89%, 7/15/16³		189,587		190,124
Series 2012-3, Cl. A, 1.64%, 11/15/16³		82,413		82,318
Series 2012-3, Cl. C, 2.78%, 9/17/18³		955,000		949,324

AmeriCredit Automobile Receivables Trust:
Series 2010-1, Cl. D, 6.65%, 7/17/17		210,000		220,332
Series 2010-2, Cl. C, 4.52%, 10/8/15		290,000		294,845
Series 2010-2, Cl. D, 6.24%, 6/8/16		40,000		42,310
Series 2011-1, Cl. D, 4.26%, 2/8/17		90,000		94,172
Series 2011-2, Cl. D, 4.00%, 5/8/17		300,000		311,735
Series 2011-4, Cl. D, 4.08%, 9/8/17		500,000		519,760
Series 2011-5, Cl. D, 5.05%, 12/8/17		305,000		324,696
Series 2012-1, Cl. D, 4.72%, 3/8/18		540,000		572,780
Series 2012-2, Cl. D, 3.38%, 4/9/18		455,000		464,871
Series 2012-4, Cl. D, 2.68%, 10/9/18		70,000		69,556
Series 2012-5, Cl. C, 1.69%, 11/8/18		165,000		162,475
Series 2012-5, Cl. D, 2.35%, 12/10/18		925,000		911,937
Series 2013-1, Cl. C, 1.57%, 1/8/19		725,000		706,182
Series 2013-1, Cl. D, 2.09%, 2/8/19		195,000		188,383
Series 2013-2, Cl. D, 2.42%, 5/8/19		310,000		302,402
Series 2013-3, Cl. D, 3.00%, 7/8/19		330,000		326,362

Avis Budget Rental Car Funding AESOP LLC:
Series 2011-2A, Cl. A, 2.37%, 11/20/14³		950,000		965,875
Series 2011-3A, Cl. B, 4.74%, 11/20/17³		150,000		159,782
Series 2012-1A, Cl. A, 2.054%, 8/20/16³		235,000		238,835

Capital Auto Receivables Asset Trust, Series 2013-1, Cl. D, 2.19%, 9/20/21		125,000		120,234

CarMax Auto Owner Trust, Series 2013-1, Cl. D, 1.99%, 8/15/19		105,000		103,101

Centre Point Funding LLC, Series 2010-1A, Cl. 1, 5.43%, 7/20/16³		44,501		46,432

CFC 2013-1 LLC, Series 2013-1A, Cl. A, 1.65%, 7/17/17³		185,670		185,125

CPS Auto Receivables Trust:
Series 2012-B, Cl. A, 2.52%, 9/16/19³		259,759		262,905
Series 2012-C, Cl. A, 1.82%, 12/16/19³		89,912		90,362

Credit Acceptance Auto Loan Trust:
Series 2012-1A, Cl. A, 2.20%, 9/16/19³		175,000		176,974
Series 2012-2A, Cl. A, 1.52%, 3/16/20³		950,000		952,373
Series 2012-2A, Cl. B, 2.21%, 9/15/20³		50,000		50,163
Series 2013-1A, Cl. B, 1.83%, 4/15/21³		165,000		163,109

DT Auto Owner Trust:
Series 2010-1A, Cl. D, 5.92%, 9/15/16³		111,902		112,011
Series 2011-1A, Cl. C, 3.05%, 8/17/15³		96,606		96,804
Series 2011-2A, Cl. C, 3.05%, 2/16/16³		14,980		14,990
Series 2011-3A, Cl. C, 4.03%, 2/15/17³		299,000		301,341
Series 2012-1A, Cl. A, 1.05%, 1/15/15³		27,417		27,426
Series 2012-2A, Cl. C, 2.72%, 4/17/17³		65,000		65,610
Series 2012-2A, Cl. D, 4.35%, 3/15/19³		80,000		82,174
Series 2013-1A, Cl. D, 3.74%, 5/15/20³		200,000		199,581

Exeter Automobile Receivables Trust:
Series 2012-1A, Cl. A, 2.02%, 8/15/16³		576,699		579,493
Series 2012-2A, Cl. A, 1.30%, 6/15/17³		107,162		107,293
Series 2012-2A, Cl. B, 2.22%, 12/15/17³		130,000		130,711
Series 2012-2A, Cl. C, 3.06%, 7/16/18³		516,000		517,403
Series 2013-1A, Cl. A, 1.29%, 10/16/17³		375,003		373,166

First Investors Auto Owner Trust, Series 2012-1A, Cl. D, 5.65%, 4/15/18³		140,000		147,613


	Principal Amount		Value

Asset-Backed Securities (Continued)

Ford Credit Auto Owner Trust, Series 2013-A, Cl. D, 1.86%, 8/15/19	$	195,000	$	188,962

Ford Credit Floorplan Master Owner Trust A:
Series 2012-1, Cl. A, 0.663%, 1/15/16²		155,000		155,165
Series 2012-2, Cl. C, 2.86%, 1/15/19		215,000		223,269
Series 2013-3, Cl. D, 1.74%, 6/15/17		175,000		175,244

FRS I LLC, Series 2013-1A, Cl. A1, 1.80%, 4/15/43³		78,051		77,127

MBNA Credit Card Master Note Trust, Series 2003-C7, Cl. C7, 1.543%, 3/15/16²		975,000		976,841

Prestige Auto Receivables Trust, Series 2011-1A, Cl. D, 5.18%, 7/16/18³		300,000		312,354

Santander Drive Auto Receivables Trust:
Series 2010-3, Cl. C, 3.06%, 11/15/17		350,000		358,496
Series 2010-A, Cl. A3, 1.83%, 11/17/14³		32,860		32,968
Series 2010-B, Cl. C, 3.02%, 10/17/16³		284,795		288,190
Series 2011-1, Cl. D, 4.01%, 2/15/17		360,000		372,816
Series 2011-4, Cl. B, 2.90%, 5/16/16		930,000		946,189
Series 2011-S1A, Cl. D, 3.10%, 5/15/17⁴		62,770		62,924
Series 2011-S2A, Cl. D, 3.35%, 6/15/17⁴		139,718		140,416
Series 2012-1, Cl. A2, 1.25%, 4/15/15		21,220		21,255
Series 2012-2, Cl. C, 3.20%, 2/15/18		345,000		355,461
Series 2012-2, Cl. D, 3.87%, 2/15/18		375,000		385,041
Series 2012-4, Cl. B, 1.83%, 3/15/17		575,000		580,874
Series 2012-4, Cl. D, 3.50%, 6/15/18		495,000		503,926
Series 2012-5, Cl. C, 2.70%, 8/15/18		625,000		629,367
Series 2012-5, Cl. D, 3.30%, 9/17/18		540,000		545,107
Series 2012-6, Cl. D, 2.52%, 9/17/18		585,000		578,115
Series 2012-AA, Cl. D, 2.46%, 12/17/18³		670,000		656,657
Series 2013-1, Cl. C, 1.76%, 1/15/19		295,000		287,976
Series 2013-1, Cl. D, 2.27%, 1/15/19		155,000		150,318
Series 2013-2, Cl. D, 2.57%, 3/15/19		715,000		697,109
Series 2013-3, Cl. D, 2.42%, 4/15/19		245,000		237,014

SNAAC Auto Receivables Trust:
Series 2012-1A, Cl. A, 1.78%, 6/15/16³		72,415		72,693
Series 2012-1A, Cl. C, 4.38%, 6/15/17³		125,000		128,356
Series 2013-1A, Cl. B, 2.09%, 7/16/18³		90,000		89,318
Series 2013-1A, Cl. C, 3.07%, 8/15/18³		100,000		98,930

United Auto Credit Securitization Trust:
Series 2012-1, Cl. A2, 1.10%, 3/16/15³		79,464		79,447
Series 2012-1, Cl. B, 1.87%, 9/15/15³		170,000		169,852
Series 2012-1, Cl. C, 2.52%, 3/15/16³		120,000		119,808
Series 2012-1, Cl. D, 3.12%, 3/15/18³		605,000		603,961
Series 2013-1, Cl. B, 1.74%, 4/15/16³		265,000		264,107
Series 2013-1, Cl. C, 2.22%, 12/15/17³		170,000		169,359
Series 2013-1, Cl. D, 2.90%, 12/15/17³		30,000		29,807

Westlake Automobile Receivables Trust, Series 2012-1A, Cl. A2, 1.03%, 3/15/16³		85,718		85,807

Wheels SPV LLC, Series 2012-1, Cl. A2, 1.19%, 3/20/21³		819,025		822,037

World Financial Network Credit Card Master Trust, Series 2012-B, Cl. A, 1.76%, 5/17/21		115,000		114,494

Total Asset-Backed Securities
(Cost $26,798,174)				26,649,416


Mortgage-Backed Obligations—23.2%

Government Agency—16.3%

FHLMC/FNMA/FHLB/Sponsored—16.1%
Federal Home Loan Mortgage Corp. Gold Pool:
4.50%, 10/1/18		84,717		88,961
5.00%, 12/1/34		5,694		6,116
5.50%, 9/1/39		890,691		969,497
6.50%, 4/1/18-4/1/34		70,352		78,403
7.00%, 10/1/31-10/1/37		414,427		473,203
8.00%, 4/1/16		17,547		18,475
9.00%, 8/1/22-5/1/25		9,189		10,288

Federal Home Loan Mortgage Corp., Interest-Only
Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 17.594%, 4/1/27⁵		150,473		18,707
Series 192, Cl. IO, 11.062%, 2/1/28⁵		39,239		6,336
Series 243, Cl. 6, 0%, 12/15/32^5,6		127,668		20,893

7 OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENTOF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 3.594%, 6/1/26⁷	$	43,164	$	39,947

Federal Home Loan Mortgage Corp., Real Estate Investment Conduit Multiclass Pass-Through Certificates:
Series 2426, Cl. BG, 6.00%, 3/15/17		155,784		165,987
Series 2427, Cl. ZM, 6.50%, 3/15/32		232,769		262,094
Series 2461, Cl. PZ, 6.50%, 6/15/32		119,857		136,113
Series 2500, Cl. FD, 0.693%, 3/15/32²		17,310		17,494
Series 2526, Cl. FE, 0.593%, 6/15/29²		21,178		21,314
Series 2551, Cl. FD, 0.593%, 1/15/33²		13,960		14,057
Series 2626, Cl. TB, 5.00%, 6/15/33		297,411		323,945
Series 3025, Cl. SJ, 24.044%, 8/15/35²		43,066		63,996
Series 3030, Cl. FL, 0.593%, 9/15/35²		216,704		218,256
Series 3822, Cl. JA, 5.00%, 6/15/40		260,089		272,929
Series 3848, Cl. WL, 4.00%, 4/15/40		292,951		310,485

Federal Home Loan Mortgage Corp., Real Estate Investment Conduit Multiclass Pass-Through Certificates, Interest-Only
Stripped Mtg.-Backed Security:
Series 2130, Cl. SC, 55.095%, 3/15/29⁵		131,847		29,023
Series 2796, Cl. SD, 64.651%, 7/15/26⁵		187,552		36,920
Series 2802, Cl. AS, 40.914%, 4/15/33⁵		46,334		1,652
Series 2920, Cl. S, 63.327%, 1/15/35⁵		957,635		188,436
Series 2922, Cl. SE, 11.402%, 2/15/35⁵		57,382		10,206
Series 3201, Cl. SG, 9.826%, 8/15/36⁵		149,769		29,370
Series 3397, Cl. GS, 33.357%, 12/15/37⁵		66,788		12,164
Series 3424, Cl. EI, 41.335%, 4/15/38⁵		64,933		10,287
Series 3450, Cl. BI, 16.389%, 5/15/38⁵		178,379		33,242
Series 3606, Cl. SN, 9.33%, 12/15/39⁵		95,384		14,119
Series 3662, Cl. SM, 28.564%, 10/15/32⁵		170,130		18,887
Series 3736, Cl. SN, 10.674%, 10/15/40⁵		631,992		91,502

Federal National Mortgage Assn. Pool:
2.50%, 6/18/27⁸		2,580,000		2,595,722
3.00%, 7/1/27-8/1/43⁸		5,350,000		5,308,648
3.50%, 7/17/27-8/1/43⁸		5,600,000		5,706,334
4.00%, 7/1/41⁸		6,975,000		7,265,988
4.50%, 7/1/22-7/1/39⁸		9,659,000		10,225,776
5.00%, 7/1/37⁸		2,590,000		2,787,691
5.50%, 9/1/20		6,757		7,297
6.00%, 11/1/17-3/1/37		536,157		581,926
6.00%, 7/1/37⁸		425,000		462,254
6.50%, 5/1/17-10/1/19		128,579		137,337
7.00%, 11/1/17-10/1/35		59,443		64,203
7.50%, 1/1/33		131,883		156,779
8.50%, 7/1/32		6,732		7,867

Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 222, Cl. 2, 27.348%, 6/1/23⁵		320,227		48,555
Series 233, Cl. 2, 48.013%, 8/1/23⁵		223,241		44,266
Series 252, Cl. 2, 44.236%, 11/1/23⁵		289,423		50,439
Series 319, Cl. 2, 3.067%, 2/1/32⁵		68,965		11,932
Series 320, Cl. 2, 11.67%, 4/1/32⁵		21,132		3,077
Series 321, Cl. 2, 1.579%, 4/1/32⁵		244,492		41,969
Series 331, Cl. 9, 6.882%, 2/1/33⁵		258,123		45,191
Series 334, Cl. 17, 13.985%, 2/1/33⁵		155,572		28,562
Series 339, Cl. 12, 19.242%, 6/25/33⁵		233,310		40,081
Series 339, Cl. 7, 70.367%, 8/1/33⁵		677,515		107,400
Series 343, Cl. 13, 38.592%, 9/1/33⁵		217,968		34,105
Series 345, Cl. 9, 99.999%, 1/1/34⁵		195,650		30,192
Series 351, Cl. 10, 9.684%, 4/1/34⁵		30,874		4,762
Series 351, Cl. 8, 33.498%, 4/1/34⁵		102,661		15,920
Series 356, Cl. 10, 74.376%, 6/1/35⁵		75,299		11,552
Series 356, Cl. 12, 84.292%, 2/1/35⁵		40,747		6,300
Series 362, Cl. 13, 38.859%, 8/1/35⁵		278,482		44,453
Series 364, Cl. 16, 84.362%, 9/1/35⁵		194,787		31,407

Federal National Mortgage Assn., Real Estate Investment Conduit Multiclass Pass-Through Certificates:
Series 1998-61, Cl. PL, 6.00%, 11/25/28		106,128		118,701
Series 2003-130, Cl. CS, 13.714%, 12/25/33²		28,094		34,193
Series 2003-28, Cl. KG, 5.50%, 4/25/23		511,405		561,987
Series 2004-101, Cl. BG, 5.00%, 1/25/20		502,859		533,538


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Real Estate Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2005-104, Cl. MC, 5.50%, 12/25/25	$	532,957	$	585,788
Series 2005-31, Cl. PB, 5.50%, 4/25/35		250,000		292,024
Series 2005-69, Cl. LE, 5.50%, 11/25/33		38,604		39,017
Series 2005-73, Cl. DF, 0.443%, 8/25/35²		523,624		524,819
Series 2006-11, Cl. PS, 23.859%, 3/25/36²		154,894		216,243
Series 2006-46, Cl. SW, 23.492%, 6/25/36²		117,477		171,900
Series 2006-50, Cl. KS, 23.492%, 6/25/36²		26,518		41,281
Series 2007-109, Cl. NF, 0.743%, 12/25/37²		286,946		290,745
Series 2007-42, Cl. A, 6.00%, 2/25/33		52,566		52,977
Series 2009-36, Cl. FA, 1.133%, 6/25/37²		252,560		256,250
Series 2009-37, Cl. HA, 4.00%, 4/25/19		219,012		232,354
Series 2009-70, Cl. PA, 5.00%, 8/25/35		13,678		13,685
Series 2011-15, Cl. DA, 4.00%, 3/25/41		117,568		124,250
Series 2011-3, Cl. KA, 5.00%, 4/25/40		324,445		354,641

Federal National Mortgage Assn., Real Estate Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-65, Cl. S, 26.136%, 11/25/31⁵		259,936		56,055
Series 2001-81, Cl. S, 22.481%, 1/25/32⁵		65,555		13,620
Series 2002-47, Cl. NS, 33.976%, 4/25/32⁵		185,720		37,480
Series 2002-51, Cl. S, 34.173%, 8/25/32⁵		170,535		34,134
Series 2002-52, Cl. SD, 40.484%, 9/25/32⁵		226,964		51,532
Series 2002-77, Cl. SH, 36.841%, 12/18/32⁵		102,365		24,329
Series 2002-84, Cl. SA, 32.304%, 12/25/32⁵		262,603		50,134
Series 2002-9, Cl. MS, 25.952%, 3/25/32⁵		72,240		17,951
Series 2003-33, Cl. SP, 25.47%, 5/25/33⁵		284,304		70,987
Series 2003-4, Cl. S, 27.611%, 2/25/33⁵		164,965		32,264
Series 2003-46, Cl. IH, 31.781%, 6/25/23⁵		596,943		78,454
Series 2004-54, Cl. DS, 45.205%, 11/25/30⁵		181,750		32,062
Series 2004-56, Cl. SE, 11.346%, 10/25/33⁵		54,370		9,640
Series 2005-12, Cl. SC, 14.367%, 3/25/35⁵		28,344		5,525
Series 2005-14, Cl. SE, 42.81%, 3/25/35⁵		92,131		15,626
Series 2005-40, Cl. SA, 54.925%, 5/25/35⁵		491,510		88,862
Series 2005-52, Cl. JH, 29.01%, 5/25/35⁵		1,088,192		223,639
Series 2005-71, Cl. SA, 58.628%, 8/25/25⁵		486,500		68,414
Series 2005-93, Cl. SI, 18.381%, 10/25/35⁵		124,272		21,901
Series 2007-75, Cl. BI, 8.156%, 8/25/37⁵		955,626		174,384
Series 2007-88, Cl. XI, 40.011%, 6/25/37⁵		373,051		56,458
Series 2008-46, Cl. EI, 17.048%, 6/25/38⁵		182,534		27,261
Series 2008-55, Cl. SA, 8.822%, 7/25/38⁵		228,636		23,680
Series 2009-8, Cl. BS, 22.687%, 2/25/24⁵		95,688		8,320
Series 2012-40, Cl. PI, 19.776%, 4/25/41⁵		465,312		93,124

Federal National Mortgage Assn., Real Estate Investment Conduit Multiclass Pass-Through Certificates, Principal-Only Stripped Mtg.-Backed Security, Series 1993-184, Cl. M, 4.112%, 9/25/23⁷		116,762		108,514

				45,790,032

GNMA/Guaranteed—0.2%
Government National Mortgage Assn. I Pool:
7.00%, 1/15/24		66,420		76,685
7.50%, 1/15/23-6/15/24		53,920		59,735
8.00%, 5/15/17-4/15/23		41,878		47,037
8.50%, 8/15/17-12/15/17		11,970		12,750

Government National Mortgage Assn., Interest-Only
Stripped Mtg.-Backed Security:
Series 2001-21, Cl. SB, 79.584%, 1/16/27⁵		242,600		48,851
Series 2002-15, Cl. SM, 69.941%, 2/16/32⁵		274,925		59,384
Series 2002-76, Cl. SY, 79.526%, 12/16/26⁵		635,688		142,003
Series 2007-17, Cl. AI, 22.875%, 4/16/37⁵		622,710		118,895
Series 2011-52, Cl. HS, 13.376%, 4/16/41⁵		301,487		71,317

				636,657

Non-Agency—6.9%

Commercial—4.3%
Banc of America Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2006-6, Cl. AM, 5.39%, 10/10/45		265,000		281,946

8 OPPENHEIMER CAPITAL INCOME FUND/VA


	Principal Amount		Value

Commercial (Continued)
Bear Stearns ARM Trust, Collateralized Mtg. Obligations, Series 2007-4, Cl. 22A1, 5.252%, 6/25/47²	$	165,761	$	143,907

Citigroup Commercial Mortgage Trust:
Series 2008-C7, Cl. AM, 6.339%, 12/10/49²		90,000		99,286
Series 20113-GCJ11, 4.459%, 4/10/23³		185,000		155,568

Commercial Mortgage Trust:
Series 2006-GG7, Cl. AM, 6.056%, 7/10/38²		190,000		208,115
Series 2007-GG11, Cl. AM, 5.867%, 12/10/49²		500,000		537,338
Series 2007-GG9, Cl. AM, 5.475%, 3/10/39		615,000		648,299
Series 2012-CR4, Cl. D, 4.731%, 10/15/45^2,3		185,000		158,782
Series 2012-CR5, Cl. E, 4.479%, 12/10/45^2,3		225,000		188,968
Series 2013-CR7, Cl. D, 4.501%, 3/10/46^2,3		200,000		164,032

Commercial Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 2010-C1, Cl. XPA, 5.01%, 7/10/46^2,3,5		2,894,988		142,791
Series 2012-CR5, Cl. XA, 3.847%, 12/10/45^2,5		446,648		50,426

Countrywide Alternative Loan Trust, Collateralized Mtg. Obligations, Series 2006-J2, Cl. A7, 6%, 4/25/36		14,483		13,418

Countrywide Home Loans, Collateralized Mtg. Obligations, Series 2007-J3, Cl. A9, 6%, 7/25/37		32,488		26,635

Credit Suisse Commercial Mortgage Trust:
Series 2006-6, Cl. 1A4, 6.00%, 7/25/36		278,686		210,676
Series 2006-C1, Cl. AJ, 5.569%, 2/15/39²		175,000		187,116

Credit Suisse First Boston Mortgage Securities Corp., Collateralized Mtg. Obligations, Series 2005-C6, Cl. AJ, 5.23%, 12/15/40²		275,000		291,146

DBUBS Mortgage Trust, Collateralized Mtg. Obligations, Series 2011-LC1A, Cl. E, 5.728%, 11/10/46^2,3		50,000		48,132

Deutsche Alt-B Securities Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36²		275,591		204,382

EverBank Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 2013-1, Cl. A1, 2.25%, 3/25/43^2,3		451,721		441,813

First Horizon Alternative Mortgage Securities Trust:
Series 2004-FA2, Cl. 3A1, 6.00%, 1/25/35		276,527		281,572
Series 2005-FA8, Cl. 1A6, 0.843%, 11/25/35²		213,235		155,209
Series 2005-FA9, Cl. A4A, 5.50%, 12/25/35		19,042		16,754
Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		480,107		369,371
Series 2007-FA4, Cl. 1A6, 6.25%, 8/25/37²		241,844		207,374

FREMF Mortgage Trust:
Series 2013-K25, Cl. C, 3.742%, 11/25/45^2,3		60,000		47,490
Series 2013-K26, Cl. C, 3.723%, 12/25/45^2,3		40,000		31,518
Series 2013-K27, Cl. C, 3.616%, 1/25/46^2,3		110,000		85,426
Series 2013-K28, Cl. C, 3.494%, 6/25/46^2,3		110,000		85,817
Series 2013-K712, Cl. C, 3.483%, 5/25/45^2,3		110,000		94,221

GE Capital Commercial Mortgage Corp., Collateralized Mtg. Obligations, Series 2005-C4, Cl. AJ, 5.471%, 11/10/45²		430,000		415,330

GS Mortgage Securities Trust:
Series 2006-GG6, Cl. AM, 5.622%, 4/10/38²		286,699		307,315
Series 2011-GC3, Cl. A1, 2.331%, 3/10/44³		144,848		147,052

GSR Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 2005-AR4, Cl. 6A1, 5.25%, 7/25/35²		91,350		89,979

IndyMac Index Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 2005-AR23, Cl. 6A1, 4.814%, 11/25/35²		246,908		203,187

JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2006-CB16, Cl. AJ, 5.623%, 5/12/45		470,000		428,111
Series 2007-LDPX, Cl. A2S2, 5.187%, 1/15/49⁴		64,829		65,853
Series 2007-LDPX, Cl. A3S, 5.317%, 1/15/49		520,000		529,364
Series 2011-C3, Cl. A1, 1.875%, 2/15/46³		156,403		157,600

JP Morgan Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-S3, Cl. 1A90, 7%, 8/25/37		259,867		238,559

JPMorgan Resecuritization Trust, Collateralized Mtg. Obligations, Series 2009-5, Cl. 1A2, 2.613%, 7/26/36^2,3		258,683		195,637

MASTR Adjustable Rate Mortgages Trust, Collateralized Mtg. Obligations, Series 2004-13, Cl. 2A2, 2.672%, 4/21/34²		124,266		126,485

Merrill Lynch Mortgage Trust, Collateralized Mtg. Obligations, Series 2006-C2, Cl. AM, 5.782%, 8/12/43²		290,000		313,416


	Principal Amount		Value

Commercial (Continued)
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2012-C6, Cl. E, 4.82%, 11/15/45^2,3	$	95,000	$	81,997
Series 2013-C7, Cl. D, 4.444%, 2/15/46^2,3		115,000		95,874
Series 2013-C8, Cl. D, 4.312%, 12/15/48^2,3		80,000		65,663

Morgan Stanley Capital I Trust:
Series 2007-IQ13, Cl. AM, 5.406%, 3/15/44		325,000		349,214
Series 2007-IQ15, Cl. AM, 6.09%, 6/11/49²		345,000		372,631

Morgan Stanley Reremic Trust, Collateralized Mtg. Obligations, Series 2012-R3, Cl. 1B, 2.379%, 11/26/36^2,4		268,731		151,198

Structured Adjustable Rate Mortgage Loan Trust:
Series 2006-4, Cl. 6A, 5.221%, 5/25/36²		163,143		135,859
Series 2007-6, Cl. 3A1, 4.627%, 7/25/37²		255,963		206,650

UBS-Barclays Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2012-C2, Cl. E, 5.05%, 5/10/63^2,3		45,000		39,927

WaMu Mortgage Pass-Through Certificates Trust, Collateralized Mtg. Obligations, Series 2005-AR14, Cl. 1A4, 2.514%, 12/25/35²		126,652		115,050

Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1, Cl. 1A1, 2.611%, 2/25/35²		53,175		52,856
Series 2005-AR15, Cl. 1A6, 2.613%, 9/25/35²		123,863		114,740
Series 2007-16, Cl. 1A1, 6.00%, 12/28/37		257,213		268,264
Series 2007-AR8, Cl. A1, 5.98%, 11/25/37²		850,723		748,715

WFRBS Commercial Mortgage Trust:
Series 2012-C10, Cl. D, 4.61%, 12/15/45^2,3		50,000		41,471
Series 2012-C7, Cl. E, 5.005%, 6/15/45^2,3		80,000		69,767
Series 2012-C8, Cl. E, 5.042%, 8/15/45^2,3		95,000		83,014
Series 2013-C11, Cl. D, 4.325%, 3/15/45^2,3		49,000		39,735

WFRBS Commercial Mortgage Trust, Interest-Only, Collateralized Mtg. Obligations, Series 2011-C3, Cl. XA, 12.11%, 3/15/44^2,3,5		4,038,789		296,990

				12,125,031

Multi-Family—0.4%
Citigroup Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 2006-AR3, Cl. 1A2A, 5.531%, 6/25/36²		154,602		142,216

Countrywide Alternative Loan Trust:
Series 2005-86CB, Cl. A8, 5.50%, 2/25/36		53,056		49,332
Series 2005-J14, Cl. A7, 5.50%, 12/25/35		105,620		91,169
Series 2006-24CB, Cl. A12, 5.75%, 6/25/36		97,667		81,327

Countrywide Home Loans, Collateralized Mtg. Obligations, Series 2006-20, Cl. 1A17, 5.75%, 2/25/37		298,301		261,794

JP Morgan Mortgage Trust, Series 2007-A3, Cl. 3A2M, 4.925%, 5/25/37²		32,326		30,483

Wells Fargo Mortgage-Backed Securities Trust:
Series 2006-AR2, Cl. 2A3, 2.641%, 3/25/36²		66,177		63,878
Series 2006-AR6, Cl. 3A1, 2.77%, 3/25/36²		617,827		586,534

				1,306,733

Residential—2.2%
Argent Securities, Inc., Series 2004-W8, Cl. A2, 1.153%, 5/25/34²		132,431		126,594

Banc of America Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-4, Cl. AM, 6.002%, 2/10/51²		820,000		889,955

Banc of America Funding Trust:
Series 2007-1, Cl. 1A3, 6.00%, 1/25/37		164,610		143,893
Series 2007-C, Cl. 1A4, 5.419%, 5/20/36²		66,960		63,997

Banc of America Mortgage 2004-E Trust, Collateralized Mtg. Obligations, Series 2004-E, Cl. 2A6, 2.829%, 6/25/34²		179,308		175,655

Carrington Mortgage Loan Trust, Series 2006-FRE1, Cl. A2, 0.303%, 7/25/36²		126,398		121,712

CD Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-CD4, Cl. AMFX, 5.366%, 12/11/49²		885,000		895,883

Countrywide Alternative Loan Trust:
Series 2005-29CB, Cl. A4, 5.00%, 7/25/35		634,580		493,183
Series 2007-19, Cl. 1A34, 6.00%, 8/25/37		326,521		250,937

9 OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENTOF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Residential (Continued)
Countrywide Asset-Backed Certificates:
Series 2005-16, Cl. 2AF2, 5.148%, 5/25/36²	$	273,647	$	269,519
Series 2006-25, Cl. 2A2, 0.313%, 6/25/47²		91,468		90,846

Countrywide Home Loans:
Series 2005-26, Cl. 1A8, 5.50%, 11/25/35		196,601		187,219
Series 2005-29, Cl. A1, 5.75%, 12/25/35		109,440		100,438
Series 2006-17, Cl. A2, 6.00%, 12/25/36		246,072		220,993
Series 2006-6, Cl. A3, 6.00%, 4/25/36		99,152		92,450
Series 2007-15, Cl. 1A29, 6.25%, 9/25/37		984,219		922,007

Credit Suisse Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-3, Cl. 2A10, 6%, 4/25/37		159,519		138,063

GSR Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 2006-5F, Cl. 2A1, 6%, 6/25/36		80,771		78,706

JP Morgan Alternative Loan Trust, Series 2006-S4, Cl. A6, 5.71%, 12/25/36²		103,094		96,233

RALI Trust, Mtg. Pass-Through Certificates:
Series 2003-QS1, Cl. A2, 5.75%, 1/25/33		82,904		85,013
Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		19,267		14,920

Residential Asset Securitization Trust, Series 2005-A15, Cl. 1A4, 5.75%, 2/25/36		31,305		28,100

WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR18, Cl. 3A1, 4.484%, 1/25/37²		78,430		67,238

WaMu Mortgage-Pass Through Certificates Trust, Collateralized Mtg. Obligations, Series 2007-HY5, Cl. 3A1, 4.981%, 5/25/37²		148,713		143,413

Wells Fargo Alternative Loan Trust, Collateralized Mtg. Obligations, Series 2007-PA5, Cl. 1A1, 6.25%, 11/25/37		219,174		204,897

Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-9, Cl. 2A6, 5.25%, 10/25/35		82,946		85,333
Series 2006-AR14, Cl. 1A2, 5.626%, 10/25/36²		146,885		138,383

				6,125,580

Total Mortgage-Backed Obligation (Cost $65,791,019)				65,984,033


U.S. Government Obligations—0.7%

Federal Home Loan Mortgage Corp. Nts.:
0.875%, 3/7/18		281,000		272,228
1.25%, 5/12/17		55,000		55,123
1.375%, 5/1/20		265,000		251,372
1.75%, 5/30/19		80,000		78,867
2.375%, 1/13/22¹⁰		611,000		594,554
5.25%, 4/18/16		300,000		337,879
5.50%, 7/18/16		65,000		74,236

Federal National Mortgage Assn. Nts.:
0.875%, 5/21/18		252,000		243,838
1.125%, 4/27/17		191,000		190,490
5.375%, 6/12/17		75,000		86,880

Total U.S. Government Obligation (Cost $2,201,924)				2,185,467


Non-Convertible Corporate Bonds and Notes—22.3%

Consumer Discretionary—2.8%

Auto Components—0.1%
Dana Holding Corp., 6.75% Sr. Unsec. Nts., 2/15/21		289,000		308,507

Automobiles—0.8%
Daimler Finance North America LLC:
1.30% Sr. Unsec. Nts., 7/31/15³		463,000		464,198
8.50% Sr. Unsec. Unsub. Nts., 1/18/31		252,000		357,751

Ford Motor Credit Co. LLC, 5.875% Sr. Unsec. Unsub. Nts., 8/2/21		973,000		1,062,021

General Motors Financial Co., Inc., 4.25% Sr. Unsec. Nts., 5/15/23³		396,000		369,765

				2,253,735

Hotels, Restaurants & Leisure—0.1%
Brinker International, Inc.:
2.60% Sr. Unsec. Nts., 5/15/18		151,000		147,905
3.875% Sr. Unsec. Nts., 5/15/23		151,000		141,809

Starwood Hotels & Resorts Worldwide, Inc., 7.15% Sr. Unsec. Unsub. Nts., 12/1/19		164,000		198,250

				487,964


	Principal Amount		Value

Household Durables—0.3%
Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22	$	438,000	$	461,542

Lennar Corp., 4.125% Sr. Unsec. Nts., 12/1/18³		305,000		290,512

				752,054

Media—0.7%
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		205,000		290,429

Comcast Corp., 4.65% Sr. Unsec. Unsub. Nts., 7/15/42		353,000		340,200

DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.15% Sr. Unsec. Nts., 3/15/42		155,000		138,900

Historic TW, Inc., 9.15% Debs., 2/1/23		38,000		51,657

Interpublic Group of Cos., Inc. (The):
6.25% Sr. Unsec. Nts., 11/15/14		155,000		164,703
10% Sr. Unsec. Nts., 7/15/17		324,000		341,885

Lamar Media Corp., 5% Sr. Unsec. Sub. Nts., 5/1/23		296,000		285,640

News America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41		168,000		187,397

Time Warner Entertainment Co. LP, 8.375% Sr. Unsec. Nts., 7/15/33		181,000		214,047

WPP Finance 2010, 5.125% Sr. Unsec. Unsub. Nts., 9/7/42		90,000		83,434

				2,098,292

Multiline Retail—0.3%
Dollar General Corp., 4.125% Nts., 7/15/17		498,000		525,607

Macy’s Retail Holdings, Inc., 5.75% Sr. Unsec. Nts., 7/15/14		414,000		434,028

				959,635

Specialty Retail—0.1%
Rent-A-Center, Inc., 4.75% Sr. Unsec. Nts., 5/1/21³		300,000		285,750

Textiles, Apparel & Luxury Goods—0.4%
Hanesbrands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 12/15/20		422,000		452,067

PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		481,000		464,165	��

				916,232

Consumer Staples—1.6%

Beverages—0.7%
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		366,000		539,106

Coca-Cola HBC Finance BV, 5.125% Sr. Unsec. Unsub. Nts., 9/17/13		294,000		296,649

Constellation Brands, Inc., 3.75% Sr. Unsec. Nts., 5/1/21		472,000		443,090

Foster’s Finance Corp., 4.875% Sr. Unsec. Nts., 10/1/14³		270,000		283,340

SABMiller Holdings, Inc., 4.95% Sr. Unsec. Unsub. Nts., 1/15/42³		235,000		234,820

				1,797,005

Food & Staples Retailing—0.4%
Delhaize Group SA, 5.70% Sr. Unsec. Nts., 10/1/40		245,000		233,754

Safeway, Inc., 5.625% Sr. Unsec. Nts., 8/15/14		439,000		460,763

Wal-Mart Stores, Inc., 4% Sr. Unsec. Unsub. Nts., 4/11/43		228,000		208,867

				903,384

Food Products—0.2%
Bunge Ltd. Finance Corp.:
5.10% Sr. Unsec. Unsub. Nts., 7/15/15		381,000		409,772
5.35% Sr. Unsec. Unsub. Nts., 4/15/14		34,000		35,054
8.50% Sr. Unsec. Nts., 6/15/19		207,000		255,686

				700,512

Personal Products—0.1%
Avon Products, Inc., 4.60% Sr. Unsec. Nts., 3/15/20		402,000		406,767

Tobacco—0.2%
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		250,000		377,680

Lorillard Tobacco Co., 3.75% Sr. Unsec. Nts., 5/20/23		473,000		437,059

				814,739

Energy—3.5%

Energy Equipment & Services—0.5%
Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21		532,000		565,478

Noble Holding International Ltd., 7.375% Sr. Unsec. Nts., 3/15/14		276,000		288,034

Rowan Cos., Inc., 4.875% Sr. Unsec. Unsub. Nts., 6/1/22		329,000		339,901

10 OPPENHEIMER CAPITAL INCOME FUND/VA


	Principal Amount		Value

Energy Equipment & Services (Continued)
Weatherford International Ltd. Bermuda, 4.50% Sr. Unsec. Unsub. Nts., 4/15/22	$	251,000	$	248,461

				1,441,874

Oil, Gas & Consumable Fuels—3.0%
Anadarko Petroleum Corp.:
6.20% Sr. Unsec. Nts., 3/15/40		172,000		193,833
7.625% Sr. Unsec. Nts., 3/15/14		206,000		215,591

Apache Corp., 4.25% Sr. Unsec. Unsub. Nts., 1/15/44		125,000		112,108

Buckeye Partners LP, 4.15% Sr. Unsec. Nts., 7/1/23		265,000		258,196

Canadian Oil Sands Ltd.:
5.80% Sr. Unsec. Nts., 8/15/13³		318,000		319,735
6.00% Sr. Unsec. Nts., 4/1/42³		206,000		213,034

Cimarex Energy Co., 5.875% Sr. Unsec. Unsub. Nts., 5/1/22		272,000		282,880

CNOOC Finance 2013 Ltd., 4.25% Sr. Unsec. Unsub. Nts., 5/9/43		164,000		138,211

Concho Resources, Inc., 5.50% Sr. Unsec. Unsub. Nts., 4/1/23		465,000		460,350

Continental Resources, Inc., 4.50% Sr. Unsec. Unsub. Nts., 4/15/23³		299,000		291,151

Copano Energy LLC/Copano Energy Finance Corp.,
7.125% Sr. Unsec. Unsub. Nts., 4/1/21		479,000		535,282

DCP Midstream LLC, 5.85% Jr. Sub. Nts., 5/21/43^2,3		486,000		468,990

DCP Midstream Operating LP:
2.50% Sr. Unsec. Unsub. Nts., 12/1/17		405,000		400,053
3.875% Sr. Unsec. Nts., 3/15/23		237,000		222,589

El Paso Pipeline Partners Operating Co. LLC, 4.70% Sr. Unsec. Unsub. Nts., 11/1/42		335,000		298,740

Enbridge Energy Partners LP, 5.35% Sr. Unsec. Nts., 12/15/14		209,000		221,357

EnCana Holdings Finance Corp., 5.80% Sr. Unsec. Unsub. Nts., 5/1/14		139,000		144,510

Energy Transfer Partners LP:
4.65% Sr. Unsec. Unsub. Nts., 6/1/21		396,000		410,286
5.20% Sr. Unsec. Unsub. Nts., 2/1/22		92,000		97,477
8.50% Sr. Unsec. Nts., 4/15/14		180,000		190,454

NuStar Logistics LP, 4.75% Sr. Unsec. Unsub. Nts., 2/1/22		250,000		233,879

Range Resources Corp., 5.75% Sr. Unsec. Sub. Nts., 6/1/21		285,000		294,975

Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/14³		291,000		305,186

Rockies Express Pipeline LLC, 3.90% Sr. Unsec. Unsub. Nts., 4/15/15³		327,000		325,365

Southwestern Energy Co., 4.10% Sr. Unsec. Nts., 3/15/22		255,000		254,236

Talisman Energy, Inc.:
5.125% Sr. Unsec. Nts., 5/15/15		222,000		237,320
6.25% Sr. Unsec. Unsub. Nts., 2/1/38		138,000		148,826

Williams Cos., Inc. (The), 3.70% Sr. Unsec. Unsub. Nts., 1/15/23		253,000		235,383

Woodside Finance Ltd.:
4.60% Sr. Unsec. Unsub. Nts., 5/10/21³		372,000		391,750
5.00% Sr. Unsec. Nts., 11/15/13³		312,000		316,584

				8,218,331

Financials—7.2%

Capital Markets—1.8%
Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/19³		364,000		426,216

Carlyle Holdings II Finance LLC, 5.625% Sr. Sec. Nts., 3/30/43³		243,000		230,729

Deutsche Bank AG, 4.296% Sub. Nts., 5/24/28²		484,000		447,515

Goldman Sachs Capital I, 6.345% Sub. Nts., 2/15/34		469,000		452,271

Goldman Sachs Group, Inc. (The), 6.25% Sr. Unsec. Nts., 2/1/41		457,000		519,177

Macquarie Bank Ltd., 6.625% Unsec. Sub. Nts., 4/7/21³		736,000		779,600

Morgan Stanley, 6.375% Sr. Unsec. Nts., 7/24/42		312,000		349,651

Nomura Holdings, Inc., 2% Sr. Unsec. Nts., 9/13/16		890,000		880,600

Raymond James Financial, Inc., 5.625% Sr. Unsec. Unsub. Nts., 4/1/24		265,000		279,504


	Principal Amount		Value

Capital Markets (Continued)
UBS AG (Stamford, CT), 2.25% Sr. Unsec. Nts., 8/12/13	$	139,000	$	139,281

UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Bonds, Series 1^2,9		555,000		573,731

				5,078,275

Commercial Banks—1.9%
Amsouth Bank NA, 5.20% Sub. Nts., 4/1/15		276,000		286,470

Barclays Bank plc, 5.14% Sub. Nts., 10/14/20		460,000		465,235

BPCE SA, 1.70% Sr. Unsec. Nts., 4/25/16		469,000		465,924

Fifth Third Capital Trust IV, 6.50% Jr. Sub. Nts., 4/15/37²		641,000		641,000

HSBC Finance Capital Trust IX, 5.911% Unsec. Sub. Nts., 11/30/35²		820,000		828,610

LBG Capital No. 1 plc, 7.875% Unsec. Sub. Nts., 11/1/20³		437,000		455,354

Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/20³		432,000		461,028

PNC Financial Services Group, Inc. (The), 4.85% Jr. Sub. Perpetual Bonds^2,9		496,000		463,760

Royal Bank of Scotland Group plc, 7.64% Jr. Sub. Perpetual Bonds, Series U^2,9		400,000		362,000

Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K^2,9		578,000		654,224

				5,083,605

Consumer Finance—0.2%
Discover Financial Services, 3.85% Sr. Unsec. Unsub. Nts., 11/21/22		552,000		519,080

Diversified Financial Services—1.6%
Bank of America Corp., 5.20% Jr. Sub. Perpetual Bonds^2,9		484,000		457,380

Citigroup, Inc.:
3.375% Sr. Unsec. Unsub. Nts., 3/1/23		339,000		324,756
Series D, 5.95% Jr. Sub. Perpetual Bonds^2,9		459,000		457,325

ING Bank NV, 3.75% Sr. Unsec. Nts., 3/7/17³		108,000		113,102

ING US, Inc.:
5.50% Sr. Unsec. Nts., 7/15/22³		178,000		189,585
5.65% Unsec. Sub. Nts., 5/15/53^2,3		395,000		372,287

Jefferies Group LLC, 5.125% Sr. Unsec. Nts., 1/20/23		249,000		247,404

JPMorgan Chase & Co.:
Series 1, 7.90% Jr. Sub. Perpetual Bonds^2,9		883,000		998,803
Series Q, 5.15% Jr. Sub. Perpetual Bonds^2,9		136,000		130,220

Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Nts., 5/14/38		404,000		463,886

Rabobank Capital Funding Trust III, 5.254% Jr. Sub. Perpetual Bonds^2,3,9		751,000		754,755

				4,509,503

Insurance—1.1%
CNA Financial Corp.:
5.75% Sr. Unsec. Unsub. Nts., 8/15/21		290,000		326,777
5.875% Sr. Unsec. Unsub. Nts., 8/15/20		169,000		191,460

Gulf South Pipeline Co. LP, 5.05% Sr. Unsec. Nts., 2/1/15³		260,000		273,444

Liberty Mutual Group, Inc., 4.25% Sr. Unsec. Nts., 6/15/23³		380,000		367,682

Lincoln National Corp., 6.05% Jr. Unsec. Sub. Nts., 4/20/67²		864,000		850,764

Marsh & McLennan Cos., Inc., 5.375% Sr. Unsec. Nts., 7/15/14		64,000		66,848

Prudential Financial, Inc., 5.20% Jr. Sub. Nts., 3/15/44²		206,000		195,443

QBE Insurance Group Ltd., 2.40% Sr. Unsec. Nts., 5/1/18³		350,000		343,379

Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds^2,3,9		495,000		513,562

Willis Group Holdings plc, 4.125% Sr. Unsec. Unsub. Nts., 3/15/16		116,000		121,494

				3,250,853

Real Estate Investment Trusts (REITs)—0.6%
American Tower Corp.:
5.05% Sr. Unsec. Unsub. Nts., 9/1/20		285,000		299,820
7.00% Sr. Unsec. Nts., 10/15/17		294,000		340,845

Corrections Corp. of America, 4.125% Sr. Unsec. Nts., 4/1/20³		110,000		107,800

11 OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENTOF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Real Estate Investment Trusts (REITs) (Continued)
Hospitality Properties Trust, 5.125% Sr. Unsec. Nts., 2/15/15	$	262,000	$	271,366

Host Hotels & Resorts LP, 3.75% Sr. Unsec. Nts., 10/15/23		328,000		301,265

National Retail Properties, Inc., 6.25% Sr. Unsec. Nts., 6/15/14		211,000		220,841

WEA Finance LLC/WT Finance Aust Pty Ltd., 7.50% Sr. Unsec. Nts., 6/2/14³		283,000		300,679

				1,842,616

Health Care—0.7%

Biotechnology—0.5%
Amgen, Inc., 3.625% Sr. Unsec. Unsub. Nts., 5/15/22		458,000		458,480

Celgene Corp., 3.25% Sr. Unsec. Nts., 8/15/22		522,000		495,751

Gilead Sciences, Inc., 5.65% Sr. Unsec. Unsub. Nts., 12/1/41		232,000		259,258

				1,213,489

Health Care Providers & Services—0.1%
Cardinal Health, Inc.:
1.70% Sr. Unsec. Nts., 3/15/18		99,000		96,125
3.20% Sr. Unsec. Nts., 3/15/23		147,000		137,381

McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41		183,000		215,009

				448,515

Pharmaceuticals—0.1%
Mallinckrodt International Finance SA, 3.50% Sr. Unsec. Unsub. Nts., 4/15/18³		100,000		98,927

Zoetis, Inc.:
1.875% Sr. Unsec. Nts., 2/1/18³		158,000		154,787
4.70% Sr. Unsec. Nts., 2/1/43³		147,000		137,960

				391,674

Industrials—1.6%

Aerospace & Defense—0.2%
B/E Aerospace, Inc., 5.25% Sr. Unsec. Nts., 4/1/22		222,000		222,000

Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21		280,000		302,400

				524,400

Building Products—0.1%
Owens Corning, 4.20% Sr. Unsec. Nts., 12/15/22		368,000		357,069

Commercial Services & Supplies—0.1%
Clean Harbors, Inc., 5.25% Sr. Unsec. Unsub. Nts., 8/1/20		298,000		303,960

Industrial Conglomerates—0.4%
General Electric Capital Corp.:
5.25% Jr. Sub. Perpetual Bonds^2,9		500,000		478,750
6.375% Unsec. Sub. Nts., 11/15/67²		644,000		671,370

				1,150,120

Machinery—0.3%
CNH Capital LLC, 6.25% Sr. Unsec. Nts., 11/1/16		338,000		361,660

Ingersoll-Rand Global Holding Co. Ltd., 4.25% Sr. Unsec. Nts., 6/15/23³		388,000		386,108

National Rural Utilities Cooperative Finance Corp., 4.75% Sr. Unsec. Sub. Nts., 4/30/43²		251,000		244,725

				992,493

Professional Services—0.2%
Nielsen Finance LLC/Nielsen Finance Co., 4.50% Sr. Unsec. Nts., 10/1/20³		460,000		443,900

Road & Rail—0.2%
Kansas City Southern Railway, 4.30% Sr. Unsec. Nts., 5/15/43³		117,000		105,955

Penske Truck Leasing Co. LP/PTL Finance Corp.:
2.50% Sr. Unsec. Nts., 7/11/14³		289,000		293,193
4.25% Sr. Unsec. Nts., 1/17/23³		250,000		247,471

				646,619

Trading Companies & Distributors—0.1%
International Lease Finance Corp., 5.875% Sr. Unsec. Unsub. Nts., 4/1/19		272,000		276,080

Information Technology—1.1%

Computers & Peripherals—0.4%
Apple, Inc., 3.85% Sr. Unsec. Unsub. Nts., 5/4/43		125,000		111,632


	Principal Amount		Value

Computers & Peripherals (Continued)
Hewlett-Packard Co.:
2.65% Sr. Unsec. Unsub. Nts., 6/1/16	$	805,000	$	820,987
4.75% Sr. Unsec. Nts., 6/2/14		200,000		206,296

				1,138,915

Electronic Equipment, Instruments, & Components—0.4%
Amphenol Corp., 4.75% Sr. Unsec. Nts., 11/15/14		79,000		82,808

Arrow Electronics, Inc., 5.125% Sr. Unsec. Unsub. Nts., 3/1/21		525,000		538,820

Avnet, Inc., 4.875% Sr. Unsec. Unsub. Nts., 12/1/22		550,000		548,512

				1,170,140

IT Services—0.1%
Fidelity National Information Services, Inc., 3.50% Sr. Unsec. Nts., 4/15/23		244,000		220,686

Office Electronics—0.2%
Xerox Corp., 4.25% Sr. Unsec. Nts., 2/15/15		449,000		469,207

Materials—1.5%

Chemicals—0.5%
Agrium, Inc., 6.125% Sr. Unsec. Unsub. Nts., 1/15/41		54,000		58,880

CF Industries, Inc., 4.95% Sr. Unsec. Nts., 6/1/43		199,000		189,886

Dow Chemical Co., 8.55% Sr. Unsec. Nts., 5/15/19		290,000		370,300

Eastman Chemical Co., 4.80% Sr. Unsec. Nts., 9/1/42		181,000		172,136

RPM International, Inc., 3.45% Sr. Unsec. Unsub. Nts., 11/15/22		234,000		218,605

Sherwin-Williams Co., 4% Sr. Unsec. Unsub. Nts., 12/15/42		268,000		243,204

				1,253,011

Containers & Packaging—0.3%
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25% Sr. Unsec. Nts., 2/1/21		308,000		328,020

Rock Tenn Co., 3.50% Sr. Unsec. Unsub. Nts., 3/1/20		464,000		454,503

				782,523

Metals & Mining—0.5%
Allegheny Technologies, Inc., 5.95% Sr. Unsec. Unsub. Nts., 1/15/21		168,000		178,664

Carpenter Technology Corp., 4.45% Sr. Unsec. Unsub. Nts., 3/1/23		159,000		155,200

Cliffs Natural Resources, Inc., 3.95% Sr. Unsec. Unsub. Nts., 1/15/18		440,000		420,666

Freeport-McMoRan Copper & Gold, Inc., 3.875% Sr. Unsec. Nts., 3/15/23³		485,000		439,578

Xstrata Canada Corp.:
5.375% Sr. Unsec. Unsub. Nts., 6/1/15		135,000		142,655
6.00% Sr. Unsec. Unsub. Nts., 10/15/15		264,000		287,611

				1,624,374

Paper & Forest Products—0.2%
Georgia-Pacific LLC, 3.734% Sr. Unsec. Nts., 7/15/23³		350,000		340,922

International Paper Co., 6% Sr. Unsec. Unsub. Nts., 11/15/41		208,000		222,262

				563,184

Telecommunication Services—1.2%

Diversified Telecommunication Services—1.0%
AT&T, Inc., 6.30% Sr. Unsec. Unsub. Nts., 1/15/38		596,000		665,396

British Telecommunications plc, 9.625% Sr. Unsec. Nts., 12/15/30		293,000		442,527

CenturyLink, Inc., 5.625% Sr. Unsec. Unsub. Nts., 4/1/20		451,000		457,765

Frontier Communications Corp., 8.50% Sr. Unsec. Nts., 4/15/20		267,000		295,702

MetroPCS Wireless, Inc., 6.25% Sr. Unsec. Unsub. Nts., 4/1/21³		295,000		301,269

Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		405,000		413,344

Telefonica Emisiones SAU, 7.045% Sr. Unsec. Unsub. Nts., 6/20/36		288,000		317,900

Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38		356,000		416,291

				3,310,194

12 OPPENHEIMER CAPITAL INCOME FUND/VA


	Principal Amount		Value

Wireless Telecommunication Services—0.2%
America Movil SAB de CV, 4.375% Sr. Unsec. Unsub. Nts., 7/16/42	$	361,000	$	309,802

CC Holdings GS V LLC/Crown Castle GS III Corp., 3.849% Sr. Sec. Nts., 4/15/23		255,000		240,792

Vodafone Group plc, 4.375% Sr. Unsec. Unsub. Nts., 2/19/43		155,000		139,553

				690,147

Utilities—1.1%

Electric Utilities—0.9%
Edison International, 3.75% Sr. Unsec. Unsub. Nts., 9/15/17		491,000		519,619

Electricite de France SA, 5.25% Jr. Sub. Perpetual Bonds^2,3,9		390,000		373,528

Exelon Generation Co. LLC, 4.25% Sr. Unsec. Unsub. Nts., 6/15/22		257,000		257,362

FirstEnergy Corp., 2.75% Sr. Unsec. Nts., 3/15/18		259,000		252,330

Great Plains Energy, Inc., 2.766% Sr. Unsec. Nts., 8/15/13		354,000		354,763

ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		203,000		205,915

PPL Capital Funding, Inc., 3.50% Sr. Unsec. Unsub. Nts., 12/1/22		223,000		213,633

PPL WEM Holdings plc, 5.375% Sr. Unsec. Unsub. Nts., 5/1/21³		290,000		318,381

				2,495,531


	Principal Amount		Value

Energy Traders—0.1%
TransAlta Corp., 5.75% Sr. Unsec. Nts., 12/15/13	$	316,000	$	323,080

Multi-Utilities—0.1%
CMS Energy Corp., 5.05% Sr. Unsec. Unsub. Nts., 3/15/22		172,000		186,060

Total Non-Convertible Corporate Bonds and Notes (Cost $63,940,336)				63,604,084

	Shares

Investment Company—7.0%

Oppenheimer Institutional Money Market Fund, Cl. E,
0.11%^11,12 (Cost $19,917,607)		19,917,607		19,917,607

Total Investments, at Value
(Cost $272,574,366)		96.7%		275,761,154

Assets in Excess of Other Liabilities		3.3		9,415,854

Net Assets		100.0%	$	285,177,008

Footnotes to Statement of Investments

*June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note1 of the accompanying Notes.

1. Non-income producing security.

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

3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $28,220,741 or 9.90% of the Fund’s net assets as of June 28, 2013.

4. Restricted security. The aggregate value of restricted securities as of June 28, 2013 was $927,980, which represents 0.33% of the Fund’s net assets. See Note 7 of the accompanying Notes. Information concerning restricted securities is as follows:


Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)

Ally Auto Receivables Trust, Series 2012-A, Cl. D, 3.15%, 10/15/18		5/3/13	$	516,947	$	507,589	$	(9,358)
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Cl. A2S2, 5.187%, 1/15/49		7/14/10		64,018		65,853		1,835
Morgan Stanley Reremic Trust, Collateralized Mtg. Obligations, Series 2012-R3, Cl. 1B, 2.379%, 11/26/36		10/24/12		130,266		151,198		20,932
Santander Drive Auto Receivables Trust, Series 2011-S1A, Cl. D, 3.10%, 5/15/17		2/4/11-2/9/12		62,828		62,924		96
Santander Drive Auto Receivables Trust, Series 2011-S2A, Cl. D, 3.35%, 6/15/17		5/19/11-4/9/13		139,928		140,416		488

			$	913,987	$	927,980	$	13,993

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 $3,368,400 or 1.18% of the Fund’s net assets as of June 28, 2013.

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

7. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $148,461 or 0.05% of the Fund’s net assets as of June 28, 2013.

8. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after June 28, 2013. See Note 1 of the accompanying Notes.

9. 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.

10. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $594,554. See Note 6 of the accompanying Notes.

13 OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENTOF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments (Continued)

11. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 28, 2013, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares December 31, 2012		Gross Additions		Gross Reductions		Shares June 28, 2013

Oppenheimer Institutional Money Market Fund, Cl. E		19,691,265		42,627,851		42,401,509		19,917,607

					Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E					$	19,917,607	$	14,574

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



Futures Contracts as of June 28, 2013:

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

U.S. Treasury Long Bonds	Buy		44		9/19/13	$	5,977,125	$	(150,081)
U.S. Treasury Nts., 2 yr.	Buy		67		9/19/13		14,740,000		(12,962)
U.S. Treasury Nts., 5 yr.	Sell		58		9/19/13		7,020,719		135,725
U.S. Treasury Nts., 10 yr.	Buy		73		9/19/13		9,239,062		(114,354)
U.S. Treasury Ultra Bonds	Buy		34		9/19/13		5,008,625		(298,334)

								$	(440,006)



Over-the-Counter Credit Default Swap Contracts at June 28, 2013:

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

CDX.NA.IG.20
Deutsche Bank AG		Buy	$	8,400		1.00%		6/20/18	$	29,430	$	(59,833)	$	30,403

See accompanying Notes to Financial Statements.

14 OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENTOF ASSETS AND LIABILITIES June 28, 2013¹ Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $252,656,759)	$	255,843,547
Affiliated companies (cost $19,917,607)		19,917,607

		275,761,154

Cash		42,114,223

Cash used for collateral on OTC derivatives		348,939

Receivables and other assets:
Investments sold (including $16,874,974 sold on a when-issued or delayed delivery basis)		18,996,962
Interest, dividends and principal paydowns		1,156,757
Variation margin receivable		51,682
Other		35,511

Total assets		338,465,228


Liabilities
Swaps, at value (premiums received $29,430)		59,833

Payables and other liabilities:
Investments purchased (including $51,624,563 purchased on a when-issued or delayed delivery basis)		52,928,723
Shares of beneficial interest redeemed		185,111
Trustees’ compensation		31,338
Transfer and shareholder servicing agent fees		22,205
Shareholder communications		17,737
Distribution and service plan fees		14,804
Variation margin payable		6,731
Other		21,738

Total liabilities		53,288,220


Net Assets	$	285,177,008



Composition of Net Assets
Par value of shares of beneficial interest	$	22,134

Additional paid-in capital		315,636,924

Accumulated net investment income		2,781,077

Accumulated net realized loss on investments and foreign currency transactions		(35,978,636)

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		2,715,509
	��
Net Assets	$	285,177,008


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 $214,381,112 and 16,591,512 shares of beneficial interest outstanding)	$	12.92

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $70,795,896 and 5,542,139 shares of beneficial interest outstanding)	$	12.77

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

15 OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENTOF OPERATIONS For the Six Months Ended June 28, 2013¹ Unaudited



Investment Income
Interest	$	2,441,352

Dividends:
Unaffiliated companies (net of foreign withholding taxes of $11,911)		1,451,590
Affiliated companies		14,574

Other income		11,068

Total investment income		3,918,584


Expenses
Management fees		1,086,617

Distribution and service plan fees:
Distribution and service plan fees–Service shares		91,611

Transfer and shareholder servicing agent fees:
Non-Service shares		110,121
Service shares		36,642

Shareholder communications:
Non-Service shares		14,000
Service shares		4,656

Custodian fees and expenses		15,818

Trustees’ compensation		9,217

Other		25,471

Total expenses		1,394,153
Less waivers and reimbursements of expenses		(318,128)

Net expenses		1,076,025


Net Investment Income		2,842,559


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies		35,168,793
Closing and expiration of futures contracts		(922,678)
Foreign currency transactions		4,713
Swap contracts		(53,063)

Net realized gain		34,197,765

Net change in unrealized appreciation/depreciation on:
Investments		(20,180,382)
Translation of assets and liabilities denominated in foreign currencies		(16,909)
Futures contracts		(440,662)
Swap contracts		(30,403)

Net change in unrealized appreciation/depreciation		(20,668,356)


Net Increase in Net Assets Resulting from Operations	$	16,371,968

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

16 OPPENHEIMER CAPITAL INCOME FUND/VA

STATEMENTSOF CHANGES IN NET ASSETS


	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012

Operations
Net investment income	$	2,842,559	$	6,382,885

Net realized gain		34,197,765		10,623,927

Net change in unrealized appreciation/depreciation		(20,668,356)		11,671,534

Net increase in net assets resulting from operations		16,371,968		28,678,346


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(5,107,178)		(3,027,836)
Service shares		(1,549,783)		(910,776)

		(6,656,961)		(3,938,612)


Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(10,878,418)		72,773,444
Service shares		(4,563,932)		(12,542,888)

		(15,442,350)		60,230,556


Net Assets
Total increase (decrease)		(5,727,343)		84,970,290

Beginning of period		290,904,351		205,934,061


End of period (including accumulated net investment income of $2,781,077 and $6,595,479, respectively)	$	285,177,008	$	290,904,351

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

17 OPPENHEIMER CAPITAL INCOME FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010		Year Ended December 31, 2009		Year Ended December 31, 2008

Per Share Operating Data
Net asset value, beginning of period	$	12.52	$	11.30	$	11.47	$	10.30	$	8.45	$	16.41

Income (loss) from investment operations:
Net investment income²		0.13		0.29		0.20		0.23		0.25		0.41
Net realized and unrealized gain (loss)		0.58		1.09		(0.11)		1.09		1.60		(7.03)

Total from investment operations		0.71		1.38		0.09		1.32		1.85		(6.62)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.31)		(0.16)		(0.26)		(0.15)		0.00		(0.39)
Distributions from net realized gain		0.00		0.00		0.00		0.00		0.00		(0.95)

Total dividends and/or distributions to shareholders		(0.31)		(0.16)		(0.26)		(0.15)		0.00		(1.34)

Net asset value, end of period	$	12.92	$	12.52	$	11.30	$	11.47	$	10.30	$	8.45



Total Return, at Net Asset Value³		5.65%		12.34%		0.72%		12.91%		21.89%		(43.47)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	214,381	$	218,032	$	128,383	$	150,622	$	159,797	$	169,621

Average net assets (in thousands)	$	222,059	$	191,416	$	141,848	$	151,620	$	159,013	$	295,669

Ratios to average net assets:⁴
Net investment income		2.00%		2.46%		1.70%		2.13%		2.71%		3.14%
Total expenses⁵		0.89%		0.90%		0.91%		0.91%		0.89%		0.76%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.67%		0.66%		0.67%		0.65%		0.60%		0.67%

Portfolio turnover rate⁶		130%		110%		102%		54%		87%		67%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	0.90	%
Year Ended December 31, 2012	0.91	%
Year Ended December 30, 2011	0.93	%
Year Ended December 31, 2010	0.92	%
Year Ended December 31, 2009	0.91	%
Year Ended December 31, 2008	0.76	%

6. 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 28, 2013		$406,061,229		$411,188,547
Year Ended December 31, 2012		$555,111,600		$549,805,766
Year Ended December 30, 2011		$450,804,195		$453,759,282
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

See accompanying Notes to Financial Statements.

18 OPPENHEIMER CAPITAL INCOME FUND/VA


Service Shares	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010		Year Ended December 31, 2009		Year Ended December 31, 2008

Per Share Operating Data
Net asset value, beginning of period	$	12.37	$	11.17	$	11.35	$	10.19	$	8.38	$	16.28

Income (loss) from investment operations:
Net investment income²		0.11		0.26		0.16		0.20		0.22		0.37
Net realized and unrealized gain (loss)		0.57		1.08		(0.11)		1.08		1.59		(6.97)

Total from investment operations		0.68		1.34		0.05		1.28		1.81		(6.60)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.28)		(0.14)		(0.23)		(0.12)		0.00		(0.35)
Distributions from net realized gain		0.00		0.00		0.00		0.00		0.00		(0.95)

Total dividends and/or distributions to shareholders		(0.28)		(0.14)		(0.23)		(0.12)		0.00		(1.30)

Net asset value, end of period	$	12.77	$	12.37	$	11.17	$	11.35	$	10.19	$	8.38



Total Return, at Net Asset Value³		5.57%		12.11%		0.38%		12.68%		21.60%		(43.62)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	70,796	$	72,872	$	77,551	$	89,580	$	88,746	$	68,798

Average net assets (in thousands)	$	73,889	$	76,257	$	85,157	$	87,280	$	77,101	$	100,164

Ratios to average net assets:⁴
Net investment income		1.75%		2.18%		1.45%		1.87%		2.42%		2.90%
Total expenses⁵		1.14%		1.16%		1.16%		1.16%		1.15%		1.01%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.92%		0.92%		0.92%		0.90%		0.85%		0.92%

Portfolio turnover rate⁶		130%		110%		102%		54%		87%		67%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	1.15	%
Year Ended December 31, 2012	1.17	%
Year Ended December 30, 2011	1.18	%
Year Ended December 31, 2010	1.17	%
Year Ended December 31, 2009	1.17	%
Year Ended December 31, 2008	1.01	%

6. 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 28, 2013		$406,061,229		$411,188,547
Year Ended December 31, 2012		$555,111,600		$549,805,766
Year Ended December 30, 2011		$450,804,195		$453,759,282
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

See accompanying Notes to Financial Statements.

19 OPPENHEIMER CAPITAL INCOME FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Capital Income Fund/VA (the “Fund”), formerly Oppenheimer Balanced Fund/VA, is a separate series of Oppenheimer Variable Account Funds, a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek total return. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

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

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 28, 2013, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions


Purchased securities		$51,624,563
Sold securities		16,874,974

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.

20 OPPENHEIMER CAPITAL INCOME FUND/VA

1. Significant Accounting Policies (Continued)

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

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, 2012, the Fund utilized $4,188,448 of capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended December 31, 2012 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring

2015	$	9,969,732
2016		14,429,757
2017		44,728,707

Total	$	69,128,196

Of these losses, $13,292,976 are subject to loss limitation rules resulting from merger activity. These limitations generally reduce the utilization of these losses to a maximum of $3,323,244 per year.

As of June 28, 2013, it is estimated that the capital loss carryforwards would be $34,930,431 expiring by 2017. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, 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 28, 2013, it is estimated that the Fund will utilize $34,197,765 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	272,592,293
Federal tax cost of other investments		28,354,669

Total federal tax cost	$	300,946,962

Gross unrealized appreciation	$	9,373,277
Gross unrealized depreciation		(6,674,825)

Net unrealized appreciation	$	2,698,452

21 OPPENHEIMER CAPITAL INCOME FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies (Continued)

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.

2. Securities Valuation

Valuation Methods and Inputs

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

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

22 OPPENHEIMER CAPITAL INCOME FUND/VA

2. Securities Valuation (Continued)

following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

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

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

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


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

Classifications

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

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

23 OPPENHEIMER CAPITAL INCOME FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation (Continued)

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 28, 2013 based on valuation input level:


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

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	12,183,808		$	—	$	—	$	12,183,808
Consumer Staples		8,201,677			—		—		8,201,677
Energy		10,980,251			—		—		10,980,251
Financials		18,809,920			—		—		18,809,920
Health Care		13,422,047			—		—		13,422,047
Industrials		12,621,556			—		—		12,621,556
Information Technology		17,519,023			—		—		17,519,023
Materials		3,680,581			—		—		3,680,581
Telecommunication Services		1,684			—		—		1,684
Asset-Backed Securities		—			26,649,416		—		26,649,416
Mortgage-Backed Obligations		—			65,984,033		—		65,984,033
U.S. Government Obligations		—			2,185,467		—		2,185,467
Non-Convertible Corporate Bonds and Notes		—			63,604,084		—		63,604,084
Investment Company		19,917,607			—		—		19,917,607

Total Investments, at Value		117,338,154			158,423,000		—		275,761,154
Other Financial Instruments:
Variation margin receivable		51,682			—		—		51,682

Total Assets	$	117,389,836		$	158,423,000	$	—	$	275,812,836


Liabilities Table
Other Financial Instruments:
Variation margin payable	$	(6,731	)	$	—	$	—	$	(6,731)
Swaps, at value		—			(59,833)		—		(59,833)

Total Liabilities	$	(6,731	)	$	(59,833)	$	—	$	(66,564)

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.

3. 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 28, 2013					Year Ended December 31, 2012
	Shares			Amount		Shares			Amount

Non-Service Shares
Sold		93,391		$	1,237,655		245,214		$	2,929,071
Dividends and/or distributions reinvested		387,201			5,107,178		261,020			3,027,836
Acquisition—Note 8		—			—		8,473,818			101,940,025
Redeemed		(1,305,885	)		(17,223,251)		(2,929,508	)		(35,123,488)

Net increase (decrease)		(825,293	)	$	(10,878,418)		6,050,544		$	72,773,444



Service Shares
Sold		79,328		$	1,039,540		297,913		$	3,538,468
Dividends and/or distributions reinvested		118,848			1,549,783		79,405			910,776
Redeemed		(548,277	)		(7,153,255)		(1,428,994	)		(16,992,132)

Net decrease		(350,101	)	$	(4,563,932)		(1,051,676	)	$	(12,542,888)

4. 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 28, 2013, were as follows:


	Purchases		Sales

Investment securities	$	327,657,309	$	392,913,510
U.S. government and government agency obligations		1,966,124		1,848,177
To Be Announced (TBA) mortgage-related securities		406,061,229		411,188,547

24 OPPENHEIMER CAPITAL INCOME FUND/VA

5. 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

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of OFI, acted as the transfer and shareholder servicing agent for the Fund. Fees incurred by the Fund with respect to these services are detailed in the Statement of Operations.

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.67% for Non-Service shares and 0.92% for Service shares. During the six months ended June 28, 2013, the Manager waived fees and/or reimbursed the Fund $230,502 and $76,673 for Non-Service and Service shares, respectively.

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

6. Risk Exposures and the Use of Derivative Instruments

The Fund’s investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

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

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

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

25 OPPENHEIMER CAPITAL INCOME FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments (Continued)

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

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

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

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

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost due to unanticipated changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

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

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

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, financial instrument, or currency at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to satisfy the Fund’s payment obligations.

Futures contracts are reported on a schedule following the Statement of Investments. Securities held by a futures commission merchant to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by a futures commission merchant to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities. 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.

During the six months ended June 28, 2013, the Fund had an ending monthly average market value of $14,722,074 and $18,397,368 on futures contracts purchased and sold, respectively.

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

Swap Contracts

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

26 OPPENHEIMER CAPITAL INCOME FUND/VA

6. Risk Exposures and the Use of Derivative Instruments (Continued)

Swap contracts are reported on a schedule following the Statement of Investments. Daily changes in the value of cleared swaps are reported as variation margin receivable or payable on the Statement of Assets and Liabilities. The values of OTC swap contracts are aggregated by positive and negative values and disclosed separately on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund, if any, 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 rate or asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps have embedded leverage, they can expose the Fund to substantial risk in the isolated market risk factor.

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

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

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

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

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

For the six months ended June 28, 2013, the Fund had ending monthly average notional amounts of $1,200,000 on credit default swaps to buy protection.

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

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

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

To reduce counterparty risk with respect to OTC transactions, the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps, options, swaptions, and forward currency exchange contracts for each individual counterparty. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.

Certain ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. As of June 28, 2013, the aggregate fair value of derivative instruments with such credit related contingent features in a net liability position was $59,833 for which the Fund has posted collateral of $348,939.

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

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

27 OPPENHEIMER CAPITAL INCOME FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments (Continued)

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

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

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

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

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

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral posted for the benefit of the Fund at June 28, 2013:


			Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Amount of Assets in the Statement of Assets and Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount


Deutsche Bank AG	$	—		$ —		$ —		$ —		$ —
OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to cleared swaps and futures are excluded from these reported amounts. *Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts. The following table presents by counterparty the Fund’s OTC derivative liabilities net of the related collateral pledged by the Fund at June 28, 2013:
			Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Amount of Liabilities in the Statement of Assets and Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount


Deutsche Bank AG	$	(59,833)		$ —		$ —		$ 59,833		$ —

*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to cleared swaps and futures are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund to an individual counterparty. The securities pledged as collateral by the Fund as reported on the Statement of Investments may exceed these amounts.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities as of June 28, 2013:

Asset Derivatives

Liability Derivatives

Derivatives Not Accounted for as Hedging

Instruments

Statement of Assets and
Liabilities Location

Value

Statement of Assets and
Liabilities Location

Value

Credit contracts

Swaps, at value

59,833

Interest rate contracts

Variation margin receivable

51,682

Variation margin payable

6,731

Total

51,682

66,564

*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.

28 OPPENHEIMER CAPITAL INCOME FUND/VA

6. 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	Closing and expiration of futures contracts		Swap contracts		Total

Credit contracts	$	—	$	(53,063)	$	(53,063)
Interest rate contracts		(922,678)		—		(922,678)

Total	$	(922,678)	$	(53,063)	$	(975,741)


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

Derivatives Not Accounted for as Hedging Instruments	Futures contracts		Swap contracts		Total

Credit contracts	$	—	$	(30,403)	$	(30,403)
Interest rate contracts		(440,662)		—		(440,662)

Total	$	(440,662)	$	(30,403)	$	(471,065)

7. Restricted Securities

As of June 28, 2013, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

8. Acquisition of Total Return Portfolio

On April 26, 2012, the Fund acquired all of the net assets of Total Return Portfolio at fair market value, pursuant to an Agreement and Plan of Reorganization approved by the Total Return Portfolio shareholders on April 20, 2012. The purpose of this acquisition is to combine two funds with similar investment objectives, strategies and risks to allow shareholders to benefit from greater asset growth potential, as well as lowered total expenses. The transaction qualified as a tax-free reorganization, (the “merger”) for federal income tax purposes allowing the Fund to use the original cost basis of the investments received to calculate subsequent gains and losses for tax reporting purposes.

Details of the merger are shown in the following table:


	Exchange Ratio to One Share of the Total Return Portfolio		Shares of Beneficial Interest Issued by the Fund		Value of Issued Shares of Beneficial Interest		Combined Net Assets on April 26, 2012¹

Total Return Portfolio fund shares merged into the Non-Service Shares		0.1049625104		8,473,818		$101,940,025		$230,906,772

1. The net assets acquired included net unrealized appreciation of $6,091,953 and an unused capital loss carryforward of $46,084,065, potential utilization subject to tax limitations.

9. Pending Litigation

29 OPPENHEIMER CAPITAL INCOME FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

9. Pending Litigation (Continued)

On April 16, 2010, a lawsuit was filed in New York state court against (i) OFI, (ii) an affiliate of OFI and (iii) AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract and common law fraud claims against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On April 11, 2013, the court granted defendants’ motion for summary judgment, dismissing plaintiffs’ fraud claim with prejudice and dismissing their contract claim without prejudice, and granted plaintiffs leave to replead their contract claim to assert a cause of action for specific performance within 30 days. On May 9, 2013, plaintiffs filed a notice of appeal from the court’s dismissal order. On July 15, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract and common law fraud claims against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

30 OPPENHEIMER CAPITAL INCOME FUND/VA

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

31 OPPENHEIMER CAPITAL INCOME FUND/VA

OPPENHEIMER CAPITAL INCOME FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Magnus Krantz, Vice President
		Krishna Memani, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		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

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and		OFI Global Asset Management, Inc.
Shareholder
Servicing Agent

Sub-Transfer		Shareholder Services, Inc.
Agent		DBA OppenheimerFunds Services

Independent		KPMG LLP
Registered
Public
Accounting
Firm

Legal Counsel		K&L Gates LLP

		Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges And expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling us at 1.800.988.8287. Read prospectuses and 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.

LOGO

June 30, 2013

LOGO

SEMIANNUAL REPORT

Listing of Top Holdings

Fund Performance Discussion

Financial Statements

LOGO


		_____________________________________________________
		Portfolio Manager: Michael Kotlarz


Cumulative Total Returns For the 6-Month Period Ended 6/28/13¹
Non-Service Shares	8.70%
Service Shares	8.58
Average Annual Total Returns For the Periods Ended 6/28/13¹
	1-Year	5-Year	10-Year
Non-Service Shares	14.59%	2.96%	5.48%
Service Shares	14.34%	2.71%	5.22%

1. June 28, 2013, was the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.



TOP TEN COMMON STOCK HOLDINGS
Apple, Inc.	5.3	%
Google, Inc., Cl. A	3.9
QUALCOMM, Inc.	3.9
Walt Disney Co. (The)	2.4
Visa, Inc., Cl. A	2.0
O’Reilly Automotive, Inc.	1.9
eBay, Inc.	1.9
Novo Nordisk AS, Cl. B	1.9
Biogen Idec, Inc.	1.8
EMC Corp.	1.8

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on the total market value of common stocks.

2 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 8.70% during the reporting period, underperforming the Russell 1000 Growth Index (the “Index”), which returned 11.80%. The Fund’s underperformance relative to the Index stemmed primarily from weaker relative stock selection in the information technology sector. Weaker relative stock selection in the consumer staples and consumer discretionary sectors detracted from performance to a lesser degree. The Fund outperformed the Index in the health care and industrials sectors, where stronger stock selection benefited. The Fund also underperformed the S&P 500 Index, which returned 13.82%.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

TOP INDIVIDUAL CONTRIBUTORS

During the period, three out of the top five performing holdings of the Fund were in the health care sector: Vertex Pharmaceuticals, Inc., Bristol-Myers Squibb Co. and Biogen Idec, Inc. Vertex Pharmaceuticals, a developer of small molecule pharmaceuticals for multiple diseases, released data on a compound that it was developing for Cystic Fibrosis that showed very robust benefits for patients. This positive data also boosted optimism around the entire platform of Cystic Fibrosis drugs that Vertex is developing. Bristol-Myers Squibb is a New York-based drugmaker that experienced an increase in profit due to reduced production and marketing costs. In addition, a large tax benefit offset a plunge in Plavix sales caused by generic competition. Biogen Idec is a global biotechnology company that benefited from strong sales of its new multiple-sclerosis treatment Tecfidera.

Outside of the health care sector, Google, Inc. and The Walt Disney Co. benefited performance. Google, the leading internet search engine, benefited from momentum in its continued campaign to enhance price utilization for its mobile searches. Walt Disney, an entertainment company that conducts operations in media networks, studio and theme park operations, reported strong quarterly results during the second quarter with particularly strong performance from its parks operation. The strength in park operation was a positive surprise to the market and helped boost Disney’s stock.

TOP INDIVIDUAL DETRACTORS

The most significant detractor from performance this period was information technology stock Apple, Inc. Apple is the maker of the iPhone, iPod and iPad. Investors were concerned about the maturation of high end smartphones markets in developed countries. There were also concerns over increased competition from other smartphone makers such as Samsung and HTC. Also detracting from performance were information technology stocks Teradata Corp., Salesforce.com, Inc. and Cognizant Technology Solutions Corp. Teradata, a provider of analytic data solutions through its database management service, reported disappointing quarterly results as uncertainties in the U.S. economy led to the delay of certain contracts from customers. Salesforce.com is a supplier of customer relationship management software worldwide. The market was skeptical on the strategic merits of its announced acquisition of ExactTarget, an email marketing firm. The enterprise software market has also been soft, which was also a negative for Salesforce.com. Cognizant Technology Solutions is a multinational information technology, consulting and business process outsourcing company that experienced declines in April. We exited our position during the period.

STRATEGY & OUTLOOK

Uncertainty about the Eurozone crisis, the duration of the Federal Reserve’s Quantitative Easing program, and the risk of deceleration in China continues to weigh on the global economy. Although the U.S. economy has remained resilient, it continues to grow at a below normal expansionary pace. The U.S. economy’s resilience has been supported by strong productivity gains, low structural energy costs and a relatively attractive currency. Looking forward, we expect the U.S. economy to retain many of these relative positives and for the markets to reward differentiated valuations to those companies demonstrating consistent quality, growth, and innovation. We expect that companies with capital discipline, strong management, and sustainable competitive advantages, have the greatest prospects for outperformance over time.

3 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

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. or its affiliates.

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 28, 2013.

Hypothetical Example for Comparison Purposes.

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


Actual	Beginning Account Value January 1, 2013		Ending Account Value June 28, 2013		Expenses Paid During 6 Months Ended June 28, 2013
Non-Service shares	$	1,000.00	$	1,087.00	$	4.10
Service shares		1,000.00		1,085.80		5.38

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,020.60		3.97
Service shares		1,000.00		1,019.37		5.38

5 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENTOF INVESTMENTS June 28, 2013* / Unaudited


	Shares		Value
Common Stocks—98.1%
Consumer Discretionary—18.0%
Hotels, Restaurants & Leisure—3.1%
McDonald’s Corp.		120,870	$	11,966,130
Panera Bread Co., Cl. A¹		51,150		9,510,831
Yum! Brands, Inc.		107,110		7,427,007
				28,903,968
Internet & Catalog Retail—1.8%
Amazon.com, Inc.¹		59,884		16,629,188
Media—3.5%
News Corp., Cl. B		310,850		10,202,097
Walt Disney Co. (The)		350,460		22,131,549
				32,333,646
Specialty Retail—5.9%
Home Depot, Inc. (The)		153,270		11,873,827
O’Reilly Automotive, Inc.¹		160,840		18,113,801
Tiffany & Co.		125,420		9,135,593
TJX Cos., Inc. (The)		314,820		15,759,889
				54,883,110
Textiles, Apparel & Luxury Goods—3.7%
Nike, Inc., Cl. B		256,020		16,303,354
Ralph Lauren Corp.		56,460		9,809,360
VF Corp.		40,890		7,894,223
				34,006,937
Consumer Staples—10.4%
Beverages—3.9%
Brown-Forman Corp., Cl. B		148,705		10,045,023
Coca-Cola Co. (The)		274,190		10,997,761
SABMiller plc		307,810		14,811,428
				35,854,212
Food & Staples Retailing—2.6%
Costco Wholesale Corp.		133,590		14,771,046
CVS Caremark Corp.		163,170		9,330,060
				24,101,106
Food Products—2.6%
Mead Johnson Nutrition Co., Cl. A		130,080		10,306,238
Nestle SA		210,437		13,763,932
				24,070,170
Personal Products—1.3%
Estee Lauder Cos., Inc. (The), Cl. A		178,700		11,753,099
Energy—6.1%
Energy Equipment & Services—2.4%
Cameron International Corp.¹		79,160		4,841,426
FMC Technologies, Inc.¹		208,850		11,628,768
Oceaneering International, Inc.		93,470		6,748,534
				23,218,728
Oil, Gas & Consumable Fuels—3.7%
Cabot Oil & Gas Corp.		162,730		11,557,085
Chevron Corp.		76,790		9,087,329
Noble Energy, Inc.		133,700		8,027,348
Phillips 66		101,790		5,996,449
				34,668,211
Financials—4.4%
Capital Markets—3.9%
Ameriprise Financial, Inc.		86,760		7,017,149
Charles Schwab Corp. (The)		403,180		8,559,511
Goldman Sachs Group, Inc. (The)		62,980		9,525,725
Northern Trust Corp.		194,040		11,234,916
				36,337,301
Consumer Finance—0.5%
American Express Co.		64,600		4,829,496
Health Care—15.7%
Biotechnology—6.2%
Biogen Idec, Inc.¹		79,660		17,142,832
Celgene Corp.¹		87,100		10,182,861
Gilead Sciences, Inc.¹		321,200		16,448,652
Vertex Pharmaceuticals, Inc.¹		178,640		14,267,977
				58,042,322
Health Care Equipment & Supplies—1.2%
Baxter International, Inc.		155,200		10,750,704









































			��


	Shares		Value
Health Care Providers & Services—0.8%
UnitedHealth Group, Inc.		108,720	$	7,118,986
Health Care Technology—1.5%
Cerner Corp.¹		143,980		13,835,038
Life Sciences Tools & Services—0.1%
Mettler-Toledo International, Inc.¹		3,700		744,440
Pharmaceuticals—5.9%
Bristol-Myers Squibb Co.		319,720		14,288,287
Novo Nordisk AS, Cl. B		111,299		17,327,868
Perrigo Co.		93,910		11,363,110
Roche Holding AG		49,000		12,141,434
				55,120,699
Industrials—12.7%
Aerospace & Defense—3.9%
Honeywell International, Inc.		155,690		12,352,445
Precision Castparts Corp.		55,250		12,487,052
United Technologies Corp.		130,600		12,137,964
				36,977,461
Building Products—0.6%
Fortune Brands Home & Security, Inc.		153,690		5,953,951
Electrical Equipment—2.1%
AMETEK, Inc.		116,830		4,941,909
Eaton Corp. plc		139,330		9,169,307
Roper Industries, Inc.		44,830		5,568,783
				19,679,999
Machinery—1.0%
Ingersoll-Rand plc		168,200		9,338,464
Road & Rail—3.5%
J.B. Hunt Transport Services, Inc.		125,830		9,089,959
Kansas City Southern		88,530		9,380,639
Union Pacific Corp.		89,310		13,778,747
				32,249,345
Trading Companies & Distributors—1.6%
United Rentals, Inc.¹		166,730		8,321,494
W.W. Grainger, Inc.		27,070		6,826,513
				15,148,007
Information Technology—26.3%
Communications Equipment—5.3%
Cisco Systems, Inc.		551,250		13,400,887
QUALCOMM, Inc.		587,490		35,883,889
				49,284,776
Computers & Peripherals—7.1%
Apple, Inc.		124,910		49,474,353
EMC Corp.		706,310		16,683,042
				66,157,395
Internet Software & Services—5.8%
eBay, Inc.¹		341,010		17,637,037
Google, Inc., Cl. A¹		41,430		36,473,729
				54,110,766
IT Services—4.0%
Mastercard, Inc., Cl. A		10,070		5,785,215
Teradata Corp.¹		253,110		12,713,715
Visa, Inc., Cl. A		103,857		18,979,867
				37,478,797
Semiconductors & Semiconductor Equipment—2.4%
Broadcom Corp., Cl. A		364,770		12,314,635
Xilinx, Inc.		246,730		9,772,975
				22,087,610
Software—1.7%
Salesforce.com, Inc.¹		409,260		15,625,547
Materials—4.5%
Chemicals—3.3%
Ecolab, Inc.		141,810		12,080,794
Monsanto Co.		51,130		5,051,644
PPG Industries, Inc.		92,480		13,539,997
				30,672,435
Containers & Packaging—1.2%
Crown Holdings, Inc.¹		272,460		11,206,280
Total Common Stocks
(Cost $628,760,665)				913,172,194

6 OPPENHEIMER CAPITAL APPRECIATION FUND/VA


	Shares			Value
Investment Company—1.4%
Oppenheimer Institutional Money Market
Fund, Cl. E, 0.11%^2,3 (Cost $13,280,401)		13,280,401		$	13,280,401

Total Investments,at Value (Cost $642,041,066)		99.5	%		926,452,595

Assets in Excess of Other Liabilities		0.5			4,451,733

Net Assets		100.0	%	$	930,904,328

Footnotes to Statement of Investments

*June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

1. Non-income producing security.

2. Rate shown is the 7-day yield as of June 28, 2013.


	Shares December 31, 2012		Gross Additions		Gross Reductions		Shares June 28, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		11,345,499		74,002,112		72,067,210		13,280,401


	Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E	$	13,280,401	$	5,194

See accompanying Notes to Financial Statements.

7 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENTOF ASSETS AND LIABILITIES June 28, 2013¹ Unaudited


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $628,760,665)	$	913,172,194
Affiliated companies (cost $13,280,401)		13,280,401

		926,452,595

Cash		21,123

Receivables and other assets:
Investments sold		15,906,728
Dividends		1,056,680
Other		64,633

Total assets		943,501,759

Liabilities
Payables and other liabilities:
Investments purchased		11,335,911
Shares of beneficial interest redeemed		979,883
Transfer and shareholder servicing agent fees		72,693
Distribution and service plan fees		69,183
Shareholder communications		57,402
Trustees’ compensation		56,473
Other		25,886

Total liabilities		12,597,431

Net Assets	$	930,904,328


Composition of Net Assets
Par value of shares of beneficial interest	$	19,252

Additional paid-in capital		756,908,807

Accumulated net investment income		991,824

Accumulated net realized loss on investments and foreign currency transactions		(111,435,116)

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		284,419,561

Net Assets	$	930,904,328



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 $571,879,442 and 11,792,526 shares of beneficial interest outstanding)		$48.50

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $359,024,886 and 7,459,612 shares of beneficial interest outstanding)		$48.13

1. June 28, 2013 is the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

8 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENTOF OPERATIONS For the Six Months Ended June 28, 2013¹ Unaudited


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $188,748)	$	6,726,056
Affiliated companies		5,194

Interest		15

Total investment income		6,731,265

Expenses
Management fees		3,274,712

Distribution and service plan fees—Service shares		463,818

Transfer and shareholder servicing agent fees:
Non-Service shares		290,764
Service shares		185,980

Shareholder communications:
Non-Service shares		28,330
Service shares		18,148

Trustees’ compensation		29,713

Custodian fees and expenses		11,106

Other		42,964

Total expenses		4,345,535
Less waivers and reimbursements of expenses		(21,520)

Net expenses		4,324,015

Net Investment Income		2,407,250

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies		89,245,820
Foreign currency transactions		(6,170)

Net realized gain		89,239,650

Net change in unrealized appreciation/depreciation on:
Investments		(9,533,901)
Translation of assets and liabilities denominated in foreign currencies		(1,592,421)

Net change in unrealized appreciation/depreciation		(11,126,322)

Net Increase in Net Assets Resulting from Operations	$	80,520,578

1. June 28, 2013 is the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

9 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENTSOF CHANGES IN NET ASSETS


	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012
Operations
Net investment income	$	2,407,250	$	8,440,486

Net realized gain		89,239,650		98,112,908

Net change in unrealized appreciation/depreciation		(11,126,322)		28,160,875

Net increase in net assets resulting from operations		80,520,578		134,714,269
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(5,856,634)		(3,878,051)
Service shares		(2,798,285)		(1,503,957)

		(8,654,919)		(5,382,008)
Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(45,216,718)		(144,652,286)
Service shares		(36,092,630)		(57,530,166)

		(81,309,348)		(202,182,452)
Net Assets
Total decrease		(9,443,689)		(72,850,191)

Beginning of period		940,348,017		1,013,198,208


End of period (including accumulated net investment income of $ 991,824 and $ 7,239,493, respectively)	$	930,904,328	$	940,348,017

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes

See accompanying Notes to Financial Statements.

10 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010		Year Ended December 31, 2009		Year Ended December 31, 2008
Per Share Operating Data
Net asset value, beginning of period	$	45.06	$	39.75	$	40.35	$	36.94	$	25.67	$	47.18

Income (loss) from investment operations:
Net investment income²		0.14		0.42		0.23		0.11		0.09		0.10
Net realized and unrealized gain (loss)		3.80		5.18		(0.69)		3.36		11.27		(21.55)

Total from investment operations		3.94		5.60		(0.46)		3.47		11.36		(21.45)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.50)		(0.29)		(0.14)		(0.06)		(0.09)		(0.06)

Net asset value, end of period	$	48.50	$	45.06	$	39.75	$	40.35	$	36.94	$	25.67

Total Return, at Net Asset Value³		8.70%		14.12%		(1.15)%		9.42%		44.52%		(45.52)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	571,879	$	573,684	$	637,868	$	771,086	$	1,074,190	$	829,931

Average net assets (in thousands)	$	589,853	$	600,121	$	713,770	$	976,242	$	927,670	$	1,256,525

Ratios to average net assets:⁴
Net investment income		0.60%		0.95%		0.57%		0.31%		0.29%		0.25%
Total expenses⁵		0.81%		0.81%		0.80%		0.79%		0.78%		0.66%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.80%		0.79%		0.78%		0.66%

Portfolio turnover rate		33%		28%		27%		58%		46%		67%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013		0.81%
		Year Ended December 31, 2012		0.81%
		Year Ended December 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%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010		Year Ended December 31, 2009			Year Ended December 31, 2008
Per Share Operating Data
Net asset value, beginning of period		$ 44.66		$ 39.40		$ 39.99		$ 36.64		$ 25.42			$ 46.78

Income (loss) from investment operations:
Net investment income²		0.08		0.31		0.13		0.02		0.01			0.00³
Net realized and unrealized gain (loss)		3.76		5.12		(0.68)		3.33		11.21			(21.36)

Total from investment operations		3.84		5.43		(0.55)		3.35		11.22			(21.36)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.37)		(0.17)		(0.04)		0.00		0.00	³		0.00

Net asset value, end of period		$ 48.13		$ 44.66		$ 39.40		$ 39.99		$ 36.64			$ 25.42


Total Return, at Net Asset Value⁴		8.58%		13.81%		(1.37)%		9.15%		44.15%			(45.66)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$ 359,025		$ 366,664		$ 375,330		$ 423,989		$ 444,170			$ 313,931

Average net assets (in thousands)		$ 377,301		$ 382,196		$ 407,413		$ 427,640		$ 368,634			$ 454,558

Ratios to average net assets:⁵
Net investment income		0.35%		0.71%		0.32%		0.06%		0.03%			0.00%⁶
Total expenses⁷		1.06%		1.06%		1.05%		1.04%		1.04%			0.91%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%		1.04%		1.03%			0.91%

Portfolio turnover rate		33%		28%		27%		58%		46%			67%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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

3. Less than $0.005 per share.

4. 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.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

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


		Six Months Ended June 28, 2013		1.06%
		Year Ended December 31, 2012		1.06%
		Year Ended December 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%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Capital Appreciation Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, a diversified 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 OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

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

During the fiscal year ended December 31, 2012, the Fund utilized $92,201,391 of capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had post-October losses of $196,818. Details of the fiscal year ended December 31, 2012 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring
2016	$	17,161,220
2017		180,633,172

Total	$	197,794,392

As of June 28, 2013, it is estimated that the capital loss carryforwards would be $108,554,742 expiring by 2017. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the

13 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies (Continued)

current fiscal year. During the six months ended June 28, 2013, it is estimated that the Fund will utilize $89,239,650 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	643,803,226

Gross unrealized appreciation	$	289,180,904
Gross unrealized depreciation		(6,531,535)

Net unrealized appreciation	$	282,649,369

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.

14 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

2. Securities Valuation

Valuation Methods and Inputs

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

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

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.

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


Security Type		Standard inputs generally considered by third-party pricing vendors

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

15 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation (Continued)

valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

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

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 28, 2013 based on valuation input level:


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

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	166,756,849	$	—	$	—	$	166,756,849
Consumer Staples		67,203,227		28,575,360		—		95,778,587
Energy		57,886,939		—		—		57,886,939
Financials		41,166,797		—		—		41,166,797
Health Care		116,142,887		29,469,302		—		145,612,189
Industrials		119,347,227		—		—		119,347,227
Information Technology		244,744,891		—		—		244,744,891
Materials		41,878,715		—		—		41,878,715
Investment Company		13,280,401		—		—		13,280,401

Total Assets	$	868,407,933	$	58,044,662	$	—	$	926,452,595

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


	Transfers out of Level 1*		Transfers into Level 2*

Assets Table
Investments, at Value:
Common Stocks
Consumer Staples	$	(14,421,812)	$	14,421,812

Total Assets	$	(14,421,812)	$	14,421,812

*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.

3. 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:

16 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

3. Shares of Beneficial Interest (Continued)


	Six Months Ended June 28, 2013				Year Ended December 31, 2012
	Shares		Amount		Shares		Amount

Non-Service Shares
Sold		157,092	$	7,553,544		816,576	$	35,841,126
Dividends and/or distributions reinvested		117,415		5,856,634		89,832		3,878,051
Redeemed		(1,214,297)		(58,626,896)		(4,220,005)		(184,371,463)

Net decrease		(939,790)	$	(45,216,718)		(3,313,597)	$	(144,652,286)



Service Shares
Sold		118,487	$	5,615,620		333,716	$	14,458,725
Dividends and/or distributions reinvested		56,519		2,798,285		35,098		1,503,957
Redeemed		(925,022)		(44,506,535)		(1,685,918)		(73,492,848)

Net decrease		(750,016)	$	(36,092,630)		(1,317,104)	$	(57,530,166)

4. 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 28, 2013, were as follows:


	Purchases		Sales

Investment securities	$	312,575,534	$	401,124,565

5. Fees and Other Transactions with Affiliates

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


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

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; 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 28, 2013, the Manager waived fees and/or reimbursed the Fund $14,475 and $3,141 for Non-Service and Service shares, respectively.

17 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

5. Fees and Other Transactions with Affiliates (Continued)

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

6. Pending Litigation

18 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO

STATEMENTS OF INVESTMENTS Unaudited

19 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

OPPENHEIMER CAPITAL APPRECIATION FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Michael Kotlarz, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		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

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and		OFI Global Asset Management, Inc.
Shareholder
Servicing Agent

Sub-Transfer		Shareholder Services, Inc.
Agent		DBA OppenheimerFunds Services

Independent		KPMG LLP
Registered
Public
Accounting
Firm

Legal Counsel		K&L Gates LLP

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

LOGO


June 30, 2013


	Oppenheimer Core Bond Fund/VA A Series of Oppenheimer Variable Account Funds	Semiannual Report


	SEMIANNUAL REPORT Listing of Top Holdings Fund Performance Discussion Financial Statements

Portfolio Managers: Krishna Memani and

Peter A. Strzalkowski, CFA

Average Annual Total Returns

For the Periods Ended 6/28/13¹


	1-Year	5-Year	10-Year
Non-Service Shares	3.11%	-2.44%	0.52%
Service Shares	2.99%	-2.67%	0.27%

CORPORATE BONDS & NOTES—TOP TEN INDUSTRIES



Oil, Gas & Consumable Fuels		6.0%

Commercial Banks		3.7

Capital Markets		3.1

Insurance		2.6

Diversified Financial Services		2.5

Diversified Telecommunication Services		2.1

Media		1.8

Electric Utilities		1.6

Real Estate Investment Trusts (REITs)		1.5

Automobiles		1.3

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

1. June 28, 2013, was the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.


CREDIT RATING BREAKDOWN	NRSRO ONLY TOTAL

AAA		41.6%

AA		5.8

A		10.5

BBB		28.1

BB		7.7

B		0.8

CCC		3.4

CC		0.3

D		1.8

Total		100.0%

The percentages above are based on the market value of the Fund’s securities as of June 28, 2013, and are subject to change. Except for 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, but 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

The Fund’s Non-Service shares returned -1.89% during the period. On a relative basis, the Fund outperformed the Barclays U.S. Aggregate Bond Index, the Barclays Credit Index and the Citigroup Broad Investment Grade Bond Index, which returned -2.44%, -3.60% and -2.45%, respectively. The bulk of the Fund’s declines occurred late in the period after the Federal Reserve (the “Fed”) discussed the potential tapering of its quantitative easing program.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

Early in the reporting period, the highly accommodative policies of central banks throughout the world and positive data surprises in the U.S. regarding housing and employment buoyed investor sentiment and resulted in a rally in risk markets. The continuation of the Bank of Japan’s massive asset purchase program “Abe-nomics” was a major driving force as Japanese investors were pushed out on the risk curve away from Japanese government bonds (JGBs) and into riskier assets. At the end of May, market volatility picked up measurably as comments from Fed Chairman Ben Bernanke at a Congressional hearing surprised the market when he indicated a possible slowdown of the central bank’s asset purchase program if the economy continued to show improvement. Additionally, fears began to creep into the market about a possible slowdown in the word’s emerging economies. As a result, risk assets sold off across the board, with Japanese stocks and emerging market debt absorbing the brunt of the selling, although investment grade credit was certainly not immune. Simultaneously, the intermediate and long-end of the U.S. Treasury curve steepened quite dramatically as investors began to price in the likelihood of higher interest rates in the future. The volatility continued through June as the Federal Open Market Committee (FOMC) issued a statement indicating again that if the U.S. economy continued to improve the Fed would begin to slow down its $85 billion a month purchases of U.S. Treasuries and mortgage-backed securities.

FUND REVIEW

The Fund maintained a significant underweight position to government bonds, and instead sourced its exposure through corporate bonds, mortgages and structured products. This positioning drove the Fund’s outperformance over the first half of the period, but resulted in declines later on. The Fund performed positively over the first half of the period as credit markets in the U.S. rallied on the back of positive economic data, despite the Cyprus banking crisis, deteriorating conditions in the Eurozone and moderating growth in emerging markets. Our exposure to corporate bonds benefited as corporate bond performance versus Treasuries was strong. During this time, an overweight to financials drove much of the positive performance among our corporate bonds, as the sector is a perceived safe haven from leveraged buyout (“LBO”) activity, which picked up early in the period. Specifically, our allocations to large cap banks and multi-line insurance companies were helpful. The subordinated debt of banks was a positive as their spread relative to senior debt continued to narrow as bank profitability and capital metrics continue to improve. Investments in agency and non-agency mortgage-backed securities (“MBS”), commercial mortgage-backed securities (“CMBS”) and asset backed securities (“ABS”), also benefited performance over the first half of the period.

Beginning in May, fixed-income markets turned volatile after the Fed began to discuss tapering. The Fed’s comments resulted in spreads on the Barclays Credit Index widening out to levels last seen in October 2012. Before the Fed’s comments, we started reducing our position in MBS since we felt they were vulnerable to policy changes. While this limited the negative impact, MBS still detracted from performance, as did CMBS and ABS. Over the second half of the period, the Fund benefited from an overweight position in junior capital instruments within the financial sector. The Fund was negatively impacted by two positions in the tobacco sector, as this higher beta sector began to underperform amid the tumultuous environment. Additionally, our sector overweight to pharmaceuticals detracted from Fund performance, although it is worth noting that security selection within the sector was in line with the sector’s overall performance during this time.

STRATEGY & OUTLOOK

Although it appears that all eyes remain firmly fixated on the Fed and its eventual asset purchase unwind and the perceived growth slowdown within the emerging markets, we believe there is reason for optimism. By historical standards central banks around the globe are executing exceedingly loose monetary policy, which provides plenty of liquidity to the markets. U.S. growth appears to be a surprising bright spot and we are even beginning to see early signs that growth within Europe may be turning the corner. And while it may be clear that China’s growth trajectory is slowing, we believe policy makers have the situation in hand and the probability of a hard landing is still quite low.

In a “yield-starved” domestic fixed income market dominated by U.S. Treasuries hovering near historic lows, we continue to favor higher-yielding investments to seek a carry, or yield advantage. Given current conditions, we believe the additional carry of the Fund is positioned to help returns even in the context of spreads remaining at their current levels.

3 OPPENHEIMER CORE BOND FUND/VA

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. or it affiliates.

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 28, 2013.


Actual	Beginning Account Value January 1, 2013		Ending Account Value June 28, 2013		Expenses Paid During 6 Months Ended June 28, 2013
Non-Service shares	$	1,000.00	$	981.10	$	3.65

Service shares		1,000.00		979.50		4.87


Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,020.84		3.72

Service shares		1,000.00		1,019.62		4.96


Class	Expense Ratios
Non-Service shares		0.75%
Service shares		1.00

5 OPPENHEIMER CORE BOND FUND/VA

STATEMENTOF INVESTMENTS June 28, 2013* / Unaudited


	Principal Amount	Value
Asset-Backed Securities—15.3%
Auto Loan—14.9%
Ally Master Owner Trust, Series 2012-2, Cl. A, 0.693%, 3/15/16¹	$ 515,000	$ 513,853
American Credit Acceptance Receivables Trust:
Series 2012-2, Cl. A, 1.89%, 7/15/16²	303,340	304,198
Series 2012-3, Cl. A, 1.64%, 11/15/16²	132,577	132,425
Series 2012-3, Cl. C, 2.78%, 9/17/18²	90,000	89,465
AmeriCredit Automobile Receivables Trust:
Series 2010-2, Cl. C, 4.52%, 10/8/15	430,000	437,185
Series 2010-2, Cl. D, 6.24%, 6/8/16	275,000	290,884
Series 2011-1, Cl. D, 4.26%, 2/8/17	120,000	125,563
Series 2011-2, Cl. D, 4.00%, 5/8/17	525,000	545,536
Series 2011-4, Cl. D, 4.08%, 9/8/17	650,000	675,687
Series 2011-5, Cl. D, 5.05%, 12/8/17	435,000	463,091
Series 2012-1, Cl. D, 4.72%, 3/8/18	845,000	896,295
Series 2012-2, Cl. B, 1.78%, 3/8/17	345,000	348,574
Series 2012-2, Cl. D, 3.38%, 4/9/18	695,000	710,078
Series 2012-4, Cl. D, 2.68%, 10/9/18	75,000	74,525
Series 2012-5, Cl. C, 1.69%, 11/8/18	255,000	251,097
Series 2012-5, Cl. D, 2.35%, 12/10/18	365,000	359,845
Series 2013-1, Cl. C, 1.57%, 1/8/19	420,000	409,099
Series 2013-1, Cl. D, 2.09%, 2/8/19	295,000	284,990
Series 2013-2, Cl. D, 2.42%, 5/8/19	445,000	434,094
Series 2013-3, Cl. D, 3.00%, 7/8/19	290,000	286,803
Avis Budget Rental Car Funding AESOP LLC:
Series 2011-2A, Cl. A, 2.37%, 11/20/14²	455,000	462,603
Series 2011-3A, Cl. B, 4.74%, 11/20/17²	200,000	213,043
Series 2012-1A, Cl. A, 2.054%, 8/20/16²	765,000	777,484
Capital Auto Receivables Asset Trust, Series 2013-1, Cl. D, 2.19%, 9/20/21	195,000	187,565
CarMax Auto Owner Trust, Series 2013-1, Cl. D, 1.99%, 8/15/19	145,000	142,378
Centre Point Funding LLC, Series 2010-1A, Cl. 1, 5.43%, 7/20/16²	59,980	62,582
CFC 2013-1 LLC, Series 2013-1A, Cl. A, 1.65%, 7/17/17²	161,866	161,391
CPS Auto Receivables Trust:
Series 2012-B, Cl. A, 2.52%, 9/16/19²	420,399	425,491
Series 2012-C, Cl. A, 1.82%, 12/16/19²	138,327	139,019
Credit Acceptance Auto Loan Trust:
Series 2012-1A, Cl. A, 2.20%, 9/16/19²	260,000	262,933
Series 2012-2A, Cl. A, 1.52%, 3/16/20²	155,000	155,387
Series 2012-2A, Cl. B, 2.21%, 9/15/20²	80,000	80,260
Series 2013-1A, Cl. B, 1.83%, 4/15/21²	235,000	232,307
DT Auto Owner Trust:
Series 2010-1A, Cl. D, 5.92%, 9/15/16²	182,578	182,756
Series 2011-1A, Cl. C, 3.05%, 8/17/15²	128,059	128,322
Series 2011-2A, Cl. C, 3.05%, 2/16/16²	19,117	19,130
Series 2011-3A, Cl. C, 4.03%, 2/15/17²	435,000	438,406
Series 2012-1A, Cl. A, 1.05%, 1/15/15²	41,366	41,380
Series 2012-2A, Cl. C, 2.72%, 4/17/17²	100,000	100,938
Series 2012-2A, Cl. D, 4.35%, 3/15/19²	130,000	133,533
Series 2013-1A, Cl. D, 3.74%, 5/15/20²	175,000	174,633
Exeter Automobile Receivables Trust:
Series 2012-1A, Cl. A, 2.02%, 8/15/16²	412,427	414,425
Series 2012-2A, Cl. A, 1.30%, 6/15/17²	167,441	167,645
Series 2012-2A, Cl. B, 2.22%, 12/15/17²	205,000	206,121
Series 2012-2A, Cl. C, 3.06%, 7/16/18²	35,000	35,095
Series 2013-1A, Cl. A, 1.29%, 10/16/17²	326,926	325,324
First Investors Auto Owner Trust, Series 2012-1A, Cl. D, 5.65%, 4/15/18²	155,000	163,428
Ford Credit Auto Owner Trust, Series 2013-A, Cl. D, 1.86%, 8/15/19	280,000	271,331
Ford Credit Floorplan Master Owner Trust A:
Series 2012-1, Cl. C, 1.693%, 1/15/16¹	200,000	201,136
Series 2012-2, Cl. C, 2.86%, 1/15/19	295,000	306,345
Series 2013-3, Cl. D, 1.74%, 6/15/17	155,000	155,216
Prestige Auto Receivables Trust, Series 2011-1A, Cl. D, 5.18%, 7/16/18²	180,000	187,412


	Principal Amount	Value
Auto Loan (Continued)
Santander Drive Auto Receivables Trust:
Series 2010-3, Cl. C, 3.06%, 11/15/17	$ 485,000	$ 496,773
Series 2010-B, Cl. C, 3.02%, 10/17/16²	461,564	467,066
Series 2011-1, Cl. D, 4.01%, 2/15/17	465,000	481,554
Series 2011-4, Cl. B, 2.90%, 5/16/16	180,000	183,134
Series 2011-S1A, Cl. D, 3.10%, 5/15/17³	82,172	82,373
Series 2011-S2A, Cl. D, 3.35%, 6/15/17³	127,520	128,158
Series 2012-2, Cl. C, 3.20%, 2/15/18	295,000	303,945
Series 2012-2, Cl. D, 3.87%, 2/15/18	545,000	559,593
Series 2012-4, Cl. A3, 1.04%, 8/15/16	330,000	331,197
Series 2012-4, Cl. B, 1.83%, 3/15/17	175,000	176,788
Series 2012-4, Cl. D, 3.50%, 6/15/18	680,000	692,262
Series 2012-5, Cl. C, 2.70%, 8/15/18	30,000	30,210
Series 2012-5, Cl. D, 3.30%, 9/17/18	835,000	842,897
Series 2012-6, Cl. B, 1.33%, 5/15/17	560,000	562,636
Series 2012-6, Cl. D, 2.52%, 9/17/18	880,000	869,642
Series 2012-AA, Cl. D, 2.46%, 12/17/18²	75,000	73,506
Series 2013-1, Cl. C, 1.76%, 1/15/19	455,000	444,166
Series 2013-1, Cl. D, 2.27%, 1/15/19	240,000	232,750
Series 2013-2, Cl. D, 2.57%, 3/15/19	325,000	316,868
Series 2013-3, Cl. D, 2.42%, 4/15/19	215,000	207,992
SNAAC Auto Receivables Trust:
Series 2012-1A, Cl. A, 1.78%, 6/15/16²	117,886	118,338
Series 2012-1A, Cl. C, 4.38%, 6/15/17²	165,000	169,429
Series 2013-1A, Cl. B, 2.09%, 7/16/18²	130,000	129,014
Series 2013-1A, Cl. C, 3.07%, 8/15/18²	145,000	143,449
United Auto Credit Securitization Trust:
Series 2012-1, Cl. A2, 1.10%, 3/16/15²	123,169	123,143
Series 2012-1, Cl. B, 1.87%, 9/15/15²	265,000	264,770
Series 2012-1, Cl. C, 2.52%, 3/15/16²	190,000	189,697
Series 2012-1, Cl. D, 3.12%, 3/15/18²	135,000	134,768
Series 2013-1, Cl. B, 1.74%, 4/15/16²	230,000	229,225
Series 2013-1, Cl. C, 2.22%, 12/15/17²	145,000	144,453
Series 2013-1, Cl. D, 2.90%, 12/15/17²	30,000	29,808
Westlake Automobile Receivables Trust, Series 2012-1A, Cl. A2, 1.03%, 3/15/16²	132,863	133,000
Wheels SPV LLC, Series 2012-1, Cl. A2, 1.19%, 3/20/21²	199,015	199,747
		24,080,657
Credit Card—0.1%
World Financial Network Credit Card Master Trust, Series 2012-B, Cl. A, 1.76%, 5/17/21	185,000	184,186
Equipment—0.1%
FRS I LLC, Series 2013-1A, Cl. A1, 1.80%, 4/15/43²	112,198	110,870
Receivables: Other—0.2%
AmeriCredit Automobile Receivables Trust, Series 2010-1, Cl. D, 6.65%, 7/17/17	300,000	314,759
Total Asset-Backed Securities (Cost $24,723,414)		24,690,472

Mortgage-Backed Obligations—42.8%
Government Agency—29.4%
FHLMC/FNMA/FHLB/Sponsored—29.1%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34	9,680	10,398
5.50%, 9/1/39	868,084	944,891
6.00%, 5/1/18-10/1/29	1,505,287	1,637,839
6.50%, 4/1/18-4/1/34	373,367	417,047
7.00%, 8/1/16-10/1/37	408,593	470,419
8.00%, 4/1/16	81,725	86,050
9.00%, 8/1/22-5/1/25	40,518	45,369
Federal Home Loan Mortgage Corp. Non Gold Pool, 10.50%, 10/1/20	2,099	2,456
Federal Home Loan Mortgage Corp., Interest-Only
Stripped Mtg.-Backed Security:
Series 205, Cl. IO, 15.27%, 9/1/29⁴	13,977	2,733
Series 206, Cl. IO, 0% , 12/1/29^4,5	184,504	28,328
Series 243, Cl. 6, 0%, 12/15/32^4,5	172,969	28,307
Federal Home Loan Mortgage Corp., Principal-Only Stripped
Mtg.-Backed Security, Series 176, Cl. PO, 3.74%, 6/1/26⁶	71,940	66,579

6 OPPENHEIMER CORE BOND FUND/VA


	Principal Amount	Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp., Real Estate Investment Conduit Multiclass Pass-Through Certificates:
Series 151, Cl. F, 9.00%, 5/15/21	$ 9,422	$ 10,509
Series 1674, Cl. Z, 6.75%, 2/15/24	32,093	36,166
Series 2034, Cl. Z, 6.50%, 2/15/28	4,018	4,530
Series 2042, Cl. N, 6.50%, 3/15/28	9,881	11,192
Series 2043, Cl. ZP, 6.50%, 4/15/28	466,377	530,960
Series 2046, Cl. G, 6.50%, 4/15/28	29,471	33,241
Series 2053, Cl. Z, 6.50%, 4/15/28	5,057	5,702
Series 2066, Cl. Z, 6.50%, 6/15/28	507,162	567,976
Series 2195, Cl. LH, 6.50%, 10/15/29	391,717	442,703
Series 2220, Cl. PD, 8.00%, 3/15/30	2,150	2,523
Series 2326, Cl. ZP, 6.50%, 6/15/31	106,391	120,973
Series 2461, Cl. PZ, 6.50%, 6/15/32	506,236	574,896
Series 2470, Cl. LF, 1.193%, 2/15/32¹	3,945	4,035
Series 2500, Cl. FD, 0.693%, 3/15/32¹	109,346	110,509
Series 2526, Cl. FE, 0.593%, 6/15/29¹	144,292	145,218
Series 2538, Cl. F, 0.793%, 12/15/32¹	443,555	448,299
Series 2551, Cl. FD, 0.593%, 1/15/33¹	92,925	93,573
Series 2936, Cl. PE, 5.00%, 2/15/35	69,000	75,461
Series 3025, Cl. SJ, 24.044%, 8/15/35¹	43,066	63,996
Series 3030, Cl. FL, 0.593%, 9/15/35¹	6,251	6,296
Series 3822, Cl. JA, 5.00%, 6/15/40	25,615	26,879
Series 3848, Cl. WL, 4.00%, 4/15/40	44,580	47,248
Federal Home Loan Mortgage Corp., Real Estate Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2074, Cl. S, 56.76%, 7/17/28⁴	2,885	641
Series 2079, Cl. S, 66.46%, 7/17/28⁴	5,274	1,215
Series 2130, Cl. SC, 54.32%, 3/15/29⁴	203,510	44,798
Series 2526, Cl. SE, 32.95%, 6/15/29⁴	6,516	1,528
Series 2796, Cl. SD, 55.09%, 7/15/26⁴	318,576	62,712
Series 2802, Cl. AS, 0%, 4/15/33^4,7	63,183	2,253
Series 2819, Cl. S, 47.29%, 6/15/34⁴	65,078	13,601
Series 2920, Cl. S, 56.44%, 1/15/35⁴	1,215,774	239,231
Series 2922, Cl. SE, 8.62%, 2/15/35⁴	146,273	26,016
Series 3004, Cl. SB, 99.999%, 7/15/35⁴	62,861	10,890
Series 3201, Cl. SG, 6.31%, 8/15/36⁴	346,436	67,938
Series 3397, Cl. GS, 16.715%, 12/15/37⁴	31,091	5,663
Series 3424, Cl. EI, 0%, 4/15/38^4,5	58,274	9,232
Series 3450, Cl. BI, 13.26%, 5/15/38⁴	778,778	145,129
Series 3606, Cl. SN, 5.38%, 12/15/39⁴	206,665	30,591
Series 3662, Cl. SM, 10.08%, 10/15/32⁴	714,546	79,325
Series 3736, Cl. SN, 10.267%, 10/15/40⁴	1,611,296	233,290
Federal National Mortgage Assn. Pool:
2.50%, 6/18/27⁸	2,250,000	2,263,711
2.715%, 10/1/36¹	138,458	147,415
3.00%, 7/1/27-8/1/43⁸	4,745,000	4,709,474
3.50%, 7/17/27-8/1/43⁸	5,000,000	5,096,176
4.00%, 7/1/41⁸	6,095,000	6,349,275
4.50%, 7/1/22-7/1/39⁸	7,675,000	8,124,135
5.00%, 2/1/22-7/1/22	7,563	8,123
5.00%, 7/1/37⁸	685,000	737,285
5.50%, 2/1/35-5/1/36	391,501	428,541
6.00%, 7/1/37⁸	160,000	174,025
6.50%, 5/1/17-1/1/34	585,250	625,789
7.00%, 11/1/17-7/1/35	256,562	287,311
7.50%, 1/1/33	8,428	10,019
8.50%, 7/1/32	15,868	18,544
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221, Cl. 2, 44.92%, 5/1/23⁴	5,091	826
Series 222, Cl. 2, 24.28%, 6/1/23⁴	531,854	80,643
Series 252, Cl. 2, 43.20%, 11/1/23⁴	493,522	86,009
Series 294, Cl. 2, 14.887%, 2/1/28⁴	54,135	7,219
Series 301, Cl. 2, 2.64%, 4/1/29⁴	5,206	898
Series 303, Cl. IO, 10.72%, 11/1/29⁴	89,057	14,103
Series 320, Cl. 2, 9.45%, 4/1/32⁴	372,189	54,200
Series 321, Cl. 2, 3.01%, 4/1/32⁴	1,089,341	186,993


	Principal Amount	Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued
Series 324, Cl. 2, 1.02%, 7/1/32⁴	$ 10,918	$ 1,847
Series 331, Cl. 5, 0%, 2/1/33^4,5	15,773	3,183
Series 331, Cl. 9, 5.86%, 2/1/33⁴	320,016	56,028
Series 334, Cl. 12, 0%, 3/1/33^4,5	27,470	5,652
Series 334, Cl. 17, 13.17%, 2/1/33⁴	222,087	40,773
Series 339, Cl. 12, 0%, 6/25/33^4,5	394,066	67,698
Series 339, Cl. 7, 0%, 8/1/33^4,5	847,410	134,332
Series 343, Cl. 13, 0%, 9/1/33^4,5	365,972	57,263
Series 343, Cl. 18, 0%, 5/1/34^4,5	99,717	17,355
Series 345, Cl. 9, 0%, 1/1/34^4,5	259,938	40,112
Series 351, Cl. 10, 0%, 4/1/34^4,5	134,609	20,762
Series 351, Cl. 8, 0%, 4/1/34^4,5	219,349	34,015
Series 356, Cl. 10, 0%, 6/1/35^4,5	164,763	25,277
Series 356, Cl. 12, 0%, 2/1/35^4,5	81,493	12,599
Series 362, Cl. 13, 0%, 8/1/35^4,5	307,568	49,095
Series 364, Cl. 15, 0%, 9/1/35^4,5	16,165	2,298
Series 364, Cl. 16, 0%, 9/1/35^4,5	329,702	53,161
Series 365, Cl. 16, 0%, 3/1/36^4,5	524,128	80,124
Federal National Mortgage Assn., Real Estate Investment Conduit Multiclass Pass-Through Certificates:
Series 1989-17, Cl. E, 10.40%, 4/25/19	1,669	1,709
Series 1993-87, Cl. Z, 6.50%, 6/25/23	371,992	420,234
Series 1998-58, Cl. PC, 6.50%, 10/25/28	278,472	315,367
Series 1998-61, Cl. PL, 6.00%, 11/25/28	137,680	153,990
Series 1999-54, Cl. LH, 6.50%, 11/25/29	234,253	262,074
Series 2001-44, Cl. QC, 6.00%, 9/25/16	10,249	10,830
Series 2001-51, Cl. OD, 6.50%, 10/25/31	18,296	20,392
Series 2001-74, Cl. QE, 6.00%, 12/25/31	364,596	408,621
Series 2002-12, Cl. PG, 6.00%, 3/25/17	5,427	5,813
Series 2003-28, Cl. KG, 5.50%, 4/25/23	3,062,253	3,365,128
Series 2004-101, Cl. BG, 5.00%, 1/25/20	683,985	725,714
Series 2005-73, Cl. DF, 0.443%, 8/25/35¹	21,501	21,551
Series 2006-11, Cl. PS, 23.859%, 3/25/36¹	207,014	289,007
Series 2006-46, Cl. SW, 23.492%, 6/25/36¹	157,152	229,954
Series 2006-50, Cl. KS, 23.492%, 6/25/36¹	230,863	359,387
Series 2007-109, Cl. NF, 0.743%, 12/25/37¹	105,213	106,606
Series 2007-42, Cl. A, 6.00%, 2/25/33	72,596	73,163
Series 2009-36, Cl. FA, 1.133%, 6/25/37¹	267,304	271,209
Federal National Mortgage Assn., Real Estate Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61, Cl. SH, 28.79%, 11/18/31⁴	13,805	2,683
Series 2001-63, Cl. SD, 30.14%, 12/18/31⁴	4,856	1,053
Series 2001-65, Cl. S, 28.219%, 11/25/31⁴	346,360	74,692
Series 2001-68, Cl. SC, 20.52%, 11/25/31⁴	3,141	746
Series 2001-81, Cl. S, 28.72%, 1/25/32⁴	99,440	20,660
Series 2002-28, Cl. SA, 38.04%, 4/25/32⁴	3,172	615
Series 2002-38, Cl. SO, 47.557%, 4/25/32⁴	8,262	1,525
Series 2002-39, Cl. SD, 38.65%, 3/18/32⁴	5,463	1,238
Series 2002-47, Cl. NS, 34.398%, 4/25/32⁴	315,610	63,694
Series 2002-48, Cl. S, 33.60%, 7/25/32⁴	5,009	995
Series 2002-51, Cl. S, 34.616%, 8/25/32⁴	289,731	57,992
Series 2002-52, Cl. SD, 36.66%, 9/25/32⁴	384,524	87,305
Series 2002-52, Cl. SL, 36.21%, 9/25/32⁴	3,278	656
Series 2002-53, Cl. SK, 33.82%, 4/25/32⁴	19,036	4,392
Series 2002-56, Cl. SN, 35.36%, 7/25/32⁴	6,829	1,357
Series 2002-60, Cl. SM, 29.90%, 8/25/32⁴	47,136	8,228
Series 2002-7, Cl. SK, 26.38%, 1/25/32⁴	21,298	3,807
Series 2002-77, Cl. BS, 24.59%, 12/18/32⁴	29,328	6,512
Series 2002-77, Cl. IS, 43.14%, 12/18/32⁴	14,077	3,313
Series 2002-77, Cl. SA, 24.15%, 12/18/32⁴	45,074	8,446
Series 2002-77, Cl. SH, 36.16%, 12/18/32⁴	146,568	34,835
Series 2002-84, Cl. SA, 34.38%, 12/25/32⁴	350,188	66,855
Series 2002-9, Cl. MS, 29.65%, 3/25/32⁴	5,367	1,334
Series 2002-90, Cl. SN, 31.00%, 8/25/32⁴	24,249	4,233
Series 2002-90, Cl. SY, 36.62%, 9/25/32⁴	17,526	3,264
Series 2003-26, Cl. DI, 9.04%, 4/25/33⁴	14,024	2,481

7 OPPENHEIMER CORE BOND FUND/VA

STATEMENTOF INVESTMENTS Unaudited / Continued


	Principal Amount	Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Real Estate Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Continued
Series 2003-33, Cl. SP, 28.75%, 5/25/33⁴	$ 358,957	$ 89,627
Series 2003-4, Cl. S, 30.52%, 2/25/33⁴	236,230	46,202
Series 2004-54, Cl. DS, 41.32%, 11/25/30⁴	267,307	47,155
Series 2005-12, Cl. SC, 11.31%, 3/25/35⁴	72,409	14,115
Series 2005-14, Cl. SE, 41.28%, 3/25/35⁴	219,750	37,271
Series 2005-40, Cl. SA, 50.78%, 5/25/35⁴	626,928	113,344
Series 2005-40, Cl. SB, 55.71%, 5/25/35⁴	28,185	4,855
Series 2005-52, Cl. JH, 7.373%, 5/25/35⁴	141,257	29,030
Series 2005-71, Cl. SA, 57.20%, 8/25/25⁴	685,041	96,334
Series 2005-93, Cl. SI, 11.88%, 10/25/35⁴	511,180	90,089
Series 2007-75, Cl. BI, 5.75%, 8/25/37⁴	1,286,982	234,850
Series 2008-46, Cl. EI, 15.66%, 6/25/38⁴	796,915	119,017
Series 2008-55, Cl. SA, 16.59%, 7/25/38⁴	60,700	6,287
Series 2009-8, Cl. BS, 0%, 2/25/24^4,5	309,061	26,873
Series 2012-40, Cl. PI, 0%, 4/25/41^4,5	232,656	46,562
Federal National Mortgage Assn., Real Estate Investment Conduit Multiclass Pass-Through Certificates, Principal-Only Stripped Mtg.-Backed Security, Series 1993-184, Cl. M, 4.43%, 9/25/23⁶	167,318	155,499
		46,850,412
GNMA/Guaranteed—0.3%
Government National Mortgage Assn. I Pool:
7.00%, 12/15/23-3/15/26	15,192	17,627
8.50%, 8/15/17-12/15/17	55,619	59,243
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 1998-19, Cl. SB, 56.68%, 7/16/28⁴	11,774	2,759
Series 2001-21, Cl. SB, 69.98%, 1/16/27⁴	413,241	83,212
Series 2002-15, Cl. SM, 64.76%, 2/16/32⁴	422,579	91,277
Series 2007-17, Cl. AI, 18.23%, 4/16/37⁴	130,335	24,885
Series 2011-52, Cl. HS, 10.50%, 4/16/41⁴	858,888	203,170
Government National Mortgage Assn., Real Estate Investment Conduit Multiclass Pass-Through Certificates:
Series 1999-32, Cl. ZB, 8.00%, 9/16/29	58,696	69,314
Series 2000-7, Cl. Z, 8.00%, 1/16/30	23,055	26,901
		578,388
Non-Agency—13.4%
Commercial—8.4%
Asset Securitization Corp., Interest-Only Stripped Mtg.-Backed Security, Collateralized Mtg. Obligations, Series 1997-D4, Cl. PS1, 11.85%, 4/14/29^1,4	1,869,613	93,502
Banc of America Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2006-6, Cl. AM, 5.39%, 10/10/45	425,000	452,177
Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997- CTL1, Cl. IO, 0%, 6/22/24^1,3,4,5	1,922,800	93,446
CD Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49	79,365	79,974
Citigroup Commercial Mortgage Trust:
Series 2008-C7, Cl. AM, 6.339%, 12/10/49¹	410,000	452,301
Series 20113-GCJ11, 4.459%, 4/10/23²	160,000	134,545
Commercial Mortgage Trust:
Series 2012-CR4, Cl. D, 4.731%, 10/15/45^1,2	50,000	42,914
Series 2012-CR5, Cl. E, 4.479%, 12/10/45^1,2	75,000	62,989
Series 2013-CR7, Cl. D, 4.501%, 3/10/46^1,2	175,000	143,528
Commercial Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 2010-C1, Cl. XPA, 0%, 7/10/46^1,2,4,5	4,075,219	201,004
Series 2012-CR5, Cl. XA, 2.609%, 12/10/45^1,4	2,818,845	318,243


	Principal Amount	Value
Commercial (Continued)
Countrywide Alternative Loan Trust, Collateralized Mtg. Obligations, Series 2006-J2, Cl. A7, 6%, 4/25/36	$ 10,862	$ 10,063
Countrywide Home Loans:
Series 2005-17, Cl. 1A8, 5.50%, 9/25/35	48,816	48,867
Series 2007-J3, Cl. A9, 6.00%, 7/25/37	202,573	166,075
Credit Suisse Commercial Mortgage Trust:
Series 2006-6, Cl. 1A4, 6.00%, 7/25/36	327,294	247,422
Series 2006-C1, Cl. AJ, 5.569%, 2/15/39¹	275,000	294,039
Credit Suisse First Boston Mortgage Securities Corp., Collateralized Mtg. Obligations, Series 2005-C6, Cl. AJ, 5.23%, 12/15/40¹	410,000	434,072
DBUBS Mortgage Trust, Collateralized Mtg. Obligations, Series 2011-LC1A, Cl. E, 5.728%, 11/10/46^1,2	75,000	72,198
First Horizon Alternative Mortgage Securities Trust:
Series 2004-FA2, Cl. 3A1, 6.00%, 1/25/35	400,577	407,885
Series 2005-FA8, Cl. 1A6, 0.843%, 11/25/35¹	323,083	235,166
Series 2005-FA9, Cl. A4A, 5.50%, 12/25/35	19,042	16,754
Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37	248,890	191,484
Series 2007-FA4, Cl. 1A6, 6.25%, 8/25/37¹	366,322	314,110
FREMF Mortgage Trust:
Series 2013-K25, Cl. C, 3.742%, 11/25/45^1,2	90,000	71,236
Series 2013-K26, Cl. C, 3.723%, 12/25/45^1,2	60,000	47,277
Series 2013-K27, Cl. C, 3.616%, 1/25/46^1,2	95,000	73,777
Series 2013-K28, Cl. C, 3.494%, 6/25/46^1,2	95,000	74,114
Series 2013-K712, Cl. C, 3.483%, 5/25/45^1,2	160,000	137,048
GE Capital Commercial Mortgage Corp., Collateralized Mtg. Obligations, Series 2005-C4, Cl. AJ, 5.471%, 11/10/45¹	380,000	367,036
GS Mortgage Securities Trust:
Series 2006-GG6, Cl. AM, 5.622%, 4/10/38¹	420,274	450,495
Series 2011-GC3, Cl. A1, 2.331%, 3/10/44²	189,236	192,116
GSR Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 2005-AR4, Cl. 6A1, 5.25%, 7/25/35¹	258,116	254,244
IndyMac Index Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 2005-AR23, Cl. 6A1, 4.814%, 11/25/35¹	513,079	422,226
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2006-CB16, Cl. AJ, 5.623%, 5/12/45	415,000	378,013
Series 2007-LDPX, Cl. A2S2, 5.187%, 1/15/49³	463,774	471,105
Series 2011-C3, Cl. A1, 1.875%, 2/15/46²	198,855	200,377
JP Morgan Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-S3, Cl. 1A90, 7%, 8/25/37	505,297	463,865
JPMorgan Resecuritization Trust, Collateralized Mtg. Obligations, Series 2009-5, Cl. 1A2, 2.613%, 7/26/36^1,2	413,893	313,020
LB Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Collateralized Mtg. Obligations, Series 1998-C1, Cl. IO, 0%, 2/18/30^1,4,5	1,365,363	27,143
Lehman Structured Securities Corp., Collateralized Mtg. Obligations, Series 2002-GE1, Cl. A, 2.514%, 7/26/24^1,3	93,460	82,072
Merrill Lynch Mortgage Trust, Collateralized Mtg. Obligations, Series 2006-C2, Cl. AM, 5.782%, 8/12/43¹	425,000	459,316
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2012-C6, Cl. E, 4.82%, 11/15/45^1,2	145,000	125,153
Series 2013-C7, Cl. D, 4.444%, 2/15/46^1,2	175,000	145,895
Series 2013-C8, Cl. D, 4.312%, 12/15/48^1,2	130,000	106,702
Morgan Stanley Capital I Trust:
Series 2007-IQ13, Cl. AM, 5.406%, 3/15/44	415,000	445,919
Series 2007-IQ15, Cl. AM, 6.09%, 6/11/49¹	490,000	529,245
Morgan Stanley Reremic Trust, Collateralized Mtg. Obligations, Series 2012-R3, Cl. 1B, 2.379%, 11/26/36^1,3	485,601	273,217

8 OPPENHEIMER CORE BOND FUND/VA


	Principal Amount	Value
Commercial (Continued)
Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Stripped Mtg.-Backed Security, Collateralized Mtg. Obligations, Series 1999-C1, Cl. X, 99.999%, 5/18/32^1,4	$ 17,331,133	$ 9,341
Structured Adjustable Rate Mortgage Loan Trust:
Series 2006-4, Cl. 6A, 5.221%, 5/25/36¹	305,459	254,374
Series 2007-6, Cl. 3A1, 4.627%, 7/25/37¹	496,869	401,144
UBS-Barclays Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2012-C2, Cl. E, 5.05%, 5/10/63^1,2	65,000	57,673
Wachovia Bank Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2006-C28, Cl. AM, 5.603%, 10/15/48¹	450,000	488,354
WaMu Mortgage Pass-Through Certificates Trust, Collateralized Mtg. Obligations, Series 2005-AR14, Cl. 1A4, 2.514%, 12/25/35¹	296,727	269,545
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR15, Cl. 1A6, 2.613%, 9/25/35¹	91,075	84,368
Series 2007-16, Cl. 1A1, 6.00%, 12/28/37	393,497	410,404
Series 2007-AR3, Cl. A4, 5.696%, 4/25/37¹	124,088	116,713
Series 2007-AR8, Cl. A1, 5.98%, 11/25/37¹	351,508	309,359
WFRBS Commercial Mortgage Trust:
Series 2012-C10, Cl. D, 4.61%, 12/15/45^1,2	75,000	62,206
Series 2012-C7, Cl. E, 5.005%, 6/15/45^1,2	120,000	104,650
Series 2012-C8, Cl. E, 5.042%, 8/15/45^1,2	145,000	126,706
Series 2013-C11, Cl. D, 4.325%, 3/15/45^1,2	74,000	60,008
		13,378,214
Multi-Family—1.0%
Citigroup Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 2006-AR3, Cl. 1A2A, 5.531%, 6/25/36¹	316,151	290,825
Countrywide Alternative Loan Trust:
Series 2005-86CB, Cl. A8, 5.50%, 2/25/36	84,557	78,623
Series 2005-J14, Cl. A7, 5.50%, 12/25/35	81,246	70,130
Series 2006-24CB, Cl. A12, 5.75%, 6/25/36	101,155	84,231
Countrywide Home Loans, Collateralized Mtg. Obligations, Series 2006-20, Cl. 1A17, 5.75%, 2/25/37	486,120	426,627
JP Morgan Mortgage Trust, Series 2007-A3, Cl. 3A2M, 4.925%, 5/25/37¹	118,530	111,771
Wells Fargo Mortgage-Backed Securities Trust:
Series 2006-AR2, Cl. 2A3, 2.641%, 3/25/36¹	211,399	204,054
Series 2006-AR6, Cl. 3A1, 2.77%, 3/25/36¹	420,052	398,777
		1,665,038
Other—0.0%
Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Collateralized Mtg. Obligations, Series 1987-3, Cl. B, 66.76%, 10/23/17⁴	61	1
Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Collateralized Mtg. Obligations, Series 1987-3, Cl. A, 24.42%, 10/23/17⁶	90	90
		91
Residential—4.0%
Banc of America Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-4, Cl. AM, 6.002%, 2/10/51¹	470,000	510,096
Banc of America Funding Trust:
Series 2007-1, Cl. 1A3, 6.00%, 1/25/37	307,273	268,600
Series 2007-C, Cl. 1A4, 5.419%, 5/20/36¹	129,734	123,993
Banc of America Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-1, Cl. 1A24, 6%, 3/25/37	236,862	230,447
Carrington Mortgage Loan Trust, Series 2006-FRE1, Cl. A2, 0.303%, 7/25/36¹	244,978	235,896
CD Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-CD4, Cl. AMFX, 5.366%, 12/11/49¹	100,000	101,230


	Principal Amount	Value
Residential (Continued)
Countrywide Home Loans:
Series 2005-26, Cl. 1A8, 5.50%, 11/25/35	$ 232,817	$ 221,707
Series 2005-29, Cl. A1, 5.75%, 12/25/35	261,315	239,821
Series 2005-30, Cl. A5, 5.50%, 1/25/36	185,089	180,991
Series 2005-J4, Cl. A7, 5.50%, 11/25/35	29,895	30,632
Series 2006-17, Cl. A2, 6.00%, 12/25/36	387,201	347,740
Series 2007-15, Cl. 1A29, 6.25%, 9/25/37	292,257	273,784
Countrywide Alternative Loan Trust, Collateralized Mtg. Obligations, Series 2007-19, Cl. 1A34, 6%, 8/25/37	498,780	383,320
Countrywide Asset-Backed Certificates:
Series 2005-16, Cl. 2AF2, 5.148%, 5/25/36¹	252,043	248,242
Series 2006-25, Cl. 2A2, 0.313%, 6/25/47¹	7,622	7,571
Credit Suisse Commercial Mortgage Trust, Collateralized Mtg. Obligations, Series 2007-3, Cl. 2A10, 6%, 4/25/37	297,356	257,359
GSR Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 2006-5F, Cl. 2A1, 6%, 6/25/36	181,473	176,832
JP Morgan Alternative Loan Trust, Series 2006-S4, Cl. A6, 5.71%, 12/25/36¹	450,560	420,575
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 0.293%, 8/25/36¹	59,052	24,933
Merrill Lynch Mortgage Investors Trust, Series 2006-3, Cl. 2A1, 2.537%, 10/25/36¹	37,331	35,200
NC Finance Trust, Series 1999-I, Cl. D, 8.75%, 1/25/29^3,9	3,370,016	227,476
RALI Trust, Mtg. Pass-Through Certificates:
Series 2003-QS1, Cl. A2, 5.75%, 1/25/33	112,618	115,482
Series 2006-QS13, Cl. 1A5, 6.00%, 9/25/36	43,505	33,689
Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36	1,525	1,181
Series 2007-QS6, Cl. A28, 5.75%, 4/25/37	18,877	14,897
Residential Asset Securitization Trust, Series 2005-A15, Cl. 1A4, 5.75%, 2/25/36	121,741	109,276
WaMu Mortgage Pass-Through Certificates Trust:
Series 2006-AR18, Cl. 3A1, 4.484%, 1/25/37¹	200,346	171,757
Series 2007-HY1, Cl. 4A1, 2.553%, 2/25/37¹	47,867	39,644
WaMu Mortgage-Pass Through Certificates Trust, Collateralized Mtg. Obligations, Series 2007-HY5, Cl. 3A1, 4.981%, 5/25/37¹	618,029	596,001
Wells Fargo Alternative Loan Trust, Collateralized Mtg. Obligations, Series 2007-PA5, Cl. 1A1, 6.25%, 11/25/37	369,691	345,610
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-9, Cl. 2A6, 5.25%, 10/25/35	362,891	373,332
Series 2006-AR14, Cl. 1A2, 5.626%, 10/25/36¹	287,270	270,643
		6,617,957
Total Mortgage-Backed Obligations (Cost $71,974,951)		69,090,100

Corporate Bonds and Notes—43.0%
Consumer Discretionary—5.9%
Auto Components—0.3%
Dana Holding Corp., 6.75% Sr. Unsec. Nts., 2/15/21	420,000	448,350
Automobiles—1.3%
Daimler Finance North America LLC:
1.30% Sr. Unsec. Nts., 7/31/15²	406,000	407,050
8.50% Sr. Unsec. Unsub. Nts., 1/18/31	237,000	336,457
Ford Motor Credit Co. LLC, 5.875% Sr. Unsec. Unsub. Nts., 8/2/21	936,000	1,021,636
General Motors Financial Co., Inc., 4.25% Sr. Unsec. Nts., 5/15/23²	349,000	325,879
		2,091,022
Hotels, Restaurants & Leisure—0.4%
Brinker International, Inc.:
2.60% Sr. Unsec. Nts., 5/15/18	134,000	131,254
3.875% Sr. Unsec. Nts., 5/15/23	134,000	125,844
Starwood Hotels & Resorts Worldwide, Inc., 7.15% Sr. Unsec. Unsub. Nts., 12/1/19	261,000	315,507
		572,605

9 OPPENHEIMER CORE BOND FUND/VA

STATEMENTOF INVESTMENTS Unaudited / Continued


	Principal Amount	Value
Household Durables—0.6%
Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22	$ 446,000	$ 469,972
Lennar Corp., 4.125% Sr. Unsec. Nts., 12/1/18²	460,000	438,150
		908,122
Media—1.8%
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22	292,000	413,684
Comcast Corp., 4.65% Sr. Unsec. Unsub. Nts., 7/15/42	258,000	248,644
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.15% Sr. Unsec. Nts., 3/15/42	138,000	123,666
Historic TW, Inc., 9.15% Debs., 2/1/23	61,000	82,924
Interpublic Group of Cos., Inc. (The):
6.25% Sr. Unsec. Nts., 11/15/14	297,000	315,592
10.00% Sr. Unsec. Nts., 7/15/17	458,000	483,282
Lamar Media Corp., 5% Sr. Unsec. Sub. Nts., 5/1/23	473,000	456,445
News America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41	162,000	180,704
Time Warner Entertainment Co. LP, 8.375% Sr. Unsec. Nts., 7/15/33	257,000	303,923
WPP Finance 2010, 5.125% Sr. Unsec. Unsub. Nts., 9/7/42	135,000	125,151
		2,734,015
Multiline Retail—0.7%
Dollar General Corp., 4.125% Nts., 7/15/17	469,000	494,999
Macy’s Retail Holdings, Inc., 5.75% Sr. Unsec. Nts., 7/15/14	650,000	681,444
		1,176,443
Specialty Retail—0.3%
Rent-A-Center, Inc., 4.75% Sr. Unsec. Nts., 5/1/21²	435,000	414,337
Textiles, Apparel & Luxury Goods—0.5%
Hanesbrands, Inc., 6.375% Sr. Unsec. Unsub. Nts., 12/15/20	371,000	397,434
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22	446,000	430,390
		827,824
Consumer Staples—2.6%
Beverages—1.2%
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39	324,000	477,241
Coca-Cola HBC Finance BV, 5.125% Sr. Unsec. Unsub. Nts., 9/17/13	469,000	473,227
Constellation Brands, Inc., 3.75% Sr. Unsec. Nts., 5/1/21	423,000	397,091
Foster’s Finance Corp., 4.875% Sr. Unsec. Nts., 10/1/14²	433,000	454,394
SABMiller Holdings, Inc., 4.95% Sr. Unsec. Unsub. Nts., 1/15/42²	206,000	205,842
		2,007,795
Food & Staples Retailing—0.4%
Delhaize Group SA, 5.70% Sr. Unsec. Nts., 10/1/40	215,000	205,131
Safeway, Inc., 5.625% Sr. Unsec. Nts., 8/15/14	385,000	404,086
Wal-Mart Stores, Inc., 4% Sr. Unsec. Unsub. Nts., 4/11/43	201,000	184,133
		793,350
Food Products—0.4%
Bunge Ltd. Finance Corp.:
5.10% Sr. Unsec. Unsub. Nts., 7/15/15	332,000	357,072
5.35% Sr. Unsec. Unsub. Nts., 4/15/14	61,000	62,892
8.50% Sr. Unsec. Nts., 6/15/19	289,000	356,972
		776,936
Personal Products—0.2%
Avon Products, Inc., 4.60% Sr. Unsec. Nts., 3/15/20	376,000	380,459

Tobacco—0.4%
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39	227,000	342,933


	Principal Amount	Value
Tobacco (Continued)
Lorillard Tobacco Co., 3.75% Sr. Unsec. Nts., 5/20/23	$ 413,000	$ 381,618
		724,551
Energy—6.9%
Energy Equipment & Services—0.9%
Ensco plc, 4.70% Sr. Unsec. Nts., 3/15/21	471,000	500,640
Noble Holding International Ltd., 7.375% Sr. Unsec. Nts., 3/15/14	403,000	420,571
Rowan Cos., Inc., 4.875% Sr. Unsec. Unsub. Nts., 6/1/22	318,000	328,537
Weatherford International Ltd. Bermuda, 4.50% Sr. Unsec. Unsub. Nts., 4/15/22	224,000	221,734
		1,471,482
Oil, Gas & Consumable Fuels—6.0%
Anadarko Petroleum Corp.:
6.20% Sr. Unsec. Nts., 3/15/40	163,000	183,691
7.625% Sr. Unsec. Nts., 3/15/14	316,000	330,713
Apache Corp., 4.25% Sr. Unsec. Unsub. Nts., 1/15/44	110,000	98,655
Buckeye Partners LP, 4.15% Sr. Unsec. Nts., 7/1/23	235,000	228,966
Canadian Oil Sands Ltd.:
5.80% Sr. Unsec. Nts., 8/15/13²	457,000	459,494
6.00% Sr. Unsec. Nts., 4/1/42²	182,000	188,214
Cimarex Energy Co., 5.875% Sr. Unsec. Unsub. Nts., 5/1/22	388,000	403,520
CNOOC Finance 2013 Ltd., 4.25% Sr. Unsec. Unsub. Nts., 5/9/43	147,000	123,885
Concho Resources, Inc., 5.50% Sr. Unsec. Unsub. Nts., 4/1/23	405,000	400,950
Continental Resources, Inc., 4.50% Sr. Unsec. Unsub. Nts., 4/15/23²	428,000	416,765
Copano Energy LLC/Copano Energy Finance Corp., 7.125% Sr. Unsec. Unsub. Nts., 4/1/21	692,000	773,310
DCP Midstream LLC, 5.85% Jr. Sub. Nts., 5/21/43^1,2	422,000	407,230
DCP Midstream Operating LP:
2.50% Sr. Unsec. Unsub. Nts., 12/1/17	415,000	409,930
3.875% Sr. Unsec. Nts., 3/15/23	214,000	200,987
El Paso Pipeline Partners Operating Co. LLC, 4.70% Sr. Unsec. Unsub. Nts., 11/1/42	318,000	283,580
Enbridge Energy Partners LP, 5.35% Sr. Unsec. Nts., 12/15/14	326,000	345,274
EnCana Holdings Finance Corp., 5.80% Sr. Unsec. Unsub. Nts., 5/1/14	219,000	227,682
Energy Transfer Partners LP:
4.65% Sr. Unsec. Unsub. Nts., 6/1/21	345,000	357,447
5.20% Sr. Unsec. Unsub. Nts., 2/1/22	136,000	144,097
8.50% Sr. Unsec. Nts., 4/15/14	324,000	342,817
NuStar Logistics LP, 4.75% Sr. Unsec. Unsub. Nts., 2/1/22	402,000	376,077
Range Resources Corp., 5.75% Sr. Unsec. Sub. Nts., 6/1/21	418,000	432,630
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.50% Sr. Sec. Nts., 9/30/14²	420,000	440,475
Rockies Express Pipeline LLC, 3.90% Sr. Unsec. Unsub. Nts., 4/15/15²	471,000	468,645
Southwestern Energy Co., 4.10% Sr. Unsec. Nts., 3/15/22	232,000	231,305
Talisman Energy, Inc.:
5.125% Sr. Unsec. Nts., 5/15/15	315,000	336,738
6.25% Sr. Unsec. Unsub. Nts., 2/1/38	121,000	130,493
Williams Cos., Inc. (The), 3.70% Sr. Unsec. Unsub. Nts., 1/15/23	222,000	206,542
Woodside Finance Ltd.:
4.60% Sr. Unsec. Unsub. Nts., 5/10/21²	354,000	372,794
5.00% Sr. Unsec. Nts., 11/15/13²	405,000	410,951
		9,733,857

10 OPPENHEIMER CORE BOND FUND/VA


	Principal Amount	Value
Financials—13.7%
Capital Markets—3.1%
Blackstone Holdings Finance Co. LLC, 6.625% Sr. Unsec. Nts., 8/15/19²	$ 575,000	$ 673,281
Carlyle Holdings II Finance LLC, 5.625% Sr. Sec. Nts., 3/30/43²	209,000	198,446
Deutsche Bank AG, 4.296% Sub. Nts., 5/24/28¹	423,000	391,113
Goldman Sachs Capital I, 6.345% Sub. Nts., 2/15/34	477,000	459,985
Goldman Sachs Group, Inc. (The), 6.25% Sr. Unsec. Nts., 2/1/41	443,000	503,272
Macquarie Bank Ltd., 6.625% Unsec. Sub. Nts., 4/7/21²	672,000	711,809
Morgan Stanley, 6.375% Sr. Unsec. Nts., 7/24/42	271,000	303,703
Nomura Holdings, Inc., 2% Sr. Unsec. Nts., 9/13/16	821,000	812,329
Raymond James Financial, Inc., 5.625% Sr. Unsec. Unsub. Nts., 4/1/24	417,000	439,823
UBS AG (Stamford, CT), 2.25% Sr. Unsec. Nts., 8/12/13	188,000	188,380
UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Bonds, Series 1^1,10	488,000	504,470
		5,186,611
Commercial Banks—3.7%
Amsouth Bank NA, 5.20% Sub. Nts., 4/1/15	419,000	434,894
Barclays Bank plc, 5.14% Sub. Nts., 10/14/20	399,000	403,540
BPCE SA, 1.70% Sr. Unsec. Nts., 4/25/16	684,000	679,514
Fifth Third Capital Trust IV, 6.50% Jr. Sub. Nts., 4/15/37¹	845,000	845,000
HSBC Finance Capital Trust IX, 5.911% Unsec. Sub. Nts., 11/30/35¹	1,090,000	1,101,445
LBG Capital No. 1 plc, 7.875% Unsec. Sub. Nts., 11/1/20²	374,000	389,708
Lloyds TSB Bank plc, 6.50% Unsec. Sub. Nts., 9/14/20²	377,000	402,333
PNC Financial Services Group, Inc. (The), 4.85% Jr. Sub. Perpetual Bonds^1,10	441,000	412,335
Royal Bank of Scotland Group plc, 7.64% Jr. Sub. Perpetual Bonds, Series U^1,10	500,000	452,500
Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K^1,10	528,000	597,630
		5,718,899
Consumer Finance—0.3%
Discover Financial Services, 3.85% Sr. Unsec. Unsub. Nts., 11/21/22	481,000	452,314
Diversified Financial Services—2.5%
Bank of America Corp., 5.20% Jr. Sub. Perpetual Bonds^1,10	423,000	399,735
Citigroup, Inc.:
3.375% Sr. Unsec. Unsub. Nts., 3/1/23	327,000	313,260
Series D, 5.95% Jr. Sub. Perpetual Bonds^1,10	438,000	436,401
ING US, Inc.:
5.50% Sr. Unsec. Nts., 7/15/22²	260,000	276,922
5.65% Unsec. Sub. Nts., 5/15/53^1,2	350,000	329,875
Jefferies Group LLC, 5.125% Sr. Unsec. Nts., 1/20/23	228,000	226,539
JPMorgan Chase & Co.:
Series 1, 7.90% Jr. Sub. Perpetual Bonds^1,10	792,000	895,868
Series Q, 5.15% Jr. Sub. Perpetual Bonds^1,10	120,000	114,900
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Nts., 5/14/38	354,000	406,474
Rabobank Capital Funding Trust III, 5.254% Jr. Sub. Perpetual Bonds^1,2,10	667,000	670,335
		4,070,309
Insurance—2.6%
CNA Financial Corp.:
5.75% Sr. Unsec. Unsub. Nts., 8/15/21	368,000	414,669
5.875% Sr. Unsec. Unsub. Nts., 8/15/20	260,000	294,553
Gulf South Pipeline Co. LP, 5.05% Sr. Unsec. Nts., 2/1/15²	425,000	446,976


	Principal Amount	Value
Insurance (Continued)
Liberty Mutual Group, Inc., 4.25% Sr. Unsec. Nts., 6/15/23²	$ 332,000	$ 321,238
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Nts., 4/20/67¹	748,000	736,541
Marsh & McLennan Cos., Inc., 5.375% Sr. Unsec. Nts., 7/15/14	101,000	105,495
Prudential Financial, Inc., 5.20% Jr. Sub. Nts., 3/15/44¹	300,000	284,625
QBE Insurance Group Ltd., 2.40% Sr. Unsec. Nts., 5/1/18²	511,000	501,333
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds^1,2,10	756,000	784,350
		3,889,780
Real Estate Investment Trusts (REITs)—1.5%
American Tower Corp.:
5.05% Sr. Unsec. Unsub. Nts., 9/1/20	149,000	156,748
7.00% Sr. Unsec. Nts., 10/15/17	413,000	478,807
Corrections Corp. of America, 4.125% Sr. Unsec. Nts., 4/1/20²	165,000	161,700
Hospitality Properties Trust, 5.125% Sr. Unsec. Nts., 2/15/15	411,000	425,692
Host Hotels & Resorts LP, 3.75% Sr. Unsec. Nts., 10/15/23	297,000	272,792
National Retail Properties, Inc., 6.25% Sr. Unsec. Nts., 6/15/14	332,000	347,485
WEA Finance LLC/WT Finance Aust Pty Ltd., 7.50% Sr. Unsec. Nts., 6/2/14²	408,000	433,487
		2,276,711
Health Care—1.4%
Biotechnology—0.7%
Amgen, Inc., 3.625% Sr. Unsec. Unsub. Nts., 5/15/22	403,000	403,422
Celgene Corp., 3.25% Sr. Unsec. Nts., 8/15/22	504,000	478,656
Gilead Sciences, Inc., 5.65% Sr. Unsec. Unsub. Nts., 12/1/41	232,000	259,258
		1,141,336
Health Care Providers & Services—0.4%
Cardinal Health, Inc.:
1.70% Sr. Unsec. Nts., 3/15/18	148,000	143,702
3.20% Sr. Unsec. Nts., 3/15/23	223,000	208,408
McKesson Corp., 6% Sr. Unsec. Unsub. Nts., 3/1/41	237,000	278,454
		630,564
Pharmaceuticals—0.3%
Mallinckrodt International Finance SA, 3.50% Sr. Unsec. Unsub. Nts., 4/15/18²	145,000	143,445
Zoetis, Inc.:
1.875% Sr. Unsec. Nts., 2/1/18²	151,000	147,929
4.70% Sr. Unsec. Nts., 2/1/43²	225,000	211,163
		502,537
Industrials—3.5%
Aerospace & Defense—0.5%
B/E Aerospace, Inc., 5.25% Sr. Unsec. Nts., 4/1/22	325,000	325,000
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21	448,000	483,840
		808,840
Building Products—0.2%
Owens Corning, 4.20% Sr. Unsec. Nts., 12/15/22	333,000	323,109
Commercial Services & Supplies—0.3%
Clean Harbors, Inc., 5.25% Sr. Unsec. Unsub. Nts., 8/1/20	475,000	484,500
Industrial Conglomerates—0.9%
General Electric Capital Corp.:
5.25% Jr. Sub. Perpetual Bonds^1,10	440,000	421,300
6.375% Unsec. Sub. Nts., 11/15/67¹	934,000	973,695
		1,394,995

11 OPPENHEIMER CORE BOND FUND/VA

STATEMENTOF INVESTMENTS Unaudited / Continued


	Principal Amount	Value
Machinery—0.6%
CNH Capital LLC, 6.25% Sr. Unsec. Nts., 11/1/16	$ 489,000	$ 523,230
Ingersoll-Rand Global Holding Co. Ltd., 4.25% Sr. Unsec. Nts., 6/15/23²	339,000	337,347
National Rural Utilities Cooperative Finance Corp., 4.75% Sr. Unsec. Sub. Nts., 4/30/43¹	223,000	217,425
		1,078,002
Professional Services—0.2%
Nielsen Finance LLC/Nielsen Finance Co., 4.50% Sr. Unsec. Nts., 10/1/20²	405,000	390,825
Road & Rail—0.5%
Kansas City Southern Railway, 4.30% Sr. Unsec. Nts., 5/15/43²	170,000	153,951
Penske Truck Leasing Co. LP/PTL Finance Corp.:
2.50% Sr. Unsec. Nts., 7/11/14²	442,000	448,413
4.25% Sr. Unsec. Nts., 1/17/23²	230,000	227,673
		830,037
Trading Companies & Distributors—0.3%
International Lease Finance Corp., 5.875% Sr. Unsec. Unsub. Nts., 4/1/19	405,000	411,075
Information Technology—1.8%
Computers & Peripherals—0.7%
Apple, Inc., 3.85% Sr. Unsec. Unsub. Nts., 5/4/43	109,000	97,343
Hewlett-Packard Co.:
2.65% Sr. Unsec. Unsub. Nts., 6/1/16	749,000	763,875
4.75% Sr. Unsec. Nts., 6/2/14	214,000	220,737
		1,081,955
Electronic Equipment, Instruments, & Components—0.7%
Amphenol Corp., 4.75% Sr. Unsec. Nts., 11/15/14	124,000	129,977
Arrow Electronics, Inc., 5.125% Sr. Unsec. Unsub. Nts., 3/1/21	527,000	540,872
Avnet, Inc., 4.875% Sr. Unsec. Unsub. Nts., 12/1/22	500,000	498,647
		1,169,496
IT Services—0.1%
Fidelity National Information Services, Inc., 3.50% Sr. Unsec. Nts., 4/15/23	207,000	187,222
Office Electronics—0.3%
Xerox Corp., 4.25% Sr. Unsec. Nts., 2/15/15	391,000	408,597
Materials—2.7%
Chemicals—0.6%
Agrium, Inc., 6.125% Sr. Unsec. Unsub. Nts., 1/15/41	80,000	87,229
CF Industries, Inc., 4.95% Sr. Unsec. Nts., 6/1/43	172,000	164,123
Dow Chemical Co., 8.55% Sr. Unsec. Nts., 5/15/19	252,000	321,778
Eastman Chemical Co., 4.80% Sr. Unsec. Nts., 9/1/42	161,000	153,116
RPM International, Inc., 3.45% Sr. Unsec. Unsub. Nts., 11/15/22	227,000	212,066
Sherwin-Williams Co., 4% Sr. Unsec. Unsub. Nts., 12/15/42	236,000	214,165
		1,152,477
Containers & Packaging—0.6%
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25% Sr. Unsec. Nts., 2/1/21	446,000	474,990
Rock Tenn Co., 3.50% Sr. Unsec. Unsub. Nts., 3/1/20	432,000	423,158
		898,148
Metals & Mining—1.2%
Allegheny Technologies, Inc., 5.95% Sr. Unsec. Unsub. Nts., 1/15/21	260,000	276,503
Carpenter Technology Corp., 4.45% Sr. Unsec. Unsub. Nts., 3/1/23	145,000	141,535
Cliffs Natural Resources, Inc., 3.95% Sr. Unsec. Unsub. Nts., 1/15/18	392,000	374,775
Freeport-McMoRan Copper & Gold, Inc., 3.875% Sr. Unsec.
Nts., 3/15/23²	425,000	385,197


	Principal Amount	Value
Metals & Mining (Continued)
Xstrata Canada Corp.:
5.375% Sr. Unsec. Unsub. Nts., 6/1/15	$ 245,000	$ 258,892
6.00% Sr. Unsec. Unsub. Nts., 10/15/15	463,000	504,408
		1,941,310

Paper & Forest Products—0.3%
Georgia-Pacific LLC, 3.734% Sr. Unsec. Nts., 7/15/23²	306,000	298,064
International Paper Co., 6% Sr. Unsec. Unsub. Nts., 11/15/41	202,000	215,850
		513,914
Telecommunication Services—2.5%
Diversified Telecommunication Services—2.1%
AT&T, Inc., 6.30% Sr. Unsec. Unsub. Nts., 1/15/38	522,000	582,780
British Telecommunications plc, 9.625% Sr. Unsec. Nts., 12/15/30	264,000	398,727
CenturyLink, Inc., 5.625% Sr. Unsec. Unsub. Nts., 4/1/20	437,000	443,555
Frontier Communications Corp., 8.50% Sr. Unsec. Nts., 4/15/20	429,000	475,117
MetroPCS Wireless, Inc., 6.25% Sr. Unsec. Unsub. Nts., 4/1/21²	445,000	454,456
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38	386,000	393,952
Telefonica Emisiones SAU, 7.045% Sr. Unsec. Unsub. Nts., 6/20/36	283,000	312,380
Verizon Communications, Inc., 6.40% Sr. Unsec. Nts., 2/15/38	314,000	367,178
		3,428,145
Wireless Telecommunication Services—0.4%
America Movil SAB de CV, 4.375% Sr. Unsec. Unsub. Nts., 7/16/42	334,000	286,631
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.849% Sr. Sec. Nts., 4/15/23	227,000	214,352
Vodafone Group plc, 4.375% Sr. Unsec. Unsub. Nts., 2/19/43	225,000	202,576
		703,559
Utilities—2.0%
Electric Utilities—1.6%
Edison International, 3.75% Sr. Unsec. Unsub. Nts., 9/15/17	438,000	463,530
Electricite de France SA, 5.25% Jr. Sub. Perpetual Bonds^1,2,10	360,000	344,795
Exelon Generation Co. LLC, 4.25% Sr. Unsec. Unsub. Nts., 6/15/22	230,000	230,324
FirstEnergy Corp. 2.75% Sr. Unsec. Nts., 3/15/18	227,000	221,154
Great Plains Energy, Inc., 2.766% Sr. Unsec. Nts., 8/15/13	464,000	464,999
ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43⁸	179,000	181,571
PPL Capital Funding, Inc., 3.50% Sr. Unsec. Unsub. Nts., 12/1/22	329,000	315,180
PPL WEM Holdings plc, 5.375% Sr. Unsec. Unsub. Nts., 5/1/21²	429,000	470,985
		2,692,538
Energy Traders—0.3%
TransAlta Corp., 5.75% Sr. Unsec. Nts., 12/15/13	455,000	465,194

Multi-Utilities—0.1%
CMS Energy Corp., 5.05% Sr. Unsec. Unsub. Nts., 3/15/22	155,000	167,671
Total Corporate Bonds and Notes Cost $69,062,074)		69,461,818

U.S. Government Obligations—2.2%
Federal Home Loan Mortgage Corp. Nts.:
0.875% Nts., 3/7/18	735,000	712,055
1.375% Nts., 5/1/20	694,000	658,309

12 OPPENHEIMER CORE BOND FUND/VA


	Principal Amount	Value

U.S. Government Obligations (Continued)
Federal Home Loan Mortgage Corp. Nts.: Continued
2.375% Nts., 1/13/22¹¹	$ 894,000	$ 869,937
5.25% Nts., 4/18/16	515,000	580,025

Federal National Mortgage Assn. Nts., 0.875%, 5/21/18	652,000	630,883

Total U.S. Government Obligations (Cost $3,503,518)		3,451,209


	Shares	Value

Investment Company—13.3%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.11%^12,13
(Cost $21,518,986)	21,518,986	$ 21,518,986

Total Investments, at Value (Cost $190,782,943)	116.6%	188,212,585

Liabilities in Excess of Other Assets	(16.6)	(26,811,155)

Net Assets	100.0%	$ 161,401,430

Footnotes to Statement of Investments

*June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

1. Represents the current interest rate for a variable or increasing rate 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 $27,158,811 or 16.83% of the Fund’s net assets as of June 28, 2013.

3. Restricted security. The aggregate value of restricted securities as of June 28, 2013 was $1,357,847, which represents 0.84% of the Fund’s net assets. See Note 7 of the accompanying Notes. Information concerning restricted securities is as follows:


Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)

Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0%, 6/22/24		4/21/97	$	396,532	$	93,446	$	(303,086)
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Cl. A2S2, 5.187%, 1/15/49		7/14/10		457,977		471,105		13,128
Lehman Structured Securities Corp., Collateralized Mtg. Obligations, Series 2002-GE1, Cl. A, 2.514%, 7/26/24		1/28/02		91,562		82,072		(9,490)
Morgan Stanley Reremic Trust, Collateralized Mtg. Obligations, Series 2012-R3, Cl. 1B, 2.379%, 11/26/36		10/24/12		238,602		273,217		34,615
NC Finance Trust, Series 1999-I, Cl. D, 8.75%, 1/25/29		8/10/10		3,281,116		227,476		(3,053,640)
Santander Drive Auto Receivables Trust, Series 2011-S1A, Cl. D, 3.10%, 5/15/17		2/4/11-2/9/12		82,241		82,373		132
Santander Drive Auto Receivables Trust, Series 2011-S2A, Cl. D, 3.35%, 6/15/17		5/19/11-4/9/13		127,353		128,158		805

			$	4,675,383	$	1,357,847	$	(3,317,536)

4. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $4,778,391 or 2.96% of the Fund’s net assets as of June 28, 2013.

5. Interest rate is less than 0.0005%.

6. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $222,168 or 0.14% of the Fund’s net assets as of June 28, 2013.

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

8. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after June 28, 2013. See Note 1 of the accompanying Notes.

9. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 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. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $233,655. See Note 6 of the accompanying Notes.

12. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 28, 2013, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares December 31, 2012		Gross Additions		Gross Reductions		Shares June 28, 2013

Oppenheimer Institutional Money Market Fund, Cl. E		28,238,653		31,626,670		38,346,337		21,518,986

					Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E					$	21,581,986	$	15,598

13. Rate shown is the 7-day yield as of June 28, 2013.

13 OPPENHEIMER CORE BOND FUND/VA

STATEMENTOF INVESTMENTS Unaudited / Continued



Futures Contracts as of June 28, 2013 is as follows:
Contract Description	Buy/Sell	Number of Contracts		Expiration Date		Value	Unrealized Appreciation (Depreciation)

U.S. Long Bonds	Sell		10		9/19/13	$ 2,716,875	$	48,445
U.S. Treasury Nts., 2 yr.	Sell		38		9/30/13	8,360,000		11,488
U.S. Treasury Nts., 5 yr.	Sell		81		9/30/13	9,804,797		191,617
U.S. Treasury Nts., 10 yr.	Buy		25		9/19/13	3,164,063		(23,789)
U.S. Treasury Ultra Bonds	Buy		54		9/19/13	7,954,875		(474,040)

							$	(246,279)



Over-the-Counter Credit Default Swap Contracts as of June 28, 2013 are as follows:
Reference Entity/ Swap Counterparty	Buy/Sell Credit Protection		Notional Amount (000’s)		Pay/ Receive Fixed Rate		Termination Date		Premiums Received/ (Paid)		Value			Unrealized Depreciation

CDX.NA.IG.20
Deutsche Bank AG		Buy	$	7,400		1.00%		6/20/18	$	25,927	$	(52,710	)	$	26,783

See accompanying Notes to Financial Statements.

14 OPPENHEIMER CORE BOND FUND/VA

STATEMENTOF ASSETS AND LIABILITIES June 28, 2013¹ Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $169,263,957)	$	166,693,599
Affiliated companies (cost $21,518,986)		21,518,986

		188,212,585

Cash used for collateral on OTC derivatives		219,613

Receivables and other assets:
Investments sold (including $14,756,408 sold on a when-issued or delayed delivery basis)		23,023,856
Interest, dividends and principal paydowns		1,213,619
Variation margin receivable		65,412
Other		26,888

Total assets		212,761,973


Liabilities
Bank overdraft		9,736

Swaps, at value (premiums received $25,927)		52,710

Payables and other liabilities:
Investments purchased (including $42,574,071 purchased on a when-issued or delayed delivery basis)		50,587,334
Shares of beneficial interest redeemed		623,579
Trustees’ compensation		23,355
Shareholder communications		13,261
Transfer and shareholder servicing agent fees		12,643
Distribution and service plan fees		12,545
Variation margin payable		3,383
Other		21,997

Total liabilities		51,360,543


Net Assets	$	161,401,430



Composition of Net Assets
Par value of shares of beneficial interest	$	21,078

Additional paid-in capital		243,681,591

Accumulated net investment income		3,215,575

Accumulated net realized loss on investments		(82,673,433)

Net unrealized depreciation on investments		(2,843,381)

Net Assets	$	161,401,430


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 $102,204,550 and 13,294,984 shares of beneficial interest outstanding)	$	7.69

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $59,196,880 and 7,783,229 shares of beneficial interest outstanding)	$	7.61

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes

See accompanying Notes to Financial Statements.

15 OPPENHEIMER CORE BOND FUND/VA

STATEMENTOF OPERATIONS For the Six Months Ended June 28, 2013¹Unaudited



Investment Income
Interest (net of foreign withholding taxes of $821)	$	3,833,871

Fee income on when-issued securities		504,592

Dividends from affiliated companies		15,598

Other income		83,430

Total investment income		4,437,491


Expenses
Management fees		515,729

Distribution and service plan fees—Service shares		77,382

Transfer and shareholder servicing agent fees:
Non-Service shares		54,999
Service shares		30,988

Shareholder communications:
Non-Service shares		10,529
Service shares		5,891

Custodian fees and expenses		14,998

Trustees’ compensation		10,539

Other		29,951

Total expenses		751,006
Less waivers and reimbursements of expenses		(29,063)

Net expenses		721,943


Net Investment Income		3,715,548


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies		1,156,128
Closing and expiration of futures contracts		(25,569)
Swap contracts		(46,747)

Net realized gain		1,083,812

Net change in unrealized appreciation/depreciation on:
Investments		(7,812,493)
Futures contracts		(200,775)
Swap contracts		(26,783)

Net change in unrealized appreciation/depreciation		(8,040,051)


Net Decrease in Net Assets Resulting from Operations	$	(3,240,691)

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes

See accompanying Notes to Financial Statements.

16 OPPENHEIMER CORE BOND FUND/VA

STATEMENTSOF CHANGES IN NET ASSETS


	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012

Operations
Net investment income	$	3,715,548	$	7,917,484

Net realized gain		1,083,812		6,322,735

Net change in unrealized appreciation/depreciation		(8,040,051)		3,953,898

Net increase (decrease) in net assets resulting from operations		(3,240,691)		18,194,117


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(5,333,237)		(5,870,393)
Service shares		(3,004,981)		(3,356,788)

		(8,338,218)		(9,227,181)


Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(7,486,135)		(11,196,132)
Service shares		(1,216,949)		(652,679)

		(8,703,084)		(11,848,811)


Net Assets
Total decrease		(20,281,993)		(2,881,875)

Beginning of period		181,683,423		184,565,298

End of period (including accumulated net investment income of $3,215,575 and $7,838,245, respectively)	$	161,401,430	$	181,683,423

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes

See accompanying Notes to Financial Statements.

17 OPPENHEIMER CORE BOND FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010		Year Ended December 31, 2009		Year Ended December 31, 2008

Per Share Operating Data
Net asset value, beginning of period	$	8.26	$	7.88	$	7.73	$	7.07	$	6.45	$	11.06

Income (loss) from investment operations:
Net investment income²		0.18		0.35		0.36		0.40		0.48		0.66
Net realized and unrealized gain (loss)		(0.33)		0.44		0.25		0.40		0.14		(4.82)

Total from investment operations		(0.15)		0.79		0.61		0.80		0.62		(4.16)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.42)		(0.41)		(0.46)		(0.14)		0.00		(0.45)

Net asset value, end of period	$	7.69	$	8.26	$	7.88	$	7.73	$	7.07	$	6.45



Total Return, at Net Asset Value³		(1.89)%		10.29%		8.27%		11.42%		9.61%		(39.05)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	102,204	$	116,989	$	122,271	$	132,557	$	137,597	$	156,339

Average net assets (in thousands)	$	110,784	$	119,547	$	127,341	$	136,333	$	137,631	$	271,355

Ratios to average net assets:⁴
Net investment income		4.42%		4.34%		4.71%		5.32%		7.40%		6.76%
Total expenses⁵		0.78%		0.77%		0.77%		0.79%		0.75%		0.63%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75%		0.75%		0.75%		0.70%		0.61%		0.62%

Portfolio turnover rate⁶		63 %		140 %		99 %		98 %		143 %		51 %

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	0.79	%
Year Ended December 31, 2012	0.79	%
Year Ended December 30, 2011	0.79	%
Year Ended December 31, 2010	0.80	%
Year Ended December 31, 2009	0.76	%
Year Ended December 31, 2008	0.63	%

6. 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 28, 2013		$453,826,271		$487,912,701
Year Ended December 31, 2012		$930,202,858		$942,406,652
Year Ended December 30, 2011		$911,850,847		$909,531,196
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

See accompanying Notes to Financial Statements.

18 OPPENHEIMER CORE BOND FUND/VA


Service Shares	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010		Year Ended December 31, 2009		Year Ended December 31, 2008

Per Share Operating Data
Net asset value, beginning of period	$	8.17	$	7.79	$	7.65	$	6.99	$	6.41	$	10.98

Income (loss) from investment operations:
Net investment income²		0.17		0.33		0.34		0.37		0.46		0.63
Net realized and unrealized gain (loss)		(0.33)		0.44		0.24		0.41		0.12		(4.77)

Total from investment operations		(0.16)		0.77		0.58		0.78		0.58		(4.14)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.40)		(0.39)		(0.44)		(0.12)		0.00		(0.43)

Net asset value, end of period	$	7.61	$	8.17	$	7.79	$	7.65	$	6.99	$	6.41



Total Return, at Net Asset Value³		(2.05)%		10.17%		7.93%		11.28%		9.05%		(39.07)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	59,197	$	64,694	$	62,294	$	56,562	$	56,717	$	63,093

Average net assets (in thousands)	$	62,420	$	67,116	$	58,629	$	57,313	$	52,648	$	101,597

Ratios to average net assets:⁴
Net investment income		4.16%		4.07%		4.42%		5.06%		7.16%		6.55%
Total expenses⁵		1.03%		1.02%		1.02%		1.04%		1.01%		0.88%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00%		1.00%		1.00%		0.95%		0.86%		0.87%

Portfolio turnover rate⁶		63 %		140 %		99 %		98 %		143 %		51 %

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	1.04	%
Year Ended December 31, 2012	1.04	%
Year Ended December 30, 2011	1.04	%
Year Ended December 31, 2010	1.05	%
Year Ended December 31, 2009	1.02	%
Year Ended December 31, 2008	0.88	%

6. 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 28, 2013		$453,826,271		$487,912,701
Year Ended December 31, 2012		$930,202,858		$942,406,652
Year Ended December 30, 2011		$911,850,847		$909,531,196
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

See accompanying Notes to Financial Statements.

19 OPPENHEIMER CORE BOND FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Core Bond Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s main investment objective is to seek total return. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

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

As of June 28, 2013, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions

Purchased securities		$42,574,071
Sold securities		14,756,408

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 28, 2013 is as follows:


Cost	$	3,281,116
Market Value	$	227,476
Market Value as a % of Net Assets		0.14	%

20 OPPENHEIMER CORE BOND FUND/VA

1. Significant Accounting Policies (Continued)

During the fiscal year ended December 31, 2012, the Fund utilized $5,945,207 of capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended December 31, 2012 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring

2016	$	8,687,891
2017		75,069,850

Total	$	83,757,741

As of June 28, 2013, it is estimated that the capital loss carryforwards would be $82,673,929 expiring by 2017. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, 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 28, 2013, it is estimated that the Fund will utilize $1,083,812 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	190,825,465
Federal tax cost of other investments		(9,542,382)

Total federal tax cost	$	181,283,083

Gross unrealized appreciation	$	5,241,574
Gross unrealized depreciation		(8,127,516)

Net unrealized depreciation	$	(2,885,942)

21 OPPENHEIMER CORE BOND FUND/VA

NOTESTO 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. Securities Valuation

Valuation Methods and Inputs

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

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

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.

22 OPPENHEIMER CORE BOND FUND/VA

2. Securities Valuation (Continued)

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

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


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

Classifications

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

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

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

23 OPPENHEIMER CORE BOND FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / (Continued)

2. Securities Valuation (Continued)

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 28, 2013 based on valuation input level:


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

Assets Table
Investments, at Value:
Asset-Backed Securities	$	—		$	24,690,472		$	—	$	24,690,472
Mortgage-Backed Obligations		—			68,780,551			309,549		69,090,100
Corporate Bonds and Notes		—			69,461,818			—		69,461,818
U.S. Government Obligations		—			3,451,209			—		3,451,209
Investment Company		21,518,986			—			—		21,518,986

Total Investments, at Value		21,518,986			166,384,050		$	309,549		188,212,585
Other Financial Instruments:
Variation margin receivable		65,412			—			—		65,412

Total Assets	$	21,584,398		$	166,384,050		$	309,549	$	188,277,997


Liabilities Table
Other Financial Instruments:
Variation margin payable	$	(3,383	)	$	—		$	—	$	(3,383)
Swaps, at value		—			(52,710	)		—		(52,710)

Total Liabilities	$	(3,383	)	$	(52,710	)	$	—	$	(56,093)

3. 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 28, 2013				Year Ended December 31, 2012
	Shares		Amount		Shares		Amount

Non-Service Shares
Sold		284,152	$	2,358,549		1,396,350	$	11,307,630
Dividends and/or distributions reinvested		682,873		5,333,237		749,731		5,870,393
Redeemed		(1,832,690)		(15,177,921)		(3,505,581)		(28,374,155)

Net decrease		(865,665)	$	(7,486,135)		(1,359,500)	$	(11,196,132)


Service Shares
Sold		1,065,457	$	8,781,923		3,789,524	$	30,414,887
Dividends and/or distributions reinvested		388,743		3,004,981		433,134		3,356,788
Redeemed		(1,593,831)		(13,003,853)		(4,293,364)		(34,424,354)

Net decrease		(139,631)	$	(1,216,949)		(70,706)	$	(652,679)

4. 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 28, 2013, were as follows:


	Purchases		Sales

Investment securities	$	82,714,317	$	87,810,116
U.S. government and government obligations		4,952,730		6,493,536
To Be Announced (TBA) mortgage-related securities		453,826,271		478,912,701

5. 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

24 OPPENHEIMER CORE BOND FUND/VA

5. Fees and Other Transactions with Affiliates (Continued)

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; 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 28, 2013, the Manager waived fees and/or reimbursed the Fund $10,930 and $6,364 for Non-Service and Service shares, respectively.

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

6. 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.

25 OPPENHEIMER CORE BOND FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / (Continued)

6. Risk Exposures and the Use of Derivative Instruments (Continued)

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

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, financial instrument or currency at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

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 28, 2013, the Fund had an ending monthly average market value of $9,561,932 and $34,794,313 on futures contracts purchased and sold, respectively.

Swap Contracts

26 OPPENHEIMER CORE BOND FUND/VA

6. Risk Exposures and the Use of Derivative Instruments (Continued)

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

For the six months ended June 28, 2013, the Fund had ending monthly average notional amounts of $1,057,143 on credit default swaps to buy protection.

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

Certain ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. As of June 28, 2013, the aggregate fair value of derivative instruments with such credit related contingent features in a net liability position was $52,710 for which the Fund has posted collateral of $219,613.

27 OPPENHEIMER CORE BOND FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / (Continued)

6. Risk Exposures and the Use of Derivative Instruments (Continued)

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral posted for the benefit of the Fund at June 28, 2013:


		Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Amount of Assets in the Statement of Assets and Liabilities*	Financial Instruments Available for Offset	Financial Instruments Collateral Received**	Cash Collateral Received**	Net Amount


Deutsche Bank AG	$ —	$ —	$ —	$ —	$ —

*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to cleared swaps and futures are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The following table presents by counterparty the Fund’s OTC derivative liabilities net of the related collateral pledged by the Fund at June 28, 2013:


		Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Amount of Liabilities in the Statement of Assets and Liabilities*	Financial Instruments Available for Offset	Financial Instruments Collateral Pledged**	Cash Collateral Pledged**	Net Amount


Deutsche Bank AG	$ (52,710)	$ —	$ —	$ 52,710	$ —

*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to cleared swaps and futures are excluded from these reported amounts.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities as of June 28, 2013:

Asset Derivatives

Liability Derivatives

Derivatives Not Accounted for as Hedging
Instruments

Statement of Assets and
Liabilities Location

Value

Statement of Assets and
Liabilities Location

Value

Credit contracts

—

Swaps, at value

52,710

Interest rate contracts

Variation margin receivable

65,412

Variation margin payable

3,383

Total

65,412

56,093

*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.

28 OPPENHEIMER CORE BOND FUND/VA

6. 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	Closing and expiration of futures contracts		Swap contracts		Total


Credit contracts	$	—	$	(46,747)	$	(46,747)

Interest rate contracts		(25,569)		—		(25,569)


Total	$	(25,569)	$	(46,747)	$	(72,316)


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

Derivatives Not Accounted for as Hedging Instruments	Futures contracts		Swap contracts		Total


Credit contracts	$	—	$	(26,783)	$	(26,783)

Interest rate contracts		(220,775)		—		(220,775)


Total	$	(220,775)	$	(26,783)	$	(247,558)

7. Restricted Securities

8. Pending Litigation

29 OPPENHEIMER CORE BOND FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / (Continued)

8. Pending Litigation (Continued)

30 OPPENHEIMER CORE BOND FUND/VA

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

31 OPPENHEIMER CORE BOND FUND/VA

OPPENHEIMER CORE BOND FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Krishna Memani, Vice President
		Peter A. Strzalkowski, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		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

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc. DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		K&L Gates LLP

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

LOGO

Portfolio Manager: Rajeev Bhaman, CFA


Cumulative Total Returns For the 6-Month Period Ended 6/28/13¹
Non-Service Shares		7.96%
Service Shares		7.85
Class 3 Shares		8.00
Class 4 Shares		7.81
Average Annual Total Returns For the Periods Ended 6/28/13¹
	1-Year		5-Year		10-Year
Non-Service Shares		24.83%		6.09%	9.77%
Service Shares		24.53%		5.83%	9.51%
Class 3 Shares		24.83%		6.09%	9.76%

	1-Year		5-Year		Since Inception (5/3/04)
Class 4 Shares		24.49%		5.82%	7.24%

1. June 28, 2013, was the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements

TOP TEN COMMON STOCK HOLDINGS


Telefonaktiebolaget LM Ericsson, Cl. B				3.2%
European Aeronautic Defence & Space Co.				2.6
Google, Inc., Cl. A				2.5
WellPoint, Inc.				2.2
eBay, Inc.				2.1
SAP AG				2.1
Walt Disney Co. (The)				2.1
UBS AG				2.0
Bayerische Motoren Werke (BMW) AG, Preference				1.9
LVMH Moet Hennessy Louis Vuitton SA				1.8


Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

REGIONAL ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on the total market value of investments.

2 OPPENHEIMER GLOBAL FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 7.96% for the period, outperforming the MSCI All Country World Index (the “Index”), which returned 6.05%. The Fund received meaningful contributions from holdings in health care, information technology, industrials and consumer discretionary. Detractors were limited this period, with energy being the only sector that produced a slight negative return. The Fund underperformed the MSCI World Index, which returned 8.43% during the period. The Fund has changed its benchmark from the MSCI World Index to the MSCI All Country World Index, which it believes is a more appropriate measure of the Fund’s performance.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

Equities performed positively for the period as central banks throughout the world, including the United States, Europe and Japan, took steps to maintain highly accommodative monetary policy and stimulate their respective economies. In addition, a clear recovery in the U.S. provided further support for equity markets. However, later in the period, the Federal Reserve (the “Fed”) appeared to weigh the merits of backing away from its quantitative easing policy. As a result, the markets sold off sharply and made a quick reappraisal of interest rate risk in an array of credit markets and related currencies. Equities, particularly those in emerging markets, experienced spillover effects as a result.

TOP INDIVIDUAL CONTRIBUTORS

During the period, the Fund’s strongest performing holding was European Aeronautic Defence & Space Co. (“EADS”). EADS is the Franco-German manufacturer of Airbus airplanes. Sales and orders in the commercial aircraft business continued to grow apace as did margins. Expectations of future margin improvement also contributed to its performance. EADS has a defense business that is roughly 15% of its sales, a percentage significantly below that of its chief rival, Boeing, and has therefore been less affected by declining defense spending in the U.S. and Europe.

Also benefiting performance were WellPoint, Inc., Aetna, Inc., KDDI Corp. and Telefonaktiebolaget LM Ericsson (“Ericsson”). WellPoint is a North American health insurance company. The early concern that the Patient Protection and Affordable Care Act (also known as “Obamacare”) would supplant the private insurance market has not come to pass. Moreover, our thesis has been that WellPoint is part of the solution to rising healthcare costs. The early indications from discussions around the health exchanges, both public and private, seem less negative than most were imagining, and this has been a plus for the stock. We have a similar view for Aetna. Generally, higher interest rates are helpful in managing the liability book, and similar to WellPoint, the economics of Obamacare look better than many feared. KDDI is a Japanese telecommunications firm that offers fixed line and mobile telephony, and digital TV. The company has been gaining share with a “triple play” offering and the company began to wind down a large scale investment phase, improving business economics. Ericsson is a world-leading provider of telecommunications equipment and related services to mobile and fixed network operators. The company announced strong equipment sales growth as North American operators increased their capital expenditure spending significantly.

TOP INDIVIDUAL DETRACTORS

The most significant detractors from performance were DLF Ltd., LVMH Moet Hennessy Louis Vuitton SA, Fusion-io, Inc. and Technip SA. DLF, the largest real estate company in India, raised capital to meet the regulatory criteria for public listing. We were happy to participate in the offering and believe the market’s near-term concerns are overblown. Shares of luxury goods company LVMH Moet Hennessy Louis Vuitton fluctuated as the company experienced declines in April due to weakened demand growth in Asia. Fusion-io produces flash-enabled server accelerator cards, which allow servers to better process information in real-time. The company also has a unique software portfolio that may obviate the traditional disk array model for storage. The stock underperformed during the reporting period due to a management transition and reported revenues that fell short of aggressive projections as the company’s two biggest clients, Apple and Facebook, slowed their data center expansion. Growth in sales to other customers accelerated and the customer base of large companies continues to expand. We believe that the data storage market will increasingly move toward solid state technology and that Fusion-io’s intellectual property in the area is very good. Technip is a global oil service company that suffered from investors’ negative read-through of competitor Saipem’s poor results. Technip, by contrast, announced results in line with analyst expectations, but investors’ caution on the sector led to the sell-off.

STRATEGY & OUTLOOK

Regardless of whether we are in a fast or a slow growth world, we believe the companies in the Fund have the potential to grow at above the general rate of the economies in which they operate by virtue of the secular currents driving them and their advantages globally. We have a long-term investment horizon and build the portfolio from the bottom up, focusing on businesses advantaged by long-term trends. We invest in companies that we believe are capable of producing solid and sustainable growth through the business cycle, that have made strong returns on invested capital, and that demonstrate good cash flow generation characteristics. We are patient investors and wait for those companies to be out of favor so they are reasonably priced when we buy.

In our opinion, the volatility seen during the period was probably inevitable. Fed policy will change, though the timing remains hard to judge. Though there was some spillover to equity markets, we see the excesses as being largely in the fixed income realm. Equities still seem buoyed by a steep yield curve, valuations that are not high, and a persistent apathy on the part of investors. Until those shift, it seems to us the environment for equities will remain generally

3 OPPENHEIMER GLOBAL FUND/VA

favorable. In the current environment, we are currently focused on adding to our positions in a variety of well positioned financial companies. We believe these companies have the potential to benefit from higher interest rates and wider credit spreads.

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. or its affiliates.

4 OPPENHEIMER GLOBAL 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 28, 2013.


Actual	Beginning Account Value January 1, 2013			Ending Account Value June 28, 2013			Expenses Paid During 6 Months Ended June 28, 2013
Non-Service shares		$	1,000.00		$	1,079.60		$	3.88
Service shares			1,000.00			1,078.50			5.16
Class 3 shares			1,000.00			1,080.00			3.88
Class 4 shares			1,000.00			1,078.10			5.16

Hypothetical (5% return before expenses)
Non-Service shares			1,000.00			1,020.79			3.77
Service shares			1,000.00			1,019.57			5.01
Class 3 shares			1,000.00			1,020.79			3.77
Class 4 shares			1,000.00			1,019.57			5.01


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

5 OPPENHEIMER GLOBAL FUND/VA

STATEMENTOF INVESTMENTS June 28, 2013* / Unaudited


	Shares		Value
Common Stocks—99.3%
Consumer Discretionary—14.9%
Automobiles—1.9%
Bayerische Motoren Werke (BMW) AG, Preference		742,204	$	50,641,365
Hotels, Restaurants & Leisure—2.0%
Gtech SpA		441,534		11,051,918
McDonald’s Corp.		437,210		43,283,790
				54,335,708
Media—3.4%
Grupo Televisa SAB, Sponsored ADR		843,085		20,942,231
Walt Disney Co. (The)		863,910		54,555,916
Zee Entertainment Enterprises Ltd.		4,021,146		15,939,495
				91,437,642
Specialty Retail—2.9%
Industria de Diseno Textil SA (Inditex)		337,230		41,598,185
Tiffany & Co.		462,310		33,674,660
				75,272,845
Textiles, Apparel & Luxury Goods—4.7%
Brunello Cucinelli SpA		143,920		3,554,976
Kering		239,560		48,491,326
LVMH Moet Hennessy Louis Vuitton SA		303,290		48,840,735
Tod’s SpA		170,264		23,970,687
				124,857,724
Consumer Staples—7.3%
Beverages—2.7%
Carlsberg AS, Cl. B		166,415		14,853,576
Companhia de Bebidas das Americas, Preference, ADR		566,775		21,169,046
Fomento Economico Mexicano SAB de CV, Sponsored ADR		347,725		35,881,743
				71,904,365
Food Products—2.8%
Nestle SA		443,666		29,018,607
Unilever plc		1,125,533		45,709,446
				74,728,053
Household Products—1.8%
Colgate-Palmolive Co.		844,360		48,373,384
Energy—3.3%
Energy Equipment & Services—2.6%
Technip SA		449,300		45,410,501
Transocean Ltd.		491,642		23,574,234
				68,984,735
Oil, Gas & Consumable Fuels—0.7%
Repsol SA		936,081		19,733,671
Financials—19.9%
Capital Markets—5.2%
Credit Suisse Group AG¹		889,560		23,584,627
Deutsche Bank AG		809,562		33,866,713
Goldman Sachs Group, Inc. (The)		186,020		28,135,525
UBS AG¹		3,066,022		52,086,544
				137,673,409
Commercial Banks—5.0%
Banco Bilbao Vizcaya Argentaria SA		3,674,979		30,602,306
ICICI Bank Ltd., Sponsored ADR		866,650		33,149,363
Itau Unibanco Holding SA, Preference, ADR		1,761,359		22,756,759
Societe Generale		408,739		13,917,841
Sumitomo Mitsui Financial Group, Inc.		611,300		28,048,655
				128,474,924
Diversified Financial Services—4.0%
BM&FBovespa SA		4,057,200		22,273,825
Citigroup, Inc.		673,930		32,328,422
McGraw Hill Financial, Inc.		800,010		42,552,532
Moscow Exchange (The)		7,590,562		11,385,843
				108,540,622
Insurance—4.8%
Allianz SE		293,736		42,897,314
Dai-ichi Life Insurance Co. Ltd. (The)		21,019		30,421,929
Fidelity National Financial, Inc., Cl. A		667,850		15,901,508
Prudential plc		2,348,997		38,616,685
				127,837,436


	Shares		Value
Real Estate Management & Development—0.9%
DLF Ltd.		7,926,821	$	24,017,038
Health Care—12.9%
Biotechnology—3.4%
Gilead Sciences, Inc.¹		531,220		27,203,776
Medivation, Inc.¹		146,080		7,187,136
Theravance, Inc.¹		628,750		24,225,738
ThromboGenics NV¹		93,034		3,566,847
Vertex Pharmaceuticals, Inc.¹		355,310		28,378,610
				90,562,107
Health Care Equipment & Supplies—1.7%
St. Jude Medical, Inc.		290,950		13,276,049
Zimmer Holdings, Inc.		410,310		30,748,631
				44,024,680
Health Care Providers & Services—3.9%
Aetna, Inc.		701,370		44,565,050
WellPoint, Inc.		723,555		59,215,741
				103,780,791
Pharmaceuticals—3.9%
Allergan, Inc.		204,240		17,205,178
Bayer AG		381,153		40,633,483
Roche Holding AG		124,843		30,934,144
Shire plc		501,510		15,909,402
				104,682,207
Industrials—12.4%
Aerospace & Defense—3.7%
Embraer SA, ADR		799,363		29,488,501
European Aeronautic Defence & Space Co.		1,291,180		68,658,634
				98,147,135
Air Freight & Couriers—1.1%
United Parcel Service, Inc., Cl. B		332,220		28,730,386
Building Products—1.5%
Assa Abloy AB, Cl. B		1,026,328		40,009,679
Construction & Engineering—0.5%
FLSmidth & Co. AS		320,615		14,580,912
Electrical Equipment—2.1%
Emerson Electric Co.		424,080		23,129,323
Nidec Corp.		264,800		18,477,674
Prysmian SpA		683,464		12,707,491
				54,314,488
Industrial Conglomerates—2.9%
3M Co.		364,260		39,831,831
Siemens AG		355,033		35,873,492
				75,705,323
Machinery—0.6%
FANUC Corp.		114,600		16,617,823
Information Technology—25.1%
Communications Equipment—4.2%
Juniper Networks, Inc.¹		1,401,130		27,055,820
Telefonaktiebolaget LM Ericsson, Cl. B		7,532,599		85,399,587
				112,455,407
Computers & Peripherals—0.5%
Fusion-io, Inc.¹		854,680		12,170,643
Electronic Equipment, Instruments, & Components—3.7%
Keyence Corp.		106,711		34,057,014
Kyocera Corp.		213,300		21,712,814
Murata Manufacturing Co. Ltd.		542,200		41,279,050
				97,048,878
Internet Software & Services—5.2%
eBay, Inc.¹		1,097,000		56,736,840
Facebook, Inc., Cl. A¹		652,520		16,221,647
Google, Inc., Cl. A¹		74,410		65,508,332
				138,466,819
IT Services—0.8%
Infosys Ltd.		524,853		21,930,051
Semiconductors & Semiconductor Equipment—4.2%
Altera Corp.		1,359,300		44,843,307
Maxim Integrated Products, Inc.		1,395,465		38,766,018
Taiwan Semiconductor Manufacturing Co. Ltd.		7,678,184		27,787,331
				111,396,656

6 OPPENHEIMER GLOBAL FUND/VA


	Shares		Value

Software—6.5%
Adobe Systems, Inc.¹		899,003	$	40,958,577

Intuit, Inc.		632,320		38,590,490

Microsoft Corp.		1,129,440		38,999,563

SAP AG		772,834		56,591,482

				175,140,112

Materials—1.2%

Chemicals—1.0%
Linde AG		141,771		26,398,377

Metals & Mining—0.2%
Iluka Resources Ltd.		541,600		4,889,815

Telecommunication Services—1.8%

Wireless Telecommunication Services—1.8%
KDDI Corp.		913,500		47,530,593

Utilities—0.5%

Electric Utilities—0.5%
Fortum OYJ		719,111		13,433,501

Total Common Stocks
(Cost $1,685,967,793)				2,638,829,304


	Units		Value
Rights, Warrants and Certificates—0.0%
Groupe FNAC SA Rts., Strike Price 0.0001EUR, Exp. 5/15/15¹		160,065	$	417,322

Repsol SA Rts., Strike Price 0.0001EUR, Exp. 7/4/13¹		941,827		524,698

Total Rights, Warrants and Certificates (Cost $—)				942,020

	Shares
Investment Company—0.2%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.11%^2,3
(Cost $4,936,566)		4,936,566		4,936,566

Total Investments,at Value
(Cost $1,690,904,359)		99.5%		2,644,707,890

Assets in Excess of Other Liabilities		0.5		13,296,425

Net Assets		100.0%	$	2,658,004,315

Footnotes to Statement of Investments

* June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

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

EUR European Dollar

1. Non-income producing security.

2. Rate shown is the 7-day yield as of June 28, 2013.


	Shares December 31, 2012		Gross Additions		Gross Reductions		Shares June 28, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		30,612,139		139,238,123		164,913,696		4,936,566

					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	4,936,566	$	7,600

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


Geographic Holdings	Value			Percent
United States		$	1,050,865,223		39.8%
Germany			286,902,226		10.9
Japan			238,145,552		9.0
France			157,077,725		5.9
Switzerland			135,623,922		5.1
Sweden			125,409,266		4.7
Brazil			95,688,131		3.7
India			95,035,947		3.6
Spain			92,458,860		3.5
United Kingdom			84,326,131		3.2
Netherlands			68,658,634		2.6
Mexico			56,823,974		2.1
Italy			51,285,072		1.9
Denmark			29,434,488		1.1
Taiwan			27,787,331		1.1
Ireland			15,909,402		0.6
Finland			13,433,501		0.5
Russia			11,385,843		0.4
Australia			4,889,815		0.2
Belgium			3,566,847		0.1

Total		$	2,644,707,890		100.0%

See accompanying Notes to Financial Statements.

7 OPPENHEIMER GLOBAL FUND/VA

STATEMENTOF ASSETS AND LIABILITIES June 28, 2013¹ / Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,685,967,793)	$	2,639,771,324
Affiliated companies (cost $4,936,566)		4,936,566

		2,644,707,890

Cash		1,124,144

Receivables and other assets:
Investments sold		17,469,798
Dividends		2,445,972
Other		223,143

Total assets		2,665,970,947

Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		4,008,279
Investments purchased		3,271,705
Distribution and service plan fees		231,640
Transfer and shareholder servicing agent fees		207,120
Shareholder communications		91,333
Trustees’ compensation		76,672
Other		79,883

Total liabilities		7,966,632

Net Assets	$	2,658,004,315



Composition of Net Assets
Par value of shares of beneficial interest	$	76,961

Additional paid-in capital		1,640,960,343

Accumulated net investment income		23,611,706

Accumulated net realized gain on investments and foreign currency transactions		39,587,794

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		953,767,511

Net Assets	$	2,658,004,315


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 $1,279,191,148 and 36,918,425 shares of beneficial interest outstanding)		$34.65

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,131,061,263 and 32,912,532 shares of beneficial interest outstanding)		$34.37

Class 3 Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $169,700,603 and 4,863,088 shares of beneficial interest outstanding)		$34.90

Class 4 Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $78,051,301 and 2,266,706 shares of beneficial interest outstanding)		$34.43

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

8 OPPENHEIMER GLOBAL FUND/VA

STATEMENTOF OPERATIONS For the Six Months Ended June 28, 2013¹ / Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $3,960,510)	$	35,666,375
Affiliated companies		7,600

Interest		632

Total investment income		35,674,607


Expenses
Management fees		8,514,248

Distribution and service plan fees:
Service shares		1,445,119
Class 4 shares		96,885

Transfer and shareholder servicing agent fees:
Non-Service shares		646,479
Service shares		579,410
Class 3 shares		85,265
Class 4 shares		38,846

Shareholder communications:
Non-Service shares		43,071
Service shares		38,559
Class 3 shares		5,678
Class 4 shares		2,572

Custodian fees and expenses		138,464

Trustees’ compensation		35,467

Other		231,497

Total expenses		11,901,560
Less waivers and reimbursements of expenses		(5,647)

Net expenses		11,895,913


Net Investment Income		23,778,694


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies		77,939,241
Foreign currency transactions		(286,578)

Net realized gain		77,652,663

Net change in unrealized appreciation/depreciation on:
Investments		148,432,488
Translation of assets and liabilities denominated in foreign currencies		(43,281,919)

Net change in unrealized appreciation/depreciation		105,150,569


Net Increase in Net Assets Resulting from Operations	$	206,581,926

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

9 OPPENHEIMER GLOBAL FUND/VA

STATEMENTSOF CHANGES IN NET ASSETS


	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012

Operations
Net investment income	$	23,778,694	$	34,224,709

Net realized gain		77,652,663		20,787,143

Net change in unrealized appreciation/depreciation		105,150,569		427,241,919

Net increase in net assets resulting from operations		206,581,926		482,253,771


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(18,448,869)		(25,848,197)
Service shares		(13,851,659)		(20,625,132)
Class 3 shares		(2,430,857)		(3,444,499)
Class 4 shares		(953,729)		(1,338,372)

		(35,685,114)		(51,256,200)


Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(53,769,152)		(120,462,188)
Service shares		(73,933,681)		(57,616,385)
Class 3 shares		(5,367,353)		(21,486,893)
Class 4 shares		(2,190,777)		(4,855,491)

		(135,260,963)		(204,420,957)


Net Assets
Total increase		35,635,849		226,576,614

Beginning of period		2,622,368,466		2,395,791,852


End of period (including accumulated net investment income of $ 23,611,706 and $ 35,518,126, respectively)	$	2,658,004,315	$	2,622,368,466

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes

See accompanying Notes to Financial Statements.

10 OPPENHEIMER GLOBAL FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010		Year Ended December 31, 2009		Year Ended December 31, 2008

Per Share Operating Data
Net asset value, beginning of period	$	32.55	$	27.46	$	30.30	$	26.50	$	20.21	$	36.60

Income (loss) from investment operations:
Net investment income²		0.32		0.44		0.65		0.33		0.33		0.55
Net realized and unrealized gain (loss)		2.28		5.29		(3.11)		3.85		6.94		(14.46)

Total from investment operations		2.60		5.73		(2.46)		4.18		7.27		(13.91)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.50)		(0.64)		(0.38)		(0.38)		(0.50)		(0.46)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.48)		(2.02)

Total dividends and/or distributions to shareholders		(0.50)		(0.64)		(0.38)		(0.38)		(0.98)		(2.48)

Net asset value, end of period	$	34.65	$	32.55	$	27.46	$	30.30	$	26.50	$	20.21


Total Return, at Net Asset Value³		7.96%		21.27%		(8.29)%		15.96%		39.77%		(40.19)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,279,191	$	1,252,127	$	1,165,141	$	1,410,764	$	1,364,597	$	1,150,113

Average net assets (in thousands)	$	1,311,363	$	1,206,244	$	1,335,403	$	1,336,110	$	1,206,240	$	1,679,720

Ratios to average net assets:⁴
Net investment income		1.87%		1.48%		2.17%		1.22%		1.51%		1.95%
Total expenses⁵		0.76%		0.76%		0.76%		0.76%		0.75%		0.65%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76%		0.76%		0.76%		0.76%		0.75%		0.65%

Portfolio turnover rate		8%		14%		13%		15%		11%		19%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	0.76	%
Year Ended December 31, 2012	0.76	%
Year Ended December 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	%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER GLOBAL FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010		Year Ended December 31, 2009		Year Ended December 31, 2008

Per Share Operating Data
Net asset value, beginning of period	$	32.25	$	27.21	$	30.04	$	26.28	$	20.02	$	36.27

Income (loss) from investment operations:
Net investment income²		0.28		0.36		0.56		0.26		0.27		0.47
Net realized and unrealized gain (loss)		2.26		5.25		(3.08)		3.82		6.90		(14.32)

Total from investment operations		2.54		5.61		(2.52)		4.08		7.17		(13.85)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.42)		(0.57)		(0.31)		(0.32)		(0.43)		(0.38)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.48)		(2.02)

Total dividends and/or distributions to shareholders		(0.42)		(0.57)		(0.31)		(0.32)		(0.91)		(2.40)

Net asset value, end of period	$	34.37	$	32.25	$	27.21	$	30.04	$	26.28	$	20.02


Total Return, at Net Asset Value³		7.85%		20.95%		(8.53)%		15.70%		39.36%		(40.33)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,131,061	$	1,130,388	$	1,003,839	$	1,101,584	$	980,485	$	772,107

Average net assets (in thousands)	$	1,175,347	$	1,069,295	$	1,091,128	$	997,627	$	830,887	$	1,051,239

Ratios to average net assets:⁴
Net investment income		1.61%		1.23%		1.90%		0.96%		1.23%		1.70%
Total expenses⁵		1.01%		1.01%		1.01%		1.01%		1.00%		0.90%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01%		1.01%		1.01%		1.01%		1.00%		0.90%

Portfolio turnover rate		8%		14%		13%		15%		11%		19%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	1.01	%
Year Ended December 31, 2012	1.01	%
Year Ended December 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	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER GLOBAL FUND/VA


Class 3 Shares	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010		Year Ended December 31, 2009		Year Ended December 31, 2008

Per Share Operating Data
Net asset value, beginning of period	$	32.77	$	27.65	$	30.50	$	26.67	$	20.34	$	36.82

Income (loss) from investment operations:
Net investment income²		0.33		0.44		0.66		0.33		0.33		0.56
Net realized and unrealized gain (loss)		2.30		5.32		(3.13)		3.88		6.98		(14.56)

Total from investment operations		2.63		5.76		(2.47)		4.21		7.31		(14.00)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.50)		(0.64)		(0.38)		(0.38)		(0.50)		(0.46)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.48)		(2.02)

Total dividends and/or distributions to shareholders		(0.50)		(0.64)		(0.38)		(0.38)		(0.98)		(2.48)

Net asset value, end of period	$	34.90	$	32.77	$	27.65	$	30.50	$	26.67	$	20.34


Total Return, at Net Asset Value³		8.00%		21.23%		(8.27)%		15.97%		39.70%		(40.19)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	169,701	$	164,477	$	158,343	$	202,621	$	206,356	$	175,971

Average net assets (in thousands)	$	172,951	$	160,752	$	187,804	$	196,495	$	182,553	$	269,650

Ratios to average net assets:⁴
Net investment income		1.87%		1.49%		2.17%		1.22%		1.49%		1.95%
Total expenses⁵		0.76%		0.76%		0.76%		0.76%		0.75%		0.65%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76%		0.76%		0.76%		0.76%		0.75%		0.65%

Portfolio turnover rate		8%		14%		13%		15%		11%		19%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	0.76	%
Year Ended December 31, 2012	0.76	%
Year Ended December 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	%

See accompanying Notes to Financial Statements.

13 OPPENHEIMER GLOBAL FUND/VA

FINANCIAL HIGHLIGHTS Continued


Class 4 Shares	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010		Year Ended December 31, 2009		Year Ended December 31, 2008

Per Share Operating Data
Net asset value, beginning of period	$	32.32	$	27.26	$	30.08	$	26.32	$	20.03	$	36.28

Income (loss) from investment operations:
Net investment income²		0.28		0.37		0.57		0.26		0.27		0.47
Net realized and unrealized gain (loss)		2.26		5.25		(3.08)		3.82		6.92		(14.34)

Total from investment operations		2.54		5.62		(2.51)		4.08		7.19		(13.87)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.43)		(0.56)		(0.31)		(0.32)		(0.42)		(0.36)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.48)		(2.02)

Total dividends and/or distributions to shareholders		(0.43)		(0.56)		(0.31)		(0.32)		(0.90)		(2.38)

Net asset value, end of period	$	34.43	$	32.32	$	27.26	$	30.08	$	26.32	$	20.03


Total Return, at Net Asset Value³		7.81%		20.95%		(8.49)%		15.67%		39.38%		(40.35)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	78,051	$	75,376	$	68,469	$	81,866	$	78,043	$	63,099

Average net assets (in thousands)	$	78,794	$	69,764	$	78,655	$	76,519	$	66,965	$	93,909

Ratios to average net assets:⁴
Net investment income		1.61%		1.25%		1.93%		0.97%		1.22%		1.69%
Total expenses⁵		1.01%		1.01%		1.01%		1.01%		1.00%		0.91%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01%		1.01%		1.01%		1.01%		1.00%		0.91%

Portfolio turnover rate		8%		14%		13%		15%		11%		19%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	1.01	%
Year Ended December 31, 2012	1.01	%
Year Ended December 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	%

See accompanying Notes to Financial Statements.

14 OPPENHEIMER GLOBAL FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Global Fund/VA (the “Fund”), formerly Oppenheimer Global Securities Fund/VA, is a separate series of Oppenheimer Variable Account Funds, a diversified 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 OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

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 classes 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.

During the fiscal year ended December 31, 2012, the Fund utilized $9,221,730 of capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had post-October losses of $2,236,307. Details of the fiscal year ended December 31, 2012 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring
2017		$9,934,353

15 OPPENHEIMER GLOBAL FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies (Continued)

As of June 28, 2013, it is estimated that the Fund will have no capital loss carryforwards. During the six months ended June 28, 2013, it is estimated that the Fund will utilize $12,170,660 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	1,715,329,373


Gross unrealized appreciation	$	999,212,347
Gross unrealized depreciation		(69,833,830)

Net unrealized appreciation	$	929,378,517

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.

16 OPPENHEIMER GLOBAL FUND/VA

2. Securities Valuation

Valuation Methods and Inputs

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

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

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.

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


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

17 OPPENHEIMER GLOBAL FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation (Continued)

valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

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

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 28, 2013 based on valuation input level:


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

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	152,456,597	$	244,088,687	$	—	$	396,545,284
Consumer Staples		105,424,173		89,581,629		—		195,005,802
Energy		23,574,234		65,144,172		—		88,718,406
Financials		174,824,109		351,719,320		—		526,543,429
Health Care		252,005,909		91,043,876		—		343,049,785
Industrials		121,180,041		206,925,705		—		328,105,746
Information Technology		379,851,237		288,757,329		—		668,608,566
Materials		—		31,288,192		—		31,288,192
Telecommunication Services		—		47,530,593		—		47,530,593
Utilities		—		13,433,501		—		13,433,501
Rights, Warrants and Certificates		—		942,020		—		942,020
Investment Company		4,936,566		—		—		4,936,566

Total Assets	$	1,214,252,866	$	1,430,455,024	$	—	$	2,644,707,890

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


	Transfers out of Level 1*		Transfers into Level 2*

Assets Table
Investments, at Value:
Commons Stocks
Consumer Discretionary	$	(56,375,412)	$	56,375,412
Consumer Staples		(29,739,726)		29,739,726
Financials		(79,568,248)		79,568,248
Health Care		(43,061,629)		43,061,629
Industrials		(57,122,804)		57,122,804
Information Technology		(121,877,094)		121,877,094
Materials		(25,410,199)		25,410,199

Total Assets	$	(413,155,112)	$	413,155,112

3. 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:

18 OPPENHEIMER GLOBAL FUND/VA

3. Shares of Beneficial Interest (Continued)


	Six Months Ended June 28, 2013						Year Ended December 31, 2012
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		1,109,563		$	38,607,970			2,022,136		$	59,619,398
Dividends and/or distributions reinvested		517,530			18,448,869			923,150			25,848,197
Redeemed		(3,178,792	)		(110,825,991)			(6,899,218	)		(205,929,783)

Net decrease		(1,551,699	)	$	(53,769,152)			(3,953,932	)	$	(120,462,188)



Service Shares
Sold		866,802		$	30,019,621			3,066,046		$	88,602,553
Dividends and/or distributions reinvested		391,733			13,851,659			742,178			20,625,132
Redeemed		(3,394,221	)		(117,804,961)			(5,645,732	)		(166,844,070)

Net decrease		(2,135,686	)	$	(73,933,681)			(1,837,508	)	$	(57,616,385)



Class 3 Shares
Sold		158,668		$	5,562,919			174,260		$	5,155,447
Dividends and/or distributions reinvested		67,712			2,430,857			122,145			3,444,499
Redeemed		(381,744	)		(13,361,129)	¹		(1,004,527	)		(30,086,839)²

Net decrease		(155,364	)	$	(5,367,353)			(708,122	)	$	(21,486,893)



Class 4 Shares
Sold		117,283		$	4,066,477			242,463		$	7,528,786
Dividends and/or distributions reinvested		26,919			953,729			48,074			1,338,372
Redeemed		(209,897	)		(7,210,983)	¹		(469,722	)		(13,722,649)²

Net decrease		(65,695	)	$	(2,190,777)			(179,185	)	$	(4,855,491)

1. Net of redemption fees of $10,150 and $3,255 for Class 3 and Class 4, respectively.

2. Net of redemption fees of $7,643 and $1,566 for Class 3 and Class 4, respectively.

4. 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 28, 2013, were as follows:


	Purchases		Sales

Investment securities		$227,160,239		$369,794,975

5. 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

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

19 OPPENHEIMER GLOBAL FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

5. Fees and Other Transactions with Affiliates (Continued)

the Plan, payments are made 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 expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 1.00% for Non-Service and Class 3 shares and 1.25% for Service and Class 4 shares

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

6. Pending Litigation

20 OPPENHEIMER GLOBAL FUND/VA

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

21 OPPENHEIMER GLOBAL FUND/VA

OPPENHEIMER GLOBAL FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Rajeev Bhaman, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		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

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc. DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		K&L Gates LLP

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

LOGO


June 30, 2013
	Oppenheimer Main Street Fund^®/VA A Series of Oppenheimer Variable Account Funds	Semiannual Report

	SEMIANNUAL REPORT Listing of Top Holdings Fund Performance Discussion Financial Statements

LOGO

Portfolio Managers: Manind (“Mani”) Govil, CFA and Benjamin Ram

Cumulative Total Returns

For the 6-Month Period Ended 6/28/13¹


Non-Service Shares		11.23	%
Service Shares		11.08
Average Annual Total Returns For the Periods Ended 6/28/13¹
	1-Year			5-Year		10-Year
Non-Service Shares		19.24	%		5.66%		6.66%
Service Shares		18.93	%		5.40%		6.40%

1. June 28, 2013, was the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.


TOP TEN COMMON STOCK HOLDINGS
JPMorgan Chase & Co.	4.8	%
Apple, Inc.	4.5
Philip Morris International, Inc.	4.3
International Business Machines Corp.	3.7
Chevron Corp.	3.4
eBay, Inc.	3.4
National Oilwell Varco, Inc.	3.2
Covidien plc	3.2
Express Scripts Holding Co.	3.1
CIT Group, Inc.	2.7

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on the total market value of common stocks.

2 OPPENHEIMER MAIN STREET FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 11.23% during the period, underperforming the S&P 500 Index (the “Index”), which returned 13.82%. The Fund’s underperformance relative to the Index stemmed primarily from weaker relative stock selection in the information technology sector. Weaker relative stock selection in the telecommunication services and consumer staples sectors detracted from performance to a lesser degree, as did weaker stock selection and an underweight position in consumer discretionary. The Fund outperformed the Index in the financials and health care sectors, where stronger stock selection and overweight positions benefited results.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

Equities performed positively for the period as central banks throughout the world, including the United States, Europe and Japan, took steps to maintain highly accommodative monetary policy and stimulate their respective economies. In addition, a clear recovery in the U.S. provided further support for equity markets. However, later in the period, the Federal Reserve (the “Fed”) appeared to weigh the merits of backing away from its quantitative easing policy. As a result, the markets sold off sharply and made a quick reappraisal of interest rate risk in an array of credit markets and related currencies. Equities, particularly those in emerging markets and in interest rate sensitive sectors, experienced spillover effects as a result.

TOP INDIVIDUAL CONTRIBUTORS

The top performing holding of the Fund this period was Actavis, Inc., which is a branded and generic drug company. Shares of Actavis spiked when management announced it was combining operations with Warner Chilcott – a leading specialty pharmaceutical company based in Ireland. The merged entity is expected to benefit from revenue synergies, with complementary product lines, and cost rationalization – both of which we believe have the potential to contribute to rising profits.

Following Actavis, four of the Fund’s top performing holdings were in the financials sector: JPMorgan Chase & Co., Citigroup Inc., CIT Group, Inc. and CME Group, Inc. The financials sector was the strongest performing sector for the Fund on an absolute basis. The ongoing, albeit modest improvement in the economy – largely driven by the continued health of the housing sector – has led to lower foreclosures, increased credit quality, and rising demand for mortgages. As a result, stocks of many banks have benefited, including JPMorgan and Citigroup. JPMorgan’s stock also benefited when shareholders voted against splitting Jamie Dimon’s role as Chairperson and CEO. CIT benefited from a lifting of certain restrictions previously imposed upon them by the Fed, which allowed management to announce a $200 million buyback program and signaled to the market that CIT was on better financial footing. CME Group provides a wide range of benchmark futures and options products. Increased volatility generally benefits this stock, as demand increases for investments such as futures and options to hedge positions. As volatility increased later in the period, this stock performed well.

TOP INDIVIDUAL DETRACTORS

Apple, Inc. was the most significant detractor from performance this period. Despite a boost to both its share repurchase and dividend, investors reacted negatively to management’s disappointing guidance and further delays in the launch of innovative products – which the market believes are sorely needed. Apple’s recent annual Worldwide Developers Conference also failed to inspire – leaving investors wondering further about likelihood of a “game-changing” product introduction. While we are cognizant of the market’s concern that Apple lost its “edge” with the death of Steve Jobs, we continue to believe that the team, now headed by Tim Cook, will deliver on innovation.

Also detracting from performance were America Movil SAB de CV, Vulcan Materials Co. and The ADT Corp. America Movil is a mobile carrier in Latin America. The Mexican government announced a reform proposal designed to create more competition, increase access to services, and reduce prices in the Mexican telecom sector. We believe that these potential changes could be material and this regulatory uncertainty caused us to reduce our exposure to the company. Vulcan Materials is a producer of construction aggregates, including crushed stone, sand and gravel. The stock experienced the bulk of its losses in June, which was a difficult time for materials-related stocks. Vulcan was also hurt by more harsh winter weather, which caused a shortfall in earnings when they reported during the second quarter. ADT is a provider of electronic security, interactive home and business automation and related monitoring services that experienced subscriber attrition towards the end of the period.

STRATEGY & OUTLOOK

3 OPPENHEIMER MAIN STREET FUND/VA

political outlook. This cautious behavior has resulted in a massive build-up of cash on corporate balance sheets that has greatly improved the fundamental health of many companies. As the economy improves and managements’ uncertainty lifts, these cash balances have the potential to be used in a constructive manner that may support rising equity valuations.

Domestically, housing has momentum and job creation, while not robust, at least continues. We expect that company fundamentals will continue to show improvement – especially as companies tap into the large cash reserves that have been built-up. These factors have the potential to drive equity prices higher; however, rarely does the market appreciate on a straight upward trajectory. While we are not predicting a market correction, we do believe that the market may return to experiencing greater volatility.

Given this backdrop, our approach remains consistent. We aim to construct an “all weather” portfolio by targeting companies with: 1) sustainable competitive advantages; 2) skilled management with a proven track record of executing effectively; and 3) financial resources to generate improving profitability, gain market share, and/or return significant capital to shareholders. During volatile economic times such companies often widen their lead over weaker competitors. We seek to invest in companies, characterized by these qualities, at compelling valuations and believe this disciplined approach is essential.

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. or its affiliates.

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 28, 2013.


Actual	Beginning Account Value January 1, 2013		Ending Account Value June 28, 2013		Expenses Paid During 6 Months Ended June 28, 2013
Non-Service shares	$	1,000.00	$	1,112.30	$	4.05
Service shares		1,000.00		1,110.80		5.34

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,020.70		3.87
Service shares		1,000.00		1,019.47		5.11


Class		Expense Ratios
Non-Service shares		0.78%
Service shares		1.03

5 OPPENHEIMER MAIN STREET FUND/VA

STATEMENTOF INVESTMENTS June 28, 2013* / Unaudited


	Shares		Value
Common Stocks—99.3%
Consumer Discretionary—7.3%
Automobiles—1.1%
Ford Motor Co.		992,090	$	15,347,632
Media—1.5%
Time Warner, Inc.		357,180		20,652,148
Specialty Retail—3.9%
AutoZone, Inc.¹		81,320		34,454,471
TJX Cos., Inc. (The)		379,900		19,017,794
				53,472,265
Textiles, Apparel & Luxury Goods—0.8%
PVH Corp.		82,590		10,327,879
Consumer Staples—10.9%
Beverages—1.3%
Dr Pepper Snapple Group, Inc.		388,070		17,824,055
Food Products—3.7%
J.M. Smucker Co. (The)		190,500		19,650,075
Kraft Foods Group, Inc.		428,866		23,960,743
Mondelez International, Inc., Cl. A		286,350		8,169,565
				51,780,383
Household Products—1.6%
Henkel AG & Co. KGaA		58,043		4,549,198
Henkel AG & Co. KGaA, Preference		181,172		17,000,506
				21,549,704
Tobacco—4.3%
Philip Morris International, Inc.		673,319		58,322,892
Energy—8.5%
Energy Equipment & Services—3.2%
National Oilwell Varco, Inc.		636,460		43,852,094
Oil, Gas & Consumable Fuels—5.3%
Chevron Corp.		395,970		46,859,090
Noble Energy, Inc.		423,640		25,435,346
				72,294,436
Financials—20.9%
Commercial Banks—3.3%
CIT Group, Inc.¹		806,420		37,603,365
M&T Bank Corp.		68,240		7,625,820
				45,229,185
Consumer Finance—2.1%
Discover Financial Services		592,630		28,232,893
Diversified Financial Services—11.5%
Citigroup, Inc.		709,998		34,058,604
CME Group, Inc., Cl. A		173,680		13,196,206
JPMorgan Chase & Co.		1,239,010		65,407,338
McGraw Hill Financial, Inc.		551,641		29,341,785
Moody’s Corp.		129,480		7,889,216
MSCI, Inc.¹		220,810		7,346,349
				157,239,498
Insurance—4.0%
American International Group, Inc.¹		475,620		21,260,214
Lincoln National Corp.		287,300		10,477,831
Marsh & McLennan Cos., Inc.		553,700		22,103,704
				53,841,749
Health Care—15.7%
Health Care Equipment & Supplies—4.1%
Abbott Laboratories		338,130		11,793,974
Covidien plc		691,390		43,446,948
				55,240,922
Health Care Providers & Services—4.8%
Express Scripts Holding Co.¹		693,497		42,781,830
UnitedHealth Group, Inc.		360,470		23,603,576
				66,385,406
Pharmaceuticals—6.8%
AbbVie, Inc.		426,260		17,621,588
Actavis, Inc.¹		202,830		25,601,203
Pfizer, Inc.		911,609		25,534,168
Sanofi		142,010		14,635,140
Zoetis, Inc.		287,320		8,875,315
				92,267,414


	Shares			Value
Industrials—11.0%
Aerospace & Defense—0.8%
L-3 Communications Holdings, Inc.		125,220		$	10,736,363
Air Freight & Couriers—2.5%
United Parcel Service, Inc., Cl. B		389,000			33,640,720
Commercial Services & Supplies—3.0%
ADT Corp. (The)		291,592			11,619,941
Tyco International Ltd.		919,645			30,302,303
					41,922,244
Professional Services—1.6%
Towers Watson & Co., Cl. A		275,560			22,579,386
Road & Rail—3.1%
Canadian National Railway Co.		286,750			27,892,172
CSX Corp.		642,530			14,900,271
					42,792,443
Information Technology—21.9%
Communications Equipment—1.9%
QUALCOMM, Inc.		422,831			25,826,517
Computers & Peripherals—5.3%
Apple, Inc.		157,262			62,288,333
Western Digital Corp.		165,760			10,292,038
					72,580,371
Electronic Equipment, Instruments, & Components—1.1%
Corning, Inc.		1,035,720			14,738,296
Internet Software & Services—6.4%
eBay, Inc.¹		896,725			46,378,617
Facebook, Inc., Cl. A¹		668,360			16,615,430
Google, Inc., Cl. A¹		27,310			24,042,905
					87,036,952
IT Services—4.9%
Amdocs Ltd.		268,620			9,963,116
International Business Machines Corp.		266,120			50,858,193
Mastercard, Inc., Cl. A		12,230			7,026,135
					67,847,444
Software—2.3%
Microsoft Corp.		922,520			31,854,616
Materials—2.4%
Chemicals—0.3%
PPG Industries, Inc.		32,480			4,755,397
Construction Materials—2.1%
Vulcan Materials Co.		607,150			29,392,131
Telecommunication Services—0.7%
Wireless Telecommunication Services—0.7%
America Movil SAB de CV, Series L, ADR		461,792			10,043,976
Total Common Stocks
(Cost $949,585,659)					1,359,607,411
Investment Company—1.1%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.11%^2,3
(Cost $15,450,330)		15,450,330			15,450,330
Total Investments, at Value (Cost $965,035,989)		100.4	%		1,375,057,741
Liabilities in Excess of Other Assets		(0.4	)		(5,801,870	)
Net Assets		100.0	%	$	1,369,255,871

6 OPPENHEIMER MAIN STREET FUND/VA

Footnotes to Statement of Investments

*June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

1. Non-income producing security.

2. Rate shown is the 7-day yield as of June 28, 2013.


	Shares December 31, 2012		Gross Additions		Gross Reductions		Shares June 28, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		24,937,150		165,969,315		175,456,135		15,450,330

					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	15,450,330	$	9,269

See accompanying Notes to Financial Statements.

7 OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 28, 2013¹ Unaudited


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $949,585,659)	$	1,359,607,411
Affiliated companies (cost $15,450,330)		15,450,330
		1,375,057,741
Cash		28,521
Receivables and other assets:
Investments sold		2,433,056
Dividends		1,056,307
Other		80,299
Total assets		1,378,655,924


Liabilities
Payables and other liabilities:
Investments purchased		7,733,677
Shares of beneficial interest redeemed		1,235,993
Distribution and service plan fees		167,501
Transfer and shareholder servicing agent fees		107,280
Trustees’ compensation		69,352
Shareholder communications		57,539
Other		28,711
Total liabilities		9,400,053


Net Assets	$	1,369,255,871


Composition of Net Assets
Par value of shares of beneficial interest	$	52,153
Additional paid-in capital		1,091,758,418
Accumulated net investment income		5,027,085
Accumulated net realized loss on investments and foreign currency transactions		(137,603,950	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		410,022,165
Net Assets	$	1,369,255,871


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 $502,094,919 and 19,042,849 shares of beneficial interest outstanding)		$26.37
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $867,160,952 and 33,110,304 shares of beneficial interest outstanding)		$26.19

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

8 OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 28, 2013¹ Unaudited


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $162,272)	$	12,227,758
Affiliated companies		9,269
Total investment income		12,237,027


Expenses
Management fees		4,556,475
Distribution and service plan fees—Service shares		1,101,664
Transfer and shareholder servicing agent fees:
Non-Service shares		248,613
Service shares		441,758
Shareholder communications:
Non-Service shares		13,701
Service shares		24,482
Trustees’ compensation		39,951
Custodian fees and expenses		8,333
Other		120,053
Total expenses		6,555,030
Less waivers and reimbursements of expenses		(7,411	)
Net expenses		6,547,619


Net Investment Income		5,689,408


Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments from unaffiliated companies		72,433,553
Foreign currency transactions		2,102
Net realized gain		72,435,655
Net change in unrealized appreciation/depreciation on:
Investments		69,827,118
Translation of assets and liabilities denominated in foreign currencies		(437,392	)
Net change in unrealized appreciation/depreciation		69,389,726


Net Increase in Net Assets Resulting from Operations	$	147,514,789

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

9 OPPENHEIMER MAIN STREET FUND/VA

STATEMENTOF CHANGES IN NET ASSETS


	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012
Operations
Net investment income	$	5,689,408	$	13,024,596
Net realized gain		72,435,655		176,687,379
Net change in unrealized appreciation/depreciation		69,389,726		22,837,127
Net increase in net assets resulting from operations		147,514,789		212,549,102


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(5,738,189)		(4,702,221)
Service shares		(7,658,029)		(5,916,709)
		(13,396,218)		(10,618,930)


Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(26,396,819)		27,414,824
Service shares		(88,927,089)		(274,928,927)
		(115,323,908)		(247,514,103)


Net Assets
Total increase (decrease)		18,794,663		(45,583,931)
Beginning of period		1,350,461,208		1,396,045,139

End of period (including accumulated net investment income of $5,027,085 and $12,733,895, respectively)	$	1,369,255,871	$	1,350,461,208

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

10 OPPENHEIMER MAIN STREET FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares		Six Months Ended June 28, 2013¹ (Unaudited)			Year Ended December 31, 2012			Year Ended December 30, 2011¹			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Per Share Operating Data
Net asset value, beginning of period	$	23.97		$	20.71		$	20.88		$	18.18		$	14.56		$	25.61
Income (loss) from investment operations:
Net investment income²		0.13			0.26			0.16			0.17			0.21			0.29
Net realized and unrealized gain (loss)		2.57			3.22			(0.16	)		2.73			3.71			(9.64	)
Total from investment operations		2.70			3.48			0.00			2.90			3.92			(9.35	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.30	)		(0.22	)		(0.17	)		(0.20	)		(0.30	)		(0.32	)
Distributions from net realized gain		0.00			0.00			0.00			0.00			0.00			(1.38	)
Total dividends and/or distributions to shareholders		(0.30	)		(0.22	)		(0.17	)		(0.20	)		(0.30	)		(1.70	)
Net asset value, end of period	$	26.37		$	23.97		$	20.71		$	20.88		$	18.18		$	14.56

Total Return, at Net Asset Value³		11.23	%		16.87	%		(0.01	)%		16.11	%		28.29	%		(38.47	)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	502,095		$	481,089		$	392,861		$	469,720		$	474,637		$	432,360
Average net assets (in thousands)	$	504,239		$	466,231		$	426,354		$	454,937		$	430,517		$	670,994
Ratios to average net assets:⁴
Net investment income		0.98	%		1.12	%		0.79	%		0.93	%		1.35	%		1.42	%
Total expenses⁵		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%		0.66	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%		0.66	%
Portfolio turnover rate		21	%		37	%		38	%		45	%		128	%		132	%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	0.78	%
Year Ended December 31, 2012	0.78	%
Year Ended December 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	%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER MAIN STREET FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010		Year Ended December 31, 2009		Year Ended December 31, 2008
Per Share Operating Data
Net asset value, beginning of period	$	23.78	$	20.53	$	20.71	$	18.04	$	14.42	$	25.38
Income (loss) from investment operations:
Net investment income²		0.09		0.20		0.11		0.13		0.17		0.24
Net realized and unrealized gain (loss)		2.55		3.20		(0.17)		2.70		3.70		(9.56)
Total from investment operations		2.64		3.40		(0.06)		2.83		3.87		(9.32)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.23)		(0.15)		(0.12)		(0.16)		(0.25)		(0.26)
Distributions from net realized gain		0.00		0.00		0.00		0.00		0.00		(1.38)
Total dividends and/or distributions to shareholders		(0.23)		(0.15)		(0.12)		(0.16)		(0.25)		(1.64)
Net asset value, end of period	$	26.19	$	23.78	$	20.53	$	20.71	$	18.04	$	14.42

Total Return, at Net Asset Value³		11.08%		16.61%		(0.32)%		15.83%		27.99%		(38.63)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	867,161	$	869,372	$	1,003,184	$	1,185,456	$	1,154,210	$	1,020,103
Average net assets (in thousands)	$	896,075	$	913,871	$	1,094,254	$	1,193,630	$	1,029,909	$	1,268,430
Ratios to average net assets:⁴
Net investment income		0.73%		0.85%		0.54%		0.68%		1.10%		1.20%
Total expenses⁵		1.03%		1.03%		1.03%		1.03%		1.03%		0.91%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.03%		1.03%		1.03%		1.03%		1.03%		0.91%
Portfolio turnover rate		21%		37%		38%		45%		128%		132%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	1.03	%
Year Ended December 31, 2012	1.03	%
Year Ended December 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	%

See accompanying Notes to Financial Statements.

12 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, a diversified 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 OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

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

During the fiscal year ended December 31, 2012, the Fund utilized $171,704,991 of capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had post-October losses of $1,084,089. Details of the fiscal year ended December 31, 2012 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring
2015	$	7,541,964
2016		2,513,988
2017		196,457,778

Total	$	206,513,730

Of these losses, $10,055,952 are subject to loss limitation rules resulting from merger activity. These limitations generally reduce the utilization of these losses to a maximum of $2,513,988 per year.

13 OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies (Continued)

As of June 28, 2013, it is estimated that the capital loss carryforwards would be $134,078,075 expiring by 2017. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, 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 28, 2013, it is estimated that the Fund will utilize $72,435,655 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	966,773,569

Gross unrealized appreciation	$	412,643,164
Gross unrealized depreciation		(4,358,992)

Net unrealized appreciation	$	408,284,172

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.

14 OPPENHEIMER MAIN STREET FUND/VA

1. Significant Accounting Policies (Continued)

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. Securities Valuation

Valuation Methods and Inputs

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

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

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.

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


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

15 OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation (Continued)

Classifications

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

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

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 28, 2013 based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	99,799,924	$	—	$	—	$	99,799,924
Consumer Staples		127,927,330		21,549,704		—		149,477,034
Energy		116,146,530		—		—		116,146,530
Financials		284,543,325		—		—		284,543,325
Health Care		199,258,602		14,635,140		—		213,893,742
Industrials		151,671,156		—		—		151,671,156
Information Technology		299,884,196		—		—		299,884,196
Materials		34,147,528		—		—		34,147,528
Telecommunication Services		10,043,976		—		—		10,043,976
Investment Company		15,450,330		—		—		15,450,330

Total Assets	$	1,338,872,897	$	36,184,844	$	—	$	1,375,057,741

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

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


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

Total Assets	$	(5,364,390)	$	5,364,390

3. 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:

16 OPPENHEIMER MAIN STREET FUND/VA

3. Shares of Beneficial Interest (Continued)


	Six Months Ended June 28, 2013						Year Ended December 31, 2012
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		644,164		$	16,996,672			1,232,469		$	28,052,495
Dividends and/or distributions reinvested		211,118			5,738,189			209,174			4,702,221
Acquisition—Note 6		—			—			3,253,848			77,116,190
Redeemed		(1,886,114	)		(49,131,680	)		(3,592,251	)		(82,456,082	)

Net increase (decrease)		(1,030,832	)	$	(26,396,819	)		1,103,240		$	27,414,824


Service Shares
Sold		326,859		$	8,127,217			1,461,740		$	33,302,188
Dividends and/or distributions reinvested		283,631			7,658,029			264,967			5,916,709
Redeemed		(4,064,668	)		(104,712,335	)		(14,016,400	)		(314,147,824	)

Net decrease		(3,454,178	)	$	(88,927,089	)		(12,289,693	)	$	(274,928,927	)

4. 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 28, 2013, were as follows:


	Purchases		Sales
Investment securities	$	288,353,820	$	401,804,532

5. Fees and Other Transactions with Affiliates

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


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

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; 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 June 28, 2013, the Manager waived fees and/or reimbursed the Fund $197 for Non-Service shares.

17 OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Fees and Other Transactions with Affiliates (Continued)

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

6. Acquisition of Growth Portfolio

On April 26, 2012, the Fund acquired all of the net assets of Growth Portfolio, pursuant to an Agreement and Plan of Reorganization approved by the Growth Portfolio shareholders on April 20, 2012. The purpose of this acquisition is to combine two funds with similar investment objectives, strategies and risks to allow shareholders to benefit from greater asset growth potential, as well as lowered total expenses. The transaction qualified as a tax-free reorganization, (the “merger”) for federal income tax purposes allowing the Fund to use the original cost basis of the investments received to calculate subsequent gains and losses for tax reporting purposes. Details of the merger are shown in the following table:

Exchange Ratio to One Share
of the Growth Portfolio

Shares of Beneficial Interest
Issued by the Fund

Value of Issued Shares of
Beneficial Interest

Combined Net Assets on

April 26, 2012¹

Non-Service Shares

0.0953467932

3,253,848

77,116,190

517,094,352

1. The net assets acquired included net unrealized appreciation of $18,020,315 and an unused capital loss carryforward of $35,875,587, potential utilization subject to tax limitations.

Had the merger occurred at the beginning of the reporting period, the Fund’s Statement of Operations would have been adjusted to the following amounts:


Net investment income	$	13,227,862
Net loss on investments		209,238,968
Net increase in net assets resulting from operations		222,466,830

7. Pending Litigation

18 OPPENHEIMER MAIN STREET FUND/VA

7. Pending Litigation (Continued)

19 OPPENHEIMER MAIN STREET FUND/VA

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

20 OPPENHEIMER MAIN STREET FUND/VA

OPPENHEIMER MAIN STREET FUND/VA


*A Series of Oppenheimer Variable Account Funds*
Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Manind Govil, Vice President
		Benjamin Ram, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		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

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc. DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMGLLP

Legal Counsel		K&L Gates LLP

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

LOGO

June 30, 2013

LOGO

Portfolio Managers: Matthew P. Ziehl, CFA, Raymond Anello, CFA, Raman Vardharaj, CFA, Joy Budzinski, Kristin Ketner Pak, Magnus Krantz and Adam Weiner¹


Cumulative Total Returns For the 6-Month Period Ended 6/28/13²
Non-Service Shares		19.51%
Service Shares		19.32
Average Annual Total Returns For the Periods Ended 6/28/13²
	1-Year		5-Year		10-Year
Non-Service Shares		28.50%		9.80%		10.41%
Service Shares		28.18%		9.52%		10.14%

1. Effective April 2013.

2. June 28, 2013, was the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.


TOP TEN COMMON STOCK HOLDINGS
Dana Holding Corp.		2.4%
Home Loan Servicing Solutions Ltd.		2.1
LaSalle Hotel Properties		2.1
Financial Engines, Inc.		2.0
EPL Oil & Gas, Inc.		2.0
Robert Half International, Inc.		2.0
Hatteras Financial Corp.		1.9
Nu Skin Enterprises, Inc., Cl. A		1.8
KAR Auction Services, Inc.		1.7
Waste Connections, Inc.		1.7
Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on the total market value of common stocks.

2 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 19.51% during the period, outperforming the Russell 2000 Index (the “Index”), which returned 15.86%. The Fund outperformed the Index in eight out of ten sectors this period, led by favorable stock selection in the health care, energy and financials sectors. The Fund underperformed the Index in the information technology sector, due to weaker relative stock selection. The Fund also outperformed the Russell 2500 Index, which returned 15.42%. The Fund changed its performance benchmark from the Russell 2500 Index to the Russell 2000 Index, which it believes is a more appropriate measure of the Fund’s performance.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

Equities performed positively for the period as central banks throughout the world, including the United States, Europe and Japan, took steps to maintain highly accommodative monetary policy and stimulate their respective economies. In addition, a clear recovery in the U.S. provided further support for equity markets. However, later in the period, the Federal Reserve (the “Fed”) appeared to weigh the merits of backing away from its quantitative easing policy. As a result, the markets sold off sharply and made a quick reappraisal of interest rate risk in an array of credit markets and related currencies. Equities, particularly those in emerging markets and interest rate sensitive sectors, experienced spillover effects as a result.

TOP INDIVIDUAL CONTRIBUTORS

The top three performing stocks for the Fund this period were Financial Engines, Inc. and energy stocks EPL Oil & Gas, Inc. and Renewable Energy Group, Inc. Financial Engines provides financial advice, portfolio management and retirement assessment services. In what was a strong period for the financials sector, Financial Engines released a solid earnings report and beat analysts’ revenue expectations. EPL Oil & Gas is an independent oil and natural gas exploration and production company. Oil production rose in its first quarter, which was the first full quarter following the company’s acquisition of Gulf of Mexico oil and gas assets from Hilcorp late last year. Renewable Energy Group is a producer of biodiesel in the U.S. It was a positive period for biofuel companies, and Renewable Energy Group reported positive earnings and record production for its first quarter.

Also benefiting performance were Santarus, Inc. and Nu Skin Enterprises, Inc. Santarus is a specialty biopharmaceutical company focused on products for the prevention and treatment of gastrointestinal diseases and disorders. Strong sales of Santarus’ Zegerid and Uceris drugs helped drive its stock price higher. Nu Skin Enterprises is a developer of anti-aging personal care products and nutritional supplements. Strong demand for the company’s products, especially in Asia, helped drive performance.

TOP INDIVIDUAL DETRACTORS

Three of the most significant detractors from performance were in the information technology sector: Aruba Networks, Inc., Fortinet, Inc. and TIBCO Software Inc. Fundamentals of many technology companies continued to suffer from the macroeconomic headwinds impacting enterprise spending. Networking company Aruba Networks’ earnings growth may have also been hurt due to discounting by competitor Cisco Systems. As of period-end we have eliminated our holdings of Aruba’s stock. Lackluster enterprise spending, particularly by service providers, resulted in a billings miss for Fortinet, a provider of network security solutions. We have maintained our position as we believe the secular outlook for network security remains favorable. Macroeconomic headwinds, resulting in sluggish business spending, negatively impacted the progression and timing of sales for many software companies during the period, including TIBCO. We have seen from similar enterprise software companies’ results that the information technology spending environment is challenged. While we believe TIBCO remains well positioned for secular growth in the big data and analytics sectors, we have lessened our exposure to this stock.

STRATEGY & OUTLOOK

We believe the Fed is acting appropriately by signaling that eventually it will lessen its monetary support of our expanding economy. While the market declined after the Fed’s comments, what seemed to be missing from the market’s response was the realization that when rates do rise – this should be a reflection of a strong economy. And this, in combination with the likelihood, in our view, that the Fed will be “tapering” later than currently feared, has set-up a potentially attractive investment opportunity in domestic equities. Company fundamentals are better than at prior nominal highs in the market. And, as has been well documented throughout this tepid recovery, corporations have been very cautious about spending money – largely reflecting uncertainty about the economic and political outlook. This cautious behavior has resulted in a massive build-up of cash on corporate balance sheets which has greatly improved the fundamental health of many companies. As the economy improves and managements’ uncertainty lifts, these cash balances have the potential to be used in a constructive manner which may support rising equity valuations.

3 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

Fund Performance Discussion Continued

however, rarely does the market appreciate on a straight upward trajectory. While we are not predicting a market correction, we do believe that the market may return to experiencing greater volatility.

Given this backdrop, our approach remains consistent. We aim to construct an “all weather” portfolio by targeting companies that we believe have: 1) sustainable competitive advantages; 2) skilled management with a proven track record of executing effectively; and 3) financial resources to generate improving profitability, gain market share, and/or return significant capital to shareholders. During volatile economic times such companies often widen their lead over weaker competitors. We seek to invest in companies, characterized by these qualities, at compelling valuations and believe this disciplined approach is essential.

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. or its affiliates.

4 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 28, 2013.


Actual	Beginning Account Value January 1, 2013		Ending Account Value June 28, 2013		Expenses Paid During 6 Months Ended June 28, 2013
Non-Service shares	$	1,000.00	$	1,195.10	$	4.31
Service shares		1,000.00		1,193.20		5.66

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,020.60		3.97
Service shares		1,000.00		1,019.37		5.21


Class		Expense Ratios
Non-Service shares		0.80%
Service shares		1.05

5 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENTOF INVESTMENTS June 28, 2013* / Unaudited


	Shares		Value			Shares		Value
Common Stocks—98.0%					Biotechnology (Continued)
Consumer Discretionary—12.7%					Medivation, Inc.¹	80,842		$3,977,426
Auto Components—2.4%					Merrimack Pharmaceuticals, Inc.¹	515,010		3,466,017
Dana Holding Corp.	1,273,855		$24,534,447		Sarepta Therapeutics, Inc.¹	113,290		4,310,685
Distributors—0.5%									25,854,054
Pool Corp.	102,559		5,375,117		Health Care Equipment & Supplies—1.7%
Diversified Consumer Services—0.8%					DexCom, Inc.¹		395,660		8,882,567
LifeLock, Inc.¹	706,130		8,268,782		Greatbatch, Inc.¹	243,391		7,980,791
Hotels, Restaurants & Leisure—3.8%									16,863,358
Brinker International, Inc.	343,850		13,558,005		Health Care Providers & Services—5.6%
Dunkin’ Brands Group, Inc.	258,933		11,087,511		HealthSouth Corp.¹	596,890		17,190,432
Texas Roadhouse, Inc., Cl. A	577,340		14,445,047		Team Health Holdings, Inc.¹	310,470		12,751,003
			39,090,563		Vanguard Health Systems, Inc.¹	556,670		11,545,336
Household Durables—0.5%					WellCare Health Plans, Inc.¹		289,131		16,061,227
Toll Brothers, Inc.¹	172,360		5,624,107					57,547,998
Media—1.3%					Pharmaceuticals—1.7%
Imax Corp.¹	554,956		13,796,206		Questcor Pharmaceuticals, Inc.	115,180		5,236,083
Specialty Retail—3.4%					Santarus, Inc.¹		599,240		12,614,002
Monro Muffler Brake, Inc.	160,219		7,698,523					17,850,085
Pier 1 Imports, Inc.	733,430		17,228,271		Industrials—18.8%
Signet Jewelers Ltd.	147,670		9,957,388		Aerospace & Defense—0.8%
			34,884,182		B/E Aerospace, Inc.¹	124,600		7,859,768
Consumer Staples—3.4%					Air Freight & Couriers—0.8%
Food Products—1.6%					Hub Group, Inc., Cl. A¹	227,978		8,302,959
Flowers Foods, Inc.	763,140		16,827,237		Commercial Services & Supplies—5.3%
Personal Products—1.8%					ACCO Brands Corp.¹	1,592,917		10,130,952
Nu Skin Enterprises, Inc., Cl. A	301,380		18,420,346		KAR Auction Services, Inc.	789,840		18,063,641
Energy—5.2%					Mobile Mini, Inc.¹	290,570		9,632,396
Oil, Gas & Consumable Fuels—5.2%					Waste Connections, Inc.		429,690		17,677,447
CVR Energy, Inc., Escrow Shares^1,2	43,316		—					55,504,436
EPL Oil & Gas, Inc.¹	700,707		20,572,758		Construction & Engineering—1.8%
PAA Natural Gas Storage LP	278,333		5,856,126		AECOM Technology Corp.¹	272,543		8,664,142
Renewable Energy Group, Inc.¹	884,198		12,582,138		KBR, Inc.	330,211		10,731,857
Western Refining, Inc.	523,881		14,705,340					19,395,999
			53,716,362		Electrical Equipment—1.0%
Financials—25.4%					General Cable Corp.	152,190		4,679,842
Capital Markets—2.9%					Regal-Beloit Corp.	75,979		4,926,478
Financial Engines, Inc.	452,213		20,616,391					9,606,320
WisdomTree Investments, Inc.¹	840,130		9,720,304		Machinery—2.3%
			30,336,695		Greenbrier Cos, Inc.¹	528,549		12,880,739
Commercial Banks—6.4%					Wabtec Corp.		217,698		11,631,604
BankUnited, Inc.	414,775		10,788,298					24,512,343
CapitalSource, Inc.	1,174,649		11,018,208		Professional Services—3.5%
First Niagara Financial Group, Inc.	1,608,400		16,196,588		Korn/Ferry International¹	817,321		15,316,596
FirstMerit Corp.	787,336		15,770,340		Robert Half International, Inc.	611,815		20,330,612
Webster Financial Corp.	517,440		13,287,859					35,647,208
			67,061,293		Road & Rail—2.2%
Insurance—1.2%					Old Dominion Freight Line, Inc.¹		278,471		11,589,963
AmTrust Financial Services, Inc.	359,586		12,837,220		Swift Transportation Co., Cl. A¹	655,904		10,848,652
Real Estate Investment Trusts (REITs)—10.4%								22,438,615
Apollo Commercial Real Estate Finance, Inc.	763,191		12,119,473		Transportation Infrastructure—1.1%
Ares Commercial Real Estate Corp.	312,769		4,006,571		Wesco Aircraft Holdings, Inc.¹	618,220		11,480,345
Chatham Lodging Trust	604,470		10,384,794		Information Technology—11.3%
Hatteras Financial Corp.	784,030		19,318,499		Communications Equipment—1.1%
LaSalle Hotel Properties	873,196		21,567,941		Finisar Corp.¹	699,111		11,849,931
Mid-America Apartment Communities, Inc.	252,645		17,121,752		Internet Software & Services—1.3%
Redwood Trust, Inc.	389,800		6,626,600		j2 Global, Inc.	185,213		7,873,405
Starwood Property Trust, Inc.	658,372		16,294,707		Liquidity Services, Inc.¹	153,290		5,314,564
			107,440,337					13,187,969
Thrifts & Mortgage Finance—4.5%					IT Services—0.9%
Flagstar Bancorp, Inc.¹	479,470		6,693,401		MAXIMUS, Inc.	128,735		9,588,183
Home Loan Servicing Solutions Ltd.	916,920		21,978,572		Semiconductors & Semiconductor Equipment—3.9%
Ocwen Financial Corp.¹	240,040		9,894,449		Cavium, Inc.¹	357,300		12,637,701
Oritani Financial Corp.	524,240		8,220,083		Semtech Corp.¹	420,828		14,741,605
			46,786,505		Skyworks Solutions, Inc.¹	594,539		13,014,459
Health Care—11.5%								40,393,765
Biotechnology—2.5%					Software—4.1%
Achillion Pharmaceuticals, Inc.¹	411,829		3,368,761		Fortinet, Inc.¹	697,521		12,206,617
Cepheid, Inc.¹	175,180		6,029,696		Guidewire Software, Inc.¹	233,360		9,812,788
Keryx Biopharmaceuticals, Inc.¹		629,380		4,701,469	ServiceNow, Inc.¹		205,330		8,293,279
					Splunk, Inc.¹		140,230		6,501,063

6 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENTOF INVESTMENTS June 28, 2013* / Unaudited / Continued


	Shares		Value		Shares		Value

Software (Continued)				Utilities—0.6%

TIBCO Software, Inc.¹	250,086	$	5,351,840	Water Utilities—0.6%

			42,165,587	Aqua America, Inc.	194,833	$	6,096,326

Materials—9.1%				Total Common Stocks

Chemicals—2.8%				(Cost $796,458,439)			1,013,794,694
A. Schulman, Inc.	348,428		9,344,839

Cytec Industries, Inc.	109,478		8,019,263	Investment Company—1.9%

W.R. Grace & Co.¹	138,700		11,656,348	Oppenheimer Institutional Money

			29,020,450	Market Fund, Cl. E, 0.11%^3,4

Containers & Packaging—1.4%				(Cost $19,793,297)	19,793,297		19,793,297

Packaging Corp. of America	285,220		13,964,371	Total Investments, at Value

Metals & Mining—2.8%				(Cost $816,251,736)	99.9%		1,033,587,991

Century Aluminum Co.¹	977,090		9,067,395	Assets in Excess of Other Liabilities	0.1		743,812

Compass Minerals International, Inc.	94,804		8,013,782	Net Assets	100.0%	$	1,034,331,803


Kaiser Aluminum Corp.	180,050		11,152,297

			28,233,474

Paper & Forest Products—2.1%
Boise Cascade Co.¹	182,470		4,636,563

P.H. Glatfelter Co.	669,131		16,795,188

			21,431,751

Footnotes to Statement of Investments

*June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

1. Non-income producing security.

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

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

4. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 28, 2013, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares December 31, 2012		Gross Additions		Gross Reductions		Shares June 28, 2013

Oppenheimer Institutional Money Market Fund, Cl. E		13,103,742		223,039,669		216,350,114		19,793,297

					Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E					$	19,793,297	$	17,869

See accompanying Notes to Financial Statements.

7 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENTOF ASSETS AND LIABILITIES June 28, 2013¹ / Unaudited


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $796,458,439)	$	1,013,794,694
Affiliated companies (cost $19,793,297)		19,793,297

		1,033,587,991

Cash		15,957
Receivables and other assets:
Investments sold		5,547,424
Dividends		1,961,311
Other		37,908

Total assets		1,041,150,591
Liabilities
Payables and other liabilities:
Investments purchased		4,935,474
Shares of beneficial interest redeemed		1,453,800
Distribution and service plan fees		189,184
Shareholder communications		112,958
Transfer and shareholder servicing agent fees		78,627
Trustees’ compensation		29,168
Other		19,577

Total liabilities		6,818,788
Net Assets	$	1,034,331,803


Composition of Net Assets
Par value of shares of beneficial interest	$	44,232
Additional paid-in capital		728,065,271
Accumulated net investment income		3,803,947
Accumulated net realized gain on investments		85,082,098
Net unrealized appreciation on investments		217,336,255

Net Assets	$	1,034,331,803


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 $110,534,008 and 4,691,263 shares of beneficial interest outstanding)		$23.56

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $923,797,795 and 39,540,408 shares of beneficial interest outstanding)		$23.36

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

8 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENTOF OPERATIONS For the Six Months Ended June 28, 2013¹ / Unaudited



Investment Income
Dividends:
Unaffiliated companies	$	8,862,890
Affiliated companies		17,869

Interest		17

Total investment income		8,880,776

Expenses
Management fees		3,409,512

Distribution and service plan fees–Service shares		1,123,837

Transfer and shareholder servicing agent fees:
Non-Service shares		49,980
Service shares		449,231

Shareholder communications:
Non-Service shares		5,228
Service shares		47,120

Custodian fees and expenses		3,701

Trustees’ compensation		29,888

Other		51,657

Total expenses		5,170,154
Less waivers and reimbursements of expenses		(14,637)

Net expenses		5,155,517

Net Investment Income		3,725,259

Realized and Unrealized Gain
Net realized gain on investments from unaffiliated companies		87,156,705

Net change in unrealized appreciation/depreciation on investments		85,797,617

Net Increase in Net Assets Resulting from Operations	$	176,679,581

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

9 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENTSOF CHANGES IN NET ASSETS


	Six Months Ended June 28, 2013¹ (Unaudited)			Year Ended December 31, 2012

Operations
Net investment income	$	3,725,259		$	7,763,392

Net realized gain		87,156,705			96,274,108

Net change in unrealized appreciation/depreciation		85,797,617			44,253,351

Net increase in net assets resulting from operations		176,679,581			148,290,851

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(978,471)			(465,213)
Service shares		(6,606,600)			(2,756,105)

		(7,585,071	)		(3,221,318)

Distributions from net realized gain:
Non-Service shares		(1,288,110)			—
Service shares		(11,405,204)			—

		(12,693,314)			—

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		7,885,062			(5,485,155)
Service shares		(67,141,786)			(72,871,133)

		(59,256,724)			(78,356,288)

Net Assets
Total increase		97,144,472			66,713,245

Beginning of period		937,187,331			870,474,086


End of period (including accumulated net investment income of $3,803,947 and $7,663,759, respectively)	$	1,034,331,803		$	937,187,331

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

10 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010		Year Ended December 31, 2009		Year Ended December 31, 2008

Per Share Operating Data
Net asset value, beginning of period	$	20.14	$	17.17	$	17.66	$	14.40	$	10.65	$	18.20

Income (loss) from investment operations:
Net investment income²		0.11		0.21		0.10		0.10		0.08		0.12
Net realized and unrealized gain (loss)		3.82		2.87		(0.48)		3.25		3.78		(6.73)

Total from investment operations		3.93		3.08		(0.38)		3.35		3.86		(6.61)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.22)		(0.11)		(0.11)		(0.09)		(0.11)		(0.08)
Distributions from net realized gain		(0.29)		0.00		0.00		0.00		0.00		(0.86)

Total dividends and/or distributions to shareholders		(0.51)		(0.11)		(0.11)		(0.09)		(0.11)		(0.94)

Net asset value, end of period	$	23.56	$	20.14	$	17.17	$	17.66	$	14.40	$	10.65



Total Return, at Net Asset Value³		19.51%		17.99%		(2.21)%		23.41%		37.20%		(37.83)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	110,534	$	87,267	$	79,722	$	95,576	$	81,814	$	58,478

Average net assets (in thousands)	$	101,385	$	83,790	$	86,796	$	88,063	$	69,585	$	80,406

Ratios to average net assets:⁴
Net investment income		0.97%		1.09%		0.58%		0.68%		0.71%		0.80%
Total expenses⁵		0.80%		0.83%		0.83%		0.85%		0.91%		0.75%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.80%		0.80%		0.82%		0.75%

Portfolio turnover rate		45 %		92 %		108 %		73 %		140 %		130 %

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	0.80	%
Year Ended December 31, 2012	0.83	%
Year Ended December 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	%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FINANCIAL HIGHLIGHTS


Service Shares	Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010		Year Ended December 31, 2009		Year Ended December 31, 2008

Per Share Operating Data
Net asset value, beginning of period	$	19.96	$	17.02	$	17.50	$	14.28	$	10.54	$	18.03

Income (loss) from investment operations:
Net investment income²		0.08		0.15		0.06		0.07		0.05		0.08
Net realized and unrealized gain (loss)		3.78		2.85		(0.47)		3.21		3.76		(6.67)

Total from investment operations		3.86		3.00		(0.41)		3.28		3.81		(6.59)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.17)		(0.06)		(0.07)		(0.06)		(0.07)		(0.04)
Distributions from net realized gain		(0.29)		0.00		0.00		0.00		0.00		(0.86)

Total dividends and/or distributions to shareholders		(0.46)		(0.06)		(0.07)		(0.06)		(0.07)		(0.90)

Net asset value, end of period	$	23.36	$	19.96	$	17.02	$	17.50	$	14.28	$	10.54



Total Return, at Net Asset Value³		19.32%		17.67%		(2.38)%		23.06%		36.88%		(38.00)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	923,798	$	849,920	$	790,752	$	859,710	$	662,347	$	551,644

Average net assets (in thousands)	$	911,651	$	836,487	$	823,201	$	730,069	$	612,651	$	769,150

Ratios to average net assets:⁴
Net investment income		0.72%		0.82%		0.34%		0.45%		0.47%		0.52%
Total expenses⁵		1.05%		1.08%		1.08%		1.10%		1.15%		0.99%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%		1.05%		1.07%		0.99%

Portfolio turnover rate		45 %		92 %		108 %		73 %		140 %		130 %

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	1.05	%
Year Ended December 31, 2012	1.08	%
Year Ended December 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	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Main Street Small Cap Fund/VA (the “Fund”), formerly Oppenheimer Main Street Small- & Mid-Cap Fund/VA, is a separate series of Oppenheimer Variable Account Funds, a diversified 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 OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

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

During the fiscal year ended December 31, 2012, the Fund utilized $81,263,761 of capital loss carryforward to offset capital gains realized in that fiscal year.


Federal tax cost of securities	$	817,964,202


Gross unrealized appreciation	$	226,961,830
Gross unrealized depreciation		(11,338,041	)

Net unrealized appreciation	$	215,623,789

13 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies (Continued)

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. Securities Valuation

Valuation Methods and Inputs

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

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

14 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation (Continued)

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.

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


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

Classifications

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

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

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 28, 2013 based on valuation input level:

15 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation (Continued)


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	131,573,405	$	—	$	—	$	131,573,405
Consumer Staples		35,247,583		—		—		35,247,583
Energy		53,716,362		—		—		53,716,362
Financials		264,462,050		—		—		264,462,050
Health Care		118,115,495		—		—		118,115,495
Industrials		194,747,993		—		—		194,747,993
Information Technology		117,185,435		—		—		117,185,435
Materials		92,650,046		—		—		92,650,046
Utilities		6,096,325		—		—		6,096,325
Investment Company		19,793,297		—		—		19,793,297

Total Assets	$	1,033,587,991	$	—	$	—	$	1,033,587,991

3. 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 28, 2013						Year Ended December 31, 2012
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		978,295		$	22,210,446			1,076,459		$	20,632,430
Dividends and/or distributions reinvested		95,275			2,266,581			25,160			465,213
Redeemed		(715,261	)		(16,591,965	)		(1,410,970	)		(26,582,798	)

Net increase (decrease)		358,309		$	7,885,062			(309,351	)	$	(5,485,155	)


Service Shares
Sold		1,700,035		$	38,201,720			4,633,662		$	87,048,768
Dividends and/or distributions reinvested		763,535			18,011,804			150,278			2,756,105
Redeemed		(5,514,205	)		(123,355,310	)		(8,665,817	)		(162,676,006	)

Net decrease		(3,050,635	)	$	(67,141,786	)		(3,881,877	)	$	(72,871,133	)

4. 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 28, 2013, were as follows:


	Purchases		Sales
Investment securities	$	437,637,429	$	525,980,424

5. 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

16 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

5. Fees and Other Transactions with Affiliates (Continued)

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

6. Pending Litigation

17 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTESTO FINANCIAL STATEMENTS Unaudited / Continued

6. Pending Litigation (Continued)

AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

18 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

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

19 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Matthew P. Ziehl, Vice President
		Raymond Anello, Vice President
		Raman Vardharaj, Vice President
		Joy Budzinski, Vice President
		Kristin Ketner Pak, Vice President
		Magnus Krantz, Vice President
		Adam Weiner, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		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

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and		OFI Global Asset Management, Inc.
Shareholder
Servicing Agent

Sub-Transfer		Shareholder Services, Inc.
Agent		DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMGLLP

Legal Counsel		K&L Gates LLP

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

LOGO


June 30, 2013
	Oppenheimer Money Fund/VA A Series of Oppenheimer Variable Account Funds	Semiannual Report

	SEMIANNUAL REPORT Listing of Top Holdings Fund Performance Discussion Financial Statements

LOGO

Portfolio Managers: Christopher Proctor, CFA and Adam S. Wilde¹

Current Yield

For the 7-Day Period Ended 6/28/13²


With Compounding	0.01	%
Without Compounding	0.01	%
For the 6-Month Period Ended 6/28/13²
With Compounding	0.01	%
Without Compounding	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. 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 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 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 include changes in share price and reinvested distributions but 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.

1. Adam S. Wilde became a Portfolio Manager in July 2013.

2. June 28, 2013, was the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.


Portfolio Allocation
Short-Term Notes/Commercial Paper	46.5	%
Certificates of Deposit	29.5
Direct Bank Obligations	17.5
U.S. Government Obligations	6.5

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on the total market value of investments.

2 OPPENHEIMER MONEY FUND/VA

Fund Performance Discussion

As they have for the past several years, short-term interest rates and money market yields remained near historical lows during the period. Nonetheless, the Fund continued to produce competitive and consistent levels of current income while maintaining liquidity and a stable net asset value.

MARKET OVERVIEW

The Federal Reserve’s (the “Fed’s”) target for short-term interest rates remained in a range between 0% and 0.25% throughout the reporting period, which effectively anchored yields of short-term debt instruments near historical lows. In addition, the Fed’s aggressively accommodative monetary policy appeared to gain a degree of traction, as a variety of U.S. economic data showed improvement during the period. Prior to the start of the period, the Fed launched a third, open-ended round of quantitative easing to buy U.S. government securities from financial institutions, providing them with cash that can be used for consumer and business loans. At the same time, the Fed stated its intention to maintain low short-term interest rates through mid-2015, an extension of its previous 2014 time frame.

Economic conditions in the rest of the world also seemed to be on the mend. While Europe continued to struggle with its sovereign debt crisis, the European Central Bank’s commitment to support the euro as the European Union’s common currency bolstered optimism. Even in Japan, which had been mired in economic weakness for years, new government leadership adopted economic policies and the central bank announced a massive quantitative easing program.

However, later in the period, the Fed appeared to weigh the merits of backing away from its quantitative easing policy. As a result, the markets sold off sharply and made a quick reappraisal of interest rate risk in an array of credit markets and related currencies. Equities, particularly those in emerging markets and with interest rate sensitivity, experienced spillover effects as a result.

PORTFOLIO STRATEGY

We continued to emphasize liquidity and safety in the reporting period, favoring U.S. Treasury securities and bank obligations in the United States and Canada, while avoiding some of the European banks that we feel still may be affected by the region’s economic downturn. We also found relatively attractive opportunities in short-dated commercial paper issued by financially stable corporations, as well as from asset-backed commercial paper and municipal variable rate demand notes. These types of short-term securities did not experience as much yield compression as other liquidity instruments, such as repurchase agreements, during the period.

As the period was characterized by declining short term interest rates, we managed the Fund’s weighted average maturity toward the longer end of its range in an effort to capture higher yields from longer dated instruments. Consequently, as of the end of the reporting period, the Fund’s weighted average maturity was slightly longer than industry averages.

STRATEGY & OUTLOOK

Although we have been encouraged by recently improved U.S. economic data and improvement in European bank funding ability, the pace of economic improvement continues to suggest that the Fed will be measured in its approach to tightening monetary policy, and that money market rates will continue to remain low by historical standards for the foreseeable future. Accordingly, we will remain focused on capital preservation and liquidity as the economic situation develops.

Additionally, we expect that U.S. regulators will propose rules soon to further strengthen money market funds during times of market stresses. We look forward to engaging in the regulatory process as it unfolds the remainder of this year and into 2014.

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

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 28, 2013.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2013		Ending Account Value June 28, 2013		Expenses Paid During 6 Months Ended June 28, 2013
	$	1,000.00	$	1,000.10	$	1.18

Hypothetical
(5% return before expenses)
		1,000.00		1,023.34		1.19

Expense Ratio

0.24%

4 OPPENHEIMER MONEY FUND/VA

STATEMENT OF INVESTMENTS June 28, 2013* / Unaudited


	Maturity Date**		Final Legal Maturity Date***		Principal Amount		Value
Certificates of Deposit—29.4%
Yankee Certificates of Deposit—29.4%
Bank of Montreal, Chicago:
0.12%		7/1/13		7/1/13	$	4,600,000	$	4,600,000
0.18%		9/5/13		9/5/13		3,900,000		3,900,000
Bank of Nova Scotia, Houston TX:
0.20%¹		7/1/13		7/9/13		1,200,000		1,200,000
0.22%		11/13/13		11/13/13		1,200,000		1,200,000
0.23%		10/7/13		10/7/13		1,000,000		1,000,000
BNP Paribas, New York, 0.74%		1/15/14		1/15/14		2,250,000		2,250,000
Canadian Imperial Bank of Commerce NY, 0.06%		7/2/13		7/2/13		6,500,000		6,500,000
DnB Bank ASA NY:
0.18%		9/12/13		9/12/13		2,000,000		2,000,000
0.185%		8/14/13		8/14/13		2,300,000		2,300,000
0.185%		8/20/13		8/20/13		1,000,000		1,000,000
Nordea Bank Finland plc, New York:
0.22%		11/18/13		11/18/13		1,000,000		1,000,000
0.23%		11/15/13		11/15/13		6,000,000		6,000,000
Royal Bank of Canada, New York:
0.303%¹		7/24/13		6/24/14		3,000,000		3,000,000
0.32%¹		7/1/13		2/3/14		2,000,000		2,000,000
Svenska Handelsbanken, New York:
0.21%		9/20/13		9/20/13		1,300,000		1,300,029
0.22%		7/12/13		7/12/13		2,700,000		2,700,000
0.22%		7/19/13		7/19/13		2,500,000		2,500,000
Toronto Dominion Bank, New York:
0.14%		7/8/13		7/8/13		1,750,000		1,750,004
0.24%		9/27/13		9/27/13		4,000,000		4,000,000
0.26%		1/6/14		1/6/14		2,000,000		2,000,000
Wells Fargo Bank NA, 0.248%		7/1/13		5/1/14		2,500,000		2,500,000
Total Certificates of Deposit (Cost $54,700,033)								54,700,033
Direct Bank Obligations—17.4%
Bank of Nova Scotia, New York, 0.07%		7/3/13		7/3/13		5,400,000		5,399,979
National Australia Funding (Delaware), Inc., 0.25%²		7/8/13		7/8/13		3,000,000		2,999,854
Nordea North America, Inc., 0.20%		8/13/13		8/13/13		1,000,000		999,761
Skandinaviska Enskilda BankenAB:
0.20%²		9/4/13		9/4/13		1,500,000		1,499,458
0.20%²		9/19/13		9/19/13		5,800,000		5,797,422
Swedbank AB:
0.20%		8/28/13		8/28/13		7,000,000		6,997,745
0.20%		8/27/13		8/27/13		1,300,000		1,299,588
Westpac Banking Corp.:
0.329%^1,2,3		7/9/13		1/9/14		5,400,000		5,400,000
0.34%^1,2		7/1/13		10/31/13		2,000,000		2,000,402
Total Direct Bank Obligations (Cost $32,394,209)								32,394,209
Short-Term Notes/Commercial Paper—46.2%
Capital Markets—1.9%
BNP Paribas Finance, Inc., 0.25%		9/12/13		9/12/13		3,500,000		3,498,226
Diversified Financial Services—3.8%
General Electric Capital Corp.:
0.23%		11/25/13		11/25/13		5,000,000		4,995,304
0.23%		10/28/13		10/28/13		2,000,000		1,998,479
								6,993,783
Leasing & Factoring—6.5%
American Honda Finance Corp.:
0.293%^1,3		9/5/13		12/5/13		1,000,000		1,000,000
0.305%^1,3		8/8/13		11/8/13		1,500,000		1,500,000
0.353%^1,3		8/2/13		8/2/13		1,500,000		1,500,000
Toyota Motor Credit Corp.:
0.234%		7/1/13		2/25/14		2,500,000		2,500,000
0.301%		10/25/13		10/25/13		2,500,000		2,497,583
0.31%		7/17/13		7/17/13		3,300,000		3,299,546
								12,297,129
Municipal—1.2%
San Antonio, TX Industrial Development Authority Revenue Bonds,
Tindall Corp. Project, 0.25%¹		7/5/13		7/5/13		2,300,000		2,300,000

5 OPPENHEIMER MONEY FUND/VA

STATEMENT OF INVESTMENTS Unaudited / (Continued)


	Maturity Date**		Final Legal Maturity Date***		Principal Amount		Value
Oil, Gas & Consumable Fuels—3.3%
Total Capital SA, 0.05%²		7/1/13		7/1/13	$	6,100,000	$	6,100,000
Receivables Finance—17.6%
Alpine Securitization Corp.:
0.10%		7/1/13		7/1/13		5,800,000		5,800,000
0.10%		7/3/13		7/3/13		3,100,000		3,099,983
Barton Capital Corp., 0.27%²		7/28/13		11/5/13		2,000,000		2,000,000
Gemini Securitization Corp., 0.10%²		7/1/13		7/1/13		9,000,000		9,000,000
Gotham Funding Corp., 0.17%²		7/11/13		7/11/13		1,200,000		1,199,943
Jupiter Securitization Co. LLC:
0.26%²		9/18/13		9/18/13		2,500,000		2,498,574
0.26%²		10/1/13		10/1/13		1,000,000		999,336
Market Street Funding LLC:
0.16%²		7/9/13		7/9/13		1,251,000		1,250,955
0.17%²		8/7/13		8/7/13		1,225,000		1,224,786
0.185%²		8/19/13		8/19/13		1,800,000		1,799,547
0.20%²		7/10/13		7/10/13		1,000,000		999,950
Old Line Funding Corp.:
0.25%²		12/18/13		12/18/13		1,000,000		998,819
0.25%²		10/21/13		10/21/13		2,000,000		1,998,445
								32,870,338
Special Purpose Financial—11.9%
Anglesea Funding LLC, 0.25%³		7/1/13		7/1/13		2,000,000		2,000,000
Collateralized Commercial Paper II Co. LLC, 0.401%³		7/16/13		7/16/13		4,500,000		4,499,250
Concord Minutemen Cap. Corp. LLC:
0.22%		8/8/13		8/8/13		2,000,000		1,999,536
0.22%		8/12/13		8/12/13		2,700,000		2,699,307
0.23%		7/15/13		7/15/13		4,100,000		4,099,633
Legacy Capital LLC, 0.23%		7/2/13		7/2/13		1,000,000		999,994
Lexington Parker Capital Co. LLC, 0.23%²		7/8/13		7/8/13		5,000,000		4,999,776
Ridgefield Funding Co. LLC, 0.30%		8/12/13		8/12/13		1,000,000		1,000,000
								22,297,496
Total Short-Term Notes/Commercial Paper (Cost $86,356,972)								86,356,972
U.S. Government Obligations—6.4%
U.S. Treasury Nts.:
0.25%		2/28/14		2/28/14		1,000,000		1,000,408
0.375%		6/30/13		6/30/13		2,000,000		2,000,000
0.50%		10/15/13		10/15/13		2,500,000		2,502,161
0.75%		9/15/13		9/15/13		1,000,000		1,001,075
1.00%		1/15/14		1/15/14		1,500,000		1,506,559
1.00%		7/15/13		7/15/13		1,000,000		1,000,292
1.75%		1/31/14		1/31/14		1,000,000		1,009,055
3.375%		7/31/13		7/31/13		1,000,000		1,002,600
4.25%		8/15/13		8/15/13		1,000,000		1,004,974
Total U.S. Government Obligations (Cost $12,027,124)								12,027,124
Total Investments, at Value (Cost $185,478,338)						99.4%		185,478,338
Assets in Excess of Other Liabilities						0.6		1,051,589
Net Assets						100.0	$	186,529,927

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.

* June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

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

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

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

2. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $52,767,267 or 28.29% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $15,899,250 or 8.52% of the Fund’s net assets as of June 28, 2013.

See accompanying Notes to Financial Statements.

6 OPPENHEIMER MONEY FUND/VA

STATEMENT OF ASSETS AND LIABILITIES _{June 28, 2013}^¹_Unaudited


Assets
Investments, at value (cost $185,478,338)—see accompanying statement of investments	$	185,478,338
Cash		158,434
Receivables and other assets:
Shares of beneficial interest sold		1,391,733
Interest		87,753
Other		23,453
Total assets		187,139,711


Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		558,974
Trustees’ compensation		13,981
Transfer and shareholder servicing agent fees		13,751
Shareholder communications		10,357
Dividends payable		362
Other		12,359
Total liabilities		609,784


Net Assets	$	186,529,927


Composition of Net Assets
Par value of shares of beneficial interest	$	186,519
Additional paid-in capital		186,337,258
Accumulated net investment income		4,044
Accumulated net realized gain on investments		2,106
Net Assets - applicable to 186,519,162 shares of beneficial interest outstanding	$	186,529,927


Net Asset Value, Redemption Price Per Share and Offering Price Per Share		$1.00

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

7 OPPENHEIMER MONEY FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 28, 2013¹ / Unaudited


Investment Income
Interest	$	214,112


Expenses
Management fees		390,620
Transfer and shareholder servicing agent fees		86,809
Trustees’ compensation		14,166
Shareholder communications		9,049
Custodian fees and expenses		672
Other		25,051
Total expenses		526,367
Less waivers and reimbursements of expenses		(321,295	)
Net expenses		205,072


Net Investment Income		9,040


Net Realized Gain on Investments		2,106


Net Increase in Net Assets Resulting from Operations	$	11,146

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

8 OPPENHEIMER MONEY FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 28, 2013¹ (Unaudited)			Year Ended December 31, 2012
Operations
Net investment income	$	9,040		$	17,102
Net realized gain		2,106			6,472
Net increase in net assets resulting from operations		11,146			23,574


Dividends and/or Distributions to Shareholders
Dividends from net investment income		(9,072	)		(17,102	)


Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:		12,099,528			10,448,459


Net Assets
Total increase		12,101,602			10,454,931
Beginning of period		174,428,325			163,973,394

End of period (including accumulated net investment income of $4,044 and $4,076, respectively)	$	186,529,927		$	174,428,325

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

9 OPPENHEIMER MONEY FUND/VA

FINANCIAL HIGHLIGHTS


		Six Months Ended June 28, 2013¹ (Unaudited)		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010		Year Ended December 31, 2009		Year Ended December 31, 2008
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 gain²		0.00³		0.00³		0.00³		0.00³		0.00³		0.03
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00³		0.00³		0.00³		0.00³		0.00³		(0.03)
Net asset value, end of period	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00




Total Return, at Net Asset Value⁴		0.01%		0.01%		0.01%		0.03%		0.32%		2.78%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	186,530	$	174,428	$	163,973	$	149,697	$	180,955	$	243,356
Average net assets (in thousands)	$	175,163	$	164,276	$	156,127	$	164,258	$	218,079	$	212,564
Ratios to average net assets:⁵
Net investment income		0.01%		0.01%		0.01%		0.01%		0.35%		2.72%
Total expenses		0.61%		0.62%		0.61%		0.61%		0.57%		0.50%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.24%		0.30%		0.29%		0.35%		0.48%		0.50%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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

3. Less than $0.005 per share.

5. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

10 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, a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek income consistent with stability of principal. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

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

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.

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.

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.

11 OPPENHEIMER MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS _{Unaudited / Continued}

2. Securities Valuation

Valuation Methods and Inputs

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

Classifications

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

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

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 28, 2013 based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Certificates of Deposit	$	—	$	54,700,033	$	—	$	54,700,033
Direct Bank Obligations		—		32,394,209		—		32,394,209
Short-Term Notes/Commercial Paper		—		86,356,972		—		86,356,972
U.S. Government Obligations		—		12,027,124		—		12,027,124

Total Assets	$	—	$	185,478,338	$	—	$	185,478,338

12 OPPENHEIMER MONEY FUND/VA

3. 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 28, 2013						Year Ended December 31, 2012
	Shares			Amount			Shares			Amount
Sold		42,678,555		$	42,678,555			75,194,128		$	75,194,128
Dividends and/or distributions reinvested		9,072			9,072			17,102			17,102
Redeemed		(30,588,099	)		(30,588,099	)		(64,762,771	)		(64,762,771	)

Net increase		12,099,528		$	12,099,528			10,448,459		$	10,448,459

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 $500 million	0.450	%
Next $500 million	0.425
Next $500 million	0.400
Over $1.5 billion	0.375

Waivers and Reimbursements of Expenses. The Manager has voluntarily undertaken to waive fees and/or reimburse expenses to the extent necessary to assist the Fund in attempting to maintain a positive yield. There is no guarantee that the Fund will maintain a positive yield. During the six months ended June 28, 2013, the Manager waived fees and/or reimbursed the Fund $225,775.

The Manager has voluntarily agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; so that those expenses, as percentages of daily net assets, will not exceed the annual rate of 0.50%. As a result of this limitation, the Manager waived $95,520 for the six months ended June 28, 2013.

Effective April 30, 2013, the Manager is permitted to recapture previously waived and/or reimbursed fees in any given fiscal year if the recapture would not: 1) cause the Fund to generate a negative daily yield, and 2) exceed amounts previously waived and/or reimbursed under this arrangement during the current and prior three fiscal years. The reimbursement to the Manager of such previous waivers and reimbursements would not include any portion of distribution and/or service fees. As of June 28, 2013, the following waived and/or reimbursed amounts are eligible for recapture:

Expiration Date

December 31, 2016

$113,904

The Manager has not recaptured any previously waived and/or reimbursed amounts during the six months ended June 28, 2013.

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

5. Pending Litigation

13 OPPENHEIMER MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS _{Unaudited / (Continued}₎

5. Pending Litigation (Continued)

14 OPPENHEIMER MONEY FUND/VA

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

15 OPPENHEIMER MONEY FUND/VA

OPPENHEIMER MONEY FUND/VA


A Series of Oppenheimer Variable Account Funds
Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee Edward L. Cameron, Trustee Jon S. Fossel, Trustee Richard F. Grabish, Trustee Beverly L. Hamilton, Trustee Victoria J. Herget, Trustee Robert J. Malone, Trustee F. William Marshall, Jr., Trustee Karen L. Stuckey, Trustee James D. Vaughn, Trustee William F. Glavin, Jr., Trustee, President and Principal Executive Officer Christopher Proctor, Vice President Arthur S. Gabinet, Secretary and Chief Legal Officer 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

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc. DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		K&L Gates LLP

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

LOGO

June 30, 2013

Oppenheimer

Global Strategic Income Fund/VA

A Series of Oppenheimer Variable Account Funds

Semiannual

Report

SEMIANNUAL REPORT

Fund Performance Discussion

Listing of Top Holdings

Financial Statements

LOGO

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Portfolio Managers: Arthur P. Steinmetz, Krishna Memani, Sara J. Zervos, Ph.D. and Jack Brown, CFA¹.


Cumulative Total Returns For the 6-Month Period Ended 6/28/13²
Non-Service Shares	–2.36%
Service Shares	–2.54
Average Annual Total Returns For the Periods Ended 6/28/13²

	1-Year	5-Year	10-Year
Non-Service Shares	4.46%	5.09%	6.36%
Service Shares	4.11%	4.84%	6.05%

1. Jack Brown became a portfolio manager in April 2013.

2. June 28, 2013, was the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Consolidated Financial Statements.

Portfolio Allocation

LOGO

* Represents a value of less than 0.005%.

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on the total market value of investments.


Corporate Bonds & Notes—Top Ten Industries
Oil, Gas & Consumable Fuels		5.5%
Commercial Banks		3.8
Media		1.7
Diversified Telecommunication Services		1.7
Wireless Telecommunication Services		1.7
Hotels, Restaurants & Leisure		1.2
Metals & Mining		1.2
Aerospace & Defense		1.1
Electric Utilities		1.1
Capital Markets		1.0

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on net assets.


2				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

FUND PERFORMANCE DISCUSSION

The Fund’s Non-Service shares returned -2.36% during the period, outperforming its Reference Index, which returned -3.08%. The Fund’s Reference Index is a customized weighted index currently comprised of 40% of the Citigroup Non-U.S. World Government Bond Index, 30% of the JPMorgan Domestic High Yield Index and 30% of the Barclays U.S. Aggregate Bond Index. The Fund produced a negative return in what was a difficult period for fixed-income markets, particularly over the second half of the period after the Federal Reserve (the “Fed”) discussed the eventual tapering of its quantitative easing program.

Global Market and Economic Environment

Early in the reporting period, the highly accommodative policies of central banks throughout the world and positive data surprises in the U.S. regarding housing and employment buoyed investor sentiment and helped send the equity markets to new highs, pressuring yields until European turmoil began to recapture the headlines. The situation in Europe began to worsen as the Cyprus banking crisis and election results in Italy hurt investor sentiment. The expectation of aggressive quantitative easing in Japan continued to push the yen lower, along with yields on the longer-term debt of that nation.

Over the second half of the period, positive economic data in the U.S. prompted the Fed to start talking about tapering its quantitative easing program, and both foreign and domestic fixed income markets reacted strongly. While interest rates increased in most developed markets, the magnitude of the reaction in emerging markets surprised many as rates in Mexico, Brazil, Russia and elsewhere rose faster than those in the U.S. While the rapid increase in rates in emerging markets was impacted by potential Fed tapering, we believe it was more so the result of a series of “liquidation events,” as investors such as hedge funds and commodity trading advisors (CTAs)¹ unwound their momentum trades. While spikes in market volatility are seldom pleasant, the impact on international bonds this period was especially acute given the double whammy of rising rates and a rising U.S. dollar.

Fund Review

In this environment, very few fixed-income sectors performed positively. For the Fund, the largest positive contributors were high yield bonds and senior bank loans. The Fund benefited from overweight exposure to U.S. corporate bonds with below-investment-grade credit ratings. Returns were robust among credits rated B, B- and CCC+, which were areas of emphasis for the Fund. While senior bank loans performed positively for the Fund, they generally trailed their high yield fixed-income counterparts, leading us to reduce our exposure and reallocate the capital into high yield bonds and agency mortgages. We are looking to add exposure opportunistically in European credit and structured products, which became much more attractive as credit spreads widened when rates backed up. Also contributing positively for the Fund were an underweight position in developed markets bonds and our zero weight in the yen. If Japanese Prime Minister Shinzo Abe’s policies gain meaningful traction, it will most likely be through a falling yen, and we view the prospects for that currency as poor.

The most significant detractor from performance was our allocation to emerging markets, and particularly our exposure to emerging market debt denominated in local currencies. The rapid increase in rates in emerging markets coupled with the U.S. dollar appreciating against a host of foreign currencies resulted in declines. However, we believe many emerging markets have more policy flexibility than many investors realize, and after the recent selloff, valuations are much more attractive. We maintained our position at period end. Also detracting from performance were mortgage-backed securities (“MBS”), which suffered declines during the period. However, before the Fed began discussing tapering, we started reducing our position in MBS since we felt they were vulnerable to policy changes. Accordingly, we reduced the allocation to MBS by over 50% before the market rout, which limited the negative impact on performance. At period end, we remain comfortable with our remaining exposure in collateralized MBS, subprime

1. A CTA is an individual or organization who is retained by a fund or individual client to provide advice and services related to trading in futures contracts, commodity options and/or swaps.


3				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

FUND PERFORMANCE DISCUSSION

auto and non-agency MBS. We believe consumer leverage is under control, debt service coverage and employment are both improving, and the economy is slowly recovering. Although these sectors were hurt during the recent selloff, we believe they have the potential to rebound as fundamentals reassert themselves.

Separately, we maintained the Fund’s duration in line with the Barclays U.S. Aggregate Bond Index at just over five years.

Strategy & Outlook

Regarding the macro outlook, we became more constructive on the U.S. economy in late 2012 as incoming data improved, causing us to raise our expectations for economic growth this year. In light of the ongoing recession in Europe and the money printing experiment in Japan, we believe this is a good environment for the U.S. dollar as well as U.S. credit. With Japan’s aggressive monetary easing, we believe the outlook for the yen is poor, and we also believe that Japanese Government bonds have approached full value. Our outlook for emerging markets credit was mixed coming into the second half of the period, but after the selloff of the last two months, valuations look much more attractive. Where global growth expectations remain strong, we have exposure to emerging markets corporates. We expect rates to move modestly higher over time, and we believe the portfolio is positioned to perform relatively well if this should occur.

Against this backdrop, we continue to like credit as well as the high real yields available in emerging markets. We entered 2012 believing that some level of risk premium would get taken out of the market, and that view proved correct. We believe the Fund is positioned to benefit if this trend continues in 2013. We have sought to construct the portfolio to allow significant flexibility if conditions change meaningfully in Europe, the emerging markets or elsewhere, or within particular asset classes.

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. or its affiliates.


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 28, 2013.


Actual	Beginning Account Value January 1, 2013		Ending Account Value June 28, 2013		Expenses Paid During 6 Months Ended June 28, 2013
Non-Service Shares	$	1,000.00	$	976.40	$	3.45
Service Shares		1,000.00		974.60		4.66

Hypothetical (5% return before expenses)
Non-Service Shares		1,000.00		1,021.04		3.52
Service Shares		1,000.00		1,019.81		4.77


Class	Expense Ratios
Non-Service Shares		0.71	%
Service Shares		0.96

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 “Consolidated Financial Highlights” tables in the Fund’s consolidated 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 GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS June 28, 2013* / Unaudited


	Principal Amount		Value
Asset-Backed Securities—3.6%
Ally Auto Receivables Trust, Automobile Receivables Nts., Series 2012-A, Cl. D, 3.15%, 10/15/18¹	$	2,125,000	$	2,157,255
Ally Master Owner Trust, Automobile Receivable Nts., Series 2012-3, Cl. D, 2.543%, 7/15/17²		1,200,000		1,204,171
American Credit Acceptance Receivables Trust 2012-2, Automobile Receivable Nts., Series 2012-2, Cl. D, 5.91%, 7/15/19³		2,100,000		2,150,955
American Credit Acceptance Receivables Trust 2012-3, Automobile Receivable Nts., Series 2012-3, Cl. C, 2.78%, 9/17/18³		230,000		228,633
AmeriCredit Automobile Receivables Trust 2012-1, Automobile Receivables-Backed Nts., Series 2012-1, Cl. D, 4.72%, 3/8/18		8,055,000		8,543,913
AmeriCredit Automobile Receivables Trust 2012-3, Automobile Receivables-Backed Nts.: Series 2012-3, Cl. D, 3.03%, 7/9/18		2,625,000		2,655,735
Series 2012-3, Cl. E, 4.46%, 11/8/19³		360,000		379,497
AmeriCredit Automobile Receivables Trust 2012-4, Automobile Receivables-Backed Nts., Series 2012-4, Cl. D, 2.68%, 10/9/18		1,190,000		1,182,456
AmeriCredit Automobile Receivables Trust 2013-1, Automobile Receivables-Backed Nts.: Series 2013-1, Cl. D, 2.09%, 2/8/19		425,000		410,579
Series 2013-1, Cl. E, 3.92%, 7/8/20³		2,385,000		2,286,412
AmeriCredit Automobile Receivables Trust 2013-2, Automobile Receivables-Backed Nts.: Series 2013-2, Cl. D, 2.42%, 5/8/19		675,000		658,456
Series 2013-2, Cl. E, 3.41%, 10/8/20³		1,055,000		1,036,928
AmeriCredit Automobile Receivables Trust 2013-3, Automobile Receivables-Backed Nts.: Series 2013-3, Cl. D, 3%, 7/8/19		440,000		435,150
Series 2013-3, Cl. E, 3.74%, 12/8/20³		1,995,000		1,973,637


	Principal Amount			Value
Asset-Backed Securities Continued
Avis Budget Rental Car Funding AESOP LLC, Automobile Receivable Nts., Series 2011-3A, Cl. B, 4.74%, 11/20/17³	$	335,000		$	356,847
Axius European CLO SA, Collateralized Debt Obligations, Series 2007-1X, Cl. E, 4.803%, 11/15/23²		212,712	EUR		243,416
Capital Auto Receivables Asset Trust 2013-1, Automobile Receivables Nts., Series 2013-1, Cl. D, 2.19%, 9/20/21		275,000			264,514
CarMax Auto Owner Trust 2012-2, Automobile Receivables Nts., Series 2012-2, Cl. D, 3.02%, 11/15/18		1,200,000			1,212,179
CarMax Auto Owner Trust 2013-1, Automobile Receivables Nts., Series 2013-1, Cl. D, 1.99%, 8/15/19		250,000			245,480
CPS Auto Trust, Automobile Receivable Nts., Series 2012-C, Cl. A, 1.82%, 12/16/19³		176,367			177,249
Credit Acceptance Auto Loan Trust, Automobile Receivable Nts., Series 2012-2A, Cl. B, 2.21%, 9/15/20³		100,000			100,325
DT Auto Owner Trust 2012-2, Automobile Receivable Nts.: Series 2012-2, Cl. C, 2.72%, 4/17/17³		690,000			696,474
Series 2012-2, Cl. D, 4.35%, 3/15/19³		2,245,000			2,306,013
DT Auto Owner Trust 2013-1A, Automobile Receivable Nts., Series 2013-1A, Cl. D, 3.72%, 5/15/20³		2,920,000			2,913,882
Exeter Automobile Receivables Trust, Automobile Receivable Nts.: Series 2012-2A, Cl. B, 2.22%, 12/15/17³		875,000			879,783
Series 2012-2A, Cl. C, 3.06%, 7/16/18³		1,100,000			1,102,991
First Investors Auto Owner Trust 2012-1A, Automobile Receivables Nts., Series 2012-1A, Cl. D, 5.65%, 4/15/18³		285,000			300,497


6				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value
Asset-Backed Securities Continued
Ford Credit Floorplan Master Owner Trust A, Automobile Receivable Nts., Series 2013-3, Cl. D, 2.01%, 6/15/17	$	240,000	$	240,335
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts.:
Series 2007-1A, Cl. B, 2.165%, 8/15/22^1,2		7,870,000		7,181,375
Series 2007-1A, Cl. C, 3.465%, 8/15/22^1,2		5,270,000		4,679,760
Series 2007-1A, Cl. D, 5.465%, 8/15/22^1,2		5,270,000		4,637,600
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17¹		37,662		37,754
Santander Drive Auto Receivables Trust 2012-2, Automobile Receivables Nts., Series 2012-2, Cl. D, 3.87%, 2/15/18		545,000		559,593
Santander Drive Auto Receivables Trust 2012-3, Automobile Receivables Nts.:
Series 2012-3, Cl. C, 3.01%, 4/16/18		5,830,000		5,990,649
Series 2012-3, Cl. D, 3.64%, 5/15/18		7,770,000		7,943,384
Santander Drive Auto Receivables Trust 2012-4, Automobile Receivables Nts., Series 2012-4, Cl. D, 3.50%, 6/15/18		3,510,000		3,573,296
Santander Drive Auto Receivables Trust 2012-5, Automobile Receivables Nts.:
Series 2012-5, Cl. C, 2.70%, 8/15/18		2,180,000		2,195,233
Series 2012-5, Cl. D, 3.30%, 9/17/18		3,160,000		3,189,887
Santander Drive Auto Receivables Trust 2012-AA, Automobile Receivables Nts., Series 2012-AA, Cl. D, 2.46%, 12/17/18³		825,000		808,571
Santander Drive Auto Receivables Trust 2013-1, Automobile Receivables Nts., Series 2013-1, Cl. D, 2.80%, 1/15/19		920,000		892,210
Santander Drive Auto Receivables Trust 2013-2, Automobile Receivables Nts., Series 2013-2, Cl. D, 2.70%, 3/15/19		1,110,000		1,082,224
Santander Drive Auto Receivables Trust 2013-3, Automobile Receivables Nts., Series 2013-3, Cl. D, 2.42%, 4/15/19		950,000		919,034


	Principal Amount		Value
Asset-Backed Securities Continued
SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 0.673%, 6/15/39²	$	2,203,812	$	1,422,309
SNAAC Auto Receivables Trust, Automobile Receivable Nts.:
Series 2012-1A, Cl. B, 3.11%, 6/15/17³		525,000		530,606
Series 2012-1A, Cl. C, 4.38%, 6/15/17³		595,000		610,973
SNAAC Auto Receivables Trust, Automobile Receivables Nts.:
Series 2013-1A, Cl. B, 2.09%, 7/16/18		200,000		198,484
Series 2013-1A, Cl. C, 3.07%, 8/15/18		220,000		217,646
United Auto Credit Securitization Trust 2012-1, Automobile Receivables Nts.:
Series 2012-1, Cl. B, 1.87%, 9/15/15		335,000		334,709
Series 2012-1, Cl. C, 2.52%, 3/15/16		2,665,000		2,660,743
Series 2012-1, Cl. D, 3.12%, 3/15/18		1,690,000		1,687,097
Series 2013-1, Cl. D, 2.90%, 12/15/17³		440,000		437,176
United Auto Credit Securitization Trust 2013-1, Automobile Receivables Nts.:
Series 2013-1, Cl. B, 1.74%, 4/15/16³		360,000		358,787
Series 2013-1, Cl. C, 2.22%, 12/15/17³		230,000		229,132
Total Asset-Backed Securities (Cost $89,281,066)				88,721,994
Corporate Loans—1.9%
Affinion Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.50%, 10/9/16²		1,993,918		1,899,320
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession:
13.116%, 3/1/14²		203,038		121,315
13.449%, 3/1/14²		18,723		11,187
Tranche NM, 13.116%, 3/1/14²		50,751		30,324
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, Delayed Draw, 13.116%, 3/3/14²		768,573		459,222
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, 13.116%, 3/1/14²		359,943		215,066
Autoparts Holdings Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.50%, 7/29/17²		1,022,935		1,010,149


7				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value
Corporate Loans Continued				��
BJ’S Wholesale Club, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 3/26/20²	$	1,030,000	$	1,048,347
Blue Coat Systems, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.50%, 6/5/20^2,4		895,000		895,000
BMC Software, Inc., Sr. Sec. Credit Facilities Bridge Term Loan, 0.50%, 5/24/14²		3,160,000		—
Brock Holdings III, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 3/16/18²		775,000		788,563
Caesars Entertainment Operating Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 5.443%, 1/28/18²		2,838,271		2,514,353
Catalent Pharma Solutions, Inc., Sr. Sec. Credit Facilities Term Loan, 6.50%, 12/31/17²		1,265,000		1,260,256
Chesapeake Energy Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.75%, 12/2/17²		1,420,000		1,438,735
Clear Channel Capital I LLC, Extended Sr. Sec. Credit Facilities, Tranche D, 6.945%, 1/30/19²		4,148,532		3,792,019
Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.845%, 1/29/16²		1,406,487		1,289,748
Deltek, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 10/10/19^2,4		2,050,000		2,057,688
Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan, Tranche B, 3.539%, 10/19/15^2,5		7,165,008		4,034,795
Hallertau SPC, Sr. Sec. Credit Facilities Term Loan, 7.94%, 8/15/13⁶		12,143,750		4,212,575
Ion Trading Technologies Ltd., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 5/22/21²		140,000		139,650
iStar Financial, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche A2, 7%, 3/19/17^2,4		1,815,000		1,911,800
JG Wentworth, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9%, 2/8/19²		366,693		363,026
Lonestar Intermediate Super Holdings LLC, Sr. Sec. Credit Facilities Term Loan, 11%, 9/2/19²		1,555,000		1,632,750


	Principal Amount		Value
Corporate Loans Continued
NFR Energy LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.75%, 12/31/18²	$	1,705,000	$	1,705,000
NTELOS, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 11/9/19²		1,215,813		1,207,180
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 6.50%, 2/28/19²		3,755,000		3,729,184
OneLink Communications/San Juan Cable LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 6/11/18²		1,885,000		1,896,781
Quicksilver Resources, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7%, 6/12/19^2,4		3,040,000		2,948,800
Revel Entertainment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: 9.125%, 2/17/17⁶		2,186,396		1,078,621
9.15%, 2/17/17^4,6		101,693		50,168
Revel Entertainment, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 14.50%, 5/20/18^2,4,5		1,325,000		1,331,625
TWCC Holding Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7%, 12/11/20^2,4		860,000		870,750

Total Corporate Loans (Cost $47,867,915)				45,943,997
Mortgage-Backed Obligations—21.1%
Government Agency—5.8%
FHLMC/FNMA/FHLB/Sponsored—5.7%
Federal Home Loan Mortgage Corp.: 5%, 9/15/33		810,134		870,261
5.50%, 9/1/39		944,946		1,028,553
6%, 5/15/18-11/15/21		264,651		285,482
6.50%, 3/15/18-8/15/32		1,063,961		1,173,730
7%, 10/1/31-10/1/37		232,022		266,238
7.50%, 1/1/32		538,993		643,441
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1360, Cl. PZ, 7.50%, 9/15/22		574,974		651,679
Series 151, Cl. F, 9%, 5/15/21		14,331		15,985
Series 1674, Cl. Z, 6.75%, 2/15/24		433,252		488,243
Series 1897, Cl. K, 7%, 9/15/26		1,031,538		1,173,751
Series 2043, Cl. ZP, 6.50%, 4/15/28		414,557		471,964
Series 2106, Cl. FG, 0.643%, 12/15/28²		715,436		721,543
Series 2122, Cl. F, 0.643%, 2/15/29²		19,695		19,866
Series 2148, Cl. ZA, 6%, 4/15/29		519,612		581,723
Series 2195, Cl. LH, 6.50%, 10/15/29		313,165		353,927


8				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Continued Series 2326, Cl. ZP, 6.50%, 6/15/31	$	40,920	$	46,528
Series 2344, Cl. FP, 1.143%, 8/15/31²		206,001		211,085
Series 2368, Cl. PR, 6.50%, 10/15/31		159,570		181,527
Series 2412, Cl. GF, 1.143%, 2/15/32²		343,283		351,753
Series 2449, Cl. FL, 0.743%, 1/15/32²		237,457		240,528
Series 2451, Cl. FD, 1.193%, 3/15/32²		129,185		132,582
Series 2453, Cl. BD, 6%, 5/15/17		46,610		49,759
Series 2461, Cl. PZ, 6.50%, 6/1/32		609,796		692,502
Series 2464, Cl. FI, 1.193%, 2/15/32²		109,139		111,626
Series 2470, Cl. AF, 1.193%, 3/15/32²		221,651		227,478
Series 2470, Cl. LF, 1.193%, 2/15/32²		111,688		114,233
Series 2471, Cl. FD, 1.193%, 3/15/32²		163,601		167,371
Series 2477, Cl. FZ, 0.743%, 6/15/31²		454,319		459,761
Series 2500, Cl. FD, 0.693%, 3/15/32²		18,365		18,560
Series 2517, Cl. GF, 1.193%, 2/15/32²		97,107		99,319
Series 2526, Cl. FE, 0.593%, 6/15/29²		31,884		32,089
Series 2551, Cl. FD, 0.593%, 1/15/33²		14,376		14,477
Series 2668, Cl. AZ, 4%, 9/1/18		88,573		93,580
Series 2676, Cl. KY, 5%, 9/15/23		1,908,101		2,095,144
Series 3025, Cl. SJ, 24.044%, 8/15/35²		287,865		427,765
Series 3465, Cl. HA, 4%, 7/1/17		48,619		49,992
Series 3617, Cl. DC, 4%, 7/1/27		155,534		158,647
Series 3822, Cl. JA, 5%, 6/1/40		74,874		78,570
Series 3848, Cl. WL, 4%, 4/1/40		525,402		556,848
Series 3917, Cl. BA, 4%, 6/1/38		476,551		497,209
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 192, Cl. IO, 11.746%, 2/1/28⁷		14,045		2,268
Series 205, Cl. IO, 16.015%, 9/1/29⁷		86,349		16,884
Series 2074, Cl. S, 57.025%, 7/17/28⁷		22,119		4,915
Series 2079, Cl. S, 71.767%, 7/17/28⁷		39,654		9,135
Series 2136, Cl. SG, 69.689%, 3/15/29⁷		1,043,298		207,813
Series 2399, Cl. SG, 63.624%, 12/15/26⁷		577,398		124,607


	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Continued Series 243, Cl. 6, 0%, 12/15/32^7,8	$	210,034	$	34,373
Series 2437, Cl. SB, 74.493%, 4/15/32⁷		1,846,485		401,657
Series 2526, Cl. SE, 31.624%, 6/15/29⁷		40,029		9,389
Series 2795, Cl. SH, 15.578%, 3/15/24⁷		872,812		123,971
Series 2802, Cl. AS, 0%, 4/15/33^7,8		82,739		2,951
Series 2920, Cl. S, 54.575%, 1/15/35⁷		396,210		77,963
Series 2922, Cl. SE, 8.876%, 2/15/35⁷		67,757		12,051
Series 3201, Cl. SG, 6.617%, 8/15/36⁷		350,975		68,828
Series 3397, Cl. GS, 13.322%, 12/15/37⁷		289,029		52,640
Series 3424, Cl. EI, 0.642%, 4/15/38⁷		225,602		35,742
Series 3450, Cl. BI, 15.996%, 5/15/38⁷		463,351		86,348
Series 3606, Cl. SN, 9.875%, 12/15/39⁷		140,805		20,842
Series 3659, Cl. IE, 11.012%, 3/1/19⁷		826,542		61,913
Series 3662, Cl. SM, 27.706%, 10/15/32⁷		369,425		41,012
Series 3685, Cl. EI, 13.478%, 3/1/19⁷		693,873		45,653
Series 3736, Cl. SN, 10.521%, 10/15/40⁷		745,865		107,989
Federal Home Loan Mortgage Corp., Mtg.-Linked Global Debt Securities, 2.06%, 1/15/22		1,056,629		1,074,153
Federal National Mortgage Assn.: 2.50%, 7/1/28⁴		5,915,000		5,951,044
2.715%, 10/1/36²		3,205,625		3,413,007
3%, 8/1/43⁴		11,865,000		11,564,667
3.50%, 7/1/43-8/1/43⁴		29,480,000		29,893,768
4%, 7/1/28⁴		1,120,000		1,180,856
4.50%, 7/1/28-7/1/43⁴		16,195,000		17,146,745
5%, 2/25/18-7/25/33		3,421,497		3,670,409
5%, 7/1/43⁴		2,465,000		2,653,150
5.50%, 4/25/21-5/1/36		597,048		651,848
6%, 10/25/16-1/25/19		214,714		227,213
6%, 7/1/43⁴		4,305,000		4,682,361
6.50%, 4/25/17-1/1/34		1,397,589		1,573,021
7%, 11/1/17-6/25/34		1,591,910		1,846,539
7.50%, 2/1/27-3/25/33		1,852,106		2,203,218
8.50%, 7/1/32		2,324		2,716
Federal National Mortgage Assn., 15 yr.: 3%, 7/1/28⁴		2,245,000		2,309,895
3.50%, 7/1/28⁴		1,645,000		1,713,884
Federal National Mortgage Assn., 30 yr., 4%, 7/1/43⁴		9,955,000		10,373,810


9				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Continued Trust 1999-54, Cl. LH, 6.50%, 11/25/29	$	282,060	$	315,559
Trust 2001-51, Cl. OD, 6.50%, 10/25/31		155,513		173,330
Trust 2001-69, Cl. PF, 1.193%, 12/25/31²		245,350		251,014
Trust 2001-80, Cl. ZB, 6%, 1/25/32		301,792		337,735
Trust 2002-12, Cl. PG, 6%, 3/25/17		147,084		157,541
Trust 2002-29, Cl. F, 1.193%, 4/25/32²		115,210		117,875
Trust 2002-60, Cl. FH, 1.193%, 8/25/32²		230,992		236,354
Trust 2002-64, Cl. FJ, 1.193%, 4/25/32²		35,477		36,297
Trust 2002-68, Cl. FH, 0.693%, 10/18/32²		77,789		78,587
Trust 2002-84, Cl. FB, 1.193%, 12/25/32²		522,080		534,227
Trust 2002-9, Cl. PC, 6%, 3/25/17		147,073		156,516
Trust 2002-9, Cl. PR, 6%, 3/25/17		180,083		191,313
Trust 2002-90, Cl. FH, 0.693%, 9/25/32²		292,105		295,123
Trust 2003-11, Cl. FA, 1.193%, 9/25/32²		522,092		534,239
Trust 2003-112, Cl. AN, 4%, 11/1/18		188,467		199,342
Trust 2003-116, Cl. FA, 0.593%, 11/25/33²		48,218		48,507
Trust 2003-119, Cl. FK, 0.693%, 5/25/18²		1,118,117		1,124,457
Trust 2004-101, Cl. BG, 5%, 1/25/20		632,037		670,597
Trust 2005-109, Cl. AH, 5.50%, 12/25/25		2,160,000		2,396,670
Trust 2005-25, Cl. PS, 27.311%, 4/25/35²		382,761		608,570
Trust 2005-31, Cl. PB, 5.50%, 4/25/35		560,000		654,134
Trust 2005-71, Cl. DB, 4.50%, 8/25/25		349,189		379,894
Trust 2006-11, Cl. PS, 23.859%, 3/25/36²		239,804		334,784
Trust 2006-46, Cl. SW, 23.492%, 6/25/36²		414,262		606,174
Trust 2007-109, Cl. NF, 0.743%, 12/25/37²		524,154		531,094
Trust 2007-42, Cl. A, 6%, 2/1/33		92,908		93,633
Trust 2008-14, Cl. BA, 4.25%, 3/1/23		89,771		95,355
Trust 2009-114, Cl. AC, 2.50%, 12/1/23		163,673		167,667
Trust 2009-36, Cl. FA, 1.133%, 6/25/37²		182,690		185,358
Trust 2011-122, Cl. EA, 3%, 11/1/29		417,737		428,370


	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Continued Trust 2011-122, Cl. EC, 1.50%, 1/1/20	$	466,586	$	471,787
Trust 2011-15, Cl. DA, 4%, 3/1/41		390,261		412,442
Trust 2011-3, Cl. KA, 5%, 4/1/40		449,231		491,042
Trust 2011-6, Cl. BA, 2.75%, 6/1/20		499,289		518,311
Trust 2012-20, Cl. FD, 0.593%, 3/25/42²		1,229,878		1,236,814
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 24.214%, 11/18/31⁷		126,833		24,650
Trust 2001-63, Cl. SD, 28.213%, 12/18/31⁷		34,878		7,560
Trust 2001-68, Cl. SC, 19.442%, 11/25/31⁷		22,508		5,344
Trust 2001-81, Cl. S, 25.06%, 1/25/32⁷		27,053		5,621
Trust 2002-28, Cl. SA, 35.658%, 4/25/32⁷		20,150		3,911
Trust 2002-38, Cl. SO, 44.968%, 4/25/32⁷		116,311		21,474
Trust 2002-48, Cl. S, 30.827%, 7/25/32⁷		30,245		6,006
Trust 2002-52, Cl. SL, 34.072%, 9/25/32⁷		20,247		4,055
Trust 2002-56, Cl. SN, 32.489%, 7/25/32⁷		41,561		8,256
Trust 2002-77, Cl. IS, 40.933%, 12/18/32⁷		198,160		46,641
Trust 2002-77, Cl. SH, 36.238%, 12/18/32⁷		42,088		10,003
Trust 2002-9, Cl. MS, 27.486%, 3/25/32⁷		37,716		9,372
Trust 2003-13, Cl. IO, 10.128%, 3/25/33⁷		362,460		88,492
Trust 2003-26, Cl. DI, 11.25%, 4/25/33⁷		284,415		50,307
Trust 2003-33, Cl. SP, 26.786%, 5/25/33⁷		233,913		58,405
Trust 2003-38, Cl. SA, 5.042%, 3/25/23⁷		271,829		25,998
Trust 2003-4, Cl. S, 27.924%, 2/25/33⁷		70,605		13,809
Trust 2004-56, Cl. SE, 9.979%, 10/25/33⁷		1,107,975		196,440
Trust 2005-12, Cl. SC, 10.588%, 3/25/35⁷		33,547		6,540
Trust 2005-14, Cl. SE, 39.20%, 3/25/35⁷		1,189,517		201,748
Trust 2005-40, Cl. SA, 47.027%, 5/25/35⁷		1,021,055		184,599


10				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued Trust 2005-40, Cl. SB, 65.34%, 5/25/35⁷	$	1,610,323	$	277,396
Trust 2005-52, Cl. JH, 7.678%, 5/25/35⁷		524,970		107,889
Trust 2005-63, Cl. SA, 51.238%, 10/25/31⁷		61,754		12,835
Trust 2005-71, Cl. SA, 52.786%, 8/25/25⁷		218,243		30,690
Trust 2006-51, Cl. SA, 10.523%, 6/25/36⁷		4,493,466		814,578
Trust 2006-90, Cl. SX, 99.999%, 9/25/36⁷		1,142,207		243,659
Trust 2007-75, Cl. BI, 5.55%, 8/25/37⁷		1,706,213		311,352
Trust 2007-88, Cl. XI, 33.574%, 6/25/37⁷		1,696,215		256,709
Trust 2008-46, Cl. EI, 15.193%, 6/25/38⁷		474,142		70,812
Trust 2008-55, Cl. SA, 4.041%, 7/25/38⁷		185,640		19,227
Trust 2009-8, Cl. BS, 1.11%, 2/25/24⁷		305,761		26,586
Trust 2010-95, Cl. DI, 9.419%, 11/1/20⁷		1,069,829		76,024
Trust 2011-84, Cl. IG, 0%, 8/1/13^7,8		3,918,196		6,988
Trust 2012-40, Cl. PI, 0%, 4/1/41^7,8		1,861,247		372,495
Trust 214, Cl. 2, 45.246%, 3/1/23⁷		247,946		41,988
Trust 221, Cl. 2, 47.866%, 5/1/23⁷		30,505		4,949
Trust 254, Cl. 2, 37.521%, 1/1/24⁷		486,998		79,996
Trust 2682, Cl. TQ, 99.999%, 10/15/33⁷		410,381		81,598
Trust 2981, Cl. BS, 99.999%, 5/15/35⁷		719,366		135,068
Trust 301, Cl. 2, 2.243%, 4/1/29⁷		95,353		16,449
Trust 313, Cl. 2, 19.329%, 6/1/31⁷		910,687		120,204
Trust 319, Cl. 2, 1.574%, 2/1/32⁷		451,259		78,072
Trust 321, Cl. 2, 8.178%, 4/1/32⁷		132,521		22,748
Trust 324, Cl. 2, 0%, 7/1/32^7,8		133,294		22,549
Trust 328, Cl. 2, 0%, 12/1/32^7,8		293,816		51,605
Trust 331, Cl. 5, 0%, 2/1/33^7,8		515,943		104,101
Trust 332, Cl. 2, 0%, 3/1/33^7,8		2,342,403		331,626
Trust 334, Cl. 12, 0%, 3/1/33^7,8		441,289		90,789
Trust 339, Cl. 15, 0%, 8/1/33^7,8		1,368,470		257,008
Trust 345, Cl. 9, 0%, 1/1/34^7,8		363,943		56,162
Trust 351, Cl. 10, 0%, 4/1/34^7,8		264,278		40,763
Trust 351, Cl. 8, 0%, 4/1/34^7,8		446,988		69,316
Trust 356, Cl. 10, 0%, 6/1/35^7,8		336,981		51,698
Trust 356, Cl. 12, 0%, 2/1/35^7,8		167,061		25,829
Trust 362, Cl. 13, 0%, 8/1/35^7,8		212,575		33,932

				139,930,200


	Principal Amount		Value
GNMA/Guaranteed—0.1%
Government National Mortgage Assn.: 1.625%, 12/9/25²	$	4,371	$	4,562
7%, 3/29/28-7/29/28		184,211		210,799
7.50%, 3/1/27		10,690		11,599
8%, 11/29/25-5/29/26		35,319		35,715
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/1/29		741,034		875,091
Series 2000-12, Cl. ZA, 8%, 2/16/30		1,669,220		1,961,002
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 67.437%, 7/16/28⁷		88,406		20,713
Series 1998-6, Cl. SA, 76.117%, 3/16/28⁷		52,861		12,644
Series 2001-21, Cl. SB, 78.169%, 1/16/27⁷		386,874		77,902
Series 2007-17, Cl. AI, 22.611%, 4/16/37⁷		465,021		88,788
Series 2010-111, Cl. GI, 48.774%, 9/1/13⁷		7,963,169		26,746
Series 2011-52, Cl. HS, 13.451%, 4/16/41⁷		781,764		184,926

				3,510,487
Non-Agency—15.3%
Commercial—10.9%
Banc of America Commercial Mortgage Trust 2006-1, Commercial Mtg. Pass-Through Certificates, Series 2006-1, Cl. AJ, 5.46%, 9/1/45		2,200,000		2,349,932
Banc of America Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AM, 6.055%, 7/10/44²		4,242,000		4,399,505
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		6,370,414
Banc of America Commercial Mortgage Trust 2007-5, Commercial Mtg. Pass-Through Certificates, Series 2007-5, Cl. AM, 5.772%, 2/1/51		8,090,000		8,750,136
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2008-1, Cl. AM, 6.438%, 2/10/51²		3,415,000		3,729,574


11				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value
Commercial Continued
BCAP LLC Trust, Mtg. Pass-Through Certificates: Series 2012-RR2, Cl. 6A3, 3.11%, 9/1/35^2,3	$	726,121	$	742,560
Series 2012-RR6, Cl. 1A5, 2.379%, 11/1/36^1,2		466,419		473,497
Bear Stearns ARM Trust 2007-4, Mtg. Pass-Through Certificates, Series 2007-4, Cl. 22A1, 5.252%, 6/1/47²		743,744		645,689
Bear Stearns Commercial Mortgage Securities Trust 2006-PWR13, Commercial Mtg. Pass-Through Certificates, Series 2006-PWR13, Cl. AJ, 5.611%, 9/1/41		8,145,000		7,954,717
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, Commercial Mtg. Pass-Through Certificates, Series 2007-PWR17, Cl. AJ, 5.888%, 6/1/50²		7,400,000		6,908,359
Bear Stearns Commercial Mortgage Securities Trust 2007-T26, Commercial Mtg. Pass-Through Certificates, Series 2007-T26, Cl. AJ, 5.566%, 1/1/45²		6,183,000		5,993,445
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35		2,282,141		2,284,527
CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 4.553%, 12/20/35²		133,696		110,060
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37		5,750,398		4,714,337
Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.135%, 12/1/49²		4,270,000		4,710,551
Citigroup Commercial Mortgage Trust 2013-GC11, Commercial Mtg. Pass-Through Certificates, Series 2013-GC11, Cl. D, 4.607%, 4/1/23^2,3		3,125,000		2,627,839
Citigroup Mortgage Loan Trust, Inc. 2012-8, Mtg. Pass-Through Certificates, Series 2012-8, Cl. 1A1, 2.674%, 10/1/35^1,2		1,048,789		1,085,305


	Principal Amount		Value
Commercial Continued
Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2012-CR4, Cl. D, 4.731%, 10/1/45^2,3	$	1,530,000	$	1,313,167
Series 2012-CR5, Cl. E, 4.335%, 12/1/45²		1,165,000		978,436
Series 2013-CR6, Cl. D, 4.177%, 3/1/46²		1,525,000		1,254,383
Series 2013-CR7, Cl. D, 4.501%, 3/1/46^2,3		1,420,000		1,164,624
Countrywide Alternative Loan Trust 2006-J2, Mtg. Pass-Through Certificates, Series 2006-J2, Cl. A7, 6%, 4/1/36		553,959		513,229
Credit Suisse First Boston Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-C6, Cl. AJ, 5.23%, 12/1/40		600,000		635,227
CSMC Mortgage-Backed Trust 2006-C1, Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.569%, 2/1/39²		9,720,000		10,392,954
DBUBS Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2011-LC1, Cl. E, 5.557%, 11/1/46^2,3		3,620,000		3,484,759
Series 2011-LC2A, Cl. D, 5.445%, 7/1/44^2,3		3,845,000		3,645,746
Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates: Series 2006-AB2, Cl. A1, 5.885%, 6/25/36		108,716		81,383
Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		528,922		392,257
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Series 2010-C1, Cl. XPA, 5.012%, 7/1/46^3,7		4,981,774		245,719
Series 2012-CR5, Cl. XA, 3.841%, 12/1/45⁷		3,553,332		401,166
EverBank Mortgage Loan Trust, Commercial Mtg. Pass-Through Certificates, Series 2013-1, Cl. A1, 2.25%, 4/1/43		1,249,442		1,222,037
First Horizon Alternative Mortgage Securities Trust 2005-FA8, Mtg. Pass-Through Certificates, Series 2005-FA8, Cl. 1A6, 0.843%, 11/25/35²		4,642,701		3,379,334


12				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value
Commercial Continued
First Horizon Alternative Mortgage Securities Trust 2005-FA9, Mtg. Pass-Through Certificates, Series 2005-FA9, Cl. A4A, 5.50%, 12/1/35	$	1,755,700	$	1,544,704
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/1/37		1,335,758		1,027,667
First Horizon Alternative Mortgage Securities Trust 2007-FA4, Mtg. Pass-Through Certificates, Series 2007-FA4, Cl. 1A6, 6.25%, 8/1/37²		5,263,656		4,513,427
FREMF Mortgage Trust 2013-K25, Commerical Mtg. Pass-Through Certificates, Series 2013-K25, Cl. C, 3.742%, 11/1/45²		2,850,000		2,255,791
FREMF Mortgage Trust 2013-K26, Commerical Mtg. Pass-Through Certificates, Series 2013-K26, Cl. C, 3.723%, 12/1/40^2,3		1,040,000		819,476
FREMF Mortgage Trust 2013-K27, Commerical Mtg. Pass-Through Certificates, Series 2013-K27, Cl. C, 3.616%, 1/1/46^2,3		1,630,000		1,265,865
FREMF Mortgage Trust 2013-K28, Commerical Mtg. Pass-Through Certificates, Series 2013-K28, Cl. C, 3.494%, 3/1/23^2,3		1,605,000		1,252,143
FREMF Mortgage Trust 2013-K712, Commerical Mtg. Pass-Through Certificates, Series 2013-K712, Cl. C, 3.483%, 5/1/45^2,3		2,655,000		2,274,142
FREMF Mortgage Trust 2013-K713, Commerical Mtg. Pass-Through Certificates, Series 2013-K713, Cl. C, 3.165%, 4/25/20^2,3		740,000		617,143
GE Commercial Mortgage Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-C4, Cl. AJ, 5.471%, 11/1/45²		6,510,000		6,287,908
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2006-GG7, Commercial Mtg. Pass-Through Certificates, Series 2006-GG7, Cl. AJ, 5.86%, 7/10/38²		8,205,000		7,957,065
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		5,964,452


	Principal Amount		Value
Commercial Continued
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. AM, 5.475%, 3/1/39	$	5,035,000	$	5,307,618
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2011-GC3, Cl. D, 5.543%, 3/1/44^2,3		4,085,000		3,913,810
GSR Mortgage Loan Trust 2005-AR4, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 6A1, 5.25%, 7/1/35		54,173		53,360
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6 A1, 4.814%, 11/1/35²		1,257,306		1,034,669
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2006-LDP7, Cl. AJ, 5.861%, 4/1/45²		3,495,000		3,508,985
Series 2006-LDP8, Cl. AJ, 5.48%, 5/1/45²		4,175,000		4,218,622
Series 2007-CB15, Cl. AJ, 5.502%, 6/1/47		8,281,000		6,899,924
JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, Commercial Mtg. Pass-Through Certificates, Series 2006-CIBC16, Cl. AJ, 5.623%, 5/1/45		2,695,000		2,454,805
JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB19, Commercial Mtg. Pass-Through Certificates, Series 2007-CB19, Cl. AM, 5.714%, 2/1/49²		5,850,000		6,358,333
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C10, Commercial Mtg. Pass-Through Certificates, Series 2013-C10, Cl. D, 4.30%, 12/15/47²		3,420,000		2,760,523
JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 2.867%, 1/1/37²		249,028		201,199
JPMorgan, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2009-5, Cl. 1A2, 2.613%, 7/1/36^2,3		5,239,509		3,962,549


13				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value
Commercial Continued
LB-UBS Commercial Mortgage Trust 2006-C3, Commercial Mtg. Pass-Through Certificates, Series 2006-C3, Cl. AJ, 5.72%, 3/11/39	$	1,325,000	$	1,267,426
LB-UBS Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates, Series 2007-C6, Cl. AM, 6.114%, 7/11/40		5,855,000		6,383,944
LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.32%, 4/11/41²		2,610,000		2,927,276
Lehman Structured Securities Corp., Mtg.-Backed Security, 6%, 5/1/29		5,172		1,021
Merrill Lynch Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.683%, 5/1/39²		6,860,000		6,817,183
ML-CFC Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AJ, 5.485%, 7/1/46		5,820,000		5,452,950
Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6, Commerical Mtg. Pass-Through Certificates, Series 2012-C6, Cl. E, 4.82%, 11/1/45^2,3		2,290,000		1,976,548
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7, Commerical Mtg. Pass-Through Certificates, Series 2013-C7, Cl. D, 4.444%, 2/1/46²		4,250,000		3,543,168
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8, Commerical Mtg. Pass-Through Certificates, Series 2013-C8, Cl. D, 4.312%, 12/1/48²		2,020,000		1,657,984
Morgan Stanley Capital I Trust 2006-HQ10, Commercial Mtg. Pass-Through Certificates, Series 2006-HQ10, Cl. AJ, 5.39%, 11/1/41		3,975,000		3,867,768
Morgan Stanley Capital I Trust 2007-HQ11, Commercial Mtg. Pass-Through Certificates, Series 2007-HQ11, Cl. AJ, 5.51%, 2/1/44		2,115,000		2,163,132


	Principal Amount		Value
Commercial Continued
Morgan Stanley Capital I Trust 2007-IQ13, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ13, Cl. AM, 5.406%, 3/1/44	$	765,000	$	821,996
Morgan Stanley Capital I Trust 2007-IQ15, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ15, Cl. AM, 5.894%, 6/1/49²		5,875,000		6,345,535
Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates, Series 2006-HQ10, Cl. AM, 5.36%, 11/1/41		8,500,000		9,264,218
Morgan Stanley, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2012-R3, Cl. 1A, 2.379%, 11/1/36^2,3		45,396		45,002
RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 3.245%, 4/25/35²		99,855		14,383
Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36		591,977		457,322
Sequoia Mortgage Trust, Mtg. Pass-Through Certificates, Series 2012-2, Cl. A2, 3.50%, 4/1/42		261,782		258,194
STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.811%, 2/1/37²		6,924,790		5,713,928
Structured Adjustable Rate Mortgage Loan Trust 2006-4, Commercial Mtg. Pass-Through Certificates, Series 2006-4, Cl. 6A, 5.28%, 5/1/36²		2,049,701		1,706,907
Structured Adjustable Rate Mortgage Loan Trust 2007-6, Mtg. Pass-Through Certificates, Series 2007-6, Cl. 3A1, 4.627%, 7/1/37²		5,872,090		4,740,797
UBS-Barclays Commercial Mortgage Trust 2012-C2, Commerical Mtg. Pass-Through Certificates, Series 2012-C2, Cl. E, 4.892%, 5/1/63^2,3		1,415,000		1,255,491
UBS-Barclays Commercial Mortgage Trust 2013-C5, Commerical Mtg. Pass-Through Certificates, Series 2013-C5, Cl. D, 4.233%, 3/1/46²		2,860,000		2,342,532


14				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value
Commercial Continued
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	$	4,749,702
Wachovia Bank Commercial Mortgage Trust 2006-C25, Commercial Mtg. Pass-Through Certificates, Series 2006-C25, Cl. AJ, 5.919%, 5/1/43²		5,315,000		5,328,200
WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 2.22%, 4/1/47²		635,792		424,944
Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 2.696%, 11/1/34²		163,378		5,894
Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.611%, 2/1/35²		3,027,112		3,008,928
Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005-AR15, Cl. 1A6, 2.613%, 9/1/35²		6,597,506		6,111,613
Wells Fargo Mortgage-Backed Securities 2006-8 Trust, Mtg. Pass-Through Certificates, Series 2006-8, Cl. A15, 6%, 7/1/36		3,558,561		3,477,927
Wells Fargo Mortgage-Backed Securities 2007-AR3 Trust, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. A4, 5.702%, 4/1/37²		1,656,839		1,558,361
WFRBS Commercial Mortgage Trust 2011-C3, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 13.006%, 3/1/44⁷		5,954,191		437,838
WFRBS Commercial Mortgage Trust 2012-C10, Commercial Mtg. Pass-Through Certificates, Series 2012-C10, Cl. D, 4.61%, 12/1/45^2,3		1,165,000		966,266
WFRBS Commercial Mortgage Trust 2012-C7, Commercial Mtg. Pass-Through Certificates, Series 2012-C7, Cl. E, 5.005%, 6/1/45^2,3		2,040,000		1,779,046


	Principal Amount		Value
Commercial Continued
WFRBS Commercial Mortgage Trust 2012-C8, Commercial Mtg. Pass-Through Certificates, Series 2012-C8, Cl. D, 5.402%, 8/1/45^2,3	$	2,275,000	$	1,987,975
WFRBS Commercial Mortgage Trust 2013-C11, Commercial Mtg. Pass-Through Certificates, Series 2013-C11, Cl. D, 4.325%, 3/1/45^2,3		1,168,000		947,160

				269,217,607
Multifamily—1.0%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2006-2, Cl. AJ, 5.954%, 5/1/45²		4,295,000		4,492,499
CHL Mortgage Pass-Through Trust 2006-20, Mtg. Pass-Through Certificates, Series 2006-20, Cl. 1A17, 5.75%, 2/1/37		2,088,108		1,832,558
Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1 A2A, 5.531%, 6/1/36²		4,641,519		4,269,689
Countrywide Alternative Loan Trust 2006-24CB, Mtg. Pass-Through Certificates, Series 2006-24CB, Cl. A12, 5.75%, 6/1/36		1,723,127		1,434,839
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 4.925%, 5/1/37²		3,588,219		3,383,601
Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005-AR15, Cl. 1A2, 2.613%, 9/1/35²		329,053		316,376
Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A3, 2.641%, 3/1/36²		5,014,748		4,840,515
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.77%, 3/25/36²		2,740,841		2,602,017

				23,172,094


15				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value
Residential—3.4%
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.153%, 5/25/34²	$	865,219	$	827,084
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2007-1, Cl. 1A3, 6%, 1/1/37		1,861,925		1,627,590
Series 2007-4, Cl. AM, 5.811%, 2/1/51²		4,760,000		5,166,080
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.419%, 5/1/36²		1,694,916		1,619,912
Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 2.763%, 5/1/34²		2,239,070		2,185,274
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35		4,536,163		4,163,050
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35		1,576,984		1,615,840
CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36		387,709		361,505
CHL Mortgage Pass-Through Trust 2007-15, Mtg. Pass-Through Certificates, Series 2007-15, Cl. 1A29, 6.25%, 9/1/37		3,482,172		3,262,066
CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 2.76%, 6/1/47²		1,921,208		1,667,119
Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 2.688%, 5/1/35²		2,051,564		2,015,751
Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 2.891%, 8/1/35²		3,831,750		3,217,735
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AMFX, 5.366%, 12/1/49		8,565,000		8,670,328


	Principal Amount		Value
Residential Continued
Countrywide Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl. 1A10, 6%, 2/1/37	$	7,864,747	$	6,390,335
Countrywide Alternative Loan Trust 2007-19, Mtg. Pass-Through Certificates, Series 2007-19, Cl. 1A4, 6%, 8/1/37		2,097,335		1,609,186
Countrywide Home Loans, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.148%, 5/1/36²		550,894		542,585
CSMC Mortgage-Backed Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 2A10, 6%, 4/1/37		2,031,936		1,758,623
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.313%, 6/25/47²		1,013,768		1,006,874
CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates: Series 2005-G, Cl. 2A, 0.423%, 12/15/35²		136,275		80,062
Series 2006-H, Cl. 2A1A, 0.343%, 11/15/36²		60,097		26,303
GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36		504,559		491,654
Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.863%, 6/1/35		1,046,000		1,072,906
JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36		263,463		245,929
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.293%, 8/25/36²		1,105,111		466,609
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 2.537%, 10/25/36²		1,397,067		1,317,339
NC Finance Trust, Series 1999-I, Cl. D, 3.405%, 1/25/29^1,6		66,744		4,505


16				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value
Residential Continued
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates: Series 2006-QS13, Cl. 1A5, 6%, 9/25/36	$	1,525,562	$	1,181,366
Series 2006-QS13, Cl. 1A8, 6%, 9/1/36		30,494		23,614
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		736,191		580,998
Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35		3,014,673		2,687,631
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36		3,231,341		2,900,498
Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35		3,871,076		3,730,658
Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 2.367%, 5/1/37^2,3,9		155,504		74,057
WaMu Mortgage Pass-Through Certificates 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2007-AR12, Cl. 1A8, 2.444%, 10/1/35²		2,106,179		1,985,269
WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 2.658%, 9/1/36²		791,184		645,197
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates: Series 2007-HY1, Cl. 4A1, 2.553%, 2/1/37²		11,162,484		9,245,081
Series 2007-HY1, Cl. 5A1, 2.546%, 2/1/37²		6,867,879		5,548,171
WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 4.981%, 5/1/37²		801,506		772,939


	Principal Amount			Value
Residential Continued
Wells Fargo Mortgage-Backed Securities 2005-9 Trust, Mtg. Pass-Through Certificates, Series 2005-9, Cl. 2A6, 5.25%, 10/25/35	$	321,418		$	330,666
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.626%, 10/1/36²		2,614,030			2,462,728

					83,581,117

Total Mortgage-Backed Obligations (Cost $511,016,943)					519,411,505
U.S. Government Obligations—7.6%
Federal Home Loan Mortgage Corp. Nts.: 0.875%, 3/7/18		8,718,000			8,445,841
1.375%, 5/1/20		11,644,000			11,045,172
2.375%, 1/13/22		1,113,000			1,083,042
Federal National Mortgage Assn. Nts.: 0.375%, 7/5/16		4,500,000			4,447,814
0.875%, 5/21/18		8,973,000			8,682,382
U.S. Treasury Bills: 0.035%, 8/22/13		11,510,000			11,509,418
0.063%, 11/7/13		11,745,000			11,742,945
0.065%, 10/31/13^10,11		21,980,000			21,976,088
0.102%, 7/18/13		7,660,000			7,659,891
U.S. Treasury Bonds, STRIPS, 4.833%, 2/15/16¹²		2,116,000			2,083,998
U.S. Treasury Nts, 1.75%, 5/15/23		64,400,000			60,279,430
U.S. Treasury Nts., 2%, 2/15/23		40,630,000			39,076,228

Total U.S. Government Obligations (Cost $192,614,830)					188,032,249
Foreign Government Obligations—23.2%
Angola—0.2%
Angola (Republic of) Sr. Unsec. Nts., 7%, 8/16/19		3,970,000			4,094,063
Australia—0.3%
New South Wales Treasury Corp. Sr. Unsec. Nts.: Series 19, 6%, 4/1/19		460,000	AUD		470,401
Series 20, 6%, 6/1/20		635,000	AUD		657,008
Queensland Treasury Corp. Nts.: Series 17, 6%, 9/14/17		1,090,000	AUD		1,099,266
Series 21, 6%, 6/14/21		1,340,000	AUD		1,372,381
Series 33, 6.50%, 3/14/33		1,325,000	AUD		1,387,231


17				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount			Value
Australia Continued
Queensland Treasury Corp. Sr. Unsec. Nts.: Series 19, 6.25%, 6/14/19		585,000	AUD	$	604,501
Series 23, 4.25%, 7/21/23		645,000	AUD		564,442
Victoria Treasury Corp. Nts., 5.50%, 11/17/26		1,705,000	AUD		1,680,509
Western Australia Treasury Corp. Unsec. Nts., 7%, 10/15/19		225,000	AUD		240,561

					8,076,300
Belgium—0.2%
Belgium (Kingdom of) Bonds: Series 58, 3.75%, 9/28/20		2,740,000	EUR		3,991,093
Series 60, 4.25%, 3/28/41		135,000	EUR		199,833

					4,190,926
Bolivia—0.0%
Bolivia (Plurinational State of) Unsec. Bonds, 4.875%, 10/29/22		1,195,000			1,126,288
Brazil—3.0%
Brazil (Federative Republic of) Letra Tesouro Nacional Nts.: 8.897%, 7/1/14¹²		14,575,000	BRR		5,967,027
9.029%, 1/1/14¹²		29,110,000	BRR		12,479,212
Brazil (Federative Republic of) Nota Do Tesouro Nacional Nts.: 9.762%, 1/1/14		7,810,000	BRR		3,510,882
9.762%, 1/1/17		23,545,000	BRR		10,356,754
9.762%, 1/1/21		58,163,000	BRR		25,057,350
13.505%, 5/15/45¹³		4,105,000	BRR		4,727,283
Series NTNB, 13.288%, 8/15/50¹³		3,810,000	BRR		4,431,878
Brazil (Federative Republic of) Nota Do Tesouro Nacional Unsec. Bonds, 9.762%, 1/1/18		15,355,000	BRR		6,710,320

					73,240,706
Canada—0.1%
Canada (Government of) Nts., 3.75%, 6/1/19		2,010,000	CAD		2,098,163
Canada (Government of) Treasury Bills, 1.044%, 12/5/13¹²		915,000	CAD		866,192

					2,964,355
Croatia—0.3%
Croatia (Republic of) Unsec. Nts.: 5.50%, 4/4/23³		3,095,000			3,017,625
6.25%, 4/27/17³		1,570,000			1,649,929
6.375%, 3/24/21³		740,000			777,925
6.75%, 11/5/19³		695,000			745,332

					6,190,811


	Principal Amount			Value
Denmark—0.1%
Denmark (Kingdom of) Bonds, 4%, 11/15/19		6,050,000	DKK	$	1,244,821
Dominican Republic—0.1%
Banco De Reservas De La Republica Dominicana Bonds, 7%, 2/1/23³		1,195,000			1,200,975
Dominican Republic Sr. Unsec. Bonds, 5.875%, 4/18/24³		1,325,000			1,281,938

					2,482,913
Finland—0.0%
Finland (Repulic of) Unsec. Bonds, 1.625%, 9/15/22		555,000	EUR		706,591
France—0.3%
France (Republic of) Bonds: 3.75% 10/25/19		1,220,000	EUR		1,803,133
4%, 4/25/60		565,000	EUR		820,407
4.50%, 4/25/41		870,000	EUR		1,381,450
France (Republic of) Unsec. Nts., 2.25%, 10/25/22		2,785,000	EUR		3,624,002

					7,628,992
Germany—0.8%
Germany (Federal Republic of) Bonds, 2.50%, 7/4/44		1,210,000	EUR		1,585,523
Germany (Federal Republic of) Unsec. Bonds: 0.25%, 4/13/18		3,975,000	EUR		5,053,423
1.50%, 5/15/23		1,740,000	EUR		2,215,530
3.50%, 1/4/16		1,350,000	EUR		1,899,840
Series 153, 4%, 10/11/13		7,080,000	EUR		9,316,514

					20,070,830
Guatemala—0.0%
Guatemala (Republic of) Sr. Unsec. Bonds, 4.875%, 2/13/28³		1,220,000			1,116,300
Hungary—1.4%
Hungary (Republic of) Bonds: 6.75%, 11/24/17		695,000,000	HUF		3,237,567
Series 19/A, 6.50%, 6/24/19		1,415,000,000	HUF		6,571,455
Series 20/A, 7.50%, 11/12/20		491,000,000	HUF		2,387,032
Series 23A, 6%, 11/24/23		1,581,200,000	HUF		6,988,451
Hungary (Republic of) Sr. Unsec. Bonds, 7.625%, 3/29/41		135,000			141,615
Hungary (Republic of) Sr. Unsec. Nts., 5.75%, 6/11/18		365,000	EUR		491,719


18				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount			Value
Hungary Continued
Hungary (Republic of) Sr. Unsec. Unsub. Nts., 6.375%, 3/29/21	$	3,500,000		$	3,657,500
Hungary (Republic of) Unsec. Bonds: 5.375%, 2/21/23		2,555,000			2,471,963
5.50%, 12/20/18		1,747,000,000	HUF		7,753,505

					33,700,807
Ireland—0.0%
Ireland (Republic of) Treasury Bonds, 4.40%, 6/18/19		720,000	EUR		984,014
Italy—0.5%
Italy (Republic of) Bonds: 4%, 9/1/20		1,015,000	EUR		1,332,080
4.50%, 3/1/19		3,480,000	EUR		4,718,153
5%, 3/1/22		535,000	EUR		733,607
5%, 9/1/40		1,110,000	EUR		1,443,191
Series EU, 1.129%, 10/15/17²		680,000	EUR		835,447
Italy (Republic of) Sr. Unsec. Nts., 4.50%, 6/8/15		132,000,000	JPY		1,403,878
Italy (Republic of) Treasury Bonds:
3.50%, 11/1/17		570,000	EUR		748,591
4.75%, 5/1/17		740,000	EUR		1,018,273
4.75%, 9/1/44		535,000	EUR		664,032
					12,897,252
Ivory Coast—0.2%
Ivory Coast Bonds, 5.75%, 12/31/32		6,055,000			5,010,513
Japan—1.2%
Japan Bonds:
5 yr., 0.30%, 3/20/17		606,000,000	JPY		6,131,568
10 yr., 1.10%, 3/20/21		427,000,000	JPY		4,441,299
10 yr., Series 329, 0.80%, 6/20/23		81,000,000	JPY		813,124
20 yr., Series 112, 2.10%, 6/20/29		375,000,000	JPY		4,155,777
20 yr., Series 134, 1.80%, 3/20/32		236,000,000	JPY		2,440,508
30 yr., 2%, 3/20/42		463,000,000	JPY		4,856,538
30 yr., Series 39, 1.90%, 6/20/43		27,000,000	JPY		276,190
Japan Sr. Unsec. Bonds:
Series 38, 1.80%, 3/20/43		81,000,000	JPY		810,509
Series 143, 1.60%, 3/20/33		364,000,000	JPY		3,617,223
Series 328, 0.60%, 3/20/23		267,000,000	JPY		2,633,703
Japan Sr. Unsec. Nts., 2.30%, 3/19/18		395,000	CAD		371,864

					30,548,303
Kazakhstan—0.0%
Development Bank of Kazakhstan Sr. Unsec. Bonds, 4.125%, 12/10/22³		295,000			264,025


	Principal Amount			Value
Korea, Republic of South—0.1%
Korea Housing Finance Corp., 1.625% Sec. Nts., 9/15/18³	$	1,325,000		$	1,221,776
Malaysia—0.4%
Central Bank of Malaysia Treasury Bills:
Series 0213, 2.975%, 1/9/14¹²		7,790,000	MYR		2,426,597
Series 0413, 2.974%, 1/16/14¹²		15,580,000	MYR		4,850,333
Series 2513, 2.953%, 12/5/13¹²		3,895,000	MYR		1,217,115
Malaysia (Government of) Sr. Unsec. Bonds:
Series 1/06, 4.262%, 9/15/16		2,400,000	MYR		779,381
Series 0210, 4.012%, 9/15/17		1,910,000	MYR		616,967
					9,890,393
Mexico—3.8%
United Mexican States Bonds:
Series M, 5%, 6/15/17²		58,500,000	MXN		4,532,367
Series M, 6.50%, 6/9/22²		121,200,000	MXN		9,878,350
Series M20, 7.50%, 6/3/27²		74,800,000	MXN		6,479,838
Series M10, 7.75%, 12/14/17		23,655,000	MXN		2,017,581
Series MI10, 8%, 12/19/13		237,800,000	MXN		18,717,020
Series M20, 8.50%, 5/31/29²		56,440,000	MXN		5,202,880
United Mexican States Treasury Bills:
3.801%, 11/14/13¹²		57,200,000	MXN		4,348,409
3.814%, 9/19/13¹²		64,800,000	MXN		4,956,875
3.823%, 9/5/13¹²		76,400,000	MXN		5,853,179
3.826%, 10/3/13¹²		156,600,000	MXN		11,961,108
4.244%, 7/11/13¹²		109,900,000	MXN		8,469,987
United Mexican States Unsec. Nts., Series BI, 3.809%, 10/31/13¹²		143,500,000	MXN		10,928,967

					93,346,561
Nigeria—0.4%
Nigeria (Federal Republic of) Treasury Bills:
10.635%, 7/4/13¹²		45,000,000	NGN		275,510
11.235%, 1/23/14¹²		166,000,000	NGN		948,859
11.835%, 10/24/13¹²		42,000,000	NGN		250,219
11.851%, 10/10/13¹²		32,000,000	NGN		189,441
12.226%, 8/1/13¹²		45,555,000	NGN		276,537
13.662%, 9/5/13¹²		329,000,000	NGN		1,975,312
13.779%, 9/26/13¹²		164,000,000	NGN		978,029
Nigeria (Federal Republic of) Treasury Bonds:
7%, 10/23/19		302,000,000	NGN		1,326,752
16%, 6/29/19		314,000,000	NGN		2,082,991
16.39%, 1/27/22		328,000,000	NGN		2,264,054
					10,567,704
Paraguay—0.0%
Paraguay (Republic of) Sr. Unsec. Bonds, 4.625%, 1/25/23³		800,000			780,000


19				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount			Value
Peru—0.2%
Peru (Republic of) Sr. Unsec. Bonds, 8.20%, 8/12/26³		9,765,000	PEN	$	4,300,356
Peru (Republic of) Sr. Unsec. Nts., 7.84%, 8/12/20³		4,400,000	PEN		1,824,213

					6,124,569
Poland—0.4%
Poland (Republic of) Bonds:
Series 0415, 5.50%, 4/25/15		2,355,000	PLZ		739,358
Series 1017, 5.25%, 10/25/17		3,260,000	PLZ		1,043,789
Poland (Republic of) Unsec. Bonds, Series 429, 5.75%, 4/25/29		26,340,000	PLZ		9,086,892

					10,870,039
Portugal—0.2%
Portugal (Republic of) Sr. Unsec. Bonds:
4.10%, 4/15/37		605,000	EUR		553,135
5.65% 2/15/24³		930,000	EUR		1,127,734
Portugal (Republic of) Sr. Unsec. Nts., 4.75%, 6/14/19		270,000	EUR		332,353
Portugal (Republic of) Sr. Unsec. Unsub. Bonds, 4.35%, 10/16/17		1,660,000	EUR		2,103,143

					4,116,365
Russia—1.9%
AHML Finance Ltd. Unsec. Nts., 7.75%, 2/13/18³		62,400,000	RUR		1,863,098
Russian Federation Bonds:
7.50%, 3/15/18²		198,300,000	RUR		6,239,184
7.50%, 2/27/19²		250,700,000	RUR		7,756,106
7.60%, 4/14/21²		271,700,000	RUR		8,439,108
Russian Federation Sr. Unsec. Bonds, Series 6211, 7%, 1/25/23²		465,800,000	RUR		13,723,700
Russian Federation Unsec. Bonds:
Series 9, 7.90%, 3/18/21²		43,800,000	RUR		1,328,547
Series 6209, 7.60%, 7/20/22²		197,600,000	RUR		6,074,217
Vnesheconombank Sr. Unsec. Bonds, Series 18, 8.55%, 9/17/32²		49,000,000	RUR		1,506,258

					46,930,218
Rwanda—0.1%
Rwanda (Republic of) Sr. Unsec. Bonds, 6.625%, 5/2/23³		1,780,000			1,553,050
Serbia—0.1%
Serbia (Republic of) Sr. Unsec. Nts., 5.25%, 11/21/17³		1,165,000			1,141,700
Serbia (Republic of) Treasury Bills: 9.824%, 1/30/14¹²		38,000,000	RSD		413,677
10.004%, 6/12/14¹²		151,000,000	RSD		1,584,371

					3,139,748


	Principal Amount			Value
South Africa—1.4%
South Africa (Republic of) Bonds: Series R208, 6.75%, 3/31/21		147,470,000	ZAR	$	14,322,047
Series R213, 7%, 2/28/31		43,338,000	ZAR		3,815,592
Series R207, 7.25%, 1/15/20		130,730,000	ZAR		13,167,228
South Africa (Republic of) Unsec. Bonds, Series 2023, 7.75%, 2/28/23		34,900,000	ZAR		3,565,039

					34,869,906
Spain—0.2%
Comunidad De Madrid Sr. Unsec. Nts., 4.30%, 9/15/26		1,900,000	EUR		2,023,438
Instituto de Credito Oficial Sr. Unsec. Nts., 5%, 5/15/15		2,200,000	NOK		360,359
Spain (Kingdom of) Bonds: 4.25%, 10/31/16		425,000	EUR		574,236
5.50%, 7/30/17		775,000	EUR		1,089,203

					4,047,236
Sri Lanka—0.2%
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Bonds, 5.875%, 7/25/22³		985,000			940,675
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts.: 6.25%, 10/4/20³		1,775,000			1,775,000
6.25% 7/27/21³		2,015,000			2,004,925

					4,720,600
Tanzania—0.1%
Tanzania (United Republic of) Sr. Unsec. Nts., 6.45%, 3/8/20²		1,610,000			1,618,050
Thailand—0.7%
Thailand (Kingdom of) Sr. Unsec. Bonds: 3.58%, 12/17/27		204,000,000	THB		6,212,098
3.625%, 6/16/23		200,400,000	THB		6,387,814
3.65%, 12/17/21		128,400,000	THB		4,131,346

					16,731,258
The Netherlands—0.1%
Netherlands (Kingdom of the) Bonds: 4%, 7/15/19		1,060,000	EUR		1,592,264
4%, 1/15/37		360,000	EUR		581,930
Netherlands (Kingdom of the) Unsec. Nts., 1.75%, 7/15/23³		810,000	EUR		1,018,258

					3,192,452
Turkey—2.8%
Turkey (Republic of) Bonds: 6.875%, 3/17/36		2,270,000			2,539,563
7%, 3/11/19		1,390,000			1,596,763
9%, 3/5/14		16,685,000	TRY		8,780,582
9%, 3/8/17		20,535,000	TRY		11,019,715


20				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount			Value
Turkey Continued
Turkey (Republic of) Bonds: Continued 9.50%, 1/12/22²		8,905,000	TRY	$	4,905,668
16.519%, 8/14/13¹³		2,310,000	TRY		1,722,288
Turkey (Republic of) Nts., 7.50%, 7/14/17		2,110,000			2,429,138
Turkey (Republic of) Unsec. Bonds: 5.621%, 2/11/15¹³		2,305,000	TRY		1,600,164
6.25%, 9/26/22		5,395,000			5,988,450
8.50%, 9/14/22²		8,590,000	TRY		4,509,449
Series 5Y, 6.30%, 2/14/18²		12,365,000	TRY		6,002,285
Turkey (Republic of) Unsec. Nts.: 4.097%, 9/11/13¹²		22,100,000	TRY		11,333,827
5.125%, 3/25/22		2,990,000			3,072,225
6%, 1/14/41		2,650,000			2,653,313

					68,153,430
Ukraine—0.2%
Ukraine (Republic of) Bonds, 7.75%, 9/23/20³		1,670,000			1,532,225
Ukraine (Republic of) Sr. Unsec. Bonds, 7.50%, 4/17/23³		1,780,000			1,570,850
Ukraine (Republic of) Sr. Unsec. Nts., 7.95%, 2/23/21³		2,330,000			2,155,250

					5,258,325
United Arab Emirates—0.0%
Emirates of Dubai Sr. Unsec. International Bonds, Series EMTN, 5.25%, 1/30/43		425,000			361,250
United Kingdom—0.4%
United Kingdom Treasury Bonds: 3.75%, 9/7/21		1,530,000	GBP		2,596,157
4%, 9/7/16		1,080,000	GBP		1,810,736
4.25%, 12/7/55		395,000	GBP		691,859
4.75%, 12/7/38		1,980,000	GBP		3,693,022

					8,791,774
Venezuela—0.8%
Venezuela (Republic of) Bonds: 9%, 5/7/23		4,710,000			3,944,625
11.95%, 8/5/31		2,080,000			1,996,800
Venezuela (Republic of) Nts., 8.25%, 10/13/24		3,380,000			2,636,400
Venezuela (Republic of) Sr. Unsec. Bonds, 11.75%, 10/21/26		800,000			764,000
Venezuela (Republic of) Sr. Unsec. Unsub. Nts., 12.75%, 8/23/22		2,615,000			2,693,450
Venezuela (Republic of) Unsec. Bonds: 7%, 3/31/38		2,410,000			1,654,465
7.65%, 4/21/25		3,300,000			2,475,000


	Principal Amount			Value
Venezuela Continued
Venezuela (Republic of) Unsec. Nts., 13.625%, 8/15/18³	$	3,830,000		$	3,935,325

					20,100,065

Total Foreign Government Obligations (Cost $613,873,443)					572,923,579
Corporate Bonds and Notes—35.4%
Consumer Discretionary—5.0%
Auto Components—0.6%
Affinia Group, Inc., 7.75% Sr. Unsec. Nts., 5/1/21³		1,640,000			1,660,500
Continental Rubber of America Corp., 4.50% Sr. Sec. Nts., 9/15/19³		510,000			527,684
Goodyear Tire & Rubber Co. (The), 8.25% Sr. Unsec. Unsub. Nts., 8/15/20		3,385,000			3,723,500
Lear Corp., 4.75% Sr. Unsec. Nts., 1/15/23³		3,235,000			3,089,425
Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/17³		711,000			757,215
Visteon Corp., 6.75% Sr. Unsec. Nts., 4/15/19		3,559,000			3,763,643

					13,521,967
Automobiles—0.1%
Ford Motor Co., 7.45% Bonds, 7/16/31		1,025,000			1,233,196
Jaguar Land Rover plc: 5.625% Sr. Unsec. Nts., 2/1/23³		1,295,000			1,262,625
7.75% Sr. Unsec. Bonds, 5/15/18³		500,000			542,500
8.25% Sr. Nts., 3/15/20³		245,000	GBP		406,172

					3,444,493
Distributors—0.0%
LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23³		630,000			603,225
Diversified Consumer Services—0.2%
Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20		1,285,000			1,336,400
ServiceMaster Co.: 7% Sr. Unsec. Unsub. Nts., 8/15/20		2,265,000			2,160,244
8% Sr. Unsec. Unsub. Nts., 2/15/20		1,565,000			1,568,913

					5,065,557
Hotels, Restaurants & Leisure—1.2%
Boyd Gaming Corp., 9.125% Sr. Unsec. Nts., 12/1/18		3,105,000			3,252,488


21				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value
Hotels, Restaurants & Leisure Continued
Burger King Corp., 9.875% Sr. Unsec. Unsub. Nts., 10/15/18	$	1,105,000	$	1,237,600
Caesars Entertainment Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18		6,965,000		4,213,825
CKE Restaurants, Inc., 11.375% Sec. Nts., 7/15/18		115,000		119,170
HOA Restaurants Group LLC/HOA Finance Corp., 11.25% Sr. Sec. Nts., 4/1/17³		2,075,000		2,085,375
Isle of Capri Casinos, Inc., 7.75% Sr. Unsec. Unsub. Nts., 3/15/19		2,615,000		2,765,363
Landry’s, Inc., 9.375% Sr. Unsec. Nts., 5/1/20³		2,985,000		3,164,100
MCE Finance Ltd., 5% Sr. Unsec. Nts., 2/15/21³		1,625,000		1,527,500
MGM Resorts International: 6.625% Sr. Unsec. Unsub. Nts., 12/15/21		1,595,000		1,646,838
6.75% Sr. Unsec. Nts., 10/1/20		1,515,000		1,571,813
MTR Gaming Group, Inc., 11.50% Sec. Nts., 8/1/19		1,170,825		1,229,366
NCL Corp. Ltd., 5% Sr. Unsec. Nts., 2/15/18³		1,625,000		1,600,625
Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/19		1,985,000		2,183,500
Premier Cruise Ltd., 11% Sr. Nts., 3/15/08^1,6		250,000		—
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 6.375% Sr. Sec. Nts., 6/1/21³		1,645,000		1,599,763
Viking Cruises Ltd., 8.50% Sr. Nts., 10/15/22³		930,000		1,023,000

				29,220,326
Household Durables—0.3%
Arcelik AS, 5% Sr. Unsec. Nts., 4/3/23³		690,000		621,000
Beazer Homes USA, Inc., 9.125% Sr. Unsec. Nts., 5/15/19		3,805,000		4,004,763
K Hovnanian Enterprises, Inc., 9.125% Sec. Nts., 11/15/20³		1,465,000		1,611,500
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25% Sr. Unsec. Nts., 4/15/21³		1,050,000		1,000,125

				7,237,388


	Principal Amount		Value
Media—1.7%
Belo (A.H.) Corp., 7.75% Sr. Unsec. Unsub. Debs., 6/1/27	$	3,702,000	$	3,979,650
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75% Sr. Unsec. Nts., 9/1/23³		1,615,000		1,570,588
Cinemark USA, Inc., 5.125% Sr. Unsec. Nts., 12/15/22		615,000		596,550
Cogeco Cable, Inc., 4.875% Sr. Unsec. Nts., 5/1/20³		420,000		409,500
Cumulus Media Holdings, Inc., 7.75% Sr. Unsec. Unsub. Nts., 5/1/19		1,580,000		1,552,350
DISH DBS Corp.: 5.875% Sr. Unsec. Nts., 7/15/22		1,675,000		1,708,500
6.75% Sr. Unsec. Nts., 6/1/21		835,000		891,363
7.875% Sr. Unsec. Nts., 9/1/19		2,820,000		3,172,500
Entravision Communications Corp., 8.75% Sr. Sec. Nts., 8/1/17		2,059,000		2,200,556
Getty Images, Inc., 7% Sr. Nts., 10/15/20^3,4		1,525,000		1,479,250
Gray Television, Inc., 7.50% Sr. Unsec. Nts., 10/1/20		3,100,000		3,177,500
Igloo Holdings Corp., 8.25% Sr. Unsec. Nts., 12/15/17^1,5		2,879,000		2,916,787
LIN Television Corp., 6.375% Sr. Unsec. Nts., 1/15/21		1,510,000		1,534,538
Lynx I Corp., 5.375% Sr. Sec. Nts., 4/15/21³		880,000		888,800
Nexstar Broadcasting, Inc., 6.875% Sr. Unsec. Nts., 11/15/20³		1,545,000		1,599,075
Sinclair Television Group, Inc.: 5.375% Sr. Unsec. Nts., 4/1/21³		1,680,000		1,621,200
6.125% Sr. Nts., 10/1/22³		2,980,000		2,994,900
Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH, 5.50% Sr. Sec. Nts., 1/15/23³		850,000		807,500
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 7.50% Sr. Sec. Nts., 3/15/19		830,000		877,725
Univision Communications, Inc., 7.875% Sr. Sec. Nts., 11/1/20³		2,935,000		3,191,813
UPCB Finance V Ltd., 7.25% Sr. Sec. Nts., 11/15/21³		2,040,000		2,167,500
UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/22³		2,855,000		2,969,200

				42,307,345


22				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value
Multiline Retail—0.1%
J.C. Penney Corp, Inc., 6.375% Sr. Unsec. Unsub. Nts., 10/15/36	$	2,130,000	$	1,672,050
Specialty Retail—0.5%
BC Mountain LLC/BC Mountain Finance, Inc., 7% Sr. Unsec. Nts., 2/1/21³		3,240,000		3,312,900
Burlington Coat Factory Warehouse Corp., 10% Sr. Unsec. Nts., 2/15/19		1,420,000		1,576,200
Claire’s Stores, Inc.: 7.75% Sr. Unsec. Nts., 6/1/20³		1,605,000		1,560,863
8.875% Sr. Sec. Nts., 3/15/19		1,610,000		1,698,550
CST Brands, Inc., 5% Sr. Unsec. Nts., 5/1/23³		840,000		823,200
Hot Topic, Inc., 9.25% Sr. Sec. Nts., 6/15/21³		1,475,000		1,500,813
Limited Brands, Inc., 5.625% Sr. Nts., 2/15/22		1,075,000		1,096,500
Party City Holdings, Inc., 8.875% Sr. Unsec. Nts, 8/1/20³		1,420,000		1,530,050

				13,099,076
Textiles, Apparel & Luxury Goods—0.3%
Burlington Holdings LLC/Burlington Holding Finance, Inc., 9% Sr. Unsec. Nts., 2/15/18^3,5		3,100,000		3,193,000
Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15		1,590,000		1,566,150
SIWF Merger Sub, Inc./Springs Industries, Inc., 6.25% Sr. Sec. Nts., 6/1/21³		1,650,000		1,621,125

				6,380,275
Consumer Staples—1.2%
Food & Staples Retailing—0.1%
Rite Aid Corp., 9.25% Sr. Unsec. Unsub. Nts., 3/15/20		505,000		559,919
US Foods, Inc., 8.50% Sr. Sec. Nts., 6/30/19		1,585,000		1,664,250

				2,224,169
Food Products—0.8%
Alicorp SA, 3.875% Sr. Unsec. Nts., 3/20/23³		620,000		575,050
American Seafoods Group LLC, 10.75% Sr. Sub. Nts., 5/15/16³		2,770,000		2,894,650
ARAMARK Corp., 5.75% Sr. Unsec. Nts., 3/15/20³		1,615,000		1,659,413
ASG Consolidated LLC, 15% Sr. Nts., 5/15/17^3,5		2,599,749		2,781,731


	Principal Amount		Value
Food Products Continued
BRF SA, 3.95% Sr. Unsec. Nts., 5/22/23³	$	885,000	$	781,013
Bumble Bee Acquisition Corp., 9% Sr. Sec. Nts., 12/15/17³		2,942,000		3,140,585
Chiquita Brands International, Inc., 7.875% Sr. Sec. Nts., 2/1/21³		1,460,000		1,533,000
KazAgro National Management Holding JSC, 4.625% Sr. Unsec. Nts., 5/24/23³		535,000		494,875
MHP SA, 8.25% Sr. Unsec. Nts., 4/2/20³		1,660,000		1,480,513
Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/15³		3,155,000		3,281,200
Wells Enterprises, Inc., 6.75% Sr. Sec. Nts., 2/1/20³		1,630,000		1,711,500

				20,333,530
Household Products—0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA: 5.75% Sr. Sec. Nts., 10/15/20		1,540,000		1,555,400
9% Sr. Unsec. Unsub. Nts., 4/15/19		1,285,000		1,333,188

				2,888,588
Personal Products—0.1%
Revlon Consumer Products Corp., 5.75% Sr. Unsec. Nts., 2/15/21³		2,510,000		2,456,663
Tobacco—0.1%
Alliance One International, Inc., 10% Sr. Unsec. Nts., 7/15/16		1,525,000		1,566,938
Vector Group Ltd., 7.75% Sr. Sec. Nts., 2/15/21		1,615,000		1,675,563

				3,242,501
Energy—6.2%
Energy Equipment & Services—0.7%
Drill Rigs Holdings, Inc., 6.50% Sr. Sec. Nts., 10/1/17³		1,595,000		1,598,988
Exterran Partners LP/EXLP Finance Corp., 6% Sr. Unsec. Nts., 4/1/21³		835,000		826,650
Forbes Energy Services Ltd., 9% Sr. Unsec. Nts., 6/15/19		1,020,000		1,009,800
Hornbeck Offshore Services, Inc., 5.875% Sr. Unsec. Nts., 4/1/20		2,575,000		2,600,750
ION Geophysical Corp., 8.125% Sr. Sec. Nts., 5/15/18³		425,000		412,250


23				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value
Energy Equipment & Services Continued
Offshore Group Investment Ltd.: 7.125% Sr. Sec. Nts., 4/1/23³	$	1,680,000	$	1,659,000
7.50% Sr. Sec. Nts., 11/1/19		2,990,000		3,132,025
Pacific Drilling SA, 5.375% Sr. Sec. Nts., 6/1/20³		1,690,000		1,584,375
Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20		3,100,000		3,162,000
QGOG Constellation SA, 6.25% Sr. Unsec. Nts., 11/9/19³		1,430,000		1,404,975

				17,390,813
Oil, Gas & Consumable Fuels—5.5%
Access Midstream Partners LP/ACMP Finance Corp., 4.875% Sr. Unsec. Unsub. Nts., 5/15/23		1,030,000		960,475
Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/15³		2,800,000		2,989,000
Alpha Natural Resources, Inc., 6% Sr. Unsec. Unsub. Nts., 6/1/19		1,055,000		862,463
Antero Resources Finance Corp., 6% Sr. Unsec. Nts., 12/1/20		1,025,000		1,014,750
Arch Coal, Inc., 7.25% Sr. Unsec. Unsub. Nts., 6/15/21		1,065,000		883,950
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.: 5.875% Sr. Unsec. Nts., 8/1/23³		1,435,000		1,370,425
6.625% Sr. Nts., 10/1/20³		1,025,000		1,032,688
Bill Barrett Corp., 7.625% Sr. Unsec. Unsub. Nts., 10/1/19		1,275,000		1,326,000
BreitBurn Energy Partners LP/BreitBurn Finance Corp.: 7.875% Sr. Unsec. Nts., 4/15/22		700,000		717,500
8.625% Sr. Unsec. Nts., 10/15/20		3,735,000		3,977,775
Chaparral Energy, Inc., 9.875% Sr. Unsec. Nts., 10/1/20		900,000		1,003,500
Chesapeake Energy Corp., 5.75% Sr. Unsec. Nts., 3/15/23		1,615,000		1,639,225
Chesapeake Midstream Partners LP/CHKM Finance Corp., 6.125% Sr. Unsec. Unsub. Nts., 7/15/22		1,860,000		1,892,550
Cimarex Energy Co., 5.875% Sr. Unsec. Unsub. Nts., 5/1/22		2,375,000		2,470,000
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.50% Sr. Unsec. Unsub. Nts., 12/15/19		485,000		518,950
CNOOC Finance 2013 Ltd, 3% Sr. Unsec. Unsub. Nts., 5/9/23		220,000		199,030


	Principal Amount		Value
Oil, Gas & Consumable Fuels Continued
Continental Resources, Inc., 4.50% Sr. Unsec. Unsub. Nts., 4/15/23³	$	1,385,000	$	1,348,644
Cosan Luxembourg SA, 5% Sr. Unsec. Nts., 3/14/23³		685,000		652,463
Denbury Resources, Inc., 4.625% Sr. Unsec. Sub. Nts., 7/15/23		1,475,000		1,362,531
Empresa Nacional del Petroleo, 4.75% Sr. Unsec. Unsub. Nts., 12/6/21³		355,000		347,966
EP Energy LLC/Everest Acquisition Finance, Inc., 7.75% Sr. Unsec. Nts., 9/1/22		2,900,000		3,117,500
Gaz Capital SA: 7.288% Sr. Sec. Nts., 8/16/37³		4,320,000		4,644,000
8.146% Sr. Sec. Nts., 4/11/18³		5,520,000		6,348,000
8.625% Sr. Sec. Nts., 4/28/34³		3,880,000		4,617,200
9.25% Sr. Unsec. Unsub. Nts., 4/23/19³		6,550,000		7,925,500
Gazprom OAO Via Gaz Capital SA: 4.95% Sr. Unsec. Nts., 2/6/28³		3,080,000		2,664,200
4.95% Sr. Unsec. Nts., 7/19/22³		8,145,000		7,819,200
Genesis Energy LP/Genesis Energy Finance Corp., 5.75% Sr. Unsec. Nts., 2/15/21³		945,000		926,100
Halcon Resources Corp., 8.875% Sr. Unsec. Unsub. Nts., 5/15/21		3,105,000		3,027,375
Harvest Operations Corp., 2.125% Sr. Unsec. Nts., 5/14/18³		530,000		503,918
Hiland Partners LP/Hiland Partners Finance Corp., 7.25% Sr. Nts., 10/1/20³		785,000		812,475
Inergy Midstream LP/Finance Corp., 6% Sr. Unsec. Nts., 12/15/20³		695,000		674,150
KazMunayGas National Co., 5.75% Sr. Unsec. Nts., 4/30/43³		330,000		293,288
Kodiak Oil & Gas Corp., 5.50% Sr. Unsec. Nts., 1/15/21³		2,555,000		2,494,319
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/23³		630,000		634,725
Linn Energy LLC/Linn Energy Finance Corp., 8.625% Sr. Unsec. Nts., 4/15/20		4,075,000		4,299,125
Lukoil International Finance BV: 4.563% Sr. Unsec. Nts., 4/24/23³		2,655,000		2,475,788
6.125% Sr. Unsec. Nts., 11/9/20³		2,760,000		2,918,700
7.25% Sr. Unsec. Unsub. Nts., 11/5/19³		1,505,000		1,695,383


24				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount			Value
Oil, Gas & Consumable Fuels Continued
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.50% Sr. Unsec. Unsub. Nts., 7/15/23	$	2,815,000		$	2,589,800
MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/21³		4,845,000			4,826,831
Memorial Production Partners LP/Memorial Finance Corp., 7.625% Sr. Unsec. Nts., 5/1/21³		1,050,000			1,039,500
Midstates Petroleum Co., Inc./Midstates Petroleum Co., LLC, 9.25% Sr. Unsec. Nts., 6/1/21³		1,645,000			1,548,356
Murray Energy Corp., 8.625% Sr. Sec. Nts., 6/15/21³		635,000			638,175
Navios Maritime Acquisition Corp., 8.625% Sr. Sec. Nts., 11/1/17		890,000			914,475
Novatek OAO via Novatek Finance Ltd.: 4.422% Sr. Unsec. Nts., 12/13/22³		4,195,000			3,859,400
7.75% Unsec. Nts., 2/21/17³		26,360,000	RUR		792,655
Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23		1,110,000			1,148,850
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/21³		1,021,200			1,036,518
Pacific Rubiales Energy Corp., 5.125% Sr. Unsec. Nts., 3/28/23³		1,375,000			1,306,250
Pemex Project Funding Master Trust, 6.625% Unsec. Unsub. Bonds, 6/15/35		610,000			643,550
Pertamina Persero PT, 6.50% Sr. Unsec. Nts., 5/27/41³		80,000			77,600
Petroleos de Venezuela SA: 5.125% Sr. Unsec. Nts., 10/28/16		1,145,000			950,350
8.50% Sr. Nts., 11/2/17³		4,805,000			4,414,594
12.75% Sr. Unsec. Nts., 2/17/22³		2,755,000			2,775,663
Petroleos Mexicanos: 1.95% Sr. Unsec. Nts., 12/20/22		175,000			173,695
2% Sr. Unsec. Nts., 12/20/22		870,000			865,554
5.50% Sr. Unsec. Unsub. Nts., 6/27/44		185,000			166,963
Range Resources Corp., 5% Sr. Unsec. Sub. Nts., 8/15/22		1,260,000			1,237,950
Reliance Industries Ltd., 5.875% Sr. Unsec. Perpetual Bonds^3,14		2,200,000			1,930,500
Rentech Nitrogen Partners LP/Rentech Nitrogen Finance Corp., 6.50% Sec. Nts., 4/15/21³		1,050,000			1,043,438
Rosetta Resources, Inc., 5.625% Sr. Unsec. Unsub. Nts., 5/1/21		1,055,000			1,031,263


	Principal Amount		Value
Oil, Gas & Consumable Fuels Continued
Sabine Pass Liquefaction LLC: 5.625% Sr. Sec. Nts., 2/1/21³	$	1,630,000	$	1,585,175
5.625% Sr. Sec. Nts., 4/15/23³		1,265,000		1,198,588
Samson Investment Co., 9.75% Sr. Unsec. Nts., 2/15/20³		1,675,000		1,773,406
Sanchez Energy Corp., 7.75% Sr. Unsec. Nts., 6/15/21³		1,055,000		1,031,263
SandRidge Energy, Inc.: 7.50% Sr. Unsec. Unsub. Nts., 2/15/23		1,480,000		1,413,400
7.50% Sr. Unsec. Unsub. Nts., 3/15/21		640,000		614,400
Schahin II Finance Co. SPV Ltd., 5.875% Sr. Sec. Unsub. Nts., 9/25/22³		3,243,307		3,218,982
Sibur Securities Ltd., 3.914% Sr. Unsec. Nts., 1/31/18³		1,765,000		1,641,450
SM Energy Co., 6.50% Sr. Unsec. Unsub. Nts., 1/1/23		1,285,000		1,355,675
Tengizchevroil LLP, 6.124% Nts., 11/15/14³		422,045		434,094
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.875% Sr. Nts., 10/1/20³		735,000		727,650
Western Refining, Inc., 6.25% Sr. Unsec. Nts., 4/1/21³		1,615,000		1,582,700

				136,049,544
Financials—7.0%
Capital Markets—1.0%
Cantor Commercial Real Estate Co. LP/CCRE Finance, 7.75% Sr. Unsec. Nts., 2/15/18^3,4		2,090,000		2,110,900
Deutsche Bank AG, 4.296% Unsec. Sub. Nts., 5/24/28		670,000		619,493
Deutsche Bank Capital Trust, 4.901% Unsec. Sub. Perpetual Bonds^2,3,14		610,000		527,650
Nationstar Mortgage LLC/Nationstar Capital Corp.: 6.50% Sr. Unsec. Unsub. Nts., 7/1/21		3,225,000		3,112,125
7.875% Sr. Unsec. Nts., 10/1/20		1,655,000		1,762,575
10.875% Sr. Unsec. Nts., 4/1/15		1,725,000		1,811,250
Nuveen Investments, Inc., 9.50% Sr. Unsec. Nts., 10/15/20³		1,545,000		1,545,000
Pinafore LLC/Pinafore, Inc., 9% Sec. Nts., 10/1/18		2,872,000		3,144,840
Prospect Medical Holdings, Inc., 8.375% Sr. Sec. Nts., 5/1/19³		1,100,000		1,155,000


25				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount			Value
Capital Markets Continued
Red de Carreteras de Occidente SAPIB de CV, 9% Sr. Sec. Nts., 6/10/28³		23,700,000	MXN	$	1,729,811
Springleaf Finance Corp., 6.90% Nts., Series J, 12/15/17		2,460,000			2,426,175
UBS AG (Jersey Branch): 4.28% Jr. Sub. Perpetual Nts.¹⁴		185,000	EUR		238,281
7.152% Jr. Sub. Perpetual Bonds¹⁴		125,000	EUR		175,697
US Coatings Acquisition, Inc./Flash Dutch 2 BV, 7.375% Sr. Unsec. Nts., 5/1/21³		1,045,000			1,069,819
Verso Paper Holdings LLC/Verso Paper, Inc., 11.75% Sr. Sec. Nts., 1/15/19		3,719,000			2,584,705

					24,013,321
Commercial Banks—3.8%
Akbank TAS, 7.50% Sr. Unsec. Nts., 2/5/18³		5,970,000	TRY		2,857,626
Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/17³		2,125,000			2,265,675
Banco ABC Brasil SA, 8.50% Sr. Unsec. Nts., 3/28/16³		1,510,000	BRR		629,350
Banco BMG SA: 8.875% Unsec. Sub. Nts., 8/5/20³		445,000			400,500
9.15% Nts., 1/15/16³		978,000			1,002,450
9.95% Unsec. Unsub. Nts., 11/5/19³		1,480,000			1,420,800
Banco do Brasil SA (Cayman): 6.25% Jr. Sub. Perpetual Bonds¹⁴		1,880,000			1,659,100
9.25% Jr. Sub. Perpetual Bonds^3,14		7,190,000			7,855,075
Banco do Estado do Rio Grande do Sul SA, 7.375% Sub Nts., 2/2/22³		5,365,000			5,552,775
Banco Santander Brasil SA (Cayman Islands), 8% Sr. Unsec. Unsub. Nts., 3/18/16³		2,620,000	BRR		1,086,114
Banco Santander Mexico SA, 4.125% Sr. Unsec. Nts., 11/9/22³		1,995,000			1,875,300
Bancolombia SA, 5.125% Unsec. Sub. Nts., 9/11/22		3,315,000			3,174,113
Bank of Scotland plc: 4.875% Sr. Sec. Nts., 12/20/24		230,000	GBP		387,989
4.875% Sr. Sec. Unsub. Nts., 11/8/16		140,000	GBP		236,651
Barclays Bank plc: 4.75% Jr. Sub. Perpetual Bonds¹⁴		370,000	EUR		348,891
14% Jr. Sub. Perpetual Bonds¹⁴		565,000	GBP		1,125,635
BBVA Banco Continental SA, 5% Sr. Unsec. Nts., 8/26/22³		1,850,000			1,808,375


	Principal Amount			Value
Commercial Banks Continued
BBVA US Senior SAU, 4.664% Sr. Unsec. Nts., 10/9/15	$	630,000		$	649,240
BNP Paribas SA, 7.195% Jr. Sub. Perpetual Bonds^3,14		400,000			389,000
BPCE SA, 9% Jr. Sub. Perpetual Bonds¹⁴		505,000	EUR		685,266
CIT Group, Inc.: 4.25% Sr. Unsec. Nts., 8/15/17		405,000			408,544
5% Sr. Unsec. Nts., 8/15/22		2,720,000			2,711,699
Corp Group Banking SA, 6.75% Sr. Unsec. Nts., 3/15/23³		1,810,000			1,830,954
Credit Agricole SA, 8.375% Jr. Sub. Perpetual Bonds^3,14		795,000			845,681
DTEK Finance plc, 7.875% Sr. Unsec. Nts., 4/4/18³		1,375,000			1,285,625
EUROFIMA, 6.25% Bonds, 12/28/18		935,000	AUD		922,819
European Investment Bank: 5% Sr. Unsec. Nts., 8/22/22		680,000	AUD		612,098
6% Sr. Unsec. Nts., 8/6/20		550,000	AUD		534,341
6.50% Sr. Unsec. Nts., 8/7/19		550,000	AUD		548,627
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/22³		2,515,000			2,370,388
Hana Bank, 1.375% Sr. Unsec. Nts., 2/5/16³		526,671			516,472
ICICI Bank Ltd., 6.375% Bonds, 4/30/22^2,3		1,130,000			1,084,800
Intesa Sanpaolo SpA: 3.125% Unsec. Nts., 1/15/16		530,000			521,374
3.875% Unsec. Nts., 1/16/18		265,000			254,630
LBG Capital No. 1 plc, 11.04% Unsec. Sub. Nts., 3/19/20		536,000	GBP		912,737
LBG Capital No.1 plc, 7.869% Sec. Sub. Nts., 8/25/20		265,000	GBP		411,115
Lloyds TSB Bank plc: 6% Sr. Sec. Nts., 2/8/29		385,000	GBP		716,946
11.875% Unsec. Sub. Nts., 12/16/21		665,000	EUR		1,051,110
Royal Bank of Scotland NV: 3.57% Unsec. Sub. Nts., 5/17/18²		265,000	AUD		216,444
3.57% Unsec. Sub. Nts., 5/17/18²		290,000	AUD		236,863
Royal Bank of Scotland plc (The): 2.375% Sr. Unsec. Sub. Nts., 11/2/15		80,000	CHF		84,113
13.125% Unsec. Sub. Nts., 3/19/22		345,000	AUD		370,794
Sberbank of Russia Via SB Capital SA: 5.125% Sub. Nts., 10/29/22³		4,035,000			3,802,988
5.40% Sr. Unsec. Nts., 3/24/17		1,350,000			1,417,500
6.125% Sr. Nts., 2/7/22³		4,620,000			4,833,444


26				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount			Value
Commercial Banks Continued
Stadshypotek AB, 6% Sec. Unsub. Bonds, 6/21/17		5,385,000	SEK	$	918,497
Turkiye Halk Bankasi AS, 4.875% Sr. Unsec. Nts., 7/19/17³		2,550,000			2,562,750
Turkiye Is Bankasi AS: 3.875% Sr. Unsec. Nts., 11/7/17³		1,050,000			1,029,000
4.916% Unsec. Nts., 8/12/13¹²		6,500,000	TRY		3,343,892
5.097% Unsec. Nts., 11/6/13¹²		13,100,000	TRY		6,614,729
6% Sub. Nts., 10/24/22³		1,790,000			1,758,675
7.293% Unsec. Nts., 10/9/13¹²		3,895,000	TRY		1,981,862
Turkiye Sise ve Cam Fabrikalari AS, 4.25% Sr. Unsec. Nts., 5/9/20³		740,000			677,100
Turkiye Vakiflar Bankasi Tao, 3.75% Sr. Unsec. Nts., 4/15/18³		2,370,000			2,239,650
VTB Bank OJSC Via VTB Capital SA, 6% Sr. Unsec. Nts., 4/12/17³		575,000			599,438
VTB Capital SA: 6.315% Nts., 2/22/18³		1,135,000			1,186,075
6.465% Sr. Sec. Unsub. Nts., 3/4/15³		1,100,000			1,159,620
6.875% Sr. Sec. Nts., 5/29/18³		1,860,000			1,976,250
Yapi ve Kredi Bankasi AS: 5.50% Unsec. Sub. Nts., 12/6/22³		2,585,000			2,365,275
6.75% Sr. Unsec. Nts., 2/8/17³		2,045,000			2,149,806

					94,474,650
Consumer Finance—0.6%
Ahern Rentals, Inc., 9.50% Sr. Sec. Nts., 6/15/18³		1,475,000			1,476,844
Ally Financial, Inc., 7.50% Sr. Unsec. Unsub. Nts., 9/15/20		1,405,000			1,624,531
Cash America International, Inc., 5.75% Sr. Unsec. Nts., 5/15/18³		3,160,000			3,033,600
Community Choice Financial, Inc., 10.75% Sr. Sec. Nts., 5/1/19		1,315,000			1,265,688
JSC Astana Finance, 9.16% Nts., 3/14/12⁶		7,200,000			468,000
Milestone Aviation Group LLC, 8.625% Sr. Unsec. Nts., 12/15/17³		1,645,000			1,714,913
SLM Corp., 7.25% Sr. Unsec. Unsub. Nts., 1/25/22		1,615,000			1,703,825
Speedy Cash, Inc., 10.75% Sr. Sec. Nts., 5/15/18³		1,930,000			2,026,500
TMX Finance LLC/TitleMax Finance Corp., 13.25% Sr. Sec. Nts., 7/15/15		1,155,000			1,244,513

					14,558,414
Diversified Financial Services—0.9%
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 4/15/24³		2,472,556			2,401,593


	Principal Amount			Value
Diversified Financial Services Continued
Banco BTG Pactual SA (Cayman): 4% Sr. Unsec. Nts., 1/16/20³	$	2,985,000		$	2,574,563
5.75% Unsec. Sub. Nts., 9/28/22³		2,500,000			2,168,750
Banco Invex SA, 31.938% Mtg.-Backed Certificates, Series 062U, 3/13/34^6,13		4,830,531	MXN		246,733
Citigroup, Inc., 5.35% Jr. Sub. Perpetual Bonds, Series D¹⁴		1,645,000			1,549,100
Export Credit Bank of Turkey, 5.875% Sr. Unsec. Nts., 4/24/19³		5,685,000			5,869,763
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.375% Sr. Unsec. Nts., 4/1/20³		1,880,000			1,833,000
Jefferies LoanCore LLC/JLC Finance Corp., 6.875% Sr. Unsec. Nts., 6/1/20³		1,685,000			1,642,875
JPMorgan Hipotecaria su Casita: 8.432% Sec. Nts., 8/26/35^1,13		5,808,600	MXN		36,759
30.21% Mtg.-Backed Certificates, Series 06U, 9/25/35¹³		1,322,889	MXN		166,786
Korea Development Bank (The), 1.50% Sr. Unsec. Nts., 1/22/18		580,000			541,832
Magyar Export-Import Bank RT, 5.50% Sr. Unsec. Nts., 2/12/18³		1,315,000			1,321,575
Rabobank Capital Funding Trust IV, 5.556% Perpetual Bonds^3,14		205,000	GBP		297,136
Stanbic IBTC Holding Co., 12.468% Nts., 9/24/13¹²		151,000,000	NGN		896,542

					21,547,007
Insurance—0.1%
Assicurazioni Generali SpA, 7.75% Unsec. Sub. Nts., 12/12/42		55,000	EUR		76,244
AXA SA, 6.379% Sub. Perpetual Bonds^3,14		530,000			518,075
Patriot Merger Corp., 9% Sr. Unsec. Nts., 7/15/21^3,4		850,000			835,125
Swiss Reinsurance Co. via ELM BV: 3.96% Jr. Sub. Perpetual Bonds^2,14		125,000	AUD		105,680
7.635% Jr. Sub. Perpetual Bonds¹⁴		55,000	AUD		51,700

					1,586,824
Real Estate Investment Trusts (REITs)—0.4%
FelCor Escrow Holdings LLC, 6.75% Sr. Sec. Nts., 6/1/19		1,585,000			1,664,250
Felcor Lodging LP, 5.625% Sr. Sec. Nts., 3/1/23		1,605,000			1,564,875
Geo Group, Inc. (The), 5.125% Sr. Unsec. Nts., 4/1/23³		1,615,000			1,546,363


27				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value
Real Estate Investment Trusts (REITs) Continued
iStar Financial, Inc., 4.875% Sr. Unsec. Unsub. Nts., 7/1/18	$	1,055,000	$	994,338
OMEGA Healthcare Investors, Inc., 6.75% Sr. Unsec. Nts., 10/15/22		2,070,000		2,214,900
RHP Hotel Properties LP/RHP Finance Corp., 5% Sr. Unsec. Nts., 4/15/21³		1,615,000		1,574,625

				9,559,351
Real Estate Management & Development—0.2%
BR Malls International Finance Ltd., 8.50% Perpetual Bonds^3,14		1,190,000		1,194,463
Country Garden Holdings Co. Ltd., 7.50% Sr. Unsec. Unsub. Nts., 12/31/23³		1,160,000		1,067,200
Realogy Corp.: 7.625% Sr. Sec. Nts., 1/15/20³		2,535,000		2,756,813
9% Sr. Sec. Nts., 1/15/20³		1,295,000		1,450,400

				6,468,876
Health Care—1.4%
Biotechnology—0.1%
Grifols SA, 8.25% Sr. Sec. Nts., 2/1/18		995,000		1,074,600
Universal Hospital Services, Inc., 7.625% Sr. Sec. Nts, 8/15/20		1,750,000		1,837,500

				2,912,100
Health Care Equipment & Supplies—0.3%
Accellent, Inc., 10% Sr. Unsec. Sub. Nts., 11/1/17		840,000		777,000
Alere, Inc.: 7.25% Sr. Unsec. Nts., 7/1/18³		1,270,000		1,352,550
8.625% Sr. Unsec. Sub. Nts., 10/1/18		152,298		161,436
Biomet, Inc.: 6.50% Sr. Unsec. Sub. Nts., 10/1/20³		630,000		618,975
6.50% Sr. Unsec. Unsub. Nts., 8/1/20		2,090,000		2,164,456
Hologic, Inc., 6.25% Sr. Unsec. Unsub. Nts., 8/1/20		185,000		192,747
Kinetic Concepts, Inc./KCI USA, Inc., 10.50% Sec. Nts., 11/1/18		1,840,000		1,987,200

				7,254,364
Health Care Providers & Services—0.8%
Acadia Healthcare Co., Inc., 6.125% Sr. Unsec. Nts., 3/15/21³		440,000		442,200
CDRT Holding Corp., 9.25% Sr. Unsec. Nts., 10/1/17^3,5		875,000		890,313


	Principal Amount		Value
Health Care Providers & Services Continued
CHS/Community Health Systems, Inc., 7.125% Sr. Unsec. Unsub. Nts., 7/15/20	$	2,170,000	$	2,240,525
DaVita HealthCare Partners, Inc., 5.75% Sr. Unsec. Unsub. Nts., 8/15/22		895,000		897,238
Fresenius Medical Care US Finance II, Inc.: 5.625% Sr. Unsec. Nts., 7/31/19³		805,000		841,225
5.875% Sr. Unsec. Nts., 1/31/22³		405,000		428,288
Gentiva Health Services, Inc., 11.50% Sr. Unsec. Unsub. Nts., 9/1/18		1,510,000		1,562,850
HCA, Inc., 7.50% Sr. Unsec. Unsub. Nts., 2/15/22		2,495,000		2,769,450
Health Management Associates, Inc., 7.375% Sr. Unsec. Nts., 1/15/20		855,000		941,569
HealthSouth Corp.: 7.75% Sr. Unsec. Nts., 9/15/22		845,000		904,150
8.125% Sr. Unsec. Unsub. Nts., 2/15/20		549,000		597,038
Kindred Healthcare, Inc., 8.25% Sr. Unsec. Nts., 6/1/19		2,765,000		2,847,950
Multiplan, Inc., 9.875% Sr. Nts., 9/1/18³		1,390,000		1,518,575
Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/21³		1,055,000		1,007,525
Tenet Healthcare Corp., 4.75% Sr. Sec. Nts., 6/1/20³		440,000		425,150
US Oncology, Inc., Escrow Shares (related to 9.125% Sr. Sec. Nts., 8/15/17)⁶		2,165,000		86,600
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18		1,970,000		2,098,050

				20,498,696
Health Care Technology—0.0%
MedAssets, Inc., 8% Sr. Unsec. Nts., 11/15/18		380,000		404,700
Life Sciences Tools & Services—0.1%
Jaguar Holding Co./Jaguar Merger Sub, Inc., 9.50% Sr. Unsec. Nts., 12/1/19³		990,000		1,098,900
Pharmaceuticals—0.1%
Valeant Pharmaceuticals International, Inc., 6.875% Sr. Unsec. Nts., 12/1/18³		955,000		983,650
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, 7.75% Sr. Unsec. Nts., 9/15/18		1,005,000		1,090,425

				2,074,075


28				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value
Industrials—4.6%
Aerospace & Defense—1.1%
BE Aerospace, Inc., 6.875% Sr. Nts., 10/1/20	$	1,080,000	$	1,171,800
DigitalGlobe, Inc., 5.25% Sr. Unsec. Unsub. Nts., 2/1/21³		835,000		805,775
DynCorp International, Inc., 10.375% Sr. Unsec. Nts., 7/1/17		4,770,000		4,817,700
Embraer SA, 5.15% Sr. Unsec. Unsub. Nts., 6/15/22		1,810,000		1,819,050
Erickson Air-Crane, Inc., 8.25% Sr. Sec. Nts., 5/1/20³		3,270,000		3,192,338
FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sr. Sec. Nts., 5/1/20³		2,560,000		2,662,400
GenCorp, Inc., 7.125% Sec. Nts., 3/15/21³		3,235,000		3,364,400
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21		2,215,000		2,392,200
Kratos Defense & Security Solutions, Inc., 10% Sr. Sec. Nts., 6/1/17		1,307,000		1,405,025
Schaeffler Finance BV, 8.50% Sr. Sec. Nts., 2/15/19³		1,940,000		2,172,800
TransDigm, Inc., 7.75% Sr. Unsec. Sub. Nts., 12/15/18		3,140,000		3,320,550
Triumph Group, Inc., 8.625% Sr. Unsec. Nts., 7/15/18		650,000		705,250

				27,829,288
Air Freight & Logistics—0.2%
Air Medical Group Holdings, Inc., 9.25% Sr. Sec. Nts., 11/1/18		1,337,000		1,450,645
SPL Logistics Escrow LLC/SPL Logistics Finance Corp., 8.875% Sr. Sec. Nts., 8/1/20³		2,560,000		2,675,200

				4,125,845
Airlines—0.1%
American Airlines 2011-2 Class A Pass-Through Trust, 8.625% Sec. Certificates, 4/15/23		1,310,380		1,392,279
Emirates Airline, 4.50% Sr. Unsec. Nts., 2/28/25³		330,000		303,666
US Airways 2011-1 Class A Pass-Through Trust, 7.125% Sec. Certificates, 10/22/23		1,256,516		1,419,863

				3,115,808
Building Products—0.3%
Nortek, Inc.: 8.50% Sr. Unsec. Nts., 4/15/21³		2,315,000		2,465,475
8.50% Sr. Unsec. Nts., 4/15/21		370,000		397,750


	Principal Amount			Value
Building Products Continued
Ply Gem Industries, Inc.: 8.25% Sr. Sec. Nts., 2/15/18	$	1,508,000		$	1,620,640
9.375% Sr. Unsec. Nts., 4/15/17		1,755,000			1,864,688

					6,348,553
Commercial Services & Supplies—0.7%
Affinion Group Holdings, Inc., 11.625% Sr. Unsec. Nts., 11/15/15		1,465,000			739,825
Affinion Group, Inc., 7.875% Sr. Unsec. Nts., 12/15/18		4,690,000			3,564,400
Cenveo Corp., 8.875% Sec. Nts., 2/1/18		1,295,000			1,256,150
First Data Corp., 6.75% Sr. Sec. Nts., 11/1/20³		3,075,000			3,144,188
R.R. Donnelley & Sons Co., 7.875% Sr. Unsec. Unsub. Nts., 3/15/21		2,405,000			2,465,125
STHI Holding Corp., 8% Sec. Nts., 3/15/18³		995,000			1,079,575
Tervita Corp., 8% Sr. Sec. Nts., 11/15/18³		1,250,000			1,258,594
West Corp., 8.625% Sr. Unsec. Nts., 10/1/18		2,285,000			2,453,519

					15,961,376
Construction & Engineering—0.3%
Andrade Gutierrez International SA, 4% Sr. Unsec. Nts., 4/30/18³		925,000			871,813
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24¹		3,410,502			4,024,392
OAS Investments GmbH, 8.25% Sr. Nts., 10/19/19³		1,015,000			1,002,313
Odebrecht Finance Ltd.: 4.375% Sr. Unsec. Nts., 4/25/25³		315,000			282,713
8.25% Sr. Unsec. Nts., 4/25/18³		1,290,000	BRR		508,779

					6,690,010
Electrical Equipment—0.1%
Belden, Inc., 5.50% Sr. Unsec. Sub. Nts., 9/1/22³		1,485,000			1,466,438
General Cable Corp., 5.75% Sr. Unsec. Unsub. Nts., 10/1/22³		1,530,000			1,522,350

					2,988,788
Industrial Conglomerates—0.1%						��
GE Capital Australia Funding Pty Ltd., 7% Bonds, 10/8/15		625,000	AUD		610,121
KOC Holding AS, 3.50% Sr. Unsec. Nts., 4/24/20³		2,215,000			1,938,125

					2,548,246


29				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount			Value
Machinery—0.7%
Actuant Corp., 5.625% Sr. Unsec. Unsub. Nts., 6/15/22	$	1,560,000		$	1,587,300
ArvinMeritor, Inc., 10.625% Sr. Unsec. Nts., 3/15/18		1,115,000			1,212,563
Cleaver-Brooks, Inc., 8.75% Sr. Sec. Nts., 12/15/19³		2,175,000			2,289,188
CNH Capital LLC, 6.25% Sr. Unsec. Nts., 11/1/16		670,000			716,900
Manitowoc Co., Inc. (The), 8.50% Sr. Unsec. Nts., 11/1/20		3,410,000			3,733,950
Navistar International Corp., 8.25% Sr. Unsec. Nts., 11/1/21		965,000			952,938
Terex Corp., 6% Sr. Unsec. Nts., 5/15/21		3,100,000			3,107,750
Thermadyne Holdings Corp., 9% Sr. Sec. Nts., 12/15/17		2,435,000			2,635,888
Xerium Technologies, Inc., 8.875% Sr. Unsec. Nts., 6/15/18		1,580,000			1,595,800

					17,832,277
Marine—0.0%
Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc., 8.875% Sr. Sec. Nts., 11/1/17		725,000			754,000
Professional Services—0.2%
Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15³		1,275,000			1,153,875
FTI Consulting, Inc., 6% Sr. Unsec. Unsub. Nts., 11/15/22³		2,565,000			2,609,888
Spencer Spirit Holdings, Inc., 9% Sr. Unsec. Nts., 5/1/18^3,5		1,685,000			1,651,300

					5,415,063
Road & Rail—0.3%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.50% Sr. Unsec. Nts., 4/1/23³		1,680,000			1,629,600
Kenan Advantage Group, Inc. (The), 8.375% Sr. Unsec. Nts., 12/15/18³		1,510,000			1,577,950
Rede Ferroviaria Nacional REFER EPE, 4% Sr. Unsec. Unsub. Nts., 3/16/15		540,000	EUR		685,315
Ukraine Railways via Shortline plc, 9.50% Unsec. Nts., 5/21/18³		1,335,000			1,211,513
Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/15³		4,775,000			3,175,375

					8,279,753
Trading Companies & Distributors—0.5%
Air Lease Corp., 4.75% Sr. Unsec. Unsub. Nts., 3/1/20		2,180,000			2,114,600


	Principal Amount		Value
Trading Companies & Distributors Continued
HD Supply, Inc., 7.50% Sr. Unsec. Nts., 7/15/20³	$	3,255,000	$	3,303,825
International Lease Finance Corp.: 3.875% Sr. Unsec. Unsub. Nts., 4/15/18		1,255,000		1,182,053
4.625% Sr. Unsec. Unsub. Nts., 4/15/21		835,000		769,766
8.75% Sr. Unsec. Unsub. Nts., 3/15/17		1,847,000		2,066,331
United Rentals North America, Inc., 7.375% Sr. Unsec. Nts., 5/15/20		1,645,000		1,764,263

				11,200,838
Information Technology—1.3%
Communications Equipment—0.1%
Avaya, Inc., 7% Sr. Sec. Nts., 4/1/19³		1,400,000		1,270,500
ViaSat, Inc., 6.875% Sr. Unsec. Unsub. Nts., 6/15/20		1,166,000		1,235,960
				2,506,460
Computers & Peripherals—0.1%
Seagate HDD (Cayman), 7% Sr. Unsec. Nts., 11/1/21		1,665,000		1,789,875
Electronic Equipment, Instruments & Components—0.0%
Anixter, Inc., 5.625% Sr. Unsec. Nts., 5/1/19		980,000		1,019,200
Internet Software & Services—0.3%
EarthLink, Inc., 7.375% Sr. Sec. Nts., 6/1/20³		3,160,000		3,049,400
Equinix, Inc., 4.875% Sr. Unsec. Nts., 4/1/20		1,615,000		1,590,775
IAC/InterActiveCorp, 4.75% Sr. Unsec. Nts., 12/15/22³		1,610,000		1,529,500
VeriSign, Inc., 4.625% Sr. Unsec. Nts., 5/1/23³		840,000		819,000

				6,988,675
IT Services—0.5%
Ceridian Corp., 11.25% Sr. Unsec. Nts., 11/15/15		1,260,000		1,283,625
First Data Corp.: 8.25% Sec. Nts., 1/15/21³		1,565,000		1,604,125
10.625% Sr. Unsec. Nts., 6/15/21³		2,090,000		2,074,325
12.625% Sr. Unsec. Nts., 1/15/21		1,411,000		1,499,188
iPayment, Inc., 10.25% Sr. Unsec. Nts., 5/15/18		4,845,000		3,997,125
WEX, Inc., 4.75% Sr. Unsec. Nts., 2/1/23³		2,085,000		1,980,750
				12,439,138


30				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value
Semiconductors & Semiconductor Equipment—0.2%
Freescale Semiconductor, Inc.: 9.25% Sr. Sec. Nts., 4/15/18³	$	2,480,000	$	2,684,600
10.75% Sr. Unsec. Nts., 8/1/20		1,988,000		2,196,740

				4,881,340
Software—0.1%
Infor US, Inc., 9.375% Sr. Unsec. Nts., 4/1/19		485,000		528,044
SunGard Data Systems, Inc., 7.625% Sr. Unsec. Nts., 11/15/20		1,125,000		1,198,125

				1,726,169
Materials—3.1%
Chemicals—0.8%
ADS Waste Holdings, Inc., 8.25% Sr. Nts., 10/1/20³		465,000		476,625
Alphabet Holding Co., Inc., 7.75% Sr. Unsec. Unsub. Nts., 11/1/17⁵		640,000		659,200
Braskem Finance Ltd.: 5.375% Sr. Unsec. Nts., 5/2/22³		1,395,000		1,332,225
5.75% Sr. Unsec. Nts., 4/15/21³		915,000		896,700
Eagle Spinco, Inc., 4.625% Sr. Unsec. Nts., 2/15/21³		1,250,000		1,204,688
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 8.875% Sr. Sec. Nts., 2/1/18		1,260,000		1,291,500
Hexion US Finance Corp., 6.625% Sr. Sec. Nts., 4/15/20³		875,000		877,188
Huntsman International LLC, 4.875% Sr. Unsec. Unsub. Nts., 11/15/20		1,290,000		1,280,325
Ineos Finance plc, 8.375% Sr. Sec. Bonds, 2/15/19³		1,920,000		2,104,800
INEOS Group Holdings SA, 6.125% Sr. Unsec. Nts., 8/15/18³		1,050,000		1,005,375
Mexichem SAB de CV, 4.875% Sr. Unsec. Nts., 9/19/22³		2,245,000		2,261,838
Momentive Performance Materials, Inc., 8.875% Sr. Sec. Nts., 10/15/20		1,645,000		1,727,250
PetroLogistics LP/PetroLogistics Finance Corp., 6.25% Sr. Unsec. Nts., 4/1/20³		420,000		413,700
PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/23³		420,000		415,800
PQ Corp., 8.75% Sr. Sec. Nts., 5/1/18³		1,595,000		1,642,850
Sun Products Corp. (The), 7.75% Sr. Unsec. Nts., 3/15/21³		1,615,000		1,610,963
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 8.75% Sr. Sec. Nts., 2/1/19³		1,620,000		1,555,200

				20,756,227


	Principal Amount		Value
Construction Materials—0.4%
Building Materials Corp. of America, 6.75% Sr. Nts., 5/1/21³	$	1,975,000	$	2,103,375
CEMEX Espana Luxembourg, 9.875% Sr. Sec. Nts., 4/30/19³		2,820,000		3,059,700
CEMEX Espana SA, 9.25% Sr. Sec. Nts., 5/12/20³		1,930,000		2,045,800
CEMEX Finance LLC, 9.375% Sr. Sec. Nts., 10/12/22³		2,475,000		2,710,125

				9,919,000
Containers & Packaging—0.5%
Ardagh Packaging Finance plc/Ardagh MP Holdings USA, Inc., 7% Sr. Unsec. Nts., 11/15/20³		2,205,000		2,130,581
Berry Plastics Corp., 9.75% Sec. Nts., 1/15/21		1,580,000		1,793,300
Consolidated Container Co. LLC/Consolidated Container Capital, Inc., 10.125% Sr. Unsec. Nts., 7/15/20¹		590,000		622,450
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/23³		2,815,000		2,667,213
Polymer Group, Inc., 7.75% Sr. Sec. Nts., 2/1/19		1,540,000		1,609,300
Sealed Air Corp.: 5.25% Sr. Unsec. Nts., 4/1/23³		1,620,000		1,579,500
6.50% Sr. Unsec. Nts., 12/1/20³		1,445,000		1,531,700

				11,934,044
Metals & Mining—1.2%
Aleris International, Inc.: 7.625% Sr. Unsec. Nts., 2/15/18		2,655,000		2,777,794
7.875% Sr. Unsec. Unsub. Nts., 11/1/20		2,550,000		2,626,500
Alrosa Finance SA, 7.75% Nts., 11/3/20³		4,440,000		4,773,000
Consolidated Minerals Ltd., 8.875% Sr. Sec. Nts., 5/1/16³		1,245,000		1,213,875
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/19³		1,445,000		1,466,675
CSN Resources SA, 6.50% Sr. Unsec. Unsub. Nts., 7/21/20³		1,305,000		1,277,269
Evraz Group SA, 6.50% Sr. Unsec. Nts., 4/22/20³		1,840,000		1,660,600
Ferrexpo Finance plc, 7.875% Sr. Unsec. Bonds, 4/7/16³		2,120,000		1,967,084
Gerdau Trade, Inc., 4.75% Sr. Unsec. Nts., 4/15/23³		2,205,000		2,039,625
JMC Steel Group, Inc., 8.25% Sr. Unsec. Nts., 3/15/18³		205,000		201,413


31				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount			Value
Metals & Mining Continued
Korea Resources Corp., 2.125% Sr. Unsec. Nts., 5/2/18³	$	665,000		$	628,575
Metalloinvest Finance Ltd., 5.625% Unsec. Nts., 4/17/20³		1,375,000			1,265,000
Mexico Generadora de Energia S de RL, 5.50% Sr. Sec. Nts., 12/6/32³		1,450,000			1,366,625
Novelis, Inc., 8.75% Sr. Unsec. Nts., 12/15/20		600,000			646,500
OJSC Novolipetsk Steel via Steel Funding Ltd., 4.45% Unsec. Nts., 2/19/18³		1,325,000			1,238,875
Samarco Mineracao SA, 4.125% Sr. Unsec. Nts., 11/1/22³		1,360,000			1,220,600
Severstal OAO Via Steel Capital SA, 4.45% Sr. Unsec. Nts., 3/19/18³		920,000			874,000
Walter Energy, Inc., 9.875% Sr. Unsec. Unsub. Nts., 12/15/20³		1,420,000			1,242,500

					28,486,510
Paper & Forest Products—0.2%
Catalyst Paper Corp., 11% Sr. Sec. Nts., 10/30/17⁵		3,308,571			2,382,171
NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/14⁶		3,620,097			1,270,111
Norske Skogindustrier ASA, 6.125% Unsec. Bonds, 10/15/15³		1,235,000			867,588

					4,519,870
Telecommunication Services—3.4%
Diversified Telecommunication Services—1.7%
Brasil Telecom SA, 9.75% Sr. Unsec. Nts., 9/15/16³		2,990,000	BRR		1,246,196
Cequel Communications Escrow 1 LLC/Cequel Escrow Capital Corp., 6.375% Sr. Nts., 9/15/20³		6,080,000			6,216,800
Cincinnati Bell, Inc.:
8.375% Sr. Unsec. Unsub. Nts., 10/15/20		625,000			646,875
8.75% Sr. Unsec. Sub. Nts., 3/15/18		720,000			724,500
Colombia Telecomunicaciones SA ESP, 5.375% Sr. Unsec. Nts., 9/27/22³		615,000			582,713
Fairpoint Communications, Inc., 8.75% Sr. Sec. Nts., 8/15/19³		5,225,000			5,198,875
Frontier Communications Corp., 7.625% Sr. Unsec. Unsub. Nts., 4/15/24		1,615,000			1,627,113
Intelsat Jackson Holdings SA:
5.50% Sr. Unsec. Nts., 8/1/23³		1,055,000			996,975
7.25% Sr. Unsec. Nts., 10/15/20		1,460,000			1,540,300


	Principal Amount			Value
Diversified Telecommunication Services Continued
Intelsat Luxembourg SA, 7.75% Sr. Unsec. Nts., 6/1/21³	$	2,095,000		$	2,170,944
Level 3 Communications, Inc., 8.875% Sr. Unsec. Unsub. Nts., 6/1/19		2,125,000			2,217,969
Level 3 Financing, Inc., 9.375% Sr. Unsec. Unsub. Nts., 4/1/19		765,000			830,025
MetroPCS Wireless, Inc.:
6.25% Sr. Unsec. Unsub. Nts., 4/1/21³		1,610,000			1,644,213
6.625% Sr. Unsec. Nts., 11/15/20		2,490,000			2,592,713
6.625% Sr. Unsec. Nts., 4/1/23³		1,610,000			1,644,213
Qtel International Finance Ltd., 3.875% Sr. Unsec. Nts., 1/31/28³		745,000			655,600
Telecom Italia SpA, 7.75% Unsec. Sub. Nts., 3/20/73		135,000	EUR		173,594
Telefonica Chile SA, 3.875% Sr. Unsec. Nts., 10/12/22³		2,125,000			1,950,079
Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/20³		5,955,000			5,567,925
Wind Acquisition Finance SA, 7.25% Sr. Sec. Nts., 2/15/18³		2,535,000			2,566,688
Windstream Corp., 6.375% Sr. Unsec. Nts., 8/1/23		1,045,000			982,300

					41,776,610
Wireless Telecommunication Services—1.7%
America Movil SAB de CV:
6.45% Sr. Unsec. Nts., 12/5/22		40,450,000	MXN		3,038,867
8.46% Sr. Unsec. Unsub. Bonds, 12/18/36		14,700,000	MXN		1,129,835
Cricket Communications, Inc., 7.75% Sr. Unsec. Nts., 10/15/20		1,960,000			1,891,400
Digicel Group Ltd., 8.25% Sr. Unsec. Nts., 9/30/20³		730,000			759,200
Digicel Ltd., 6% Sr. Unsec. Nts., 4/15/21³		1,445,000			1,369,138
Leap Wireless International, Inc., 4.50% Cv. Sr. Unsec. Nts., 7/15/14		1,540,000			1,552,513
Millicom International Cellular SA, 4.75% Sr. Unsec. Nts., 5/22/20³		925,000			881,303
MTS International Funding Ltd.:
5% Sr. Unsec. Nts., 5/30/23³		1,390,000			1,337,875
8.625% Sr. Unsec. Nts., 6/22/20³		2,295,000			2,708,100
SBA Telecommunications, Inc., 5.75% Sr. Unsec. Unsub. Nts., 7/15/20³		785,000			789,906
Sprint Capital Corp., 6.875% Sr. Unsec. Nts., 11/15/28		3,075,000			2,967,375


32				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount			Value
Wireless Telecommunication Services Continued
Sprint Nextel Corp., 9% Sr. Unsec. Nts., 11/15/18³	$	1,400,000		$	1,641,500
Vimpel Communications, 8.85% Sr. Unsec. Nts., 3/8/22²		21,900,000	RUR		676,739
Vimpel Communications, Inc., 8.85% Sr. Unsec. Nts., 3/8/22²		21,900,000	RUR		676,739
Vimpel Communications/VIP Finance Ireland Ltd. OJSC:
7.748% Sec. Nts., 2/2/21³		2,265,000			2,420,719
9.125% Sr. Unsec. Nts., 4/30/18³		4,795,000			5,478,288
VimpelCom, 7.504% Sr. Unsec. Unsub. Nts., 3/1/22³		5,290,000			5,488,375
VimpelCom Holdings BV:
5.95% Sr. Unsec. Unsub. Nts., 2/13/23³		4,225,000			3,971,500
9% Sr. Unsec. Nts., 2/13/18		64,100,000	RUR		1,931,579
Wind Acquisition Finance SA, 11.75% Sr. Sec. Nts., 7/15/17³		905,000			945,725

					41,656,676
Utilities—2.2%
Electric Utilities—1.1%
Dubai Electricity & Water Authority, 7.375% Sr. Unsec. Unsub. Nts., 10/21/20³		1,975,000			2,221,875
Electricite de France SA, 5.25% Jr. Sub. Perpetual Bonds^2,3,14		930,000			890,721
Empresas Publicas de Medellin ESP, 8.375% Sr. Unsec. Unsub. Nts., 2/1/21³		2,605,000,000	COP		1,453,861
Eskom Holdings Ltd.:
7.85% Sr. Unsec. Unsub. Nts., Series ES26, 4/2/26		37,000,000	ZAR		3,575,979
10% Nts., Series ES23, 1/25/23		46,000,000	ZAR		5,292,095
Israel Electric Corp. Ltd.:
6.70% Sr. Unsec. Nts., 2/10/17³		1,960,000			2,068,902
7.25% Nts., 1/15/19³		7,780,000			8,291,994
9.375% Sr. Sec. Nts., 1/28/20³		670,000			791,299
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16		109,600,000	PHP		2,801,719

					27,388,445
Energy Traders—0.7%
AES Corp. (The):
7.375% Sr. Unsec. Unsub. Nts., 7/1/21		1,045,000			1,152,113
8% Sr. Unsec. Unsub. Nts., 10/15/17		1,100,000			1,243,000
Calpine Corp.:
7.50% Sr. Sec. Nts., 2/15/21³		1,026,000			1,100,385
7.875% Sr. Sec. Nts., 1/15/23³		995,000			1,074,600
Colbun SA, 6% Sr. Unsec. Nts., 1/21/20³		2,965,000			3,171,575


	Principal Amount			Value
Energy Traders Continued
Dynegy, Inc., 5.875% Sr. Unsec. Nts., 6/1/23³	$	420,000		$	383,250
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.: 10% Sr. Sec. Nts., 12/1/20³		2,370,000			2,601,075
11.75% Sec. Nts., 3/1/22³		2,605,000			2,891,550
Foresight Energy LLC, 9.625% Sr. Unsec. Nts., 8/15/17³		1,845,000			1,946,475
NRG Energy, Inc., 6.625% Sr. Unsec. Nts., 3/15/23³		1,455,000			1,462,275
Perusahaan Listrik Negara PT, 5.25% Sr. Unsec. Nts., 10/24/42³		315,000			263,025

					17,289,323
Gas Utilities—0.3%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75% Sr. Unsec. Nts., 5/20/20		3,050,000			3,172,000
Empresa de Energia de Bogota SA ESP, 6.125% Sr. Unsec. Unsub. Nts., 11/10/21³		1,850,000			1,924,000
Gas Natural de Lima y Callao SA, 4.375% Sr. Unsec. Nts., 4/1/23³		1,320,000			1,194,600
Transportadora de Gas Internacional SA ESP, 5.70% Sr. Unsec. Nts., 3/20/22³		1,005,000			1,042,688

					7,333,288
Multi-Utilities—0.1%
Abu Dhabi National Energy Co., 3.625% Sr. Unsec. Unsub. Nts., 1/12/23³		1,790,000			1,664,700
Veolia Environnement SA, 4.44% Unsec. Perpetual Bonds^2,14		850,000	EUR		1,069,055

					2,733,755

Total Corporate Bonds and Notes (Cost $900,483,626)					871,823,238
	Shares
Preferred Stocks—0.1%
Ally Financial, Inc., 7% Cum., Series G, Non-Vtg. (Cost $3,049,853)		3,287			3,124,396
Common Stocks—0.2%
American Media Operations, Inc.¹⁵		219,796			2,527,654
Arco Capital Corp. Ltd.^1,15		690,638			—
Catalyst Paper Corp.¹⁵		190,901			199,668
Global Aviation Holdings, Inc.¹⁵		400			—
Goldman Sachs Group, Inc. (The)		1,190			179,988


33				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares			Value
Common Stocks Continued
Nortek, Inc.¹⁵		24,095		$	1,552,441
Premier Holdings Ltd.¹⁵		18,514			—
Wallace Theater Holdings, Inc.^1,15		1,525			15,296

Total Common Stocks (Cost $8,367,774)					4,475,047

	Units
Rights, Warrants and Certificates—0.0%
MediaNews Group, Inc. Wts., Strike Price $48.72, Exp. 3/19/17¹⁵ (Cost $6,331,150)		22,685			—

	Principal Amount
Structured Securities—1.0%
Citigroup Funding, Inc., Ghana (Republic of) Credit Linked Nts., 13.45%, 2/19/14^2,3		690,000	GHS		331,683
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24		1,549,000,000	COP		1,012,899
Credit Suisse First Boston International, Moitk Total Return Linked Nts., 21%, 3/30/11⁶		53,910,000	RUR		—
Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/24/10⁶		97,250,000	RUR		—
Deutsche Bank AG: Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/25^3,12		1,627,846			1,044,853
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/25^3,12		2,074,127			1,331,304
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/25^3,12		1,790,677			1,149,368
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/25^3,12		1,600,639			1,027,390


	Principal Amount			Value
Structured Securities Continued
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/25^3,12	$	1,992,926		$	1,279,183
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/25^3,12		2,274,622			1,459,993
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/25^3,12		1,817,157			1,166,364
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/25^3,12		1,708,050			1,096,333
Coriolanus Ltd. Sec. Credit Linked Nts., 17.759%, 12/31/17^1,13		12,850,000	BRR		7,567,123
Opic Reforma I Credit Linked Nts., Cl. 2A, 7.719%, 5/22/15^1,2		697,693	MXN		50,641
Opic Reforma I Credit Linked Nts., Cl. 2B, 7.719%, 5/22/15^1,2		1,220,632	MXN		88,598
Opic Reforma I Credit Linked Nts., Cl. 2C, 7.719%, 5/22/15^1,2		18,404,162	MXN		1,335,843
Opic Reforma I Credit Linked Nts., Cl. 2D, 7.719%, 5/22/15^1,2		1,341,270	MXN		97,354
Opic Reforma I Credit Linked Nts., Cl. 2E, 7.719%, 5/22/15^1,2		974,458	MXN		70,730
Opic Reforma I Credit Linked Nts., Cl. 2F, 7.719%, 5/22/15^1,2		622,337	MXN		45,172
Opic Reforma I Credit Linked Nts., Cl. 2G, 7.719%, 5/22/15^1,2		114,609	MXN		8,319
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., Cl. B, 10%, 7/30/24¹		4,250,000,000	COP		2,788,829
Goldman Sachs Group, Inc. (The), United Mexican States Credit Linked Nts., 9.05%, 2/8/37^1,12		315,000,000	MXN		2,080,965
LB Peru Trust II Certificates, Series 1998-A, 3.796%, 2/28/16^6,12		262,158			277,058
Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34		49,299,985	RUR		742,741

Total Structured Securities (Cost $33,459,355)					26,052,743


	Expiration Date		Strike Price		Contracts
Exchange-Traded Options Purchased—0.0%
U.S. Treasury Nts., 10 yr. Futures, 9/19/13 Call¹⁵		8/26/13		$130.500		886	110,750
U.S. Treasury Nts., 10 yr. Futures, 9/19/13 Call¹⁵		8/26/13		132.500		886	41,531
U.S. Treasury Nts., 10 yr. Futures, 9/19/13 Call¹⁵		8/26/13		132.000		886	55,375

Total Exchange-Traded Options Purchased (Cost $972,509)							207,656


34				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Expiration Date		Strike Price		Contracts		Value
Over-the-Counter Options Purchased—0.1%
Dual digital option with $105,000 payout contingent on: British pound (GBP)/United States Dollar (USD) spot rates, and; United States Dollar (USD)/Indian Rupee (INR) Spot rates at expire date¹⁵		8/28/13		Spot trades at or below: 1 GBP per 1.498 USD Spot trades at or below: 1 USD per 54.06 INR		1	$	260
Euro (EUR) Call¹⁵		9/18/13		1 EUR per 1.356 USD		2,030,000		7,772
Euro (EUR) Put¹⁵		9/27/13		1 EUR per 7.766 NOK		1,375,000		127
Indian Rupee (INR) Call¹⁵		4/16/14		1 USD per 57.500 INR		130,200,000		14,140
Indian Rupee (INR) Call¹⁵		4/29/14		1 USD per 57.500 INR		109,000,000		12,776
Indian Rupee (INR) Call¹⁵		5/12/14		1 USD per 58.000 INR		110,000,000		16,391
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund Call¹⁵		12/20/13		93.000		6,663		550,353
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund Call¹⁵		12/20/13		92.000		2,218		246,198
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund Call¹⁵		12/20/13		94.000		4,460		568,650
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund Call¹⁵		12/20/13		94.000		4,465		248,162
Japanese Yen (JPY) Put¹⁵		5/22/15		1 USD per 108.000 JPY		650,000,000		229,112
Mexican Nuevo Peso (MXN) Call¹⁵		9/18/13		1 USD per 12.770 MXN		148,900,000		198,585
Mexican Nuevo Peso (MXN) Call¹⁵		9/18/13		1 USD per 12.770 MXN		148,900,000		198,585
Mexican Nuevo Peso (MXN) Call¹⁵		9/23/13		1 USD per 13.310 MXN		103,400,000		319,068
Mexican Nuevo Peso (MXN) Call¹⁵		9/23/13		1 USD per 13.149 MXN		102,200,000		256,064

Total Over-the-Counter Options Purchased (Cost $3,640,281)								2,866,243



	Swaption Expiration Date		Notional Amount
Over-the-Counter Credit Default Swaptions Purchased—0.0%
JPMorgan Chase Bank NA, Index Credit Default Swaption (European); Swap Terms: Paid: 1%; Received: Protection on iTraxx Europe Series 19 Version 1; Termination Date: 6/20/18¹⁵		7/18/13		3,405,000	EUR	16,308
JPMorgan Chase Bank NA, Index Credit Default Swaption (European); Swap Terms: Paid: 1%; Received: Protection on iTraxx Europe Series 19 Version 1; Termination Date: 6/20/18¹⁵		7/18/13		6,800,000	EUR	32,568
JPMorgan Chase Bank NA, Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.20; Termination Date: 6/20/18¹⁵		12/19/13		685,000		21,064
JPMorgan Chase Bank NA, Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on CDX.NA.HY.20; Termination Date: 6/20/18¹⁵		9/19/13		685,000		14,385

Total Over-the-Counter Credit Default Swaptions Purchased (Cost $69,700)						84,325
Over-the-Counter Interest Rate Swaptions Purchased—0.3%
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.795%; Received: Three-Month USD BBA LIBOR; Termination Date: 7/30/23¹⁵		7/29/13		20,500,000		158,683
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.9125%; Received: Three-Month USD BBA LIBOR; Termination Date: 8/29/23¹⁵		8/28/13		59,550,000		609,815
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month CAD BA CDOR; Received: 2.0825%; Termination Date: 10/8/23¹⁵		10/9/13		15,740,000	CAD	12
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.20%; Termination Date: 11/13/23¹⁵		11/8/13		2,655,000		1,927
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 2.1825%; Received: Three-Month USD BBA LIBOR; Termination Date: 11/20/23¹⁵		11/19/13		2,850,000		178,634


35				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued



	Swaption Expiration Date		Notional Amount			Value
Over-the-Counter Interest Rate Swaptions Purchased Continued
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 2.6725%; Received: Three-Month USD BBA LIBOR; Termination Date: 10/10/23¹⁵		10/9/13		15,740,000	CAD	$	412,775
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.40%; Received: Three-Month USD BBA LIBOR; Termination Date: 5/28/25¹⁵		5/27/15		5,350,000			266,641
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.48%; Received: Three-Month USD BBA LIBOR; Termination Date: 4/27/47¹⁵		4/26/17		5,040,000			770,956
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.537%; Received: Six-Month GBP BBA LIBOR; Termination Date: 1/25/46¹⁵		1/26/16		1,325,000	GBP		189,912
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.57%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/3/43¹⁵		9/3/13		2,015,000			43,609
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.99%; Received: Six-Month GBP BBA LIBOR; Termination Date: 5/30/33¹⁵		5/31/23		1,235,000	GBP		110,608
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 2.6175%; Termination Date: 6/20/21¹⁵		6/21/16		5,420,000	GBP		140,748
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.20%; Termination Date: 11/9/23¹⁵		11/8/13		10,525,000			7,699
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 3.275%; Received: Six-Month GBP BBA LIBOR; Termination Date: 12/4/45¹⁵		12/7/15		1,320,000	GBP		239,549
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 2.88375%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/30/23¹⁵		9/27/13		34,610,000			547,261
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 2.9375%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/24/23¹⁵		9/23/13		42,970,000			569,186
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 3.32%; Received: Three-Month KRW CD KSDA; Termination Date: 1/5/23¹⁵		1/5/18		2,660,000,000	KRW		53,577
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 3.70%; Received: Three-Month USD BBA LIBOR; Termination Date: 2/21/44¹⁵		2/20/14		20,940,000			850,675
JPMorgan Chase Bank NA; Interest Rate Swaption (European); Swap Terms: Paid: 1.745%: Received: Three-Month USD BBA LIBOR; Termination Date: 8/29/18¹⁵		8/28/13		13,565,000			82,636
JPMorgan Chase Bank NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.256%: Received: Three-Month USD BBA LIBOR; Termination Date: 11/19/23¹⁵		11/18/13		2,640,000			150,476
JPMorgan Chase Bank NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.8825%: Received: Three-Month USD BBA LIBOR; Termination Date: 9/23/23¹⁵		9/20/13		12,325,000			183,420
JPMorgan Chase Bank NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.885%: Received: Three-Month USD BBA LIBOR; Termination Date: 9/23/23¹⁵		9/20/13		10,270,000			151,967
JPMorgan Chase Bank NA; Interest Rate Swaption (European); Swap Terms: Paid: 3.5175%: Received: Three-Month USD BBA LIBOR; Termination Date: 9/16/43¹⁵		9/13/13		15,915,000			467,138
UBS AG, Interest Rate Swaption (European); Swap Terms: Paid: 3.27%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/3/43¹⁵		9/3/13		5,085,000			268,292
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 3.2575%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/3/43¹⁵		9/3/13		1,340,000			72,927
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 1.545%; Termination Date: 1/26/19¹⁵		1/25/17		11,220,000	EUR		68,274

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $6,257,847)							6,597,397
			Shares
Investment Companies—8.0%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.11%^16,17				30,345,261			30,345,261
Oppenheimer Master Event-Linked Bond Fund, LLC¹⁶				4,827,322			62,946,128


36				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Shares			Value

Investment Companies Continued
Oppenheimer Master Loan Fund, LLC¹⁶		6,251,605		$	85,550,125
Oppenheimer Short Duration Fund, Cl. Y¹⁶		1,787,070			17,906,445
Total Investment Companies (Cost $195,028,725)					196,747,959
Total Investments, at Value (Cost $2,612,315,017)		102.5	%		2,527,012,328
Liabilities in Excess of Other Assets		(2.5	)		(61,625,676	)
Net Assets		100.0	%	$	2,465,386,652

Footnotes to Consolidated Statement of Investments

* June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

Principal amount, strike price and notional amount are reported in U.S. Dollars, except for those denoted in the following currencies:


AUD		Australian Dollar
BRR		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
COP		Colombian Peso
DKK		Danish Krone
EUR		Euro
GBP		British Pound Sterling
GHS		Ghana Cedi
HUF		Hungarian Forint
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Nuevo Peso
MYR		Malaysian Ringgit
NGN		Nigeria Naira
NOK		Norwegian Krone
PEN		Peruvian New Sol
PHP		Philippines Peso
PLZ		Polish Zloty
RSD		Serbian Dinar
RUR		Russian Ruble
SEK		Swedish Krona
THB		Thai Bhat
TRY		New Turkish Lira
ZAR		South African Rand

1. Restricted security. The aggregate value of restricted securities as of June 28, 2013 was $42,006,309, which represents 1.70% of the Fund’s net assets. See Note 7 of the accompanying Notes. Information concerning restricted securities is as follows:


Security	Acquisition Dates		Cost		Value		Unrealized Appreciation (Depreciation)
Ally Auto Receivables Trust, Automobile Receivables Nts., Series 2012-A, Cl. D, 3.15%, 10/15/18		6/8/12	$	2,110,379	$	2,157,255	$	46,876
Arco Capital Corp. Ltd.		6/28/13		—		—		—
BCAP LLC Trust, Mtg. Pass-Through Certificates, Series 2012-RR6, Cl. 1A5, 2.379%, 11/1/36		6/14/12		460,006		473,497		13,491
Citigroup Mortgage Loan Trust, Inc. 2012-8, Mtg. Pass-Through Certificates, Series 2012-8, Cl. 1A1, 2.674%, 10/1/35		8/1/12		1,044,856		1,085,305		40,449
Consolidated Container Co. LLC/Consolidated Container Capital, Inc., 10.125% Sr. Unsec. Nts., 7/15/20		6/28/12		590,000		622,450		32,450


37				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments Continued


Security	Acquisition Dates		Cost		Value		Unrealized Appreciation (Depreciation)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Nts., 17.759%, 12/31/17		9/19/07	$	5,928,360	$	7,567,123	$	1,638,763
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 7.719%, 5/22/15		5/21/08		67,269		50,641		(16,628	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 7.719%, 5/22/15		6/12/08		117,680		88,598		(29,082	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 7.719%, 5/22/15		6/18/08		1,785,486		1,335,843		(449,643	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 7.719%, 5/22/15		7/8/08		130,028		97,354		(32,674	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 7.719%, 5/22/15		7/15/08		94,626		70,730		(23,896	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 7.719%, 5/22/15		8/8/08		61,263		45,172		(16,091	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 7.719%, 5/22/15		8/22/08		11,304		8,319		(2,985	)
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., Cl. B, 10%, 7/30/24		9/12/12		2,990,444		2,788,829		(201,615	)
Goldman Sachs Group, Inc. (The), United Mexican States Credit Linked Nts., 9.05%, 2/8/37		9/12/12		3,471,593		2,080,965		(1,390,628	)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. B, 2.165%, 8/15/22		11/6/07		7,081,417		7,181,375		99,958
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. C, 3.465%, 8/15/22		6/8/07		5,270,000		4,679,760		(590,240	)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. D, 5.465%, 8/15/22		6/8/07		5,270,000		4,637,600		(632,400	)
Igloo Holdings Corp., 8.25% Sr. Unsec. Nts., 12/15/17		12/13/12-12/14/12		2,870,788		2,916,787		45,999
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24		8/3/06-7/24/07		3,625,759		4,024,392		398,633
JPMorgan Hipotecaria su Casita, 8.432% Sec. Nts., 8/26/35		3/21/07		526,714		36,759		(489,955	)
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29		8/10/10		66,025		4,505		(61,520	)
Premier Cruise Ltd., 11% Sr. Nts., 3/15/08		3/6/98		242,675		—		(242,675	)
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17		2/4/11-4/14/11		37,700		37,754		54
Wallace Theater Holdings, Inc.		3/28/13		15		15,296		15,281

			$	43,854,387	$	42,006,309	$	(1,848,078	)

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

3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $617,581,716 or 25.05% of the Fund’s net assets as of June 28, 2013.


38				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

4. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after June 28, 2013. See Note 1 of the accompanying Notes.

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

6. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.

7. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans or other receivables. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage or asset-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $8,368,307 or 0.34% of the Fund’s net assets as of June 28, 2013.

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

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

11. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $3,504,376. See Note 6 of the accompanying Notes.

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

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

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

15. Non-income producing security.

16. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 28, 2013, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares December 31, 2012		Gross Additions		Gross Reductions			Shares June 28, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		34,093,630		451,041,703		454,790,072			30,345,261
Oppenheimer Master Event-Linked Bond Fund, LLC		4,827,322		—		—			4,827,322
Oppenheimer Master Loan Fund, LLC		25,357,850		—		19,106,245			6,251,605
Oppenheimer Short Duration Fund, Cl. Y		1,010,027		777,043		—			1,787,070

			Value		Income			Realized Gain (Loss)
Oppenheimer Institutional Money Market Fund, Cl. E			$	30,345,261	$	20,486		$	—
Oppenheimer Master Event-Linked Bond Fund, LLC				62,946,128		2,614,449	^a		(33,682	)^a
Oppenheimer Master Loan Fund, LLC				85,550,125		5,979,749	^b		4,563,554	^b
Oppenheimer Short Duration Fund, Cl. Y				17,906,445		26,633			—

			$	196,747,959	$	8,641,317		$	4,529,872

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 28, 2013.

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


Geographic Holdings	Value		Percent
United States	$	1,543,119,511		61.1	%
Russia		149,805,814		5.9
Brazil		137,190,178		5.4
Mexico		119,614,426		4.7
Turkey		104,162,683		4.1
South Africa		43,737,980		1.7


39				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments Continued


Geographic Holdings	Value		Percent
Hungary	$	35,022,382		1.4	%
Japan		30,777,415		1.2
Venezuela		28,240,672		1.1
Germany		26,873,195		1.1
Peru		23,558,832		0.9
United Kingdom		21,328,844		0.8
Supranational		19,116,880		0.8
Italy		17,435,507		0.7
Thailand		16,731,258		0.7
Canada		16,690,699		0.7
Colombia		16,537,044		0.7
France		12,026,790		0.5
Nigeria		11,464,246		0.5
Ukraine		11,203,060		0.4
Israel		11,152,195		0.4
Poland		10,870,039		0.4
Malaysia		9,890,393		0.4
The Netherlands		9,499,359		0.4
Australia		9,290,175		0.4
Chile		7,300,574		0.3
Luxembourg		7,097,116		0.3
Croatia		6,190,811		0.3
Spain		5,771,076		0.2
Ivory Coast		5,010,513		0.2
Dominican Republic		4,884,506		0.2
Belgium		4,825,651		0.2
Portugal		4,801,680		0.2
Sri Lanka		4,720,600		0.2
United Arab Emirates		4,551,491		0.2
Angola		4,094,063		0.2
India		3,705,107		0.2
Serbia		3,139,748		0.1
Korea, Republic of South		2,962,232		0.1
Philippines		2,801,719		0.1
China		2,793,730		0.1
Jamaica		2,128,338		0.1
Kazakhstan		1,954,282		0.1
Tanzania		1,618,050		0.1
Rwanda		1,553,050		0.1
Denmark		1,244,821		0.1
Bolivia		1,126,288		—
Guatemala		1,116,300		—
Ireland		984,014		—
Sweden		918,497		—
Norway		867,588		—
Paraguay		780,000		—
Finland		706,591		—
Qatar		655,600		—
Switzerland		571,358		—
Indonesia		340,625		—
Ghana		331,683		—
European Union		125,049		—

Total	$	2,527,012,328		100.0	%


40				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Forward Currency Exchange Contracts as of June 28, 2013 are as follows:
Counterparty/ Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Dates		Value		Unrealized Appreciation		Unrealized Depreciation
Bank of America NA:
Brazilian Real (BRR)		Sell		8,640	BRR		1/3/14	$	3,725,879	$	23,307	$	—
Colombian Peso (COP)		Buy		1,530,000	COP		9/26/13		789,053		8,839		—
Colombian Peso (COP)		Sell		3,532,000	COP		7/19/13		1,834,199		63,195		—
Hungarian Forint (HUF)		Buy		809,000	HUF		9/16/13		3,542,175		40,854		—
Japanese Yen (JPY)		Buy		1,557,000	JPY		11/29/13		15,715,102		258,476		—
Mexican Nuevo Peso (MXN)		Buy		80,100	MXN		8/16/13		6,154,910		163,213		—
Mexican Nuevo Peso (MXN)		Sell		279,600	MXN		9/19/13-12/19/13		21,323,615		540,219		—
New Turkish Lira (TRY)		Sell		1,710	TRY		9/3/13		877,342		24,143		—
Peruvian New Sol (PEN)		Buy		2,240	PEN		9/30/13		798,687		—		1,599
Peruvian New Sol (PEN)		Sell		15,820	PEN		10/29/13		5,628,939		342,884		—
Philippines Peso (PHP)		Sell		123,000	PHP		10/7/13		2,852,075		202,308		—
South African Rand (ZAR)		Buy		36,840	ZAR		7/5/13		3,724,047		116,623		—
South Korean Won (KRW)		Buy		1,135,000	KRW		7/5/13		993,508		2,198		—
South Korean Won (KRW)		Sell		2,652,000	KRW		7/5/13		2,321,394		—		5,135

											1,786,259		6,734
Barclays Bank plc:
Brazilian Real (BRR)		Sell		14,880	BRR		1/3/14		6,416,792		144,055		—
Chilean Peso (CLP)		Buy		423,000	CLP		8/2/13		827,667		—		59,032
Euro (EUR)		Buy		3,905	EUR		11/29/13		5,086,721		15,488		22,996
Euro (EUR)		Sell		3,200	EUR		9/16/13-11/29/13		4,167,418		—		13,080
Hungarian Forint (HUF)		Buy		1,077,000	HUF		9/16/13		4,715,603		14,697		18,413
Japanese Yen (JPY)		Sell		5,473,000	JPY		8/30/13-11/29/13		55,197,843		14,594		1,004,109
New Turkish Lira (TRY)		Sell		3,630	TRY		7/29/13		1,873,460		39,584		—
South African Rand (ZAR)		Buy		39,430	ZAR		7/5/13		3,985,862		90,173		—
South African Rand (ZAR)		Sell		203,620	ZAR		10/7/13-11/15/13		20,198,031		1,462,994		52,203

											1,781,585		1,169,833
BNP Paribas
British Pound Sterling (GBP)		Sell		1,120	GBP		11/29/13		1,701,832		—		10,263
Citibank NA:
Australian Dollar (AUD)		Sell		9,945	AUD		11/29/13		8,997,176		462,757		—
British Pound Sterling (GBP)		Sell		100	GBP		11/29/13		151,949		1,941		—
Canadian Dollar (CAD)		Buy		700	CAD		11/29/13		663,111		—		20,341
Colombian Peso (COP)		Buy		12,260,000	COP		7/19/13-10/7/13		6,354,179		—		104,165
Colombian Peso (COP)		Sell		12,473,000	COP		7/19/13-9/26/13		6,445,268		284,583		—
Hungarian Forint (HUF)		Sell		294,000	HUF		9/16/13		1,287,268		—		13,184
Malaysian Ringgit (MYR)		Buy		62,480	MYR		7/25/13		19,656,184		—		826,712
Mexican Nuevo Peso (MXN)		Sell		308,900	MXN		7/11/13-12/19/13		23,650,485		94,290		232,145
New Turkish Lira (TRY)		Sell		1,740	TRY		9/3/13		892,734		31,105		—

											874,676		1,196,547
Credit Suisse International:
British Pound Sterling (GBP)		Sell		1,210	GBP		8/30/13		1,839,566		—		13,501
New Turkish Lira (TRY)		Sell		3,240	TRY		7/17/13		1,675,369		—		105,546
South Korean Won (KRW)		Buy		1,134,000	KRW		7/5/13		992,632		2,239		—
South Korean Won (KRW)		Sell		2,650,000	KRW		7/5/13		2,319,643		—		5,233

											2,239		124,280
Deutsche Bank AG:
Colombian Peso (COP)		Buy		14,476,000	COP		7/19/13		7,517,517		—		269,465
Euro (EUR)		Sell		21,780	EUR		8/30/13		28,357,664		—		123,684
Hungarian Forint (HUF)		Sell		284,000	HUF		9/16/13		1,243,483		—		55,146


41				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments Continued


Forward Currency Exchange Contracts Continued
Counterparty/ Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Dates		Value		Unrealized Appreciation		Unrealized Depreciation
Deutsche Bank AG: Continued
New Turkish Lira (TRY)		Sell		5,530	TRY		9/3/13	$	2,837,251	$	72,326	$	—
Peruvian New Sol (PEN)		Sell		1,110	PEN		9/30/13		395,778		6,834		—
Polish Zloty (PLZ)		Sell		2,400	PLZ		11/29/13		715,565		13,754		—
South African Rand (ZAR)		Buy		9,710	ZAR		7/5/13-11/29/13		977,697		15,781		890

											108,695		449,185
Goldman Sachs Bank USA:
Australian Dollar (AUD)		Sell		1,205	AUD		11/29/13		1,090,156		17,649		—
Brazilian Real (BRR)		Sell		12,910	BRR		1/3/14		5,567,257		147,661		—
Colombian Peso (COP)		Buy		10,170,000	COP		9/26/13		5,244,883		13,414		40,973
Euro (EUR)		Sell		25,775	EUR		8/26/13		33,558,533		198,469		—
Japanese Yen (JPY)		Sell		246,000	JPY		11/29/13		2,482,925		60,279		555
New Turkish Lira (TRY)		Sell		6,500	TRY		8/12/13		3,346,870		229,487		—
South African Rand (ZAR)		Buy		11,660	ZAR		7/5/13		1,178,675		41,643		—

											708,602		41,528
HSBC Bank USA NA:
Malaysian Ringgit (MYR)		Buy		40,070	MYR		9/25/13		12,549,565		129,990		1,023
Malaysian Ringgit (MYR)		Sell		25,335	MYR		7/5/13-9/25/13		7,938,538		—		81,447
New Turkish Lira (TRY)		Buy		3,240	TRY		7/17/13		1,675,369		11,697		—

											141,687		82,470
JPMorgan Chase Bank NA:
Brazilian Real (BRR)		Sell		78,625	BRR		8/2/13-9/4/13		34,892,346		226,354		—
Colombian Peso (COP)		Sell		22,182,000	COP		10/7/13		11,427,412		592,094		—
Hungarian Forint (HUF)		Sell		280,000	HUF		9/16/13		1,225,969		—		13,027
Japanese Yen (JPY)		Sell		97,000	JPY		11/29/13		979,040		5,220		1,216
Malaysian Ringgit (MYR)		Buy		24,310	MYR		7/5/13		7,684,988		—		158,213
Mexican Nuevo Peso (MXN)		Buy		46,400	MXN		8/16/13		3,565,391		—		232,906
Mexican Nuevo Peso (MXN)		Sell		132,000	MXN		10/31/13		10,076,295		612,331		—
New Turkish Lira (TRY)		Sell		72,380	TRY		7/29/13-11/6/13		37,141,508		2,364,452		8,750
Russian Ruble (RUR)		Sell		356,620	RUR		9/10/13		10,727,856		177,954		—
South African Rand (ZAR)		Sell		97,700	ZAR		7/5/13		9,876,205		597,637		—
South Korean Won (KRW)		Buy		5,302,000	KRW		7/5/13		4,641,037		—		75,625
South Korean Won (KRW)		Sell		2,269,000	KRW		7/5/13		1,986,140		32,364		—
Thailand Baht (THB)		Sell		278,400	THB		7/12/13-5/8/14		8,919,132		432,718		—

											5,041,124		489,737
Morgan Stanley & Co. International plc
Peruvian New Sol (PEN)		Buy		4,970	PEN		9/30/13		1,772,086		—		56,464
Morgan Stanley Capital Services, Inc.:
Brazilian Real (BRR)		Sell		13,300	BRR		7/2/14		5,530,336		224,749		—
British Pound Sterling (GBP)		Sell		360	GBP		11/29/13		547,018		17,280		—
Euro (EUR)		Sell		2,315	EUR		11/29/13		3,015,559		61,330		—
Mexican Nuevo Peso (MXN)		Sell		374,880	MXN		8/16/13-11/6/13		28,680,287		793,829		—
Peruvian New Sol (PEN)		Buy		5,350	PEN		10/29/13		1,903,592		—		31,309
Polish Zloty (PLZ)		Buy		46,390	PLZ		8/26/13		13,909,987		—		30,531
Polish Zloty (PLZ)		Sell		19,220	PLZ		8/26/13		5,763,094		12,649		—
Russian Ruble (RUR)		Sell		111,700	RUR		9/10/13		3,360,164		—		11,842
South African Rand (ZAR)		Buy		2,980	ZAR		7/5/13		301,239		5,463		—
Swedish Krona (SEK)		Sell		1,040	SEK		11/29/13		154,566		6,207		—

											1,121,507		73,682


42				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Forward Currency Exchange Contracts Continued
Counterparty/ Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Date		Value		Unrealized Appreciation		Unrealized Depreciation
Nomura Global Financial Products, Inc.:
Canadian Dollar (CAD)		Sell		800	CAD		8/30/13	$	759,521	$	10,167	$	—
Japanese Yen (JPY)		Buy		1,430,000	JPY		11/29/13		14,433,266		246,758		—
Thailand Baht (THB)		Buy		87,800	THB		11/20/13		2,810,871		11,365		43,581

											268,290		43,581
Standard Chartered Bank
Malaysian Ringgit (MYR)		Sell		23,000	MYR		7/5/13		7,270,865		—		97,935
The Royal Bank of Scotland plc:
Hungarian Forint (HUF)		Sell		716,000	HUF		9/16/13		3,134,978		—		35,804
Norwegian Krone (NOK)		Buy		680	NOK		11/29/13		111,346		—		3,607
South African Rand (ZAR)		Buy		11,870	ZAR		7/5/13		1,199,903		26,555		—
South African Rand (ZAR)		Sell		128,970	ZAR		10/7/13		12,859,006		782,983		—
Swiss Franc (CHF)		Buy		520	CHF		11/29/13		551,403		10,366		—

											819,904		39,411

Total unrealized appreciation and depreciation										$	12,654,568	$	3,881,650


Futures Contracts as of June 28, 2013 are as follows:
Contract Description	Buy/Sell		Number of Contracts		Expiration Date		Value		Unrealized Appreciation (Depreciation)
90-Day Sterling		Buy		14		12/16/15	$	2,625,346	$	10,367
90-Day Sterling		Buy		34		12/21/16		6,329,299		1,349
Australian Treasury Bonds, 10 yr.		Sell		58		9/16/13		6,279,890		135,478
Euro OAT		Sell		6		9/6/13		1,034,572		17,923
Euro-Bundesobligation		Sell		23		9/6/13		3,748,210		(17,865	)
Euro-Bundesobligation		Sell		11		9/6/13		2,026,293		(14,765	)
Three-Month Euro Euribor Interest Rate		Buy		8		9/19/16		2,566,449		7,091
U.S. Treasury Long Bonds		Sell		93		9/19/13		12,633,469		189,567
U.S. Treasury Long Bonds		Buy		590		9/19/13		80,147,813		(3,372,514	)
U.S. Treasury Nts., 2 yr.		Sell		191		9/30/13		42,020,000		28,574
U.S. Treasury Nts., 2 yr.		Buy		5		9/30/13		1,100,000		166
U.S. Treasury Nts., 5 yr.		Sell		94		9/30/13		11,378,406		215,078
U.S. Treasury Nts., 5 yr.		Buy		521		9/30/13		63,065,422		(547,360	)
U.S. Treasury Nts., 10 yr.		Sell		265		9/19/13		33,539,063		708,551
U.S. Treasury Nts., 10 yr.		Buy		518		9/19/13		65,559,375		(1,239,567	)
U.S. Treasury Ultra Bonds		Buy		197		9/19/13		29,020,563		(1,729,131	)

									$	(5,607,058	)


Over-the-Counter Written Options as of June 28, 2013 are as follows:
Description	Type		Number of Contracts		Exercise Price			Expiration Date		Premiums Received		Value			Unrealized Appreciation/ (Depreciation)
France (Republic of) Bonds, 2.75%, 10/25/27		Put		1,325,000		98.875	EUR		10/22/13	$	49,408	$	(40,283	)	$	9,125
Indian Rupee (INR)		Put		113,000,000		1USD per 59.450 INR			4/29/14		50,132		(144,024	)		(93,892	)
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund		Put		1,336		90.000			12/20/13		402,995		(587,840	)		(184,845	)
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund		Put		889		89.000			12/20/13		264,470		(347,852	)		(83,382	)


43				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments Continued


Over-the-Counter Written Options Continued
Description	Type		Number of Contracts		Exercise Price		Expiration Date		Premiums Received		Value			Unrealized Appreciation/ (Depreciation)
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund		Put		446		$90.000		12/20/13	$	139,375	$	(196,240	)	$	(56,865	)
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund		Put		446		91.000		12/20/13		149,410		(223,000	)		(73,590	)
iShares iBoxx High Yield Corporate Bond Exchange Traded Fund		Put		444		89.000		12/20/13		135,420		(161,616	)		(26,196	)
Japanese Yen (JPY)		Put		273,000,000		1USD per 100.250 JPY		7/5/13		13,398		(10,775	)		2,623
Japanese Yen (JPY)		Put		722,000,000		1USD per 120.000 JPY		5/22/15		122,138		(109,917	)		12,221
Japanese Yen (JPY)¹		Call		542,000,000		1USD per 90.000 JPY		5/22/15		102,378		(232,572	)		(130,194	)
Mexican Nuevo Peso (MXN)		Call		144,000,000		1USD per 12.350 MXN		9/18/13		73,749		(72,153	)		1,596
Mexican Nuevo Peso (MXN)		Call		144,000,000		1USD per 12.350 MXN		9/18/13		74,390		(72,153	)		2,237
Mexican Nuevo Peso (MXN)		Call		99,200,000		1USD per 12.765 MXN		9/23/13		66,833		(135,055	)		(68,222	)
Mexican Nuevo Peso (MXN)		Call		98,200,000		1USD per 12.632 MXN		9/23/13		59,159		(103,061	)		(43,902	)
Mexican Nuevo Peso (MXN)		Put		160,350,000		1USD per 13.755 MXN		9/18/13		136,394		(148,056	)		(11,662	)
Mexican Nuevo Peso (MXN)		Put		160,350,000		1USD per 13.755 MXN		9/18/13		136,860		(148,056	)		(11,196	)
Mexican Nuevo Peso (MXN)		Put		111,300,000		1USD per 14.319 MXN		9/23/13		114,184		(62,555	)		51,629
Mexican Nuevo Peso (MXN)		Put		111,100,000		1USD per 14.300 MXN		9/23/13		130,678		(63,561	)		67,117

									$	2,221,371	$	(2,858,769	)	$	(637,398	)

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


Over-the-Counter Credit Default Swap Contracts as of June 28, 2013 are as follows:
Reference Entity/ Swap Counterparty	Buy/Sell Credit Protection		Notional Amount (000’s)			Pay/ Receive Fixed Rate			Termination Date		Premium Received/ (Paid)			Value			Unrealized Appreciation (Depreciation)
Banco Bilbao Vizcaya Argentaria Senior Finance SAU:
UBS AG		Sell		125	EUR		3	%		12/20/17	$	4,874		$	314		$	5,188
UBS AG		Sell		125	EUR		3			12/20/17		5,012			314			5,326

		Total		250	EUR							9,886			628			10,514
Banco Santander SA
UBS AG		Sell		250	EUR		3			9/20/17		(901	)		3,170			2,269

		Total		250	EUR							(901	)		3,170			2,269
Ireland (Republic of):
Goldman Sachs International		Buy		660			1			3/20/18		(27,725	)		17,890			(9,835	)
Goldman Sachs International		Buy		585	EUR		1			3/20/18		(21,644	)		9,844			(11,800	)

		Total		660								(49,369	)		27,734			(21,635	)

		Total		585	EUR
Italy (Republic of)
Goldman Sachs International		Sell		660			1			3/20/23		105,519			(102,930	)		2,589

		Total		660								105,519			(102,930	)		2,589


44				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Over-the-Counter Credit Default Swap Contracts Continued
Reference Entity/ Swap Counterparty	Buy/Sell Credit Protection		Notional Amount (000’s)		Pay/ Receive Fixed Rate			Termination Date		Premium Received/ (Paid)			Value			Unrealized Appreciation (Depreciation)
Peru (Republic of)
Deutsche Bank AG		Buy	$	3,605		1	%		6/20/18	$	11,126		$	76,919		$	88,045

		Total		3,605							11,126			76,919			88,045

				Grand Total Buys							(38,243	)		104,653			66,410
				Grand Total Sells							114,504			(99,132	)		15,372

		Total Over-the-Counter Credit Default Swaps								$	76,261		$	5,521		$	81,782

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


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

Total USD	$	660,000		$	—

Total EUR		500,000	EUR		—

* 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.


Over-the-Counter Interest Rate Swap Contracts as of June 28, 2013 are as follows:
Interest Rate/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund			Received by the Fund			Termination Date		Value
BZDI:
Deutsche Bank AG		10,430	BRR		BZDI			10.410	%		1/2/17	$	(59,710	)
Deutsche Bank AG		6,930	BRR		BZDI			10.540			1/2/17		(30,078	)
Goldman Sachs International		30,465	BRR		BZDI			9.950			1/2/15		15,994

Total		47,825	BRR										(73,794	)
MXN TIIE BANXICO:
Credit Suisse International		12,200	MXN		5.780	%		MXN TIIE BANXICO			1/6/23		58,658
Goldman Sachs International		17,500	MXN		5.780			MXN TIIE BANXICO			1/6/23		84,140
JPMorgan Chase Bank NA		28,500	MXN		5.750			MXN TIIE BANXICO			1/9/23		142,410

Total where Fund pays a fixed rate		58,200	MXN										285,208

Bank of America NA		2,700	MXN		MXN TIIE BANXICO			7.530			5/18/33		1,523
Barclays Bank plc		22,600	MXN		MXN TIIE BANXICO			7.040			6/13/23		46,713
Barclays Bank plc		26,000	MXN		MXN TIIE BANXICO			6.995			6/12/23		41,067
Credit Suisse International		8,400	MXN		MXN TIIE BANXICO			6.645			12/24/32		(56,816	)
Goldman Sachs International		11,000	MXN		MXN TIIE BANXICO			6.640			12/24/32		(91,341	)
Goldman Sachs International		2,200	MXN		MXN TIIE BANXICO			7.800			5/27/33		4,665
HSBC Bank USA NA		22,300	MXN		MXN TIIE BANXICO			6.995			6/12/23		40,412
HSBC Bank USA NA		3,000	MXN		MXN TIIE BANXICO			7.370			5/17/33		(2,300	)
JPMorgan Chase Bank NA		2,700	MXN		MXN TIIE BANXICO			7.340			5/17/33		(2,748	)
JPMorgan Chase Bank NA		28,215	MXN		MXN TIIE BANXICO			7.100			6/12/23		68,367


45				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments Continued


Over-the-Counter Interest Rate Swap Contracts Continued
Interest Rate/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund		Received by the Fund			Termination Date		Value
MXN TIIE BANXICO: Continued
JPMorgan Chase Bank NA		18,300	MXN		MXN TIIE BANXICO		6.590	%		12/27/32	$	(131,682	)
Morgan Stanley Capital Services, Inc.		24,600	MXN		MXN TIIE BANXICO		7.370			5/17/33		(29,313	)

Total where Fund pays a variable rate		172,015	MXN									(111,453	)

Total		230,215	MXN									173,755
Six-Month HUF BUBOR:
Bank of America NA		379,000	HUF		Six-Month HUF BUBOR		4.800			6/17/18		(22,971	)
Deutsche Bank AG		580,000	HUF		Six-Month HUF BUBOR		4.800			6/17/18		(35,153	)

Total		959,000	HUF									(58,124	)
Six-Month JPY BBA LIBOR
Goldman Sachs International		79,000	JPY		Six-Month JPY BBA LIBOR		0.820			4/15/23		(12,435	)
Three-Month CAD BA CDOR
Bank of America NA		6,635	CAD		Three-Month CAD BA CDOR		1.660			5/9/16		(31,187	)
Three-Month SEK STIBOR SIDE:
Barclays Bank plc		5,000	SEK		Three-Month SEK STIBOR SIDE		2.175			5/10/23		(34,435	)
Barclays Bank plc		5,000	SEK		Three-Month SEK STIBOR SIDE		2.055			4/29/23		(41,923	)
Goldman Sachs International		10,000	SEK		Three-Month SEK STIBOR SIDE		1.555			4/29/18		(40,645	)
Goldman Sachs International		19,000	SEK		Three-Month SEK STIBOR SIDE		1.565			5/3/18		(76,360	)

Total		39,000	SEK									(193,363	)
Three-Month ZAR JIBAR SAFEX:
Barclays Bank plc		81,000	ZAR		Three-Month ZAR JIBAR SAFEX		5.990			6/19/15		10,382
Barclays Bank plc		85,000	ZAR		Three-Month ZAR JIBAR SAFEX		6.980			6/20/15		37,652
Goldman Sachs Bank USA		96,000	ZAR		Three-Month ZAR JIBAR SAFEX		7.850			6/25/16		30,595
Goldman Sachs International		132,000	ZAR		Three-Month ZAR JIBAR SAFEX		7.000			6/20/15		60,912
Goldman Sachs International		93,000	ZAR		Three-Month ZAR JIBAR SAFEX		7.950			6/22/16		36,962
JPMorgan Chase Bank NA		294,000	ZAR		Three-Month ZAR JIBAR SAFEX		8.070			6/19/17		519
JPMorgan Chase Bank NA		179,000	ZAR		Three-Month ZAR JIBAR SAFEX		7.460			6/19/16		(1,057	)
JPMorgan Chase Bank NA		142,000	ZAR		Three-Month ZAR JIBAR SAFEX		7.920			6/20/16		56,710

Total		1,102,000	ZAR									232,675

					Total Over-the-Counter Interest Rate Swaps						$	37,527

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


BRR		Brazilian Real
CAD		Canadian Dollar
HUF		Hungarian Forint
JPY		Japanese Yen
MXN		Mexican Nuevo Peso
SEK		Swedish Krona
ZAR		South African Rand

Abbreviations/Definitions are as follows:


BA CDOR		Canada Bankers Acceptances Deposit Offering Rate
BANXICO		Banco de Mexico
BBA LIBOR		British Bankers’ Association London-Interbank Offered Rate
BUBOR		Budapest Interbank Offered Rate


46				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Abbreviations/Definitions are as follows: Continued


BZDI		Brazil Interbank Deposit Rate
JIBAR SAFEX		Johannesburg Interbank Agreed Rate South African Futures Exchange
STIBOR SIDE		Stockholm Interbank Offered Rate
TIIE		Interbank Equilibrium Interest Rate


Over-the-Counter Credit Default Written Swaption Contracts as of June 28, 2013 are as follows:
Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective		Notional Amount (000’s)			Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
CDX.NA.HY.20:
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: CDX.NA.HY.20; Received: 5%; Termination Date: 6/20/18		Index Credit Default Swap; Pay Floating	$	685			12/19/13	$	10,446	$	(10,446	)	$	—
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: CDX.NA.HY.20; Received: 5%; Termination Date: 6/20/18		Index Credit Default Swap; Pay Floating		685			9/19/13		8,220		(8,220	)		—
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: CDX.NA.HY.20; Received: 5%; Termination Date: 6/20/18		Index Credit Default Swap; Pay Floating		685			12/19/13		10,960		(10,960	)		—
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: CDX.NA.HY.20; Received: 5%; Termination Date: 6/20/18		Index Credit Default Swap; Pay Floating		685			9/19/13		4,042		(4,042	)		—

										33,668		(33,668	)		—
iTraxx Europe Crossover Series 19 Version 1:
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Crossover Series 19 Version 1; Received: 5%; Termination Date: 6/20/18		Index Credit Default Swap; Pay Floating		1,375	EUR		7/18/13		10,310		(10,291	)		19
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Crossover Series 19 Version 1; Received: 5%; Termination Date: 6/20/18		Index Credit Default Swap; Pay Floating		1,375	EUR		7/18/13		10,758		(10,739	)		19
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Crossover Series 19 Version 1; Received: 5%; Termination Date: 6/20/18		Index Credit Default Swap; Pay Floating		1,355	EUR		7/18/13		5,173		(6,559	)		(1,386	)
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Crossover Series 19 Version 1; Received: 5%; Termination Date: 6/20/18		Index Credit Default Swap; Pay Floating		675	EUR		7/18/13		2,577		(3,267	)		(690	)

										28,818		(30,856	)		(2,038	)


47				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments Continued


Over-the-Counter Credit Default Written Swaption Contracts: Continued
Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)			Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
iTraxx Europe Series 19 Version 1:
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Series 19 Version 1; Received: 1%; Termination Date: 6/20/18	Index Credit Default Swap; Pay Floating		3,405	EUR		7/18/13	$	10,350	$	(9,241	)	$	1,109
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Series 19 Version 1; Received: 1%; Termination Date: 6/20/18	Index Credit Default Swap; Pay Floating		3,405	EUR		7/18/13		5,850		(5,250	)		600
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Series 19 Version 1; Received: 1%; Termination Date: 6/20/18	Index Credit Default Swap; Pay Floating		6,800	EUR		7/18/13		8,126		(18,455	)		(10,329	)
JPMorgan Chase Bank NA	Index Credit Default Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Series 19 Version 1; Received: 1%; Termination Date: 6/20/18	Index Credit Default Swap; Pay Floating		6,800	EUR		7/18/13		4,514		(10,484	)		(5,970	)

									28,840		(43,430	)		(14,590	)

	Total Over-the-Counter Credit Default Written Swaption Contracts							$	91,326	$	(107,954	)		$(16,628)

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


EUR		Euro

Abbreviations/Definitions are as follows:


CDX.NA.HY.20		Markit CDX North American High Yield
iTraxx Europe Crossover Series 19 Version 1:		Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx Europe Series 19 Version 1		Credit Default Swap Trading Index for a Specific Basket of Securities


Over-the-Counter Interest Rate Written Swaption Contracts as of June 28, 2013 are as follows:
Reference Entity/ Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective		Notional Amount (000’s)			Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
MXN TIIE BANXICO:
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: MXN TIIE BANXICO; Received: 6.06%; Termination Date: 1/2/24		Interest Rate Swap; Pay Floating		6,630	MXN		1/14/14	$	19,218	$	(43,931	)	$	(24,713	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: MXN TIIE BANXICO; Received: 5.39%; Termination Date: 10/20/23		Interest Rate Swap; Pay Floating		39,100	MXN		11/1/13		65,279		(349,868	)		(284,589	)


48				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Over-the-Counter Interest Rate Written Swaption Contracts: Continued
Reference Entity/ Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective		Notional Amount (000’s)			Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
MXN TIIE BANXICO: Continued
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: MXN TIIE BANXICO; Received: 5.44%; Termination Date: 10/19/23		Interest Rate Swap; Pay Floating		39,600	MXN		10/31/13	$	67,479	$	(344,435	)	$	(276,956	)

										151,976		(738,234	)		(586,258	)
Six-Month AUD BBR BBSW
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month AUD BBR BBSW; Received: 4.057%; Termination Date: 5/13/24		Interest Rate Swap; Pay Floating		1,330	AUD		5/13/14		34,620		(60,355	)		(25,735	)
Six-Month EUR EURIBOR:
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: 2.71%; Received: Six-Month EUR EURIBOR; Termination Date: 2/5/23		Interest Rate Swap; Pay Fixed		3,545	EUR		1/30/18		144,495		(124,582	)		19,913
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: 2.545%; Received: Six-Month EUR EURIBOR; Termination Date: 1/26/27		Interest Rate Swap; Pay Fixed		2,670	EUR		1/25/17		163,464		(110,793	)		52,671

			Total where Fund pays fixed rate							307,959		(235,375	)		72,584
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 3.117%; Termination Date: 6/1/33		Interest Rate Swap; Pay Floating		1,345	EUR		5/31/23		118,392		(110,465	)		7,927
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 2.055%; Termination Date: 12/27/18		Interest Rate Swap; Pay Floating		6,810	EUR		12/23/13		53,548		(40,948	)		12,600
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 1.82%; Termination Date: 6/29/17		Interest Rate Swap; Pay Floating		5,510	EUR		6/26/15		48,355		(42,351	)		6,004
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 1.7625%; Termination Date: 6/24/17		Interest Rate Swap; Pay Floating		5,480	EUR		6/23/15		45,671		(43,706	)		1,965

			Total where Fund pays floating rate							265,966		(237,470	)		28,496

								Total		573,925		(472,845	)		101,080
Six-Month GBP BBA LIBOR:
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.1175%; Received: Six-Month GBP BBA LIBOR; Termination Date: 6/20/21		Interest Rate Swap; Pay Fixed		5,420	GBP		6/21/16		143,319		(65,264	)		78,055


49				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments Continued


Over-the-Counter Interest Rate Written Swaption Contracts: Continued
Reference Entity/ Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective		Notional Amount (000’s)			Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
Six-Month GBP BBA LIBOR: Continued
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.75%; Received: Six-Month GBP BBA LIBOR; Termination Date: 1/14/44		Interest Rate Swap; Pay Fixed		1,990	GBP		1/15/14	$	52,369	$	(10,692	)	$	41,677

			Total where Fund pays a fixed rate							195,688		(75,956	)		119,732
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 3.1175%; Termination Date: 6/20/21		Interest Rate Swap; Pay Floating		5,420	GBP		6/21/16		114,486		(209,563	)		(95,077	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 2.295%; Termination Date: 1/25/21		Interest Rate Swap; Pay Floating		4,765	GBP		1/26/16		178,161		(262,132	)		(83,971	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 1.955%; Termination Date: 6/11/17		Interest Rate Swap; Pay Floating		4,060	GBP		6/12/15		33,034		(44,970	)		(11,936	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 3.50%; Termination Date: 1/14/44		Interest Rate Swap; Pay Floating		1,990	GBP		1/15/14		44,360		(99,105	)		(54,745	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 1.525%; Termination Date: 5/23/18		Interest Rate Swap; Pay Floating		21,170	GBP		5/24/16		281,004		(607,666	)		(326,662	)
Goldman Sachs Bank USA	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 2.055%; Termination Date: 12/4/20		Interest Rate Swap; Pay Floating		5,020	GBP		12/7/15		189,330		(331,850	)		(142,520	)
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 1.545%; Termination Date: 5/23/18		Interest Rate Swap; Pay Floating		2,675	GBP		5/24/16		35,371		(75,817	)		(40,446	)
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 1.765%; Termination Date: 6/10/17		Interest Rate Swap; Pay Floating		8,090	GBP		6/11/15		65,112		(104,634	)		(39,522	)

			Total where Fund pays a floating rate							940,858		(1,735,737	)		(794,879	)

								Total		1,136,546		(1,811,693	)		(675,147	)


50				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Over-the-Counter Interest Rate Written Swaption Contracts: Continued
Reference Entity/ Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective		Notional Amount (000’s)			Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
Three-Month CAD BA CDOR
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month CAD BA CDOR; Received: 2.5825%; Termination Date: 10/8/23		Interest Rate Swap; Pay Floating		15,740	CAD		10/9/13	$	136,665	$	(563,836	)	$	(427,171	)
Three-Month USD BBA LIBOR:
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: 3%; Received: Three-Month USD BBA LIBOR; Termination Date: 11/13/23		Interest Rate Swap; Pay Fixed		2,655			11/8/13		18,054		(852	)		17,202
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: 2.80%; Received: Three-Month USD BBA LIBOR; Termination Date: 11/13/23		Interest Rate Swap; Pay Fixed		2,655			11/8/13		10,886		(352	)		10,534
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 3.07%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/3/43		Interest Rate Swap; Pay Fixed		2,015			9/3/13		28,311		(11,297	)		17,014
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.80%; Received: Three-Month USD BBA LIBOR; Termination Date: 11/9/23		Interest Rate Swap; Pay Fixed		10,525			11/8/13		44,205		(1,408	)		42,797
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 3%; Received: Three-Month USD BBA LIBOR; Termination Date: 11/9/23		Interest Rate Swap; Pay Fixed		10,525			11/8/13		74,201		(3,405	)		70,796
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.1725%; Received: Three-Month USD BBA LIBOR; Termination Date: 10/10/23		Interest Rate Swap; Pay Fixed		15,740			10/9/13		116,870		(26,749	)		90,121

			Total where Fund pays a fixed rate							292,527		(44,063	)		248,464
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.4025%; Termination Date: 12/18/18		Interest Rate Swap; Pay Floating		33,000			12/17/13		221,100		(435,570	)		(214,470	)
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.045%; Termination Date: 7/30/23		Interest Rate Swap; Pay Floating		20,500			7/29/13		102,500		(46,549	)		55,951
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.2625%; Termination Date: 8/29/23		Interest Rate Swap; Pay Floating		59,550			8/28/13		433,091		(206,811	)		226,280


51				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments Continued


Over-the-Counter Interest Rate Written Swaption Contracts: Continued
Reference Entity/ Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective		Notional Amount (000’s)		Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
Three-Month USD BBA LIBOR: Continued
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.6775%; Termination Date: 12/16/25		Interest Rate Swap; Pay Floating	$	10,450		12/15/15	$	536,608	$	(1,037,043	)	$	(500,435	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three Month USD BBA LIBOR; Received: 3.10%; Termination Date: 4/27/22		Interest Rate Swap; Pay Floating		20,415		4/26/17		528,749		(966,225	)		(437,476	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.80%; Termination Date: 5/28/25		Interest Rate Swap; Pay Floating		5,350		5/27/15		89,773		(193,783	)		(104,010	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 4.30%; Termination Date: 5/28/25		Interest Rate Swap; Pay Floating		5,350		5/27/15		54,035		(128,615	)		(74,580	)
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.95%; Termination Date: 2/21/24		Interest Rate Swap; Pay Floating		41,885		2/20/14		586,390		(1,240,522	)		(654,132	)
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.13375%; Termination Date: 9/30/23		Interest Rate Swap; Pay Floating		34,610		9/27/13		410,994		(311,354	)		99,640
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.995%; Termination Date: 8/29/18		Interest Rate Swap; Pay Floating		13,565		8/28/13		64,434		(40,294	)		24,140
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.5075%; Termination Date: 9/3/43		Interest Rate Swap; Pay Floating		1,340		9/3/13		20,033		(35,773	)		(15,740	)


52				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Over-the-Counter Interest Rate Written Swaption Contracts: Continued
Reference Entity/ Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective		Notional Amount (000’s)		Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
Three-Month USD BBA LIBOR: Continued
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.52%; Termination Date: 9/3/43		Interest Rate Swap; Pay Floating	$	5,085		9/3/13	$	76,021	$	(130,312	)	$	(54,291	)

			Total where Fund pays a floating rate						3,123,728		(4,772,851	)		(1,649,123	)

							Total		3,416,255		(4,816,914	)		(1,400,659	)

	Total Over-the-Counter Interest Rate Written Swaption Contracts							$	5,449,987	$	(8,463,877	)	$	(3,013,890	)

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


AUD		Australian Dollar
CAD		Canadian Dollar
EUR		Euro
GBP		British Pound Sterling
MXN		Mexican Peso

Abbreviations/Definitions are as follows:


BA CDOR		Canada Bankers Acceptances Deposit Offering Rate
BANXICO		Banco de Mexico
BBA LIBOR		British Bankers’ Association London-Interbank Offered Rate
BBR BBSW		Bank Bill Swap Reference Rate (Australian Financial Market)
EURIBOR		Euro Interbank Offered Rate
TIIE		Interbank Equilibrium Interest Rate

See accompanying Notes to Consolidated Financial Statements.


53				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES Unaudited


June 28, 2013¹
Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $2,417,286,292)	$	2,330,264,369
Affiliated companies (cost $195,028,725)		196,747,959
		2,527,012,328
Cash		7,485,264
Unrealized appreciation on foreign currency exchange contracts		12,654,568
Swaps, at value (net premiums paid $29,258)		846,132
Receivables and other assets:
Investments sold (including $24,335,298 sold on a when-issued or delayed delivery basis)		33,883,872
Interest, dividends and principal paydowns		29,598,608
Closed foreign currency contracts		2,864,405
Shares of beneficial interest sold		865,288
Variation margin receivable		435,506
Other		99,314
Total assets		2,615,745,285
Liabilities
Bank overdraft-foreign currencies		6,667
Options written, at value (premiums received $2,221,371)		2,858,769
Swaptions written, at value (premiums received $5,541,313)		8,571,831
Unrealized depreciation on foreign currency exchange contracts		3,881,650
Swaps, at value (premiums received $105,519)		803,084
Payables and other liabilities:
Investments purchased (including $114,903,454 purchased on a when-issued or delayed delivery basis)		128,352,910
Closed foreign currency contracts		2,736,562
Shares of beneficial interest redeemed		2,122,526
Distribution and service plan fees		368,019
Transfer and shareholder servicing agent fees		206,605
Variation margin payable		108,220
Trustees’ compensation		82,889
Shareholder communications		46,068
Other		212,833
Total liabilities		150,358,633
Net Assets	$	2,465,386,652
Composition of Net Assets
Par value of shares of beneficial interest	$	461,001
Additional paid-in capital		2,506,295,847
Accumulated net investment income		82,701,059
Accumulated net realized loss on investments and foreign currency transactions		(37,718,106	)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(86,353,149	)
Net Assets	$	2,465,386,652


54				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 $709,562,002 and 134,872,758 shares of beneficial interest outstanding)			$5.26
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,755,824,650 and 326,127,796 shares of beneficial interest outstanding)			$5.38

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Consolidated Financial Statements.


55				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF OPERATIONS Unaudited


For the Six Months Ended June 28, 2013¹
Allocation of Income and Expenses from Master Funds²
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	2,612,725
Dividends		1,724
Net expenses		(129,105	)
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		2,485,344
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Interest		5,976,837
Dividends		2,912
Net expenses		(291,950	)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		5,687,799
Total allocation of net investment income from master funds		8,173,143
Investment Income
Interest (net of foreign withholding taxes of $44,557)		67,707,786
Dividends:
Unaffiliated companies		116,235
Affiliated companies		47,119
Fee income on when-issued securities		5,525,609
Total investment income		73,396,749
Expenses
Management fees		7,340,495
Distribution and service plan fees—Service shares		2,291,858
Transfer and shareholder servicing agent fees:
Non-Service shares		367,777
Service shares		916,765
Shareholder communications:
Non-Service shares		33,718
Service shares		84,014
Custodian fees and expenses		191,435
Trustees’ compensation		41,009
Other		107,964
Total expenses		11,375,035
Less waivers and reimbursements of expenses		(406,348	)
Net expenses		10,968,687
Net Investment Income		70,601,205


56				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies (including premiums on options and swaptions exercised)	$	18,120,998
Closing and expiration of option contracts written		7,071,960
Closing and expiration of swaption contracts written		(1,994,606	)
Closing and expiration of futures contracts		(7,032,578	)
Foreign currency transactions		(14,143,544	)
Swap contracts		(3,534,801	)
Net realized gain (loss) allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(33,682	)
Oppenheimer Master Loan Fund, LLC		4,563,554
Net realized gain		3,017,301
Net change in unrealized appreciation/depreciation on:
Investments		(99,965,034	)
Translation of assets and liabilities denominated in foreign currencies		(24,260,007	)
Futures contracts		(4,254,644	)
Option contracts written		(1,195,923	)
Swaption contracts written		(2,882,894	)
Swap contracts		128,355
Net change in unrealized appreciation/deprecation allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		920,950
Oppenheimer Master Loan Fund, LLC		(2,813,102	)
Net change in unrealized appreciation/depreciation		(134,322,299	)
Net Decrease in Net Assets Resulting from Operations	$	(60,703,793	)

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

2. The Fund invests in certain affiliated funds that expected to be treated as partnerships for tax purposes.

See accompanying Notes to Consolidated Financial Statements.


57				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 28, 2013¹ (Unaudited)			Year Ended December 31, 2012²
Operations
Net investment income	$	70,601,205		$	140,214,643
Net realized gain (loss)		3,017,301			(35,412,937	)
Net change in unrealized appreciation/depreciation		(134,322,299	)		192,342,982
Net increase (decrease) in net assets resulting from operations		(60,703,793	)		297,144,688
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(36,272,242	)		(41,097,829	)
Service shares		(83,922,335	)		(95,632,597	)
		(120,194,577	)		(136,730,426	)
Distributions from net realized gain:
Non-Service shares		—			(7,582,316	)
Service shares		—			(18,415,501	)
		—			(25,997,817	)
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Non-Service shares		20,668,535			56,198,952
Service shares		42,899,331			139,111,661
		63,567,866			195,310,613
Net Assets
Total increase (decrease)		(117,330,504	)		329,727,058
Beginning of period		2,582,717,156			2,252,990,098
End of period (including accumulated net investment income of $82,701,059 and $132,294,431, respectively)	$	2,465,386,652		$	2,582,717,156

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

2. Certain amounts have been restated to reflect a change in method of accounting. See Note 1 of the accompanying Notes.

See accompanying Notes to Consolidated Financial Statements.


58				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS


	Six Months Ended June 28, 2013¹			Year Ended December 31,			Year Ended December 30,			Year Ended December 31,			Year Ended December 31,			Year Ended December 31,
Non-Service Shares	(Unaudited)			2012²			2011^1,2			2010			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	5.67		$	5.38		$	5.58		$	5.30		$	4.49		$	5.56
Income (loss) from investment operations:
Net investment income³		.16			.33			.36			.34			.30			.30
Net realized and unrealized gain (loss)		(.29	)		.36			(.31	)		.40			.53			(1.04	)
Total from investment operations		(.13	)		.69			.05			.74			.83			(.74	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.28	)		(.34	)		(.18	)		(.46	)		(.02	)		(.27	)
Distributions from net realized gain		—			(.06	)		(.07	)		—			—	⁴		(.06	)
Total dividends and distributions to shareholders		(.28	)		(.40	)		(.25	)		(.46	)		(.02	)		(.33	)
Net asset value, end of period	$	5.26		$	5.67		$	5.38		$	5.58		$	5.30		$	4.49
Total Return, at Net Asset Value⁵		(2.36	)%		13.53	%		0.85	%		14.97	%		18.83	%		(14.21	)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	709,562		$	741,996		$	648,084		$	711,755		$	757,772		$	648,570
Average net assets (in thousands)	$	741,455		$	690,351		$	694,868		$	737,071		$	681,926		$	753,062
Ratios to average net assets:^6,7
Net investment income		5.68	%		6.01	%		6.50	%		6.47	%		6.20	%		5.78	%
Total expenses⁸		0.74	%		0.77	%		0.77	%		0.75	%		0.67	%		0.59	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.71	%		0.71	%		0.71	%		0.71	%		0.64	%		0.57	%
Portfolio turnover rate⁹		52	%		78	%		49	%		99	%		110	%		86	%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

2. Certain amounts have been restated to reflect a change in method of accounting. See Note 1 of the accompanying Notes.

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

4. Less than $0.005 per share.

5. 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.

6. Annualized for periods less than one full year.

7. Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.

8. Total expenses including all affiliated fund expenses were as follows:


Six Months Ended June 28, 2013	0.74	%
Year Ended December 31, 2012	0.77	%
Year Ended December 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	%

9. 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 28, 2013	$	3,507,512,135	$	3,896,975,119
Year Ended December 31, 2012	$	3,862,820,437	$	3,466,796,223
Year Ended December 30, 2011	$	1,050,654,783	$	1,039,506,614
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

See accompanying Notes to Consolidated Financial Statements.


59				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued


	Six Months Ended June 28, 2013¹			Year Ended December 31,			Year Ended December 30,			Year Ended December 31,			Year Ended December 31,			Year Ended December 31,
Service Shares	(Unaudited)			2012²			2011^1,2			2010			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	5.79		$	5.49		$	5.68		$	5.38		$	4.56		$	5.65
Income (loss) from investment operations:
Net investment income³		.16			.33			.35			.33			.29			.29
Net realized and unrealized gain (loss)		(.30	)		.36			(.31	)		.42			.54			(1.06	)
Total from investment operations		(.14	)		.69			.04			.75			.83			(.77	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.27	)		(.33	)		(.16	)		(.45	)		(.01	)		(.26	)
Distributions from net realized gain		—			(.06	)		(.07	)		—			—	⁴		(.06	)
Total dividends and distributions to shareholders		(.27	)		(.39	)		(.23	)		(.45	)		(.01	)		(.32	)
Net asset value, end of period	$	5.38		$	5.79		$	5.49		$	5.68		$	5.38		$	4.56
Total Return, at Net Asset Value⁵		(2.54	)%		13.15	%		0.65	%		14.77	%		18.41	%		(14.49	)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,755,825		$	1,840,721		$	1,604,906		$	1,670,340		$	3,656,726		$	2,810,315
Average net assets (in thousands)	$	1,848,292		$	1,715,995		$	1,673,715		$	2,485,427		$	3,143,836		$	3,152,967
Ratios to average net assets:^6,7
Net investment income		5.43	%		5.76	%		6.25	%		6.15	%		5.95	%		5.54	%
Total expenses⁸		0.99	%		1.02	%		1.02	%		0.99	%		0.92	%		0.84	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.96	%		0.96	%		0.96	%		0.95	%		0.89	%		0.82	%
Portfolio turnover rate⁹		52	%		78	%		49	%		99	%		110	%		86	%

1. June 28, 2013 and December 30, 2011 represent the last business day of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

2. Certain amounts have been restated to reflect a change in method of accounting. See Note 1 of the accompanying Notes.

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

4. Less than $0.005 per share.

6. Annualized for periods less than one full year.

7. Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.

8. Total expenses including all affiliated fund expenses were as follows:


Six Months Ended June 28, 2013	0.99	%
Year Ended December 31, 2012	1.02	%
Year Ended December 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	%

9. 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 28, 2013	$	3,507,512,135	$	3,896,975,119
Year Ended December 31, 2012	$	3,862,820,437	$	3,466,796,223
Year Ended December 30, 2011	$	1,050,654,783	$	1,039,506,614
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

See accompanying Notes to Consolidated Financial Statements.


60				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Global Strategic Income Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek total return. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

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

Change in Method of Accounting. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. Prior to June 28, 2013, the Subsidiary was shown as an investment of the Fund on the Statement of Investments and the financial statements of the Subsidiary were presented along with the Fund. The staff of the Securities and Exchange Commission has recently commented on their preference to have wholly-owned Cayman investment funds consolidated into the parent fund’s financial statements. Management of the Fund implemented the change in policy because it is a more effective method of providing transparency into the Fund’s holdings and operations. Accordingly, as a result of the change in method of accounting, the Fund consolidates the assets and liabilities as well as the operations of the Subsidiary within its financial statements.

The result of the policy change did not have an impact on total net assets of the Fund, however it resulted in the following changes to the financial statements. As of the beginning of the Fund’s fiscal period, the financial statement line items on the Consolidated Statement of Assets and Liabilities were affected by the change as follows: cash increased $1,455,203; payables and other liabilities increased $20,236 and investments at value, wholly-owned subsidiary decreased $1,434,967. For the six months ended June 28, 2013, the financial statement line items on the Consolidated Statements of Operations and Changes in Net Assets were affected by the change as follows: net investment income includes a net investment loss from the Subsidiary of $22,208. For the year ended December 31, 2012, the following changes were made to the Consolidated Statement of Changes in Net Assets: net investment income decreased $47,552 and net change in unrealized appreciation increased by $47,552. The changes to the Consolidated Financial Highlights were immaterial.

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 Consolidated Statement of Operations. The Fund records a realized gain or loss when a structured security is sold or matures.


61				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 28, 2013, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions
Purchased securities	$	114,903,454
Sold securities		24,335,298


Cost	$	24,398,289
Market Value	$	7,694,371
Market Value as a % of Net Assets		0.31	%

Investment in Oppenheimer Global Strategic Income Fund (Cayman) Ltd. The Fund may invest up to 25% of its total assets in Oppenheimer Global Strategic Income Fund (Cayman) Ltd., a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”). The Subsidiary invests primarily in commodity-linked derivatives (including commodity related futures, options and swap contracts), exchange traded funds and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. Investments in the Subsidiary are


62				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

expected to provide the Fund with exposure to commodities markets within the limitations of the federal tax requirements that apply to the Fund. The Subsidiary is subject to the same investment restrictions and guidelines, and follows the same compliance policies and procedures, as the Fund. The Fund wholly owns and controls the Subsidiary, and the Fund and Subsidiary are both managed by the Manager. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

For tax purposes, the Subsidiary is an exempted Cayman investment company. The Subsidiary has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes through September of 2030. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation and as such is not subject to U.S. income tax. However, as a wholly-owned Controlled Foreign Corporation, the Subsidiary’s net income and capital gain, to the extent of its earnings and profits, will be included each year in the Fund’s investment company taxable income. For the six months ended June 28, 2013, the Subsidiary has a deficit of $22,208 in its taxable earnings and profits. In addition, any in-kind capital contributions made by the Fund to the Subsidiary will result in the Fund recognizing taxable gain to the extent of unrealized gain, if any, on securities transferred to the Subsidiary while any unrealized losses on securities so transferred will not be recognized at the time of transfer.

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At June 28, 2013, the Fund owned 15,000 shares with a market value of $1,412,759.

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

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

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


63				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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, 2012, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended December 31, 2012 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring
2015	$	5,751,368
2016		3,339,490
No expiration		21,172,357

Total	$	30,263,215

Of these losses, $13,943,514 are subject to Sec. 382 loss limitation rules resulting from merger activity. These limitations generally reduce the utilization of these losses to a maximum of $3,339,490 per year.

As of June 28, 2013, it is estimated that the capital loss carryforwards would be $9,090,858 expiring by 2016 and $18,155,056 which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal


64				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

year. During the six months ended June 28, 2013, it is estimated that the Fund will utilize $3,017,301 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	2,612,529,821
Federal tax cost of other investments		135,515,810

Total federal tax cost	$	2,748,045,631


Gross unrealized appreciation	$	53,967,954
Gross unrealized depreciation		(148,641,112)

Net unrealized depreciation	$	(94,673,158)

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.

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 Consolidated 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.

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 Consolidated Statement of Operations, are amortized or accreted daily.


65				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Custodian Fees. “Custodian fees and expenses” in the Consolidated 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 (except for the investments in the Subsidiary) are determined on the basis of identified cost.

2. Securities Valuation

Valuation Methods and Inputs

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

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


66				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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

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

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

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

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


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


67				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation Continued

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

Classifications

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

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.)

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

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

The table below categorizes amounts that are included in the Fund’s Consolidated Statement of Assets and Liabilities as of June 28, 2013 based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	72,223,259	$	16,498,735	$	88,721,994
Corporate Loans		—		41,731,422		4,212,575		45,943,997
Mortgage-Backed Obligations		—		518,933,503		478,002		519,411,505
U.S. Government Obligations		—		188,032,249		—		188,032,249
Foreign Government Obligations		—		572,923,579		—		572,923,579
Corporate Bonds and Notes		—		871,823,238		—		871,823,238
Preferred Stocks		—		3,124,396		—		3,124,396


68				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Assets Table: continued
Common Stocks	$	1,932,097		$	—		$	2,542,950	$	4,475,047
Rights, Warrants and Certificates		—			—			—		—
Structured Securities		—			13,688,199			12,364,544		26,052,743
Exchange-Traded Options Purchased		207,656			—			—		207,656
Over-the-Counter Options Purchased		—			2,866,243			—		2,866,243
Over-the-Counter Credit Default Swaptions Purchased		—			84,325			—		84,325
Over-the-Counter Interest Rate Swaptions Purchased		—			6,597,397			—		6,597,397
Investment Companies		48,251,706			148,496,253			—		196,747,959

Total Investments, at Value		50,391,459			2,440,524,063			36,096,806		2,527,012,328
Other Financial Instruments:
Swaps, at value		—			846,132			—		846,132
Variation margin receivable		435,506			—			—		435,506
Foreign currency exchange contracts		—			12,654,568			—		12,654,568

Total Assets	$	50,826,965		$	2,454,024,763		$	36,096,806	$	2,540,948,534

Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(803,084	)	$	—	$	(803,084	)
Options written, at value		—			(2,858,769	)		—		(2,858,769	)
Variation margin payable		(108,220	)		—			—		(108,220	)
Foreign currency exchange contracts		—			(3,881,650	)		—		(3,881,650	)
Swaptions written, at value		—			(8,571,831	)		—		(8,571,831	)

Total Liabilities	$	(108,220	)	$	(16,115,334	)	$	—	$	(16,223,554	)

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

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


	Transfers into Level 1			Transfers into Level 2			Transfers out of Level 2			Transfers into Level 3			Transfers out of Level 3
Assets Table
Investments, at Value:
Common Stocks	$	143,954	^a	$	—		$	—		$	—		$	(143,954	)^a
Corporate Bonds and Notes		—			540,000	^b		—			—			(540,000	)^b
Structured Securities		—			11,214,573	^b		(10,550,289	)^c		10,550,289	^c		(11,214,573	)^b

Total Assets	$	143,954		$	11,754,573		$	(10,550,289	)	$	10,550,289		$	(11,898,527	)��

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

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

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


69				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation Continued

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value:


	Value as of December 31, 2012		Realized gain (loss)			Change in unrealized appreciation/ depreciation			Accretion/ (amortization) of premium/discount^a
Assets Table
Investments, at Value:
Asset-Backed Securities	$	13,833,500	$	—		$	2,637,390		$	27,845
Corporate Loans		4,212,575		—			—			—
Mortgage-Backed Obligations		4,785,844		111,377			(236,633	)		8,834
Corporate Bonds and Notes		1,357,068		71,658			(53,019	)		(6,131	)
Preferred Stocks		2,778,825		(316,640	)		926,275			—
Common Stocks		2,939,696		(2,582,067	)		2,724,706			—
Rights, Warrants, and Certificates		816		—			(816	)		—
Structured Securities		19,537,403		1,875			(799,380	)		540,805

Total Assets	$	49,445,727	$	(2,713,797	)	$	5,198,523		$	571,353

a. Included in net investment income.


	Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Value as of June 28, 2013
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	—		$	—	$	—		$	16,498,735
Corporate Loans		—		—			—		—			4,212,575
Mortgage-Backed Obligations		—		(4,191,420	)		—		—			478,002
Corporate Bonds and Notes		—		(829,576	)		—		(540,000	)		—
Preferred Stocks		—		(3,388,460	)		—		—			—
Common Stocks		15		(395,446	)		—		(143,954	)		2,542,950
Rights, Warrants, and Certificates		—		—			—		—			—
Structured Securities		—		(6,251,875	)		10,550,289		(11,214,573	)		12,364,544

Total Assets	$	15	$	(15,056,777	)	$	10,550,289	$	(11,898,527	)	$	36,096,806

The total change in unrealized appreciation/depreciation included in the Consolidated Statement of Operations attributable to level 3 investments still held at June 28, 2013 includes:


	Change in unrealized appreciation/depreciation
Asset-Backed Securities	$	2,637,390
Mortgaged-Backed Obligations		7,804
Common Stocks		15,281
Rights, Warrants and Certificates		(816	)
Structured Securities		(993,684	)

Total	$	1,665,975


70				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 as of June 28, 2013:

Value as of
June 28, 2013

Valuation Technique

Unobservable Input

Range of
Unobservable Inputs

Unobservable
Input Used

Assets Table

Investments, at Value:

Asset-Backed Securities

$16,498,735

Broker quotes

Broker Bid

N/A

Corporate Loans

4,212,575

Discount

to appraised value

Discount rate

Appraisal of Collateral

N/A

$30—35 million

35%^b
$32.5 million

Mortgage-Backed Obligations

4,505

Broker quotes

Broker Bid and Ask

N/A

Mortgage-Backed Obligations

473,497

Broker quotes through
Pricing Service

Broker Bid and Ask

N/A

Common Stock

2,527,654

Broker quotes

Proprietary model

N/A

Discounted cash flow

Future distributions

August 2013 distribution

($0—1.91 / share)

$0.955 / share^d

Common Stock

15,296

Probability of payment

August 2013 distribution

($0—12.10 / share)

$9.075 / share

Structured Securities

12,087,485

Broker quotes

Proprietary model

N/A

Structured Securities

277,059

Estimated recovery
proceeds

Court awarded
settlement terms

N/A

Total

$36,096,806

a. The Fund fair values certain asset-backed securities using broker-dealer price quotations provided on a monthly basis. The Manager periodically reviews broker methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the broker.

b. The Fund fair values its proportionate ownership of certain loans at a discount to an appraised value of underlying collateral to reflect the age of the appraisal, uncertainty of the sales price as compared to the appraised value, and illiquidity. A significant decrease (increase) to the discount rate, or a significant increase (decrease) to the underlying collateral’s appraised value, will result in a significant increase (decrease) to the fair value of the investment.

c. Securities classified as Level 3 whose unadjusted values were provided by a pricing service or broker-dealer for which such inputs are unobservable. The Manager periodically reviews pricing vendor and broker methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service or broker.

d. The Fund fair values certain cash distributions to be received as a result of a merger on common stock held using discounts to reflect the uncertainty of the future anticipated distributions. The Manager monitors such investments for additional market information or the occurence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

e. The Fund fair values certain structured securities using projected settlement proceeds of principal and penalty interest estimated using the information provided within the court order. A significant increase (decrease) to the estimated settlement proceeds will result in a significant increase (decrease) to the value of the investment.

3. 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 28, 2013						Year Ended December 31, 2012
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		8,049,402		$	46,244,670			11,893,556		$	65,980,860
Dividends and/or distributions reinvested		6,754,608			36,272,242			9,254,780			48,680,145
Acquisition—Note 9		—			—			9,127,251			50,838,789
Redeemed		(10,824,832	)		(61,848,377	)		(19,793,962	)		(109,300,842	)

Net increase		3,979,178		$	20,668,535			10,481,625		$	56,198,952


71				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Shares of Beneficial Interest Continued


	Six Months Ended June 28, 2013						Year Ended December 31, 2012
	Shares			Amount			Shares			Amount
Service Shares
Sold		13,878,771		$	81,172,979			29,727,051		$	168,387,762
Dividends and/or distributions reinvested		15,286,400			83,922,335			21,198,531			114,048,098
Acquisition—Note 9		—			—			10,563,745			60,107,709
Redeemed		(21,051,546	)		(122,195,983	)		(35,968,087	)		(203,431,908	)

Net increase		8,113,625		$	42,899,331			25,521,240		$	139,111,661

4. 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 28, 2013, were as follows:


	Purchases		Sales
Investment securities	$	825,802,027	$	1,038,070,764
U.S. government and government agency obligations		216,851,702		180,704,172
To Be Announced (TBA) mortgage-related securities		3,507,512,135		3,896,975,119

5. 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

The Manager also provides investment management related services to the Subsidiary. The Subsidiary pays the Manager a monthly management fee at an annual rate according to the above schedule. The Subsidiary also pays certain other expenses including custody and directors’ fees.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund and the Subsidiary. Under the Sub-Advisory Agreements, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund and the subsidiary, which shall be calculated after any investment management fee waivers. The fees paid to the Sub-Adviser are paid by the Manager, not by the Fund.


72				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in wholly-owned subsidiaries and pooled investment vehicles; 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.

The Manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee it receives from the Subsidiary. This undertaking will continue in effect for so long as the Fund invests in the Subsidiary and may not be terminated unless approved by the Fund’s Board of Trustees. During the six months ended June 28, 2013, the Manager waived $5,296.

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, Oppenheimer Short Duration Fund and the Master Funds. During the six months ended June 28, 2013, the Manager waived fees and/or reimbursed the Fund $401,052 for management fees.

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

6. 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.


73				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

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

Forward Currency Exchange Contracts

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

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

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

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


74				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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

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

During the six months ended June 28, 2013, the Fund had daily average contract amounts on forward contracts to buy and sell of $323,830,761 and $767,738,320, respectively.

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

Futures Contracts

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

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

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

The Fund has purchased futures contracts on various currencies to increase exposure to foreign exchange rate risk.

The Fund has sold futures contracts on various currencies to decrease exposure to foreign exchange rate risk.

The Fund has sold futures contracts, which have values that are linked to the price movement of the related volatility indexes, in order to decrease exposure to volatility risk.

During the six months ended June 28, 2013, the Fund had an ending monthly average market value of $171,156,289 and $426,246,456 on futures contracts purchased and sold, respectively.


75				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

Option Activity

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

Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Consolidated Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Consolidated Statement of Operations.

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

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

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

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

During the six months ended June 28, 2013, the Fund had an ending monthly average market value of $698,507 and $396,000 on purchased call options and purchased put options, respectively.

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

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

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

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

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

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


76				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

During the six months ended June 28, 2013, the Fund had an ending monthly average market value of $401,844 and $721,855 on written call options and written put options, respectively.

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

Written option activity for the six months ended June 28, 2013 was as follows:


	Call Options						Put Options
	Number of Contracts			Amount of Premiums			Number of Contracts			Amount of Premiums
Options outstanding as of December 31, 2012		1,635,535,942		$	745,170			2,145,319,399		$	979,485
Options written		64,999,785,439			6,846,564			64,087,777,737			9,141,161
Options closed or expired		(45,758,891,381	)		(5,127,122	)		(26,504,513,575	)		(4,411,982	)
Options exercised		(19,849,030,000	)		(2,088,103	)		(38,076,155,000	)		(3,863,802	)

Options outstanding as of June 28, 2013		1,027,400,000		$	376,509			1,652,428,561		$	1,844,862

Swap Contracts

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


77				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

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.

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

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

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

For the six months ended June 28, 2013, the Fund had ending monthly average notional amounts of $30,318,108 and $21,310,250 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 floating interest rate while the other is typically a fixed interest rate.

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

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

For the six months ended June 28, 2013, the Fund had ending monthly average notional amounts of $28,134,749 and $70,948,743 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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

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

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

The Fund has entered into total return swaps on various equity securities or indexes to increase exposure to equity risk. These equity risk related total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of securities or an index (expressed as a percentage) multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index (expressed as a percentage) multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities.


78				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

The Fund has entered into total return swaps on various equity securities or indexes to decrease exposure to equity risk. These equity risk related total return swaps require the Fund to pay an amount equal to the positive price movement of securities or an index (expressed as a percentage) multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities. The Fund will receive payments of a floating reference interest rate and an amount equal to the negative price movement of the same securities or index (expressed as a percentage) multiplied by the notional amount of the contract.

For the six months ended June 28, 2013, the Fund had ending monthly average notional amounts of $37,679,084 and $24,848,040 on total return swaps which are long the reference asset and total return swaps which are short the reference asset, respectively.

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

As of June 28, 2013, the Fund had no such total return swap agreements outstanding.

Volatility Swap Contracts. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the realized volatility of the reference investment as measured by changes in its price or level over the specified time period while the other cash flow is based on a specified rate representing expected volatility for the reference investment at the time the swap is executed, or the measured volatility of a different reference investment over the specified time period. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movements in its price, over the specified time period, rather than general directional increases or decreases in its price.

Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Fund.

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

The Fund has entered into volatility swaps to increase exposure to the volatility risk of various reference investments. These types of volatility swaps require the Fund to pay the measured volatility and receive a fixed rate payment. If the measured volatility of the related reference investment increases over the period, the swaps will depreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will appreciate in value.

The Fund has entered into volatility swaps to decrease exposure to the volatility risk of various reference investments. These types of volatility swaps require the Fund to pay a fixed rate payment and receive the measured volatility. If the measured volatility of the related reference investment increases over the period, the swaps will appreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will depreciate in value.

For the six months ended June 28, 2013, the Fund had ending monthly average notional amounts of $308,694 and $329,354 on volatility swaps which pay measured volatility/variance and volatility swaps which receive measured volatility/variance, respectively.

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

As of June 28, 2013, the Fund had no such volatility swap agreements outstanding.


79				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

Swaption Transactions

The Fund may enter into a swaption contract which grants the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time. The purchaser pays a premium to the swaption writer who bears the risk of unfavorable changes in the preset terms on the underlying swap.

Purchased swaptions are reported as a component of investments in the Consolidated Statement of Investments and the Consolidated Statement of Assets and Liabilities. Written swaptions are reported on a schedule following the Consolidated Statement of Investments and their value is reported as a separate asset or liability line item in the Consolidated Statement of Assets and Liabilities. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Consolidated Statement of Operations. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Consolidated Statement of Operations for the amount of the premium paid or received.

The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the swaption, according to the terms of the underlying agreement. Swaption contracts written by the Fund do not give rise to counterparty credit risk prior to exercise as they obligate the Fund, not its counterparty, to perform. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the swaption expires unexercised. However, when the Fund exercises a purchased swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract.

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

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

The Fund has purchased swaptions which gives it the option to sell credit protection through credit default swaps in order to increase exposure to the credit risk of individual issuers and/or indexes of issuers. A purchased swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset decreases.

The Fund has purchased swaptions which gives it the option to buy credit protection through credit default swaps in order to decrease exposure to the credit risk of individual issuers and/or indexes of issuers. A purchased swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset increases.

The Fund has written swaptions which gives it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. A written swaption of this type becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

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

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

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


80				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

During the six months ended June 28, 2013, the Fund had an ending monthly average market value of $5,768,811 and $6,111,075 on purchased and written swaptions, respectively.

Written swaption activity for the six months ended June 28, 2013 was as follows:


	Call Swaptions
	Notional Amount			Amount of Premiums
Swaptions outstanding as of December 31, 2012		253,267,387		$	5,033,479
Swaptions written		1,621,035,000			14,023,241
Swaptions closed or expired		(1,322,697,387	)		(12,950,557	)
Swaptions exercised		(40,100,000	)		(564,850	)

Swaptions outstanding as of June 28, 2013		511,505,000		$	5,541,313

As of June 28, 2013 the Fund has required certain counterparties to post collateral of $10,964,446.

Certain ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. As of June 28, 2013, the aggregate fair value of derivative instruments with such credit related contingent features in a net liability position was $2,553,177 for which the Fund has posted collateral of $3,504,376.

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


81				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

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

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral posted for the benefit of the Fund at June 28, 2013:


			Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Amount of Assets in the Consolidated Statement of Assets and Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**			Cash Collateral Received**		Net Amount
Bank of America NA	$	2,930,975	$	(1,892,967	)	$	(1,038,008	)	$	—	$	—
Barclays Bank plc		4,163,289		(4,163,289	)		—			—		—
BNP Paribas		—		—			—			—		—
Citibank NA		888,838		(888,838	)		—			—		—
Credit Suisse International		60,897		(60,897	)		—			—		—
Deutsche Bank AG		1,319,530		(1,319,530	)		—			—		—
Goldman Sachs Bank USA		1,863,724		(1,136,172	)		—			—		727,552
Goldman Sachs International		3,049,621		(2,852,227	)		—			—		197,394
HSBC Bank USA, N.A.		182,099		(182,099	)		—			—		—
JPMorgan Chase Bank NA		8,501,584		(2,191,297	)		(6,043,547	)		—		266,740
Morgan Stanley & Co. International plc		—		—			—			—		—
Morgan Stanley Capital Services, LLC		1,398,182		(1,069,926	)		(328,256	)		—		—
Nomura Global Financial Products, Inc		321,136		(88,775	)		(232,361	)		—		—


82				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


			Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty: Continued	Gross Amount of Assets in the Consolidated Statement of Assets and Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**			Cash Collateral Received**		Net Amount
Standard Chartered Bank	$	—	$	—		$	—		$	—	$	—
The Royal Bank of Scotland plc		819,904		(39,411	)		(780,493	)		—		—
UBS AG		413,291		(413,291	)		—			—		—

Total	$	25,913,070	$	(16,298,719	)	$	(8,422,665	)	$	—	$	1,191,686

* OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to cleared swaps and futures are excluded from these reported amounts.

** Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The following table presents by counterparty the Fund’s OTC derivative liabilities net of the related collateral pledged by the Fund at June 28, 2013:


				Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Amount of Liabilities in the Consolidated Statement of Assets and Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(1,892,967	)	$	1,892,967	$	—	$	—	$	—
Barclays Bank plc		(5,617,395	)		4,163,289		1,454,106		—		—
BNP Paribas		(10,263	)		—		—		—		(10,263	)
Citibank NA		(1,196,547	)		888,838		—		—		(307,709	)
Credit Suisse International		(232,481	)		60,897		171,584		—		—
Deutsche Bank AG		(1,457,175	)		1,319,530		137,645		—		—
Goldman Sachs Bank USA		(1,136,172	)		1,136,172		—		—		—
Goldman Sachs International		(2,852,227	)		2,852,227		—		—		—
HSBC Bank USA, N.A.		(244,893	)		182,099		—		—		(62,794	)
JPMorgan Chase Bank NA		(2,191,297	)		2,191,297		—		—		—
Morgan Stanley & Co. International plc		(56,464	)		—		—		—		(56,464	)
Morgan Stanley Capital Services, LLC		(1,069,926	)		1,069,926		—		—		—
Nomura Global Financial Products, Inc		(88,775	)		88,775		—		—		—
Standard Chartered Bank		(97,935	)		—		—		—		(97,935	)
The Royal Bank of Scotland plc		(39,411	)		39,411		—		—		—
UBS AG		(667,968	)		413,291		212,962		—		(41,715	)

Total	$	(18,851,896	)	$	16,298,719	$	1,976,297	$	—	$	(576,880	)

** Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Statement of Investments may exceed these amounts.


83				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

The following table presents the valuations of derivative instruments by risk exposure as reported within the Consolidated Statement of Assets and Liabilities as of June 28, 2013:

Asset Derivatives

Liability Derivatives

Derivatives Not
Accounted for as
Hedging Instruments

Consolidated
Statement of Assets
and Liabilities Location

Value

Consolidated
Statement of Assets
and Liabilities Location

Value

Credit contracts

Swaps, at value

108,451

Swaps, at value

102,930

Interest rate contracts

Swaps, at value

737,681

Swaps, at value

700,154

Interest rate contracts

Variation margin receivable

435,506

Variation margin payable

108,220

Foreign exchange contracts

Closed currency contracts

2,864,405

Closed currency contracts

2,736,562

Foreign exchange contracts

Unrealized appreciation on foreign currency exchange contracts

12,654,568

Unrealized depreciation on foreign currency exchange contracts

3,881,650

Foreign exchange contracts

Options written, at value

1,301,938

Interest rate contracts

Options written, at value

1,556,831

Credit contracts

Swaptions written, at value

107,954

Interest rate contracts

Swaptions written, at value

8,463,877

Credit contracts

Investments, at value

84,325

Foreign exchange contracts

Investments, at value

1,252,880

Interest rate contracts

Investments, at value

8,418,416

Total

26,556,232

18,960,116

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

**Amounts relate to purchased options and purchased swaptions.

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


Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investments from unaffiliated companies (including premiums on options and swaptions exercised)*		Closing and expiration of swaption contracts written			Closing and expiration of option contracts written		Closing and expiration of futures contracts			Foreign currency transactions		Swap contracts			Total
Credit contracts	$	10,737	$	62,893		$	—	$	—		$	—	$	(398,198	)	$	(324,568	)
Equity contracts		—		—			—		(2,398,234)			—		3,048,296			650,062
Foreign exchange contracts		5,685,561		—			6,605,917		91,386			2,231,353		—			14,614,217
Interest rate contracts		(1,251,019)		(2,057,499)			466,043		(4,839,509)			—		(1,124,280)			(8,806,264	)
Volatility contracts		—		—			—		113,779			—		(5,060,619)			(4,946,840	)

Total	$	4,445,279	$	(1,994,606	)	$	7,071,960	$	(7,032,578	)	$	2,231,353	$	(3,534,801	)	$	1,186,607

*Includes purchased option contracts, purchased swaption contracts and written option contracts exercised, if any.


84				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investments*		Option contracts written			Swaption contracts written			Futures contracts			Translation of assets and liabilities denominated in foreign currencies		Swap contracts			Total
Credit contracts	$	14,625	$	—		$	(16,628	)	$	—		$	—	$	347,297		$	345,294
Equity contracts		—		—			—			634,228			—		(420,204	)		214,024
Foreign exchange contracts		241,465		(794,969	)		—			51,728			9,406,321		—			8,904,545
Interest rate contracts		4,935,428		(400,954	)		(2,866,266	)		(4,940,600	)		—		(361,253	)		(3,633,645	)
Volatility contracts		—		—			—			—			—		562,515			562,515

Total	$	5,191,518	$	(1,195,923	)	$	(2,882,894	)	$	(4,254,644	)	$	9,406,321	$	128,355		$	6,392,733

* Includes purchased option contracts and purchased swaption contracts, if any.

7. Restricted Securities

As of June 28, 2013, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Consolidated Statement of Investments. Restricted securities are reported on a schedule following the Consolidated Statement of Investments.

8. Loan Commitments

Pursuant to the terms of certain credit agreements, the Fund can have unfunded loan commitments. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the par value of unfunded loan commitments. Commitments of $3,1600,000 are contractually obligated to fund by a specified date and have been included as Corporate Loans in the Statement of Investments.

9. Acquisition of Oppenheimer High Income Fund/VA

On October 25, 2012, the Fund acquired all of the net assets of Oppenheimer High Income Fund/VA at a fair market value, pursuant to an Agreement and Plan of Reorganization approved by the Oppenheimer High Income Fund/VA shareholders on September 14, 2012. The purpose of this acquisition is to combine two funds with similar investment objectives, strategies and risks to allow shareholders to benefit from greater asset growth potential as well as lowered total expenses.

The transaction qualified as a tax-free reorganization, (the “merger”) for federal income tax purposes allowing the Fund to use the original cost basis of the investments received to calculate subsequent gains and losses for tax reporting purposes.

Details of the merger are shown in the following table:


	Exchange Ratio to One Share of the Oppenheimer High Income Fund/VA		Shares of Beneficial Interest Issued by the Fund		Value of Issued Shares of Beneficial Interest		Combined Net Assets on October 25, 2012¹
Non-Service		0.3227303411		8,294,514	$	46,200,443		$ 739,622,804
Service		0.3184024605		9,433,727	$	53,677,909		$1,819,058,909
Class 3		0.3263655296		832,737	$	4,638,346		See Non-Service shares above
Class 4		0.3240643234		1,130018	$	6,429,800		See Service shares above

1. The net assets acquired included net unrealized depreciation of $3,949,765 and an unused capital loss carryforward of $225,414,822, potential utilization subject to tax limitations.


85				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

9. Acquisition of Oppenheimer High Income Fund/VA Continued

Had the merger occurred at the beginning of the reporting period, the Fund’s Consolidated Statement of Operations would have been adjusted to the following amounts:


Net investment income	$	147,886,894
Net gain on investments		162,844,456
Net increase in net assets resulting from operations		310,711,350

10. Pending Litigation

On April 16, 2010, a lawsuit was filed in New York state court against (i) OFI, (ii) an affiliate of OFI and (iii) AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract and common law fraud claims against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On April 11, 2013, the court granted defendants’ motion for summary judgment, dismissing plaintiffs’ fraud claim with prejudice and dismissing their contract claim without prejudice, and granted plaintiffs leave to replead their contract claim to assert a cause of action for specific performance within 30 days. On May 9, 2013, plaintiffs filed a notice of appeal from the court’s dismissal order. On July 15,2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract and common law fraud claims against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges


86				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.


87				OPPENHEIMER GLOBAL STRATEGIC INCOME 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.


88				OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


A Series of Oppenheimer Variable Account Funds
Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee Edward L. Cameron, Trustee Jon S. Fossel, Trustee Richard F. Grabish, Trustee Beverly L. Hamilton, Trustee Victoria J. Herget, Trustee Robert J. Malone, Trustee F. William Marshall, Jr., Trustee Karen L. Stuckey, Trustee James D. Vaughn, Trustee William F. Glavin, Jr., Trustee, President and Principal Executive Officer Arthur P. Steinmetz, Vice President Krishna Memani, Vice President Sara J. Zervos, Ph.D. Vice President Jack Brown, Vice President Arthur S. Gabinet, Secretary and Chief Legal Officer 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
Manager		OFI Global Asset Management, Inc.
Sub-Adviser		OppenheimerFunds, Inc.
Distributor		OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.
Sub-Transfer Agent		Shareholder Services, Inc. DBA OppenheimerFunds Services
Independent Registered Public Accounting Firm		KPMGLLP
Legal Counsel		K&L Gates LLP

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


^©2013 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.


June 30, 2013
	Oppenheimer Equity Income Fund/VA A Series of Oppenheimer Variable Account Funds	Semiannual Report

	SEMIANNUAL REPORT Listing of Top Holdings Fund Performance Discussion Financial Statements * Prior to 4/30/13, the Fund’s name was Oppenheimer Value Fund/VA

LOGO

Portfolio Manager: Michael S. Levine, CFA¹

Cumulative Total Returns

For the 6-Month Period Ended 6/28/13²


Non-Service Shares		13.31	%
Service Shares		13.29	%
Average Annual Total Returns For the Periods Ended 6/28/13²
	1-Year			5-Year		10-Year
Non-Service Shares		24.46	%		9.02%		9.13%

	1-Year			5-Year		Since Inception (9/18/06)
Service Shares		22.70	%		4.10%		3.07%

1. Effective April 30, 2013.

2. June 28, 2013, was the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.


TOP TEN COMMON STOCK HOLDINGS
Citigroup, Inc.	3.4	%
Apple, Inc.	3.3
General Electric Co.	3.3
JPMorgan Chase & Co.	3.1
Chevron Corp.	2.6
MetLife, Inc.	2.0
Goldman Sachs Group, Inc. (The)	2.0
Pfizer, Inc.	1.9
CenturyLink, Inc.	1.8
BP plc, Sponsored ADR	1.6

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of June 28, 2013, and are based on the total market value of common stocks.

2 OPPENHEIMER EQUITY INCOME FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 13.31% during the reporting period, underperforming the Russell 1000 Value Index (the “Index”), which returned 15.90%. The Fund’s underperformance relative to the Index stemmed from weaker relative stock selection in the information technology sector. Weaker relative stock selection in the financials and health care sectors detracted from performance to a lesser degree. The Fund outperformed the Index in the consumer staples and telecommunication services sectors due primarily to stronger stock selection. An underweight position in the energy sector, which was a weaker performing sector of the Index, also benefited relative results this period. The Fund also underperformed the S&P 500 Index, which returned 13.82%.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

TOP INDIVIDUAL CONTRIBUTORS

The top performing stocks for the Fund were Walgreen Co., Verizon Communications, Inc., Honeywell International, Inc., Chevron Corp. and The Goldman Sachs Group, Inc. We exited our positions in Verizon Communications and Honeywell International by period end.

Drug store operator Walgreen performed particularly well for the period. In 2012, the company acquired a 45% stake in European pharmacy chain Alliance Boots. Synergies between the companies appeared strong and Alliance Boots contributed positively to Walgreen’s results this period. Verizon Communications is a provider of communications, information and entertainment products and services. Shares of Verizon rallied as the company continued to add wireless subscribers and its FiOs TV and internet service continued to grow. Honeywell is a diversified industrial company that released positive 2012 results during the period. The company also continued to grow despite global economic weakness. Oil company Chevron’s stock was driven partly by higher refining profitability and a rise in upstream volumes. In a favorable environment for financials, Goldman Sachs saw an increase in underwriting services and its investment banking business performed solidly. Goldman Sachs also took a number of cost-cutting measures during the period.

TOP INDIVIDUAL DETRACTORS

During the period, the most significant detractor from performance was Apple, Inc. Apple is the maker of the iPhone, iPod and iPad. Investors were concerned about the maturation of high end smartphones markets in developed countries. There were also concerns over increased competition from other smartphone makers such as Samsung and HTC. Also detracting from performance to a lesser degree were CYS Investments, Inc. and Celanese Corp. CYS Investments is a real estate investment trust (“REIT”) that invests in residential mortgage-backed securities primarily collateralized by adjustable-rate mortgage loans and guaranteed by government agencies Fannie Mae, Freddie Mac and Ginnie Mae. While the recent increase in interest rates improves CYS’ ability to pay its dividend, it also hurts the company’s book value as higher rates lead to lower bond prices. While book value will decline, we believe the recent sell off in the stock is overdone. Celanese is a manufacturer of chemical products that is heavily leveraged to the Chinese acetic acid market, which has remained weak. In addition, weak European auto demand has pressured the company’s advanced engineered materials segment.

STRATEGY & OUTLOOK

We remain cautiously optimistic about the market for remainder of 2013. We expect the U.S. economy to continue to improve. Overall, we believe corporate earnings are solid and balance sheets are in great shape. While the rise in interest rates will create some dislocation, we believe that this increase was inevitable and is a sign of a strengthening economy.

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. or its affiliates.

3 OPPENHEIMER EQUITY 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 28, 2013.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2013		Ending Account Value June 28, 2013		Expenses Paid During 6 Months Ended June 28, 2013
Non-Service shares	$	1,000.00	$	1,133.10	$	4.19
Service shares		1,000.00		1,132.90		5.50

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,020.60		3.97
Service shares		1,000.00		1,019.37		5.21


Class		Expense Ratios
Non-Service shares		0.80%
Service shares		1.05

4 OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF INVESTMENTS June 28, 2013* / Unaudited


	Shares		Value
Common Stocks—91.3%
Consumer Discretionary—9.5%
Auto Components—1.2%
American Axle & Manufacturing Holdings, Inc.¹		1,250	$	23,287
Lear Corp.		1,250		75,575
				98,862
Automobiles—1.3%
Ford Motor Co.		4,750		73,482
General Motors Co.¹		1,000		33,310
				106,792
Hotels, Restaurants & Leisure—0.9%
McDonald’s Corp.		750		74,250
Household Durables—0.5%
MDC Holdings, Inc.		1,350		43,889
Media—2.1%
Cinemark Holdings, Inc.		1,000		27,920
Comcast Corp., Special, Cl. A		2,000		79,340
Time Warner Cable, Inc.²		575		64,676
				171,936
Multiline Retail—2.4%
Kohl’s Corp.		1,500		75,765
Target Corp.		1,750		120,505
				196,270
Specialty Retail—1.1%
Best Buy Co., Inc.		1,750		47,827
Foot Locker, Inc.		1,250		43,912
				91,739
Consumer Staples—7.2%
Beverages—2.0%
Molson Coors Brewing Co., Cl. B, Non-Vtg.		740		35,416
PepsiCo, Inc.		1,550		126,775
				162,191
Food & Staples Retailing—2.2%
Rite Aid Corp.¹		10,000		28,600
Safeway, Inc.		1,500		35,490
Walgreen Co.		2,600		114,920
				179,010
Food Products—1.6%
Archer-Daniels-Midland Co.		1,500		50,865
General Mills, Inc.		800		38,824
Pinnacle Foods, Inc.		1,625		39,244
				128,933
Household Products—1.0%
Procter & Gamble Co. (The)		1,000		76,990
Tobacco—0.4%
Philip Morris International, Inc.		400		34,648
Energy—10.7%
Energy Equipment & Services—2.1%
Baker Hughes, Inc.		500		23,065
Ensco plc, Cl. A		1,175		68,291
Halliburton Co.		1,750		73,010
				164,366
Oil, Gas & Consumable Fuels—8.6%
Apache Corp.		1,040		87,183
BP plc, Sponsored ADR		3,135		130,855
Chevron Corp.		1,750		207,095
HollyFrontier Corp.		125		5,348
Kinder Morgan Management LLC¹		500		41,795
Kinder Morgan, Inc.		2,450		93,468
Royal Dutch Shell plc, ADR		1,160		74,008
Williams Cos., Inc. (The)		1,500		48,705
				688,457
Financials—25.0%
Capital Markets—3.0%
Goldman Sachs Group, Inc. (The)		1,040		157,300
Morgan Stanley		3,450		84,284
				241,584
Commercial Banks—0.8%
CIT Group, Inc.¹		1,320		61,552


	Shares		Value
Consumer Finance—0.9%
Capital One Financial Corp.		1,200	$	75,372
Diversified Financial Services—8.5%
Bank of America Corp.		7,770		99,922
Citigroup, Inc.		5,755		276,067
JPMorgan Chase & Co.		4,750		250,753
KKR Financial Holdings LLC		6,250		65,937
				692,679
Insurance—7.4%
ACE Ltd.		1,250		111,850
American International Group, Inc.¹		2,890		129,183
Assured Guaranty Ltd.		3,750		82,725
Everest Re Group Ltd.		375		48,097
MetLife, Inc.		3,500		160,160
XL Group plc		2,000		60,640
				592,655
Real Estate Investment Trusts (REITs)—4.4%
Apollo Commercial Real Estate Finance, Inc.		3,625		57,565
Ashford Hospitality Trust, Inc.		2,375		27,194
Colony Financial, Inc.		3,750		74,587
CYS Investments, Inc.		6,125		56,411
Rayonier, Inc.		750		41,542
Starwood Property Trust, Inc.		3,500		86,625
Two Harbors Investment Corp.		1,250		12,813
				356,737
Health Care—8.2%
Health Care Equipment & Supplies—0.7%
Baxter International, Inc.		500		34,635
Medtronic, Inc.		500		25,735
				60,370
Health Care Providers & Services—2.4%
Cardinal Health, Inc.		1,460		68,912
UnitedHealth Group, Inc.		1,800		117,864
				186,776
Pharmaceuticals—5.1%
Johnson & Johnson		680		58,385
Merck & Co., Inc.		2,000		92,900
Novartis AG, ADR		125		8,839
Pfizer, Inc.		5,500		154,055
Teva Pharmaceutical Industries Ltd., Sponsored ADR		2,500		98,000
				412,179
Industrials—8.1%
Aerospace & Defense—0.8%
General Dynamics Corp.		500		39,165
Textron, Inc.		1,000		26,050
				65,215
Airlines—1.4%
United Continental Holdings, Inc.¹		3,500		109,515
Commercial Services & Supplies—1.0%
ADT Corp. (The)		950		37,857
RR Donnelley & Sons Co.		3,000		42,030
				79,887
Electrical Equipment—0.4%
General Cable Corp.		1,000		30,750
Industrial Conglomerates—3.3%
General Electric Co.		11,350		263,207
Machinery—0.4%
Navistar International Corp.¹		1,250		34,700
Marine—0.3%
Costamare, Inc.		1,500		25,845
Road & Rail—0.5%
CSX Corp.		1,750		40,582
Information Technology—8.7%
Communications Equipment—2.1%
Cisco Systems, Inc.		3,630		88,245
QUALCOMM, Inc.		1,375		83,985
				172,230
Computers & Peripherals—3.3%
Apple, Inc.		675		267,354

5 OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF INVESTMENTS Unaudited / (Continued)


	Shares		Value
Computers & Peripherals (Continued)
EMC Corp.		100	$	2,362
				269,716
Semiconductors & Semiconductor Equipment—1.8%
Analog Devices, Inc.		1,030		46,412
Intel Corp.		2,660		64,425
Maxim Integrated Products, Inc.		1,190		33,058
				143,895
Software—1.5%
Microsoft Corp.		3,500		120,855
Materials—5.1%
Chemicals—2.2%
Celanese Corp., Series A		750		33,600
LyondellBasell Industries NV, Cl. A		950		62,947
Mosaic Co. (The)		1,500		80,715
				177,262
Metals & Mining—1.1%
Allegheny Technologies, Inc.		2,250		59,197
Freeport-McMoRan Copper & Gold, Inc.		1,250		34,512
				93,709
Paper & Forest Products—1.8%
Domtar Corp.		550		36,575
International Paper Co.		2,350		104,129
				140,704
Telecommunication Services—5.3%
Diversified Telecommunication Services—5.3%
AT&T, Inc.		2,900		102,660
CenturyLink, Inc.		4,000		141,400
Consolidated Communications Holdings, Inc.		3,275		57,018
Frontier Communications Corp.		19,250		77,963
Windstream Corp.		5,000		38,550
				417,591
Wireless Telecommunication Services—0.0%
Telephone & Data Systems, Inc.		120		2,958
Utilities—3.4%
Electric Utilities—3.1%
American Electric Power Co., Inc.		1,000		44,780
Edison International		1,250		60,200
Exelon Corp.		1,250		38,600
FirstEnergy Corp.		1,250		46,675
PPL Corp.		1,500		45,390
				235,645


	Shares			Value
Energy Traders—0.3%
NRG Energy, Inc.		1,000		$	26,700
Total Common Stocks (Cost $6,992,555)					7,349,203

	Principal Amount
Convertible Corporate Bonds and Notes—2.1%
Micron Technology, Inc., 2.125% Cv. Sr. Unsec. Nts., Series F, 2/15/33³	$	35,000			51,034
Navistar International Corp., 3% Cv. Sr. Sub. Nts., 10/15/14		55,000			53,694
Radian Group, Inc., 2.25% Cv. Sr. Unsec. Nts., 3/1/19		25,000			32,016
Starwood Property Trust, Inc., 4% Cv. Sr. Unsec. Nts., 1/15/19		35,000			35,875
Total Convertible Corporate Bonds and Notes
(Cost $172,482)					172,619

	Shares
Preferred Stocks—2.5%
Beazer Homes USA, Inc., 7.50% Cv.		250			7,310
Continental Airlines Finance Trust II, 6% Cv., Non-Vtg.		1,250			55,664
General Motors Co., 4.75% Cv., Series B, Non-Vtg.		2,500			121,406
Weyerhaeuser Co., 6.375% Cv., Series A, Non-Vtg.¹		250			12,753
Total Preferred Stocks
(Cost $195,849)					197,133
Investment Company—3.7%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.11%^4,5 (Cost $295,446)		295,446			295,446
Total Investments, at Value (Cost $7,656,332)		99.6	%		8,014,401
Assets in Excess of Other Liabilities		0.4			36,175
Net Assets		100.0	%	$	8,050,576

Footnotes to Statement of Investments

* June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

1. Non-income producing security.

2. All or a portion of the security position is held in segregated accounts and pledges to cover margin requirements with respect to outstanding written options. The aggregate market value of such securities is $64,676. See Note 6 of the accompanying Notes.

3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $51,034 or 0.63% of the Fund’s net assets as of June 28, 2013.


	Shares December 31, 2012		Gross Additions		Gross Reductions		Shares June 28, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		60,104		2,442,069		2,206,727		295,446

					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	295,446	$	113

5. Rate shown is the 7-day yield as of June 28, 2013.

6 OPPENHEIMER EQUITY INCOME FUND/VA


Exchange Traded Written Option Contracts as of June 28, 2013 are as follows:
Description	Type		Number of Contracts		Exercise Price		Expiration Date		Premiums Received		Value		Unrealized Depreciation
Time Warner Cable, Inc.		Call		5	$	105.00		7/20/13	$	787	$	(4,250)	$	3,463

See accompanying Notes to Financial Statements.

7 OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF ASSETS AND LIABILITIES


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $7,360,886)	$	7,718,955
Affiliated companies (cost $295,446)		295,446
		8,014,401
Receivables and other assets:
Investments sold		151,097
Dividends		17,081
Shares of beneficial interest sold		16,481
Other		9,519
Total assets		8,208,579


Liabilities
Bank overdraft		1,503
Options written, at value (premiums received $787)		4,250
Payables and other liabilities:
Investments purchased		125,930
Legal, auditing and other professional fees		9,139
Trustees’ compensation		7,766
Shareholder communications		5,770
Distribution and service plan fees		1,478
Shares of beneficial interest redeemed		1,263
Transfer and shareholder servicing agent fees		607
Other		297
Total liabilities		158,003


Net Assets	$	8,050,576


Composition of Net Assets
Par value of shares of beneficial interest	$	667
Additional paid-in capital		7,464,739
Accumulated net investment income		42,296
Accumulated net realized gain on investments and foreign currency transactions		188,268
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		354,606
Net Assets	$	8,050,576


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 $191,250 and 18,684 shares of beneficial interest outstanding)		$10.24
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $7,859,326 and 647,975 shares of beneficial interest outstanding)		$12.13

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

8 OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 28, 2013¹ / Unaudited


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $914)	$	91,138
Affiliated companies		113
Total investment income		91,251


Expenses
Management fees		28,072
Distribution and service plan fees—Service shares		9,127
Transfer and shareholder servicing agent fees:
Non-Service shares		88
Service shares		3,655
Shareholder communications:
Non-Service shares		154
Service shares		6,357
Custodian fees and expenses		605
Trustees’ compensation		6,090
Legal, auditing and other professional fees		14,499
Other		3,503
Total expenses		72,150
Less waivers and reimbursements of expenses		(32,636)
Net expenses		39,514


Net Investment Income		51,737


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies		1,285,341
Closing and expiration of option contracts written		240
Foreign currency transactions		(11)
Net realized gain		1,285,570
Net change in unrealized appreciation/depreciation on:
Investments		(416,216)
Translation of assets and liabilities denominated in foreign currencies		(3)
Option contracts written		(3,463)
Net change in unrealized appreciation/depreciation		(419,682)


Net Increase in Net Assets Resulting from Operations	$	917,625

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

9 OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 28, 2013¹(Unaudited)		Year Ended December 31, 2012
Operations
Net investment income	$	51,737	$	92,067
Net realized gain		1,285,570		255,102
Net change in unrealized appreciation/depreciation		(419,682)		530,259
Net increase in net assets resulting from operations		917,625		877,428

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(2,605)		(1,809)
Service shares		(91,168)		(81,182)
		(93,773)		(82,991)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		18,161		33,842
Service shares		157,227		(766,376)
		175,388		(732,534)

Net Assets
Total increase		999,240		61,903
Beginning of period		7,051,336		6,989,433

End of period (including accumulated net investment income of $42,296 and $84,332, respectively)	$	8,050,576	$	7,051,336

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

10 OPPENHEIMER EQUITY INCOME FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares		Six Months Ended June 28, 2013¹(Unaudited)			Year Ended December 31, 2012			Year Ended December 30, 2011	¹		Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Per Share Operating Data
Net asset value, beginning of period	$	9.15		$	8.00		$	8.49		$	7.22		$	4.99		$	11.73
Income (loss) from investment operations:
Net investment income²		0.08			0.16			0.15			0.11			0.11			0.12
Net realized and unrealized gain (loss)		1.15			1.11			(0.56	)		1.24			2.14			(4.44	)
Total from investment operations		1.23			1.27			(0.41	)		1.35			2.25			(4.32	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.14	)		(0.12	)		(0.08	)		(0.08	)		(0.02	)		(2.42	)
Net asset value, end of period	$	10.24		$	9.15		$	8.00		$	8.49		$	7.22		$	4.99

Total Return, at Net Asset Value³		13.31	%		16.08	%		(4.93	)%		18.85	%		45.08	%		(36.43	)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	191		$	154		$	104		$	92		$	38		$	6
Average net assets (in thousands)	$	177		$	132		$	101		$	57		$	20		$	857
Ratios to average net assets:⁴
Net investment income		1.63	%		1.82	%		1.78	%		1.46	%		1.75	%		1.07	%
Total expenses⁵		1.68	%		1.75	%		1.83	%		2.05	%		2.30	%		1.48	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80	%		0.80	%		0.80	%		0.57	%		0.85	%		1.25	%
Portfolio turnover rate		160	%		87	%		86	%		109	%		122	%		175	%

1. June 28, 2013 and December 30, 2011 represent the last business days of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	1.68	%
Year Ended December 31, 2012	1.75	%
Year Ended December 30, 2011	1.83	%
Year Ended December 31, 2010	2.05	%
Year Ended December 31, 2009	2.31	%
Year Ended December 31, 2008	1.48	%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER EQUITY INCOME FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares		Six Months Ended June 28, 2013¹(Unaudited)			Year Ended December 31, 2012			Year Ended December 30, 2011	¹		Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Per Share Operating Data
Net asset value, beginning of period	$	10.83		$	9.69		$	10.23		$	8.99		$	6.79		$	11.75
Income (loss) from investment operations:
Net investment income²		0.08			0.13			0.11			0.08			0.09			0.08
Net realized and unrealized gain (loss)		1.36			1.13			(0.56	)		1.24			2.12			(4.97	)
Total from investment operations		1.44			1.26			(0.45	)		1.32			2.21			(4.89	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.14	)		(0.12	)		(0.09	)		(0.08	)		(0.01	)		(0.07	)
Net asset value, end of period	$	12.13		$	10.83		$	9.69		$	10.23		$	8.99		$	6.79

Total Return, at Net Asset Value³		13.29	%		13.09	%		(4.48	)%		14.81	%		32.57	%		(41.62	)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,860		$	6,897		$	6,885		$	7,311		$	7,505		$	4,690
Average net assets (in thousands)	$	7,418		$	7,095		$	7,449		$	7,008		$	5,501		$	5,561
Ratios to average net assets:⁴
Net investment income		1.37	%		1.26	%		1.08	%		0.85	%		1.10	%		0.84	%
Total expenses⁵		1.92	%		1.93	%		1.90	%		2.08	%		2.17	%		2.13	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05	%		1.04	%		1.05	%		0.93	%		1.15	%		1.50	%
Portfolio turnover rate		160	%		87	%		86	%		109	%		122	%		175	%

1. June 28, 2013 and December 30, 2011 represent the last business days of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

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

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 28, 2013	1.92	%
Year Ended December 31, 2012	1.93	%
Year Ended December 30, 2011	1.90	%
Year Ended December 31, 2010	2.08	%
Year Ended December 31, 2009	2.18	%
Year Ended December 31, 2008	2.13	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Equity Income Fund/VA (the “Fund”), formerly Oppenheimer Value Fund/VA, is a separate series of Oppenheimer Variable Account Funds, a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek total return. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Shares of the Fund are sold only to separate accounts of life insurance companies.

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

During the fiscal year ended December 31, 2012, the Fund utilized $231,212 of capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended December 31, 2012 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring
2017	$	973,499

As of June 28, 2013, it is estimated that there are no capital loss carryforwards. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, 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 28, 2013, it is estimated that the Fund will utilize $973,499 of capital loss carryforward to offset realized capital gains.

13 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / (Continued)

1. Significant Accounting Policies (Continued)


Federal tax cost of securities	$	7,729,820
Federal tax cost of other investments		(787	)

Total federal tax cost	$	7,729,033

Gross unrealized appreciation	$	456,114
Gross unrealized depreciation		(174,996	)

Net unrealized appreciation	$	281,118

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.

14 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / (Continued)

2. Securities Valuation

Valuation Methods and Inputs

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

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

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.

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


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

15 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / (Continued)

2. Securities Valuation (Continued)

Classifications

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

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

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 28, 2013 based on valuation input level:


	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	783,738		$	—	$	—	$	783,738
Consumer Staples		581,772			—		—		581,772
Energy		852,823			—		—		852,823
Financials		2,020,579			—		—		2,020,579
Health Care		659,325			—		—		659,325
Industrials		649,701			—		—		649,701
Information Technology		706,696			—		—		706,696
Materials		411,675			—		—		411,675
Telecommunication Services		420,549			—		—		420,549
Utilities		262,345			—		—		262,345
Convertible Corporate Bonds and Notes		—			172,619		—		172,619
Preferred Stock		20,063			177,070		—		197,133
Investment Company		295,446			—		—		295,446

Total Assets	$	7,664,712		$	349,689	$	—	$	8,014,401


Liabilities Table
Other Financial Instruments:
Option written, at value	$	(4,250	)	$	—	$	—	$	(4,250)

Total Liabilities	$	(4,250	)	$	—	$	—	$	(4,250)

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.

3. 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 28, 2013						Year Ended December 31, 2012
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		1,988		$	19,993			5,406		$	47,076
Dividends and/or distributions reinvested		247			2,605			219			1,809
Redeemed		(442	)		(4,437	)		(1,790	)		(15,043	)

Net increase		1,793		$	18,161			3,835		$	33,842

16 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / (Continued)

3. Shares of Beneficial Interest (Continued)


	Six Months Ended June 28, 2013						Year Ended December 31, 2012
	Shares			Amount			Shares			Amount
Service Shares
Sold		60,355		$	734,920			50,121		$	518,469
Dividends and/or distributions reinvested		7,299			91,168			8,159			81,182
Redeemed		(56,401	)		(668,861	)		(132,292	)		(1,366,027	)

Net increase (decrease)		11,253		$	157,227			(74,012	)	$	(766,376	)

4. 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 28, 2013, were as follows:


	Purchases		Sales
Investment securities	$	11,842,126	$	12,008,106

5. Fees and Other Transactions with Affiliates

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


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

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to limit the Fund’s expenses after payments, waivers and/or reimbursements and reduction to custodian expenses, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; 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 28, 2013, the Manager waived fees and/or reimbursed the Fund $765 and $31,784 for Non-Service and Service shares, respectively.

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

17 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / (Continued)

6. 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 and associated risks during the period are discussed in further detail, by derivative type, below.

Option Activity

Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. 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.

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 collateral accounts to cover potential obligations with respect to outstanding written options are noted in the Statement of Investments.

18 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / (Continued)

6. Risk Exposures and the Use of Derivative Instruments (Continued)

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

During the six months ended June 28, 2013, the Fund had an ending monthly average market value of $607 on written call options.

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

Written option activity for the six months ended June 28, 2013 was as follows:


	Call Options
	Number of Contracts			Amount of Premiums
Options outstanding as of December 31, 2012		—		$	—
Options written		14			1,027
Options closed or expired		(9	)		(240	)

Options outstanding as of June 28, 2013		5		$	787

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

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

The following table presents the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities as of June 28, 2013:

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	Closing and expiration of option contracts written
Equity contracts		$240


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Option contracts written
Equity contracts		$(3,463	)

19 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / (Continued)

7. Pending Litigation

20 OPPENHEIMER EQUITY INCOME FUND/VA

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

21 OPPENHEIMER EQUITY INCOME FUND/VA

OPPENHEIMER EQUITY INCOME FUND/VA


A Series of Oppenheimer Variable Account Funds
Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and Trustee Edward L. Cameron, Trustee Jon S. Fossel, Trustee Richard F. Grabish, Trustee Beverly L. Hamilton, Trustee Victoria J. Herget, Trustee Robert J. Malone, Trustee F. William Marshall, Jr., Trustee Karen L. Stuckey, Trustee James D. Vaughn, Trustee William F. Glavin, Jr., Trustee, President and Principal Executive Officer Michael S. Levine, Vice President Arthur S. Gabinet, Secretary and Chief Legal Officer 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

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc. DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMGLLP

Legal Counsel		K&L GatesLLP

		Before investing, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and 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 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.

LOGO

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

None

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 6/28/2013, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to 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:		8/9/2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ William F. Glavin, Jr.
		William F. Glavin, Jr.
		Principal Executive Officer
Date:		8/9/2013

By:		/s/ Brian W. Wixted
		Brian W. Wixted
		Principal Financial Officer
Date:		8/9/2013

Expense Ratios

Non-Service shares

Service shares