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.

225 Liberty Street, 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: 6/30/2015

Item 1. Reports to Stockholders.



		June 30, 2015
		Oppenheimer		Semiannual Report
		Discovery Mid Cap Growth Fund/VA
		A Series of Oppenheimer Variable Account Funds
		SEMIANNUAL REPORT
		Listing of Top Holdings
		Fund Performance Discussion
		Financial Statements

PORTFOLIO MANAGERS: Ronald J. Zibelli, Jr., CFA and Justin Livengood, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/15


	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		8/15/86		9.80%		15.32 %		20.02 %		6.75 %
Service Shares		10/16/00		9.68		15.07		19.72		6.48
Russell Midcap Growth Index				4.18		9.45		18.69		9.69

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.

The Fund’s performance is compared to the performance of the Russell Midcap Growth Index. The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS



O’Reilly Automotive, Inc.			2.2%

Hanesbrands, Inc.			2.1

Dollar Tree, Inc.			2.0

Wabtec Corp.			1.9

Centene Corp.			1.9

Domino’s Pizza, Inc.			1.8

Under Armour, Inc., Cl. A			1.7

Acuity Brands, Inc.			1.7

Sherwin-Williams Co. (The)			1.6

Snap-on, Inc.			1.6

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2015, 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 30, 2015, 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 9.80% during the reporting period, outperforming the Russell Midcap Growth Index’s (the “Index”) return of 4.18% and the Morningstar Mid-Cap Growth peer group’s return of 5.88% over the same period. The Fund outperformed the Index in all sectors, led by stock selection in the consumer discretionary, industrials and information technology sectors.

In addition, the Fund’s Non-Service shares ranked in the 7^th percentile (16 out of 104 funds) in Morningstar’s Mid-Cap Growth peer group over the 6-month period ended June 30, 2015. Over the longer-term, Fund’s Non-Service shares ranked in the 6^th (6 out of 104 funds), 5^th (5 out of 99 funds), and 89^th (68 out of 80 funds) percentiles for the 1-, 5- and 10-year periods ended June 30, 2015, respectively.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

Markets were volatile during the six-month reporting period, but generally produced positive results with growth stocks outperforming value stocks. After U.S. equities outperformed other developed and emerging market equities in 2014, the market environment shifted over the first half of 2015. The dollar continued to strengthen, which acted as a drag on growth. Businesses, especially U.S. firms with revenues dependent on exporting goods and services, cited this as a headwind. European Central Bank (“ECB”) President Mario Draghi announced the purchase of €60 billion a month in sovereign bonds from Eurozone countries for at least 19 months, a form of quantitative easing (“QE”) that is projected to increase the ECB’s balance sheet by over €1 trillion. The announcement and implementation of these extraordinary monetary policies had a significant impact on financial markets. European markets rallied and the euro fell against the currencies of most major trading partners. This resulted in European and emerging market equities outperforming U.S. equities over the first half of the period.

Over the second half of the reporting period, fallout from the collapse of oil prices, weak overseas economies and a strong U.S. dollar weighed on U.S. Gross Domestic Product (“GDP”) and corporate profit forecasts. In a repeat of last year, first quarter GDP growth was negative (-0.2%). Meanwhile, the Federal Reserve continued to forewarn a shift in monetary policy to higher interest rates later this year. Outside of the U.S., concerns around Greece’s debt situation emerged yet again late this reporting period. The markets had hoped for an 11th hour resolution to the stand-off between Greece and its creditors, but instead got an escalation of the crisis after the Greek Prime Minister called for a referendum. In the minds of many, this increased the odds of a Greek exit from the Eurozone (“Grexit”) and impacted the markets through the end of the reporting period. Shortly after the period ended, Eurozone leaders agreed to offer Greece a third bailout, averting a Grexit for the time being.

TOP INDIVIDUAL CONTRIBUTORS

During the reporting period, top contributors to performance included Centene Corp., Palo Alto Networks, Inc. and Avago Technologies Ltd. Centene, a managed care company that serves more than four million Medicaid members across 25 states, reported strong first quarter financial results in April and raised guidance at its investor day in June. The stock also benefitted from merger and acquisition activity in the managed care sector during the reporting period. Palo Alto Networks, which provides network security software and solutions, has been benefiting from a strong security backdrop and competitive displacement of incumbent vendors. The company also reported strong financial results. Avago is a semiconductor supplier that reported strong results, due partly to accretive acquisitions, including LSI Corporation and PLX Technology. The company also announced plans to acquire Broadcom.

TOP INDIVIDUAL DETRACTORS

The most significant detractors from the Fund’s performance included Tiffany & Co., NetSuite, Inc. and Rackspace Hosting, Inc., each of which we exited by period end. Tiffany & Co., a leading retailer of high quality branded jewelry, reported disappointing holiday comps and lowered 2015 guidance, with currency headwinds pressuring the business significantly. NetSuite, a leading vendor of SaaS (Software as a Service) Enterprise Applications, guided fiscal year 2015 earnings per share (EPS) that was below the street estimates due to higher investments. Rackspace Hosting, a provider of managed hosting to small- and medium-sized businesses globally, released first quarter results and second quarter guidance that missed expections.

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.

3 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

We typically have several themes across the portfolios with current examples including Affordable Care Act beneficiaries, Building Materials, Consumer Revival and Cybersecurity. Looking forward, we are constructive on the prospects for mid-cap growth stocks in the second half 2015. At period end, we are anticipating economic growth similar to the 2% trend of the last few years, modest increases in interest rates and a soft profit growth outlook. Our segment of the market offers reasonable valuations, low exposure to a strong dollar and rising merger and acquisition activity. In addition, we feel that mid-caps offer an ongoing superior opportunity to generate outperformance through effective stock selection. We remain confident that our proven investment process can further leverage benchmark returns through effective stock selection.

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 30, 2015.

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 the 6 Months Ended June 30, 2015” 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, 2015		Ending Account Value June 30, 2015		Expenses Paid During 6 Months Ended June 30, 2015
Non-Service shares	$	1,000.00	$	1,098.00	$	4.17
Service shares		1,000.00		1,096.80		5.47

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

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended June 30, 2015 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 30, 2015 Unaudited



	Shares		Value

Common Stocks—98.8%

Consumer Discretionary—23.5%

Auto Components—1.3%

Delphi Automotive plc		114,980	$	9,783,648

Hotels, Restaurants & Leisure—4.6%

Domino’s Pizza, Inc.		116,420		13,202,028

Jack in the Box, Inc.		59,860		5,277,258

Marriott International, Inc., Cl. A		128,890		9,588,127

Norwegian Cruise Line Holdings Ltd.¹		112,970		6,330,839

				34,398,252

Household Durables—2.3%

Harman International Industries, Inc.		73,890		8,788,477

Mohawk Industries, Inc.¹		42,520		8,117,068

				16,905,545

Multiline Retail—2.0%

Dollar Tree, Inc.¹		187,890		14,841,431

Specialty Retail—8.5%

L Brands, Inc.		119,160		10,215,587

O’Reilly Automotive, Inc.¹		70,990		16,042,320

Ross Stores, Inc.		223,670		10,872,599

Tractor Supply Co.		125,050		11,246,997

Ulta Salon, Cosmetics & Fragrance, Inc.¹		71,560		11,052,442

Williams-Sonoma, Inc.		46,280		3,807,455

				63,237,400

Textiles, Apparel & Luxury Goods—4.8%

Carter’s, Inc.		69,740		7,413,362

Hanesbrands, Inc.		458,954		15,292,347

Under Armour, Inc., Cl. A¹		150,040		12,519,338

				35,225,047

Consumer Staples—7.0%

Beverages—2.7%

Constellation Brands, Inc., Cl. A		87,900		10,198,158

Monster Beverage Corp.¹		72,170		9,672,223

				19,870,381

Food & Staples Retailing—1.0%

Kroger Co. (The)		104,880		7,604,849

Food Products—3.3%

Hain Celestial Group, Inc. (The)¹		123,880		8,158,737

Hormel Foods Corp.		105,110		5,925,051

WhiteWave Foods Co. (The), Cl. A¹		214,250		10,472,540

				24,556,328

Energy—3.5%

Energy Equipment & Services—1.0%

Cameron International Corp.¹		72,580		3,801,014

Patterson-UTI Energy, Inc.		196,450		3,696,207

				7,497,221

Oil, Gas & Consumable Fuels—2.5%

Cimarex Energy Co.		49,930		5,507,778

Concho Resources, Inc.¹		95,570		10,881,600

Memorial Resource Development Corp.¹		114,419		2,170,529

				18,559,907

Financials—8.8%

Capital Markets—2.5%

Affiliated Managers Group, Inc.¹		34,590		7,561,374

Lazard Ltd., Cl. A²		126,610		7,120,546

Legg Mason, Inc.		72,640		3,743,139

				18,425,059

Commercial Banks—3.8%

First Republic Bank		119,600		7,538,388

Signature Bank¹		71,470		10,462,493



	Shares		Value

Commercial Banks (Continued)

SVB Financial Group¹		71,530	$	10,298,890

				28,299,771

Diversified Financial Services—0.6%

Moody’s Corp.		42,699		4,609,784

Real Estate Management & Development—1.9%

CBRE Group, Inc., Cl. A¹		223,369		8,264,653

Jones Lang LaSalle, Inc.		32,140		5,495,940

				13,760,593

Health Care—17.1%

Biotechnology—3.3%

Alnylam Pharmaceuticals, Inc.¹		38,590		4,625,783

BioMarin Pharmaceutical, Inc.¹		40,070		5,480,775

Incyte Corp.¹		95,450		9,946,845

Medivation, Inc.¹		36,770		4,199,134

				24,252,537

Health Care Equipment & Supplies—3.2%

Cooper Cos., Inc. (The)		32,890		5,853,433

DexCom, Inc.¹		104,540		8,361,109

Edwards Lifesciences Corp.¹		65,680		9,354,803

				23,569,345

Health Care Providers & Services—7.3%

AmerisourceBergen Corp., Cl. A		103,160		10,970,034

Centene Corp.¹		173,170		13,922,868

Team Health Holdings, Inc.¹		140,360		9,169,719

Universal Health Services, Inc., Cl. B		75,420		10,717,182

VCA, Inc.¹		181,590		9,879,404

				54,659,207

Health Care Technology—0.8%

Cerner Corp.¹		84,770		5,854,216

Life Sciences Tools & Services—2.0%

Illumina, Inc.¹		42,508		9,282,047

Quintiles Transnational Holdings, Inc.¹		83,200		6,041,152

				15,323,199

Pharmaceuticals—0.5%

Jazz Pharmaceuticals plc¹		21,570		3,797,830

Industrials—14.0%

Aerospace & Defense—1.8%

Hexcel Corp.		76,460		3,803,121

TransDigm Group, Inc.¹		43,570		9,788,872

				13,591,993

Building Products—2.4%

A.O. Smith Corp.		146,660		10,556,587

Lennox International, Inc.		68,450		7,371,380

				17,927,967

Electrical Equipment—1.7%

Acuity Brands, Inc.		68,340		12,299,833

Industrial Conglomerates—1.1%

Carlisle Cos., Inc.		86,190		8,629,343

Machinery—4.9%

Middleby Corp. (The)¹		98,630		11,069,245

Snap-on, Inc.		72,739		11,583,686

Wabtec Corp.		148,640		14,007,833

				36,660,764

Professional Services—2.1%

Equifax, Inc.		39,420		3,827,288

Robert Half International, Inc.		68,040		3,776,220

Verisk Analytics, Inc., Cl. A¹		106,070		7,717,653

				15,321,161

6 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA


	Shares		Value

Information Technology—19.7%

Communications Equipment—1.5%

Palo Alto Networks, Inc.¹		64,800	$	11,320,560

Electronic Equipment, Instruments, & Components—0.8%

Fitbit, Inc., Cl. A¹		16,470		629,648

IPG Photonics Corp.¹		62,160		5,294,478

				5,924,126

Internet Software & Services—3.3%

Akamai Technologies, Inc.¹		110,330		7,703,240

CoStar Group, Inc.¹		54,210		10,910,305

LinkedIn Corp., Cl. A¹		29,430		6,081,121

				24,694,666

IT Services—2.2%

Fiserv, Inc.¹		100,400		8,316,132

Global Payments, Inc.		74,780		7,735,991

				16,052,123

Semiconductors & Semiconductor Equipment—5.0%

Avago Technologies Ltd., Cl. A		83,460		11,094,338

Lam Research Corp.		84,970		6,912,309

NXP Semiconductors NV¹		103,900		10,202,980

Skyworks Solutions, Inc.		86,060		8,958,846

				37,168,473

Software—6.9%

Activision Blizzard, Inc.		151,640		3,671,205

Electronic Arts, Inc.¹		154,110		10,248,315

Fortinet, Inc.¹		211,010		8,721,043

ServiceNow, Inc.¹		138,400		10,284,504

Tableau Software, Inc., Cl. A¹		91,700		10,573,010

Ultimate Software Group, Inc. (The)¹		47,080		7,737,127

				51,235,204


	Shares Value

Materials—3.9%

Chemicals—1.6%

Sherwin-Williams Co. (The)	42,380	$	11,655,348

Construction Materials—1.1%

Vulcan Materials Co.	102,640		8,614,575

Containers & Packaging—1.2%

Sealed Air Corp.	171,970		8,835,818

Telecommunication Services—1.3%

Wireless Telecommunication Services—1.3%

SBA Communications Corp., Cl. A¹	85,600		9,841,432

Total Common Stocks (Cost $533,342,413)			734,804,936

Investment Company—1.2%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^3,4 (Cost $8,660,027)	8,660,027		8,660,027

Total Investments, at Value (Cost $542,002,440)	100.0%		743,464,963

Net Other Assets (Liabilities)	(0.0)		(72,466)

Net Assets	100.0%	$	743,392,497

Footnotes to Statement of Investments

1. Non-income producing security.

2. Security is a Master Limited Partnership.

3. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the period ended June 30, 2015, 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, 2014		Gross Additions		Gross Reductions		Shares June 30, 2015

Oppenheimer Institutional Money Market Fund, Cl. E		11,090,218		142,157,739		144,587,930		8,660,027

					Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E					$	8,660,027	$	10,511

4. Rate shown is the 7-day yield as of June 30, 2015.

See accompanying Notes to Financial Statements.

7 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2015 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $533,342,413)	$	734,804,936
Affiliated companies (cost $8,660,027)		8,660,027

		743,464,963

Cash		1,906,523

Receivables and other assets:
Investments sold		1,241,893
Shares of beneficial interest sold		206,576
Dividends		72,028
Other		56,214

Total assets		746,948,197

Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		1,792,532
Investments purchased		1,676,498
Trustees’ compensation		44,921
Shareholder communications		19,513
Distribution and service plan fees		6,691
Other		15,545

Total liabilities		3,555,700

Net Assets	$	743,392,497


Composition of Net Assets
Par value of shares of beneficial interest	$	9,408

Additional paid-in capital		509,021,297

Accumulated net investment loss		(864,916)

Accumulated net realized gain on investments		33,764,185

Net unrealized appreciation on investments		201,462,523

Net Assets	$	743,392,497


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 $711,061,328 and 8,983,633 shares of beneficial interest outstanding)		$79.15

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $32,331,169 and 424,377 shares of beneficial interest outstanding)		$76.19

See accompanying Notes to Financial Statements.

8 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2015 Unaudited



Investment Income
Dividends:
Unaffiliated companies	$	2,090,818
Affiliated companies		10,511

Total investment income		2,101,329

Expenses
Management fees		2,598,071

Distribution and service plan fees:
Service shares		39,858

Transfer and shareholder servicing agent fees:
Non-Service shares		350,654
Service shares		15,944

Shareholder communications:
Non-Service shares		19,076
Service shares		869

Trustees’ compensation		14,009

Custodian fees and expenses		2,356

Other		26,184

Total expenses		3,067,021
Less reduction to custodian expenses		(73)
Less waivers and reimbursements of expenses		(94,302)

Net expenses		2,972,646

Net Investment Loss		(871,317)

Realized and Unrealized Gain
Net realized gain on investments from unaffiliated companies		35,054,551

Net change in unrealized appreciation/depreciation on investments		34,428,307

Net Increase in Net Assets Resulting from Operations	$	68,611,541

See accompanying Notes to Financial Statements.

9 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014

Operations
Net investment loss	$	(871,317)	$	(2,911,214)

Net realized gain		35,054,551		120,740,276

Net change in unrealized appreciation/depreciation		34,428,307		(78,732,569)

Net increase in net assets resulting from operations		68,611,541		39,096,493

Dividends and/or Distributions to Shareholders

Distributions from net realized gain:
Non-Service shares		(61,563,484)		—
Service shares		(2,875,460)		—

		(64,438,944)		—

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		24,448,376		(80,362,833)
Service shares		1,292,690		(7,209,426)

		25,741,066		(87,572,259)

Net Assets
Total increase (decrease)		29,913,663		(48,475,766)

Beginning of period		713,478,834		761,954,600

End of period (including accumulated net investment income (loss) of ($864,916) and $6,401, respectively)	$	743,392,497	$	713,478,834

See accompanying Notes to Financial Statements.

10 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	78.82	$	74.51	$	54.80	$	47.06	$	46.55	$	36.52

Income (loss) from investment operations:
Net investment income (loss)²		(0.09)		(0.29)		(0.16)		0.01		(0.26)		(0.11)
Net realized and unrealized gain		7.87		4.60		19.88		7.73		0.77		10.14

Total from investment operations		7.78		4.31		19.72		7.74		0.51		10.03

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		(0.01)		0.00		0.00		0.00
Distributions from net realized gain		(7.45)		0.00		0.00		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(7.45)		0.00		(0.01)		0.00		0.00		0.00

Net asset value, end of period	$	79.15	$	78.82	$	74.51	$	54.80	$	47.06	$	46.55




Total Return, at Net Asset Value³		9.80%		5.78%		35.98%		16.45%		1.09%		27.46%




Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	711,061	$	682,515	$	725,406	$	558,934	$	543,020	$	611,872

Average net assets (in thousands)	$	707,240	$	688,259	$	618,970	$	575,072	$	605,083	$	548,739

Ratios to average net assets:⁴
Net investment income (loss)		(0.23)%		(0.39)%		(0.24)%		0.03%		(0.53)%		(0.29)%
Total expenses⁵		0.83%		0.83%		0.84%		0.85%		0.84%		0.85%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.80%		0.80%		0.80%		0.76%

Portfolio turnover rate		40%		113%		84%		66%		91%		95%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



Six Months Ended June 30, 2015	0.83	%
Year Ended December 31, 2014	0.83	%
Year Ended December 31, 2013	0.84	%
Year Ended December 31, 2012	0.85	%
Year Ended December 30, 2011	0.84	%
Year Ended December 31, 2010	0.85	%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	76.21	$	72.22	$	53.25	$	45.84	$	45.46	$	35.75

Income (loss) from investment operations:
Net investment loss²		(0.19)		(0.46)		(0.30)		(0.12)		(0.37)		(0.20)
Net realized and unrealized gain		7.62		4.45		19.27		7.53		0.75		9.91

Total from investment operations		7.43		3.99		18.97		7.41		0.38		9.71

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		0.00		0.00		0.00		0.00
Distributions from net realized gain		(7.45)		0.00		0.00		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(7.45)		0.00		0.00		0.00		0.00		0.00

Net asset value, end of period	$	76.19	$	76.21	$	72.22	$	53.25	$	45.84	$	45.46


Total Return, at Net Asset Value³		9.68%		5.53%		35.62%		16.17%		0.83%		27.16%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	32,331	$	30,964	$	36,549	$	35,942	$	35,773	$	32,669

Average net assets (in thousands)	$	32,157	$	32,927	$	35,905	$	37,842	$	37,775	$	27,552

Ratios to average net assets:⁴
Net investment loss		(0.48)%		(0.64)%		(0.49)%		(0.22)%		(0.78)%		(0.53)%
Total expenses⁵		1.08%		1.08%		1.09%		1.10%		1.09%		1.10%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%		1.05%		1.05%		1.01%

Portfolio turnover rate		40%		113%		84%		66%		91%		95%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:



Six Months Ended June 30, 2015	1.08	%
Year Ended December 31, 2014	1.08	%
Year Ended December 31, 2013	1.09	%
Year Ended December 31, 2012	1.10	%
Year Ended December 30, 2011	1.09	%
Year Ended December 31, 2010	1.10	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2015 Unaudited

1. Organization

Oppenheimer Discovery Mid Cap Growth Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, as a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), 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 followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the 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.

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.

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.

Return of Capital Estimates. Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.

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.

13 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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 remains open for the three preceding fiscal reporting period ends.

During the fiscal year ended December 31, 2014, the Fund utilized $50,885,832 of capital loss carryforward to offset capital gains realized in that fiscal year. 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.

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 are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of June 30, 2015 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.


Federal tax cost of securities	$	542,873,134

Gross unrealized appreciation	$	204,302,327
Gross unrealized depreciation		(3,710,498)

Net unrealized appreciation	$	200,591,829

Use of Estimates. 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.

3. Securities Valuation

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

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

Valuation Methods and Inputs

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

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

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

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

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

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

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

14 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

3. Securities Valuation (Continued)


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

Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.

Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

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

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

Classifications

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

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

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

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

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2015 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	$	174,391,323	$	—	$	—	$	174,391,323
Consumer Staples		52,031,558		—		—		52,031,558
Energy		26,057,128		—		—		26,057,128
Financials		65,095,207		—		—		65,095,207
Health Care		127,456,334		—		—		127,456,334
Industrials		104,431,061		—		—		104,431,061
Information Technology		146,395,152		—		—		146,395,152
Materials		29,105,741		—		—		29,105,741
Telecommunication Services		9,841,432		—		—		9,841,432
Investment Company		8,660,027		—		—		8,660,027

Total Assets	$	743,464,963	$	—	$	—	$	743,464,963

15 �� OPPENHEIMER DISCOVERY MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

4. Investments and Risks

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 or for defensive purposes. IMMF is a registered open-end management investment company, regulated as a money market fund under the 1940 Act. 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.

Master Limited Partnerships (“MLPs”). MLPs issue common units that represent an equity ownership interest in a partnership and provide limited voting rights. MLP common units are registered with the Securities and Exchange Commission (“SEC”), and are freely tradable on securities exchanges such as the NYSE and the NASDAQ Stock Market (“NASDAQ”), or in the over-the-counter (“OTC”) market. An MLP consists of one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. MLP common unit holders have a limited role in the partnership’s operations and management. The Fund, as a limited partner, normally would not be liable for the debts of the MLP beyond the amounts the Fund has contributed, but would not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLP would have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continue after the Fund sold its investment in the MLP.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

5. Shares of Beneficial Interest

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


	Six Months Ended June 30, 2015				Year Ended December 31, 2014
	Shares		Amount		Shares		Amount

Non-Service Shares
Sold		196,585	$	16,451,527		416,592	$	31,353,214
Dividends and/or distributions reinvested		772,149		61,563,484		—		—
Redeemed		(644,663)		(53,566,635)		(1,493,014)		(111,716,047)

Net increase (decrease)		324,071	$	24,448,376		(1,076,422)	$	(80,362,833)



Service Shares
Sold		33,458	$	2,706,902		42,402	$	3,058,524
Dividends and/or distributions reinvested		37,465		2,875,460		—		—
Redeemed		(52,852)		(4,289,672)		(142,155)		(10,267,950)

Net increase (decrease)		18,071	$	1,292,690		(99,753)	$	(7,209,426)

6. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2015 were as follows:

7. 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:

16 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

7. Fees and Other Transactions with Affiliates (Continued)


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

The Fund’s effective management fee for the six months ended June 30, 2015 was 0.71% of average annual net assets before any applicable waivers.

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. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

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.

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) 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.

Distribution and Service Plan for Service Shares. The Fund has adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act 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 contractually 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 30, 2015, the Manager waived fees and/or reimbursed the Fund $82,168 and $3,750 for Non-Service and Service shares, respectively.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the six months ended June 30, 2015, the Manager waived fees and/or reimbursed the Fund $8,384 for IMMF management fees.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

8. Pending Litigation

17 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Pending Litigation (Continued)

and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In July 2015, the district court held an evidentiary hearing on plaintiffs’ motion for class certification. OFI and OFDI believe the California Fund Suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the California Fund Suit; and that no estimate can yet be made as to the amount or range of any potential loss.

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 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

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

19 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, then the ‘Detailed’ tab; where ‘Dividends’ are shown, the Fund’s latest pay date will be followed by the sources of any distribution, updated daily.

Fund Name

Pay Date

Net Income

Net Profit
from Sale

Other Capital
Sources

Oppenheimer Discovery Mid Cap Growth Fund/VA

6/16/15

0.0%

100.0%

0.0%

20 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

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21 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND

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22 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND/VA

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23 OPPENHEIMER DISCOVERY MID CAP GROWTH FUND

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
		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
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Ronald J. Zibelli, Jr., Vice President
		Justin Livengood, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering 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		Ropes & Gray 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.

		© 2015 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO

PORTFOLIO MANAGERS: Krishna Memani and Magnus Krantz

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/015


	Inception Date		6-Months		1-Year			5-Year			10-Year
Non-Service Shares		2/9/87		1.32%		3.94	%		10.26	%		2.57	%
Service Shares		5/1/02		1.13		3.63			9.99			2.32
Russell 3000 Index				1.94		7.29			17.54			8.15
Barclays U.S. Aggregate Bond Index				-0.15		1.81			3.34			4.43
Reference Index				0.68		3.91			8.47			6.32

The Fund’s performance is compared to the performance of the Russell 3000 Index, the Barclays U.S. Aggregate Bond Index and the Fund’s Reference Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies, representing approximately 98% of the investable U.S. equity market. The Barclays U.S. Aggregate Bond Index is an index of U.S dollar-denominated, investment-grade U.S. corporate government and mortgage-backed securities. The Fund’s Reference Index is a customized weighted index currently comprised of 65% of the Barclays U.S. Aggregate Bond Index and 35% of the Russell 3000 Index. The Indices are unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS


TOP TEN COMMON STOCK HOLDINGS
Apple, Inc.		1.7%
Allergan plc		1.3
Citigroup, Inc.		1.0
Mondelez International, Inc., Cl. A		0.8
Comcast Corp., Cl. A		0.8
PG&E Corp.		0.7
United Technologies Corp.		0.7
Philip Morris International, Inc.		0.6
Simon Property Group, Inc.		0.6
Chevron Corp.		0.6

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2015, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

PORTFOLIO ALLOCATION


Non-Convertible Corporate Bonds and Notes		32.1%
Common Stocks		29.9
Mortgage-Backed Obligations
Government Agency		18.9
Non-Agency		7.3
Asset-Backed Securities		9.6
Investment Company
Oppenheimer Institutional Money Market Fund		1.9
U.S. Government Obligations		0.3

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2015, and are based on the total market value of investments.

2 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 1.32% during the reporting period. On a relative basis, the Fund outperformed its Reference Index, which returned 0.68%. 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 - 0.15% and the Russell 3000 Index returned 1.94%.

MARKET OVERVIEW

The opening months of 2015 were marked by cooling U.S. growth after the strong fourth quarter of 2014. The dollar continued to strengthen significantly during this time against most of the U.S.’s major trading partners, which acted as a drag on growth. Businesses, especially U.S. firms with revenues dependent on exporting goods and services, cited this as a headwind. European Central Bank (“ECB”) President Mario Draghi announced the purchase of €60 billion a month in sovereign bonds from Eurozone countries for at least 19 months, a form of quantitative easing (“QE”) that is projected to increase the ECB’s balance sheet by over €1 trillion. The announcement and implementation of these extraordinary monetary policies had a significant impact on financial markets, with European markets rallying and the euro falling against most major trading partners.

Over the second half of the reporting period, market volatility returned despite a continuation of slow and stable growth in the U.S. Deflationary pressures also appeared to have subsided during the period. Oil prices rebounded from around $48 dollars per barrel to nearly $60 dollars per barrel. It is important to note that while these levels still represent a significant discount to previous years, we believe the lower prices should continue to have a stimulative effect on developed and emerging world oil importers. Meanwhile, emerging issues in Greece highlighted downside risks to the global economy and capital markets. Greece’s ongoing negotiations with creditors and ultimate default on a $1.7 billion International Monetary Fund (“IMF”) payment on June 30, 2015, led to a more challenging environment for the Eurozone. Shortly after the period ended, Eurozone leaders agreed to offer Greece a third bailout, averting a Greek exit.

Longer-term U.S. Treasury rates continued to swing fairly wildly during the reporting period. Over the first half of the reporting period, the 10-year treasury rate fell, starting the reporting period at 2.17% and declining to 1.92% at the end of March. However, over the second half of the reporting period, longer-term U.S. Treasury rates marched higher as the 10-year treasury rate increased to 2.49% before ending the period at 2.35% due to the uncertainty around Greece. This net upward movement in rates ultimately contributed to U.S. Treasuries generating negative total returns during this time and for the overall reporting period.

EQUITY STRATEGY REVIEW

The equity strategy produced positive absolute performance during the reporting period, and outperformed the Russell 3000 Index. The equity strategy’s outperformance stemmed largely from stronger relative stock selection in the health care, information technology, financials and consumer staples sectors. The equity strategy underperformed the Russell 3000 Index in the consumer discretionary, industrials and materials sectors.

The equity strategy’s top contributors to performance included Mondelez International, Inc., JPMorgan Chase & Co. and Imperva, Inc. Mondelez manufactures and sells consumer products, primarily in the snack food and confection categories. Management reported significant margin expansion during the first quarter, surprising investors and leading to the stock’s strong performance. JPMorgan Chase performed well during the reporting period due primarily to rising interest rates. Higher rates should lead to expanding net interest margins for the company. Additionally, the Federal Reserve Board’s Comprehensive Capital Analysis and Review (CCAR) results were released late in the first quarter, which allowed the company to increase its dividends and continue to buy back stock. Imperva develops protection software and services for databases and business applications. The company reported strong results, demonstrating that the new management team’s sales and marketing overhaul is bearing fruit.

Detractors from performance included Xerox Corp., Applied Materials, Inc. and Simon Property Group, Inc. Xerox provides business process and information technology outsourcing, and document management services. Weak quarterly guidance triggered a major selloff in the stock as poor execution led to further downward revisions of earnings estimates. Applied Materials provides equipment used in the manufacture of LCD displays and solar panels, and the processing of silicon wafers to make computer chips. The company dropped its merger with Tokyo Electron as the U.S. Department of Justice would not allow the transaction to proceed on acceptable terms. The market reacted negatively. Simon Property is a real estate investment trust (REIT) that owns, develops, and manages retail real estate — primarily malls and outlets — mostly within the U.S. and Puerto Rico. Simon properties sold off along with the general REIT universe during the second quarter, driven primarily by rising long term interest rates.

3 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

FIXED-INCOME STRATEGY REVIEW

During the reporting period, the fixed-income strategy produced a modest return and outperformed the Barclays U.S. Aggregate Bond Index. The fixed-income strategy received its strongest results from its investments in mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”). Among MBS, the strategy had its largest exposure to government agency MBS, with a smaller allocation to non-agency MBS. Security selection within the agency MBS sector and an allocation to non-agency MBS served the strategy well during this reporting period as agency inverse interest-only security prices were supported by a more dovish Federal Reserve (“Fed”) outlook while non-agency MBS prices benefited from solid fundamentals and a lack of supply. The strategy’s exposure to ABS is primarily concentrated in securities backed by auto loans. These investments performed well for the fixed-income strategy this reporting period.

In addition to these investments, the fixed-income strategy had its largest exposure to corporate bonds at period end. The strategy had its largest weighting in investment grade corporate bonds, which we believe still offer solid value, and also maintained an allocation to non-investment grade (BB-rated and below) corporate bonds, which have historically offered attractive yields for only incremental credit risk relative to their investment grade (BBB-rated and above) counterparts. Both investment grade and non-investment grade corporate bonds benefited the fixed-income strategy’s performance versus the Barclays U.S. Aggregate Bond Index this reporting period, although investment grade corporates produced a slight negative return.

The primary detractor from the fixed-income strategy’s performance was its minimal exposure to U.S. Treasuries. As mentioned earlier, U.S. Treasury rates rose for the overall six-month reporting period, which impacted the total returns of these securities.

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 CONSERVATIVE BALANCED FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2015.

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, 2015		Ending Account Value June 30, 2015		Expenses Paid During 6 Months Ended June 30, 2015
Non-Service shares	$	1,000.00	$	1,013.20	$	3.35
Service shares		1,000.00		1,011.30		4.60

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


Class	Expense Ratios
Non-Service shares		0.67%
Service shares		0.92

The expense ratios reflect voluntary and/or contractual 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 CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS June 30, 2015 Unaudited


	Shares		Value

Common Stocks—33.6%

Consumer Discretionary—4.4%

Auto Components—0.4%

Delphi Automotive plc		10,730	$	913,016


Automobiles—0.4%

General Motors Co.		27,900		929,907


Diversified Consumer Services—0.2%

LifeLock, Inc.¹		37,340		612,376


Hotels, Restaurants & Leisure—0.4%

Brinker International, Inc.		12,230		705,060

International Speedway Corp., Cl. A		7,500		275,025

				980,085

Household Durables—0.3%

Toll Brothers, Inc.¹		18,160		693,530


Media—1.1%

Comcast Corp., Cl. A		31,470		1,892,606

Twenty-First Century Fox, Inc., Cl. A		30,380		988,717

				2,881,323

Specialty Retail—1.3%

AutoZone, Inc.¹		2,400		1,600,560

Ross Stores, Inc.		23,490		1,141,849

Sally Beauty Holdings, Inc.¹		17,920		565,913

				3,308,322

Textiles, Apparel & Luxury Goods—0.3%

PVH Corp.		5,620		647,424


Consumer Staples—2.8%

Beverages—0.3%

Diageo plc		26,530		769,009


Food Products—1.2%

Flowers Foods, Inc.		46,655		986,753

Mondelez International, Inc., Cl. A		48,050		1,976,777

				2,963,530

Household Products—0.6%

Henkel AG & Co. KGaA		16,738		1,599,641


Tobacco—0.7%

Philip Morris International, Inc.		20,260		1,624,244


Energy—2.3%

Oil, Gas & Consumable Fuels—2.3%

Antero Midstream Partners LP²		24,480		701,107

Chevron Corp.		16,840		1,624,555

HollyFrontier Corp.		10,750		458,917

Noble Energy, Inc.		22,760		971,397

Suncor Energy, Inc.		46,330		1,275,002

Western Refining, Inc.		19,820		864,548

				5,895,526

Financials—6.1%

Commercial Banks—2.9%

BancorpSouth, Inc.		33,520		863,475

Citigroup, Inc.		44,040		2,432,770

FirstMerit Corp.		39,200		816,536

Huntington Bancshares, Inc.		92,120		1,041,877

JPMorgan Chase & Co.		20,230		1,370,785

Webster Financial Corp.		18,620		736,421

				7,261,864

Consumer Finance—0.5%

Discover Financial Services		21,221		1,222,754


Insurance—1.2%

American International Group, Inc.		24,960		1,543,027


	Shares		Value

Insurance (Continued)

FNF Group		38,610	$	1,428,184

				2,971,211

Real Estate Investment Trusts (REITs)—1.5%

Apollo Commercial Real Estate Finance, Inc.		44,110		724,727

Digital Realty Trust, Inc.		17,060		1,137,561

Simon Property Group, Inc.		9,400		1,626,388

STAG Industrial, Inc.		19,950		399,000

				3,887,676

Health Care—5.3%

Biotechnology—0.4%

BioMarin Pharmaceutical, Inc.¹		6,690		915,058

Celldex Therapeutics, Inc.¹		9,230		232,781

				1,147,839

Health Care Equipment & Supplies—0.6%

DexCom, Inc.¹		6,980		558,260

Medtronic plc		13,039		966,190

				1,524,450

Health Care Providers & Services—1.7%

Centene Corp.¹		12,120		974,448

Express Scripts Holding Co.¹		10,830		963,220

Team Health Holdings, Inc.¹		8,420		550,079

Universal Health Services, Inc., Cl. B		8,870		1,260,427

WellCare Health Plans, Inc.¹		6,230		528,491

				4,276,665

Pharmaceuticals—2.6%

Allergan plc¹		10,630		3,225,780

Merck & Co., Inc.		25,160		1,432,359

Pfizer, Inc.		27,405		918,889

Prestige Brands Holdings, Inc.¹		19,930		921,563

				6,498,591

Industrials—3.4%

Aerospace & Defense—1.1%

L-3 Communications Holdings, Inc.		9,930		1,125,863

United Technologies Corp.		14,990		1,662,841

				2,788,704

Airlines—0.3%

Spirit Airlines, Inc.¹		10,390		645,219


Commercial Services & Supplies—1.0%

KAR Auction Services, Inc.		16,260		608,124

Republic Services, Inc., Cl. A		19,700		771,649

Tyco International plc		31,220		1,201,346

				2,581,119

Construction & Engineering—0.2%

AECOM¹		15,730		520,348


Machinery—0.5%

Deere & Co.		8,870		860,834

Joy Global, Inc.		11,550		418,110

				1,278,944

Professional Services—0.3%

Robert Half International, Inc.		15,450		857,475


Information Technology—6.4%

Internet Software & Services—1.0%

eBay, Inc.¹		19,740		1,189,138

Facebook, Inc., Cl. A¹		15,050		1,290,763

				2,479,901

IT Services—1.4%

Amdocs Ltd.		22,910		1,250,657

MasterCard, Inc., Cl. A		12,130		1,133,912

6 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Shares		Value

IT Services (Continued)

Xerox Corp.		105,510	$	1,122,626

				3,507,195

Semiconductors & Semiconductor Equipment—1.0%

Applied Materials, Inc.		62,160		1,194,715

Cavium, Inc.¹		7,390		508,507

Skyworks Solutions, Inc.		8,640		899,424

				2,602,646

Software—1.0%

Fortinet, Inc.¹		13,290		549,276

Guidewire Software, Inc.¹		8,570		453,610

Imperva, Inc.¹		7,190		486,763

ServiceNow, Inc.¹		7,310		543,206

Splunk, Inc.¹		7,950		553,479

				2,586,334

Technology Hardware, Storage & Peripherals—2.0%

Apple, Inc.		34,150		4,283,264

Western Digital Corp.		9,050		709,701

				4,992,965

Materials—1.2%

Construction Materials—0.3%

Vulcan Materials Co.		10,250		860,283


Containers & Packaging—0.2%

Packaging Corp. of America		9,650		603,028


Metals & Mining—0.4%

Alcoa, Inc.		77,220		861,003


Paper & Forest Products—0.3%

PH Glatfelter Co.		27,990		615,500


Telecommunication Services—0.6%

Diversified Telecommunication Services—0.6%

ORBCOMM, Inc.¹		375		2,531

Verizon Communications, Inc.		31,450		1,465,885

				1,468,416

Utilities—1.1%

Multi-Utilities—1.1%

Consolidated Edison, Inc.		15,400		891,352

PG&E Corp.		35,360		1,736,176

				2,627,528

Total Common Stocks (Cost $69,680,253)				84,485,591

	Principal Amount

Asset-Backed Securities—10.7%

Auto Loan—9.5%

American Credit Acceptance Receivables Trust:
Series 2013-2,Cl. B, 2.84%, 5/15/19³	$	435,026		436,851
Series 2014-1,Cl. B, 2.39%, 11/12/19³		625,000		626,631
Series 2014-2,Cl. B, 2.26%, 3/10/20³		160,000		160,129
Series 2014-3,Cl. B, 2.43%, 6/10/20³		595,000		595,754
Series 2014-4,Cl. B, 2.60%, 10/12/20³		175,000		175,081
Series 2015-1,Cl. B, 2.85%, 2/12/21³		445,000		445,375

AmeriCredit Automobile Receivables Trust:
Series 2012-2,Cl. E, 4.85%, 8/8/19³		380,000		392,211
Series 2012-4,Cl. D, 2.68%, 10/9/18		115,000		117,168
Series 2012-5,Cl. D, 2.35%, 12/10/18		965,000		979,137
Series 2013-2,Cl. E, 3.41%, 10/8/20³		415,000		421,430
Series 2013-3,Cl. E, 3.74%, 12/8/20³		165,000		168,734
Series 2013-4,Cl. D, 3.31%, 10/8/19		677,000		694,980
Series 2014-1,Cl. E, 3.58%, 8/9/21		110,000		110,708
Series 2014-2,Cl. D, 2.57%, 7/8/20		280,000		280,394
Series 2014-2,Cl. E, 3.37%, 11/8/21		330,000		329,030
Series 2014-4,Cl. D, 3.07%, 11/9/20		275,000		276,990
Series 2015-2,Cl. D, 3.00%, 6/8/21		80,000		80,159


	Principal Amount		Value

Auto Loan (Continued)

California Republic Auto Receivables Trust:
Series 2014-2,Cl. C, 3.29%, 3/15/21	$	95,000	$	94,839
Series 2014-4,Cl. C, 3.56%, 9/15/21		125,000		125,112

Capital Auto Receivables Asset Trust:
Series 2013-1,Cl. D, 2.19%, 9/20/21		125,000		125,927
Series 2014-1,Cl. D, 3.39%, 7/22/19		140,000		143,164
Series 2014-3,Cl. D, 3.14%, 2/20/20		195,000		196,913
Series 2015-1,Cl. D, 3.16%, 8/20/20		195,000		195,799
Series 2015-2,Cl. C, 2.67%, 8/20/20		180,000		179,964

CarFinance Capital Auto Trust:
Series 2013-1A,Cl. A, 1.65%, 7/17/17³		1,934		1,935
Series 2013-2A,Cl. B, 3.15%, 8/15/19³		635,000		645,322
Series 2014-1A,Cl. A, 1.46%, 12/17/18³		81,445		81,353
Series 2015-1A,Cl. A, 1.75%, 6/15/21³		246,695		246,991

CarMax Auto Owner Trust, Series 2015-2, Cl. D,
3.04%, 11/15/21		115,000		114,966

Centre Point Funding LLC, Series 2010-1A, Cl. 1,
5.43%, 7/20/16³		13,336		13,354

CPS Auto Receivables Trust:
Series 2012-B,Cl. A, 2.52%, 9/16/19³		93,916		94,532
Series 2014-A,Cl. A, 1.21%, 8/15/18³		307,562		307,295
Series 2014-B,Cl. A, 1.11%, 11/15/18³		250,677		250,077
Series 2014-C,Cl. A, 1.31%, 2/15/19³		269,326		269,342

CPS Auto Trust, Series 2012-C, Cl. A, 1.82%,
12/16/19³		34,424		34,606

Credit Acceptance Auto Loan Trust:
Series 2013-1A,Cl. B, 1.83%, 4/15/21³		165,000		164,815
Series 2013-2A,Cl. B, 2.26%, 10/15/21³		310,000		312,288
Series 2014-1A,Cl. B, 2.29%, 4/15/22³		270,000		271,380
Series 2014-2A,Cl. B, 2.67%, 9/15/22³		195,000		195,725
Series 2015-1A,Cl. C, 3.30%, 7/17/23³		265,000		266,428

Drive Auto Receivables Trust:
Series 2015-AA,Cl. C, 3.06%, 5/17/21⁴		285,000		286,876
Series 2015-BA,Cl. C, 2.76%, 7/15/21³		345,000		345,191

DT Auto Owner Trust:
Series 2012-1A,Cl. D, 4.94%, 7/16/18³		260,336		261,395
Series 2013-1A,Cl. D, 3.74%, 5/15/20³		200,000		201,492
Series 2013-2A,Cl. D, 4.18%, 6/15/20³		545,000		552,423
Series 2014-1A,Cl. D, 3.98%, 1/15/21³		435,000		440,078
Series 2014-2A,Cl. D, 3.68%, 4/15/21³		615,000		618,490
Series 2014-3A,Cl. D, 4.47%, 11/15/21³		245,000		248,187
Series 2015-1A,Cl. C, 2.87%, 11/16/20³		205,000		205,944

Exeter Automobile Receivables Trust:
Series 2012-2A,Cl. C, 3.06%, 7/16/18³		516,000		517,816
Series 2014-1A,Cl. B, 2.42%, 1/15/19³		280,000		281,678
Series 2014-1A,Cl. C, 3.57%, 7/15/19³		280,000		283,096
Series 2014-2A,Cl. A, 1.06%, 8/15/18³		59,552		59,472
Series 2014-2A,Cl. C, 3.26%, 12/16/19³		135,000		134,413

First Investors Auto Owner Trust:
Series 2012-1A,Cl. D, 5.65%, 4/15/18³		140,000		142,591
Series 2013-3A,Cl. B, 2.32%, 10/15/19³		465,000		469,249
Series 2013-3A,Cl. C, 2.91%, 1/15/20³		200,000		202,306
Series 2013-3A,Cl. D, 3.67%, 5/15/20³		165,000		166,699
Series 2014-1A,Cl. D, 3.28%, 4/15/21³		270,000		269,013
Series 2014-3A,Cl. D, 3.85%, 2/15/22³		175,000		176,197

Flagship Credit Auto Trust:
Series 2014-1,Cl. A, 1.21%, 4/15/19³		140,194		140,042
Series 2014-2,Cl. A, 1.43%, 12/16/19³		277,797		277,617

GM Financial Automobile Leasing Trust:
Series 2014-1A,Cl. D, 2.51%, 3/20/19³		470,000		469,835
Series 2015-1,Cl. D, 3.01%, 3/20/20		280,000		279,268

GO Financial Auto Securitization Trust, Series
2015-1, Cl. A, 1.81%, 3/15/18³		213,592		213,468

Navistar Financial Dealer Note Master Owner Trust
II, Series 2014-1, Cl. D, 2.487%, 10/25/19^3,5		145,000		145,056

Santander Drive Auto Receivables Trust:
Series 2012-6,Cl. D, 2.52%, 9/17/18		235,000		236,266
Series 2012-AA,Cl. D, 2.46%, 12/17/18³		945,000		958,251
Series 2013-1,Cl. C, 1.76%, 1/15/19		365,000		366,133

7 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Auto Loan (Continued)

Santander Drive Auto Receivables Trust: (Continued)
Series 2013-2,Cl. D, 2.57%, 3/15/19	$	715,000	$	725,256
Series 2013-3,Cl. D, 2.42%, 4/15/19		105,000		106,212
Series 2013-4,Cl. D, 3.92%, 1/15/20		385,000		398,949
Series 2013-A,Cl. E, 4.71%, 1/15/21³		325,000		344,240
Series 2014-1,Cl. D, 2.91%, 4/15/20		265,000		268,175
Series 2014-4,Cl. D, 3.10%, 11/16/20		225,000		226,726
Series 2015-1,Cl. D, 3.24%, 4/15/21		300,000		301,782
Series 2015-2,Cl. D, 3.02%, 4/15/21		320,000		318,573

SNAAC Auto Receivables Trust:
Series 2012-1A,Cl. C, 4.38%, 6/15/17³		48,668		48,740
Series 2013-1A,Cl. C, 3.07%, 8/15/18³		100,000		101,161
Series 2014-1A,Cl. A, 1.03%, 9/17/18³		77,953		77,989
Series 2014-1A,Cl. D, 2.88%, 1/15/20³		165,000		165,890

TCF Auto Receivables Owner Trust:
Series 2014-1A,Cl. C, 3.12%, 4/15/21³		115,000		115,129
Series 2015-1A,Cl. D, 3.53%, 3/15/22³		190,000		190,464

United Auto Credit Securitization Trust:
Series 2013-1,Cl. C, 2.22%, 12/15/17³		8,320		8,326
Series 2014-1,Cl. D, 2.38%, 10/15/18³		190,000		188,864
Series 2015-1,Cl. D, 2.92%, 6/17/19³		260,000		260,666

Westlake Automobile Receivables Trust:
Series 2014-1A,Cl. D, 2.20%, 2/15/21³		180,000		178,697
Series 2014-2A,Cl. D, 2.86%, 7/15/21³		195,000		194,532
Series 2015-2A,Cl. C, 2.45%, 1/15/21³		250,000		249,975

				24,041,777

Equipment—0.7%

CLI Funding V LLC:
Series 2014-1A,Cl. A, 3.29%, 6/18/29³		546,111		547,799
Series 2014-2A,Cl. A, 3.38%, 10/18/29³		443,333		445,797

Cronos Containers Program I Ltd., Series 2014-2A,
Cl. A, 3.27%, 11/18/29³		500,324		502,590

FRS I LLC, Series 2013-1A, Cl. A1, 1.80%,
4/15/43³		50,694		50,240

Trip Rail Master Funding LLC, Series 2014-1A, Cl.
A1, 2.863%, 4/15/44³		145,770		145,514

				1,691,940

Home Equity Loan—0.5%

American Credit Acceptance Receivables Trust,
Series 2015-2, Cl. B, 2.97%, 5/12/21³		425,000		426,308

Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/44³		342,493		340,594

TAL Advantage V LLC:
Series 2014-1A,Cl. A, 3.51%, 2/22/39³		403,000		405,066
Series 2014-2A,Cl. A1, 1.70%, 5/20/39³		112,141		111,461

				1,283,429

Total Asset-Backed Securities (Cost $26,894,014)				27,017,146

Mortgage-Backed Obligations—29.4%

Government Agency—21.3%

FHLMC/FNMA/FHLB/Sponsored—21.1%

Federal Home Loan Mortgage Corp. Gold Pool:
4.50%, 10/1/18		37,292		38,846
5.00%, 12/1/34		3,816		4,262
5.50%, 9/1/39		563,468		631,483
6.50%, 4/1/18-4/1/34		38,251		43,109
7.00%, 10/1/31-10/1/37		185,911		212,845
8.00%, 4/1/16		662		666
9.00%, 8/1/22-5/1/25		4,296		4,748

Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183,Cl. IO, 11.714%, 4/1/27⁶		90,607		22,103
Series 192,Cl. IO, 4.479%, 2/1/28⁶		25,653		4,329
Series 243,Cl. 6, 0.00%, 12/15/32^6,7		73,063		13,823

Federal Home Loan Mortgage Corp., Mtg.-Linked
Amortizing Global Debt Securities, Series 2012-1,
Cl. A10, 2.06%, 1/15/22		307,057		312,318


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp., Principal-Only
Stripped Mtg.-Backed Security, Series 176, Cl. PO,
4.233%, 6/1/26⁸	$	28,132	$	26,333

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 2426,Cl. BG, 6.00%, 3/15/17		44,745		46,284
Series 2427,Cl. ZM, 6.50%, 3/15/32		143,352		165,254
Series 2461,Cl. PZ, 6.50%, 6/15/32		67,005		77,437
Series 2564,Cl. MP, 5.00%, 2/15/18		140,871		146,872
Series 2585,Cl. HJ, 4.50%, 3/15/18		79,645		83,112
Series 2626,Cl. TB, 5.00%, 6/15/33		149,252		161,406
Series 2635,Cl. AG, 3.50%, 5/15/32		54,694		57,098
Series 2707,Cl. QE, 4.50%, 11/15/18		360,993		377,654
Series 2770,Cl. TW, 4.50%, 3/15/19		15,396		16,104
Series 3010,Cl. WB, 4.50%, 7/15/20		45,645		48,062
Series 3025,Cl. SJ, 24.07%, 8/15/35⁵		24,399		38,547
Series 3030,Cl. FL, 0.586%, 9/15/35⁵		122,316		123,190
Series 3741,Cl. PA, 2.15%, 2/15/35		361,174		367,263
Series 3815,Cl. BD, 3.00%, 10/15/20		13,831		14,169
Series 3822,Cl. JA, 5.00%, 6/15/40		107,997		115,898
Series 3840,Cl. CA, 2.00%, 9/15/18		10,241		10,377
Series 3848,Cl. WL, 4.00%, 4/15/40		187,352		193,011
Series 3857,Cl. GL, 3.00%, 5/15/40		10,606		10,860
Series 4221,Cl. HJ, 1.50%, 7/15/23		1,001,702		1,007,513

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2130,Cl. SC, 50.245%, 3/15/29⁶		89,933		20,478
Series 2796,Cl. SD, 51.196%, 7/15/26⁶		120,607		26,022
Series 2920,Cl. S, 52.833%, 1/15/35⁶		622,160		120,480
Series 2922,Cl. SE, 5.619%, 2/15/35⁶		37,145		7,075
Series 2981,Cl. AS, 0.206%, 5/15/35⁶		357,911		71,516
Series 3201,Cl. SG, 1.768%, 8/15/36⁶		98,407		18,290
Series 3397,Cl. GS, 15.854%, 12/15/37⁶		42,573		8,834
Series 3424,Cl. EI, 15.518%, 4/15/38⁶		23,757		3,422
Series 3450,Cl. BI, 8.589%, 5/15/38⁶		114,459		19,112
Series 3606,Cl. SN, 0.698%, 12/15/39⁶		62,835		11,443

Federal National Mortgage Assn.:
3.00%, 7/1/30⁹		2,030,000		2,100,257
3.50%, 7/1/41⁹		17,055,000		17,543,665
4.00%, 7/1/45⁹		15,280,000		16,169,046
4.50%, 7/1/30⁹		504,000		524,928
5.00%, 7/1/45⁹		4,215,000		4,655,987
6.00%, 7/1/45⁹		425,000		483,172

Federal National Mortgage Assn. Pool:
3.50%, 12/1/20-2/1/22		430,563		453,881
5.00%, 3/1/21		18,164		19,294
5.50%, 9/1/20		3,661		3,916
6.00%, 11/1/17-3/1/37		255,987		289,084
6.50%, 5/1/17-10/1/19		40,562		41,899
7.00%, 11/1/17-10/1/35		10,640		11,012
7.50%, 1/1/33		86,331		104,681
8.50%, 7/1/32		5,817		6,705

Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 222,Cl. 2, 17.764%, 6/25/23⁶		194,821		39,976
Series 233,Cl. 2, 38.765%, 8/25/23⁶		143,255		31,019
Series 252,Cl. 2, 37.707%, 11/25/23⁶		186,145		27,845
Series 319,Cl. 2, 0.779%, 2/25/32⁶		40,708		9,525
Series 320,Cl. 2, 7.768%, 4/25/32⁶		13,242		2,576
Series 321,Cl. 2, 0.00%, 4/25/32^6,7		144,564		33,958
Series 331,Cl. 9, 16.765%, 2/25/33⁶		163,718		37,660
Series 334,Cl. 17, 18.073%, 2/25/33⁶		93,583		21,417
Series 339,Cl. 12, 0.00%, 6/25/33^6,7		131,170		34,145
Series 339,Cl. 7, 0.00%, 11/25/33^6,7		375,688		71,869
Series 343,Cl. 13, 0.00%, 9/25/33^6,7		128,798		26,359
Series 345,Cl. 9, 0.00%, 1/25/34^6,7		120,005		23,669
Series 351,Cl. 10, 0.00%, 4/25/34^6,7		17,011		3,493
Series 351,Cl. 8, 0.00%, 4/25/34^6,7		57,944		11,915
Series 356,Cl. 10, 0.00%, 6/25/35^6,7		41,610		9,147

8 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 356,Cl. 12, 0.00%, 2/25/35^6,7	$	22,165	$	4,890
Series 362,Cl. 13, 0.00%, 8/25/35^6,7		154,734		33,710
Series 364,Cl. 16, 0.00%, 9/25/35^6,7		109,413		24,254

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1998-61,Cl. PL, 6.00%, 11/25/28		66,800		76,117
Series 2003-100,Cl. PA, 5.00%, 10/25/18		283,943		297,864
Series 2003-130,Cl. CS, 13.726%, 12/25/33⁵		15,428		18,787
Series 2003-84,Cl. GE, 4.50%, 9/25/18		21,637		22,543
Series 2004-101,Cl. BG, 5.00%, 1/25/20		131,409		134,761
Series 2004-25,Cl. PC, 5.50%, 1/25/34		189,776		200,090
Series 2005-104,Cl. MC, 5.50%, 12/25/25		307,957		338,124
Series 2005-31,Cl. PB, 5.50%, 4/25/35		250,000		292,079
Series 2005-73,Cl. DF, 0.437%, 8/25/35⁵		277,739		278,969
Series 2006-11,Cl. PS, 23.881%, 3/25/36⁵		92,669		148,289
Series 2006-46,Cl. SW, 23.514%, 6/25/36⁵		66,431		89,444
Series 2006-50,Cl. KS, 23.514%, 6/25/36⁵		14,246		22,435
Series 2008-75,Cl. DB, 4.50%, 9/25/23		84,982		88,428
Series 2009-113,Cl. DB, 3.00%, 12/25/20		299,795		307,417
Series 2009-36,Cl. FA, 1.127%, 6/25/37⁵		98,746		101,441
Series 2009-37,Cl. HA, 4.00%, 4/25/19		85,801		88,624
Series 2009-70,Cl. TL, 4.00%, 8/25/19		928,150		956,715
Series 2010-43,Cl. KG, 3.00%, 1/25/21		142,072		146,220
Series 2011-15,Cl. DA, 4.00%, 3/25/41		54,605		57,127
Series 2011-3,Cl. EL, 3.00%, 5/25/20		500,158		512,772
Series 2011-3,Cl. KA, 5.00%, 4/25/40		217,867		238,999
Series 2011-38,Cl. AH, 2.75%, 5/25/20		11,287		11,538
Series 2011-82,Cl. AD, 4.00%, 8/25/26		307,385		318,689

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-65,Cl. S, 28.286%, 11/25/31⁶		154,162		36,940
Series 2001-81,Cl. S, 25.165%, 1/25/32⁶		39,720		9,293
Series 2002-47,Cl. NS, 30.968%, 4/25/32⁶		109,813		27,016
Series 2002-51,Cl. S, 31.162%, 8/25/32⁶		100,835		24,818
Series 2002-52,Cl. SD, 35.368%, 9/25/32⁶		142,230		34,408
Series 2002-77,Cl. SH, 35.442%, 12/18/32⁶		62,801		14,869
Series 2002-84,Cl. SA, 34.729%, 12/25/32⁶		151,029		36,293
Series 2002-9,Cl. MS, 26.044%, 3/25/32⁶		42,641		9,916
Series 2003-33,Cl. SP, 29.22%, 5/25/33⁶		165,152		35,634
Series 2003-4,Cl. S, 30.803%, 2/25/33⁶		91,437		23,366
Series 2003-46,Cl. IH, 0.00%, 6/25/23^6,7		327,465		42,891
Series 2004-54,Cl. DS, 39.228%, 11/25/30⁶		119,530		23,449
Series 2004-56,Cl. SE, 11.834%, 10/25/33⁶		31,721		6,327
Series 2005-12,Cl. SC, 9.333%, 3/25/35⁶		17,587		3,859
Series 2005-14,Cl. SE, 37.71%, 3/25/35⁶		57,716		9,568
Series 2005-40,Cl. SA, 48.999%, 5/25/35⁶		308,916		58,094
Series 2005-52,Cl. JH, 2.135%, 5/25/35⁶		785,647		147,961
Series 2005-93,Cl. SI, 21.353%, 10/25/35⁶		74,792		13,161
Series 2007-88,Cl. XI, 35.497%, 6/25/37⁶		180,860		31,854
Series 2008-55,Cl. SA, 14.432%, 7/25/38⁶		82,641		10,434
Series 2009-8,Cl. BS, 0.00%, 2/25/24^6,7		29,902		1,710
Series 2012-134,Cl. SA, 12.555%, 12/25/42⁶		609,799		154,544
Series 2012-40,Cl. PI, 0.00%, 4/25/41^6,7		354,641		64,292

Federal National Mortgage Assn., Real Estate Mtg.
Investment Conduit Multiclass Pass-Through
Certificates, Principal-Only Stripped Mtg.-Backed
Security, Series 1993-184, Cl. M, 5.039%, 9/25/23⁸		71,333		68,488

				53,173,259


GNMA/Guaranteed—0.2%

Government National Mortgage Assn. I Pool:
7.00%, 1/15/24		36,190		39,322
7.50%, 1/15/23-6/15/24		35,824		38,748
8.00%, 5/15/17-4/15/23		24,980		27,389
8.50%, 8/15/17-12/15/17		4,003		4,177

Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-15,Cl. SM, 58.848%, 2/16/32⁶		193,522		37,510


	Principal Amount		Value

GNMA/Guaranteed (Continued)

Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2002-76,Cl. SY, 61.726%, 12/16/26⁶	$	401,865	$	81,677
Series 2007-17,Cl. AI, 19.026%, 4/16/37⁶		438,912		84,625
Series 2011-52,Cl. HS, 9.23%, 4/16/41⁶		216,213		41,787

				355,235

Non-Agency—8.1%

Commercial—7.4%

Banc of America Commercial Mortgage Trust,
Series 2006-5, Cl. AM, 5.448%, 9/10/47		215,000		223,683

Banc of America Funding Trust:
Series 2006-G,Cl. 2A4, 0.477%, 7/20/36⁵		924,230		866,376
Series 2014-R7,Cl. 3A1, 2.617%, 3/26/36^4,5		400,888		409,343

BCAP LLC Trust, Series 2011-R11, Cl. 18A5, 2.23%, 9/26/35^3,5		266,347		270,864

Bear Stearns ARM Trust:
Series 2005-2,Cl. A1, 2.68%, 3/25/35⁵		325,793		329,422
Series 2005-9,Cl. A1, 2.41%, 10/25/35⁵		914,558		902,522

Chase Mortgage Finance Trust, Series 2005-A2, Cl.
1A3, 2.435%, 1/25/36⁵		210,492		198,588

Citigroup Commercial Mortgage Trust:
Series 2008-C7,Cl. AM, 6.349%, 12/10/49⁵		105,000		113,707
Series 2013-GC11,Cl. D, 4.604%, 4/10/46^3,5		185,000		174,448

Citigroup Mortgage Loan Trust, Inc., Series 2006- AR1, Cl. 1A1, 2.57%, 10/25/35⁵		802,658		794,235

COMM Mortgage Trust:
Series 2012-CR4,Cl. D, 4.727%, 10/15/45^3,5		185,000		180,415
Series 2012-CR5,Cl. E, 4.48%, 12/10/45^3,5		480,000		458,248
Series 2013-CR7,Cl. D, 4.494%, 3/10/46^3,5		445,000		409,907
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47		860,000		881,185

COMM Mortgage Trust, Interest-Only Stripped
Mtg.-Backed Security, Series 2012-CR5, Cl. XA,
0%, 12/10/45^6,7		430,856		37,511

Commercial Mortgage Trust, Series 2007-GG11,
Cl. AM, 5.867%, 12/10/49⁵		170,000		182,539

Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C6, Cl. AJ, 5.23%, 12/15/40⁵		275,000		277,275

CSMC:
Series 2006-6,Cl. 1A4, 6.00%, 7/25/36		212,972		179,502
Series 2009-13R,Cl. 4A1, 2.625%, 9/26/36^3,5		100,428		101,082

DBUBS Mortgage Trust, Series 2011-LC1A, Cl. E, 5.735%, 11/10/46^3,5		50,000		53,468

First Horizon Alternative Mortgage Securities Trust:
Series 2004-FA2,Cl. 3A1, 6.00%, 1/25/35		135,333		129,877
Series 2005-FA8,Cl. 1A6, 0.837%, 11/25/35⁵		145,956		110,290

FREMF Mortgage Trust:
Series 2012-K501,Cl. C, 3.549%, 11/25/46^3,5		50,000		51,004
Series 2013-K25,Cl. C, 3.743%, 11/25/45^3,5		60,000		58,770
Series 2013-K26,Cl. C, 3.723%, 12/25/45^3,5		40,000		39,408
Series 2013-K27,Cl. C, 3.616%, 1/25/46^3,5		110,000		106,851
Series 2013-K28,Cl. C, 3.614%, 6/25/46^3,5		450,000		436,342
Series 2013-K502,Cl. C, 3.302%, 3/25/45^3,5		220,000		223,751
Series 2013-K712,Cl. C, 3.484%, 5/25/45^3,5		70,000		70,182
Series 2013-K713,Cl. C, 3.274%, 4/25/46^3,5		145,000		142,972
Series 2014-K715,Cl. C, 4.264%, 2/25/46^3,5		35,000		35,595
Series 2015-K44,Cl. B, 3.811%, 1/25/48^3,5		365,000		357,218

GSMSC Pass-Through Trust, Series 2009-3R, Cl.
1A2, 6%, 4/25/37^3,5		477,263		444,066

GSR Mortgage Loan Trust, Series 2005-AR4, Cl.
6A1, 2.937%, 7/25/35⁵		47,383		46,864

JP Morgan Chase Commercial Mortgage Securities
Corp., Series 2012-LC9, Cl. E, 4.569%, 12/15/47^3,5		285,000		277,748

JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2006-LDP8,Cl. AJ, 5.48%, 5/15/45⁵		690,000		714,145
Series 2012-C6,Cl. E, 5.372%, 5/15/45^3,5		380,000		384,143

JP Morgan Mortgage Trust, Series 2007-A1, Cl.
5A1, 2.555%, 7/25/35⁵		188,627		189,195

9 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Commercial (Continued)

JP Morgan Resecuritization Trust:
Series 2009-11,Cl. 5A1, 2.625%, 9/26/36^3,5	$	373,076	$	373,780
Series 2009-5,Cl. 1A2, 2.721%, 7/26/36^3,5		253,698		221,979

JPMBB Commercial Mortgage Securities Trust:
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		360,000		375,022
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		180,000		182,897

MASTR Adjustable Rate Mortgages Trust, Series
2004-13, Cl. 2A2, 2.666%, 4/21/34⁵		81,585		83,596

Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2012-C6,Cl. E, 4.816%, 11/15/45^3,5		385,000		380,246
Series 2013-C7,Cl. D, 4.437%, 2/15/46^3,5		115,000		108,407
Series 2013-C8,Cl. D, 4.309%, 12/15/48^3,5		80,000		74,524
Series 2014-C19,Cl. AS, 3.832%, 12/15/47		720,000		733,627

Morgan Stanley Capital I Trust, Series 2007-IQ13, Cl. AM, 5.406%, 3/15/44		470,000		496,360

Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1B, 1.969%, 11/26/36^3,5		251,018		190,986

Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 2.379%, 6/26/46^3,5		614,507		619,917

RBSSP Resecuritization Trust, Series 2010-1, Cl. 2A1, 2.248%, 7/26/45^3,5		44,582		44,573

Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-10, Cl. 2A, 2.447%, 8/25/34⁵		355,714		353,482

UBS-Barclays Commercial Mortgage Trust, Series
2012-C2, Cl. E, 4.889%, 5/10/63^3,5		45,000		44,953

WaMu Mortgage Pass-Through Certificates Trust:
Series 2005-AR14,Cl. 1A4, 2.348%, 12/25/35⁵		163,462		158,475
Series 2005-AR16,Cl. 1A1, 2.341%, 12/25/35⁵		151,650		144,604

Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1,Cl. 1A1, 2.617%, 2/25/35⁵		35,628		35,908
Series 2005-AR10,Cl. 1A1, 2.658%, 6/25/35⁵		693,595		710,588
Series 2005-AR15,Cl. 1A6, 2.613%, 9/25/35⁵		473,672		451,926
Series 2006-AR7,Cl. 2A4, 2.732%, 5/25/36⁵		248,640		237,886
Series 2006-AR8,Cl. 2A4, 2.641%, 4/25/36⁵		169,347		165,648
Series 2007-16,Cl. 1A1, 6.00%, 12/28/37		105,067		108,813
Series 2007-AR8,Cl. A1, 2.614%, 11/25/37⁵		487,838		430,973

WF-RBS Commercial Mortgage Trust:
Series 2012-C10,Cl. D, 4.606%, 12/15/45^3,5		160,000		154,219
Series 2012-C7,Cl. E, 4.999%, 6/15/45^3,5		80,000		80,272
Series 2012-C8,Cl. E, 5.038%, 8/15/45^3,5		365,000		368,646
Series 2013-C11,Cl. D, 4.32%, 3/15/45^3,5		49,000		46,244
Series 2013-C15,Cl. D, 4.631%, 8/15/46^3,5		225,000		213,416

WF-RBS Commercial Mortgage Trust, Interest-Only
Commercial Mtg. Pass-Through Certificates, Series
2011-C3, Cl. XA, 0%, 3/15/44^3,6,7		3,785,373		181,130

				18,635,838


Multi-Family—0.1%

Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR15,Cl. 1A2, 2.613%, 9/25/35⁵		241,916		236,484
Series 2006-AR2,Cl. 2A3, 2.621%, 3/25/36⁵		45,608		45,144

Residential—0.6%

Alternative Loan Trust, Series 2005-29CB, Cl. A4,
5%, 7/25/35		420,741		385,364

Banc of America Funding Trust:
Series 2007-1,Cl. 1A3, 6.00%, 1/25/37		103,354		95,646
Series 2007-C,Cl. 1A4, 5.308%, 5/20/36⁵		41,275		38,746

Banc of America Mortgage Trust, Series 2004-E, Cl.
2A6, 2.863%, 6/25/34⁵		119,409		119,305

Bear Stearns ARM Trust, Series 2006-1, Cl. A1,
2.36%, 2/25/36⁵		341,166		339,338

Carrington Mortgage Loan Trust, Series 2006-
FRE1, Cl. A2, 0.297%, 7/25/36⁵		66,955		65,790

CHL Mortgage Pass-Through Trust:
Series 2005-26,Cl. 1A8, 5.50%, 11/25/35		124,341		119,181
Series 2006-6,Cl. A3, 6.00%, 4/25/36		64,060		62,160

HomeBanc Mortgage Trust, Series 2005-3, Cl. A2,
0.497%, 7/25/35⁵		59,820		55,613


	Principal Amount		Value

Residential (Continued)

RALI Trust:
Series 2003-QS1,Cl. A2, 5.75%, 1/25/33	$	16,847	$	16,936
Series 2006-QS13,Cl. 1A8, 6.00%, 9/25/36		14,824		12,045

WaMu Mortgage Pass-Through Certificates Trust,
Series 2003-AR10, Cl. A7, 2.418%, 10/25/33⁵		167,136		170,929

Wells Fargo Mortgage-Backed Securities Trust,
Series 2006-AR14, Cl. 1A2, 5.808%, 10/25/36⁵		89,116		87,058

				1,568,111

Total Mortgage-Backed Obligations (Cost $73,482,951)				74,014,071


U.S. Government Obligations—0.3%

Federal Home Loan Mortgage Corp. Nts., 5.50%,
7/18/16		65,000		68,433

Federal National Mortgage Assn. Nts., 1%,
9/27/17		193,000		193,765

United States Treasury Nts., 1.50%, 5/31/19		552,000		554,803

Total U.S. Government Obligations (Cost $814,224)				817,001


Non-Convertible Corporate Bonds and Notes—36.0%

Consumer Discretionary—4.7%

Auto Components—0.1%

BorgWarner, Inc., 4.375% Sr. Unsec. Nts., 3/15/45		128,000		119,779

Johnson Controls, Inc., 1.40% Sr. Unsec. Nts.,
11/2/17		77,000		76,732

				196,511


Automobiles—1.2%

Daimler Finance North America LLC:
1.30% Sr. Unsec. Nts., 7/31/15³		463,000		463,214
8.50% Sr. Unsec. Unsub. Nts., 1/18/31		271,000		397,940

Ford Motor Credit Co. LLC, 3.664% Sr. Unsec.
Nts., 9/8/24		970,000		957,579

General Motors Co., 6.25% Sr. Unsec. Nts.,
10/2/43		437,000		488,284

Hyundai Capital America, 1.45% Sr. Unsec. Nts.,
2/6/17³		468,000		466,631

Kia Motors Corp., 3.625% Sr. Unsec. Nts.,
6/14/16³		341,000		348,338

				3,121,986


Hotels, Restaurants & Leisure—0.6%

Brinker International, Inc., 2.60% Sr. Unsec. Nts.,
5/15/18		151,000		151,321

Carnival Corp., 1.20% Sr. Unsec. Nts., 2/5/16		465,000		465,629

Hyatt Hotels Corp., 3.875% Sr. Unsec. Unsub. Nts.,
8/15/16		77,000		79,099

Marriott International, Inc., 3.25% Sr. Unsec. Nts.,
9/15/22		262,000		258,427

Wyndham Worldwide Corp., 6% Sr. Unsec. Nts.,
12/1/16		403,000		425,323

				1,379,799


Household Durables—0.4%

Lennar Corp.:
4.75% Sr. Unsec. Nts., 11/15/22		140,000		138,250
4.75% Sr. Unsec. Nts., 5/30/25		281,000		273,975

Toll Brothers Finance Corp., 4.375% Sr. Unsec.
Nts., 4/15/23		410,000		403,850

Whirlpool Corp.:
1.35% Sr. Unsec. Nts., 3/1/17		123,000		123,396
1.65% Sr. Unsec. Nts., 11/1/17		105,000		105,399

				1,044,870

10 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Principal Amount		Value

Leisure Equipment & Products—0.2%

Mattel, Inc., 1.70% Sr. Unsec. Nts., 3/15/18	$	433,000	$	430,927


Media—1.4%

21^stCentury Fox America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41		183,000		212,555

Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		211,000		289,887

Comcast Corp., 4.65% Sr. Unsec. Unsub. Nts., 7/15/42		156,000		156,193

DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.15% Sr. Unsec. Nts., 3/15/42		65,000		61,165

Historic TW, Inc.:
8.05% Sr. Unsec. Nts., 1/15/16		77,000		79,838
9.15% Debs., 2/1/23		118,000		155,936

Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24		226,000		228,882

Lamar Media Corp., 5% Sr. Unsec. Sub. Nts., 5/1/23		441,000		438,795

Pearson Funding Two plc, 4% Sr. Unsec. Nts., 5/17/16³		101,000		103,394

Scripps Networks Interactive, Inc., 2.70% Sr. Unsec. Nts., 12/15/16		404,000		412,167

Sky plc, 3.75% Sr. Unsec. Nts., 9/16/24³		217,000		211,946

Thomson Reuters Corp., 1.65% Sr. Unsec. Nts., 9/29/17		416,000		416,019

Time Warner Cable, Inc., 4.50% Sr. Unsec. Unsub. Nts., 9/15/42		145,000		119,238

Viacom, Inc., 2.50% Sr. Unsec. Nts., 12/15/16		183,000		185,842

Virgin Media Secured Finance plc, 5.25% Sr. Sec. Nts., 1/15/26³		415,000		402,031

				3,473,888


Specialty Retail—0.5%

Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		415,000		432,471

Home Depot, Inc. (The), 4.875% Sr. Unsec. Nts., 2/15/44		167,000		178,401

Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		425,000		419,348

Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24		228,000		230,349

				1,260,569


Textiles, Apparel & Luxury Goods—0.3%

Levi Strauss & Co., 5% Sr. Unsec. Nts., 5/1/25³		430,000		418,175

PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		431,000		428,845

				847,020


Consumer Staples—2.6%

Beverages—0.7%

Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		386,000		574,024

Constellation Brands, Inc., 4.75% Sr. Unsec. Nts., 11/15/24		390,000		391,950

Pernod Ricard SA:
2.95% Sr. Unsec. Nts., 1/15/17³		423,000		432,357
4.25% Sr. Unsec. Nts., 7/15/22³		260,000		271,055

				1,669,386


Food & Staples Retailing—0.4%
CVS Health Corp., 5.30% Sr. Unsec. Nts., 12/5/43		101,000		110,084

Delhaize Group SA, 5.70% Sr. Unsec. Nts., 10/1/40		251,000		254,793

Kroger Co. (The):
6.40% Sr. Unsec. Nts., 8/15/17		386,000		425,129
6.90% Sr. Unsec. Nts., 4/15/38		109,000		135,209

Wal-Mart Stores, Inc., 4.30% Sr. Unsec. Nts., 4/22/44		220,000		220,283

				1,145,498


	Principal Amount		Value

Food Products—1.1%

Bunge Ltd. Finance Corp.:
3.20% Sr. Unsec. Nts., 6/15/17	$	350,000	$	360,489
8.50% Sr. Unsec. Nts., 6/15/19		320,000		387,242

HJ Heinz Co.:
3.95% Sr. Unsec. Nts., 7/15/25^3,9		215,000		216,647
5.20% Sr. Unsec. Nts., 7/15/45^3,9		49,000		50,332

Ingredion, Inc., 1.80% Sr. Unsec. Nts., 9/25/17		424,000		422,734

JM Smucker Co., 1.75% Sr. Unsec. Nts., 3/15/18³		334,000		333,825

Kraft Foods Group, Inc., 5% Sr. Unsec. Nts., 6/4/42		99,000		98,678

TreeHouse Foods, Inc., 4.875% Sr. Unsec. Nts., 3/15/22		420,000		424,200

Tyson Foods, Inc.:
4.875% Sr. Unsec. Nts., 8/15/34		140,000		140,901
6.60% Sr. Unsec. Nts., 4/1/16		402,000		417,416

				2,852,464


Tobacco—0.4%

Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		241,000		396,934

Reynolds American, Inc.:
5.85% Sr. Unsec. Nts., 8/15/45		185,000		195,208
6.75% Sr. Unsec. Nts., 6/15/17		388,000		424,120

				1,016,262


Energy—3.8%

Energy Equipment & Services—0.6%

Ensco plc, 5.20% Sr. Unsec. Nts., 3/15/25		85,000		84,194

Halliburton Co., 4.75% Sr. Unsec. Nts., 8/1/43		99,000		101,588

Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25³		165,000		170,407

Nabors Industries, Inc., 2.35% Sr. Unsec. Nts., 9/15/16		348,000		349,086

Rowan Cos., Inc., 4.875% Sr. Unsec. Unsub. Nts., 6/1/22		179,000		177,850

Sinopec Group Overseas Development 2014 Ltd., 1.75% Sr. Unsec. Nts., 4/10/17³		431,000		431,529

Weatherford International Ltd., 5.95% Sr. Unsec. Nts., 4/15/42		118,000		99,764

				1,414,418


Oil, Gas & Consumable Fuels—3.2%

Anadarko Petroleum Corp., 6.20% Sr. Unsec. Nts., 3/15/40		196,000		220,941

Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		234,000		229,579

Buckeye Partners LP, 6.05% Sr. Unsec. Nts., 1/15/18		189,000		203,969

Canadian Natural Resources Ltd.:
1.75% Sr. Unsec. Nts., 1/15/18		165,000		163,909
5.90% Sr. Unsec. Nts., 2/1/18		186,000		203,001

Cenovus Energy, Inc., 5.20% Sr. Unsec. Nts., 9/15/43		116,000		109,578

Cimarex Energy Co., 4.375% Sr. Unsec. Nts., 6/1/24		224,000		223,319

CNOOC Nexen Finance 2014 ULC, 1.625% Sr. Unsec. Nts., 4/30/17		444,000		444,768

Columbia Pipeline Group, Inc., 4.50% Sr. Unsec. Nts., 6/1/25³		224,000		221,075

DCP Midstream LLC, 5.375% Sr. Unsec. Nts., 10/15/15³		342,000		342,094

Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		197,000		188,021

EnLink Midstream Partners LP:
2.70% Sr. Unsec. Nts., 4/1/19		356,000		351,541
4.40% Sr. Unsec. Nts., 4/1/24		112,000		112,353

Husky Energy, Inc., 6.20% Sr. Unsec. Nts., 9/15/17		236,000		256,357

Kinder Morgan Energy Partners LP, 4.10% Sr. Unsec. Nts., 11/15/15		181,000		182,898

Kinder Morgan, Inc., 5% Sr. Unsec. Nts., 2/15/21³		521,000		548,934

11 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Oil, Gas & Consumable Fuels (Continued)

MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.875% Sr. Unsec. Nts., 6/1/25	$	430,000	$	421,400

Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44		120,000		115,002

ONEOK Partners LP, 4.90% Sr. Unsec. Nts., 3/15/25		218,000		215,744

Origin Energy Finance Ltd.:
3.50% Sr. Unsec. Nts., 10/9/18³		468,000		480,183
5.45% Sr. Unsec. Nts., 10/14/21³		295,000		318,597

Phillips 66 Partners LP, 3.605% Sr. Unsec. Nts., 2/15/25		86,000		80,975

Pioneer Natural Resources Co., 6.65% Sr. Unsec. Nts., 3/15/17		385,000		416,465

Plains All American Pipeline LP/PAA Finance Corp., 3.60% Sr. Unsec. Nts., 11/1/24		322,000		310,944

Southwestern Energy Co., 4.95% Sr. Unsec. Nts., 1/23/25		238,000		240,562

Spectra Energy Partners LP:
4.50% Sr. Unsec. Nts., 3/15/45		85,000		75,320
4.60% Sr. Unsec. Nts., 6/15/21		277,000		297,739
4.75% Sr. Unsec. Nts., 3/15/24		229,000		243,131

Western Gas Partners LP, 4% Sr. Unsec. Nts., 7/1/22		273,000		274,044

Williams Partners LP, 4.50% Sr. Unsec. Nts., 11/15/23		195,000		196,643

Woodside Finance Ltd., 4.60% Sr. Unsec. Unsub. Nts., 5/10/21³		372,000		398,609

				8,087,695


Financials—10.5%

Capital Markets—2.4%

Apollo Management Holdings LP, 4% Sr. Unsec. Nts., 5/30/24³		368,000		368,388

Blackstone Holdings Finance Co. LLC, 5% Sr. Unsec. Nts., 6/15/44³		458,000		458,554

Credit Suisse, New York, 3.625% Sr. Unsec. Nts., 9/9/24		604,000		600,927

Deutsche Bank AG, 4.50% Sub. Nts., 4/1/25		435,000		414,962

Goldman Sachs Group, Inc. (The):
5.15% Sub. Nts., 5/22/45		301,000		290,450
5.70% Jr. Sub. Perpetual Bonds, Series L^5,10		448,000		450,173

KKR Group Finance Co. III LLC, 5.125% Sr. Unsec. Nts., 6/1/44³		355,000		339,935

Lazard Group LLC:
3.75% Sr. Unsec. Nts., 2/13/25		104,000		99,019
4.25% Sr. Unsec. Nts., 11/14/20		401,000		421,744

Morgan Stanley:
4.30% Sr. Unsec. Nts., 1/27/45		255,000		237,946
5.00% Sub. Nts., 11/24/25		395,000		413,713
5.45% Jr. Sub. Perpetual Bonds, Series H^5,10		428,000		425,325

Nomura Holdings, Inc., 2% Sr. Unsec. Nts., 9/13/16		452,000		455,385

Raymond James Financial, Inc., 5.625% Sr. Unsec. Unsub. Nts., 4/1/24		265,000		294,912

UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Bonds, Series 1^5,10		638,000		654,014

				5,925,447


Commercial Banks—3.7%

Bank of America Corp., 7.75% Jr. Sub. Nts., 5/14/38		424,000		564,657

Barclays plc, 3.65% Sr. Unsec. Nts., 3/16/25		353,000		334,626

CIT Group, Inc., 3.875% Sr. Unsec. Nts., 2/19/19		434,000		431,830

Citigroup, Inc.:
6.675% Sub. Nts., 9/13/43		199,000		241,069
5.95% Jr. Sub. Perpetual Bonds, Series D^5,10		465,000		458,606

Citizens Financial Group, Inc., 5.50% Jr. Sub. Perpetual Bonds^3,5,10		433,000		421,905


	Principal Amount		Value

Commercial Banks (Continued)

Credit Agricole SA, 8.375% Jr. Sub. Perpetual Bonds^4,5,10	$	370,000	$	431,050

FirstMerit Bank NA, 4.27% Sub. Nts., 11/25/26		432,000		434,887

HSBC Finance Capital Trust IX, 5.911% Unsec. Sub. Nts., 11/30/35⁵		1,120,000		1,129,016

Intesa Sanpaolo SpA, 5.017% Sub. Nts., 6/26/24³		445,000		432,525

JPMorgan Chase & Co., 6.75% Jr. Sub. Perpetual Bonds, Series S^5,10		399,000		426,802

Lloyds Banking Group plc, 6.657% Jr. Sub. Perpetual Bonds^3,5,10		400,000		449,250

Rabobank Capital Funding Trust III, 5.254% Jr. Sub. Perpetual Bonds^4,5,10		751,000		778,787

Regions Bank, Birmingham AL, 6.45% Sub. Nts., 6/26/37		334,000		397,285

Royal Bank of Scotland Group plc, 7.64% Jr. Sub. Perpetual Bonds, Series U^5,10		500,000		536,750

Societe Generale SA, 5.922% Jr. Sub. Perpetual Bonds^3,5,10		440,000		452,650

SunTrust Banks, Inc.:
3.60% Sr. Unsec. Nts., 4/15/16		460,000		468,769
5.625% Jr. Sub. Perpetual Bonds^5,10		383,000		386,351

Wells Fargo & Co.:
5.875% Jr. Sub. Perpetual Bonds^5,10		162,000		166,058
5.90% Jr. Sub. Perpetual Bonds, Series S^5,10		318,000		319,590

				9,262,463


Consumer Finance—0.8%

Ally Financial, Inc., 8% Sr. Unsec. Nts., 11/1/31		339,000		407,224

Capital One Financial Corp.:
3.20% Sr. Unsec. Nts., 2/5/25		342,000		323,128
5.55% Jr. Sub. Perpetual Bonds^5,10		419,000		416,381

Discover Financial Services:
3.75% Sr. Unsec. Nts., 3/4/25		338,000		322,889
3.95% Sr. Unsec. Nts., 11/6/24		331,000		321,774

Synchrony Financial, 2.70% Sr. Unsec. Nts., 2/3/20		316,000		312,221

				2,103,617


Diversified Financial Services—0.3%

Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/25³		221,000		219,264

Voya Financial, Inc., 5.65% Jr. Sub. Nts., 5/15/53⁵		495,000		507,375

				726,639


Insurance—1.8%

AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45		368,000		373,498

Five Corners Funding Trust, 4.419% Unsec. Nts., 11/15/23³		374,000		386,492

Liberty Mutual Group, Inc.:
4.25% Sr. Unsec. Nts., 6/15/23³		543,000		558,653
4.85% Sr. Unsec. Nts., 8/1/44³		269,000		259,967

Lincoln National Corp., 6.05% Jr. Unsec. Sub. Nts., 4/20/67⁵		401,000		363,907

MetLife, Inc., 5.25% Jr. Sub. Perpetual Bonds^5,10		296,000		294,150

Prudential Financial, Inc., 5.20% Jr. Sub. Nts., 3/15/44⁵		331,000		328,137

Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds^4,5,10		780,000		804,570

TIAA Asset Management Finance Co. LLC, 4.125% Sr. Unsec. Nts., 11/1/24³		437,000		440,335

XLIT Ltd., 6.50% Jr. Sub. Perpetual Bonds^5,10		243,000		208,526

ZFS Finance USA Trust V, 6.50% Jr. Sub. Nts., 5/9/37^4,5		437,000		455,572

				4,473,807


Real Estate Investment Trusts (REITs)—1.3%

American Tower Corp.:
5.05% Sr. Unsec. Unsub. Nts., 9/1/20		285,000		309,775

12 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Principal Amount		Value

Real Estate Investment Trusts (REITs) (Continued)

American Tower Corp.: (Continued)
5.90% Sr. Unsec. Nts., 11/1/21	$	233,000	$	262,538

Corrections Corp. of America, 4.625% Sr. Unsec. Nts., 5/1/23		425,000		418,625

First Industrial LP, 7.50% Sr. Unsec. Nts., 12/1/17		360,000		400,847

HCP, Inc., 5.625% Sr. Unsec. Nts., 5/1/17		125,000		133,639

Health Care REIT, Inc., 2.25% Sr. Unsec. Nts., 3/15/18		88,000		88,665

Highwoods Realty LP, 7.50% Sr. Unsec. Nts., 4/15/18		366,000		418,034

Host Hotels & Resorts LP, 3.75% Sr. Unsec. Nts., 10/15/23		244,000		239,468

Liberty Property LP, 5.50% Sr. Unsec. Nts., 12/15/16		268,000		282,891

Prologis LP, 4% Sr. Unsec. Nts., 1/15/18		219,000		229,911

Regency Centers LP, 5.875% Sr. Unsec. Nts., 6/15/17		48,000		51,896

Ventas Realty LP, 1.25% Sr. Unsec. Nts., 4/17/17		178,000		177,616

WEA Finance LLC/Westfield UK & Europe Finance plc, 1.75% Sr. Unsec. Nts., 9/15/17³		369,000		370,165

				3,384,070

Real Estate Management & Development—0.2%

Brookfield Asset Management, Inc., 4% Sr. Unsec. Nts., 1/15/25		475,000		470,344

Health Care—2.7%

Biotechnology—0.2%

Baxalta, Inc., 5.25% Sr. Unsec. Nts., 6/23/45³		125,000		125,523

Gilead Sciences, Inc., 5.65% Sr. Unsec. Unsub. Nts., 12/1/41		263,000		302,271

				427,794

Health Care Equipment & Supplies—0.5%

Becton Dickinson & Co.:
1.45% Sr. Unsec. Nts., 5/15/17		453,000		452,810
3.875% Sr. Unsec. Nts., 5/15/24		221,000		221,958

DENTSPLY International, Inc., 2.75% Sr. Unsec. Nts., 8/15/16		425,000		431,903

Zimmer Biomet Holdings, Inc., 3.55% Sr. Unsec. Nts., 4/1/25		130,000		126,076

				1,232,747

Health Care Providers & Services—1.0%

Cardinal Health, Inc., 3.50% Sr. Unsec. Nts., 11/15/24		214,000		210,544

CHS/Community Health Systems, Inc., 5.125% Sr. Sec. Nts., 8/1/21		420,000		428,925

Fresenius Medical Care US Finance II, Inc., 5.875% Sr. Unsec. Nts., 1/31/22³		422,000		451,540

Laboratory Corp. of America Holdings, 3.60% Sr. Unsec. Nts., 2/1/25		610,000		582,531

LifePoint Health, Inc., 5.50% Sr. Unsec. Nts., 12/1/21		425,000		439,875

McKesson Corp., 4.883% Sr. Unsec. Nts., 3/15/44		180,000		179,330

Medco Health Solutions, Inc., 7.125% Sr. Unsec. Nts., 3/15/18		178,000		202,649

				2,495,394

Life Sciences Tools & Services—0.1%

Life Technologies Corp., 3.50% Sr. Unsec. Nts., 1/15/16		28,000		28,351

Thermo Fisher Scientific, Inc.:
4.15% Sr. Unsec. Nts., 2/1/24		144,000		146,791
5.30% Sr. Unsec. Nts., 2/1/44		165,000		174,433

				349,575

Pharmaceuticals—0.9%

AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25		208,000		205,689


	Principal Amount		Value

Pharmaceuticals (Continued)

AbbVie, Inc.: (Continued)
4.70% Sr. Unsec. Nts., 5/14/45	$	83,000	$	82,182

Actavis Funding SCS:
1.30% Sr. Unsec. Nts., 6/15/17		287,000		285,155
1.85% Sr. Unsec. Nts., 3/1/17		150,000		150,774
3.80% Sr. Unsec. Nts., 3/15/25		368,000		361,671
4.75% Sr. Unsec. Nts., 3/15/45		182,000		173,181

Hospira, Inc.:
5.20% Sr. Unsec. Nts., 8/12/20		441,000		493,073
6.05% Sr. Unsec. Nts., 3/30/17		172,000		185,118

Mallinckrodt International Finance SA, 3.50% Sr. Unsec. Nts., 4/15/18		468,000		471,510

				2,408,353

Industrials—3.3%

Aerospace & Defense—0.3%

BAE Systems Holdings, Inc., 3.80% Sr. Unsec. Nts., 10/7/24³		248,000		249,137

L-3 Communications Corp., 1.50% Sr. Unsec. Nts., 5/28/17		118,000		117,227
					��
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		115,000		116,209

Textron, Inc.:
3.875% Sr. Unsec. Nts., 3/1/25		129,000		127,050
4.30% Sr. Unsec. Nts., 3/1/24		230,000		238,954

				848,577

Building Products—0.2%

Owens Corning, 4.20% Sr. Unsec. Nts., 12/15/22		505,000		512,044


Commercial Services & Supplies—0.6%

Clean Harbors, Inc., 5.25% Sr. Unsec. Unsub. Nts., 8/1/20		468,000		477,360

Pitney Bowes, Inc., 4.625% Sr. Unsec. Nts., 3/15/24		575,000		580,178

R.R. Donnelley & Sons Co., 7.625% Sr. Unsec. Nts., 6/15/20		385,000		434,088

				1,491,626

Electrical Equipment—0.1%

Sensata Technologies BV, 4.875% Sr. Unsec. Nts., 10/15/23³		349,000		345,946

Industrial Conglomerates—0.4%

General Electric Capital Corp., 6.25% Jr. Sub. Perpetual Bonds, Series B^5,10		889,000		973,455

Synchrony Financial, 4.25% Sr. Unsec. Nts., 8/15/24		117,000		117,555

				1,091,010

Machinery—0.5%

Crane Co., 4.45% Sr. Unsec. Nts., 12/15/23		234,000		243,865

Ingersoll-Rand Global Holding Co. Ltd., 4.25% Sr. Unsec. Nts., 6/15/23		410,000		425,233

Joy Global, Inc., 6% Sr. Unsec. Nts., 11/15/16		71,000		75,310

Starwood Hotels & Resorts Worldwide, Inc., 7.375% Sr. Unsec. Nts., 11/15/15		384,000		392,620

				1,137,028

Professional Services—0.2%

Experian Finance plc, 2.375% Sr. Unsec. Nts., 6/15/17³		427,000		429,280


Road & Rail—0.6%

Burlington Northern Santa Fe LLC, 3% Sr. Unsec. Nts., 3/15/23		365,000		356,745

ERAC USA Finance LLC, 4.50% Sr. Unsec. Nts., 2/15/45³		126,000		115,825

Kansas City Southern de Mexico SA de CV, 3% Sr. Unsec. Nts., 5/15/23		372,000		357,439

13 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Road & Rail (Continued)

Penske Truck Leasing Co. LP/PTL Finance Corp.:
2.50% Sr. Unsec. Nts., 3/15/16³	$	446,000	$	449,170
4.25% Sr. Unsec. Nts., 1/17/23³		250,000		253,452

				1,532,631

Trading Companies & Distributors—0.4%

Air Lease Corp., 3.875% Sr. Unsec. Nts., 4/1/21		456,000		461,700

International Lease Finance Corp., 5.875% Sr. Unsec. Nts., 8/15/22		370,000		400,988

				862,688

Information Technology—1.9%

Communications Equipment—0.3%

Motorola Solutions, Inc., 3.50% Sr. Unsec. Nts., 3/1/23		316,000		298,161

QUALCOMM, Inc., 3.45% Sr. Unsec. Nts., 5/20/25		400,000		389,667

				687,828

Electronic Equipment, Instruments, & Components—0.6%

Arrow Electronics, Inc., 5.125% Sr. Unsec. Unsub. Nts., 3/1/21		525,000		570,440

Avnet, Inc., 4.875% Sr. Unsec. Unsub. Nts., 12/1/22		550,000		572,843

Flextronics International Ltd., 4.75% Sr. Unsec. Nts., 6/15/25³		330,000		327,789

				1,471,072

Internet Software & Services—0.2%

VeriSign, Inc., 5.25% Sr. Unsec. Nts., 4/1/25³		440,000		440,000

IT Services—0.3%

Fidelity National Information Services, Inc.:
1.45% Sr. Unsec. Nts., 6/5/17		351,000		350,321
3.50% Sr. Unsec. Nts., 4/15/23		244,000		236,933

Xerox Corp.:
2.95% Sr. Unsec. Nts., 3/15/17		149,000		152,656
6.75% Sr. Unsec. Nts., 2/1/17		75,000		80,810

				820,720

Software—0.3%

Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		125,000		125,391

Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/23³		256,000		254,080

Oracle Corp., 3.40% Sr. Unsec. Nts., 7/8/24		322,000		322,726

				702,197


Technology Hardware, Storage & Peripherals—0.2%

Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		227,000		223,754

Hewlett-Packard Co., 2.65% Sr. Unsec. Unsub. Nts., 6/1/16		443,000		448,638

				672,392

Materials—2.1%

Chemicals—0.8%

Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25		174,000		165,522
4.125% Sr. Unsec. Nts., 3/15/35		87,000		77,809

Eastman Chemical Co.:
3.00% Sr. Unsec. Nts., 12/15/15		218,000		219,976
4.65% Sr. Unsec. Nts., 10/15/44		112,000		106,133

LYB International Finance BV, 5.25% Sr. Unsec. Nts., 7/15/43		144,000		146,727

Methanex Corp., 4.25% Sr. Unsec. Nts., 12/1/24		256,000		253,928

Rockwood Specialties Group, Inc., 4.625% Sr. Unsec. Nts., 10/15/20		450,000		469,125

RPM International, Inc., 3.45% Sr. Unsec. Unsub. Nts., 11/15/22		378,000		364,722

Valspar Corp. (The), 3.30% Sr. Unsec. Nts., 2/1/25		122,000		117,471

				1,921,413


	Principal Amount		Value

Construction Materials—0.2%

CRH America, Inc., 5.125% Sr. Unsec. Nts., 5/18/45³	$	115,000	$	113,746

James Hardie International Finance Ltd., 5.875%
Sr. Unsec. Nts., 2/15/23³		421,000		435,735

				549,481

Containers & Packaging—0.6%

Ball Corp., 4% Sr. Unsec. Nts., 11/15/23		415,000		386,988

Packaging Corp. of America:
3.65% Sr. Unsec. Nts., 9/15/24		113,000		110,785
4.50% Sr. Unsec. Nts., 11/1/23		358,000		369,355

Rock-Tenn Co., 3.50% Sr. Unsec. Unsub. Nts., 3/1/20		729,000		750,906

				1,618,034

Metals & Mining—0.4%

Carpenter Technology Corp., 4.45% Sr. Unsec. Unsub. Nts., 3/1/23		159,000		158,224
Freeport-McMoRan, Inc., 3.875% Sr. Unsec. Nts., 3/15/23		142,000		129,048

Glencore Finance Canada Ltd., 3.60% Sr. Unsec. Nts., 1/15/17³		348,000		357,286

Glencore Funding LLC, 4.625% Sr. Unsec. Nts., 4/29/24³		159,000		157,967

Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		116,000		110,460

Yamana Gold, Inc., 4.95% Sr. Unsec. Nts., 7/15/24		230,000		221,640

				1,134,625

Paper & Forest Products—0.1%

International Paper Co., 4.80% Sr. Unsec. Nts., 6/15/44		183,000		169,737


Telecommunication Services—1.8%

Diversified Telecommunication Services—1.7%

AT&T, Inc., 4.35% Sr. Unsec. Nts., 6/15/45		614,000		525,938

British Telecommunications plc, 9.625% Sr. Unsec. Nts., 12/15/30		288,000		427,686

CenturyLink, Inc., 6.45% Sr. Unsec. Nts., 6/15/21		397,000		401,963

Deutsche Telekom International Finance BV, 5.75% Sr. Unsec. Nts., 3/23/16		402,000		415,910

Frontier Communications Corp., 7.625% Sr. Unsec. Nts., 4/15/24		395,000		350,563

Orange SA, 2.75% Sr. Unsec. Nts., 9/14/16		111,000		113,032

Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		277,000		313,010

Telefonica Emisiones SAU, 7.045% Sr. Unsec. Unsub. Nts., 6/20/36		169,000		207,594

Verizon Communications, Inc.:
3.50% Sr. Unsec. Nts., 11/1/24		189,000		183,921
4.50% Sr. Unsec. Nts., 9/15/20		1,050,000		1,132,954
4.522% Sr. Unsec. Nts., 9/15/48³		288,000		254,707
5.012% Sr. Unsec. Nts., 8/21/54		105,000		96,371

				4,423,649

Wireless Telecommunication Services—0.1%

America Movil SAB de CV, 4.375% Sr. Unsec.
Unsub. Nts., 7/16/42		164,000		152,710

Utilities—2.6%

Electric Utilities—1.5%

American Transmission Systems, Inc., 5% Sr. Unsec. Nts., 9/1/44³		118,000		119,948

EDP Finance BV, 5.25% Sr. Unsec. Nts., 1/14/21³		325,000		341,175

Enel Finance International NV, 6.25% Sr. Unsec. Nts., 9/15/17³		389,000		426,046

Exelon Corp., 3.95% Sr. Unsec. Nts., 6/15/25		411,000		413,626

ITC Holdings Corp.:
3.65% Sr. Unsec. Nts., 6/15/24		390,000		386,312
5.30% Sr. Unsec. Nts., 7/1/43		93,000		99,399

14 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


	Principal Amount		Value

Electric Utilities (Continued)

NextEra Energy Capital Holdings, Inc., 1.586% Sr. Unsec. Nts., 6/1/17	$	419,000	$	419,691

Pennsylvania Electric Co., 5.20% Sr. Unsec. Nts., 4/1/20		88,000		96,361

PPL Capital Funding, Inc.:
3.50% Sr. Unsec. Unsub. Nts., 12/1/22		158,000		159,946
4.20% Sr. Sec. Nts., 6/15/22		82,000		86,315

PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/21³		590,000		652,814

Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		347,000		403,861

Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/25³		277,000		275,292

				3,880,786

Independent Power and Renewable Electricity Producers—0.3%

Dayton Power & Light Co. (The), 1.875% Sec. Nts., 9/15/16		329,000		330,847

NRG Yield Operating LLC, 5.375% Sr. Unsec. Nts., 8/15/24³		405,000		410,063

				740,910

Multi-Utilities—0.8%

Berkshire Hathaway Energy Co., 4.50% Sr. Unsec. Nts., 2/1/45		224,000		218,905


	Principal Amount		Value

Multi-Utilities (Continued)

CenterPoint Energy, Inc., 5.95% Sr. Unsec. Nts., 2/1/17	$	386,000	$	414,542

CMS Energy Corp.:
3.875% Sr. Unsec. Nts., 3/1/24		240,000		244,131
5.05% Sr. Unsec. Unsub. Nts., 3/15/22		349,000		384,261

Consolidated Edison Co. of New York, Inc.,
4.625% Sr. Unsec. Nts., 12/1/54		100,000		97,225

Dominion Gas Holdings LLC, 4.60% Sr. Unsec. Nts., 12/15/44		170,000		160,025

NiSource Finance Corp., 4.80% Sr. Unsec. Nts., 2/15/44		179,000		182,561

Puget Energy, Inc., 3.65% Sr. Sec. Nts., 5/15/25³		206,000		201,721

				1,903,371

Total Non-Convertible Corporate Bonds and Notes
(Cost $90,350,754)				90,741,298

	Shares

Investment Company—2.1%

Oppenheimer Institutional Money Market Fund, Cl.
E, 0.15%^11,12(Cost $5,367,607)		5,367,607		5,367,607

Total Investments, at Value (Cost
$266,589,803)		112.1%		282,442,714

Net Other Assets (Liabilities)		(12.1)		(30,476,685)

Net Assets		100.0%	$	251,966,029

Footnotes to Statement of Investments

1. Non-income producing security.

2. Security is a Master Limited Partnership.

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 $45,813,152 or 18.18% of the Fund’s net assets as of June 30, 2015.

4. Restricted security. The aggregate value of restricted securities as of June 30, 2015 was $3,166,198, which represents 1.26% of the Fund’s net assets. See Note 4 of the accompanying Notes. Information concerning restricted securities is as follows:


Security	Acquisition Dates	Cost		Value		Unrealized Appreciation/ (Depreciation)

Banc of America Funding Trust, Series 2014-R7, Cl. 3A1, 2.617%, 3/26/36	3/6/15 - 5/13/15	$	409,474	$	409,343	$	(131)
Credit Agricole SA, 8.375% Jr. Sub. Perpetual Bonds	10/27/14 - 11/13/14		422,020		431,050		9,030
Drive Auto Receivables Trust, Series 2015-AA, Cl. C, 3.06%, 5/17/21	3/12/15		284,961		286,876		1,915
Rabobank Capital Funding Trust III, 5.254% Jr. Sub. Perpetual Bonds	5/1/13 - 5/8/13		758,664		778,787		20,123
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds	3/10/10 - 7/22/13		745,138		804,570		59,432
ZFS Finance USA Trust V, 6.50% Jr. Sub. Nts., 5/9/37	11/20/13		452,460		455,572		3,112

		$	3,072,717	$	3,166,198	$	93,481

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

6. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline.

Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $2,079,291 or 0.83% of the Fund’s net assets as of June 30, 2015.

7. Interest rate is less than 0.0005%.

8. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $94,821 or 0.04% of the Fund’s net assets as of June 30, 2015.

9. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after June 30, 2015. See Note 4 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. Rate shown is the 7-day yield as of June 30, 2015.

15 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments (Continued)

12. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the period ended June 30, 2015, 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, 2014		Gross Additions		Gross Reductions		Shares June 30, 2015

Oppenheimer Institutional Money Market Fund, Cl. E		5,367,607		—		—		5,367,607

					Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E					$	5,367,607	$	3,285

Futures Contracts as of June 30, 2015

Description

Exchange

Buy/Sell

Expiration Date

Number of
Contracts

Value

Unrealized Appreciation
(Depreciation)

United States Treasury Long Bonds

CBT

Sell

9/21/15

2,111,813

36,778

United States Treasury Nts., 2 yr.

CBT

Buy

9/30/15

6,787,063

5,202

United States Treasury Nts., 10 yr.

CBT

Sell

9/21/15

107

13,500,391

83,513

United States Treasury Ultra Bonds

CBT

Buy

9/21/15

7,703,125

(203,016)

(77,523)

Glossary:

Exchange Abbreviations


CBT		Chicago Board of Trade

See accompanying Notes to Financial Statements.

16 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2015 Unaudited




Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $261,222,196)	$	277,075,107
Affiliated companies (cost $5,367,607)		5,367,607

		282,442,714

Cash		9,344,983

Cash used for collateral on futures		260,000

Receivables and other assets:
Investments sold (including $26,512,225 sold on a when-issued or delayed delivery basis)		28,029,377
Interest, dividends and principal paydowns		1,228,134
Shares of beneficial interest sold		18,396
Variation margin receivable		4,940
Other		47,627

Total assets		321,376,171


Liabilities
Payables and other liabilities:
Investments purchased (including $68,396,655 purchased on a when-issued or delayed delivery basis)		69,203,046
Shares of beneficial interest redeemed		104,129
Trustees’ compensation		38,354
Distribution and service plan fees		12,285
Variation margin payable		6,309
Shareholder communications		5,642
Other		40,377

Total liabilities		69,410,142


Net Assets	$	251,966,029



Composition of Net Assets
Par value of shares of beneficial interest	$	17,392

Additional paid-in capital		249,007,976

Accumulated net investment income		2,655,089

Accumulated net realized loss on investments and foreign currency transactions		(15,488,481)

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		15,774,053

Net Assets	$	251,966,029


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 $192,859,263 and 13,276,284 shares of beneficial interest outstanding)	$	14.53

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $59,106,766 and 4,116,207 shares of beneficial interest outstanding)	$	14.36

See accompanying Notes to Financial Statements.

17 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2015 Unaudited




Investment Income
Interest from unaffiliated companies (net of foreign withholding taxes of $497)	$	2,887,137

Dividends:
Unaffiliated companies (net of foreign withholding taxes of $3,723)		780,670
Affiliated companies		3,285

Total investment income		3,671,092


Expenses
Management fees		967,106

Distribution and service plan fees:
Distribution and service plan fees - Service shares		76,848

Transfer and shareholder servicing agent fees:
Non-Service shares		99,438
Service shares		30,750

Shareholder communications:
Non-Service shares		17,925
Service shares		5,542

Custodian fees and expenses		22,162

Trustees’ compensation		7,299

Other		31,440

Total expenses		1,258,510
Less reduction to custodian expenses		(647)
Less waivers and reimbursements of expenses		(308,690)

Net expenses		949,173


Net Investment Income		2,721,919


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies		4,902,491
Closing and expiration of futures contracts		(156,402)
Foreign currency transactions		(2,403)

Net realized gain		4,743,686

Net change in unrealized appreciation/depreciation on:
Investments		(3,624,102)
Translation of assets and liabilities denominated in foreign currencies		(35,848)
Futures contracts		(381,064)

Net change in unrealized appreciation/depreciation		(4,041,014)


Net Increase in Net Assets Resulting from Operations	$	3,424,591

See accompanying Notes to Financial Statements.

18 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014

Operations
Net investment income	$	2,721,919	$	5,395,256

Net realized gain		4,743,686		12,573,539

Net change in unrealized appreciation/depreciation		(4,041,014)		3,629,766

Net increase in net assets resulting from operations		3,424,591		21,598,561


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(4,370,337)		(4,273,013)
Service shares		(1,196,499)		(1,173,553)

		(5,566,836)		(5,446,566)


Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Non-Service shares		(9,118,013)		(22,300,027)
Service shares		(4,337,458)		(9,586,563)

		(13,455,471)		(31,886,590)


Net Assets
Total decrease		(15,597,716)		(15,734,595)

Beginning of period		267,563,745		283,298,340

End of period (including accumulated net investment income of $ 2,655,089 and $ 5,500,006, respectively)	$	251,966,029	$	267,563,745

See accompanying Notes to Financial Statements.

19 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	14.67	$	13.84	$	12.52	$	11.30	$	11.47	$	10.30

Income (loss) from investment operations:
Net investment income²		0.16		0.29		0.25		0.29		0.20		0.23
Net realized and unrealized gain (loss)		0.04		0.83		1.38		1.09		(0.11)		1.09

Total from investment operations		0.20		1.12		1.63		1.38		0.09		1.32

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.34)		(0.29)		(0.31)		(0.16)		(0.26)		(0.15)

Net asset value, end of period	$	14.53	$	14.67	$	13.84	$	12.52	$	11.30	$	11.47



Total Return, at Net Asset Value³		1.32%		8.20%		13.17%		12.34%		0.72%		12.91%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	192,859	$	203,684	$	213,697	$	218,032	$	128,383	$	150,622

Average net assets (in thousands)	$	200,439	$	208,556	$	218,090	$	191,416	$	141,848	$	151,620

Ratios to average net assets:⁴
Net investment income		2.15%		2.03%		1.87%		2.46%		1.70%		2.13%
Total expenses⁵		0.91%		0.90%		0.89%		0.90%		0.91%		0.91%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.67%		0.67%		0.66%		0.66%		0.67%		0.65%

Portfolio turnover rate⁶		37%		98%		187%		110%		102%		54%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:


Six Months Ended June 30, 2015	0.91	%
Year Ended December 31, 2014	0.90	%
Year Ended December 31, 2013	0.90	%
Year Ended December 31, 2012	0.91	%
Year Ended December 30, 2011	0.93	%
Year Ended December 31, 2010	0.92	%

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 30, 2015		$448,706,782		$469,025,887
Year Ended December 31, 2014		$697,503,637		$678,765,376
Year Ended December 31, 2013		$794,398,216		$800,879,825
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

See accompanying Notes to Financial Statements.

20 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA


Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	14.49	$	13.66	$	12.37	$	11.17	$	11.35	$	10.19

Income (loss) from investment operations:
Net investment income²		0.14		0.25		0.21		0.26		0.16		0.20
Net realized and unrealized gain (loss)		0.03		0.84		1.36		1.08		(0.11)		1.08

Total from investment operations		0.17		1.09		1.57		1.34		0.05		1.28

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.30)		(0.26)		(0.28)		(0.14)		(0.23)		(0.12)

Net asset value, end of period	$	14.36	$	14.49	$	13.66	$	12.37	$	11.17	$	11.35



Total Return, at Net Asset Value³		1.13%		8.02%		12.83%		12.11%		0.38%		12.68%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	59,107	$	63,880	$	69,601	$	72,872	$	77,551	$	89,580

Average net assets (in thousands)	$	61,982	$	65,450	$	72,332	$	76,257	$	85,157	$	87,280

Ratios to average net assets:⁴
Net investment income		1.90%		1.78%		1.62%		2.18%		1.45%		1.87%
Total expenses⁵		1.16%		1.15%		1.15%		1.16%		1.16%		1.16%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.92%		0.92%		0.92%		0.92%		0.92%		0.90%

Portfolio turnover rate⁶		37%		98%		187%		110%		102%		54%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:


Six Months Ended June 30, 2015	1.16	%
Year Ended December 31, 2014	1.15	%
Year Ended December 31, 2013	1.16	%
Year Ended December 31, 2012	1.17	%
Year Ended December 30, 2011	1.18	%
Year Ended December 31, 2010	1.17	%

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 30, 2015		$448,706,782		$469,025,887
Year Ended December 31, 2014		$697,503,637		$678,765,376
Year Ended December 31, 2013		$794,398,216		$800,879,825
Year Ended December 31, 2012		$555,111,600		$549,805,766
Year Ended December 31, 2011		$450,804,195		$453,759,282
Year Ended December 31, 2010		$412,930,431		$414,511,903

See accompanying Notes to Financial Statements.

21 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2015 Unaudited

1. Organization

Oppenheimer Conservative Balanced Fund/VA (the “Fund”), formerly named Oppenheimer Capital Income 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 (“1940 Act”), 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.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

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.

22 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

2. Significant Accounting Policies (Continued)

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.

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 remains open for the three preceding fiscal reporting period ends.

During the fiscal year ended December 31, 2014, the Fund utilized $13,105,097 of capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had post-October losses of $371,625 and straddle losses of $2,415. Details of the fiscal year ended December 31, 2014 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	$	3,323,244
2016		3,323,244
2017		12,883,778

Total	$	19,530,266

As of June 30, 2015, it is estimated that the capital loss carryforwards would be $14,786,580 expiring by 2018. 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 30, 2015, it is estimated that the Fund will utilize $4,743,686 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	266,665,027
Federal tax cost of other investments		(1,044,493)

Total federal tax cost	$	265,620,534

Gross unrealized appreciation	$	20,593,239
Gross unrealized depreciation		(4,893,075)

Net unrealized appreciation	$	15,700,164

3. Securities Valuation

23 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

Valuation Methods and Inputs

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

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

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.

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.

Classifications

24 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

3. Securities Valuation (Continued)

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 30, 2015 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	$	10,965,983		$	—	$	—	$	10,965,983
Consumer Staples		4,587,774			2,368,650		—		6,956,424
Energy		5,895,526			—		—		5,895,526
Financials		15,343,505			—		—		15,343,505
Health Care		13,447,545			—		—		13,447,545
Industrials		8,671,809			—		—		8,671,809
Information Technology		16,169,041			—		—		16,169,041
Materials		2,939,814			—		—		2,939,814
Telecommunication Services		1,468,416			—		—		1,468,416
Utilities		2,627,528			—		—		2,627,528
Asset-Backed Securities		—			27,017,146		—		27,017,146
Mortgage-Backed Obligations		—			74,014,071		—		74,014,071
U.S. Government Obligations		—			817,001		—		817,001
Non-Convertible Corporate Bonds and Notes		—			90,741,298		—		90,741,298
Investment Company		5,367,607			—		—		5,367,607

Total Investments, at Value		87,484,548			194,958,166		—		282,442,714

Other Financial Instruments:
Futures contracts		125,493			—		—		125,493

Total Assets	$	87,610,041		$	194,958,166	$	—	$	282,568,207


Liabilities Table
Other Financial Instruments:
Futures contracts	$	(203,016	)	$	—	$	—	$	(203,016)

Total Liabilities	$	(203,016	)	$	—	$	—	$	(203,016)

4. Investments and Risks

25 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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

As of June 30, 2015, 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		$68,396,655
Sold securities		26,512,225

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.

Restricted Securities. As of June 30, 2015, 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.

5. Risk Exposures and the Use of Derivative Instruments

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

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

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

26 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

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

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

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

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

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

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

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

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 30, 2015, the Fund had an ending monthly average market value of $9,580,201 and $24,417,020 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.

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

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. 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 centrally 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 centrally cleared swaps.

27 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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

With respect to centrally 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 centrally 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 centrally cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

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

The following table presents the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities as of June 30, 2015:

Asset Derivatives

Liability Derivatives

Derivatives Not Accounted for as

Consolidated Statement of Assets and

Hedging Instruments

Liabilities Location

Value

Liabilities Location

Value

Equity contracts

Variation margin receivable

4,940^*

Variation margin payable

6,309^*

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

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


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

Interest rate contracts	$	(156,402	)		$	(156,402)

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

Interest rate contracts	$	(381,064	)		$	(381,064)

6. Shares of Beneficial Interest

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


	Six Months Ended June 30, 2015					Year Ended December 31, 2014
	Shares			Amount		Shares			Amount

Non-Service Shares
Sold		73,866		$	1,105,395		249,594		$	3,564,995
Dividends and/or distributions reinvested		299,338			4,370,337		300,916			4,273,013
Redeemed		(977,862	)		(14,593,745)		(2,114,253	)		(30,138,035)

Net decrease		(604,658	)	$	(9,118,013)		(1,563,743	)	$	(22,300,027)



Service Shares
Sold		80,727		$	1,189,002		373,936		$	5,300,928
Dividends and/or distributions reinvested		82,918			1,196,499		83,586			1,173,553
Redeemed		(456,742	)		(6,722,959)		(1,142,911	)		(16,061,044)

Net decrease		(293,097	)	$	(4,337,458)		(685,389	)	$	(9,586,563)

28 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2015 were as follows:


	Purchases		Sales

Investment securities		$81,897,046		$94,702,517
U.S. government and government agency obligations		8,820,854		9,230,806
To Be Announced (TBA) mortgage-related securities		448,706,782		469,025,887

8. 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

The Fund’s effective management fee for the six months ended June 30, 2015 was 0.74% of average annual net assets before any applicable waivers.

Waivers and Reimbursements of Expenses. The Manager has contractually 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 30, 2015, the Manager waived fees and/or reimbursed the Fund $233,807 and $72,221 for Non-Service and Service shares, respectively.

29 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

9. Pending Litigation

In 2009, several lawsuits were filed as putative class actions and later consolidated before the U.S. District Court for the District of Colorado in connection with the investment performance of Oppenheimer Rochester California Municipal Fund (the “California Fund Suit”), a fund advised by OppenheimerFunds, Inc. (“OFI”), and distributed by its subsidiary OppenheimerFunds Distributor, Inc. ( “OFDI”). The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the Fund contained misrepresentations and omissions and the investment policies of the Fund were not followed. Plaintiffs in the California Fund Suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In July 2015, the district court held an evidentiary hearing on plaintiffs’ motion for class certification. OFI and OFDI believe the California Fund Suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the California Fund Suit; and that no estimate can yet be made as to the amount or range of any potential loss.

30 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

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

31 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

DISTRIBUTION SOURCES Unaudited

Fund Name

Pay Date

Net Income

Net
Profit

Other Capital
Sources

Oppenheimer Conservative Balanced Fund/VA

6/16/15

96.9%

3.1%

0.0%

32 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

33 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

34 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

35 OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

OPPENHEIMER CONSERVATIVE BALANCED FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and 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
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Magnus Krantz, Vice President
		Krishna Memani, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering 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		Ropes & Gray 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.

		© 2015 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO



		June 30, 2015
		Oppenheimer
		Capital Appreciation Fund/VA		Semiannual Report
		A Series of Oppenheimer Variable Account Funds
		SEMIANNUAL REPORT
		Listing of Top Holdings Fund Performance Discussion Financial Statements

PORTFOLIO MANAGER: Michael Kotlarz

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/15


	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		4/3/85		4.16%		12.97 %		16.87 %	7.22 %

Service Shares		9/18/01		4.02		12.67		16.58	6.95

S&P 500 Index				1.23		7.42		17.34	7.89

Russell 1000 Growth Index				3.96		10.56		18.59	9.10

The Fund’s performance is compared to the performance of the S&P 500 Index and the Russell 1000 Growth Index. The S&P 500 Index is a broad-based measure of domestic stock performance. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Indices are unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS



Biogen, Inc.			5.0%

Facebook, Inc., Cl. A			4.9

eBay, Inc.			4.7

Allergan plc			4.4

Gilead Sciences, Inc.			4.2

Apple, Inc.			3.9

LinkedIn Corp., Cl. A			3.4

MasterCard, Inc., Cl. A			3.1

Oracle Corp.			3.0

Visa, Inc., Cl. A			3.0

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2015, 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 30, 2015, 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 4.16% during the reporting period, outperforming the Russell 1000 Growth Index (the “Index”), which returned 3.96%. The Fund’s outperformance relative to the Index stemmed primarily from stock selection in the health care and financials sectors, along with stock selection and an underweight position in industrials. Stock selection in the consumer discretionary and information technology detracted from relative performance. The Fund outperformed the S&P 500 Index, which returned 1.23% this reporting period.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

Equity markets were volatile during the six-month reporting period. After U.S. equities outperformed other developed and emerging market equities in 2014, the market environment shifted over the first half of 2015. The dollar continued to strengthen, which acted as a drag on growth. Businesses, especially U.S. firms with revenues dependent on exporting goods and services, cited this as a headwind. European Central Bank (“ECB”) President Mario Draghi announced the purchase of €60 billion a month in sovereign bonds from Eurozone countries for at least 19 months, a form of quantitative easing (“QE”) that is projected to increase the ECB’s balance sheet by over €1 trillion. The announcement and implementation of these extraordinary monetary policies had a significant impact on financial markets. European markets rallied and the euro fell against the currencies of most major trading partners. This resulted in European and emerging market equities outperforming U.S. equities over the first half of the period.

TOP INDIVIDUAL CONTRIBUTORS

During the reporting period, top contributors to performance included Biogen Inc., Gilead Sciences Inc. and Apple, Inc. Biogen is a global biotechnology company that received strong sales results from its multiple sclerosis drugs Tecfidera and Tysabri. Biogen’s experimental Alzheimer’s drug also showed promising results in an early stage trial and the company moved the drug to Phase III trials. Gilead Sciences is a biopharmaceutical company that discovers, develops and commercializes innovative medicines. The company received $3.6 billion from sales of its newest Hepatitis C pill, lifting the drug maker’s results above Wall Street expectations. The company also declared its first dividend. Apple continued to perform well as the continued success of the iPhone 6, excitement surrounding the introduction of the new iWatch, and an increased dividend and buyback program resulted in strong relative performance.

TOP INDIVIDUAL DETRACTORS

Top detractors from performance this reporting period included Western Digital Corp., Twenty-First Century Fox, Inc. and Tiffany & Co. Western Digital is a data storage solutions company that announced a decline in net revenues. Lower demand for enterprise hard drives also hurt the company this period. Twenty-First Century Fox, a diversified media company, posted strong domestic affiliate and ad revenue growth amid a weak U.S. television market, but reduced its fiscal 2015 and 2016 EBITDA (earnings before interest, taxes, depreciation and amortization) outlook due to weaker-than-expected television broadcast performance and increasing currency impediments. Tiffany, the world’s second-largest luxury jewelry retailer, declined in the first quarter of 2015. The company’s shares fell after a sluggish holiday season spurred the luxury jewelry chain to cut its annual forecast. Tiffany had been counting on the Americas to help offset weaker results overseas, especially in Japan, but that approach faltered over the holidays. We sold our position during the reporting period.

STRATEGY & OUTLOOK

Uncertainty about the Eurozone crisis, the uncertainty over when the Fed will raise interest rates, 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 tailwinds and for the markets to reward differentiated valuations to those companies demonstrating consistent quality, growth and innovation. We believe 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 30, 2015.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During 6 Months Ended June 30, 2015
Non-Service shares	$	1,000.00	$	1,041.60	$	4.06
Service shares		1,000.00		1,040.20		5.33

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


Class	Expense Ratios
Non-Service shares		0.80%
Service shares		1.05

5 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF INVESTMENTS June 30, 2015 Unaudited



	Shares		Value

Common Stocks—99.7%

Consumer Discretionary—18.4%

Auto Components—0.5%

Magna International, Inc.		88,120	$ 4,942,651

Diversified Consumer Services—0.5%

Service Corp. International		137,420	4,044,271

Hotels, Restaurants & Leisure—2.2%

Chipotle Mexican Grill, Inc., Cl. A¹		7,350	4,446,676

Dunkin’ Brands Group, Inc.		300,720	16,539,600

			20,986,276

Household Durables—1.0%

Harman International Industries, Inc.		81,160	9,653,170

Internet & Catalog Retail—1.6%

Amazon.com, Inc.¹		7,454	3,235,707

TripAdvisor, Inc.¹		136,960	11,934,694

			15,170,401

Leisure Products—0.5%

Hasbro, Inc.		62,790	4,696,064

Media—4.8%

Time Warner, Inc.		234,635	20,509,445

Twenty-First Century Fox, Inc., Cl. B		343,520	11,068,215

Walt Disney Co. (The)		122,280	13,957,039

			45,534,699

Multiline Retail—2.2%

Dollar Tree, Inc.¹		196,830	15,547,602

Macy’s, Inc.		77,530	5,230,949

			20,778,551

Specialty Retail—2.6%

TJX Cos., Inc. (The)		361,010	23,888,032

Textiles, Apparel & Luxury Goods—2.5%

Coach, Inc.		115,660	4,002,992

NIKE, Inc., Cl. B		98,730	10,664,815

VF Corp.		130,270	9,085,030

			23,752,837

Consumer Staples—5.0%

Beverages—1.2%

Brown-Forman Corp., Cl. B		14,725	1,475,151

Constellation Brands, Inc., Cl. A		82,010	9,514,800

			10,989,951

Food & Staples Retailing—3.8%

Costco Wholesale Corp.		131,950	17,821,167

CVS Health Corp.		177,000	18,563,760

			36,384,927

Energy—2.9%

Energy Equipment & Services—0.4%

Halliburton Co.		93,530	4,028,337

Oil, Gas & Consumable Fuels—2.5%

Antero Resources Corp.¹		92,650	3,181,601

Cimarex Energy Co.		41,620	4,591,102

EOG Resources, Inc.		108,370	9,487,794

Pioneer Natural Resources Co.		47,630	6,605,805

			23,866,302

Financials—8.6%

Capital Markets—3.9%

Charles Schwab Corp. (The)		606,390	19,798,634

Invesco Ltd.		149,280	5,596,507

State Street Corp.		144,180	11,101,860

			36,497,001



	Shares		Value

Commercial Banks—3.3%

JPMorgan Chase & Co.		369,030	$ 25,005,473

SVB Financial Group¹		44,750	6,443,105

			31,448,578

Insurance—1.4%

Aon plc		135,630	13,519,598

Health Care—22.3%

Biotechnology—12.5%

Biogen, Inc.¹		115,210	46,537,928

Celgene Corp.¹		238,294	27,578,956

Gilead Sciences, Inc.		339,150	39,707,682

Vertex Pharmaceuticals, Inc.¹		30,575	3,775,401

			117,599,967

Health Care Equipment & Supplies—2.1%

Abbott Laboratories		272,720	13,385,098

Hologic, Inc.¹		125,540	4,778,052

Medtronic plc		25,090	1,859,169

			20,022,319

Life Sciences Tools & Services—0.3%

Illumina, Inc.¹		11,390	2,487,120

Pharmaceuticals—7.4%

Allergan plc¹		136,260	41,349,460

Bristol-Myers Squibb Co.		90,260	6,005,900

Perrigo Co. plc		42,160	7,792,433

Valeant Pharmaceuticals International, Inc.¹		68,477	15,212,165

			70,359,958

Industrials—6.4%

Aerospace & Defense—0.8%

Raytheon Co.		23,770	2,274,313

TransDigm Group, Inc.¹		23,170	5,205,604

			7,479,917

Building Products—0.8%

A.O. Smith Corp.		69,430	4,997,572

Allegion plc		45,330	2,726,146

			7,723,718

Commercial Services & Supplies—1.2%

Cintas Corp.		137,540	11,634,509

Electrical Equipment—0.6%

Acuity Brands, Inc.		28,150	5,066,437

Machinery—2.8%

Ingersoll-Rand plc		169,380	11,419,600

Parker-Hannifin Corp.		10,250	1,192,382

Stanley Black & Decker, Inc.		36,130	3,802,321

Wabtec Corp.		107,120	10,094,989

			26,509,292

Road & Rail—0.2%

Canadian Pacific Railway Ltd.		12,130	1,943,590

Information Technology—35.0%

Internet Software & Services—14.2%

Alibaba Group Holding Ltd., Sponsored ADR¹		73,000	6,005,710

eBay, Inc.¹		742,290	44,715,549

Facebook, Inc., Cl. A¹		538,240	46,162,154

Google, Inc., Cl. A¹		10,420	5,627,217

LinkedIn Corp., Cl. A¹		153,910	31,802,423

			134,313,053

IT Services—7.6%

Computer Sciences Corp.		215,360	14,136,231

MasterCard, Inc., Cl. A		312,430	29,205,956

Visa, Inc., Cl. A		416,428	27,963,140

			71,305,327

6 OPPENHEIMER CAPITAL APPRECIATION FUND/VA


	Shares		Value

Software—7.2%

Microsoft Corp.		438,800	$	19,373,020

Oracle Corp.		705,810		28,444,143

ServiceNow, Inc.¹		127,010		9,438,113

Workday, Inc., Cl. A¹		143,100		10,931,409

				68,186,685


Technology Hardware, Storage & Peripherals—6.0%

Apple, Inc.		294,150		36,893,764

EMC Corp.		427,430		11,279,878

Western Digital Corp.		102,330		8,024,718

				56,198,360


Materials—1.1%

Chemicals—1.1%

Sherwin-Williams Co. (The)		37,220		10,236,244


Total Investments, at Value (Cost $709,397,444)		99.7%		941,248,142

Net Other Assets (Liabilities)		0.3		2,473,890

Net Assets		100.0%	$	943,722,032

Footnotes to Statement of Investments

1. Non-income producing security.

The following issuer is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the period ended June 30, 2015, 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. There were no affiliate securities held by the the Fund as of June 30, 2015. Transactions during the period in which the issuer was an affiliate are as follows:

Shares
December 31, 2014

Gross
Additions

Gross
�� Reductions

Shares
June 30, 2015

Oppenheimer Institutional Money Market Fund, Cl. E

3,087,900

83,961,048

87,048,948

–

Income

Oppenheimer Institutional Money Market Fund, Cl. E

2,169

See accompanying Notes to Financial Statements.

7 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2015 Unaudited



Assets
Investments, at value - unaffiliated companies (cost $709,397,444)—see accompanying statement of investments	$	941,248,142

Cash		892,572

Receivables and other assets:
Investments sold		3,841,923
Dividends		553,852
Shares of beneficial interest sold		219,223
Other		83,649

Total assets		946,839,361


Liabilities
Payables and other liabilities:
Investments purchased		1,869,935
Shares of beneficial interest redeemed		1,047,182
Trustees’ compensation		71,720
Distribution and service plan fees		70,366
Shareholder communications		36,088
Other		22,038

Total liabilities		3,117,329


Net Assets	$	943,722,032



Composition of Net Assets
Par value of shares of beneficial interest	$	16,975

Additional paid-in capital		640,573,774

Accumulated net investment loss		(875,990)

Accumulated net realized gain on investments and foreign currency transactions		72,159,626

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		231,847,647

Net Assets	$	943,722,032



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 $605,182,873 and 10,842,321 shares of beneficial interest outstanding)		$55.82


Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $338,539,159 and 6,133,128 shares of beneficial interest outstanding)		$55.20

See accompanying Notes to Financial Statements.

8 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2015 Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $8,907)	$	4,767,120
Affiliated companies		2,169

Total investment income		4,769,289

Expenses
Management fees		3,285,878

Distribution and service plan fees:
Service shares		427,416

Transfer and shareholder servicing agent fees:
Non-Service shares		307,232
Service shares		170,993

Shareholder communications:
Non-Service shares		33,355
Service shares		18,572

Trustees’ compensation		17,155

Custodian fees and expenses		7,690

Other		30,829

Total expenses		4,299,120
Less reduction to custodian expenses		(406)
Less waivers and reimbursements of expenses		(45,283)

Net expenses		4,253,431


Net Investment Income		515,858


Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments from unaffiliated companies		73,307,842
Foreign currency transactions		10,166

Net realized gain		73,318,008

Net change in unrealized appreciation/depreciation on:
Investments		(35,118,451)
Translation of assets and liabilities denominated in foreign currencies		290,434

Net change in unrealized appreciation/depreciation		(34,828,017)


Net Increase in Net Assets Resulting from Operations	$	39,005,849

See accompanying Notes to Financial Statements.

9 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014

Operations
Net investment income	$	515,858	$	594,123

Net realized gain		73,318,008		183,603,215

Net change in unrealized appreciation/depreciation		(34,828,017)		(48,516,600)

Net increase in net assets resulting from operations		39,005,849		135,680,738

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(554,707)		(2,755,561)
Service shares		—		(632,322)

		(554,707)		(3,387,883)


Distributions from net realized gain:
Non-Service shares		(106,184,924)		(15,002,872)
Service shares		(59,885,291)		(8,466,690)

		(166,070,215)		(23,469,562)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		69,689,721		(80,263,666)
Service shares		47,471,016		(65,500,468)

		117,160,737		(145,764,134)

Net Assets
Total decrease		(10,458,336)		(36,940,841)

Beginning of period		954,180,368		991,121,209


End of period (including accumulated net investment loss of $ 875,990 and $ 837,141, respectively)	$	943,722,032	$	954,180,368

See accompanying Notes to Financial Statements.

10 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	64.87	$	57.88	$	45.06		39.75		40.35		36.94

Income (loss) from investment operations:
Net investment income²		0.06		0.09		0.23		0.42		0.23		0.11
Net realized and unrealized gain (loss)		2.74		8.64		13.09		5.18		(0.69)		3.36

Total from investment operations		2.80		8.73		13.32		5.60		(0.46)		3.47

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.06)		(0.27)		(0.50)		(0.29)		(0.14)		(0.06)
Distributions from net realized gain		(11.79)		(1.47)		0.00		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(11.85)		(1.74)		(0.50)		(0.29)		(0.14)		(0.06)

Net asset value, end of period	$	55.82	$	64.87	$	57.88	$	45.06	$	39.75	$	40.35



Total Return, at Net Asset Value³		4.16%		15.41%		29.74%		14.12%		(1.15)%		9.42%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	605,183	$	616,862	$	626,907	$	573,684	$	637,868	$	771,086

Average net assets (in thousands)	$	619,404	$	614,272	$	595,912	$	600,121	$	713,770	$	976,242

Ratios to average net assets:⁴
Net investment income		0.20%		0.15%		0.44%		0.95%		0.57%		0.31%
Total expenses⁵		0.81%		0.80%		0.81%		0.81%		0.80%		0.79%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.80%		0.80%		0.80%		0.79%

Portfolio turnover rate		33%		61%		77%		28%		27%		58%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:



Six Months Ended June 30, 2015	0.81	%
Year Ended December 31, 2014	0.80	%
Year Ended December 31, 2013	0.81	%
Year Ended December 31, 2012	0.81	%
Year Ended December 30, 2011	0.80	%
Year Ended December 31, 2010	0.79	%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	64.30	$	57.37	$	44.66	$	39.40	$	39.99	$	36.64

Income (loss) from investment operations:
Net investment income (loss)²		(0.02)		(0.06)		0.10		0.31		0.13		0.02
Net realized and unrealized gain (loss)		2.71		8.57		12.98		5.12		(0.68)		3.33

Total from investment operations		2.69		8.51		13.08		5.43		(0.55)		3.35

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.11)		(0.37)		(0.17)		(0.04)		0.00
Distributions from net realized gain		(11.79)		(1.47)		0.00		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(11.79)		(1.58)		(0.37)		(0.17)		(0.04)		0.00

Net asset value, end of period	$	55.20	$	64.30	$	57.37	$	44.66	$	39.40	$	39.99



Total Return, at Net Asset Value³		4.02%		15.13%		29.43%		13.81%		(1.37)%		9.15%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	338,539	$	337,318	$	364,214	$	366,664	$	375,330	$	423,989

Average net assets (in thousands)	$	344,728	$	343,254	$	367,615	$	382,196	$	407,413	$	427,640

Ratios to average net assets:⁴
Net investment income (loss)		(0.05)%		(0.10)%		0.20%		0.71%		0.32%		0.06%
Total expenses⁵		1.06%		1.05%		1.06%		1.06%		1.05%		1.04%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%		1.05%		1.05%		1.04%

Portfolio turnover rate		33%		61%		77%		28%		27%		58%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:



Six Months Ended June 30, 2015	1.06	%
Year Ended December 31, 2014	1.05	%
Year Ended December 31, 2013	1.06	%
Year Ended December 31, 2012	1.06	%
Year Ended December 30, 2011	1.05	%
Year Ended December 31, 2010	1.04	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2015 Unaudited

1. Organization

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 (“1940 Act”), 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.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

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.

13 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

During the fiscal year ended December 31, 2014, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. 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.

As of June 30, 2015, it is estimated that the capital loss carryforwards would be $73,318,008, 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 year. During the six months ended June 30, 2015, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	709,397,444

Gross unrealized appreciation	$	242,319,936
Gross unrealized depreciation		(10,469,238)

Net unrealized appreciation	$	231,850,698

3. 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 CAPITAL APPRECIATION FUND/VA

3. 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 30, 2015 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	$	173,446,952	$	—	$	—	$	173,446,952
Consumer Staples		47,374,878		—		—		47,374,878

15 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)


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

Common Stocks (Continued)
Energy	$	27,894,639	$	—	$	—	$	27,894,639
Financials		81,465,177		—		—		81,465,177
Health Care		210,469,364		—		—		210,469,364
Industrials		60,357,463		—		—		60,357,463
Information Technology		330,003,425		—		—		330,003,425
Materials		10,236,244		—		—		10,236,244

Total Assets	$	941,248,142	$	—	$	—	$	941,248,142

4. Investments and Risks

5. Shares of Beneficial Interest

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


	Six Months Ended June 30, 2015					Year Ended December 31, 2014
	Shares			Amount		Shares			Amount

Non-Service Shares
Sold		90,581		$	5,987,674		297,082		$	17,790,087
Dividends and/or distributions reinvested		1,895,571			106,739,631		303,563			17,758,433
Redeemed		(653,085	)		(43,037,584)		(1,922,275	)		(115,812,186)

Net increase (decrease)		1,333,067		$	69,689,721		(1,321,630	)	$	(80,263,666)



Service Shares
Sold		316,654		$	20,655,662		259,544		$	15,480,606
Dividends and/or distributions reinvested		1,075,332			59,885,278		156,718			9,099,012
Redeemed		(505,175	)		(33,069,924)		(1,518,264	)		(90,080,086)

Net increase (decrease)		886,811		$	47,471,016		(1,102,002	)	$	(65,500,468)

6. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2015 were as follows:

16 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

7. 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			0.58

The Fund’s effective management fee for the six months ended June 30, 2015 was 0.69% of average annual net assets before any applicable waivers.

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 30, 2015, the Manager waived fees and/or reimbursed the Fund $27,594 and $15,807 for Non-Service and Service shares, respectively.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

8. Pending Litigation

17 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Pending Litigation (Continued)

disclosure documents of the Fund contained misrepresentations and omissions and the investment policies of the Fund were not followed. Plaintiffs in the California Fund Suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In July 2015, the district court held an evidentiary hearing on plaintiffs’ motion for class certification. OFI and OFDI believe the California Fund Suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the California Fund Suit; and that no estimate can yet be made as to the amount or range of any potential loss.

18 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

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

19 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

DISTRIBUTION SOURCES Unaudited

Fund Name

Pay Date

Net Income

Net Profit
from Sale

Other Capital
Sources

Oppenheimer Capital Appreciation Fund/VA

6/16/15

0.4%

99.6%

0.0%

20 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

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21 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

22 OPPENHEIMER CAPITAL APPRECIATION FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

23 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
				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
				Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
				Michael Kotlarz, Vice President
				Arthur S. Gabinet, Secretary and Chief Legal Officer
				Jennifer Sexton, Vice President and Chief Business Officer
				Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering 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				Ropes & Gray 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 oppenheimerfuinds.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.

				© 2015 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO

PORTFOLIO MANAGERS: Krishna Memani and Peter A. Strzalkowski, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/15


	Inception Date		6-Months			1-Year			5-Year			10-Year
Non-Service Shares		4/3/85		0.44	%		2.11	%		5.98	%		0.52	%
Service Shares		5/1/02		0.44			2.00			5.72			0.28
Barclays Credit Index				-0.78			0.93			4.93			5.12
Barclays U.S. Aggregate Bond Index				-0.15			1.81			3.34			4.43
Citigroup Broad Investment Grade Bond Index				-0.06			1.87			3.31			4.53

The Fund’s performance is compared to the performance of the Barclays Credit Index, an index of non-convertible U.S. investment grade corporate bonds; the Barclays U.S. Aggregate Bond Index, an index of U.S. corporate and government bonds and the Citigroup Broad Investment Grade Bond Index, an index of institutionally traded U.S. Treasury Bonds, government-sponsored bonds, mortgage-backed securities and corporate securities. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

2 OPPENHEIMER CORE BOND FUND/VA

TOP HOLDINGS AND ALLOCATIONS


CORPORATE BONDS & NOTES - TOP TEN INDUSTRIES
Commercial Banks	5.4	%
Oil, Gas & Consumable Fuels	4.7
Capital Markets	3.6
Diversified Telecommunication Services	2.6
Insurance	2.5
Electric Utilities	2.3
Media	2.1
Real Estate Investment Trusts (REITs)	2.0
Automobiles	1.8
Food Products	1.7

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2015, and are based on net assets.


CREDIT RATING BREAKDOWN	NRSRO ONLY TOTAL
AAA		33.4	%
AA		5.7
A		15.4
BBB		34.5
BB		7.3
B		0.4
CCC		1.4
D		1.8
Unrated		0.1
Total		100.0	%

The percentages above are based on the market value of the Fund’s securities as of June 30, 2015, and are subject to change. Except for securities labeled “Unrated,” and except for certain securities issued or guaranteed by a foreign sovereign or supranational entity, all securities have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (the “Sub-Adviser”) 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 are assigned a credit rating equal to the highest NRSRO rating assigned to that foreign sovereign. For securities not rated by an NRSRO, the Sub-Adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the sub-adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security. 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 table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories (AAA, AA, A and BBB). Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. Please consult the Fund’s prospectus and Statement of Additional Information for further information.

3 OPPENHEIMER CORE BOND FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 0.44% during the reporting period. On a relative basis, the Fund outperformed its benchmarks, the Barclays U.S. Aggregate Bond Index (the “Index”), the Barclays Credit Index and the Citigroup Broad Investment Grade Bond Index, which returned -0.15%, -0.78%, -0.06%, respectively.

MARKET OVERVIEW

FUND REVIEW

During the reporting period, the Fund received its strongest results from its investments in mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”). Among MBS, the Fund had its largest exposure to government agency MBS, with a smaller allocation to non-agency MBS. Security selection within the agency MBS sector and an allocation to non-agency MBS served the Fund well during this reporting period as agency inverse interest-only security prices were supported by a more dovish Federal Reserve (“Fed”) outlook while non-agency MBS prices benefited from solid fundamentals and a lack of supply. The Fund’s exposure to ABS is primarily concentrated in securities backed by auto loans. These investments performed well for the Fund this reporting period.

In addition to these investments, the Fund had its largest exposure to corporate bonds at period end. The Fund had its largest weighting in investment grade corporate bonds, which we believe still offer solid value, and also maintained an allocation to non-investment grade (BB-rated and below) corporate bonds, which have historically offered attractive yields for only incremental credit risk relative to their investment grade (BBB-rated and above) counterparts. Both investment grade and non-investment grade corporate bonds benefited the Fund’s performance versus the Index this reporting period, although investment grade corporates produced a slight negative return.

The primary detractor from performance this reporting period was the Fund’s minimal exposure to U.S. Treasuries. As mentioned earlier, U.S. Treasury rates rose for the overall six-month reporting period, which impacted the total returns of these securities.

STRATEGY & OUTLOOK

Despite the likelihood that the Fed begins to hike rates sometime in 2015, central banks around the globe are implementing their own versions of extraordinary monetary policy in the face of global growth concerns and corresponding deflationary threats. Such policies provide the financial markets with ample liquidity and have pushed global interest rates lower. Lower global rates have made higher yielding U.S. fixed income instruments more attractive to investors and the ensuing purchasing of such securities has resulted in lower U.S. interest rates as well. This sort of continuum may potentially keep rates low for some time.

Meanwhile, the U.S. economy continues to grow at a steady pace with credit growth continuing at moderate levels far below those which preceded the financial crisis. With consumers continuing to de-lever and companies generating solid free cash flow to support investments, acquisitions, debt levels, dividends, and

4 OPPENHEIMER CORE BOND FUND/VA

share buybacks, we believe this trend could continue. As a result and as mentioned above, we remain constructive on credit spreads which still provide good value relative to Treasuries and provide the fund with carry, or yield advantage over the index which may prove beneficial in this environment.

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.

5 OPPENHEIMER CORE BOND FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2015.

Hypothetical Example for Comparison Purposes.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2015		June 30, 2015		June 30, 2015
Non-Service shares	$	1,000.00	$	1,004.40	$	3.73
Service shares		1,000.00		1,004.40		4.98

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,021.08		3.77
Service shares		1,000.00		1,019 .84		5.02

6 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS June 30, 2015 Unaudited


	Principal Amount		Value
Asset-Backed Securities—16.5%
Auto Loan—14.8%
American Credit Acceptance Receivables Trust:
Series 2013-2,Cl. B, 2.84%, 5/15/19¹	$	374,142	$	375,711
Series 2014-1,Cl. B, 2.39%, 11/12/19¹		520,000		521,357
Series 2014-2,Cl. B, 2.26%, 3/10/20¹		135,000		135,109
Series 2014-3,Cl. B, 2.43%, 6/10/20¹		445,000		445,564
Series 2014-4,Cl. B, 2.60%, 10/12/20¹		145,000		145,067
Series 2015-1,Cl. B, 2.85%, 2/12/21¹		385,000		385,325
AmeriCredit Automobile Receivables Trust:
Series 2012-2,Cl. E, 4.85%, 8/8/19¹		375,000		387,051
Series 2012-4,Cl. D, 2.68%, 10/9/18		100,000		101,885
Series 2013-2,Cl. E, 3.41%, 10/8/20¹		345,000		350,345
Series 2013-3,Cl. E, 3.74%, 12/8/20¹		145,000		148,282
Series 2013-4,Cl. D, 3.31%, 10/8/19		30,000		30,797
Series 2013-5,Cl. D, 2.86%, 12/9/19		225,000		227,518
Series 2014-1,Cl. E, 3.58%, 8/9/21		95,000		95,612
Series 2014-2,Cl. D, 2.57%, 7/8/20		245,000		245,345
Series 2014-2,Cl. E, 3.37%, 11/8/21		280,000		279,177
Series 2014-4,Cl. D, 3.07%, 11/9/20		235,000		236,700
Series 2015-2,Cl. D, 3.00%, 6/8/21		70,000		70,139
California Republic Auto Receivables Trust:
Series 2013-2,Cl. C, 3.32%, 8/17/20		230,000		231,615
Series 2014-2,Cl. C, 3.29%, 3/15/21		80,000		79,865
Series 2014-4,Cl. C, 3.56%, 9/15/21		100,000		100,090
Capital Auto Receivables Asset Trust:
Series 2013-4,Cl. D, 3.22%, 5/20/19		105,000		106,463
Series 2014-1,Cl. D, 3.39%, 7/22/19		115,000		117,599
Series 2014-3,Cl. D, 3.14%, 2/20/20		160,000		161,569
Series 2015-1,Cl. D, 3.16%, 8/20/20		165,000		165,676
Series 2015-2,Cl. C, 2.67%, 8/20/20		155,000		154,969
CarFinance Capital Auto Trust:
Series 2013-1A,Cl. A, 1.65%, 7/17/17¹		1,686		1,687
Series 2013-2A,Cl. B, 3.15%, 8/15/19¹		530,000		538,615
Series 2014-1A,Cl. A, 1.46%, 12/17/18¹		70,133		70,054
Series 2015-1A,Cl. A, 1.75%, 6/15/21¹		211,452		211,706
CarMax Auto Owner Trust, Series 2015-2, Cl. D, 3.04%, 11/15/21		100,000		99,970
Centre Point Funding LLC, Series 2010-1A, Cl. 1, 5.43%, 7/20/16¹		17,975		17,999
CPS Auto Receivables Trust:
Series 2012-B,Cl. A, 2.52%, 9/16/19¹		151,995		152,992
Series 2014-A,Cl. A, 1.21%, 8/15/18¹		258,231		258,007
Series 2014-B,Cl. A, 1.11%, 11/15/18¹		178,608		178,180
Series 2014-C,Cl. A, 1.31%, 2/15/19¹		225,652		225,665
Credit Acceptance Auto Loan Trust:
Series 2013-1A,Cl. B, 1.83%, 4/15/21¹		235,000		234,736
Series 2013-2A,Cl. B, 2.26%, 10/15/21¹		585,000		589,318
Series 2014-1A,Cl. B, 2.29%, 4/15/22¹		215,000		216,099
Series 2014-2A,Cl. B, 2.67%, 9/15/22¹		160,000		160,595
Series 2015-1A,Cl. C, 3.30%, 7/17/23¹		225,000		226,213
Drive Auto Receivables Trust:
Series 2015-AA,Cl. C, 3.06%, 5/17/21²		250,000		251,645
Series 2015-BA,Cl. C, 2.76%, 7/15/21¹		300,000		300,166
DT Auto Owner Trust:
Series 2012-1A,Cl. D, 4.94%, 7/16/18¹		120,944		121,436
Series 2013-1A,Cl. D, 3.74%, 5/15/20¹		175,000		176,305
Series 2013-2A,Cl. D, 4.18%, 6/15/20¹		485,000		491,606
Series 2014-1A,Cl. D, 3.98%, 1/15/21¹		360,000		364,202
Series 2014-2A,Cl. D, 3.68%, 4/15/21¹		525,000		527,979
Series 2014-3A,Cl. D, 4.47%, 11/15/21¹		205,000		207,667
Series 2015-1A,Cl. C, 2.87%, 11/16/20¹		180,000		180,829
Exeter Automobile Receivables Trust:
Series 2012-2A,Cl. C, 3.06%, 7/16/18¹		35,000		35,123
Series 2014-1A,Cl. B, 2.42%, 1/15/19¹		230,000		231,378
Series 2014-1A,Cl. C, 3.57%, 7/15/19¹		230,000		232,543
Series 2014-2A,Cl. A, 1.06%, 8/15/18¹		48,524		48,459
Series 2014-2A,Cl. C, 3.26%, 12/16/19¹		110,000		109,522
First Investors Auto Owner Trust:
Series 2012-1A,Cl. C, 3.54%, 11/15/17¹		52,345		52,727
Series 2012-1A,Cl. D, 5.65%, 4/15/18¹		155,000		157,869


	Principal Amount		Value
Auto Loan (Continued)
First Investors Auto Owner Trust: (Continued)
Series 2013-3A,Cl. B, 2.32%, 10/15/19¹	$	385,000	$	388,518
Series 2013-3A,Cl. C, 2.91%, 1/15/20¹		165,000		166,902
Series 2013-3A,Cl. D, 3.67%, 5/15/20¹		125,000		126,287
Series 2014-1A,Cl. D, 3.28%, 4/15/21¹		225,000		224,177
Series 2014-3A,Cl. D, 3.85%, 2/15/22¹		140,000		140,958
Flagship Credit Auto Trust:
Series 2014-1,Cl. A, 1.21%, 4/15/19¹		121,678		121,545
Series 2014-2,Cl. A, 1.43%, 12/16/19¹		240,758		240,601
GM Financial Automobile Leasing Trust:
Series 2014-1A,Cl. D, 2.51%, 3/20/19¹		545,000		544,809
Series 2015-1,Cl. D, 3.01%, 3/20/20		240,000		239,373
GO Financial Auto Securitization Trust, Series 2015-1, Cl. A, 1.81%, 3/15/18¹		185,239		185,131
Navistar Financial Dealer Note Master Owner Trust II, Series 2014-1, Cl. D, 2.487%, 10/25/19^1,3		125,000		125,049
Santander Drive Auto Receivables Trust:
Series 2012-5,Cl. D, 3.30%, 9/17/18		835,000		853,188
Series 2012-6,Cl. D, 2.52%, 9/17/18		880,000		884,741
Series 2012-AA,Cl. D, 2.46%, 12/17/18¹		480,000		486,731
Series 2013-1,Cl. C, 1.76%, 1/15/19		65,000		65,202
Series 2013-2,Cl. D, 2.57%, 3/15/19		325,000		329,662
Series 2013-3,Cl. D, 2.42%, 4/15/19		55,000		55,635
Series 2013-4,Cl. D, 3.92%, 1/15/20		480,000		497,391
Series 2013-4,Cl. E, 4.67%, 1/15/20¹		360,000		375,253
Series 2013-5,Cl. D, 2.73%, 10/15/19		215,000		216,892
Series 2013-A,Cl. E, 4.71%, 1/15/21¹		270,000		285,984
Series 2014-4,Cl. D, 3.10%, 11/16/20		185,000		186,419
Series 2015-1,Cl. D, 3.24%, 4/15/21		260,000		261,545
Series 2015-2,Cl. D, 3.02%, 4/15/21		275,000		273,774
Series 2015-3,Cl. D, 3.49%, 5/17/21		345,000		346,385
SNAAC Auto Receivables Trust:
Series 2012-1A,Cl. C, 4.38%, 6/15/17¹		23,410		23,444
Series 2013-1A,Cl. C, 3.07%, 8/15/18¹		145,000		146,684
Series 2014-1A,Cl. A, 1.03%, 9/17/18¹		66,817		66,848
Series 2014-1A,Cl. D, 2.88%, 1/15/20¹		140,000		140,755
TCF Auto Receivables Owner Trust:
Series 2014-1A,Cl. C, 3.12%, 4/15/21¹		100,000		100,112
Series 2015-1A,Cl. D, 3.53%, 3/15/22¹		160,000		160,391
United Auto Credit Securitization Trust:
Series 2013-1,Cl. C, 2.22%, 12/15/17¹		7,096		7,102
Series 2014-1,Cl. D, 2.38%, 10/15/18¹		160,000		159,044
Series 2015-1,Cl. D, 2.92%, 6/17/19¹		225,000		225,576
Westlake Automobile Receivables Trust:
Series 2014-1A,Cl. D, 2.20%, 2/15/21¹		155,000		153,878
Series 2014-2A,Cl. D, 2.86%, 7/15/21¹		165,000		164,604
Series 2015-2A,Cl. C, 2.45%, 1/15/21¹		215,000		214,978
				21,155,690

Equipment—0.9%
CLI Funding V LLC:
Series 2014-1A,Cl. A, 3.29%, 6/18/29¹		277,532		278,390
Series 2014-2A,Cl. A, 3.38%, 10/18/29¹		476,000		478,646
Cronos Containers Program I Ltd., Series 2014-2A, Cl. A, 3.27%, 11/18/29¹		425,509		427,436
FRS I LLC, Series 2013-1A, Cl. A1, 1.80%, 4/15/43¹		72,873		72,220
Trip Rail Master Funding LLC, Series 2014-1A, Cl. A1, 2.863%, 4/15/44¹		91,106		90,946
				1,347,638

Home Equity Loan—0.8%
American Credit Acceptance Receivables Trust, Series 2015-2, Cl. B, 2.97%, 5/12/21¹		370,000		371,139
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/44¹		375,505		373,422
TAL Advantage V LLC:
Series 2014-1A, Cl. A, 3.51%, 2/22/39¹		333,667		335,377

7 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value
Home Equity Loan (Continued)
TAL Advantage V LLC: (Continued)
Series 2014-2A,Cl. A1, 1.70%, 5/20/39¹	$	94,053	$	93,484
				1,173,422
Total Asset-Backed Securities (Cost $23,574,796)				23,676,750

Mortgage-Backed Obligations—45.6%
Government Agency—32.6%
FHLMC/FNMA/FHLB/Sponsored—32.4%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		6,488		7,245
5.50%, 9/1/39		549,167		615,455
6.00%, 5/1/18-10/1/29		823,951		930,637
6.50%, 4/1/18-4/1/34		202,049		228,224
7.00%, 8/1/16-10/1/37		246,639		281,091
8.00%, 4/1/16		3,083		3,100
9.00%, 8/1/22-5/1/25		18,959		20,960
Federal Home Loan Mortgage Corp. Non Gold Pool, 10.50%, 10/1/20		1,514		1,699
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 205,Cl. IO, 11.602%, 9/1/29⁴		8,584		2,094
Series 206,Cl. IO, 0.00%, 12/1/29^4,5		135,207		38,455
Series 243,Cl. 6, 0.00%, 12/15/32^4,5		98,989		18,727
Federal Home Loan Mortgage Corp., Mtg.-Linked Amortizing Global Debt Securities, Series 2012-1, Cl. A10, 2.06%, 1/15/22		577,086		586,974
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.256%, 6/1/26⁶		46,887		43,888
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 151,Cl. F, 9.00%, 5/15/21		4,929		5,479
Series 1674,Cl. Z, 6.75%, 2/15/24		16,928		18,793
Series 2034,Cl. Z, 6.50%, 2/15/28		2,538		2,911
Series 2042,Cl. N, 6.50%, 3/15/28		6,399		7,117
Series 2043,Cl. ZP, 6.50%, 4/15/28		303,078		338,323
Series 2046,Cl. G, 6.50%, 4/15/28		17,729		20,329
Series 2053,Cl. Z, 6.50%, 4/15/28		2,716		3,116
Series 2066,Cl. Z, 6.50%, 6/15/28		337,752		387,300
Series 2195,Cl. LH, 6.50%, 10/15/29		233,534		268,129
Series 2220,Cl. PD, 8.00%, 3/15/30		1,446		1,703
Series 2326,Cl. ZP, 6.50%, 6/15/31		64,314		71,821
Series 2461,Cl. PZ, 6.50%, 6/15/32		283,008		327,068
Series 2470,Cl. LF, 1.186%, 2/15/32³		2,240		2,299
Series 2564,Cl. MP, 5.00%, 2/15/18		100,525		104,806
Series 2585,Cl. HJ, 4.50%, 3/15/18		56,889		59,366
Series 2635,Cl. AG, 3.50%, 5/15/32		43,361		45,267
Series 2707,Cl. QE, 4.50%, 11/15/18		20,747		21,704
Series 2770,Cl. TW, 4.50%, 3/15/19		12,317		12,883
Series 3010,Cl. WB, 4.50%, 7/15/20		30,430		32,042
Series 3025,Cl. SJ, 24.07%, 8/15/35³		24,399		38,547
Series 3030,Cl. FL, 0.586%, 9/15/35³		3,528		3,554
Series 3645,Cl. EH, 3.00%, 12/15/20		109,377		112,529
Series 3741,Cl. PA, 2.15%, 2/15/35		292,843		297,781
Series 3815,Cl. BD, 3.00%, 10/15/20		6,916		7,085
Series 3822,Cl. JA, 5.00%, 6/15/40		10,636		11,414
Series 3840,Cl. CA, 2.00%, 9/15/18		5,121		5,188
Series 3848,Cl. WL, 4.00%, 4/15/40		45,103		46,466
Series 3857,Cl. GL, 3.00%, 5/15/40		9,091		9,309
Series 4221,Cl. HJ, 1.50%, 7/15/23		151,134		152,011
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2074,Cl. S, 53.487%, 7/17/28⁴		1,885		413
Series 2079,Cl. S, 0.00%, 7/17/28^4,5		3,463		791
Series 2130,Cl. SC, 50.364%, 3/15/29⁴		138,814		31,608
Series 2526,Cl. SE, 27.023%, 6/15/29⁴		4,098		963
Series 2796,Cl. SD, 49.915%, 7/15/26⁴		204,862		44,202
Series 2920,Cl. S, 53.15%, 1/15/35⁴		789,869		152,957
Series 2922,Cl. SE, 5.664%, 2/15/35⁴		94,687		18,036
Series 2981,Cl. AS, 0.206%, 5/15/35⁴		133,237		26,623
Series 3004,Cl. SB, 0.00%, 7/15/35^4,5		39,098		6,210
Series 3201,Cl. SG, 1.899%, 8/15/36⁴		227,628		42,308


	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 3397,Cl. GS, 15.854%, 12/15/37⁴	$	19,819	$	4,112
Series 3424,Cl. EI, 15.518%, 4/15/38⁴		21,320		3,071
Series 3450,Cl. BI, 8.89%, 5/15/38⁴		499,713		83,441
Series 3606,Cl. SN, 0.698%, 12/15/39⁴		136,142		24,794
Federal National Mortgage Assn.:
3.00%, 7/1/30⁷		1,800,000		1,862,297
3.50%, 7/1/41⁷		14,840,000		15,265,200
4.00%, 7/1/45⁷		13,300,000		14,073,842
5.00%, 7/1/45⁷		2,815,000		3,109,514
6.00%, 7/1/45⁷		160,000		181,900
Federal National Mortgage Assn. Pool:
3.50%, 12/1/20-2/1/22		250,456		264,020
5.00%, 3/1/21-7/1/22		16,170		17,196
5.50%, 2/1/35-5/1/36		214,370		241,662
6.50%, 5/1/17-1/1/34		189,148		196,897
7.00%, 11/1/17-7/1/35		56,762		63,715
7.50%, 1/1/33		5,517		6,689
8.50%, 7/1/32		13,711		15,805
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221,Cl. 2, 38.797%, 5/25/23⁴		3,050		454
Series 222,Cl. 2, 18.28%, 6/25/23⁴		323,571		66,395
Series 252,Cl. 2, 37.274%, 11/25/23⁴		317,413		47,481
Series 294,Cl. 2, 12.133%, 2/25/28⁴		35,277		8,415
Series 301,Cl. 2, 0.00%, 4/25/29^4,5		3,194		717
Series 303,Cl. IO, 8.553%, 11/25/29⁴		62,214		16,725
Series 320,Cl. 2, 7.85%, 4/25/32⁴		233,237		45,368
Series 321,Cl. 2, 0.00%, 4/25/32^4,5		644,108		151,299
Series 324,Cl. 2, 0.00%, 7/25/32^4,5		6,712		1,450
Series 331,Cl. 5, 1.854%, 2/25/33⁴		9,506		2,196
Series 331,Cl. 9, 16.521%, 2/25/33⁴		202,975		46,691
Series 334,Cl. 12, 0.00%, 3/25/33^4,5		15,566		3,593
Series 334,Cl. 17, 18.144%, 2/25/33⁴		133,594		30,573
Series 339,Cl. 12, 0.00%, 6/25/33^4,5		221,550		57,671
Series 339,Cl. 7, 0.00%, 11/25/33^4,5		469,896		89,891
Series 343,Cl. 13, 0.00%, 9/25/33^4,5		216,254		44,257
Series 343,Cl. 18, 0.00%, 5/25/34^4,5		56,044		11,125
Series 345,Cl. 9, 0.00%, 1/25/34^4,5		159,437		31,447
Series 351,Cl. 10, 0.00%, 4/25/34^4,5		74,168		15,228
Series 351,Cl. 8, 0.00%, 4/25/34^4,5		123,806		25,457
Series 356,Cl. 10, 0.00%, 6/25/35^4,5		91,047		20,016
Series 356,Cl. 12, 0.00%, 2/25/35^4,5		44,330		9,779
Series 362,Cl. 13, 0.00%, 8/25/35^4,5		170,895		37,230
Series 364,Cl. 15, 0.267%, 9/25/35⁴		9,128		2,024
Series 364,Cl. 16, 0.00%, 9/25/35^4,5		185,195		41,053
Series 365,Cl. 16, 0.00%, 3/25/36^4,5		267,269		54,091
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1993-87,Cl. Z, 6.50%, 6/25/23		226,314		251,400
Series 1998-58,Cl. PC, 6.50%, 10/25/28		173,306		195,053
Series 1998-61,Cl. PL, 6.00%, 11/25/28		86,660		98,746
Series 1999-54,Cl. LH, 6.50%, 11/25/29		138,954		158,514
Series 2001-44,Cl. QC, 6.00%, 9/25/16		2,135		2,184
Series 2001-51,Cl. OD, 6.50%, 10/25/31		10,576		12,150
Series 2001-74,Cl. QE, 6.00%, 12/25/31		213,125		243,470
Series 2002-12,Cl. PG, 6.00%, 3/25/17		1,465		1,510
Series 2003-100,Cl. PA, 5.00%, 10/25/18		210,815		221,151
Series 2003-28,Cl. KG, 5.50%, 4/25/23		731,935		801,062
Series 2003-84,Cl. GE, 4.50%, 9/25/18		9,986		10,404
Series 2004-101,Cl. BG, 5.00%, 1/25/20		178,742		183,301
Series 2004-25,Cl. PC, 5.50%, 1/25/34		7,591		8,004
Series 2005-73,Cl. DF, 0.437%, 8/25/35³		11,405		11,455
Series 2006-11,Cl. PS, 23.881%, 3/25/36³		123,852		198,187
Series 2006-46,Cl. SW, 23.514%, 6/25/36³		88,867		119,651
Series 2006-50,Cl. KS, 23.514%, 6/25/36³		124,021		195,314
Series 2008-75,Cl. DB, 4.50%, 9/25/23		66,508		69,205
Series 2009-113,Cl. DB, 3.00%, 12/25/20		220,633		226,242
Series 2009-36,Cl. FA, 1.127%, 6/25/37³		104,510		107,363
Series 2009-70,Cl. TL, 4.00%, 8/25/19		100,124		103,206

8 OPPENHEIMER CORE BOND FUND/VA


	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass
Pass-Through Certificates: (Continued)
Series 2010-43,Cl. KG, 3.00%, 1/25/21	$	60,684	$	62,456
Series 2011-3,Cl. EL, 3.00%, 5/25/20		368,089		377,372
Series 2011-38,Cl. AH, 2.75%, 5/25/20		6,078		6,213
Series 2011-82,Cl. AD, 4.00%, 8/25/26		118,737		123,104
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61,Cl. SH, 28.894%, 11/18/31⁴		8,187		1,985
Series 2001-63,Cl. SD, 29.728%, 12/18/31⁴		2,949		670
Series 2001-65,Cl. S, 28.321%, 11/25/31⁴		205,419		49,222
Series 2001-68,Cl. SC, 20.534%, 11/25/31⁴		1,884		457
Series 2001-81,Cl. S, 25.204%, 1/25/32⁴		60,252		14,097
Series 2002-28,Cl. SA, 34.592%, 4/25/32⁴		1,875		413
Series 2002-38,Cl. SO, 45.976%, 4/25/32⁴		5,178		1,050
Series 2002-39,Cl. SD, 37.073%, 3/18/32⁴		3,424		891
Series 2002-47,Cl. NS, 30.983%, 4/25/32⁴		186,615		45,911
Series 2002-48,Cl. S, 30.269%, 7/25/32⁴		3,079		751
Series 2002-51,Cl. S, 31.199%, 8/25/32⁴		171,313		42,164
Series 2002-52,Cl. SD, 35.114%, 9/25/32⁴		240,966		58,294
Series 2002-52,Cl. SL, 32.778%, 9/25/32⁴		1,938		477
Series 2002-53,Cl. SK, 32.28%, 4/25/32⁴		11,929		2,931
Series 2002-56,Cl. SN, 32.017%, 7/25/32⁴		4,198		1,024
Series 2002-60,Cl. SM, 30.224%, 8/25/32⁴		27,500		5,760
Series 2002-7,Cl. SK, 26.703%, 1/25/32⁴		12,466		2,591
Series 2002-77,Cl. BS, 24.887%, 12/18/32⁴		16,881		4,231
Series 2002-77,Cl. IS, 41.553%, 12/18/32⁴		8,821		2,334
Series 2002-77,Cl. SH, 32.066%, 12/18/32⁴		89,919		21,289
Series 2002-84,Cl. SA, 34.754%, 12/25/32⁴		201,401		48,398
Series 2002-9,Cl. MS, 26.29%, 3/25/32⁴		3,168		737
Series 2002-90,Cl. SN, 31.334%, 8/25/32⁴		14,147		2,963
Series 2002-90,Cl. SY, 37.014%, 9/25/32⁴		10,080		2,079
Series 2003-26,Cl. DI, 7.688%, 4/25/33⁴		9,184		2,323
Series 2003-33,Cl. SP, 29.26%, 5/25/33⁴		208,517		44,991
Series 2003-4,Cl. S, 30.868%, 2/25/33⁴		130,938		33,461
Series 2004-54,Cl. DS, 39.328%, 11/25/30⁴		175,797		34,487
Series 2005-12,Cl. SC, 9.333%, 3/25/35⁴		44,930		9,860
Series 2005-14,Cl. SE, 37.864%, 3/25/35⁴		137,664		22,820
Series 2005-40,Cl. SA, 49.129%, 5/25/35⁴		394,027		74,099
Series 2005-40,Cl. SB, 53.455%, 5/25/35⁴		18,454		3,309
Series 2005-52,Cl. JH, 2.135%, 5/25/35⁴		101,984		19,207
Series 2005-93,Cl. SI, 15.316%, 10/25/35⁴		307,650		54,136
Series 2008-55,Cl. SA, 13.805%, 7/25/38⁴		21,940		2,770
Series 2009-8,Cl. BS, 0.00%, 2/25/24^4,5		96,581		5,524
Series 2012-134,Cl. SA, 12.555%, 12/25/42⁴		211,736		53,661
Series 2012-40,Cl. PI, 0.00%, 4/25/41^4,5		177,320		32,146
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Principal-Only Stripped Mtg.-Backed Security, Series 1993-184, Cl. M, 5.049%, 9/25/23⁶		102,219		98,142
				46,380,153

GNMA/Guaranteed—0.2%
Government National Mortgage Assn. I Pool:
7.00%, 12/15/23-3/15/26		9,933		10,819
8.50%, 8/15/17-12/15/17		18,618		19,429
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-15,Cl. SM, 60.151%, 2/16/32⁴		297,457		57,655
Series 2007-17,Cl. AI, 19.025%, 4/16/37⁴		91,865		17,712
Series 2011-52,Cl. HS, 9.226%, 4/16/41⁴		615,956		119,043
Government National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1999-32,Cl. ZB, 8.00%, 9/16/29		42,658		50,464
Series 2000-7,Cl. Z, 8.00%, 1/16/30		15,936		18,418
				293,540


	Principal Amount		Value
Non-Agency—13.0%
Commercial—11.2%
Asset Securitization Corp., Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 0%, 4/14/29^3,4,5	$	1,645,144	$	43,823
Banc of America Commercial Mortgage Trust, Series 2006-5, Cl. AM, 5.448%, 9/10/47		520,000		541,001
Banc of America Funding Trust:
Series 2006-G,Cl. 2A4, 0.477%, 7/20/36³		773,434		725,020
Series 2014-R7,Cl. 3A1, 2.617%, 3/26/36^2,3		403,472		400,445
BCAP LLC Trust, Series 2011-R11, Cl. 18A5, 2.23%, 9/26/35^1,3		201,610		205,029
Bear Stearns ARM Trust:
Series 2005-2,Cl. A1, 2.68%, 3/25/35³		219,241		221,683
Series 2005-9,Cl. A1, 2.41%, 10/25/35³		246,566		243,321
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0%, 6/22/24^1,3,4,5		1,363,458		56,404
Chase Mortgage Finance Trust, Series 2005-A2, Cl. 1A3, 2.435%, 1/25/36³		165,610		156,245
CHL Mortgage Pass-Through Trust, Series 2005-17, Cl. 1A8, 5.50%, 9/25/35		28,596		28,198
Citigroup Commercial Mortgage Trust:
Series 2008-C7,Cl. AM, 6.349%, 12/10/49³		410,000		443,998
Series 2013-GC11,Cl. D, 4.604%, 4/10/46^1,3		160,000		150,874
Citigroup Mortgage Loan Trust, Inc., Series 2006- AR1, Cl. 1A1, 2.57%, 10/25/35³		690,473		683,227
COMM Mortgage Trust:
Series 2012-CR4,Cl. D, 4.727%, 10/15/45^1,3		50,000		48,761
Series 2012-CR5,Cl. E, 4.48%, 12/10/45^1,3		300,000		286,405
Series 2013-CR7,Cl. D, 4.494%, 3/10/46^1,3		390,000		359,245
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47		710,000		727,490
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 0%, 12/10/45^3,4,5		2,719,181		236,736
Commercial Mortgage Trust, Series 2007-GG11, Cl. AM, 5.867%, 12/10/49³		170,000		182,539
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C6, Cl. AJ, 5.23%, 12/15/40³		410,000		413,392
CSMC:
Series 2006-6,Cl. 1A4, 6.00%, 7/25/36		250,118		210,811
Series 2009-13R,Cl. 4A1, 2.625%, 9/26/36^1,3		55,953		56,317
DBUBS Mortgage Trust, Series 2011-LC1A, Cl. E, 5.735%, 11/10/46^1,3		75,000		80,203
First Horizon Alternative Mortgage Securities Trust:
Series 2004-FA2,Cl. 3A1, 6.00%, 1/25/35		196,043		188,140
Series 2005-FA8,Cl. 1A6, 0.837%, 11/25/35³		220,804		167,104
FREMF Mortgage Trust:
Series 2012-K501,Cl. C, 3.549%, 11/25/46^1,3		35,000		35,703
Series 2013-K25,Cl. C, 3.743%, 11/25/45^1,3		90,000		88,155
Series 2013-K26,Cl. C, 3.723%, 12/25/45^1,3		60,000		59,111
Series 2013-K27,Cl. C, 3.616%, 1/25/46^1,3		95,000		92,280
Series 2013-K28,Cl. C, 3.614%, 6/25/46^1,3		285,000		276,350
Series 2013-K502,Cl. C, 3.302%, 3/25/45^1,3		175,000		177,984
Series 2013-K712,Cl. C, 3.484%, 5/25/45^1,3		75,000		75,195
Series 2013-K713,Cl. C, 3.274%, 4/25/46^1,3		115,000		113,392
Series 2014-K715,Cl. C, 4.264%, 2/25/46^1,3		50,000		50,850
Series 2015-K44,Cl. B, 3.811%, 1/25/48^1,3		315,000		308,284
GSMSC Pass-Through Trust, Series 2009-3R, Cl. 1A2, 6%, 4/25/37^1,3		442,536		413,175
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 2.937%, 7/25/35³		133,884		132,418
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-LC9, Cl. E, 4.569%, 12/15/47^1,3		245,000		238,766
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2006-LDP8,Cl. AJ, 5.48%, 5/15/45³		275,000		284,623
Series 2012-C6,Cl. E, 5.372%, 5/15/45^1,3		325,000		328,544
JP Morgan Mortgage Trust, Series 2007-A1, Cl.
5A1, 2.555%, 7/25/35³		133,687		134,089

9 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value
Commercial (Continued)
JP Morgan Resecuritization Trust:
Series 2009-11,Cl. 5A1, 2.625%, 9/26/36^1,3	$	213,084	$	213,486
Series 2009-5,Cl. 1A2, 2.721%, 7/26/36^1,3		405,917		355,166
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		300,000		312,518
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		145,000		147,334
LB Commercial Conduit Mortgage Trust, Interest- Only Stripped Mtg.-Backed Security, Series 1998- C1, Cl. IO, 0%, 2/18/30^3,4,5		470,116		9,069
Lehman Structured Securities Corp., Series 2002- GE1, Cl. A, 2.514%, 7/26/24^1,3		61,705		52,262
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2012-C6,Cl. E, 4.816%, 11/15/45^1,3		400,000		395,060
Series 2013-C7,Cl. D, 4.437%, 2/15/46^1,3		175,000		164,968
Series 2013-C8,Cl. D, 4.309%, 12/15/48^1,3		130,000		121,101
Series 2014-C19,Cl. AS, 3.832%, 12/15/47		595,000		606,261
Morgan Stanley Capital I Trust, Series 2007-IQ13, Cl. AM, 5.406%, 3/15/44		540,000		570,286
Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1B, 1.969%, 11/26/36^1,3		453,861		345,115
Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 2.379%, 6/26/46^1,3		340,174		343,168
RBSSP Resecuritization Trust, Series 2010-1, Cl. 2A1, 2.248%, 7/26/45^1,3		35,196		35,189
Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1999-C1, Cl. X, 0%, 5/18/32^3,4,5		3,147,474		50
UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Cl. E, 4.889%, 5/10/63^1,3		65,000		64,932
Wachovia Bank Commercial Mortgage Trust, Series 2005-C22, Cl. AM, 5.498%, 12/15/44³		260,000		262,760
WaMu Mortgage Pass-Through Certificates Trust:
Series 2005-AR14,Cl. 1A4, 2.348%, 12/25/35³		282,104		273,497
Series 2005-AR16,Cl. 1A1, 2.341%, 12/25/35³		124,525		118,740
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR10,Cl. 1A1, 2.658%, 6/25/35³		585,584		599,930
Series 2005-AR15,Cl. 1A6, 2.613%, 9/25/35³		66,714		63,652
Series 2006-AR7,Cl. 2A4, 2.732%, 5/25/36³		10,329		9,883
Series 2006-AR8,Cl. 2A4, 2.641%, 4/25/36³		157,854		154,407
Series 2007-16,Cl. 1A1, 6.00%, 12/28/37		160,737		166,467
Series 2007-AR3,Cl. A4, 5.803%, 4/25/37³		79,185		77,578
Series 2007-AR8,Cl. A1, 2.614%, 11/25/37³		201,568		178,072
WF-RBS Commercial Mortgage Trust:
Series 2012-C10,Cl. D, 4.606%, 12/15/45^1,3		175,000		168,677
Series 2012-C7,Cl. E, 4.999%, 6/15/45^1,3		120,000		120,408
Series 2012-C8,Cl. E, 5.038%, 8/15/45^1,3		355,000		358,546
Series 2013-C11,Cl. D, 4.32%, 3/15/45^1,3		74,000		69,837
				16,023,749

Multi-Family—0.2%
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR15,Cl. 1A2, 2.613%, 9/25/35³		168,423		164,641
Series 2006-AR2,Cl. 2A3, 2.621%, 3/25/36³		145,693		144,210
				308,851

Residential—1.6%
Banc of America Funding Trust:
Series 2007-1,Cl. 1A3, 6.00%, 1/25/37		192,927		178,539
Series 2007-C,Cl. 1A4, 5.308%, 5/20/36³		79,971		75,070
Banc of America Mortgage Trust, Series 2007-1, Cl. 1A24, 6%, 3/25/37		122,121		111,874
Bear Stearns ARM Trust, Series 2006-1, Cl. A1, 2.36%, 2/25/36³		306,918		305,273
Carrington Mortgage Loan Trust, Series 2006- FRE1, Cl. A2, 0.297%, 7/25/36³		129,769		127,512
CHL Mortgage Pass-Through Trust:
Series 2005-26,Cl. 1A8, 5.50%, 11/25/35		147,246		141,135
Series 2005-J4,Cl. A7, 5.50%, 11/25/35		21,903		22,969
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 0.497%, 7/25/35³		62,213		57,838


	Principal Amount		Value
Residential (Continued)
MASTR Asset Backed Securities Trust, Series 2006- WMC3, Cl. A3, 0.287%, 8/25/36³	$	52,997	$	26,630
NC Finance Trust, Series 1999-I, Cl. D, 8.75%, 1/25/29^2,8		3,370,016		909,904
RALI Trust:
Series 2003-QS1,Cl. A2, 5.75%, 1/25/33		22,885		23,006
Series 2006-QS13,Cl. 1A8, 6.00%, 9/25/36		1,173		953
Series 2007-QS6,Cl. A28, 5.75%, 4/25/37		14,257		11,639
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR10, Cl. A7, 2.418%, 10/25/33³		147,550		150,898
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR14, Cl. 1A2, 5.808%, 10/25/36³		174,288		170,264
				2,313,504
Total Mortgage-Backed Obligations (Cost $68,625,684)				65,319,797

U.S. Government Obligations—1.2%
Federal National Mortgage Assn. Nts., 1%, 9/27/17		259,000		260,027
United States Treasury Nts., 1.50%, 5/31/19		1,438,000		1,445,302
Total U.S. Government Obligations (Cost $1,703,450)				1,705,329

Corporate Bonds and Notes—54.2%
Consumer Discretionary—7.2%
Auto Components—0.1%
BorgWarner, Inc., 4.375% Sr. Unsec. Nts., 3/15/45		109,000		101,999
Johnson Controls, Inc., 1.40% Sr. Unsec. Nts., 11/2/17		66,000		65,771
				167,770

Automobiles—1.8%
Daimler Finance North America LLC:
1.30% Sr. Unsec. Nts., 7/31/15¹		316,000		316,146
8.50% Sr. Unsec. Unsub. Nts., 1/18/31		237,000		348,014
Ford Motor Credit Co. LLC, 3.664% Sr. Unsec. Nts., 9/8/24		796,000		785,807
General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/43		363,000		405,600
Hyundai Capital America, 1.45% Sr. Unsec. Nts., 2/6/17¹		392,000		390,853
Kia Motors Corp., 3.625% Sr. Unsec. Nts., 6/14/16¹		284,000		290,111
				2,536,531

Hotels, Restaurants & Leisure—0.8%
Brinker International, Inc., 2.60% Sr. Unsec. Nts., 5/15/18		134,000		134,285
Carnival Corp., 1.20% Sr. Unsec. Nts., 2/5/16		386,000		386,522
Hyatt Hotels Corp., 3.875% Sr. Unsec. Unsub. Nts., 8/15/16		65,000		66,772
Marriott International, Inc., 3.25% Sr. Unsec. Nts., 9/15/22		228,000		224,890
Wyndham Worldwide Corp., 6% Sr. Unsec. Nts., 12/1/16		335,000		353,556
				1,166,025

Household Durables—0.6%
Lennar Corp.:
4.75% Sr. Unsec. Nts., 11/15/22		125,000		123,437
4.75% Sr. Unsec. Nts., 5/30/25		245,000		238,875
Toll Brothers Finance Corp., 4.375% Sr. Unsec. Nts., 4/15/23		352,000		346,720
Whirlpool Corp.:
1.35% Sr. Unsec. Nts., 3/1/17		104,000		104,335

10 OPPENHEIMER CORE BOND FUND/VA


	Principal Amount		Value
Household Durables (Continued)
Whirlpool Corp.: (Continued)
1.65% Sr. Unsec. Nts., 11/1/17	$	85,000	$	85,323
				898,690

Leisure Equipment & Products—0.3%
Mattel, Inc., 1.70% Sr. Unsec. Nts., 3/15/18		371,000		369,224

Media—2.1%
21st Century Fox America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41		162,000		188,164
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22		242,000		332,477
Comcast Corp., 4.65% Sr. Unsec. Unsub. Nts., 7/15/42		130,000		130,161
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.15% Sr. Unsec. Nts., 3/15/42		55,000		51,755
Historic TW, Inc.:
8.05% Sr. Unsec. Nts., 1/15/16		64,000		66,359
9.15% Debs., 2/1/23		96,000		126,863
Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24		191,000		193,435
Lamar Media Corp., 5% Sr. Unsec. Sub. Nts., 5/1/23		373,000		371,135
Pearson Funding Two plc, 4% Sr. Unsec. Nts., 5/17/16¹		85,000		87,015
Scripps Networks Interactive, Inc., 2.70% Sr. Unsec. Nts., 12/15/16		351,000		358,096
Sky plc, 3.75% Sr. Unsec. Nts., 9/16/24¹		187,000		182,645
Thomson Reuters Corp., 1.65% Sr. Unsec. Nts., 9/29/17		366,000		366,017
Time Warner Cable, Inc., 4.50% Sr. Unsec. Unsub. Nts., 9/15/42		126,000		103,613
Viacom, Inc., 2.50% Sr. Unsec. Nts., 12/15/16		155,000		157,407
Virgin Media Secured Finance plc, 5.25% Sr. Sec. Nts., 1/15/26¹		360,000		348,750
				3,063,892

Multiline Retail—0.3%
Family Tree Escrow LLC, 5.75% Sr. Sec. Nts., 3/1/23¹		375,000		393,750

Specialty Retail—0.7%
Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		349,000		363,693
Home Depot, Inc. (The), 4.875% Sr. Unsec. Nts., 2/15/44		142,000		151,694
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		355,000		350,279
Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24		192,000		193,978
				1,059,644

Textiles, Apparel & Luxury Goods—0.5%
Levi Strauss & Co., 5% Sr. Unsec. Nts., 5/1/25¹		370,000		359,825
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		371,000		369,145
				728,970

Consumer Staples—4.0%
Beverages—1.0%
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		324,000		481,823
Constellation Brands, Inc., 4.75% Sr. Unsec. Nts., 11/15/24		350,000		351,750
Pernod Ricard SA:
2.95% Sr. Unsec. Nts., 1/15/17¹		357,000		364,897
4.25% Sr. Unsec. Nts., 7/15/22¹		222,000		231,440
				1,429,910


	Principal Amount		Value
Food & Staples Retailing—0.7%
CVS Health Corp., 5.30% Sr. Unsec. Nts., 12/5/43	$	84,000	$	91,555
Delhaize Group SA, 5.70% Sr. Unsec. Nts., 10/1/40		215,000		218,249
Kroger Co. (The):
6.40% Sr. Unsec. Nts., 8/15/17		330,000		363,452
6.90% Sr. Unsec. Nts., 4/15/38		90,000		111,640
Wal-Mart Stores, Inc., 4.30% Sr. Unsec. Nts., 4/22/44		192,000		192,247
				977,143

Food Products—1.7%
Bunge Ltd. Finance Corp.:
3.20% Sr. Unsec. Nts., 6/15/17		300,000		308,990
8.50% Sr. Unsec. Nts., 6/15/19		289,000		349,728
HJ Heinz Co.:
3.95% Sr. Unsec. Nts., 7/15/25^1,7		186,000		187,425
5.20% Sr. Unsec. Nts., 7/15/45^1,7		42,000		43,142
Ingredion, Inc., 1.80% Sr. Unsec. Nts., 9/25/17		374,000		372,883
JM Smucker Co., 1.75% Sr. Unsec. Nts., 3/15/18¹		288,000		287,849
Kraft Foods Group, Inc., 5% Sr. Unsec. Nts., 6/4/42		85,000		84,724
TreeHouse Foods, Inc., 4.875% Sr. Unsec. Nts., 3/15/22		365,000		368,650
Tyson Foods, Inc.:
4.875% Sr. Unsec. Nts., 8/15/34		118,000		118,759
6.60% Sr. Unsec. Nts., 4/1/16		341,000		354,077
				2,476,227

Tobacco—0.6%
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		202,000		332,700
Reynolds American, Inc.:
5.85% Sr. Unsec. Nts., 8/15/45		162,000		170,939
6.75% Sr. Unsec. Nts., 6/15/17		325,000		355,255
				858,894

Energy—5.6%
Energy Equipment & Services—0.9%
Ensco plc, 5.20% Sr. Unsec. Nts., 3/15/25		74,000		73,298
Halliburton Co., 4.75% Sr. Unsec. Nts., 8/1/43		86,000		88,248
Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25¹		146,000		150,784
Nabors Industries, Inc., 2.35% Sr. Unsec. Nts., 9/15/16		294,000		294,918
Rowan Cos., Inc., 4.875% Sr. Unsec. Unsub. Nts., 6/1/22		153,000		152,017
Sinopec Group Overseas Development 2014 Ltd., 1.75% Sr. Unsec. Nts., 4/10/17¹		369,000		369,453
Weatherford International Ltd., 5.95% Sr. Unsec. Nts., 4/15/42		97,000		82,009
				1,210,727

Oil, Gas & Consumable Fuels—4.7%
Anadarko Petroleum Corp., 6.20% Sr. Unsec. Nts., 3/15/40		169,000		190,505
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		201,000		197,203
Buckeye Partners LP, 6.05% Sr. Unsec. Nts., 1/15/18		164,000		176,989
Canadian Natural Resources Ltd.:
1.75% Sr. Unsec. Nts., 1/15/18		142,000		141,061
5.90% Sr. Unsec. Nts., 2/1/18		160,000		174,625
Cenovus Energy, Inc., 5.20% Sr. Unsec. Nts., 9/15/43		102,000		96,353
Cimarex Energy Co., 4.375% Sr. Unsec. Nts., 6/1/24		195,000		194,407

11 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
CNOOC Nexen Finance 2014 ULC, 1.625% Sr. Unsec. Nts., 4/30/17	$	373,000	$	373,646
Columbia Pipeline Group, Inc., 4.50% Sr. Unsec. Nts., 6/1/25¹		195,000		192,454
DCP Midstream LLC, 5.375% Sr. Unsec. Nts., 10/15/15¹		290,000		290,079
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		162,000		154,616
EnLink Midstream Partners LP, 2.70% Sr. Unsec. Nts., 4/1/19		299,000		295,255
Husky Energy, Inc., 6.20% Sr. Unsec. Nts., 9/15/17		207,000		224,856
Kinder Morgan Energy Partners LP, 4.10% Sr. Unsec. Nts., 11/15/15		152,000		153,594
Kinder Morgan, Inc., 5% Sr. Unsec. Nts., 2/15/21¹		437,000		460,430
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.875% Sr. Unsec. Nts., 6/1/25		374,000		366,520
Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44		102,000		97,752
ONEOK Partners LP, 4.90% Sr. Unsec. Nts., 3/15/25		190,000		188,034
Origin Energy Finance Ltd.:
3.50% Sr. Unsec. Nts., 10/9/18¹		394,000		404,257
5.45% Sr. Unsec. Nts., 10/14/21¹		245,000		264,598
Phillips 66 Partners LP, 3.605% Sr. Unsec. Nts., 2/15/25		75,000		70,617
Pioneer Natural Resources Co., 6.65% Sr. Unsec. Nts., 3/15/17		331,000		358,052
Plains All American Pipeline LP/PAA Finance Corp., 3.60% Sr. Unsec. Nts., 11/1/24		279,000		269,420
Southwestern Energy Co., 4.95% Sr. Unsec. Nts., 1/23/25		208,000		210,239
Spectra Energy Partners LP:
4.50% Sr. Unsec. Nts., 3/15/45		73,000		64,686
4.60% Sr. Unsec. Nts., 6/15/21		238,000		255,819
4.75% Sr. Unsec. Nts., 3/15/24		194,000		205,972
Western Gas Partners LP, 4% Sr. Unsec. Nts., 7/1/22		239,000		239,914
Williams Partners LP, 4.50% Sr. Unsec. Nts., 11/15/23		170,000		171,432
Woodside Finance Ltd., 4.60% Sr. Unsec. Unsub. Nts., 5/10/21¹		284,000		304,314
				6,787,699

Financials—15.5%
Capital Markets—3.6%
Apollo Management Holdings LP, 4% Sr. Unsec. Nts., 5/30/24¹		312,000		312,329
Blackstone Holdings Finance Co. LLC, 5% Sr. Unsec. Nts., 6/15/44¹		382,000		382,462
Credit Suisse, New York, 3.625% Sr. Unsec. Nts., 9/9/24		498,000		495,467
Deutsche Bank AG, 4.50% Sub. Nts., 4/1/25		380,000		362,496
Goldman Sachs Group, Inc. (The):
5.15% Sub. Nts., 5/22/45		262,000		252,817
5.70% Jr. Sub. Perpetual Bonds, Series L^3,9		381,000		382,848
KKR Group Finance Co. III LLC, 5.125% Sr. Unsec. Nts., 6/1/44¹		305,000		292,057
Lazard Group LLC:
3.75% Sr. Unsec. Nts., 2/13/25		90,000		85,689
4.25% Sr. Unsec. Nts., 11/14/20		337,000		354,433
Morgan Stanley:
4.30% Sr. Unsec. Nts., 1/27/45		217,000		202,487
5.00% Sub. Nts., 11/24/25		332,000		347,728
5.45% Jr. Sub. Perpetual Bonds, Series H^3,9		366,000		363,713


	Principal Amount		Value
Capital Markets (Continued)
Nomura Holdings, Inc., 2% Sr. Unsec. Nts., 9/13/16	$	373,000	$	375,793
Raymond James Financial, Inc., 5.625% Sr. Unsec. Unsub. Nts., 4/1/24		417,000		464,069
UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Bonds, Series 1^3,9		556,000		569,956
				5,244,344

Commercial Banks—5.4%
Bank of America Corp., 7.75% Jr. Sub. Nts., 5/14/38		354,000		471,436
Barclays plc, 3.65% Sr. Unsec. Nts., 3/16/25		303,000		287,228
CIT Group, Inc., 3.875% Sr. Unsec. Nts., 2/19/19		373,000		371,135
Citigroup, Inc.:
6.675% Sub. Nts., 9/13/43		174,000		210,784
5.95% Jr. Sub. Perpetual Bonds, Series D^3,9		368,000		362,940
Citizens Financial Group, Inc., 5.50% Jr. Sub. Perpetual Bonds^1,3,9		371,000		361,493
Credit Agricole SA, 8.375% Jr. Sub. Perpetual Bonds^2,3,9		320,000		372,800
FirstMerit Bank NA, 4.27% Sub. Nts., 11/25/26		362,000		364,419
HSBC Finance Capital Trust IX, 5.911% Unsec. Sub. Nts., 11/30/35³		890,000		897,164
Intesa Sanpaolo SpA, 5.017% Sub. Nts., 6/26/24¹		370,000		359,627
JPMorgan Chase & Co., 6.75% Jr. Sub. Perpetual Bonds, Series S^3,9		344,000		367,970
Lloyds Banking Group plc, 6.657% Jr. Sub. Perpetual Bonds^1,3,9		334,000		375,124
Rabobank Capital Funding Trust III, 5.254% Jr. Sub. Perpetual Bonds^2,3,9		667,000		691,679
Regions Bank, Birmingham AL, 6.45% Sub. Nts., 6/26/37		283,000		336,622
Royal Bank of Scotland Group plc, 7.64% Jr. Sub. Perpetual Bonds, Series U^3,9		300,000		322,050
Societe Generale SA, 5.922% Jr. Sub. Perpetual Bonds^1,3,9		370,000		380,637
SunTrust Banks, Inc.:
3.60% Sr. Unsec. Nts., 4/15/16		385,000		392,339
5.625% Jr. Sub. Perpetual Bonds^3,9		345,000		348,019
Wells Fargo & Co.:
5.875% Jr. Sub. Perpetual Bonds^3,9		137,000		140,432
5.90% Jr. Sub. Perpetual Bonds, Series S^3,9		280,000		281,400
				7,695,298

Consumer Finance—1.3%
Ally Financial, Inc., 8% Sr. Unsec. Nts., 11/1/31		283,000		339,954
Capital One Financial Corp.:
3.20% Sr. Unsec. Nts., 2/5/25		302,000		285,335
5.55% Jr. Sub. Perpetual Bonds^3,9		369,000		366,694
Discover Financial Services:
3.75% Sr. Unsec. Nts., 3/4/25		301,000		287,543
3.95% Sr. Unsec. Nts., 11/6/24		280,000		272,195
Synchrony Financial, 2.70% Sr. Unsec. Nts., 2/3/20		268,000		264,795
				1,816,516

Diversified Financial Services—0.4%
Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/25¹		189,000		187,516
Voya Financial, Inc., 5.65% Jr. Sub. Nts., 5/15/53³		355,000		363,875
				551,391

12 OPPENHEIMER CORE BOND FUND/VA


	Principal Amount		Value
Insurance—2.5%
AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45	$	308,000	$	312,602
Five Corners Funding Trust, 4.419% Unsec. Nts., 11/15/23¹		310,000		320,354
Liberty Mutual Group, Inc.:
4.25% Sr. Unsec. Nts., 6/15/23¹		276,000		283,956
4.85% Sr. Unsec. Nts., 8/1/44¹		224,000		216,478
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Nts., 4/20/67^3,7		350,000		317,625
MetLife, Inc., 5.25% Jr. Sub. Perpetual Bonds^3,9		258,000		256,387
Prudential Financial, Inc., 5.20% Jr. Sub. Nts., 3/15/44³		300,000		297,405
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds^2,3,9		663,000		683,885
TIAA Asset Management Finance Co. LLC, 4.125% Sr. Unsec. Nts., 11/1/24¹		371,000		373,831
XLIT Ltd., 6.50% Jr. Sub. Perpetual Bonds^3,9		212,000		181,924
ZFS Finance USA Trust V, 6.50% Jr. Sub. Nts., 5/9/37^2,3		365,000		380,513
				3,624,960

Real Estate Investment Trusts (REITs)—2.0%
American Tower Corp.:
5.05% Sr. Unsec. Unsub. Nts., 9/1/20		149,000		161,952
5.90% Sr. Unsec. Nts., 11/1/21		200,000		225,355
Corrections Corp. of America, 4.625% Sr. Unsec. Nts., 5/1/23		370,000		364,450
First Industrial LP, 7.50% Sr. Unsec. Nts., 12/1/17		320,000		356,309
HCP, Inc., 5.625% Sr. Unsec. Nts., 5/1/17		107,000		114,395
Health Care REIT, Inc., 2.25% Sr. Unsec. Nts., 3/15/18		75,000		75,567
Highwoods Realty LP, 7.50% Sr. Unsec. Nts., 4/15/18		320,000		365,494
Host Hotels & Resorts LP, 3.75% Sr. Unsec. Nts., 10/15/23		212,000		208,062
Liberty Property LP, 5.50% Sr. Unsec. Nts., 12/15/16		228,000		240,669
Prologis LP, 4% Sr. Unsec. Nts., 1/15/18		189,000		198,416
Regency Centers LP, 5.875% Sr. Unsec. Nts., 6/15/17		41,000		44,328
Ventas Realty LP, 1.25% Sr. Unsec. Nts., 4/17/17		151,000		150,674
WEA Finance LLC/Westfield UK & Europe Finance plc, 1.75% Sr. Unsec. Nts., 9/15/17¹		318,000		319,004
				2,824,675

Real Estate Management & Development—0.3%
Brookfield Asset Management, Inc., 4% Sr. Unsec. Nts., 1/15/25		395,000		391,128

Health Care—4.1%
Biotechnology—0.3%
Baxalta, Inc., 5.25% Sr. Unsec. Nts., 6/23/45¹		110,000		110,460
Gilead Sciences, Inc., 5.65% Sr. Unsec. Unsub. Nts., 12/1/41		232,000		266,642
				377,102

Health Care Equipment & Supplies—0.7%
Becton Dickinson & Co.:
1.45% Sr. Unsec. Nts., 5/15/17		384,000		383,839
3.875% Sr. Unsec. Nts., 5/15/24		188,000		188,815
DENTSPLY International, Inc., 2.75% Sr. Unsec. Nts., 8/15/16		352,000		357,718
Zimmer Biomet Holdings, Inc., 3.55% Sr. Unsec. Nts., 4/1/25		111,000		107,649
				1,038,021


	Principal Amount		Value
Health Care Providers & Services—1.5%
Cardinal Health, Inc., 3.50% Sr. Unsec. Nts., 11/15/24	$	180,000	$	177,093
CHS/Community Health Systems, Inc., 5.125% Sr. Sec. Nts., 8/1/21		355,000		362,544
Fresenius Medical Care US Finance II, Inc., 5.875% Sr. Unsec. Nts., 1/31/22¹		350,000		374,500
Laboratory Corp. of America Holdings, 3.60% Sr. Unsec. Nts., 2/1/25		534,000		509,954
LifePoint Health, Inc., 5.50% Sr. Unsec. Nts., 12/1/21		350,000		362,250
McKesson Corp., 4.883% Sr. Unsec. Nts., 3/15/44		155,000		154,423
Medco Health Solutions, Inc., 7.125% Sr. Unsec. Nts., 3/15/18⁷		156,000		177,602
				2,118,366

Life Sciences Tools & Services—0.2%
Life Technologies Corp., 3.50% Sr. Unsec. Nts., 1/15/16		23,000		23,289
Thermo Fisher Scientific, Inc.:
4.15% Sr. Unsec. Nts., 2/1/24		121,000		123,345
5.30% Sr. Unsec. Nts., 2/1/44		140,000		148,003
				294,637

Pharmaceuticals—1.4%
AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25		184,000		181,956
4.70% Sr. Unsec. Nts., 5/14/45		74,000		73,270
Actavis Funding SCS:
1.30% Sr. Unsec. Nts., 6/15/17		243,000		241,438
1.85% Sr. Unsec. Nts., 3/1/17		136,000		136,702
3.80% Sr. Unsec. Nts., 3/15/25		322,000		316,462
4.75% Sr. Unsec. Nts., 3/15/45		158,000		150,344
Hospira, Inc.:
5.20% Sr. Unsec. Nts., 8/12/20		373,000		417,043
6.05% Sr. Unsec. Nts., 3/30/17		150,000		161,440
Mallinckrodt International Finance SA, 3.50% Sr. Unsec. Nts., 4/15/18		386,000		388,895
				2,067,550

Industrials—4.9%
Aerospace & Defense—0.5%
BAE Systems Holdings, Inc., 3.80% Sr. Unsec. Nts., 10/7/24^1,7		215,000		215,986
L-3 Communications Corp., 1.50% Sr. Unsec. Nts., 5/28/17		100,000		99,345
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		100,000		101,051
Textron, Inc.:
3.875% Sr. Unsec. Nts., 3/1/25		111,000		109,322
4.30% Sr. Unsec. Nts., 3/1/24		189,000		196,358
				722,062

Building Products—0.3%
Owens Corning, 4.20% Sr. Unsec. Nts., 12/15/22		422,000		427,886

Commercial Services & Supplies—0.8%
Clean Harbors, Inc., 5.25% Sr. Unsec. Unsub. Nts., 8/1/20		395,000		402,900
Pitney Bowes, Inc., 4.625% Sr. Unsec. Nts., 3/15/24		431,000		434,882
R.R. Donnelley & Sons Co., 7.625% Sr. Unsec. Nts., 6/15/20		330,000		372,075
				1,209,857

Electrical Equipment—0.2%
Sensata Technologies BV, 4.875% Sr. Unsec. Nts., 10/15/23¹		294,000		291,427

13 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value
Industrial Conglomerates—0.7%
General Electric Capital Corp., 6.25% Jr. Sub. Perpetual Bonds, Series B^3,9	$	776,000	$	849,720
Synchrony Financial, 4.25% Sr. Unsec. Nts., 8/15/24		109,000		109,517
				959,237

Machinery—0.7%
Crane Co., 4.45% Sr. Unsec. Nts., 12/15/23		193,000		201,137
Ingersoll-Rand Global Holding Co. Ltd., 4.25% Sr. Unsec. Nts., 6/15/23		340,000		352,632
Joy Global, Inc., 6% Sr. Unsec. Nts., 11/15/16		62,000		65,763
Starwood Hotels & Resorts Worldwide, Inc., 7.375% Sr. Unsec. Nts., 11/15/15		323,000		330,251
				949,783

Professional Services—0.3%
Experian Finance plc, 2.375% Sr. Unsec. Nts., 6/15/17¹		361,000		362,928

Road & Rail—0.9%
Burlington Northern Santa Fe LLC, 3% Sr. Unsec. Nts., 3/15/23		309,000		302,011
ERAC USA Finance LLC, 4.50% Sr. Unsec. Nts., 2/15/45¹		110,000		101,117
Kansas City Southern de Mexico SA de CV, 3% Sr. Unsec. Nts., 5/15/23		315,000		302,670
Penske Truck Leasing Co. LP/PTL Finance Corp.:
2.50% Sr. Unsec. Nts., 3/15/16¹		368,000		370,616
4.25% Sr. Unsec. Nts., 1/17/23¹		230,000		233,176
				1,309,590

Trading Companies & Distributors—0.5%
Air Lease Corp., 3.875% Sr. Unsec. Nts., 4/1/21		383,000		387,788
International Lease Finance Corp., 5.875% Sr. Unsec. Nts., 8/15/22		323,000		350,051
				737,839

Information Technology—3.1%
Communications Equipment—0.4%
Motorola Solutions, Inc., 3.50% Sr. Unsec. Nts., 3/1/23		259,000		244,379
QUALCOMM, Inc., 3.45% Sr. Unsec. Nts., 5/20/25		351,000		341,933
				586,312

Electronic Equipment, Instruments, & Components—0.8%
Arrow Electronics, Inc., 5.125% Sr. Unsec. Unsub. Nts., 3/1/21		407,000		442,227
Avnet, Inc., 4.875% Sr. Unsec. Unsub. Nts., 12/1/22		405,000		421,821
Flextronics International Ltd., 4.75% Sr. Unsec. Nts., 6/15/25¹		290,000		288,057
				1,152,105

Internet Software & Services—0.3%
VeriSign, Inc., 5.25% Sr. Unsec. Nts., 4/1/25¹		375,000		375,000

IT Services—0.5%
Fidelity National Information Services, Inc.:
1.45% Sr. Unsec. Nts., 6/5/17		297,000		296,425
3.50% Sr. Unsec. Nts., 4/15/23		207,000		201,005
Xerox Corp.:
2.95% Sr. Unsec. Nts., 3/15/17		130,000		133,190
6.75% Sr. Unsec. Nts., 2/1/17		65,000		70,035
				700,655


	Principal Amount		Value
Semiconductors & Semiconductor Equipment—0.2%
Micron Technology, Inc., 5.50% Sr. Unsec. Nts., 2/1/25¹	$	370,000	$	347,615

Software—0.5%
Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		110,000		110,344
Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/23¹		349,000		346,382
Oracle Corp., 3.40% Sr. Unsec. Nts., 7/8/24		269,000		269,607
				726,333

Technology Hardware, Storage & Peripherals—0.4%
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		198,000		195,168
Hewlett-Packard Co., 2.65% Sr. Unsec. Unsub. Nts., 6/1/16		367,000		371,671
				566,839

Materials—3.2%
Chemicals—1.1%
Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25		151,000		143,643
4.125% Sr. Unsec. Nts., 3/15/35		75,000		67,077
Eastman Chemical Co.:
3.00% Sr. Unsec. Nts., 12/15/15		182,000		183,650
4.65% Sr. Unsec. Nts., 10/15/44		92,000		87,181
LYB International Finance BV, 5.25% Sr. Unsec. Nts., 7/15/43		123,000		125,330
Methanex Corp., 4.25% Sr. Unsec. Nts., 12/1/24		215,000		213,259
Rockwood Specialties Group, Inc., 4.625% Sr. Unsec. Nts., 10/15/20		380,000		396,150
RPM International, Inc., 3.45% Sr. Unsec. Unsub. Nts., 11/15/22		325,000		313,583
Valspar Corp. (The), 3.30% Sr. Unsec. Nts., 2/1/25		103,000		99,176
				1,629,049

Construction Materials—0.3%
CRH America, Inc., 5.125% Sr. Unsec. Nts., 5/18/45¹		101,000		99,899
James Hardie International Finance Ltd., 5.875% Sr. Unsec. Nts., 2/15/23¹		364,000		376,740
				476,639

Containers & Packaging—1.0%
Ball Corp., 4% Sr. Unsec. Nts., 11/15/23		370,000		345,025
Packaging Corp. of America:
3.65% Sr. Unsec. Nts., 9/15/24		94,000		92,157
4.50% Sr. Unsec. Nts., 11/1/23		300,000		309,516
Rock-Tenn Co., 3.50% Sr. Unsec. Unsub. Nts., 3/1/20		617,000		635,541
				1,382,239

Metals & Mining—0.7%
Carpenter Technology Corp., 4.45% Sr. Unsec. Unsub. Nts., 3/1/23		145,000		144,292
Freeport-McMoRan, Inc., 3.875% Sr. Unsec. Nts., 3/15/23		122,000		110,872
Glencore Finance Canada Ltd., 3.60% Sr. Unsec. Nts., 1/15/17¹		302,000		310,059
Glencore Funding LLC, 4.625% Sr. Unsec. Nts., 4/29/24¹		137,000		136,110
Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		101,000		96,177
Yamana Gold, Inc., 4.95% Sr. Unsec. Nts., 7/15/24		193,000		185,984
				983,494

14 OPPENHEIMER CORE BOND FUND/VA


	Principal Amount		Value
Paper & Forest Products—0.1%
International Paper Co., 4.80% Sr. Unsec. Nts., 6/15/44	$	153,000	$	141,911

Telecommunication Services—2.7%
Diversified Telecommunication Services—2.6%
AT&T, Inc., 4.35% Sr. Unsec. Nts., 6/15/45		543,000		465,121
British Telecommunications plc, 9.625% Sr. Unsec. Nts., 12/15/30		247,000		366,800
CenturyLink, Inc., 6.45% Sr. Unsec. Nts., 6/15/21		346,000		350,325
Deutsche Telekom International Finance BV, 5.75% Sr. Unsec. Nts., 3/23/16		349,000		361,077
Frontier Communications Corp., 7.625% Sr. Unsec. Nts., 4/15/24		345,000		306,188
Orange SA, 2.75% Sr. Unsec. Nts., 9/14/16		97,000		98,775
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		230,000		259,900
Telefonica Emisiones SAU, 7.045% Sr. Unsec. Unsub. Nts., 6/20/36		142,000		174,428
Verizon Communications, Inc.:
3.50% Sr. Unsec. Nts., 11/1/24		163,000		158,619
4.50% Sr. Unsec. Nts., 9/15/20		891,000		961,393
4.522% Sr. Unsec. Nts., 9/15/48¹		252,000		222,869
5.012% Sr. Unsec. Nts., 8/21/54		50,000		45,891
				3,771,386

Wireless Telecommunication Services—0.1%
America Movil SAB de CV, 4.375% Sr. Unsec. Unsub. Nts., 7/16/42		138,000		128,500

Utilities—3.9%
Electric Utilities—2.3%
American Transmission Systems, Inc., 5% Sr. Unsec. Nts., 9/1/44¹		99,000		100,634
EDP Finance BV, 5.25% Sr. Unsec. Nts., 1/14/21¹		275,000		288,687
Enel Finance International NV, 6.25% Sr. Unsec. Nts., 9/15/17¹		333,000		364,713
Exelon Corp., 3.95% Sr. Unsec. Nts., 6/15/25		359,000		361,294
ITC Holdings Corp.:
3.65% Sr. Unsec. Nts., 6/15/24		329,000		325,889
5.30% Sr. Unsec. Nts., 7/1/43		78,000		83,367
NextEra Energy Capital Holdings, Inc., 1.586% Sr. Unsec. Nts., 6/1/17		369,000		369,608
Pennsylvania Electric Co., 5.20% Sr. Unsec. Nts., 4/1/20		73,000		79,936


	Principal Amount		Value
Electric Utilities (Continued)
PPL Capital Funding, Inc.:
3.50% Sr. Unsec. Unsub. Nts., 12/1/22	$	204,000	$ 206,512
4.20% Sr. Sec. Nts., 6/15/22		54,000	56,841
PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/21¹		429,000	474,673
Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		307,000	357,307
Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/25¹		231,000	229,576
			3,299,037

Independent Power and Renewable Electricity Producers—0.5%
Dayton Power & Light Co. (The), 1.875% Sec. Nts., 9/15/16		272,000	273,527
NRG Yield Operating LLC, 5.375% Sr. Unsec. Nts., 8/15/24¹		349,000	353,363
			626,890

Multi-Utilities—1.1%
Berkshire Hathaway Energy Co., 4.50% Sr. Unsec. Nts., 2/1/45		185,000	180,792
CenterPoint Energy, Inc., 5.95% Sr. Unsec. Nts., 2/1/17		327,000	351,179
CMS Energy Corp.:
3.875% Sr. Unsec. Nts., 3/1/24		202,000	205,477
5.05% Sr. Unsec. Unsub. Nts., 3/15/22		286,000	314,896
Consolidated Edison Co. of New York, Inc., 4.625% Sr. Unsec. Nts., 12/1/54		84,000	81,669
Dominion Gas Holdings LLC, 4.60% Sr. Unsec. Nts., 12/15/44		141,000	132,727
NiSource Finance Corp., 4.80% Sr. Unsec. Nts., 2/15/44		148,000	150,944
Puget Energy, Inc., 3.65% Sr. Sec. Nts., 5/15/25¹		183,000	179,199
			1,596,883
Total Corporate Bonds and Notes (Cost $77,119,217)			77,630,580

	Shares
Investment Company—5.5%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^10,11(Cost $7,925,085)		7,925,085	7,925,085

Total Investments, at Value (Cost $178,948,232)		123.0%	176,257,541
Net Other Assets (Liabilities)		(23.0)	(32,978,870)

Net Assets		100.0%	$ 143,278,671

Footnotes to Statement of Investments

1. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $39,657,722 or 27.68% of the Fund’s net assets as of June 30, 2015.

2. Restricted security. The aggregate value of restricted securities as of June 30, 2015 was $3,690,871, which represents 2.58% of the Fund’s net assets. See Note 4 of the accompanying Notes. Information concerning restricted securities is as follows:


Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)
Banc of America Funding Trust, Series 2014-R7, Cl. 3A1, 2.617%, 3/26/36		3/6/15-5/13/15	$	400,577	$	400,445	$	(132)
Credit Agricole SA, 8.375% Jr. Sub. Perpetual Bonds		10/27/14-11/13/14		364,992		372,800		7,808
Drive Auto Receivables Trust, Series 2015-AA, Cl. C, 3.06%, 5/17/21		3/12/15		249,966		251,645		1,679
NC Finance Trust, Series 1999-I, Cl. D, 8.75%, 1/25/29		8/10/10		3,281,116		909,904		(2,371,212)
Rabobank Capital Funding Trust III, 5.254% Jr. Sub. Perpetual Bonds		5/1/13-5/8/13		673,806		691,679		17,873

15 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments (Continued)


							Unrealized
	Acquisition						Appreciation/
Security	Dates		Cost		Value		(Depreciation)

Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds		3/10/10-2/16/12	$	607,833	$	683,885	$	76,052
ZFS Finance USA Trust V, 6.50% Jr. Sub. Nts., 5/9/37		11/20/13		377,913		380,513		2,600

			$	5,956,203	$	3,690,871	$	(2,265,332)

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

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 $2,603,436 or 1.82% of the Fund’s net assets as of June 30, 2015.

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 $142,030 or 0.10% of the Fund’s net assets as of June 30, 2015.

7. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after June 30, 2015. See Note 4 of the accompanying Notes.

8. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and or principal payments. The rate shown is the original contractual interest rate. See Note 4 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. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the period ended June 30, 2015, 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, 2014		Gross Additions		Gross Reductions		Shares June 30, 2015

Oppenheimer Institutional Money Market Fund, Cl. E		6,496,088		32,493,929		31,064,932		7,925,085


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	7,925,085	$	4,248

11. Rate shown is the 7-day yield as of June 30, 2015.

Futures Contracts as of June 30, 2015

Description

Exchange

Buy/Sell

Expiration Date

Number of Contracts

Value

Unrealized Appreciation

(Depreciation)

United States Treasury Long Bonds

CBT

Sell

9/21/15

4,977,844

96,950

United States Treasury Nts., 2 yr.

CBT

Sell

9/30/15

875,750

25 ��

United States Treasury Nts., 10 yr.

CBT

Sell

9/21/15

11,733,984

73,383

United States Treasury Ultra Bonds

CBT

Buy

9/21/15

10,322,188

(272,788)

(102,430)


Glossary:
Exchange Abbreviations
CBT		Chicago Board of Trade

See accompanying Notes to Financial Statements.

16 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2015 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $171,023,147)	$	168,332,456
Affiliated companies (cost $7,925,085)		7,925,085

		176,257,541

Cash		540,476

Cash used for collateral on futures		200,000

Receivables and other assets:
Investments sold (including $23,226,661 sold on a when-issued or delayed delivery basis)		23,996,294
Interest, dividends and principal paydowns		925,229
Shares of beneficial interest sold		192,146
Variation margin receivable		7,167
Other		37,063

Total assets		202,155,916


Liabilities
Payables and other liabilities:
Investments purchased (including $58,194,296 purchased on a when-issued or delayed delivery basis)		58,720,363
Shares of beneficial interest redeemed		63,843
Trustees’ compensation		29,952
Distribution and service plan fees		11,058
Shareholder communications		9,439
Variation margin payable		5,706
Other		36,884

Total liabilities		58,877,245


Net Assets	$	143,278,671



Composition of Net Assets
Par value of shares of beneficial interest	$	18,751

Additional paid-in capital		225,232,406

Accumulated net investment income		1,600,813

Accumulated net realized loss on investments		(80,780,178)

Net unrealized depreciation on investments		(2,793,121)

Net Assets	$	143,278,671



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 $89,880,631 and 11,712,401 shares of beneficial interest outstanding)		$7.67

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $53,398,040 and 7,038,950 shares of beneficial interest outstanding)		$7.59

See accompanying Notes to Financial Statements.

17 OPPENHEIMER CORE BOND FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2015 Unaudited



Investment Income
Interest - unaffiliated companies (net of foreign withholding taxes of $ 439)	$	2,668,898

Fee income on when-issued securities		445,513

Dividends - affiliated companies		4,248

Total investment income		3,118,659


Expenses
Management fees		439,151

Distribution and service plan fees - Service shares		69,296

Transfer and shareholder servicing agent fees:
Non-Service shares		45,479
Service shares		27,713

Shareholder communications:
Non-Service shares		12,667
Service shares		7,716

Custodian fees and expenses		21,301

Trustees’ compensation		8,312

Other		31,108

Total expenses		662,743
Less reduction to custodian expenses		(77)
Less waivers and reimbursements of expenses		(44,405)

Net expenses		618,261


Net Investment Income		2,500,398


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies		255,208
Closing and expiration of futures contracts		(175,172)

Net realized gain		80,036

Net change in unrealized appreciation/depreciation on:
Investments		(1,426,587)
Futures contracts		(461,305)

Net change in unrealized appreciation/depreciation		(1,887,892)


Net Increase in Net Assets Resulting from Operations	$	692,542

See accompanying Notes to Financial Statements.

18 OPPENHEIMER CORE BOND FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014

Operations
Net investment income	$	2,500,398	$	5,421,470

Net realized gain		80,036		3,158,701

Net change in unrealized appreciation/depreciation		(1,887,892)		1,727,274

Net increase in net assets resulting from operations		692,542		10,307,445


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(3,667,301)		(4,942,642)
Service shares		(2,079,404)		(2,786,126)

		(5,746,705)		(7,728,768)


Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		2,307,738		(7,710,673)
Service shares		2,593,353		(3,167,239)

		4,901,091		(10,877,912)


Net Assets
Total decrease		(153,072)		(8,299,235)

Beginning of period		143,431,743		151,730,978

End of period (including accumulated net investment income of $1,600,813 and $4,847,120, respectively)	$	143,278,671	$	143,431,743

See accompanying Notes to Financial Statements.

19 OPPENHEIMER CORE BOND FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	7.96	$	7.83	$	8.26	$	7.88	$	7.73	$	7.07

Income (loss) from investment operations:
Net investment income²		0.14		0.30		0.36		0.35		0.36		0.40
Net realized and unrealized gain (loss)		(0.10)		0.26		(0.37)		0.44		0.25		0.40

Total from investment operations		0.04		0.56		(0.01)		0.79		0.61		0.80

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.33)		(0.43)		(0.42)		(0.41)		(0.46)		(0.14)

Net asset value, end of period	$	7.67	$	7.96	$	7.83	$	8.26	$	7.88	$	7.73


Total Return, at Net Asset Value³		0.44%		7.27%		(0.10)%		10.29%		8.27%		11.42%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	89,881	$	90,757	$	96,785	$	116,989	$	122,271	$	132,557

Average net assets (in thousands)	$	91,726	$	94,336	$	105,012	$	119,547	$	127,341	$	136,333

Ratios to average net assets:⁴
Net investment income		3.51%		3.72%		4.51%		4.34%		4.71%		5.32%
Total expenses⁵		0.81%		0.80%		0.80%		0.77%		0.77%		0.79%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75%		0.75%		0.75%		0.75%		0.75%		0.70%

Portfolio turnover rate⁶		47%		127%		115%		140%		99%		98%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:


Six Months Ended June 30, 2015	0.81	%
Year Ended December 31, 2014	0.81	%
Year Ended December 31, 2013	0.81	%
Year Ended December 31, 2012	0.79	%
Year Ended December 30, 2011	0.79	%
Year Ended December 31, 2010	0.80	%

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 30, 2015		$370,576,432		$384,401,097
Year Ended December 31, 2014		$560,409,975		$543,669,748
Year Ended December 31, 2013		$776,927,298		$806,883,121
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

See accompanying Notes to Financial Statements.

20 OPPENHEIMER CORE BOND FUND/VA


Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	7.86	$	7.74	$	8.17	$	7.79	$	7.65	$	6.99

Income (loss) from investment operations:
Net investment income²		0.13		0.27		0.34		0.33		0.34		0.37
Net realized and unrealized gain (loss)		(0.09)		0.26		(0.37)		0.44		0.24		0.41

Total from investment operations		0.04		0.53		(0.03)		0.77		0.58		0.78

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.31)		(0.41)		(0.40)		(0.39)		(0.44)		(0.12)

Net asset value, end of period	$	7.59	$	7.86	$	7.74	$	8.17	$	7.79	$	7.65


Total Return, at Net Asset Value³		0.44%		6.93%		(0.38)%		10.17%		7.93%		11.28%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	53,398	$	52,675	$	54,946	$	64,694	$	62,294	$	56,562

Average net assets (in thousands)	$	55,895	$	55,215	$	59,523	$	67,116	$	58,629	$	57,313

Ratios to average net assets:⁴
Net investment income		3.26%		3.47%		4.26%		4.07%		4.42%		5.06%
Total expenses⁵		1.06%		1.04%		1.05%		1.02%		1.02%		1.04%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00%		1.00%		1.00%		1.00%		1.00%		0.95%

Portfolio turnover rate⁶		47%		127%		115%		140%		99%		98%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:


Six Months Ended June 30, 2015	1.06	%
Year Ended December 31, 2014	1.05	%
Year Ended December 31, 2013	1.06	%
Year Ended December 31, 2012	1.04	%
Year Ended December 30, 2011	1.04	%
Year Ended December 31, 2010	1.05	%

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 30, 2015		$370,576,432		$384,401,097
Year Ended December 31, 2014		$560,409,975		$543,669,748
Year Ended December 31, 2013		$776,927,298		$806,883,121
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

See accompanying Notes to Financial Statements.

21 OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2015 Unaudited

1. Organization

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 (“1940 Act”), 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.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

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.

22 OPPENHEIMER CORE BOND FUND/VA

2. Significant Accounting Policies (Continued)

During the fiscal year ended December 31, 2014, the Fund utilized $3,087,162 of capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had post-October losses of $104,469 and straddle losses of $6,292. Details of the fiscal year ended December 31, 2014 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	$	5,271,444
2017		75,069,850

Total	$	80,341,294

As of June 30, 2015, it is estimated that the capital loss carryforwards would be $80,372,019 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 30, 2015, it is estimated that the Fund will utilize $80,036 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	179,049,959
Federal tax cost of other investments		(7,162,961)

Total federal tax cost	$	171,886,998

Gross unrealized appreciation	$	3,439,466
Gross unrealized depreciation		(6,334,314)

Net unrealized depreciation	$	(2,894,848)

3. 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.

23 OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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 30, 2015 based on valuation input level:

24 OPPENHEIMER CORE BOND FUND/VA

3. 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:
Asset-Backed Securities	$	—	$	23,676,750	$	—	$	23,676,750
Mortgage-Backed Obligations		—		64,301,227		1,018,570		65,319,797
U.S. Government Obligations		—		1,705,329		—		1,705,329
Corporate Bonds and Notes		—		77,630,580		—		77,630,580
Investment Company		7,925,085		—		—		7,925,085

Total Investments, at Value		7,925,085		167,313,886		1,018,570		176,257,541
Other Financial Instruments:
Futures contracts		170,358		—		—		170,358

Total Assets	$	8,095,443	$	167,313,886	$	1,018,570	$	176,427,899


Liabilities Table
Other Financial Instruments:
Futures contracts	$	(272,788)	$	—	$	—	$	(272,788)

Total Liabilities	$	(272,788)	$	—	$	—	$	(272,788)

4. Investments and Risks

As of June 30, 2015, 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		$58,194,296
Sold securities		23,226,661

25 OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of June 30, 2015 is as follows:


Cost	$	3,281,116
Market Value	$	909,904
Market Value as % of Net Assets		0.64%

5. Risk Exposures and the Use of Derivative Instruments

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

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

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

26 OPPENHEIMER CORE BOND FUND/VA

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

Futures Contracts

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

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

During the six months ended June 30, 2015, the Fund had an ending monthly average market value of $11,918,456 and $31,019,571 on futures contracts purchased and sold, respectively.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities as of June 30, 2015:

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

Interest rate contracts

Variation margin receivable

7,167

Variation margin payable

5,706

27 OPPENHEIMER CORE BOND FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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

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

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


Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments		Closing and expiration of futures contracts
Interest rate contracts		$ (175,172)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments		Futures contracts
Interest rate contracts		$ (461,305)

6. Shares of Beneficial Interest

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


	Six Months Ended June 30, 2015						Year Ended December 31, 2014
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		638,604		$	5,183,249			473,147		$	3,766,474
Dividends and/or distributions reinvested		476,892			3,667,301			636,119			4,942,642
Redeemed		(810,958	)		(6,542,812	)		(2,061,362	)		(16,419,789	)

Net increase (decrease)		304,538		$	2,307,738			(952,096	)	$	(7,710,673	)



Service Shares
Sold		1,396,116		$	11,131,603			1,990,358		$	15,655,488
Dividends and/or distributions reinvested		273,246			2,079,404			362,777			2,786,126
Redeemed		(1,334,093	)		(10,617,654	)		(2,750,766	)		(21,608,853	)

Net increase (decrease)		335,269		$	2,593,353			(397,631	)	$	(3,167,239	)

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2015 were as follows:


	Purchases		Sales
Investment securities	$	56,982,172	$	54,645,890
U.S. government and government agency obligations		9,125,149		10,617,515
To Be Announced (TBA) mortgage-related securities		370,576,432		384,401,097

8. 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

The Fund’s effective management fee for the six months ended June 30, 2015 was 0.60% of average annual net assets before any applicable waivers.

28 �� OPPENHEIMER CORE BOND FUND/VA

8. Fees and Other Transactions with Affiliates (Continued)

Waivers and Reimbursements of Expenses. The Manager has contractually 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 30, 2015, the Manager waived fees and/or reimbursed the Fund $25,634 and $15,381 for Non-Service and Service shares, respectively.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

9. Pending Litigation

29 OPPENHEIMER CORE BOND FUND/VA

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

30 OPPENHEIMER CORE BOND FUND/VA

DISTRIBUTION SOURCES Unaudited

For the most current information, please go to oppenheimerfunds.com. Select your Fund, then the ’Detailed’ tab; where ‘Dividends’ are shown, the Fund’s latest pay date will be followed by the sources of any distribution, updated daily.

Net Profit

Other Capital

Fund Name

Pay Date

Net Income

from Sale

Sources

Oppenheimer Core Bond Fund/VA

6/16/15

94.3%

5.7%

0.0%

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
		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
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Krishna Memani, Vice President
		Peter A. Strzalkowski, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering 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 Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent		KPMG LLP
Registered Public
Accounting Firm

Legal Counsel		Ropes & Gray 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.

		^© 2015 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.



		June 30, 2015
		Oppenheimer
		Global Fund/VA		Semiannual Report
		A Series of Oppenheimer Variable Account Funds
		SEMIANNUAL REPORT
		Listing of Top Holdings Fund Performance Discussion Financial Statements

PORTFOLIO MANAGER: Rajeev Bhaman, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/15


	Inception Date		6-Months		1-Year			5-Year			10-Year
Non-Service Shares		11/12/90		10.29%		7.89	%		14.94	%		8.31 %
Service Shares		7/13/00		10.16		7.62			14.66			8.04
MSCI All Country World Index				2.66		0.71			11.93			6.41

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 include changes in share price and reinvested distributions but should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.

The Fund’s performance is compared to the performance of the MSCI All Country (AC) World Index, a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS



McGraw Hill Financial, Inc.			2.6%

Murata Manufacturing Co. Ltd.			2.5

Altera Corp.			2.4

Aetna, Inc.			2.3

eBay, Inc.			2.2

Walt Disney Co. (The)			2.2

Airbus Group SE			2.1

Anthem, Inc.			2.1

Citigroup, Inc.			2.1

Telefonaktiebolaget LM Ericsson, Cl. B			2.0

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2015, 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 30, 2015, and are based on the total market value of investments.

2 OPPENHEIMER GLOBAL FUND/VA

Fund Performance Discussion

During the six-month reporting period, the Fund’s Non-Service shares produced a return of 10.29%. By comparison, the MSCI AC World Index (the “Index”) returned 2.66%. The Fund outperformed the Index in all sectors, led by stock selection in the information technology, health care and financials sectors.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

For the six-month reporting period, global equities generally produced muted results. After U.S. equities outperformed other developed and emerging market equities in 2014, the market environment shifted in 2015. The dollar continued to strengthen, which acted as a drag on growth. Businesses, especially U.S. firms with revenues dependent on exporting goods and services, cited this as a headwind. European Central Bank (“ECB”) President Mario Draghi announced the purchase of €60 billion a month in sovereign bonds from Eurozone countries for at least 19 months, a form of quantitative easing (“QE”) that is projected to increase the ECB’s balance sheet by over €1 trillion. The announcement and implementation of these extraordinary monetary policies had a significant impact on financial markets. European markets rallied and the euro fell against the currencies of most major trading partners. This resulted in European and emerging market equities outperforming U.S. equities through May 2015. However, concerns around Greece’s debt situation emerged yet again late this reporting period. The market had hoped for an 11th hour resolution to the stand-off between Greece and its creditors, but instead got an escalation of the crisis after the Greek Prime Minister called for a referendum. In the minds of many, this increased the odds of a Greek exit from the Eurozone (“Grexit”) and impacted the markets through the end of the reporting period. Shortly after the period ended, Eurozone leaders agreed to offer Greece a third bailout, averting a Grexit for the time being.

TOP INDIVIDUAL CONTRIBUTORS

During the reporting period, top contributors to performance included Murata Manufacturing Co., Aetna Inc., and Altera Corp. Murata Manufacturing is a Japan-based smartphone ceramic capacitor manufacturer. The company has exceeded earnings expectations due to robust, global sales of high-end smartphones. As a component manufacturer with both Apple and Samsung as customers, it does not matter which company wins the next product refresh. A depreciating Japanese yen also boosted Murata, whose costs are in yen and sales are in U.S. dollars. Our investment thesis in Aetna, a health benefits company, was predicated on our belief that the company would be part of the solution to rising health care costs, and that the Affordable Care Act (Obamacare) would not supplant the entire private insurance market. Furthermore, we thought that the growth of the numbers of people entering the insured space as coverage was made broadly universal would add to both revenues and profits. So far, this proved to be correct. In a consolidating industry, we believe that Aetna’s scale and cost advantage should enable it to be one of the few survivors. Recently, Aetna bid to acquire Humana. Altera is a key player in the programmable logic device (PLD) niche of the semiconductor industry. In contrast to application-specific integrated circuits, PLDs can be reconfigured to address the unique needs of respective users. Recognizing the value of Altera’s intellectual property, Intel, the largest chip maker, announced plans to acquire Altera.

TOP INDIVIDUAL DETRACTORS

The most significant detractors from the Fund’s performance included Tiffany & Co., Telefonaktiebolaget LM Ericsson and Embraer SA. Tiffany & Co. experienced a soft holiday sales season due to some promotional missteps, and a strong U.S. dollar negatively impacted the bottom line. Despite much talk of China’s current slowdown, we believe our thesis on increasing consumption of luxury goods, particularly in the emerging markets, over the longer term remains intact. China has demonstrated a huge appetite for jewelry, with jewelry sales growing approximately 35% annually. Tiffany continues to improve its product offering, which has positive implications for margins, and continues to have a strong global brand, in our view. Ericsson, a mobile network operator, underperformed for a few reasons: slower U.S. recovery, 4G peaking in China and no resolution of a patent dispute with Apple. We view these as transient factors and remain comfortable with our position in Ericsson. Operating expenditures peaked in 2014, and we expect gross margin to improve as networks increasingly switch to software and capacity investment, which can drive LTE network quality. Ericsson is the leader in this area. Moreover, we believe that industry consolidation, which drives lower price erosion, benefits Ericsson, which has scale and a strong balance sheet with more than $5 billion in net cash. Embraer is one of the largest manufacturers of smaller sized jets, which are used in the commercial regional market and business jet market. Embraer also is well positioned with niche products in global defense markets, in our view. Although the company reported disappointing earnings earlier this year, we believed the market overreacted. We expected meaningful order flow to resume and the business jet market to pickup in activity, particularly in the emerging markets. Negative sentiment surrounding the outlook for the Brazilian economy also led the stock lower. We continue to like management’s disciplined approach to cash deployment and the company’s strong balance sheet.

STRATEGY & OUTLOOK

Headlines have very little to do with the way we invest, other than perhaps creating opportunities to buy or add to companies where we believe that near-term concerns have caused share prices to dislocate from long-term fundamentals. The Fund is a long-term, growth-oriented investment portfolio. We use a bottom-up, fundamental approach and seek to invest only in high quality companies with above average, sustainable growth characteristics. We seek to add value via our individual stock selection, and make no effort to mimic the weights assigned to the Index by sector, region or country. Valuation is a critical part of our investment criteria. Assuming we properly understand a given set of business economics, our returns are principally a function of paying an appropriate price.

3 OPPENHEIMER GLOBAL 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 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 30, 2015.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During 6 Months Ended June 30, 2015
Non-Service shares	$	1,000.00	$	1,102.90	$	3.97
Service shares		1,000.00		1,101.60		5.28

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

5 OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF INVESTMENTS June 30, 2015 Unaudited




	Shares		Value

Common Stocks—97.2%

Consumer Discretionary—11.6%

Hotels, Restaurants & Leisure—1.0%

International Game Technology plc¹		808,101	$	14,351,874

McDonald’s Corp.		147,660		14,038,036

				28,389,910

Internet & Catalog Retail—0.8%

JD.com, Inc., ADR¹		706,301		24,084,864

Media—3.0%

Walt Disney Co. (The)		547,130		62,449,418

Zee Entertainment Enterprises Ltd.		4,184,363		24,232,668

				86,682,086

Specialty Retail—3.0%

Inditex SA		1,463,755		47,734,284

Tiffany & Co.		406,890		37,352,502

				85,086,786

Textiles, Apparel & Luxury Goods—3.8%

Brunello Cucinelli SpA		394,305		7,385,334

Kering		189,430		33,790,057

LVMH Moet Hennessy Louis Vuitton SE		293,580		51,392,959

Tod’s SpA		162,664		15,440,385

				108,008,735

Consumer Staples—5.4%

Beverages—1.0%

Ambev SA, ADR		1,193,225		7,278,672

Fomento Economico Mexicano SAB de CV, ADR		222,675		19,838,116

				27,116,788

Food Products—2.6%

Nestle SA		370,589		26,788,225

Unilever plc		1,128,493		48,508,888

				75,297,113

Household Products—1.8%

Colgate-Palmolive Co.		806,580		52,758,398

Energy—1.5%

Energy Equipment & Services—0.9%

Technip SA		442,690		27,420,157

Oil, Gas & Consumable Fuels—0.6%

Repsol SA		922,284		16,235,447

Financials—23.5%

Capital Markets—6.3%

Credit Suisse Group AG¹		1,285,391		35,319,284

Deutsche Bank AG		970,715		29,154,542

Goldman Sachs Group, Inc. (The)		221,910		46,332,589

Nomura Holdings, Inc.		2,229,800		15,029,226

UBS Group AG1		2,655,498		56,304,942

				182,140,583

Commercial Banks—7.5%

Banco Bilbao Vizcaya Argentaria SA		3,243,794		31,908,975

Citigroup, Inc.		1,064,860		58,822,866

ICICI Bank Ltd., Sponsored ADR		4,201,880		43,783,590

Itau Unibanco Holding SA, ADR		2,027,744		22,203,797

Societe Generale SA		542,139		25,293,348

Sumitomo Mitsui Financial Group, Inc.		735,000		32,659,310

				214,671,886

Diversified Financial Services—3.1%

BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		3,982,700		15,013,105

McGraw Hill Financial, Inc.		727,140		73,041,213

				88,054,318




	Shares		Value

Insurance—5.5%

Allianz SE		276,129	$	42,991,006

Dai-ichi Life Insurance Co. Ltd. (The)		2,082,800		40,904,303

FNF Group		593,570		21,956,154

Prudential plc		2,116,097		51,062,687

				156,914,150

Real Estate Management & Development—1.1%

DLF Ltd.		17,080,971		31,152,755

Health Care—18.3%

Biotechnology—8.5%

ACADIA Pharmaceuticals, Inc.¹		489,720		20,509,474

Biogen, Inc.¹		74,940		30,271,264

BioMarin Pharmaceutical, Inc.¹		209,630		28,673,191

Bluebird Bio, Inc.¹		88,220		14,853,601

Celldex Therapeutics, Inc.¹		1,075,550		27,125,371

Circassia Pharmaceuticals plc¹		4,555,513		20,947,919

Clovis Oncology, Inc.¹		216,860		19,057,657

Gilead Sciences, Inc.		359,970		42,145,288

MacroGenics, Inc.¹		36,540		1,387,424

Medivation, Inc.¹		109,910		12,551,722

Vertex Pharmaceuticals, Inc.¹		205,840		25,417,123

				242,940,034

Health Care Equipment & Supplies—1.8%

St. Jude Medical, Inc.		268,810		19,641,946

Zimmer Biomet Holdings, Inc.		281,390		30,736,230

				50,378,176

Health Care Providers & Services—4.4%

Aetna, Inc.		526,790		67,144,654

Anthem, Inc.		358,815		58,895,894

				126,040,548

Pharmaceuticals—3.6%

Bayer AG		314,316		43,981,560

Roche Holding AG		91,670		25,736,671

Shire plc		251,120		20,185,822

Theravance Biopharma, Inc.¹		157,022		2,044,427

Theravance, Inc.		624,740		11,289,052

				103,237,532

Industrials—11.0%

Aerospace & Defense—2.8%

Airbus Group SE		917,960		59,473,013

Embraer SA, Sponsored ADR		724,823		21,954,889

				81,427,902

Air Freight & Couriers—1.2%

United Parcel Service, Inc., Cl. B		342,350		33,177,138

Building Products—1.4%

Assa Abloy AB, Cl. B		2,144,913		40,390,110

Construction & Engineering—0.4%

FLSmidth & Co. AS		254,064		12,257,587

Electrical Equipment—2.6%

Emerson Electric Co.		377,670		20,934,248

Nidec Corp.		559,300		41,951,148

Prysmian SpA		511,891		11,048,253

				73,933,649

Industrial Conglomerates—1.8%

3M Co.		249,760		38,537,968

Siemens AG		135,121		13,607,420

				52,145,388

Machinery—0.8%

FANUC Corp.		107,400		21,925,269

6 OPPENHEIMER GLOBAL FUND/VA


	Shares		Value

Information Technology—23.5%

Communications Equipment—2.0%

Telefonaktiebolaget LM Ericsson, Cl. B		5,443,909	$	56,352,793

Electronic Equipment, Instruments, & Components—5.1%

Keyence Corp.		80,811		43,570,402

Kyocera Corp.		614,100		31,909,819

Murata Manufacturing Co. Ltd.		405,900		70,769,739

				146,249,960

Internet Software & Services—6.9%

eBay, Inc.¹		1,055,640		63,591,754

Facebook, Inc., Cl. A¹		504,910		43,303,606

Google, Inc., Cl. A¹		77,700		41,961,108

Google, Inc., Cl. C¹		75,692		39,398,443

Qihoo 360 Technology Co. Ltd., ADR¹		154,060		10,428,321

				198,683,232

IT Services—0.2%

Earthport plc¹		6,806,563		4,065,964

Semiconductors & Semiconductor Equipment—4.1%

Altera Corp.		1,338,100		68,510,720

Maxim Integrated Products, Inc.		1,413,215		48,861,909

				117,372,629

Software—5.2%

Adobe Systems, Inc.¹		633,933		51,354,912

Intuit, Inc.		515,140		51,910,658

SAP SE		669,371		46,641,845

				149,907,415


	Shares		Value

Materials—1.0%

Chemicals—1.0%

Linde AG		147,441	$	27,918,084

Telecommunication Services—1.4%

Wireless Telecommunication Services—1.4%

KDDI Corp.		1,619,800		38,955,961

Total Common Stocks (Cost $1,489,138,998)				2,781,373,347

Preferred Stocks—1.8%

Bayerische Motoren Werke (BMW) AG, Preference		590,367		49,960,954

Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv.		79,253,601		1,057,876

Total Preferred Stocks (Cost $18,576,232)				51,018,830

	Units

Rights, Warrants and Certificates—0.0%

Rapsol SA Rts., Strike Price 1EUR, Exp. 7/3/15¹ (Cost $—)		922,284		478,117

	Shares		Value

Investment Company—0.7%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^2,3 (Cost $21,019,076)		21,019,076		21,019,076

Total Investments, at Value (Cost $1,528,734,306)		99.7%		2,853,889,370

Net Other Assets (Liabilities)		0.3		8,987,212

Net Assets		100.0%	$	2,862,876,582

Footnotes to Statement of Investments

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

EUR Euro

1. Non-income producing security.

2. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the period ended June 30, 2015, 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, 2014		Gross Additions		Gross Reductions		Shares June 30, 2015

Oppenheimer Institutional Money Market Fund, Cl. E		12,394,365		215,774,981		207,150,270		21,019,076


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	21,019,076	$	17,236

3. Rate shown is the 7-day yield as of June 30, 2015.

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


Geographic Holdings	Value		Percent

United States	$	1,299,012,607		45.5	%
Japan		337,675,177		11.8
Germany		254,255,411		8.9
Switzerland		144,149,122		5.1
United Kingdom		138,937,333		4.9
France		137,896,521		4.8
India		100,226,889		3.5
Sweden		96,742,903		3.4
Spain		96,356,822		3.4
Brazil		66,450,463		2.3
Netherlands		59,473,013		2.1
China		34,513,185		1.2
Italy		33,873,973		1.2
Ireland		20,185,822		0.7
Mexico		19,838,116		0.7
Denmark		12,257,587		0.4
Cayman Islands		2,044,426		0.1

Total	$	2,853,889,370		100.0	%

See accompanying Notes to Financial Statements.

7 OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2015 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,507,715,230)	$	2,832,870,294
Affiliated companies (cost $21,019,076)		21,019,076

		2,853,889,370

Cash		4,984,832

Receivables and other assets:
Dividends		5,620,258
Shares of beneficial interest sold		4,024,616
Investments sold		137,036
Other		122,206

Total assets		2,868,778,318


Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		5,207,187
Distribution and service plan fees		270,231
Investments purchased		136,788
Trustees’ compensation		100,091
Shareholder communications		71,892
Other		115,547

Total liabilities		5,901,736


Net Assets	$	2,862,876,582



Composition of Net Assets
Par value of shares of beneficial interest	$	71,307

Additional paid-in capital		1,462,600,320

Accumulated net investment income		17,599,801

Accumulated net realized gain on investments and foreign currency transactions		57,853,203

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		1,324,751,951

Net Assets	$	2,862,876,582



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 $1,567,862,337 and 38,882,920 shares of beneficial interest outstanding)		$40.32

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,295,014,245 and 32,424,160 shares of beneficial interest outstanding)		$39.94

See accompanying Notes to Financial Statements.

8 OPPENHEIMER GLOBAL FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2015 Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $2,780,555)	$	31,413,846
Affiliated companies		17,236

Interest		192

Portfolio lending fees		6,775

Total investment income		31,438,049

Expenses
Management fees		8,750,177

Distribution and service plan fees - Service shares		1,573,477

Transfer and shareholder servicing agent fees:
Non-Service shares		759,681
Service shares		629,257

Shareholder communications:
Non-Service shares		58,095
Service shares		47,945

Custodian fees and expenses		113,205

Trustees’ compensation		32,727

Other		116,311

Total expenses		12,080,875
Less reduction to custodian expenses		(405)
Less waivers and reimbursements of expenses		(13,755)

Net expenses		12,066,715

Net Investment Income		19,371,334

Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments from unaffiliated companies		82,531,820
Foreign currency transactions		255,836

Net realized gain		82,787,656

Net change in unrealized appreciation/depreciation on:
Investments		187,294,352
Translation of assets and liabilities denominated in foreign currencies		(22,019,960)

Net change in unrealized appreciation/depreciation		165,274,392

Net Increase in Net Assets Resulting from Operations	$	267,433,382

See accompanying Notes to Financial Statements.

9 OPPENHEIMER GLOBAL FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014

Operations
Net investment income	$	19,371,334	$	31,557,766

Net realized gain		82,787,656		197,744,443

Net change in unrealized appreciation/depreciation		165,274,392		(172,610,475)

Net increase in net assets resulting from operations		267,433,382		56,691,734

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(19,562,645)		(16,920,293)
Service shares		(13,304,683)		(10,958,436)

		(32,867,328)		(27,878,729)

Distributions from net realized gain:
Non-Service shares		(97,527,552)		(69,030,952)
Service shares		(81,961,760)		(57,658,820)

		(179,489,312)		(126,689,772)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		69,071,496		(70,199,522)
Service shares		66,242,448		(60,956,871)

		135,313,944		(131,156,393)

Net Assets
Total increase (decrease)		190,390,686		(229,033,160)

Beginning of period		2,672,485,896		2,901,519,056

End of period (including accumulated net investment income of $17,599,801 and $31,095,795, respectively)	$	2,862,876,582	$	2,672,485,896

See accompanying Notes to Financial Statements.

10 OPPENHEIMER GLOBAL FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	39.50	$	40.86	$	32.55	$	27.46	$	30.30	$	26.50

Income (loss) from investment operations:
Net investment income²		0.31		0.50		0.41		0.44		0.65		0.33
Net realized and unrealized gain (loss)		3.76		0.46		8.40		5.29		(3.11)		3.85

Total from investment operations		4.07		0.96		8.81		5.73		(2.46)		4.18

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.54)		(0.46)		(0.50)		(0.64)		(0.38)		(0.38)
Distributions from net realized gain		(2.71)		(1.86)		0.00		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(3.25)		(2.32)		(0.50)		(0.64)		(0.38)		(0.38)

Net asset value, end of period	$	40.32	$	39.50	$	40.86	$	32.55	$	27.46	$	30.30



Total Return, at Net Asset Value³		10.29%		2.29%		27.31%		21.27%		(8.29)%		15.96%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,567,863	$	1,468,107	$	1,397,026	$	1,252,127	$	1,165,141	$	1,410,764

Average net assets (in thousands)	$	1,532,362	$	1,532,383	$	1,333,848	$	1,206,244	$	1,335,403	$	1,336,110

Ratios to average net assets:⁴
Net investment income		1.50%		1.24%		1.13%		1.48%		2.17%		1.22%
Total expenses⁵		0.76%		0.76%		0.77%		0.76%		0.76%		0.76%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76%		0.76%		0.77%		0.76%		0.76%		0.76%

Portfolio turnover rate		6%		13%		11%		14%		13%		15%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:



Six Months Ended June 30, 2015	0.76	%
Year Ended December 31, 2014	0.76	%
Year Ended December 31, 2013	0.77	%
Year Ended December 31, 2012	0.76	%
Year Ended December 30, 2011	0.76	%
Year Ended December 31, 2010	0.76	%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER GLOBAL FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	39.10	$	40.47	$	32.25	$	27.21	$	30.04	$	26.28

Income (loss) from investment operations:
Net investment income²		0.26		0.40		0.32		0.36		0.56		0.26
Net realized and unrealized gain (loss)		3.73		0.44		8.32		5.25		(3.08)		3.82

Total from investment operations		3.99		0.84		8.64		5.61		(2.52)		4.08

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.44)		(0.35)		(0.42)		(0.57)		(0.31)		(0.32)
Distributions from net realized gain		(2.71)		(1.86)		0.00		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(3.15)		(2.21)		(0.42)		(0.57)		(0.31)		(0.32)

Net asset value, end of period	$	39.94	$	39.10	$	40.47	$	32.25	$	27.21	$	30.04



Total Return, at Net Asset Value³		10.16%		2.06%		26.99%		20.95%		(8.53)%		15.70%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,295,014	$	1,204,379	$	1,216,285	$	1,130,388	$	1,003,839	$	1,101,584

Average net assets (in thousands)	$	1,269,279	$	1,265,528	$	1,174,119	$	1,069,295	$	1,091,128	$	997,627

Ratios to average net assets:⁴
Net investment income		1.27%		0.99%		0.89%		1.23%		1.90%		0.96%
Total expenses⁵		1.01%		1.01%		1.02%		1.01%		1.01%		1.01%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01%		1.01%		1.02%		1.01%		1.01%		1.01%

Portfolio turnover rate		6%		13%		11%		14%		13%		15%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:



Six Months Ended June 30, 2015	1.01	%
Year Ended December 31, 2014	1.01	%
Year Ended December 31, 2013	1.03	%
Year Ended December 31, 2012	1.01	%
Year Ended December 30, 2011	1.01	%
Year Ended December 31, 2010	1.01	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2015 Unaudited

1. Organization

Oppenheimer Global Fund/VA (the “Fund”), a separate series of Oppenheimer Variable Account Funds, is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), 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.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

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.

13 OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)


Federal tax cost of securities	$	1,552,915,140

Gross unrealized appreciation	$	1,415,601,421
Gross unrealized depreciation		(114,627,191)

Net unrealized appreciation	$	1,300,974,230

3. 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.

14 OPPENHEIMER GLOBAL FUND/VA

3. Securities Valuation (Continued)

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 30, 2015 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	$	152,276,694	$	179,975,687	$	—	$	332,252,381
Consumer Staples		79,875,186		75,297,113		—		155,172,299
Energy		—		43,655,604		—		43,655,604
Financials		266,140,209		406,793,483		—		672,933,692
Health Care		411,744,318		110,851,972		—		522,596,290
Industrials		114,604,243		200,652,800		—		315,257,043

15 OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)


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

Common Stocks (Continued)
Information Technology	$	419,321,431	$	253,310,562	$	—	$	672,631,993
Materials		—		27,918,084		—		27,918,084
Telecommunication Services		—		38,955,961		—		38,955,961
Preferred Stocks		1,057,876		49,960,954		—		51,018,830
Rights, Warrants and Certificates		—		478,117		—		478,117
Investment Company		21,019,076		—		—		21,019,076

Total Assets	$	1,466,039,033	$	1,387,850,337	$	—	$	2,853,889,370

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
Financials	$	(47,359,051)	$	47,359,051

Total Assets	$	(47,359,051)	$	47,359,051

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

4. Investments and Risks

5. Shares of Beneficial Interest

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


	Six Months Ended June 30, 2015			Year Ended December 31, 2014
	Shares	Amount		Shares		Amount

Non-Service Shares
Sold	1,775,780	$	75,019,058		6,078,139	$	247,743,232
Dividends and/or distributions reinvested	2,891,830		117,090,197		2,154,167		85,951,245
Redeemed	(2,954,050)		(123,037,759)		(9,920,341)		(403,893,999)¹

Net increase (decrease)	1,713,560	$	69,071,496		(1,688,035)	$	(70,199,522)

16 OPPENHEIMER GLOBAL FUND/VA

5. Shares of Beneficial Interest (Continued)


	Six Months Ended June 30, 2015					Year Ended December 31, 2014
	Shares			Amount		Shares			Amount

Service Shares
Sold		2,794,333		$	114,867,766		6,195,494		$	248,008,573
Dividends and/or distributions reinvested		2,375,129			95,266,443		1,734,511			68,617,256
Redeemed		(3,543,953	)		(143,891,761)		(9,552,933	)		(377,582,700)¹

Net increase (decrease)		1,625,509		$	66,242,448		(1,622,928	)	$	(60,956,871)

1. Net of redemption fees of $1,517 and $1,367 for Non-Service and Service shares, respectively.

6. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2015 were as follows:


	Purchases		Sales

Investment securities	$	166,130,322	$	239,908,839

7. 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 $4.2 billion			0.60
Over $5 billion			0.58

The Fund’s effective management fee for the six months ended June 30, 2015 was 0.63% of average annual net assets before any applicable waivers.

17 OPPENHEIMER GLOBAL FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. 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 1.00% for Non-Service shares and 1.25% for Service shares.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

8. Pending Litigation

18 OPPENHEIMER GLOBAL FUND/VA

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

19 OPPENHEIMER GLOBAL FUND/VA

DISTRIBUTION SOURCES Unaudited

Fund Name

Pay Date

Net Income

Net Profit
from Sale

Other Capital
Sources

Oppenheimer Global Fund/VA

6/16/15

14.9%

85.1%

0.0%

20 OPPENHEIMER GLOBAL FUND/VA

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21 OPPENHEIMER GLOBAL FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

22 OPPENHEIMER GLOBAL FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

23 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
		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
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Rajeev Bhaman, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering 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		Ropes & Gray LLP
		Before investing in any of the Oppenheimer funds, investors should carefully consider a Fund’s investment objective, risks, and 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.

		© 2015 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO

PORTFOLIO MANAGERS: Manind Govil, CFA, Benjamin Ram and Paul Larson

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/15


	Inception Date		6-Months			1-Year			5-Year			10-Year
Non-Service Shares		7/5/95		2.30	%		6.65	%		16.86	%		7.41	%
Service Shares		7/13/00		2.22			6.40			16.57			7.14
S&P 500 Index				1.23			7.42			17.34			7.89

The Fund’s performance is compared to the performance of the S&P 500 Index. The S&P 500 Index is a broad-based measure of domestic stock performance. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS


TOP TEN COMMON STOCK HOLDINGS
Apple, Inc.	5.2	%
Citigroup, Inc.	3.6
Mondelez International, Inc., Cl. A	3.4
Google, Inc., Cl. C	2.7
Philip Morris International, Inc.	2.7
General Electric Co.	2.7
Allergan plc	2.5
Comcast Corp., Cl. A	2.3
PepsiCo, Inc.	2.3
Chevron Corp.	2.3

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2015, 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 30, 2015, 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 2.30% during the period, outperforming the S&P 500 Index (the “Index”), which returned 1.23%. The Fund outperformed the Index in most sectors during the reporting period, led by stock selection in health care, materials and information technology. The most significant underperforming sector for the Fund relative to the Index was energy, where less favorable stock selection hurt.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

The market environment first half of 2015 was largely a continuation of the second half of 2014. Foreign exchange headwinds, declining energy prices, questions as to when the Federal Reserve (the “Fed”) would finally move to raise interest rates, and Greece’s debt crisis dominated the headlines. Energy continued to struggle as oil prices fell. Other commodity prices sputtered also — negatively impacting many materials stocks. With falling commodity prices, capital spending plans have been reined-in and this, in combination with a faltering global economic outlook, resulted in weak performance by many industrials stocks. After having been among the best performing stocks in 2014, utilities, which are very sensitive to interest rate expectations, faced pressures as investors became increasingly convinced the Fed would act this year to raise rates. Health care stocks continued to be a bright spot. In addition to high levels of mergers and acquisitions (M&A) activity, investors’ appetite for risk has increased, resulting in a speculative market concentrated largely in a narrow group of stocks, especially biotechnology companies. Despite lofty valuations, these stocks continued to perform well. However, the question becomes for how much longer. Consumer discretionary stocks have also performed well recently reflecting the increased conviction that the U.S. economic recovery will be sustained at moderate levels.

TOP INDIVIDUAL CONTRIBUTORS

Top contributing holdings this reporting period included Apple, Inc., Vulcan Materials Company and Allergan plc (previously named Actavis). Apple continued to perform well as the continued success of the iPhone 6, excitement surrounding the introduction of the new iWatch, and an increased dividend and buyback program resulted in strong relative performance. Shares of Vulcan Materials, a provider of aggregates, delivered strong results as construction demand continued to improve. Additionally, management issued an optimistic outlook for the company’s growth over the next several years, which resulted in rising investor sentiment. During the reporting period, specialty pharmaceutical company Actavis, with exposure to both generic and branded drugs, continued to augment its growth potential with the closure of its acquisition of Allergan. The company was re-named Allergan during the reporting period.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included energy stocks National Oilwell Varco, Inc. and Chevron Corp. and information technology stock Xerox Corp. National Oilwell is a worldwide supplier of equipment and components to the energy sector. Chevron is an oil company. Both stocks experienced declines—along with most energy-related stocks—due to the decline in oil prices. National Oilwell’s management revised the outlook for earnings downward. As oil prices have fallen, many of the company’s customers have decreased spending expectations, thereby negatively impacting the projected growth of National Oilwell’s products and services. We exited our position. Though Chevron’s earnings results were mostly in-line with consensus – with strong refining operations helping to offset lower oil prices – concerns about disappointing cash generation, combined with a high cash spend rate, negatively impacted sentiment. Xerox provides business process and information technology outsourcing, and document management services. Weak quarterly guidance triggered a major selloff in the stock as poor execution led to further downward revisions of earnings estimates. We believe the company needs to demonstrate more consistent execution and further restructure the business to maximize value. Xerox may be a perfect candidate for “shareholder activism” — especially given the recent uptick in technology activism. We have maintained our holdings, despite poor near-term visibility, given the stock’s low valuation. In addition we see an opportunity for value creation from a corporate restructuring — either initiated by existing management or as a result of outside actions.

STRATEGY & OUTLOOK

While financial engineering, as exemplified by the robust repurchase of shares and a step-up in M&A activities, will augment earnings per share growth in the short term, neither lead to long-term growth. These behaviors, though rational due to the supply of “cheap” money resulting from the easy monetary policies across most Central Banks globally, do not lead to sustainable fundamental economic improvements. We believe only real investments, such as capital spending and research and development, ultimately lead to viable growth over the longer run. These issues remain a concern of the Main Street team and we continue to emphasize investing in companies that are effectively allocating capital for both short-term and long-term sustainable fundamental growth.

We remain alert to disruption—both through product innovation and, increasingly, due to business model and/or process dislocations. Examples include Amazon’s dramatic impact on how goods and services are sold to customers, and how the Affordable Care Act is changing the winners and losers within health care. These disruptors pose both threats and opportunities, and our research is increasingly focused on distinguishing between the two.

3 OPPENHEIMER MAIN STREET FUND/VA

Though equity market valuations are a bit above historical averages at period end, a higher valuation level might be justified should profitability remain strong and interest rates remain low. Given our outlook that inflation will remain tame and, therefore, interest rates are unlikely to rise dramatically over the immediate future, we are not expecting a significant contraction in the market’s multiple; however, there is little margin for error.

Regardless, we remain focused on seeking to build an “all weather” portfolio by targeting companies we believe have: 1) sustainable competitive advantages; 2) skilled management with a proven track record of executing effectively; and 3) financial resources with the potential to generate improving profitability, gain market share, and/or return significant cash to shareholders. During times of volatile or slow economic growth such companies frequently 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 in seeking to generate superior long-term performance.

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 30, 2015.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2015	Ending Account Value June 30, 2015	Expenses Paid During 6 Months Ended June 30, 2015
Non-Service shares	$ 1,000.00	$ 1,023.00	$ 3.87
Service shares	1,000.00	1,022.20	5.13

Hypothetical
(5% return before expenses)
Non-Service shares	1,000.00	1,020.98	3.87
Service shares	1,000.00	1,019.74	5.12


Class	Expense Ratios
Non-Service shares		0.77	%
Service shares		1.02

5 OPPENHEIMER MAIN STREET FUND/VA



STATEMENT OF INVESTMENTS June 30, 2015 Unaudited


	Shares		Value
Common Stocks—98.6%
Consumer Discretionary—10.4%
Auto Components—1.6%
Delphi Automotive plc		247,420	$	21,052,968

Automobiles—0.4%
General Motors Co.		173,152		5,771,156

Hotels, Restaurants & Leisure—0.7%
Dunkin’ Brands Group, Inc.		153,920		8,465,600

Internet & Catalog Retail—1.2%
Amazon.com, Inc.¹		34,540		14,993,469

Media—3.1%
Comcast Corp., Cl. A		508,515		30,582,092
Twenty-First Century Fox, Inc., Cl. A		304,740		9,917,763

				40,499,855

Specialty Retail—3.4%
AutoZone, Inc.¹		33,280		22,194,432
Home Depot, Inc. (The)		201,367		22,377,915

				44,572,347

Consumer Staples—10.8%
Beverages—2.8%
Diageo plc		196,630		5,699,593
PepsiCo, Inc.		319,970		29,866,000

				35,565,593

Food Products—3.4%
Mondelez International, Inc., Cl. A		1,081,720		44,501,961

Household Products—1.9%
Henkel AG & Co. KGaA		263,008		25,135,513

Tobacco—2.7%
Philip Morris International, Inc.		435,909		34,946,824

Energy—6.4%
Oil, Gas & Consumable Fuels—6.4%
Chevron Corp.		305,310		29,453,256
HollyFrontier Corp.		169,150		7,221,013
Magellan Midstream Partners LP²		81,730		5,997,347
Noble Energy, Inc.		463,410		19,778,339
Suncor Energy, Inc.		740,480		20,378,010

				82,827,965

Financials—18.9%
Capital Markets—1.1%
Bank of New York Mellon Corp. (The)		330,610		13,875,702

Commercial Banks—5.6%
Citigroup, Inc.		845,278		46,693,157
JPMorgan Chase & Co.		218,380		14,797,429
M&T Bank Corp.		86,350		10,787,705

				72,278,291

Consumer Finance—1.6%
Discover Financial Services		355,033		20,457,001

Diversified Financial Services—5.4%
Berkshire Hathaway, Inc., Cl. B¹		154,290		21,000,412
CME Group, Inc., Cl. A		315,000		29,313,900
McGraw Hill Financial, Inc.		204,271		20,519,022

				70,833,334

Insurance—4.1%
American International Group, Inc.		465,780		28,794,520
Genworth Financial, Inc., Cl. A¹		1,009,170		7,639,417
Marsh & McLennan Cos., Inc.		294,440		16,694,748

				53,128,685


	Shares		Value
Real Estate Investment Trusts (REITs)—1.1%
Digital Realty Trust, Inc.		103,580	$	6,906,714
Simon Property Group, Inc.		42,940		7,429,479

				14,336,193

Health Care—15.6%
Biotechnology—1.7%
Gilead Sciences, Inc.		190,640		22,320,131

Health Care Equipment & Supplies—1.1%
Boston Scientific Corp.¹		806,770		14,279,829

Health Care Providers & Services—6.2%
Express Scripts Holding Co.¹		308,347		27,424,382
HCA Holdings, Inc.¹		310,200		28,141,344
UnitedHealth Group, Inc.		205,990		25,130,780

				80,696,506

Pharmaceuticals—6.6%
Allergan plc¹		106,400		32,288,144
Bristol-Myers Squibb Co.		216,940		14,435,188
Merck & Co., Inc.		440,260		25,064,002
Zoetis, Inc., Cl. A		267,937		12,919,922

				84,707,256

Industrials—11.6%
Aerospace & Defense—1.0%
United Technologies Corp.		116,340		12,905,596

Commercial Services & Supplies—2.3%
Republic Services, Inc., Cl. A		286,170		11,209,279
Tyco International plc		495,335		19,060,491

				30,269,770

Industrial Conglomerates—2.7%
General Electric Co.		1,305,500		34,687,135

Machinery—2.0%
Deere & Co.		270,220		26,224,851

Professional Services—1.2%
Nielsen NV		341,460		15,287,164

Road & Rail—1.9%
Canadian National Railway Co.		329,360		19,020,540
CSX Corp.		162,570		5,307,911

				24,328,451

Trading Companies & Distributors—0.5%
Fastenal Co.		148,130		6,248,123

Information Technology—18.5%
Internet Software & Services—7.0%
eBay, Inc.¹		309,705		18,656,629
Facebook, Inc., Cl. A¹		248,960		21,352,054
Google, Inc., Cl. A¹		27,280		14,732,291
Google, Inc., Cl. C¹		67,497		35,132,864

				89,873,838

IT Services—4.8%
Amdocs Ltd.		493,760		26,954,358
MasterCard, Inc., Cl. A		235,750		22,037,910
Xerox Corp.		1,220,707		12,988,323

				61,980,591

Semiconductors & Semiconductor Equipment—1.0%
Applied Materials, Inc.		689,700		13,256,034

Technology Hardware, Storage & Peripherals—5.7%
Apple, Inc.		532,596		66,800,853
Western Digital Corp.		89,870		7,047,606

				73,848,459

6 OPPENHEIMER MAIN STREET FUND/VA


	Shares		Value
Materials—1.7%
Construction Materials—1.5%
Vulcan Materials Co.		230,990	$	19,386,990

Metals & Mining—0.2%
Teck Resources Ltd., Cl. B		211,180		2,092,794

Telecommunication Services—1.6%
Diversified Telecommunication Services—1.6%
Verizon Communications, Inc.		451,650		21,051,406

Utilities—3.1%
Electric Utilities—1.2%
ITC Holdings Corp.		208,160		6,698,589
Southern Co. (The)		219,700		9,205,430

				15,904,019


	Shares			Value
Gas Utilities—0.5%
AmeriGas Partners LP²		144,040		$	6,584,068

Multi-Utilities—1.4%
PG&E Corp.		372,280			18,278,948

Total Common Stocks (Cost $931,356,056)					1,277,454,416

Investment Company—1.1%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^3,4 (Cost $13,781,735)		13,781,735			13,781,735

Total Investments, at Value (Cost $945,137,791)		99.7	%		1,291,236,151
Net Other Assets (Liabilities)		0.3			3,268,277

Net Assets		100.0	%	$	1,294,504,428

Footnotes to Statement of Investments

1. Non-income producing security.

2. Security is a Master Limited Partnership.


	Shares December 31, 2014		Gross Additions		Gross Reductions		Shares June 30, 2015
Oppenheimer Institutional Money Market Fund, Cl. E		26,546,400		176,720,445		189,485,110		13,781,735

					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	13,781,735	$	8,663

4. Rate shown is the 7-day yield as of June 30, 2015.

See accompanying Notes to Financial Statements.

7 OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2015 Unaudited


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $931,356,056)	$	1,277,454,416
Affiliated companies (cost $13,781,735)		13,781,735

		1,291,236,151
Cash		1,172,308
Receivables and other assets:
Dividends		1,957,831
Investments sold		1,211,293
Shares of beneficial interest sold		752,742
Other		102,973

Total assets		1,296,433,298
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		1,620,564
Distribution and service plan fees		157,794
Trustees’ compensation		89,131
Shareholder communications		40,066
Other		21,315

Total liabilities		1,928,870
Net Assets	$	1,294,504,428


Composition of Net Assets
Par value of shares of beneficial interest	$	44,910
Additional paid-in capital		875,631,591
Accumulated net investment income		5,001,860
Accumulated net realized gain on investments and foreign currency transactions		67,738,709
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		346,087,358

Net Assets	$	1,294,504,428


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 $541,566,460 and 18,704,061 shares of beneficial interest outstanding)		$28.95
Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $752,937,968 and 26,206,411 shares of beneficial interest outstanding)		$28.73

See accompanying Notes to Financial Statements.

8 OPPENHEIMER MAIN STREET FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2015 Unaudited


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $145,675)	$	11,237,264
Affiliated companies		8,663
Interest		487

Total investment income		11,246,414
Expenses
Management fees		4,371,423
Distribution and service plan fees —Service shares		973,231
Transfer and shareholder servicing agent fees:
Non-Service shares		275,256
Service shares		389,519
Shareholder communications:
Non-Service shares		16,535
Service shares		23,399
Trustees’ compensation		22,355
Custodian fees and expenses		5,486
Other		36,600

Total expenses		6,113,804
Less reduction to custodian expenses		(140	)
Less waivers and reimbursements of expenses		(7,290	)

Net expenses		6,106,374
Net Investment Income		5,140,040
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies		74,678,234
Foreign currency transactions		(7,535	)

Net realized gain		74,670,699
Net change in unrealized appreciation/depreciation on:
Investments		(50,076,361	)
Translation of assets and liabilities denominated in foreign currencies		899,553

Net change in unrealized appreciation/depreciation		(49,176,808	)
Net Increase in Net Assets Resulting from Operations	$	30,633,931

See accompanying Notes to Financial Statements.

9 OPPENHEIMER MAIN STREET FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Operations
Net investment income	$	5,140,040		$ 9,960,183
Net realized gain		74,670,699		220,233,059
Net change in unrealized appreciation/depreciation		(49,176,808	)	(89,842,290)

Net increase in net assets resulting from operations		30,633,931		140,350,952
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(5,010,080	)	(4,609,193)
Service shares		(4,935,637	)	(4,984,596)

		(9,945,717	)	(9,593,789)
Distributions from net realized gain:
Non-Service shares		(81,805,950	)	(11,141,625)
Service shares		(115,456,402	)	(17,524,841)

		(197,262,352	)	(28,666,466)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		55,463,937		(41,637,582)
Service shares		49,658,983		(170,539,977)

		105,122,920		(212,177,559)��
Net Assets
Total decrease		(71,451,218	)	(110,086,862)
Beginning of period		1,365,955,646		1,476,042,508

End of period (including accumulated net investment income of $5,001,860 and $9,807,537, respectively)	$	1,294,504,428		$ 1,365,955,646

See accompanying Notes to Financial Statements.

10 OPPENHEIMER MAIN STREET FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 30, 2011¹			Year Ended December 31, 2010
Per Share Operating Data
Net asset value, beginning of period	$	33.61		$	31.24		$	23.97		$	20.71		$	20.88		$	18.18
Income (loss) from investment operations:
Net investment income²		0.15			0.28			0.24			0.26			0.16			0.17
Net realized and unrealized gain (loss)		0.68			3.01			7.33			3.22			(0.16	)		2.73

Total from investment operations		0.83			3.29			7.57			3.48			0.00			2.90
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.32	)		(0.27	)		(0.30	)		(0.22	)		(0.17	)		(0.20	)
Distributions from net realized gain		(5.17	)		(0.65	)		0.00			0.00			0.00			0.00

Total dividends and/or distributions to shareholders		(5.49	)		(0.92	)		(0.30	)		(0.22	)		(0.17	)		(0.20	)
Net asset value, end of period	$	28.95		$	33.61		$	31.24		$	23.97		$	20.71		$	20.88


Total Return, at Net Asset Value³		2.30%			10.70%			31.77%			16.87%			(0.01)%			16.11%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	541,566		$	559,933		$	561,016		$	481,089		$	392,861		$	469,720
Average net assets (in thousands)	$	554,708		$	554,449		$	517,750		$	466,231		$	426,354		$	454,937
Ratios to average net assets:⁴
Net investment income		0.92%			0.86%			0.87%			1.12%			0.79%			0.93%
Total expenses⁵		0.77%			0.77%			0.78%			0.78%			0.78%			0.78%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.77%			0.77%			0.78%			0.78%			0.78%			0.78%
Portfolio turnover rate		23%			43%			49%			37%			38%			45%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:



Six Months Ended June 30, 2015	0.77	%
Year Ended December 31, 2014	0.77	%
Year Ended December 31, 2013	0.78	%
Year Ended December 31, 2012	0.78	%
Year Ended December 30, 2011	0.78	%
Year Ended December 31, 2010	0.78	%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER MAIN STREET FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December, 30, 2011¹			Year Ended December 31, 2010
Per Share Operating Data
Net asset value, beginning of period	$	33.33		$	30.99		$	23.78		$	20.53		$	20.71		$	18.04
Income (loss) from investment operations:
Net investment income²		0.11			0.19			0.17			0.20			0.11			0.13
Net realized and unrealized gain (loss)		0.68			2.99			7.27			3.20			(0.17	)		2.70

Total from investment operations		0.79			3.18			7.44			3.40			(0.06	)		2.83
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.22	)		(0.19	)		(0.23	)		(0.15	)		(0.12	)		(0.16	)
Distributions from net realized gain		(5.17	)		(0.65	)		0.00			0.00			0.00			0.00

Total dividends and/or distributions to shareholders		(5.39	)		(0.84	)		(0.23	)		(0.15	)		(0.12	)		(0.16	)
Net asset value, end of period	$	28.73		$	33.33		$	30.99		$	23.78		$	20.53		$	20.71

Total Return, at Net Asset Value³		2.22	%		10.40	%		31.44	%		16.61	%		(0.32	)%		15.83	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	752,938		$	806,023		$	915,027		$	869,372		$	1,003,184		$	1,185,456
Average net assets (in thousands)	$	784,973		$	856,467		$	895,073		$	913,871		$	1,094,254		$	1,193,630
Ratios to average net assets:⁴
Net investment income		0.67	%		0.61	%		0.62	%		0.85	%		0.54	%		0.68	%
Total expenses⁵		1.02	%		1.02	%		1.04	%		1.03	%		1.03	%		1.03	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.02	%		1.02	%		1.04	%		1.03	%		1.03	%		1.03	%
Portfolio turnover rate		23	%		43	%		49	%		37	%		38	%		45	%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:



Six Months Ended June 30, 2015	1.02	%
Year Ended December 31, 2014	1.02	%
Year Ended December 31, 2013	1.04	%
Year Ended December 31, 2012	1.03	%
Year Ended December 30, 2011	1.03	%
Year Ended December 31, 2010	1.03	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2015 Unaudited

1. Organization

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 (“1940 Act”), 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.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

13 OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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.

During the fiscal year ended December 31, 2014, the Fund utilized $2,513,988 of capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended December 31, 2014 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	$	2,513,988
2016		2,513,988

Total	$	5,027,976

As of June 30, 2015, it is estimated that there will be 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 30, 2015, it is estimated that the Fund will utilize $5,027,976 of capital loss carryforward to offset realized capital gains.


Federal tax cost of securities	$	945,857,900

Gross unrealized appreciation	$	377,667,050
Gross unrealized depreciation		(32,288,799	)

Net unrealized appreciation	$	345,378,251

3. 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 FUND/VA

3. 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).

15 OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. 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 30, 2015 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	$	135,355,395	$	—	$	—	$	135,355,395
Consumer Staples		109,314,785		30,835,106		—		140,149,891
Energy		82,827,965		—		—		82,827,965
Financials		244,909,206		—		—		244,909,206
Health Care		202,003,722		—		—		202,003,722
Industrials		149,951,090		—		—		149,951,090
Information Technology		238,958,922		—		—		238,958,922
Materials		21,479,784		—		—		21,479,784
Telecommunication Services		21,051,406		—		—		21,051,406
Utilities		40,767,035		—		—		40,767,035
Investment Company		13,781,735		—		—		13,781,735
Total Assets	$	1,260,401,045	$	30,835,106	$	—	$	1,291,236,151

4. Investments and Risks

5. 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

5. Shares of Beneficial Interest (Continued)


	Six Months Ended June 30, 2015						Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		215,902		$	7,211,138			649,656		$	20,858,404
Dividends and/or distributions reinvested		2,966,041			86,816,030			493,447			15,750,818
Redeemed		(1,139,864	)		(38,563,231	)		(2,439,387	)		(78,246,804	)

Net increase (decrease)		2,042,079		$	55,463,937			(1,296,284	)	$	(41,637,582	)


Service Shares
Sold		367,300		$	12,318,520			485,595		$	15,571,150
Dividends and/or distributions reinvested		4,144,304			120,392,039			709,853			22,509,437
Redeemed		(2,484,863	)		(83,051,576	)		(6,541,357	)		(208,620,564	)

Net increase (decrease)		2,026,741		$	49,658,983			(5,345,909	)	$	(170,539,977	)

6. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2015 were as follows:


	Purchases		Sales
Investment securities	$	308,059,329	$	395,742,439

7. 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	0.58

The Fund’s effective management fee for the six months ended June 30, 2015 was 0.66% of average annual net assets before any applicable waivers.

17 OPPENHEIMER MAIN STREET FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Fees and Other Transactions with Affiliates

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/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

8. Pending Litigation

18 OPPENHEIMER MAIN STREET FUND/VA

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

19 OPPENHEIMER MAIN STREET FUND/VA

DISTRIBUTION SOURCES Unaudited

Fund Name

Pay Date

Net Income

Net Profit

from Sale

Other Capital

Sources

Oppenheimer Main Street Fund®/VA

6/16/15

4.8%

95.2%

0.0%

20 OPPENHEIMER MAIN STREET FUND/VA

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21 OPPENHEIMER MAIN STREET FUND/VA

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22 OPPENHEIMER MAIN STREET FUND/VA

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23 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
		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
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Manind Govil, Vice President
		Benjamin Ram, Vice President
		Paul Larson, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering 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		Ropes & Gray 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.

		© 2015 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO



		June 30, 2015
		Oppenheimer		Semiannual Report
		Main Street Small Cap Fund/VA
		A Series of Oppenheimer Variable Account Funds
		SEMIANNUAL REPORT
		Listing of Top Holdings Fund Performance Discussion Financial Statements

PORTFOLIO MANAGERS: Matthew P. Ziehl, CFA, Raymond Anello, CFA, Raman Vardharaj, CFA, Joy Budzinski, Kristin Ketner, Magnus Krantz and Adam Weiner.

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/15


	Inception Date		6-Months			1-Year		5-Year		10-Year
Non-Service Shares		5/1/98		3.46	%		10.80 %		18.70 %		9.44 %
Service Shares		7/16/01		3.37			10.56		18.40		9.17
Russell 2000 Index				4.75			6.49		17.08		8.40

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 include changes in share price and reinvested distributions but should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.

The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


Pinnacle Foods, Inc.			2.2%
STAG Industrial, Inc.			2.0
Korn/Ferry International			2.0
WellCare Health Plans, Inc.			1.9
KAR Auction Services, Inc.			1.8
Dana Holding Corp.			1.8
Mattress Firm Holding Corp.			1.8
HealthSouth Corp.			1.8
BankUnited, Inc.			1.7
BancorpSouth, Inc.			1.7

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2015, 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 30, 2015, 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 3.46% during the period, underperforming the Russell 2000 Index (the “Index”), which returned 4.75%. The Fund’s underperformance stemmed primarily from weaker relative stock selection in the health care, materials, consumer discretionary, and industrials sectors. The Fund outperformed the Index in the consumer staples, financials and information technology due to stock selection.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

TOP INDIVIDUAL CONTRIBUTORS

Top performing stocks for the Fund this period included Prestige Brands Holdings, Inc., Pinnacle Foods, Inc. and Imperva, Inc. Sales at Prestige Brands Holdings, a distributor of over-the-counter healthcare and household products, improved as destocking by retailers—which had hurt prior quarter results for Prestige Brands—came to an end. Consequently, revenues topped expectations, propelling the stock higher. Management also provided further “color” on its planned integration of the recently closed Insight acquisition, which added the $100 million Monistat brand—now Prestige’s largest product line. This information helped to improve visibility and boost investor sentiment. Pinnacle Foods is a packaged foods company. Large-cap giants such as General Mills, Nestlé, and Unilever have been gradually shedding mature, slow-growth brands to focus on higher growth categories that better leverage their fixed costs. Pinnacle Foods has acquired several of those divested brands over the years, most recently the Wish-Bone line of salad dressings from Unilever in 2013. With well-targeted marketing dollars and a leaner corporate fixed-cost structure, Pinnacle often is able to rejuvenate a well-known but perhaps stale brand, and more importantly, streamline product costs, leading to solid earnings growth. The stock performed well this reporting period. Imperva develops protection software and services for databases and business applications. During the reporting period, the company reported strong results, demonstrating that the new management team’s sales and marketing overhaul is bearing fruit. We see potential for further acceleration to materialize given the strong secular backdrop for IT security products.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included Century Aluminum Co., Spectranetics Corp. and Tronox Ltd. The stock of aluminum producer Century Aluminum suffered from weakening London Metals Exchange (LME) prices. Commodities, broadly, witnessed weak pricing as a result of anemic global growth during the reporting period. Consequently, earnings estimates were revised downward. Spectranetics develops single-use medical devices used in minimally-invasive cardiovascular procedures. The company had a disappointing first quarter result and guided estimates down based on lower than expected U.S. peripheral atherectomy (a procedure to remove plaque from blood vessels) growth. Additionally, management is expecting lower U.S. sales from its AngioScore (angioplasty balloon catheters) unit as a competitor launches a drug-coated balloon. Meanwhile, Spectranetics has its own drug-coated balloon under development, but it will require a step-up in investment spending to accelerate the program. Because we believe the company will be successful with its product development, we have maintained our holdings. Tronox produces and sells titanium bearing feedstocks and titanium dioxide (TiO2) pigment – used primarily in paints, coatings, plastics, and paper, globally. Disappointing results – stemming from industry over-supply of TiO2 putting added pressure on prices – hurt the stock’s performance. Additionally, Tronox’ acquisition of FMC Corp.’s soda ash business – which primarily is used in the manufacturing of glass and detergents – was not well received by investors. While this helps to diversify the company away from the more cyclical TiO2 business, the deal resulted in substantial leverage added to the balance sheet – which has made investors nervous. We exited our position in Tronox shortly after the reporting period ended.

STRATEGY & OUTLOOK

3 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

and research and development, ultimately lead to viable growth over the longer run. These issues remain a concern of the Main Street team and we continue to emphasize investing in companies that are effectively allocating capital for both short-term and long-term sustainable fundamental growth.

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 30, 2015.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During 6 Months Ended June 30, 2015
Non-Service shares	$	1,000.00	$	1,034.60	$	3.99
Service shares		1,000.00		1,033.70		5.26

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,020.88		3.97
Service shares		1,000.00		1,019.64		5.22


Class	Expense Ratios
Non-Service shares		0.79%
Service shares		1.04

5 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF INVESTMENTS June 30, 2015 Unaudited


	Shares	Value

Common Stocks—99.1%

Consumer Discretionary—11.0%

Auto Components—1.8%

Dana Holding Corp.	953,433	$	19,621,651

Diversified Consumer Services—0.9%

LifeLock, Inc.¹	628,460		10,306,744

Hotels, Restaurants & Leisure—5.3%

Brinker International, Inc.	232,180		13,385,177

International Speedway Corp., Cl. A	240,847		8,831,860

Krispy Kreme Doughnuts, Inc.¹	302,120		5,818,831

Popeyes Louisiana Kitchen, Inc.¹	298,170		17,887,218

Texas Roadhouse, Inc., Cl. A	338,020		12,652,089

			58,575,175

Specialty Retail—2.5%

Mattress Firm Holding Corp.¹	320,513		19,535,267

Party City Holdco, Inc.¹	409,800		8,306,646

			27,841,913

Textiles, Apparel & Luxury Goods—0.5%

Iconix Brand Group, Inc.¹	232,980		5,817,511

Consumer Staples—5.0%

Food & Staples Retailing—0.8%

Diplomat Pharmacy, Inc.¹	202,500		9,061,875

Food Products—2.2%

Pinnacle Foods, Inc.	527,380		24,016,885

Personal Products—0.8%

Nu Skin Enterprises, Inc., Cl. A	176,720		8,328,814

Tobacco—1.2%

Universal Corp.	233,910		13,407,721

Energy—3.3%

Energy Equipment & Services—0.5%

RigNet, Inc.¹	164,550		5,030,293

Oil, Gas & Consumable Fuels—2.8%

Cone Midstream Partners LP²	487,838		8,634,732

Renewable Energy Group, Inc.¹	928,303		10,731,183

Western Refining, Inc.	271,381		11,837,639

			31,203,554

Financials—22.7%

Commercial Banks—9.6%

BancorpSouth, Inc.	719,780		18,541,533

BankUnited, Inc.	519,545		18,667,252

First Niagara Financial Group, Inc.	1,346,940		12,715,114

FirstMerit Corp.	767,816		15,993,607

MB Financial, Inc.	522,850		18,006,954

Talmer Bancorp, Inc., Cl. A	480,300		8,045,025

Webster Financial Corp.	355,760		14,070,308

			106,039,793

Insurance—2.4%

Endurance Specialty Holdings Ltd.	203,810		13,390,317

James River Group Holdings Ltd.	257,820		6,669,803

Old Republic International Corp.	425,380		6,648,690

			26,708,810

Real Estate Investment Trusts (REITs)—9.2%

Apollo Commercial Real Estate Finance, Inc.	694,702		11,413,954

Chatham Lodging Trust	646,700		17,118,149

CYS Investments, Inc.	1,735,430		13,414,874

DuPont Fabros Technology, Inc.	373,590		11,002,226

LaSalle Hotel Properties	522,466		18,526,644

National Storage Affiliates Trust	643,430		7,978,532

STAG Industrial, Inc.	1,111,310		22,226,200

			101,680,579


	Shares		Value

Thrifts & Mortgage Finance—1.5%

Flagstar Bancorp, Inc.¹		358,207	$	6,619,665

Oritani Financial Corp.		620,350		9,956,618

				16,576,283

Health Care—14.6%

Biotechnology—2.3%

ACADIA Pharmaceuticals, Inc.¹		195,850		8,202,198

Axovant Sciences Ltd.¹		118,790		2,420,940

Celldex Therapeutics, Inc.¹		164,480		4,148,186

Esperion Therapeutics, Inc.¹		50,720		4,146,867

Ultragenyx Pharmaceutical, Inc.¹		67,270		6,887,775

				25,805,966

Health Care Equipment & Supplies—3.2%

DexCom, Inc.¹		136,790		10,940,464

Greatbatch, Inc.¹		158,631		8,553,383

NxStage Medical, Inc.¹		377,280		5,389,445

Spectranetics Corp. (The)¹		438,380		10,087,124

				34,970,416

Health Care Providers & Services—6.3%

Acadia Healthcare Co., Inc.¹		187,630		14,697,058

HealthSouth Corp.		416,740		19,195,044

Team Health Holdings, Inc.¹		219,960		14,369,987

WellCare Health Plans, Inc.¹		243,421		20,649,403

				68,911,492

Life Sciences Tools & Services—0.7%

VWR Corp.¹		282,090		7,540,266

Pharmaceuticals—2.1%

Aratana Therapeutics, Inc.¹		295,020		4,460,702

Prestige Brands Holdings, Inc.¹		391,596		18,107,399

				22,568,101

Industrials—16.3%

Aerospace & Defense—0.7%

AAR Corp.		246,565		7,858,027

Air Freight & Couriers—0.7%

XPO Logistics, Inc.¹		174,740		7,894,753

Airlines—0.6%

Spirit Airlines, Inc.¹		99,300		6,166,530

Building Products—0.8%

Masonite International Corp.¹		130,800		9,170,388

Commercial Services & Supplies—4.7%

ABM Industries, Inc.		372,010		12,227,968

ACCO Brands Corp.¹		1,432,727		11,132,289

KAR Auction Services, Inc.		534,810		20,001,894

Matthews International Corp., Cl. A		158,270		8,410,468

				51,772,619

Construction & Engineering—0.7%

AECOM¹		248,143		8,208,570

Electrical Equipment—0.9%

Generac Holdings, Inc.¹		237,990		9,460,102

Machinery—1.4%

Greenbrier Cos., Inc. (The)		150,560		7,053,736

SPX Corp.		118,420		8,572,424

				15,626,160

Professional Services—3.2%

Korn/Ferry International		622,141		21,631,843

On Assignment, Inc.¹		336,590		13,221,255

				34,853,098

Road & Rail—1.3%

Saia, Inc.¹		147,300		5,787,417

6 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA


	Shares	Value

Road & Rail (Continued)

Swift Transportation Co., Cl. A¹	382,074	$	8,661,618

			14,449,035

Trading Companies & Distributors—0.5%

NOW, Inc.¹	247,840		4,934,494

Transportation Infrastructure—0.8%

Wesco Aircraft Holdings, Inc.¹	545,590		8,265,688

Information Technology—16.6%

Electronic Equipment, Instruments, & Components—1.5%

SYNNEX Corp.	219,810		16,087,894

Internet Software & Services—1.5%

j2 Global, Inc.	244,883		16,637,351

IT Services—2.5%

Black Knight Financial Services, Inc., Cl. A¹	283,880		8,763,376

Booz Allen Hamilton Holding Corp., Cl. A	364,830		9,208,309

CACI International, Inc., Cl. A¹	121,310		9,812,766

			27,784,451

Semiconductors & Semiconductor Equipment—3.5%

Cavium, Inc.¹	223,290		15,364,585

Cypress Semiconductor Corp.¹	518,391		6,096,278

MKS Instruments, Inc.	440,940		16,729,264

			38,190,127

Software—7.6%

FleetMatics Group plc¹	144,100		6,748,203

Fortinet, Inc.¹	327,181		13,522,391

Guidewire Software, Inc.¹	255,590		13,528,379

Imperva, Inc.¹	253,180		17,140,286

Paylocity Holding Corp.¹	404,380		14,497,023

Proofpoint, Inc.¹	169,190		10,772,327

Zynga, Inc., Cl. A¹	2,735,950		7,824,817

			84,033,426


	Shares		Value

Materials—7.4%

Chemicals—2.8%

A. Schulman, Inc.		161,758	$	7,072,060

Cytec Industries, Inc.		165,756		10,033,211

Intrepid Potash, Inc.¹		644,950		7,700,703

Tronox Ltd., Cl. A		416,670		6,095,882

				30,901,856

Metals & Mining—2.4%

Century Aluminum Co.¹		494,430		5,156,905

Kaiser Aluminum Corp.		190,020		15,786,862

Osisko Gold Royalties Ltd.		391,941		4,932,996

				25,876,763

Paper & Forest Products—2.2%

Boise Cascade Co.¹		253,510		9,298,747

PH Glatfelter Co.		658,303		14,476,083

				23,774,830

Utilities—2.2%

Electric Utilities—2.2%

ALLETE, Inc.		271,440		12,592,101

Portland General Electric Co.		340,780		11,300,265

				23,892,366

Gas Utilities—0.0%

Suburban Propane Partners LP²		13,105		522,627

Total Common Stocks (Cost $844,289,682)				1,090,374,997

Investment Company—1.1%

Oppenheimer Institutional Money Market Fund,
Cl. E, 0.15%^3,4(Cost $11,827,603)		11,827,603		11,827,603

Total Investments, at Value (Cost $856,117,285)		100.2%		1,102,202,600

Net Other Assets (Liabilities)		(0.2)		(2,022,093)

Net Assets		100.0%	$	1,100,180,507

Footnotes to Statement of Investments

1. Non-income producing security.

2. Security is a Master Limited Partnership.

3. Rate shown is the 7-day yield as of June 30, 2015.

4. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the period ended June 30, 2015, 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, 2014		Gross Additions		Gross Reductions		Shares June 30, 2015

Oppenheimer Institutional Money Market Fund, Cl. E		3,962,569		147,928,411		140,063,377		11,827,603


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	11,827,603	$	10,772

See accompanying Notes to Financial Statements.

7 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2015 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $844,289,682)	$	1,090,374,997
Affiliated companies (cost $11,827,603)		11,827,603

		1,102,202,600

Cash		1,091,629

Receivables and other assets:
Investments sold		6,056,558
Dividends		2,293,368
Shares of beneficial interest sold		320,554
Other		50,785

Total assets		1,112,015,494

Liabilities
Payables and other liabilities:
Investments purchased		10,741,835
Shares of beneficial interest redeemed		772,477
Distribution and service plan fees		199,374
Shareholder communications		62,291
Trustees’ compensation		41,956
Other		17,054

Total liabilities		11,834,987

Net Assets	$	1,100,180,507



Composition of Net Assets
Par value of shares of beneficial interest	$	47,420

Additional paid-in capital		827,073,775

Accumulated net investment income		1,337,926

Accumulated net realized gain on investments and foreign currency transactions		25,636,142

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		246,085,244

Net Assets	$	1,100,180,507



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 $138,648,198 and 5,914,251 shares of beneficial interest outstanding)		$23.44

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $961,532,309 and 41,505,705 shares of beneficial interest outstanding)		$23.17

See accompanying Notes to Financial Statements.

8 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2015 Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $1,425)	$	7,439,243
Affiliated companies		10,772

Interest		7

Total investment income		7,450,022

Expenses
Management fees		3,681,600

Distribution and service plan fees — Service shares		1,192,691

Transfer and shareholder servicing agent fees:
Non-Service shares		68,701
Service shares		477,144

Shareholder communications:
Non-Service shares		5,285
Service shares		36,489

Trustees’ compensation		18,627

Custodian fees and expenses		2,930

Other		30,841

Total expenses		5,514,308
Less reduction to custodian expenses		(176)
Less waivers and reimbursements of expenses		(8,526)

Net expenses		5,505,606

Net Investment Income		1,944,416

Realized and Unrealized Gain
Net realized gain on:
Investments from unaffiliated companies		27,364,604
Foreign currency transactions		1,943

Net realized gain		27,366,547

Net change in unrealized appreciation/depreciation on:
Investments		6,832,059
Translation of assets and liabilities denominated in foreign currencies		414,248

Net change in unrealized appreciation/depreciation		7,246,307

Net Increase in Net Assets Resulting from Operations	$	36,557,270

See accompanying Notes to Financial Statements.

9 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014

Operations
Net investment income	$	1,944,416	$	8,483,013

Net realized gain		27,366,547		178,986,366

Net change in unrealized appreciation/depreciation		7,246,307		(66,686,269)

Net increase in net assets resulting from operations		36,557,270		120,783,110

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(1,186,413)		(1,181,678)
Service shares		(5,919,665)		(6,176,380)

		(7,106,078)		(7,358,058)

Distributions from net realized gain:
Non-Service shares		(19,582,501)		(18,983,832)
Service shares		(137,100,829)		(137,086,830)

		(156,683,330)		(156,070,662)

Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Non-Service shares		18,258,513		6,791,213
Service shares		104,114,806		16,033,807

		122,373,319		22,825,020

Net Assets
Total decrease		(4,858,819)		(19,820,590)

Beginning of period		1,105,039,326		1,124,859,916

End of period (including accumulated net investment income of $1,337,926 and $6,499,588, respectively)	$	1,100,180,507	$	1,105,039,326

See accompanying Notes to Financial Statements.

10 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	26.56	$	27.80	$	20.14	$	17.17	$	17.66	$	14.40

Income (loss) from investment operations:
Net investment income²		0.08		0.26		0.16		0.21		0.10		0.10
Net realized and unrealized gain (loss)		0.88		2.74		8.01		2.87		(0.48)		3.25

Total from investment operations		0.96		3.00		8.17		3.08		(0.38)		3.35

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.23)		(0.25)		(0.22)		(0.11)		(0.11)		(0.09)
Distributions from net realized gain		(3.85)		(3.99)		(0.29)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(4.08)		(4.24)		(0.51)		(0.11)		(0.11)		(0.09)

Net asset value, end of period	$	23.44	$	26.56	$	27.80	$	20.14	$	17.17	$	17.66



Total Return, at Net Asset Value³		3.46%		11.93%		41.01%		17.99%		(2.21)%		23.41%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	138,648	$	136,402	$	134,692	$	87,267	$	79,722	$	95,576

Average net assets (in thousands)	$	138,507	$	133,864	$	113,522	$	83,790	$	86,796	$	88,063

Ratios to average net assets:⁴
Net investment income		0.57%		0.99%		0.67%		1.09%		0.58%		0.68%
Total expenses⁵		0.79%		0.80%		0.81%		0.83%		0.83%		0.85%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.79%		0.79%		0.80%		0.80%		0.80%		0.80%

Portfolio turnover rate		21 %		65 %		60 %		92 %		108 %		73 %

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:



		Six Months Ended June 30, 2015		0.79%
		Year Ended December 31, 2014		0.80%
		Year Ended December 31, 2013		0.81%
		Year Ended December 31, 2012		0.83%
		Year Ended December 30, 2011		0.83%
		Year Ended December 31, 2010		0.85%

See accompanying Notes to Financial Statements.

11 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	26.26	$	27.53	$	19.96	$	17.02	$	17.50	$	14.28

Income (loss) from investment operations:
Net investment income²		0.04		0.19		0.10		0.15		0.06		0.07
Net realized and unrealized gain (loss)		0.89		2.71		7.93		2.85		(0.47)		3.21

Total from investment operations		0.93		2.90		8.03		3.00		(0.41)		3.28

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.17)		(0.18)		(0.17)		(0.06)		(0.07)		(0.06)
Distributions from net realized gain		(3.85)		(3.99)		(0.29)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(4.02)		(4.17)		(0.46)		(0.06)		(0.07)		(0.06)

Net asset value, end of period	$	23.17	$	26.26	$	27.53	$	19.96	$	17.02	$	17.50



Total Return, at Net Asset Value³		3.37%		11.66%		40.62%		17.67%		(2.38)%		23.06%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	961,533	$	968,637	$	990,168	$	849,920	$	790,752	$	859,710

Average net assets (in thousands)	$	961,955	$	957,874	$	935,083	$	836,487	$	823,201	$	730,069

Ratios to average net assets:⁴
Net investment income		0.33%		0.75%		0.43%		0.82%		0.34%		0.45%
Total expenses⁵		1.04%		1.05%		1.06%		1.08%		1.08%		1.10%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.04%		1.04%		1.05%		1.05%		1.05%		1.05%

Portfolio turnover rate		21 %		65 %		60 %		92 %		108 %		73 %

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:



		Six Months Ended June 30, 2015		1.04%
		Year Ended December 31, 2014		1.05%
		Year Ended December 31, 2013		1.06%
		Year Ended December 31, 2012		1.08%
		Year Ended December 30, 2011		1.08%
		Year Ended December 31, 2010		1.10%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2015 Unaudited

1. Organization

Oppenheimer Main Street Small Cap 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 (“1940 Act”), 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.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

13 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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.


Federal tax cost of securities	$	856,983,362

Gross unrealized appreciation	$	271,560,407
Gross unrealized depreciation		(26,341,169)

Net unrealized appreciation	$	245,219,238

3. 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

3. 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.

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 30, 2015 based on valuation input level:

15 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. 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	$	122,162,994	$	—	$	—	$	122,162,994
Consumer Staples		54,815,295		—		—		54,815,295
Energy		36,233,847		—		—		36,233,847
Financials		251,005,465		—		—		251,005,465
Health Care		159,796,241		—		—		159,796,241
Industrials		178,659,464		—		—		178,659,464
Information Technology		182,733,249		—		—		182,733,249
Materials		80,553,449		—		—		80,553,449
Utilities		24,414,993		—		—		24,414,993
Investment Company		11,827,603		—		—		11,827,603

Total Assets	$	1,102,202,600	$	—	$	—	$	1,102,202,600

4. Investments and Risks

5. Shares of Beneficial Interest

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


	Six Months Ended June 30, 2015					Year Ended December 31, 2014
	Shares			Amount		Shares			Amount

Non-Service Shares
Sold		534,677		$	14,171,569		1,046,887		$	27,673,554
Dividends and/or distributions reinvested		876,695			20,768,914		817,408			20,165,510
Redeemed		(633,442	)		(16,681,970)		(1,573,636	)		(41,047,851)

Net increase		777,930		$	18,258,513		290,659		$	6,791,213

16 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

5. Shares of Beneficial Interest (Continued)


	Six Months Ended June 30, 2015				Year Ended December 31, 2014
	Shares		Amount		Shares		Amount

Service Shares
Sold		1,634,642	$	43,011,834		3,683,961	$	93,934,405
Dividends and/or distributions reinvested		6,109,352		143,020,494		5,866,634		143,263,210
Redeemed		(3,128,295)		(81,917,522)		(8,630,744)		(221,163,808)

Net increase		4,615,699	$	104,114,806		919,851	$	16,033,807

6. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2015 were as follows:


	Purchases		Sales

Investment securities		$224,471,406		$264,984,663

7. 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			0.58

The Fund’s effective management fee for the six months ended June 30, 2015 was 0.67% of average annual net assets before any applicable waivers.

17 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Fees and Other Transactions with Affiliates (Continued)

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

8. Pending Litigation

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

DISTRIBUTION SOURCES Unaudited

Fund Name

Pay Date

Net Income

Net Profit
from Sale

Other Capital
Sources

Oppenheimer Main Street Small Cap Fund®/VA

6/16/15

5.3%

94.7%

0.0%

20 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

21 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

22 OPPENHEIMER MAIN STREET SMALL CAP FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

23 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
		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
		Arthur P. Steinmetz, 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, Vice President
		Magnus Krantz, Vice President
		Adam Weiner, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering 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		Ropes & Gray LLP

		Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objective, risks, and 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.

		© 2015 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO


		June 30, 2015
		Oppenheimer		Semiannual Report
		Money Fund/VA
		A Series of Oppenheimer Variable Account Funds
		SEMIANNUAL REPORT
		Listing of Top Holdings
		Fund Performance Discussion
		Financial Statements

PORTFOLIO MANAGERS: Christopher Proctor, CFA and Adam S. Wilde, CFA



CURRENT YIELD
For the 7-Day Period Ended 6/30/15
With Compounding					0.01%
Without Compounding					0.01%


For the 6-Month Period Ended 6/30/15
With Compounding					0.01%
Without Compounding					0.01%

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 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.


PORTFOLIO ALLOCATION

Short-Term Notes/Commercial Paper			48.0%

Certificates of Deposit			28.9

Direct Bank Obligations			19.4

Investment Company			3.7


Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2015, and are based on the total market value of investments.

2 OPPENHEIMER MONEY FUND/VA

Fund Performance Discussion

Despite volatility among long-term interest rates stemming from changing economic expectations and a shift in U.S. monetary policy, short-term rates remained anchored by the Federal Reserve’s (the “Fed”) unchanged target of between 0% and 0.25% for the overnight federal funds rate. Although the respective target range remains in place, the overall trend in short-term interest rates and money market yields is upward sloping, albeit at a slow and gradual pace.

MARKET OVERVIEW

The start of 2015 was marked by cooling U.S. growth after the positive results in 2014. The dollar continued to strengthen significantly during this time against most of the U.S.’s major trading partners, which acted as a drag on growth. Businesses, especially U.S. firms with revenues dependent on exporting goods and services, cited this as a headwind. European Central Bank (“ECB”) President Mario Draghi announced the purchase of €60 billion a month in sovereign bonds from Eurozone countries for at least 19 months, a form of quantitative easing (“QE”) that is projected to increase the ECB’s balance sheet by over €1 trillion. The announcement and implementation of these extraordinary monetary policies had a significant impact on financial markets, with European markets rallying and the euro falling against most major trading partners. Fed Chairwoman Janet Yellen reaffirmed that the Fed plans to raise U.S. rates during 2015 despite any near-term weakness in first quarter Gross Domestic Product (“GDP”) and employment growth. The Fed has made it clear, however, that it will remain flexible on the timing and extent of rate hikes for the remainder of 2015. The reporting period ended with concerns around Greece’s debt situation and the possibility that the country would exit from the Eurozone. Shortly after the period ended, Eurozone leaders agreed to offer Greece a third bailout, averting a Greek exit for the time being. Despite numerous changes and macroeconomic concerns this reporting period, money market yields largely remained unchanged.

FUND REVIEW

In July 2014, the Securities and Exchange Commission (SEC) voted to adopt the long awaited and much anticipated rules for money market funds. The most significant changes require institutional prime money market funds to maintain a variable net asset value (VNAV) instead of the current stable NAV. Further, all prime money-market funds (retail and institutional) will now have the ability to impose liquidity fees and/or gates. In analyzing the potential impact of the rule amendments, we have engaged with our clients to understand their product needs and preferences. We continue to identify potential changes to our existing money market platforms and are assessing various options. The Fund continued to generate consistent and competitive levels of current income.

The Fund’s weighted average maturity throughout the reporting period remained in a range below market averages. During the respective period, we held higher than required amounts of liquidity in the overnight and 7-day maturities. The Fund’s exposure to floating rate securities remains relatively high when compared to historic Fund norms, with the bulk of the floating rate exposure is tied to 1-month Libor (London Interbank Offered Rate). Supply has improved but continues to ebb and flow, especially at month- and quarter-ends. With the SEC amendment noted above, market participants are anticipating the supply-demand imbalance shifting away from prime money market funds and to government money market funds. Further, we remain confident the Fund is well positioned should the Fed decide to change the target rate in 2015.

STRATEGY & OUTLOOK

There has been a favorable change to the supply-demand imbalance and the yield of the Fund has been a direct beneficiary. We remain focused on our fundamental analysis and seek to ensure only high-quality names make it into the portfolio. In closing, we continue to anticipate the Fed lift off in 2015.

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 30, 2015.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During 6 Months Ended June 30, 2015
	$	1,000.00	$	1,000.10	$	0.89

Hypothetical
(5% return before expenses)
		1,000.00		1,023.90		0.90


Expense Ratio
0.18%

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.

4 OPPENHEIMER MONEY FUND/VA

STATEMENT OF INVESTMENTS June 30, 2015 Unaudited

Maturity Date*

Final Legal
Maturity Date**

Principal Amount

Value

Certificates of Deposit—26.7%

Yankee Certificates of Deposit—26.7%

Bank of Montreal, Chicago, 0.288%¹

7/14/15

12/14/15

5,000,000

Bank of Nova Scotia, Houston TX:

0.34%¹

7/1/15

3/23/16

2,000,000

0.34%¹

7/1/15

1/4/16

3,000,000

0.407%¹

7/4/15

3/4/16

5,000,000

5,002,588

Canadian Imperial Bank of Commerce NY:

0.257%¹

7/22/15

3,000,000

0.276%¹

7/14/15

9/14/15

3,000,000

DZ Bank, New York, 0.24%

9/10/15

5,200,000

HSBC Bank USA NA, 0.43%

11/17/15

5,000,000

Mitsubishi UFJ TR & BK NY:

0.28%²

9/18/15

3,000,000

0.31%²

10/14/15

2,300,000

Rabobank Nederland NV, New York, 0.325%¹

7/17/15

1,800,000

Royal Bank of Canada, New York:

0.276%¹

7/13/15

8/13/15

3,300,000

0.294%¹

7/6/15

1/6/16

5,000,000

Skandinaviska Enskilda Bank, New York, 0.33%

10/15/15

1,500,000

Sumitomo Mutsui Bank NY, 0.31%

10/28/15

600,000

Svenska Handelsbanken, Grand Cayman, 0.04%

7/1/15

9,000,000

Svenska Handelsbanken, New York, 0.28%

9/21/15

5,000,000

4,999,886

Toronto Dominion Bank, New York, 0.335%¹

7/16/15

3/16/16

5,000,000

Wells Fargo Bank NA:

0.317%¹

7/2/15

5/3/16

2,500,000

0.32%¹

7/1/15

10/22/15

3,500,000

Westpac Banking Corp., New York:

0.287%¹

7/3/15

11/3/15

4,700,000

0.316%¹

7/27/15

5/27/16

1,000,000

0.347%¹

7/1/15

7/1/16

5,000,000

Total Certificates of Deposit (Cost $84,402,474)

84,402,474

Direct Bank Obligations—18.0%

Bank of Tokyo-Mitsubishi UFJ NY, 0.30%²

10/9/15

700,000

699,417

Commonwealth Bank of Australia:

0.25%³

7/6/15

5,000,000

4,999,827

0.289%^1,3

7/12/15

12/7/15

3,000,000

Credit Agricole Corporate & Investment Bank, New York Branch:

0.08%

7/6/15

6,200,000

6,199,931

0.12%

7/7/15

5,000,000

4,999,900

DnB Bank ASA:

0.17%³

7/2/15

3,195,000

3,194,985

0.326%³

10/1/15

5,000,000

4,995,847

ING (US) Funding LLC:

0.32%

10/23/15

2,000,000

1,997,974

0.32%

10/14/15

5,000,000

4,995,333

PNC Bank NA:

0.281%

7/1/15

6,000,000

0.411%

10/23/15

5,000,000

4,993,508

Skandinaviska Enskilda Banken AB, 0.12%³

7/7/15

10,000,000

9,999,800

Swedbank AB, 0.20%

7/13/15

600,000

599,960

Total Direct Bank Obligations (Cost $56,676,482)

56,676,482

Short-Term Notes/Commercial Paper—44.3%

Leasing & Factoring—3.2%

Toyota Motor Credit Corp., 0.28%

8/17/15

10,000,000

9,996,344

Municipal—9.7%

Albany Industrial Development Agency Bonds, Albany Medical Center Hospital, Series 2007B, 0.25%¹

7/7/15

1,710,000

Baltimore, MD General Obligation Bonds, Series 2003D, 0.12%¹

7/7/15

1,850,000

Des Moines, IA Facilities Revenue Bonds, Elliott Aviation Project, Series 2007, 0.10%¹

7/7/15

4,410,000

Grand River Dam Authority Revenue Bonds, Series 2014C, 0.14%¹

7/7/15

5,750,000

IN Development Finance Authority, TTP Inc. Project, Series 2001, 0.20%¹

7/7/15

1,680,000

NJ Health Care Facilities Financing Authority, Saint Barnabas Corp., Series 2011C, 0.12%¹

7/7/15

3,070,000

San Antonio, TX Industrial Development Authority Revenue Bonds, Tnidall Corp., 0.23%¹

7/7/15

1,500,000

St. Paul, MN Bonds, Rivercentre Arena Project, Series 2009A, 0.18%¹

7/7/15

1,000,000

Tennis for Charity, Inc. Bonds, Series 2004, 0.12%¹

7/7/15

1,780,000

5 OPPENHEIMER MONEY FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


	Maturity Date*		Final Legal Maturity Date**		Principal Amount			Value

Municipal (Continued)

University Hospitals Health System, Inc. Hospital Revenue Bonds, Series 2013C, 0.14%¹		7/7/15		7/7/15		2,000,000	$		2,000,000

Valdosta-Lowndes Cnty., GA Industrial Authority Revenue Bonds, Steeda Autosports, Inc. Project, Series 08, 0.20%¹		7/7/15		7/7/15		1,000,000			1,000,000

Westchester Cnty., Healthcare Corp. Revenue Bonds, Series 2010D, 0.11%¹		7/7/15		7/7/15		5,000,000			5,000,000

									30,750,000


Receivables Finance—22.6%
Alpine Securitization Corp.:
0.17%		7/13/15		7/13/15		1,700,000			1,699,903
0.25%		8/12/15		8/12/15		5,000,000			4,998,542

CAFCO LLC:
0.32%³		11/5/15		11/5/15		425,000			424,520
0.32%³		9/1/15		9/1/15		5,000,000			4,997,245
0.321%³		9/9/15		9/9/15		3,000,000			2,998,133

Chariot Funding LLC:
0.25%³		8/20/15		8/20/15		375,000			374,870
0.391%³		12/8/15		12/8/15		5,000,000			4,991,333
0.471%³		1/5/16		1/5/16		2,000,000			1,995,091

CRC Funding LLC, 0.24%		9/21/15		9/21/15		400,000			399,781

Gotham Funding Corp., 0.18%³		7/22/15		7/22/15		2,000,000			1,999,790

Jupiter Securitization Co. LLC, 0.27%³		7/7/15		7/7/15		10,000,000			9,999,550

Manhattan Asset Funding Co.:
0.18%³		7/10/15		7/10/15		6,200,000			6,199,721
0.20%³		7/20/15		7/20/15		4,000,000			3,999,578
0.209%³		7/27/15		7/27/15		3,300,000			3,299,502

Old Line Funding Corp., 0.26%³		7/7/15		7/7/15		5,200,000			5,199,775

Sheffield Receivables Corp.:
0.19%³		7/7/15		7/7/15		1,000,000			999,968
0.20%³		7/8/15		7/8/15		4,000,000			3,999,844
0.30%³		8/20/15		8/20/15		1,250,000			1,249,479
0.30%³		7/15/15		7/15/15		2,000,000			1,999,767

Thunder Bay Funding LLC:
0.25%³		9/3/15		9/3/15		1,250,000			1,249,444
0.25%³		10/15/15		10/15/15		2,800,000			2,797,939

Victory Receivables Corp.:
0.16%³		7/9/15		7/9/15		5,000,000			4,999,822
0.19%³		7/14/15		7/14/15		1,000,000			999,931

									71,873,528


Special Purpose Financial—8.8%
Anglesea Funding LLC:
0.15%²		7/2/15		7/2/15		2,500,000			2,499,990
0.15%²		7/1/15		7/1/15		4,000,000			4,000,000
0.16%²		7/6/15		7/6/15		5,100,000			5,099,887

Bedford Row Funding Corp., 0.13%		7/14/15		7/14/15		3,000,000			2,999,859

Concord Minutemen Cap. Co. LLC:
0.18%		7/20/15		7/20/15		1,000,000			999,905
0.18%		7/8/15		7/8/15		2,500,000			2,499,913

Crown Point Capital Co., 0.18%		7/8/15		7/8/15		2,500,000			2,499,913

Lexington Parker Capital Co. LLC:
0.18%³		7/8/15		7/8/15		2,500,000			2,499,913
0.27%³		9/4/15		9/4/15		1,600,000			1,599,220

Ridgefield Funding Co. LLC, 0.31%		8/6/15		8/6/15		3,000,000			2,999,070

									27,697,670

Total Short-Term Notes/Commercial Paper (Cost $140,317,542)									140,317,542

					Shares

Investment Company—3.4%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^4,5 (Cost $10,672,836)						10,672,836			10,672,836

Total Investments, at Value (Cost $292,069,334)						92.4%			292,069,334

Net Other Assets (Liabilities)						7.6			23,968,759

Net Assets						100.0%	$		316,038,093

6 OPPENHEIMER MONEY FUND/VA

Footnotes to Statement of Investments

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

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

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

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 $17,599,294 or 5.57% of the Fund’s net assets as of June 30, 2015.

3. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $95,064,894 or 30.08% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

4. Rate shown is the 7-day yield as of June 30, 2015.

5. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the period ended June 30, 2015, 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, 2014		Gross Additions		Gross Reductions		Shares June 30, 2015
Oppenheimer Institutional Money Market Fund, Cl. E		23,255,744		22,602,092		35,185,000	10,672,836

					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	10,672,836	$ 12,095

See accompanying Notes to Financial Statements.

7 OPPENHEIMER MONEY FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2015 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $281,396,498)	$	281,396,498
Affiliated companies (cost $10,672,836)		10,672,836

		292,069,334

Cash		854,374

Receivables and other assets:
Shares of beneficial interest sold		23,468,179
Interest and dividends		30,587
Other		41,433

Total assets		316,463,907

Liabilities
Payables and other liabilities:
Investments purchased		374,867
Trustees’ compensation		22,480
Shares of beneficial interest redeemed		13,940
Legal, auditing and other professional fees		12,982
Dividends		760
Other		785

Total liabilities		425,814

Net Assets	$	316,038,093




Composition of Net Assets
Par value of shares of beneficial interest	$	316,020

Additional paid-in capital		315,709,983

Accumulated net investment income		7,781

Accumulated net realized gain on investments		4,309


Net Assets - applicable to 316,019,581 shares of beneficial interest outstanding	$	316,038,093



Net Asset Value, Redemption Price Per Share and Offering Price Per Share		$1.00

See accompanying Notes to Financial Statements.

8 OPPENHEIMER MONEY FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2015 Unaudited



Investment Income
Interest	$	357,940

Dividends from affiliated companies		12,095

Total investment income		370,035

Expenses
Management fees		868,739

Transfer and shareholder servicing agent fees		194,069

Shareholder communications		11,829

Trustees’ compensation		19,638

Custodian fees and expenses		3,318

Other		33,915

Total expenses		1,131,508
Less reduction to custodian expenses		(1,592)
Less waivers and reimbursements of expenses		(779,214)

Net expenses		350,702

Net Investment Income		19,333

Net realized gain		4,309

Net Increase in Net Assets Resulting from Operations	$	23,642

See accompanying Notes to Financial Statements.

9 OPPENHEIMER MONEY FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014
Operations
Net investment income	$	19,333	$ 32,855

Net realized gain		4,309	11,471

Net increase in net assets resulting from operations		23,642	44,326
Dividends and/or Distributions to Shareholders
Dividends from net investment income		(20,159)	(34,163)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions		(199,262,054)	338,260,098
Net Assets
Total increase (decrease)		(199,258,571)	338,270,261

Beginning of period		515,296,664	177,026,403

End of period (including accumulated net investment income of $7,781 and $8,607, respectively)	$	316,038,093	$ 515,296,664

See accompanying Notes to Financial Statements.

10 OPPENHEIMER MONEY FUND/VA

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00

Income (loss) from investment operations-Net investment income and net realized gain²		0.00³		0.00³		0.00³		0.00³		0.00³		0.00³
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00³		0.00³		0.00³		0.00³		0.00³		0.00³

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%		0.01%		0.01%		0.03%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	316,038	$	515,297	$	177,026	$	174,428	$	163,973	$	149,697

Average net assets (in thousands)	$	389,883	$	329,045	$	178,263	$	164,276	$	156,127	$	164,258

Ratios to average net assets:⁵
Net investment income		0.01%		0.01%		0.01%		0.01%		0.01%		0.01%
Total expenses⁶		0.59%		0.57%		0.61%		0.62%		0.61%		0.61%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.18%		0.15%		0.22%		0.30%		0.29%		0.35%

1. December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year.

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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

5. Annualized for periods less than one full year.

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

See accompanying Notes to Financial Statements.

11 OPPENHEIMER MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2015 Unaudited

1. Significant Accounting Policies

Oppenheimer Money Fund/VA (the “Fund”), a separate series of Oppenheimer Variable Account Funds, is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), 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.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

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.

Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

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

3. Securities Valuation

12 OPPENHEIMER MONEY FUND/VA

3. Securities Valuation (Continued)

subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

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

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 30, 2015 based on valuation input level:


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

Investments, at Value:
Assets Table
Certificates of Deposit	$	—	$	84,402,474	$	—	$	84,402,474
Direct Bank Obligations		—		56,676,482		—		56,676,482
Investment Company		10,672,836		—		—		10,672,836
Short-Term Notes/Commercial Paper		—		140,317,542		—		140,317,542

Total Assets	$	10,672,836	$	281,396,498	$	—	$	292,069,334

4. Investments and Risks

13 OPPENHEIMER MONEY FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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.

5. Shares of Beneficial Interest

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


	Six Months Ended June 30, 2015					Year Ended December 31, 2014
	Shares			Amount		Shares			Amount

Sold		410,058,293		$	410,058,293		1,568,851,985		$	1,568,851,985
Dividends and/or distributions reinvested		20,159			20,159		34,163			34,163
Redeemed		(609,340,506	)		(609,340,506)		(1,230,626,050	)		(1,230,626,050)

Net increase (decrease)		(199,262,054	)	$	(199,262,054)		338,260,098		$	338,260,098

6. 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

The Fund’s effective management fee for the six months ended June 30, 2015 was 0.45% of average annual net assets before any applicable waivers.

Waivers and Reimbursements of Expenses. The Manager has voluntarily undertaken to waive fees and/or reimburse expenses to the extent necessary to assist the Fund in attempting to maintain a positive yield. There is no guarantee that the Fund will maintain a positive yield. During the six months ended June 30, 2015, the Manager waived fees and/or reimbursed the Fund $604,208.

The Manager has contractually 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 $164,811 for the six months ended June 30, 2015.

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 30, 2015, the following waived and/or reimbursed amounts are eligible for recapture:

14 OPPENHEIMER MONEY FUND/VA

6. Fees and Other Transactions with Affiliates (Continued)


Expires

December 31, 2016	$	486,156
December 31, 2017		1,378,598
December 31, 2018		769,019

The Manager has not recaptured any previously waived and/or reimbursed amounts during the six months ended June 30, 2015.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

7. Pending Litigation

In 2009, several lawsuits were filed as putative class actions and later consolidated before the U.S. District Court for the District of Colorado in connection with the investment performance of Oppenheimer Rochester California Municipal Fund (the “California Fund Suit”), a fund advised by OppenheimerFunds, Inc. (“OFI”), and distributed by its subsidiary OppenheimerFunds Distributor, Inc. (“OFDI”). The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the Fund contained misrepresentations and omissions and the investment policies of the Fund were not followed. Plaintiffs in the California Fund Suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In July 2015, the district court held an evidentiary hearing on plaintiffs’ motion for class certification. OFI and OFDI believe the California Fund Suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the California Fund Suit; and that no estimate can yet be made as to the amount or range of any potential loss.

15 OPPENHEIMER MONEY FUND/VA

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

16 OPPENHEIMER MONEY FUND/VA

DISTRIBUTION SOURCES Unaudited


Fund Name	Pay Date		Net Income		Net Profit from Sale		Other Capital Sources

Oppenheimer Money Fund/VA		1/16/15		96.0%		0.0%		4.0%

Oppenheimer Money Fund/VA		2/20/15		95.8%		0.0%		4.2%

Oppenheimer Money Fund/VA		3/20/15		95.9%		4.1%		0.0%

Oppenheimer Money Fund/VA		4/17/15		95.9%		4.1%		0.0%

Oppenheimer Money Fund/VA		5/15/15		95.9%		4.1%		0.0%

Oppenheimer Money Fund/VA		6/19/15		95.9%		4.1%		0.0%

17 OPPENHEIMER MONEY FUND/VA

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18 OPPENHEIMER MONEY FUND/VA

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19 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
		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
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Christopher Proctor, Vice President
		Adam S. Wilde, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering 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 Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent		KPMGLLP
Registered Public
Accounting Firm

Legal Counsel		Ropes & Gray 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. © 2015 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.


		June 30, 2015
		Oppenheimer		Semiannual Report
		Global Strategic Income Fund/VA
		A Series of Oppenheimer Variable Account Funds
		SEMIANNUAL REPORT
		Listing of Top Holdings
		Fund Performance Discussion
		Financial Statements

PORTFOLIO MANAGERS: Michael A. Mata, Krishna Memani, Hemant Baijal

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/15


	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		5/3/93		1.35 %		-0.16 %		5.41 %		5.22 %

Service Shares		3/19/01		1.21		-0.44		5.15		4.96

Barclays U.S. Aggregate Bond Index				-0.15		1.81		3.34		4.43

Citigroup World Government Bond Index				-4.02		-9.02		1.05		3.07

Citigroup Non U.S. World Government Bond Index				-5.83		-13.49		0.33		2.63

J.P. Morgan Domestic High Yield Index				2.76		-0.70		8.96		8.07

Reference Index				-1.56		-5.23		3.84		4.89

The Fund’s performance is compared to the performance of the Barclays U.S. Aggregate Bond Index, the Citigroup World Government Bond Index, the Citigroup Non-U.S. World Government Bond Index, the J.P. Morgan Domestic High Yield Index and the Fund’s Reference Index. The Barclays U.S. Aggregate Bond Index is an index of U.S. Government and corporate bonds. The Citigroup World Government Bond Index is an index of debt securities of major foreign government bond markets. The Citigroup Non-U.S. World Government Bond Index is an index of fixed rate government bonds with a maturity of one year or longer and amounts outstanding of at least U.S. $25 million. The J.P. Morgan Domestic High Yield Index is an unmanaged index of high yield fixed income securities issued by U.S. companies. The Fund’s Reference Index is a customized weighted index currently comprised of the following underlying broad-based security indices: 40% Citigroup Non-U.S. World Government Bond Index, 30% J.P. Morgan Domestic High Yield Index, and 30% Barclays U.S. Aggregate Bond Index. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

2 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

TOP HOLDINGS AND ALLOCATIONS


PORTFOLIO ALLOCATION

Non-Convertible Corporate Bonds and Notes			61.2%

Foreign Government Obligations			11.7

Mortgage-Backed Obligations
Government Agency			5.3
Non-Agency			6.1

Investment Companies
Oppenheimer Master Event-Linked Bond Fund, LLC			2.3
Oppenheimer Master Loan Fund, LLC			5.4
Oppenheimer Ultra-Short Duration Fund			1.0

Asset-Backed Securities			2.9

U.S. Government Obligations			1.7

Corporate Loans			1.4

Structured Securities			0.7

Common Stocks			0.2

Over-the-Counter Options Purchased			0.1

Over-the-Counter Credit Default Swaptions Purchased			—*

Over-the-Counter Interest Rate Swaptions Purchased			—*

Rights, Warrants and Certificates			—

* Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2015, and are based on the total market value of investments.


CREDIT RATING BREAKDOWN	NRSRO ONLY TOTAL

AAA		6.4%

AA		1.6

A		5.2

BBB		25.9

BB		24.1

B		21.4

CCC		4.5

CC		0.5

C		0.0

D		0.6

Unrated		9.8

Total		100.0%

The percentages above are based on the market value of the Fund’s securities as of June 30, 2015, and are subject to change. Except for securities labeled “Unrated,” and except for certain securities issued or guaranteed by a foreign sovereign, 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. (the “Sub-Adviser”) 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 are assigned a credit rating equal to the highest NRSRO rating assigned to that foreign sovereign. For securities not rated by an NRSRO, the Sub-Adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the sub-adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security. 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 table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories (AAA, AA, A and BBB). Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. Please consult the Fund’s prospectus and Statement of Additional Information for further information.

3 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 1.35% during the reporting period, outperforming the -1.56% return provided by its Reference Index (the “Index”), which currently is composed of the following broad-based securities indices: 40% Citigroup Non-U.S. World Government Bond Index, 30% J.P. Morgan Domestic High Yield Index, and 30% Barclays U.S. Aggregate Bond Index.

MARKET OVERVIEW

The opening months of 2015 were marked by cooling U.S. growth after the strong fourth quarter of 2014. The dollar continued to strengthen significantly during this time against most of the U.S.’s major trading partners, which acted as a drag on growth. Businesses, especially U.S. firms with revenues dependent on exporting goods and services, cited this as a headwind. The period marked a continuing divergence in monetary policy with the Federal Reserve (“Fed”) preparing to raise interest rates, while the European Central Bank (“ECB”) President Mario Draghi announced the purchase of €60 billion a month in sovereign bonds from Eurozone countries for at least 19 months, a form of QE that is projected to increase the ECB’s balance sheet by over €1 trillion. The Bank of Japan (“BoJ”) continued its bold money printing experiment under the economic policies of Prime Minister Shinzō Abe, commonly referred to as “Abenomics”. The Chinese central bank also continued taking aggressive steps to stimulate its economy, including additional surprise interest rate and reserve ratio requirement cuts.

Against this backdrop, interest rates in core Europe and Japan backed up as investors anticipated positive results from accommodative monetary policies around the world. In fact, during the first half of 2015, more than 30 central banks announced interest rate cuts, with several of them doing so multiple times (e.g., Russia cut rates four times, China and India three times each, Australia twice, etc.). After rallying sharply in the first quarter of 2015, the U.S. dollar reversed course and weakened against most major currencies including the euro, British pound, Swiss franc, Canadian dollar and Australian dollar, in the second quarter of 2015.

FUND REVIEW

During the reporting period, top performing areas included high yield debt, mortgages and European credit. Our positions in high yield debt contributed to performance, and we benefited from our up-in-quality tilt in this part of the portfolio. In fact, the Fund had approximately half of the triple-C weighting of the J.P. Morgan Domestic High Yield Index. In addition, we were underweight both energy and metals/mining, which did not perform well this reporting period. We believe the current macro environment favors credit, which continues to screen as relatively attractive in our view. Mortgages continued to benefit the Fund this reporting period. This part of the portfolio is largely comprised of securitized credit that we purchased several years ago. These positions have rolled down to become fairly short in maturity, and we have been harvesting profits in them. Regarding European credit, we maintained our exposure at approximately 11% of the portfolio. These positions helped performance significantly during the past two years, and they did again this reporting period. Performance was particularly strong over the first half of the reporting period, as European growth was stabilizing and we saw early evidence of positive economic momentum in the Eurozone. Although concerns surrounding the Greek debt crisis negatively impacted this asset class over the second half of the period, performance remained positive for the Fund for the overall reporting period. We do not expect the Greek debt crisis to become an existential threat to the economic recovery in Europe. The ECB is executing an aggressive QE program in an effort to stimulate growth and push inflation higher. The Greek crisis has caused spreads to widen, which we believe could provide an attractive opportunity to increase exposure in selected European credits. More broadly, our rationale for owning European credit is simple. The U.S. economy has already stabilized. For the global economy to improve, Europe will need to improve. The ECB is easing monetary policy aggressively with a goal of stimulating economic growth. We believe the ECB’s efforts should continue to benefit European credit, just as they have so far this year.

The most significant detractor from performance this reporting period was the Fund’s exposure to high grade bonds, as these types of bonds experienced pressure during the reporting period. We also made some changes to our exposure among high grade during the period. The portfolio was previously focused more on U.S. Treasuries and agency pass-through securities. However, it is now includes more securitized credit and corporate bonds.

STRATEGY & OUTLOOK

As we enter the third quarter of 2015, the U.S. economy has regained some momentum after contracting by 0.2% in the first quarter. However, in our view the U.S. could be facing another mid-cycle slowdown, which would be its second or third in an admittedly long cycle so far. Economic growth has been slow and uneven in many parts of the world, the dollar is oscillating between periods of strength and weakness, S&P 500 earnings are being revised down, commodity prices have fallen sharply, the Greek debt crisis has flared up, geopolitical turmoil persists in the Middle East and the Chinese equity markets are under significant

4 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

pressure. On the bright side, however, we do not see an existential threat to the recovery in Europe or the credit cycle, we do not see any signs of a looming recession in the U.S. and we do not expect default rates to rise above current expectations in the next 12-18 months.

We expected the U.S. market to trend sideways in the first half of 2015, and it did, with the S&P 500 Index and Barclays U.S. Aggregate Bond Index generating total returns of 1.23% and -0.15%, respectively, during the period. We continue to expect more muted returns and higher sustained volatility across a number of asset classes this year. In this regard, we have already seen negative total returns in the first half of the year for real estate investment trusts, master limited partnerships, municipal bonds, precious metals and commodities.

We also believe the market will continue to react strongly to changes in expectations about the rate of growth in the U.S. and how aggressive the Fed is when it starts to tighten. We expect that tightening to begin later this year, but we continue to believe the risks are tilted toward the Fed’s raising rates less, and doing so later than the market expects. (We expect to see a greater rise in rates in 2016.) We also anticipate the dollar will continue strengthening, although we believe it may do so in fits and starts rather than for weeks or months in a row as it did in late 2014 and the first quarter of 2015. This should be a decent environment for credit and spread products. If our views prove correct, our long position in credit, our short duration posture and our minimal exposure to foreign currencies should help performance. Our highest conviction views are in credit, and they are expressed clearly in the portfolio. We continue to believe interest rates are headed higher over time, probably over a matter of years. While we do not expect them to spike meaningfully in the near term, we can reduce duration further if needed.

Finally, we believe most key policy changes this year will likely originate elsewhere, not in the U.S. Just as the Fed tapered its asset purchases steadily in 2014, we expect it to deliver consistency in domestic monetary policy this year. We also anticipate positive changes coming from other regions. So far this year, at least 30 central banks have announced surprise interest rate cuts. Japan has gone “all in” on Abenomics as that country struggles to grow consistently and generate inflation after emerging from its fourth recession in six years in late 2014. China has announced surprise rate cuts in each of the last three quarters, and we expect more monetary and fiscal stimulus in 2015. A number of emerging market countries have ended their tightening cycles and are now easing. We believe the portfolio is positioned to benefit in each of these scenarios.

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.

5 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2015.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During 6 Months Ended June 30, 2015
Non-Service shares	$	1,000.00	$	1,013.50	$	3.60
Service shares		1,000.00		1,012.10		4.85

Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,021.22		3.61
Service shares		1,000.00		1,019.98		4.87


Class	Expense Ratios
Non-Service shares		0.72%
Service shares		0.97

6 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS June 30, 2015 Unaudited



	Principal Amount		Value

Asset-Backed Securities—3.0%

American Credit Acceptance Receivables Trust:
Series 2014-2, Cl. B, 2.26%, 3/10/20¹	$	710,000	$	710,572
Series 2014-3, Cl. B, 2.43%, 6/10/20¹		655,000		655,830
Series 2014-4, Cl. B, 2.60%,10/12/20¹		205,000		205,095
Series 2015-1, Cl. B, 2.85%, 2/12/21¹		665,000		665,561
Series 2015-2, Cl. B, 2.97%, 5/12/21¹		625,000		626,923

AmeriCredit Automobile Receivables Trust:
Series 2012-2, Cl. E, 4.85%, 8/8/19¹		470,000		485,104
Series 2012-3, Cl. E, 4.46%, 11/8/19¹		360,000		370,466
Series 2012-4, Cl. D, 2.68%, 10/9/18		315,000		320,939
Series 2012-5, Cl. D, 2.35%, 12/10/18		200,000		202,930
Series 2013-2, Cl. E, 3.41%, 10/8/20¹		560,000		568,676
Series 2013-3, Cl. D, 3.00%, 7/8/19		440,000		448,625
Series 2013-3, Cl. E, 3.74%, 12/8/20¹		250,000		255,658
Series 2013-4, Cl. D, 3.31%, 10/8/19		510,000		523,545
Series 2013-5, Cl. D, 2.86%, 12/9/19		860,000		869,626
Series 2014-1, Cl. C, 2.15%, 3/9/20		655,000		657,159
Series 2014-1, Cl. E, 3.58%, 8/9/21		165,000		166,063
Series 2014-2, Cl. D, 2.57%, 7/8/20		715,000		716,006
Series 2014-2, Cl. E, 3.37%, 11/8/21		390,000		388,853
Series 2014-3, Cl. D, 3.13%, 10/8/20		260,000		260,720
Series 2014-4, Cl. D, 3.07%, 11/9/20		305,000		307,207
Series 2015-2, Cl. D, 3.00%, 6/8/21		290,000		290,578

California Republic Auto Receivables Trust:
Series 2013-2, Cl. C, 3.32%, 8/17/20		365,000		367,563
Series 2014-2, Cl. C, 3.29%, 3/15/21		130,000		129,780
Series 2014-4, Cl. C, 3.56%, 9/15/21		145,000		145,130

Capital Auto Receivables Asset Trust:
Series 2013-1, Cl. D, 2.19%, 9/20/21		275,000		277,040
Series 2013-4, Cl. D, 3.22%, 5/20/19		170,000		172,369
Series 2014-1, Cl. D, 3.39%, 7/22/19		185,000		189,181
Series 2014-3, Cl. D, 3.14%, 2/20/20		255,000		257,501
Series 2015-2, Cl. C, 2.67%, 8/20/20		270,000		269,946

CarFinance Capital Auto Trust, Series 2015-1A, Cl. A, 1.75%, 6/15/21¹		365,637		366,076

CarMax Auto Owner Trust:
Series 2014-2, Cl. D, 2.58%, 11/16/20		450,000		450,614
Series 2015-2, Cl. D, 3.04%, 11/15/21		175,000		174,948

CLI Funding V LLC, Series 2014-2A, Cl. A, 3.38%, 10/18/29¹		490,000		492,723

CPS Auto Receivables Trust:
Series 2014-C, Cl. A, 1.31%, 2/15/19¹		356,676		356,697
Series 2014-D, Cl. A, 1.49%, 4/15/19¹		722,796		726,445

CPS Auto Trust, Series 2012-C, Cl. A, 1.82%, 12/16/19¹		67,525		67,881

Credit Acceptance Auto Loan Trust, Series 2014-1A, Cl. B, 2.29%, 4/15/22¹		765,000		768,910

Cronos Containers Program I Ltd., Series 2014-2A, Cl. A, 3.27%, 11/18/29¹		607,870		610,623

Drive Auto Receivables Trust:
Series 2015-AA, Cl. C, 3.06%, 5/17/21²		430,000		432,830
Series 2015-BA, Cl. C, 2.76%, 7/15/21¹		515,000		515,285

DT Auto Owner Trust:
Series 2012-1A, Cl. D, 4.94%, 7/16/18¹		904,003		907,680
Series 2012-2A, Cl. D, 4.35%, 3/15/19¹		398,655		401,201
Series 2013-1A, Cl. D, 3.74%, 5/15/20¹		265,000		266,977
Series 2013-2A, Cl. D, 4.18%, 6/15/20¹		675,000		684,193
Series 2014-1A, Cl. D, 3.98%, 1/15/21¹		580,000		586,770



	Principal Amount		Value

Asset-Backed Securities (Continued)

DT Auto Owner Trust: (Continued)
Series 2014-3A, Cl. D, 4.47%, 11/15/21¹	$	290,000	$	293,773
Series 2015-1A, Cl. C, 2.87%, 11/16/20¹		305,000		306,404

Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/44¹		342,493		340,594

Exeter Automobile Receivables Trust:
Series 2012-2A, Cl. C, 3.06%, 7/16/18¹		65,000		65,229
Series 2013-2A, Cl. C, 4.35%, 1/15/19¹		500,000		509,913
Series 2014-1A, Cl. B, 2.42%, 1/15/19¹		370,000		372,217
Series 2014-1A, Cl. C, 3.57%, 7/15/19¹		860,000		869,510
Series 2014-2A, Cl. A, 1.06%, 8/15/18¹		79,403		79,296
Series 2014-2A, Cl. C, 3.26%, 12/16/19¹		180,000		179,217

First Investors Auto Owner Trust:
Series 2012-1A, Cl. D, 5.65%, 4/15/18¹		285,000		290,275
Series 2013-3A, Cl. C, 2.91%, 1/15/20¹		265,000		268,055
Series 2013-3A, Cl. D, 3.67%, 5/15/20¹		195,000		197,008
Series 2014-3A, Cl. D, 3.85%, 2/15/22¹		210,000		211,436

Flagship Credit Auto Trust, Series 2014-2, Cl. A, 1.43%, 12/16/19¹		348,173		347,947

GM Financial Automobile Leasing Trust:
Series 2014-1A, Cl. D, 2.51%, 3/20/19¹		305,000		304,893
Series 2015-1, Cl. D, 3.01%, 3/20/20		415,000		413,915

GO Financial Auto Securitization Trust, Series 2015-1, Cl. A, 1.81%, 3/15/18¹		319,443		319,257

ICE EM CLO:
Series 2007-1A, Cl. B, 2.082%, 8/15/22^1,3		7,870,000		7,426,919
Series 2007-1A, Cl. C, 3.382%, 8/15/22^1,3		5,270,000		4,951,165
Series 2007-1A, Cl. D, 5.382%, 8/15/22^1,3		4,757,343		4,490,932

Navistar Financial Dealer Note Master Owner Trust II, Series 2014-1, Cl. D, 2.487%, 10/25/19^1,3		180,000		180,070

Santander Drive Auto Receivables Trust:
Series 2012-4, Cl. D, 3.50%, 6/15/18		970,000		996,543
Series 2012-5, Cl. D, 3.30%, 9/17/18		540,000		551,762
Series 2012-AA, Cl. D, 2.46%, 12/17/18¹		825,000		836,568
Series 2013-1, Cl. C, 1.76%, 1/15/19		615,000		616,909
Series 2013-1, Cl. D, 2.27%, 1/15/19		920,000		917,207
Series 2013-2, Cl. D, 2.57%, 3/15/19		1,110,000		1,125,921
Series 2013-3, Cl. D, 2.42%, 4/15/19		230,000		232,656
Series 2013-4, Cl. D, 3.92%, 1/15/20		1,235,000		1,279,746
Series 2013-4, Cl. E, 4.67%, 1/15/20¹		520,000		542,033
Series 2013-5, Cl. D, 2.73%, 10/15/19		955,000		963,404
Series 2013-A, Cl. C, 3.12%, 10/15/19¹		1,195,000		1,220,245
Series 2013-A, Cl. D, 3.78%, 10/15/19¹		330,000		343,318
Series 2013-A, Cl. E, 4.71%, 1/15/21¹		405,000		428,976
Series 2014-2, Cl. D, 2.76%, 2/18/20		625,000		629,668
Series 2014-3, Cl. D, 2.65%, 8/17/20		635,000		631,006
Series 2014-4, Cl. D, 3.10%, 11/16/20		965,000		972,404
Series 2015-1, Cl. D, 3.24%, 4/15/21		445,000		447,644
Series 2015-2, Cl. D, 3.02%, 4/15/21		470,000		467,904
Series 2015-3, Cl. D, 3.49%, 5/17/21		580,000		582,328

7 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Asset-Backed Securities (Continued)

SNAAC Auto Receivables Trust:
Series 2012-1A, Cl. C, 4.38%, 6/15/17¹	$	6,161	$	6,170
Series 2013-1A, Cl. C, 3.07%, 8/15/18¹		220,000		222,555
Series 2014-1A, Cl. D, 2.88%, 1/15/20¹		905,000		909,881

TAL Advantage V LLC, Series 2014-2A, Cl. A1, 1.70%, 5/20/39¹		151,932		151,013

TCF Auto Receivables Owner Trust, Series 2015-1A, Cl. D, 3.53%, 3/15/22¹		285,000		285,696

Trip Rail Master Funding LLC, Series 2014-1A, Cl. A1, 2.863%, 4/15/44¹		141,214		140,966

United Auto Credit Securitization Trust:
Series 2013-1, Cl. C, 2.22%, 12/15/17¹		11,257		11,264
Series 2014-1, Cl. D, 2.38%, 10/15/18¹		260,000		258,446
Series 2015-1, Cl. D, 2.92%, 6/17/19¹		385,000		385,986

Westlake Automobile Receivables Trust:
Series 2014-1A, Cl. D, 2.20%, 2/15/21¹		245,000		243,226
Series 2014-2A, Cl. D, 2.86%, 7/15/21¹		245,000		244,413
Series 2015-2A, Cl. C, 2.45%, 1/15/21¹		365,000		364,963

Total Asset-Backed Securities (Cost $59,081,431)				58,743,345

Mortgage-Backed Obligations—11.7%

Government Agency—5.5%

FHLMC/FNMA/FHLB/Sponsored—5.4%

Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 9/1/33		454,918		507,412
5.50%, 9/1/39		597,791		669,949
6.00%, 5/1/18-11/1/21		125,999		140,381
6.50%, 3/1/18-8/1/32		515,003		590,469
7.00%, 10/1/31-10/1/37		119,635		136,786
7.50%, 1/1/32		363,992		434,793

Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 192,Cl. IO, 4.837%, 2/1/28⁴		9,182		1,549
Series 205,Cl. IO, 10.671%, 9/1/29⁴		53,032		12,935
Series 243,Cl. 6, 0.00%, 12/15/32^4,5		120,201		22,740

Federal Home Loan Mortgage Corp., Multifamily Structured Pass Through Certificates:
Series K042,Cl. A1, 2.267%, 6/25/24		941,577		945,718
Series K717,Cl. A1, 2.342%, 2/25/21		930,798		953,297

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360,Cl. PZ, 7.50%, 9/15/22		391,597		436,843
Series 151,Cl. F, 9.00%, 5/15/21		7,394		8,219
Series 1674,Cl. Z, 6.75%, 2/15/24		228,525		253,705
Series 1897,Cl. K, 7.00%, 9/15/26		722,087		813,278
Series 2043,Cl. ZP, 6.50%, 4/15/28		269,403		300,732
Series 2106,Cl. FG, 0.636%, 12/15/28³		461,957		467,391
Series 2122,Cl. F, 0.636%, 2/15/29³		12,147		12,283
Series 2148,Cl. ZA, 6.00%, 4/15/29		296,699		339,230
Series 2195,Cl. LH, 6.50%, 10/15/29		186,703		214,360
Series 2326,Cl. ZP, 6.50%, 6/15/31		24,736		27,624
Series 2344,Cl. FP, 1.136%, 8/15/31³		120,749		124,356
Series 2368,Cl. PR, 6.50%, 10/15/31		93,818		104,857
Series 2412,Cl. GF, 1.136%, 2/15/32³		188,818		194,526
Series 2449,Cl. FL, 0.736%, 1/15/32³		143,294		145,424
Series 2451,Cl. FD, 1.186%, 3/15/32³		72,647		74,977
Series 2453,Cl. BD, 6.00%, 5/15/17		14,170		14,697
Series 2461,Cl. PZ, 6.50%, 6/15/32		340,903		393,976
Series 2464,Cl. FI, 1.186%, 2/15/32³		61,965		63,613
Series 2470,Cl. AF, 1.186%, 3/15/32³		124,644		128,652
Series 2470,Cl. LF, 1.186%, 2/15/32³		63,413		65,099
Series 2477,Cl. FZ, 0.736%, 6/15/31³		260,960		264,682


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2517,Cl. GF, 1.186%, 2/15/32³	$	55,134	$	56,600
Series 2635,Cl. AG, 3.50%, 5/15/32		83,930		87,619
Series 2668,Cl. AZ, 4.00%, 9/15/18		35,949		37,267
Series 2676,Cl. KY, 5.00%, 9/15/23		1,063,112		1,149,224
Series 2707,Cl. QE, 4.50%, 11/15/18		134,854		141,078
Series 2770,Cl. TW, 4.50%, 3/15/19		18,475		19,324
Series 3025,Cl. SJ, 24.07%, 8/15/35³		163,089		257,659
Series 3465,Cl. HA, 4.00%, 7/15/17		3,022		3,028
Series 3741,Cl. PA, 2.15%, 2/15/35		722,347		734,526
Series 3815,Cl. BD, 3.00%, 10/15/20		21,611		22,139
Series 3840,Cl. CA, 2.00%, 9/15/18		16,215		16,430
Series 3848,Cl. WL, 4.00%, 4/15/40		331,336		341,344
Series 3857,Cl. GL, 3.00%, 5/15/40		13,636		13,963
Series 3917,Cl. BA, 4.00%, 6/15/38		178,991		186,452
Series 4221,Cl. HJ, 1.50%, 7/15/23		390,136		392,400

Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2074,Cl. S, 53.813%, 7/17/28⁴		14,452		3,168
Series 2079,Cl. S, 0.00%, 7/17/28^4,5		26,037		5,945
Series 2136,Cl. SG, 64.542%, 3/15/29⁴		645,399		149,364
Series 2399,Cl. SG, 54.672%, 12/15/26⁴		374,629		84,750
Series 2437,Cl. SB, 68.924%, 4/15/32⁴		1,327,844		332,790
Series 2526,Cl. SE, 25.143%, 6/15/29⁴		25,173		5,914
Series 2682,Cl. TQ, 99.999%, 10/15/33⁴		244,707		58,215
Series 2795,Cl. SH, 9.08%, 3/15/24⁴		532,339		73,740
Series 2920,Cl. S, 47.021%, 1/15/35⁴		257,411		49,847
Series 2922,Cl. SE, 4.796%, 2/15/35⁴		43,861		8,355
Series 2981,Cl. AS, 0.206%, 5/15/35⁴		442,556		88,430
Series 2981,Cl. BS, 99.999%, 5/15/35⁴		475,973		106,069
Series 3201,Cl. SG, 2.356%, 8/15/36⁴		230,610		42,862
Series 3397,Cl. GS, 13.286%, 12/15/37⁴		184,240		38,231
Series 3424,Cl. EI, 8.812%, 4/15/38⁴		82,540		11,890
Series 3450,Cl. BI, 6.934%, 5/15/38⁴		297,315		49,645
Series 3606,Cl. SN, 0.095%, 12/15/39⁴		92,756		16,893
Series 3659,Cl. IE, 0.00%, 3/15/19^4,5		368,068		22,637
Series 3685,Cl. EI, 0.00%, 3/15/19^4,5		253,710		12,962

Federal Home Loan Mortgage Corp., Structured Agency Credit Risk Debt Nts.:
Series 2014-DN4,Cl. M3, 4.737%, 10/25/24³		4,315,000		4,420,720
Series 2014-HQ2,Cl. M3, 3.937%, 9/25/24³		5,430,000		5,316,070
Series 2015-DN1,Cl. M3, 4.337%, 1/25/25³		1,495,000		1,521,095

Federal National Mortgage Assn.:
3.00%, 7/1/30⁶		3,055,000		3,160,732
3.50%, 7/1/41⁶		25,305,000		26,030,047
4.00%, 7/1/45⁶		22,990,000		24,327,641
4.50%, 7/1/30⁶		1,905,000		1,984,102
5.00%, 7/1/45⁶		250,000		276,156
6.00%, 7/1/45⁶		2,140,000		2,432,913

Federal National Mortgage Assn. Pool:
3.50%, 12/1/20-2/1/22		597,872		630,252
5.00%, 2/1/18-7/1/33		1,490,226		1,592,249
5.50%, 4/1/21-5/1/36		323,620		361,597
6.00%, 10/1/16-1/1/19		62,399		64,105
6.50%, 4/1/17-1/1/34		838,675		966,909
7.00%, 11/1/17-6/1/34		975,840		1,149,884
7.50%, 2/1/27-3/1/33		1,219,660		1,483,732
8.50%, 7/1/32		2,008		2,315

Federal National Mortgage Assn., Connecticut Avenue Securities:
Series 2014-C03,Cl. 2M2, 3.087%, 7/25/24³		3,110,000		2,881,603
Series 2015-C01,Cl. 1M2, 4.487%, 2/25/25³		2,500,000		2,503,264

Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 214,Cl. 2, 37.106%, 3/25/23⁴		150,103		21,355
Series 221,Cl. 2, 40.746%, 5/25/23⁴		18,275		2,722
Series 254,Cl. 2, 30.647%, 1/25/24⁴		309,565		42,952
Series 301,Cl. 2, 0.00%, 4/25/29^4,5		58,499		13,129
Series 313,Cl. 2, 3.511%, 6/25/31⁴		551,791		79,860
Series 319,Cl. 2, 0.00%, 2/25/32^4,5		266,363		62,323
Series 321,Cl. 2, 3.244%, 4/25/32⁴		78,357		18,406
Series 324,Cl. 2, 0.00%, 7/25/32^4,5		81,944		17,704
Series 328,Cl. 2, 0.00%, 12/25/32^4,5		162,857		20,186

8 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)
Series 331,Cl. 5, 0.00%, 2/25/33^4,5	$	310,942	$	71,815
Series 332,Cl. 2, 0.00%, 3/25/33^4,5		1,276,320		296,310
Series 334,Cl. 12, 0.00%, 3/25/33^4,5		250,062		57,722
Series 339,Cl. 15, 3.152%, 10/25/33⁴		756,567		161,330
Series 345,Cl. 9, 0.00%, 1/25/34^4,5		223,230		44,029
Series 351,Cl. 10, 0.00%, 4/25/34^4,5		145,614		29,898
Series 351,Cl. 8, 0.00%, 4/25/34^4,5		252,290		51,876
Series 356,Cl. 10, 0.00%, 6/25/35^4,5		186,214		40,937
Series 356,Cl. 12, 0.00%, 2/25/35^4,5		90,877		20,048
Series 362,Cl. 13, 0.00%, 8/25/35^4,5		118,114		25,732

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1999-54,Cl. LH, 6.50%, 11/25/29		167,312		190,864
Series 2001-80,Cl. ZB, 6.00%, 1/25/32		162,259		185,469
Series 2002-12,Cl. PG, 6.00%, 3/25/17		39,700		40,932
Series 2002-29,Cl. F, 1.187%, 4/25/32³		66,314		68,098
Series 2002-64,Cl. FJ, 1.187%, 4/25/32³		20,420		20,970
Series 2002-68,Cl. FH, 0.685%, 10/18/32³		46,135		46,755
Series 2002-84,Cl. FB, 1.187%, 12/25/32³		300,260		308,389
Series 2002-9,Cl. PC, 6.00%, 3/25/17		37,582		38,756
Series 2002-9,Cl. PR, 6.00%, 3/25/17		46,017		47,416
Series 2002-90,Cl. FH, 0.687%, 9/25/32³		167,996		170,129
Series 2003-100,Cl. PA, 5.00%, 10/25/18		234,375		245,866
Series 2003-11,Cl. FA, 1.187%, 9/25/32³		300,267		308,396
Series 2003-112,Cl. AN, 4.00%, 11/25/18		79,093		81,780
Series 2003-116,Cl. FA, 0.587%, 11/25/33³		30,125		30,324
Series 2003-84,Cl. GE, 4.50%, 9/25/18		33,287		34,681
Series 2004-101,Cl. BG, 5.00%, 1/25/20		165,167		169,380
Series 2004-25,Cl. PC, 5.50%, 1/25/34		72,115		76,034
Series 2005-109,Cl. AH, 5.50%, 12/25/25		1,360,859		1,484,050
Series 2005-31,Cl. PB, 5.50%, 4/25/35		560,000		654,256
Series 2005-71,Cl. DB, 4.50%, 8/25/25		196,901		210,701
Series 2006-11,Cl. PS, 23.881%, 3/25/36³		143,469		229,579
Series 2006-46,Cl. SW, 23.514%, 6/25/36³		234,258		315,408
Series 2008-75,Cl. DB, 4.50%, 9/25/23		110,847		115,341
Series 2009-113,Cl. DB, 3.00%, 12/25/20		330,173		338,567
Series 2009-36,Cl. FA, 1.127%, 6/25/37³		71,428		73,377
Series 2009-70,Cl. TL, 4.00%, 8/25/19		409,007		421,595
Series 2010-43,Cl. KG, 3.00%, 1/25/21		158,493		163,120
Series 2011-122,Cl. EC, 1.50%, 1/25/20		202,100		203,467
Series 2011-15,Cl. DA, 4.00%, 3/25/41		181,257		189,629
Series 2011-3,Cl. EL, 3.00%, 5/25/20		550,839		564,730
Series 2011-3,Cl. KA, 5.00%, 4/25/40		301,662		330,922
Series 2011-38,Cl. AH, 2.75%, 5/25/20		17,365		17,750
Series 2011-6,Cl. BA, 2.75%, 6/25/20		223,840		229,465
Series 2011-69,Cl. EA, 3.00%, 11/25/29		172,135		174,806
Series 2011-82,Cl. AD, 4.00%, 8/25/26		318,482		330,194
Series 2012-20,Cl. FD, 0.587%, 3/25/42³		495,471		497,759

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61,Cl. SH, 21.848%, 11/18/31⁴		75,222		18,235
Series 2001-63,Cl. SD, 26.025%, 12/18/31⁴		21,183		4,811
Series 2001-68,Cl. SC, 17.192%, 11/25/31⁴		13,502		3,276
Series 2001-81,Cl. S, 19.465%, 1/25/32⁴		16,392		3,835
Series 2002-28,Cl. SA, 29.792%, 4/25/32⁴		11,914		2,622
Series 2002-38,Cl. SO, 42.493%, 4/25/32⁴		72,888		14,786
Series 2002-48,Cl. S, 25.454%, 7/25/32⁴		18,594		4,534
Series 2002-52,Cl. SL, 28.323%, 9/25/32⁴		11,972		2,947
Series 2002-56,Cl. SN, 27.002%, 7/25/32⁴		25,550		6,229
Series 2002-77,Cl. IS, 38.297%, 12/18/32⁴		124,179		32,860
Series 2002-77,Cl. SH, 30.082%, 12/18/32⁴		25,821		6,113
Series 2002-9,Cl. MS, 21.955%, 3/25/32⁴		22,262		5,177
Series 2003-13,Cl. IO, 7.294%, 3/25/33⁴		229,185		43,251
Series 2003-26,Cl. DI, 8.803%, 4/25/33⁴		186,263		47,118
Series 2003-33,Cl. SP, 23.79%, 5/25/33⁴		135,880		29,318
Series 2003-38,Cl. SA, 0.00%, 3/25/23^4,5		89,513		4,793
Series 2003-4,Cl. S, 25.614%, 2/25/33⁴		39,135		10,001
Series 2004-56,Cl. SE, 9.484%, 10/25/33⁴		646,415		128,924
Series 2005-12,Cl. SC, 8.314%, 3/25/35⁴		20,816		4,568


	Principal Amount		Value

FHLMC/FNMA/FHLB/Sponsored (Continued)

Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2005-14,Cl. SE, 32.555%, 3/25/35⁴	$	745,182	$	123,527
Series 2005-40,Cl. SA, 44.698%, 5/25/35⁴		641,737		120,683
Series 2005-40,Cl. SB, 59.103%, 5/25/35⁴		1,054,338		189,064
Series 2005-52,Cl. JH, 3.444%, 5/25/35⁴		379,015		71,380
Series 2005-63,Cl. SA, 43.459%, 10/25/31⁴		36,963		8,031
Series 2006-90,Cl. SX, 99.999%, 9/25/36⁴		659,815		123,754
Series 2007-88,Cl. XI, 27.947%, 6/25/37⁴		822,350		144,838
Series 2008-55,Cl. SA, 0.00%, 7/25/38^4,5		67,100		8,472
Series 2009-8,Cl. BS, 0.00%, 2/25/24^4,5		95,550		5,465
Series 2010-95,Cl. DI, 0.00%, 11/25/20^4,5		487,862		30,792
Series 2012-134,Cl. SA, 12.555%, 12/25/42⁴		753,779		191,033
Series 2012-40,Cl. PI, 0.00%, 4/25/41^4,5		1,418,562		257,167

Federal National Mortgage Assn., Stripped Mtg.-Backed Security, Series 302, Cl. 2, 6%, 5/1/29		3		—

				105,925,592

GNMA/Guaranteed—0.1%

Government National Mortgage Assn. I Pool:
7.00%, 3/15/28-7/15/28		116,401		130,384
7.50%, 2/15/27		4,906		5,073
8.00%, 5/15/26		10,189		10,343

Government National Mortgage Assn. II Pool, 1.625%, 11/20/25³		3,346		3,477

Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2007-17,Cl. AI, 18.682%, 4/16/37⁴		327,766		63,195
Series 2011-52,Cl. HS, 9.352%, 4/16/41⁴		560,645		108,354

Government National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1999-32,Cl. ZB, 8.00%, 9/16/29		538,562		637,112
Series 2000-12,Cl. ZA, 8.00%, 2/16/30		1,147,034		1,335,536

				2,293,474

Non-Agency—6.2%

Commercial—5.5%

Banc of America Commercial Mortgage Trust, Series 2006-5, Cl. AM, 5.448%, 9/10/47		85,000		88,433

Banc of America Funding Trust:
Series 2006-G,Cl. 2A4, 0.477%, 7/20/36³		1,240,413		1,162,768
Series 2014-R7,Cl. 3A1, 2.617%, 3/26/36^2,3		156,582		159,887

BCAP LLC Trust:
Series 2011-R11,Cl. 18A5, 2.23%, 9/26/35^1,3		220,106		223,839
Series 2012-RR2,Cl. 6A3, 2.687%, 9/26/35^1,3		375,026		375,387
Series 2012-RR6,Cl. RR6, 2.404%, 11/26/36¹		310,960		311,060
Series 2013-RR2,Cl. 5A2, 2.66%, 3/26/36^1,3		7,323,824		6,252,561

Bear Stearns ARM Trust, Series 2005-2, Cl. A1, 2.68%, 3/25/35³		179,633		181,634

Chase Mortgage Finance Trust, Series 2005-A2, Cl. 1A3, 2.435%, 1/25/36³		22,963		21,664

CHL Mortgage Pass-Through Trust, Series 2005-17, Cl. 1A8, 5.50%, 9/25/35		1,336,874		1,318,238

Citigroup Commercial Mortgage Trust:
Series 2008-C7,Cl. AM, 6.349%, 12/10/49³		520,000		563,120
Series 2013-GC11,Cl. D, 4.604%, 4/10/46^1,3		245,000		231,025

Citigroup Mortgage Loan Trust, Inc.:
Series 2009-8,Cl. 7A2, 2.621%, 3/25/36^1,3		10,474,197		10,095,544
Series 2012-8,Cl. 1A1, 2.708%, 10/25/35^1,3		677,764		683,319
Series 2014-8,Cl. 1A2, 0.477%, 7/20/36^2,3		3,400,000		2,745,500

COMM Mortgage Trust:
Series 2012-CR4,Cl. D, 4.727%, 10/15/45^1,3		70,000		68,265
Series 2012-CR5,Cl. E, 4.48%, 12/10/45^1,3		605,000		577,584
Series 2013-CR6,Cl. D, 4.313%, 3/10/46^1,3		1,525,000		1,402,446
Series 2013-CR7,Cl. D, 4.494%, 3/10/46^1,3		3,270,000		3,012,129
Series 2013-CR9,Cl. D, 4.40%, 7/10/45^1,3		2,685,000		2,489,273
Series 2013-LC13,Cl. D, 5.215%, 8/10/46^1,3		3,579,000		3,504,587
Series 2014-UBS3,Cl. D, 4.975%, 6/10/47^1,3		8,895,000		8,218,064

9 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Commercial (Continued)

COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012- CR5, Cl. XA, 0.00%, 12/10/45^4,5	$	3,427,700	$	298,421

Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C6, Cl. AJ, 5.23%, 12/15/40³		600,000		604,964

CSMC, Series 2009-13R, Cl. 4A1, 2.625%, 9/26/36^1,3		47,703		48,014

DBUBS Mortgage Trust, Series 2011-LC1A, Cl. E, 5.735%, 11/10/46^1,3		100,000		106,937

Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Cl. A1, 5.888%, 6/25/36³		83,015		70,277

Deutsche Mortgage Securities, Inc., Series 2013-RS1, Cl. 1A2, 0.407%, 7/22/36^1,3		5,060,144		4,375,709

FREMF Mortgage Trust:
Series 2012-K501,Cl. C, 3.549%, 11/25/46^1,3		40,000		40,803
Series 2013-K25,Cl. C, 3.743%, 11/25/45^1,3		135,000		132,233
Series 2013-K26,Cl. C, 3.723%, 12/25/45^1,3		95,000		93,593
Series 2013-K27,Cl. C, 3.616%, 1/25/46^1,3		150,000		145,706
Series 2013-K28,Cl. C, 3.614%, 6/25/46^1,3		1,605,000		1,556,287
Series 2013-K502,Cl. C, 3.302%, 3/25/45^1,3		220,000		223,751
Series 2013-K712,Cl. C, 3.484%, 5/25/45^1,3		265,000		265,690
Series 2013-K713,Cl. C, 3.274%, 4/25/46^1,3		535,000		527,517
Series 2015-K44,Cl. B, 3.811%, 1/25/48^1,3		545,000		533,380

GS Mortgage Securities Trust, Series 2014-GC22, Cl. D, 4.801%, 6/10/47^1,3		1,515,000		1,375,553

GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 2.937%, 7/25/35³		28,099		27,791

JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-LC9, Cl. E, 4.569%, 12/15/47^1,3		500,000		487,277

JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2006-LDP8,Cl. AJ, 5.48%, 5/15/45³		645,000		667,570
Series 2013-C10,Cl. D, 4.295%, 12/15/47³		2,400,000		2,240,782

JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 2.555%, 7/25/35³		108,964		109,292

JP Morgan Resecuritization Trust:
Series 2009-11,Cl. 5A1, 2.625%, 9/26/36^1,3		180,798		181,139
Series 2009-5,Cl. 1A2, 2.721%, 7/26/36^1,3		5,138,473		4,496,025

JPMBB Commercial Mortgage Securities Trust:
Series 2013-C14,Cl. D, 4.714%, 8/15/46^1,3		2,500,000		2,395,509
Series 2013-C15,Cl. D, 5.251%, 11/15/45^1,3		1,245,000		1,229,461
Series 2014-C21,Cl. D, 4.816%, 8/15/47^1,3		4,953,000		4,543,345
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		1,215,000		1,265,698
Series 2014-C26,Cl. AS, 3.80%, 1/15/48		1,225,000		1,244,718

Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2012-C6,Cl. E, 4.816%, 11/15/45^1,3		705,000		696,294
Series 2013-C12,Cl. D, 4.926%, 10/15/46^1,3		2,370,000		2,287,051
Series 2013-C13,Cl. D, 5.058%, 11/15/46^1,3		570,000		553,600
Series 2013-C7,Cl. D, 4.437%, 2/15/46^1,3		435,000		410,062
Series 2013-C8,Cl. D, 4.309%, 12/15/48^1,3		185,000		172,336
Series 2014-C14,Cl. B, 4.804%, 2/15/47³		240,000		258,266
Series 2014-C14,Cl. D, 4.994%, 2/15/47^1,3		5,060,000		4,807,691

Morgan Stanley Capital I Trust, Series 2007-IQ13, Cl. AM, 5.406%, 3/15/44		1,265,000		1,335,948

Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1A, 1.969%, 11/26/36^1,3		30,642		30,061

Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 2.379%, 6/26/46^1,3		299,938		302,579

RALI Trust, Series 2005-QA4, Cl. A32, 3.083%, 4/25/35³		44,297		6,393

Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 2.447%, 8/25/34³		5,157,859		5,125,489

UBS-Barclays Commercial Mortgage Trust:
Series 2012-C2,Cl. E, 4.889%, 5/10/63^1,3		3,450,000		3,446,407
Series 2013-C5,Cl. D, 4.227%, 3/10/46^1,3		4,200,000		3,910,408


	Principal Amount		Value

Commercial (Continued)

Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Cl. AM, 6.15%, 2/15/51³	$	1,250,000	$	1,341,377

WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR16, Cl. 1A1, 2.341%, 12/25/35³		16,165		15,414

Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA3, Cl. 5A, 1.937%, 4/25/47³		514,737		393,394

Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1,Cl. 1A1, 2.617%, 2/25/35³		2,028,194		2,044,154
Series 2005-AR10,Cl. 1A1, 2.658%, 6/25/35³		940,862		963,912
Series 2005-AR15,Cl. 1A6, 2.613%, 9/25/35³		4,027,323		3,842,429
Series 2006-AR7,Cl. 2A4, 2.732%, 5/25/36³		1,757,449		1,681,437
Series 2007-AR3,Cl. A4, 5.803%, 4/25/37³		1,057,293		1,035,836

WF-RBS Commercial Mortgage Trust:
Series 2012-C10,Cl. D, 4.606%, 12/15/45^1,3		115,000		110,845
Series 2012-C7,Cl. E, 4.999%, 6/15/45^1,3		180,000		180,611
Series 2012-C8,Cl. E, 5.038%, 8/15/45^1,3		710,000		717,091
Series 2013-C11,Cl. D, 4.32%, 3/15/45^1,3		441,000		416,193

WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 0.00%, 3/15/44^1,4,5		5,580,592		267,031

				109,326,078

Multi-Family—0.2%

Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR15,Cl. 1A2, 2.613%, 9/25/35³		325,617		318,305
Series 2006-AR2,Cl. 2A3, 2.621%, 3/25/36³		3,456,085		3,420,914

				3,739,219

Residential—0.5%

Bear Stearns ARM Trust, Series 2006-1, Cl. A1, 2.36%, 2/25/36³		59,276		58,958

CHL Mortgage Pass-Through Trust, Series 2005-J4, Cl. A7, 5.50%, 11/25/35		1,155,401		1,211,607

Citigroup Mortgage Loan Trust, Inc.:
Series 2005-2,Cl. 1A3, 2.722%, 5/25/35³		1,523,859		1,522,236
Series 2005-3,Cl. 2A4, 2.517%, 8/25/35³		2,654,987		2,263,897

CWHEQ Revolving Home Equity Loan Trust:
Series 2005-G,Cl. 2A, 0.416%, 12/15/35³		75,948		65,937
Series 2006-H,Cl. 2A1A, 0.336%, 11/15/36³		37,048		27,598

Home Equity Mortgage Trust, Series 2005-1, Cl. M6, 5.863%, 6/25/35³		626,705		637,760

HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 0.497%, 7/25/35³		13,160		12,235

MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 0.287%, 8/25/36³		991,794		498,352

NC Finance Trust, Series 1999-I, Cl. D, 8.75%, 1/25/29^2,7		66,744		18,021

RALI Trust, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		23,463		19,063

Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6%, 6/25/35		2,949,304		2,799,565

WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR10, Cl. A7, 2.418%, 10/25/33³		121,435		124,190

Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR14, Cl. 1A2, 5.808%, 10/25/36³		1,585,941		1,549,322

				10,808,741

Total Mortgage-Backed Obligations (Cost $224,698,387)				232,093,104

U.S. Government Obligations—1.7%

Federal National Mortgage Assn. Nts., 1%, 9/27/17		848,000		851,362

10 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

U.S. Government Obligations (Continued)

United States Treasury Nts.:
0.625%, 4/30/18⁸		$ 3,659,000	$	3,623,841
1.375%, 9/30/18^8,9		16,696,000		16,823,824
2.00%, 9/30/20		9,509,000		9,643,467
2.50%, 8/15/23		735,000		750,045

United States Treasury Nts. Strips, 6.16%, 2/15/16		2,116,000		2,113,941

Total U.S. Government Obligations (Cost $33,439,962)				33,806,480


Foreign Government Obligations—11.9%

Angola—0.0%
Republic of Angola Via Northern
Lights III BV Sr. Unsec. Nts., 7%, 8/16/19		725,000		731,457


Argentina—0.0%
Provincia de Buenos Aires Sr. Unsec. Nts., 9.95%, 6/9/21¹		820,000		803,600


Brazil—2.7%
Brazil Minas SPE via State of Minas Gerais Sec. Bonds, 5.333%, 2/15/28¹		1,010,000		959,500

Federative Republic of Brazil Nota Do Tesouro Nacional Sr. Unsec. Nts.:
4.875%, 1/22/21		1,177,000		1,232,907
9.762%, 1/1/17	BRL	85,105,000		25,968,404

Federative Republic of Brazil Nota Do Tesouro Nacional Unsec. Nts.:
9.762%, 1/1/18	BRL	17,830,000		5,358,527
10.00%, 1/1/25	BRL	29,450,000		8,178,210

Federative Republic of Brazil Unsec. Bonds, 12.959%, 10/1/15¹⁴	BRL	36,000,000		11,188,820

				52,886,368


Cayman Islands—0.1%
Lima Metro Line 2 Finance Ltd. Sr. Sec. Nts., 5.875%, 7/5/34¹		850,000		870,187


China—0.1%
Export-Import Bank of China (The) Sr. Unsec. Nts., 3.625%, 7/31/24¹		2,175,000		2,205,785


Colombia—0.6%
Republic of Colombia Sr. Unsec. Nts.:
4.00%, 2/26/24		280,000		279,300
4.375%, 7/12/21		2,265,000		2,374,852
5.00%, 6/15/45		1,265,000		1,176,450
5.625%, 2/26/44		440,000		447,700
7.375%, 9/18/37		435,000		539,400
8.125%, 5/21/24		970,000		1,247,905
Series B, 10.00%, 7/24/24	COP	11,670,000,000		5,297,582

				11,363,189


Croatia—0.2%
Republic of Croatia Sr. Unsec. Nts.:
5.50%, 4/4/23¹		2,815,000		2,908,261
6.375%, 3/24/21¹		475,000		514,781
6.75%, 11/5/19¹		285,000		315,102

				3,738,144


Dominican Republic—0.3%
Banco de Reservas de la Republica Dominicana Sub. Nts., 7%, 2/1/23¹		1,310,000		1,319,294

Dominican Republic Sr. Unsec. Bonds:
5.50%, 1/27/25¹		1,715,000		1,727,863
5.875%, 4/18/24¹		410,000		427,425
6.60%, 1/28/24¹		1,135,000		1,228,637
6.85%, 1/27/45¹		2,030,000		2,080,750

				6,783,969


	Principal Amount		Value

Ecuador—0.0%
Republic of Ecuador International Bonds, 10.50%, 3/24/20¹		$ 715,000	$	720,363


Egypt—0.1%
Arab Republic of Egypt Bonds:
5.875%, 6/11/25¹		1,795,000		1,757,305
6.875%, 4/30/40¹		280,000		275,100

				2,032,405


Hungary—0.5%
Hungary Unsec. Bonds:
Series 20/A, 7.50%, 11/12/20	HUF	1,612,000,000		6,957,810
Series 23/A, 6.00%, 11/24/23	HUF	512,000,000		2,095,218

				9,053,028


India—1.7%
Indian Railway Finance Corp. Ltd. Sr. Unsec. Nts., 3.417%, 10/10/17		1,265,000		1,295,661

Republic of India Bonds:
8.27%, 6/9/20	INR	839,000,000		13,415,173
8.40%, 7/28/24	INR	1,219,000,000		19,635,892

				34,346,726


Indonesia—1.2%
Perusahaan Penerbit SBSN Indonesia III Sr. Unsec. Nts., 4%, 11/21/18¹		930,000		971,850

Perusahaan Penerbit SBSN Indonesia III Unsec. Nts.:
4.35%, 9/10/24¹		610,000		602,375
6.125%, 3/15/19¹		2,045,000		2,292,956

Republic of Indonesia International Bonds, 5.125%, 1/15/45¹		420,000		401,625

Republic of Indonesia Sr. Unsec. Bonds:
3.375%, 4/15/23¹		1,040,000		982,800
4.625%, 4/15/43¹		540,000		487,350
4.875%, 5/5/21¹		2,475,000		2,632,905
5.375%, 10/17/23¹		880,000		949,300
5.875%, 1/15/24¹		1,230,000		1,362,225
6.75%, 1/15/44¹		345,000		401,063
11.625%, 3/4/19¹		560,000		735,000

Republic of Indonesia Treasury Bonds:
Series FR70, 8.375%, 3/15/24	IDR	105,600,000,000		7,951,702
Series FR71, 9.00%, 3/15/29	IDR	41,160,000,000		3,264,768

				23,035,919


Ivory Coast—0.2%
Republic of Cote d’Ivoire Sr. Unsec. Bonds, 5.75%, 12/31/32³		3,920,000		3,717,571

Republic of Cote d’Ivorie Bonds, 6.375%, 3/3/28¹		910,000		891,800

				4,609,371


Kenya—0.1%
Republic of Kenya Sr. Unsec. Bonds:
5.875%, 6/24/19¹		560,000		573,160
6.875%, 6/24/24¹		1,165,000		1,187,811

				1,760,971


Mexico—1.9%
United Mexican States Bonds:
3.00%, 3/6/45	EUR	850,000		824,263
3.60%, 1/30/25		3,000,000		2,965,500

United Mexican States International Bonds, 4%, 3/15/15	EUR	565,000		549,277

United Mexican States Unsec. Bonds:
4.60%, 1/23/46		1,690,000		1,573,813
5.625%, 1/15/17		2,690,000		2,872,920
Series M, 5.00%, 12/11/19	MXN	446,600,000		28,207,247
Series M20, 4.75%, 3/8/44		435,000		417,600

				37,410,620

11 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Morocco—0.1%
Kingdom of Morocco Sr. Unsec. Bonds, 5.50%, 12/11/42¹		$ 1,305,000	$	1,330,774

Kingdom of Morocco Sr. Unsec. Nts., 4.25%, 12/11/22¹		1,175,000		1,204,375

				2,535,149


Panama—0.4%
Republic of Panama Sr. Unsec. Bonds:
3.75%, 3/16/25		1,285,000		1,272,150
4.00%, 9/22/24		610,000		616,100
5.20%, 1/30/20		3,390,000		3,744,255
6.70%, 1/26/36		620,000		768,800
9.375%, 4/1/29		580,000		861,300

				7,262,605


Paraguay—0.0%
Republic of Paraguay Sr. Unsec. Bonds, 4.625%, 1/25/23¹		380,000		385,700


Peru—0.3%
Fondo MIVIVIENDA SA Sr. Unsec. Nts., 3.50%, 1/31/23¹		2,045,000		1,949,907

Republic of Peru Sr. Unsec. Bonds:
5.625%, 11/18/50		1,470,000		1,646,400
7.35%, 7/21/25		1,010,000		1,320,575

				4,916,882


Poland—0.0%
Republic of Poland Sr. Unsec. Bonds, 3%, 3/17/23		855,000		841,576


Russia—0.2%
Russian Federation Sr. Unsec. Bonds, 4.875%, 9/16/23¹		1,730,000		1,719,620

Russian Federation Sr. Unsec. Nts., 5%, 4/29/20¹		1,420,000		1,462,671

				3,182,291


Serbia—0.2%
Republic of Serbia Sr. Unsec. Bonds, 5.25%, 11/21/17¹		1,425,000		1,479,292

Republic of Serbia Unsec. Bonds, 5.875%, 12/3/18¹		1,510,000		1,594,938

				3,074,230


South Africa—0.7%
Republic of South Africa Sr. Unsec. Bonds:
5.875%, 9/16/25		2,170,000		2,410,531
Series R208, 6.75%, 3/31/21	ZAR	61,300,000		4,769,746

Republic of South Africa Unsec. Bonds:
Series 2023, 7.75%, 2/28/23	ZAR	50,000,000		4,020,660
Series R186, 10.50%, 12/21/26	ZAR	35,700,000		3,417,109

				14,618,046


Sri Lanka—0.1%
Democratic Socialist Republic of Sri Lanka Sr. Unsec. Bonds:
5.875%, 7/25/22¹		1,010,000		997,375
6.00%, 1/14/19¹		1,090,000		1,115,888
6.25%, 10/4/20¹		455,000		468,104

				2,581,367


Turkey—0.1%
Republic of Turkey Bonds, 4.875%, 4/16/43		1,540,000		1,407,113

Republic of Turkey Sr. Unsec. Bonds, 4.35%, 11/12/21	EUR	1,040,000		1,255,335

				2,662,448


United Arab Emirates—0.0%
Emirate of Dubai Sr. Unsec. International Bonds, 5.25%, 1/30/43		620,000		555,862


	Principal Amount		Value

Uruguay—0.1%
Oriental Republic of Uruguay Sr. Unsec. Bonds, 5.10%, 6/18/50	$	1,430,000	$	1,365,650


Venezuela—0.0%
Bolivarian Republic of Venezuela Sr. Unsec. Bonds, 7.75%, 10/13/19		335,000		131,488


Vietnam—0.0%
Socialist Republic of Vietnam Bonds, 4.80%, 11/19/24¹		800,000		804,000

Total Foreign Government Obligations (Cost $243,084,302)				237,269,396


Corporate Loans—1.5%

Affinion Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.75%, 4/30/18³		791,325		762,639

Amaya BV, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.00%, 7/29/22³		865,000		875,002

Asurion LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.50%, 3/3/21³		5,945,247		6,050,775

Caesars Entertainment Operating Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.75%, 1/29/18^3,7		1,084,550		949,524

Caesars Entertainment Resort Properties LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.00%, 10/11/20³		4,333,691		3,973,453

Caesars Growth Properties Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%, 5/10/21³		1,055,340		904,954

Clear Channel Communications, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.935%, 1/30/19³		7,103,532		6,576,684

Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.685%, 7/30/19³		926,326		870,168

Deluxe Entertainment Services, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.50%, 2/26/20³		271,576		262,750

Entegra TC LLC, Sr. Sec. Credit Facilities Exit 3rd Lien Term Loan, 8.973%, 10/3/20^3,11		1,708,787		1,693,835

IPC Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 8/6/15^3,6		3,566		3,555

iStar Financial, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.00%, 3/19/17³		802,997		824,075

NFR Energy LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.75%, 12/31/18^3,7		1,485,000		551,306

NTELOS, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.75%, 11/9/19³		572,281		503,608

Orchard Acquisition Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.00%, 2/8/19³		300,970		292,693

Quicksilver Resources, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.00%, 6/21/19^3,7		4,151,000		2,511,355

Revel Entertainment, Inc., Sr. Sec. Credit Facilities 2nd Lien Exit Term Loan, 14.50%, 5/20/18^3,7,11		1,490,134		7,452

TWCC Holding Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.00%, 6/26/20³		1,950,000		1,824,874

Total Corporate Loans (Cost $33,983,476)				29,438,702

12 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Corporate Bonds and Notes—62.7%

Consumer Discretionary—11.4%

Auto Components—1.2%

Affinia Group, Inc., 7.75% Sr. Unsec. Nts., 5/1/21		$ 2,870,000	$	3,013,500

BorgWarner, Inc., 4.375% Sr. Unsec. Nts., 3/15/45		192,000		179,668

Gates Global LLC/Gates Global Co., 6% Sr. Unsec. Nts., 7/15/22¹		3,805,000		3,462,550

GKN Holdings plc:
5.375% Sr. Unsec. Nts., 9/19/22	GBP	970,000		1,715,601
6.75% Sr. Unsec. Nts., 10/28/19	GBP	1,780,000		3,239,341

Goodyear Tire & Rubber Co., 8.25% Sr. Unsec. Nts., 8/15/20		1,570,000		1,647,323

Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22		4,035,000		4,120,744

Lear Corp., 4.75% Sr. Unsec. Nts., 1/15/23		2,925,000		2,895,750

MPG Holdco I, Inc., 7.375% Sr. Unsec. Nts., 10/15/22		3,675,000		3,932,250

				24,206,727


Automobiles—0.8%

Daimler Finance North America LLC, 8.50% Sr. Unsec. Unsub. Nts., 1/18/31		322,000		472,829

Ford Motor Credit Co. LLC, 3.664% Sr. Unsec. Nts., 9/8/24		1,358,000		1,340,611

General Motors Co.:
5.00% Sr. Unsec. Nts., 4/1/35		2,865,000		2,821,735
6.25% Sr. Unsec. Nts., 10/2/43		515,000		575,438

Hyundai Capital America, 4% Sr. Unsec. Nts., 6/8/17¹		579,000		603,511

Jaguar Land Rover Automotive plc, 5.625% Sr. Unsec. Nts., 2/1/23¹		2,065,000		2,145,019

Volkswagen International Finance NV:
2.50% Jr. Sub. Perpetual Bonds^3,10	EUR	1,555,000		1,662,646
3.875% Jr. Sub. Perpetual Bonds^3,10	EUR	2,770,000		3,235,111

ZF North America Capital, Inc., 4.50% Sr. Unsec. Nts., 4/29/22¹		2,095,000		2,066,194

				14,923,094


Distributors—0.2%

LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23		3,172,000		3,041,155


Hotels, Restaurants & Leisure—2.1%

1011778 B.C. ULC/New Red Finance, Inc., 6% Sec. Nts., 4/1/22¹		2,285,000		2,353,550

Boyd Gaming Corp., 6.875% Sr. Unsec. Nts., 5/15/23		1,400,000		1,442,000

Brinker International, Inc., 2.60% Sr. Unsec. Nts., 5/15/18		60,000		60,127

Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Prope, 11% Sec. Nts., 10/1/21		1,725,000		1,453,312

Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc., 9.375% Sec. Nts., 5/1/22¹		830,000		626,650

Carnival Corp., 1.20% Sr. Unsec. Nts., 2/5/16		524,000		524,709

Churchill Downs, Inc., 5.375% Sr. Unsec. Nts., 12/15/21		1,650,000		1,699,500

Greektown Holdings LLC/Greektown Mothership Corp., 8.875% Sr. Sec. Nts., 3/15/19¹		3,150,000		3,323,250

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625% Sr. Unsec. Nts., 10/15/21		1,035,000		1,080,229


	Principal Amount		Value

Hotels, Restaurants & Leisure (Continued)

International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/22¹		$ 2,100,000	$	2,016,000

Isle of Capri Casinos, Inc., 5.875% Sr. Unsec. Nts., 3/15/21		970,000		1,001,525

Landry’s, Inc., 9.375% Sr. Unsec. Nts., 5/1/20¹		4,315,000		4,649,412

Marriott International, Inc., 3.25% Sr. Unsec. Nts., 9/15/22		388,000		382,708

MCE Finance Ltd., 5% Sr. Unsec. Nts., 2/15/21¹		2,465,000		2,354,075

Merlin Entertainments plc, 2.75% Sr. Unsec. Nts., 3/15/22¹	EUR	2,135,000		2,273,810

MGM Resorts International:
6.00% Sr. Unsec. Nts., 3/15/23		1,250,000		1,268,750
6.625% Sr. Unsec. Nts., 12/15/21		2,100,000		2,205,000
6.75% Sr. Unsec. Nts., 10/1/20		1,650,000		1,752,795

MTR Gaming Group, Inc., 11.50% Sec. Nts., 8/1/19		2,510,825		2,683,444

NCL Corp. Ltd., 5.25% Sr. Unsec. Nts., 11/15/19¹		1,830,000		1,882,613

PF Chang’s China Bistro, Inc., 10.25% Sr. Unsec. Nts., 6/30/20¹		1,340,000		1,391,925

Pinnacle Entertainment, Inc., 6.375% Sr. Unsec. Nts., 8/1/21		1,670,000		1,780,638

Premier Cruises Ltd., 11% Sr. Unsec. Nts., 3/15/08^2,7		250,000		—

Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 6.375% Sr. Sec. Nts., 6/1/21¹		1,250,000		1,193,750

Viking Cruises Ltd., 8.50% Sr. Unsec. Nts., 10/15/22¹		2,135,000		2,380,525

Wyndham Worldwide Corp., 2.95% Sr. Unsec. Nts., 3/1/17		590,000		599,064

				42,379,361


Household Durables—0.7%

Arcelik AS, 5% Sr. Unsec. Nts., 4/3/23¹		555,000		533,699

Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22		1,080,000		1,123,200

KB Home:
7.00% Sr. Unsec. Nts., 12/15/21		1,965,000		2,038,687
7.625% Sr. Unsec. Nts., 5/15/23		2,805,000		2,945,250

Lennar Corp.:
4.75% Sr. Unsec. Nts., 11/15/22		610,000		602,375
4.75% Sr. Unsec. Nts., 5/30/25		1,954,000		1,905,150

Meritage Homes Corp., 7.15% Sr. Unsec. Nts., 4/15/20		3,270,000		3,547,950

Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25% Sr. Unsec. Nts., 4/15/21¹		1,050,000		1,039,500

Toll Brothers Finance Corp., 4.375% Sr. Unsec. Nts., 4/15/23		549,000		540,765

Whirlpool Corp., 1.65% Sr. Unsec. Nts., 11/1/17		280,000		281,064

				14,557,640


Leisure Equipment & Products—0.0%

Mattel, Inc., 1.70% Sr. Unsec. Nts., 3/15/18		647,000		643,902


Media—3.9%

21st Century Fox America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41		223,000		259,015

Altice Financing SA, 6.50% Sec. Nts., 1/15/22¹		4,780,000		4,791,950

Altice Finco SA, 8.125% Sec. Nts., 1/15/24¹		1,785,000		1,807,312

Altice SA, 7.25% Sr. Sec. Nts., 5/15/22¹	EUR	3,815,000		4,311,102

13 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Media (Continued)

Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27		$ 3,132,000	$	3,468,690

CCO Holdings LLC/CCO Holdings Capital Corp.:
5.125% Sr. Unsec. Nts., 5/1/23¹		3,095,000		3,021,494
5.75% Sr. Unsec. Nts., 9/1/23		2,000,000		2,008,750

Comcast Corp., 4.65% Sr. Unsec. Unsub. Nts., 7/15/42		376,000		376,464

Cumulus Media Holdings, Inc., 7.75% Sr. Unsec. Nts., 5/1/19		820,000		755,425

DIRECTV Holdings LLC/DIRECTV
Financing Co., Inc., 5.15% Sr. Unsec. Nts., 3/15/42		95,000		89,396

DISH DBS Corp.:
5.875% Sr. Unsec. Nts., 11/15/24		7,655,000		7,369,169
6.75% Sr. Unsec. Nts., 6/1/21		835,000		872,575

DreamWorks Animation SKG, Inc., 6.875% Sr. Unsec. Nts., 8/15/20¹		1,260,000		1,253,700

Entercom Radio LLC, 10.50% Sr. Unsec. Nts., 12/1/19		1,125,000		1,212,188

Gannett Co., Inc., 5.50% Sr. Unsec. Nts., 9/15/24¹		1,680,000		1,667,400

Gray Television, Inc., 7.50% Sr. Unsec. Nts., 10/1/20		4,435,000		4,717,731

iHeartCommunications, Inc., 9% Sr. Sec. Nts., 12/15/19		875,000		837,156

Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24		296,000		299,774

Lamar Media Corp., 5% Sr. Unsec. Sub. Nts., 5/1/23		628,000		624,860

LIN Television Corp., 6.375% Sr. Unsec. Nts., 1/15/21		2,245,000		2,303,931

Nexstar Broadcasting, Inc.:
6.125% Sr. Unsec. Nts., 2/15/22¹		1,280,000		1,302,400
6.875% Sr. Unsec. Nts., 11/15/20		2,305,000		2,451,944

Numericable SFR SAS, 6% Sr. Sec. Nts., 5/15/22¹		4,690,000		4,634,306

Scripps Networks Interactive, Inc., 2.70% Sr. Unsec. Nts., 12/15/16		591,000		602,947

Sinclair Television Group, Inc.:
5.375% Sr. Unsec. Nts., 4/1/21		700,000		707,875
5.625% Sr. Unsec. Nts., 8/1/24¹		2,330,000		2,286,313
6.125% Sr. Unsec. Nts., 10/1/22		2,410,000		2,488,325

Sky plc, 3.75% Sr. Unsec. Nts., 9/16/24¹		321,000		313,525

TEGNA, Inc., 6.375% Sr. Unsec. Nts., 10/15/23		750,000		783,750

Thomson Reuters Corp., 1.65% Sr. Unsec. Nts., 9/29/17		628,000		628,030

Time Warner Cable, Inc., 4.50% Sr. Unsec. Unsub. Nts., 9/15/42		213,000		175,156

Tribune Media Co., 5.875% Sr. Unsec. Nts., 7/15/22¹		965,000		974,650

Univision Communications, Inc., 8.50% Sr. Unsec. Nts., 5/15/21¹		1,180,000		1,246,375

UPC Holding BV, 6.75% Sr. Unsec. Nts., 3/15/23¹	EUR	3,890,000		4,727,136

UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/22¹		3,051,000		3,264,570

Viacom, Inc., 2.75% Sr. Unsec. Nts., 12/15/19		227,000		227,032

Virgin Media Finance plc, 7% Sr. Unsec. Nts., 4/15/23	GBP	1,390,000		2,335,282

Virgin Media Secured Finance plc:
5.25% Sr. Sec. Nts., 1/15/26¹		625,000		605,469
6.00% Sr. Sec. Nts., 4/15/21	GBP	3,609,000		5,925,820

VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/24¹		515,000		527,540

				78,256,527


	Principal Amount		Value

Multiline Retail—0.5%

Family Tree Escrow LLC, 5.75% Sr. Sec. Nts., 3/1/23¹		$ 6,470,000	$	6,793,500

Neiman Marcus Group Ltd., Inc., 8.75% Sr. Unsec. Nts., 10/15/21^1,11		1,325,000		1,429,344

SACI Falabella, 4.375% Sr. Unsec. Nts., 1/27/25¹		700,000		698,127

				8,920,971


Specialty Retail—1.3%

Apex Tool Group LLC, 7% Sr. Unsec. Nts., 2/1/21¹		4,035,000		3,621,412

Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		601,000		626,302

CST Brands, Inc., 5% Sr. Unsec. Nts., 5/1/23		1,255,000		1,255,000

GameStop Corp., 5.50% Sr. Unsec. Nts., 10/1/19¹		2,540,000		2,622,550

Home Depot, Inc. (The), 4.875% Sr. Unsec. Nts., 2/15/44		197,000		210,449

L Brands, Inc., 6.625% Sr. Unsec. Nts., 4/1/21		3,895,000		4,301,560

Men’s Wearhouse, Inc. (The), 7% Sr. Unsec. Nts., 7/1/22		580,000		623,500

Michaels Stores, Inc., 5.875% Sr. Sub. Nts., 12/15/20¹		5,015,000		5,265,750

Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		555,000		547,619

Sally Holdings LLC/Sally Capital, Inc., 5.75% Sr. Unsec. Nts., 6/1/22		2,760,000		2,904,900

Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24		290,000		292,988

Stackpole International Intermediate Co., 7.75% Sr. Sec. Nts., 10/15/21¹		3,360,000		3,326,400

				25,598,430


Textiles, Apparel & Luxury Goods—0.7%

American Achievement Corp., 10.875% Sec. Nts., 4/15/16¹		1,290,000		1,220,662

Levi Strauss & Co.:
5.00% Sr. Unsec. Nts., 5/1/25¹		2,730,000		2,654,925
6.875% Sr. Unsec. Nts., 5/1/22		465,000		498,713

New Look Secured Issuer plc, 6.50% Sr. Sec. Nts., 7/1/22¹	GBP	1,525,000		2,333,257

PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		2,325,000		2,313,375

Springs Industries, Inc., 6.25% Sr. Sec. Nts., 6/1/21		3,060,000		3,006,450

William Carter Co., 5.25% Sr. Unsec. Nts., 8/15/21		825,000		849,750

				12,877,132


Consumer Staples—2.1%

Beverages—0.2%

Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		415,000		617,150

Constellation Brands, Inc., 4.75% Sr. Unsec. Nts., 11/15/24		2,860,000		2,874,300

JB y Co. SA de CV, 3.75% Sr. Unsec. Nts., 5/13/25¹		190,000		184,636

Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/22¹		387,000		403,456

				4,079,542


Food & Staples Retailing—0.5%

Cencosud SA, 5.15% Sr. Unsec. Nts., 2/12/25¹		1,265,000		1,275,238

CVS Health Corp., 5.30% Sr. Unsec. Nts., 12/5/43		146,000		159,131

14 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Food & Staples Retailing (Continued)

Delhaize Group SA, 5.70% Sr. Unsec. Nts., 10/1/40	$	228,000	$	231,446

Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23		2,055,000		2,098,771

Kroger Co. (The):
6.40% Sr. Unsec. Nts., 8/15/17		559,000		615,666
6.90% Sr. Unsec. Nts., 4/15/38		150,000		186,067

Rite Aid Corp.:
6.125% Sr. Unsec. Nts., 4/1/23¹		2,100,000		2,170,875
6.75% Sr. Unsec. Nts., 6/15/21		1,835,000		1,931,338

Wal-Mart Stores, Inc., 4.30% Sr. Unsec. Nts., 4/22/44		327,000		327,420

				8,995,952


Food Products—1.0%

ASG Consolidated LLC/ASG Finance, Inc., 15% Sr. Unsec. Nts., 5/15/17^2,11		3,471,883		2,222,005

BRF SA, 4.75% Sr. Unsec. Nts., 5/22/24¹		715,000		705,169

Bumble Bee Holdings, Inc., 9% Sr. Sec. Nts., 12/15/17¹		1,269,000		1,334,036

Bunge Ltd. Finance Corp.:
3.20% Sr. Unsec. Nts., 6/15/17		615,000		633,430
8.50% Sr. Unsec. Nts., 6/15/19		400,000		484,052

Chiquita Brands International, Inc./Chiquita Brands LLC, 7.875% Sr. Sec. Nts., 2/1/21		1,029,000		1,112,606

Dean Foods Co., 6.50% Sr. Unsec. Nts., 3/15/23¹		1,420,000		1,451,950

HJ Heinz Co.:
3.95% Sr. Unsec. Nts., 7/15/25^1,6		316,000		318,421
4.25% Sec. Nts., 10/15/20		1,615,000		1,649,319
4.875% Sec. Nts., 2/15/25¹		2,095,000		2,286,169
5.20% Sr. Unsec. Nts., 7/15/45^1,6		71,000		72,931

Ingredion, Inc., 1.80% Sr. Unsec. Nts., 9/25/17		635,000		633,104

JM Smucker Co., 1.75% Sr. Unsec. Nts., 3/15/18¹		498,000		497,739

Kraft Foods Group, Inc., 5% Sr. Unsec. Nts., 6/4/42		147,000		146,522

Minerva Luxembourg SA, 7.75% Sr. Unsec. Nts., 1/31/23¹		230,000		232,300

Pilgrim’s Pride Corp., 5.75% Sr. Unsec. Nts., 3/15/25¹		910,000		921,375

Post Holdings, Inc.:
6.75% Sr. Unsec. Nts., 12/1/21¹		830,000		832,075
7.375% Sr. Unsec. Nts., 2/15/22		2,265,000		2,313,131

TreeHouse Foods, Inc., 4.875% Sr. Unsec. Nts., 3/15/22		447,000		451,470

Tyson Foods, Inc., 4.875% Sr. Unsec. Nts., 8/15/34		195,000		196,254

Wells Enterprises, Inc., 6.75% Sr. Sec. Nts., 2/1/20¹		912,000		934,800

				19,428,858


Household Products—0.1%

Spectrum Brands, Inc.:
6.125% Sr. Unsec. Nts., 12/15/24¹		330,000		344,025
6.375% Sr. Unsec. Nts., 11/15/20		1,610,000		1,710,625

				2,054,650


Personal Products—0.1%

Revlon Consumer Products Corp., 5.75% Sr. Unsec. Nts., 2/15/21		2,080,000		2,048,800


Tobacco—0.2%

Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39		341,000		561,638

Reynolds American, Inc.:
5.85% Sr. Unsec. Nts., 8/15/45		278,000		293,339
6.75% Sr. Unsec. Nts., 6/15/17		461,000		503,915


	Principal Amount		Value

Tobacco (Continued)

Vector Group Ltd., 7.75% Sr. Sec. Nts., 2/15/21	$	2,620,000	$	2,813,225

				4,172,117


Energy—7.2%

Energy Equipment & Services—0.8%

Eletson Holdings, 9.625% Sr. Sec. Nts., 1/15/22²		2,095,000		2,053,100

Ensco plc, 5.20% Sr. Unsec. Nts., 3/15/25		128,000		126,786

Exterran Partners LP/EXLP Finance Corp., 6% Sr. Unsec. Nts., 4/1/21		850,000		824,500

GNL Quintero SA, 4.634% Sr. Unsec. Nts., 7/31/29¹		700,000		702,397

Halliburton Co., 4.75% Sr. Unsec. Nts., 8/1/43		146,000		149,817

Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25¹		247,000		255,093

Hornbeck Offshore Services, Inc., 5.875% Sr. Unsec. Nts., 4/1/20		1,395,000		1,290,375

Odebrecht Offshore Drilling Finance Ltd., 6.625% Sr. Sec. Nts., 10/1/22¹		1,113,783		768,510

Pertamina Persero PT:
5.625% Sr. Unsec. Nts., 5/20/43¹		4,077,000		3,638,722
6.45% Sr. Unsec. Nts., 5/30/44¹		850,000		841,500

Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20		1,395,000		1,384,538

Seadrill Ltd., 6.50% Sr. Unsec. Nts., 10/5/15		590,000		597,375

Sinopec Group Overseas Development 2014 Ltd., 1.75% Sr. Unsec. Nts., 4/10/17¹		637,000		637,782

Sinopec Group Overseas Development 2015 Ltd.:
2.50% Sr. Unsec. Nts., 4/28/20¹		1,820,000		1,801,108
3.25% Sr. Unsec. Nts., 4/28/25¹		905,000		870,156

Weatherford International Ltd., 5.95% Sr. Unsec. Nts., 4/15/42		162,000		136,964

				16,078,723


Oil, Gas & Consumable Fuels—6.4%

Anadarko Petroleum Corp., 6.20% Sr. Unsec. Nts., 3/15/40		294,000		331,411

Antero Resources Corp., 6% Sr. Unsec. Nts., 12/1/20		1,325,000		1,344,875

Baytex Energy Corp., 5.125% Sr. Unsec. Nts., 6/1/21¹		705,000		664,462

Bill Barrett Corp., 7.625% Sr. Unsec. Nts., 10/1/19		1,385,000		1,329,600

Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		350,000		343,388

Buckeye Partners LP, 6.05% Sr. Unsec. Nts., 1/15/18		280,000		302,177

California Resources Corp.:
5.00% Sr. Unsec. Nts., 1/15/20		2,005,000		1,774,425
5.50% Sr. Unsec. Nts., 9/15/21		2,805,000		2,443,856
6.00% Sr. Unsec. Nts., 11/15/24		230,000		198,662

Canadian Natural Resources Ltd.:
1.75% Sr. Unsec. Nts., 1/15/18		247,000		245,368
5.90% Sr. Unsec. Nts., 2/1/18		277,000		302,319

Carrizo Oil & Gas, Inc., 6.25% Sr. Unsec. Nts., 4/15/23		1,650,000		1,662,375

Cenovus Energy, Inc., 5.20% Sr. Unsec. Nts., 9/15/43		174,000		164,368

Chaparral Energy, Inc., 7.625% Sr. Unsec. Nts., 11/15/22		1,400,000		1,015,000

Chesapeake Energy Corp.:
4.875% Sr. Unsec. Nts., 4/15/22		2,110,000		1,846,250
5.375% Sr. Unsec. Nts., 6/15/21		1,320,000		1,201,200

15 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Oil, Gas & Consumable Fuels (Continued)

Cimarex Energy Co., 4.375% Sr. Unsec. Nts., 6/1/24	$	337,000	$	335,976

Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.50% Sr. Unsec. Nts., 12/15/19		2,020,000		1,722,050

CNOOC Curtis Funding No 1 Pty Ltd., 4.50% Sr. Unsec. Nts., 10/3/23¹		1,310,000		1,377,103

CNOOC Nexen Finance 2014 ULC, 4.25% Sr. Unsec. Nts., 4/30/24		840,000		858,231

Columbia Pipeline Group, Inc., 4.50% Sr. Unsec. Nts., 6/1/25¹		336,000		331,613

Concho Resources, Inc., 5.50% Sr. Unsec. Unsub. Nts., 4/1/23		2,665,000		2,678,325

CONSOL Energy, Inc., 5.875% Sr. Unsec. Nts., 4/15/22		1,440,000		1,229,933

Cosan Luxembourg SA, 5% Sr. Unsec. Nts., 3/14/23¹		1,010,000		936,775

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
6.00% Sr. Unsec. Nts., 12/15/20		495,000		514,800
6.125% Sr. Unsec. Nts., 3/1/22		860,000		882,790

Delek & Avner Tamar Bond Ltd., 5.082% Sr. Sec. Nts., 12/30/23¹		610,000		614,575

Denbury Resources, Inc., 4.625% Sr. Sub. Nts., 7/15/23		2,250,000		1,895,625

Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		283,000		270,101

Energy Transfer Equity LP:
5.875% Sr. Sec. Nts., 1/15/24		1,175,000		1,224,350
7.50% Sr. Sec. Nts., 10/15/20		1,975,000		2,236,687

Energy XXI Gulf Coast, Inc., 11% Sec. Nts., 3/15/20¹		1,165,000		1,028,112

EnLink Midstream Partners LP, 2.70% Sr. Unsec. Nts., 4/1/19		508,000		501,637

EP Energy LLC/Everest Acquisition Finance, Inc.:
6.375% Sr. Unsec. Nts., 6/15/23¹		1,220,000		1,227,625
7.75% Sr. Unsec. Nts., 9/1/22		2,665,000		2,811,575

Gazprom OAO Via Gaz Capital SA, 4.95% Sr. Unsec. Nts., 7/19/22¹		2,445,000		2,264,681

Genesis Energy LP/Genesis Energy Finance Corp., 5.75% Sr. Unsec. Nts., 2/15/21		1,720,000		1,707,100

Halcon Resources Corp., 8.875% Sr. Unsec. Nts., 5/15/21		1,525,000		1,010,312

Husky Energy, Inc., 6.20% Sr. Unsec. Nts., 9/15/17		352,000		382,363

Indian Oil Corp. Ltd., 5.75% Sr. Unsec. Nts., 8/1/23		2,155,000		2,354,842

KazMunayGas National Co. JSC, 5.75% Sr. Unsec. Nts., 4/30/43¹		1,125,000		944,342

Kinder Morgan, Inc., 5% Sr. Unsec. Nts., 2/15/21¹		670,000		705,923

Kunlun Energy Co. Ltd.:
2.875% Sr. Unsec. Nts., 5/13/20¹		475,000		469,528
3.75% Sr. Unsec. Nts., 5/13/25¹		475,000		460,759

Laredo Petroleum, Inc., 5.625% Sr. Unsec. Nts., 1/15/22		1,765,000		1,756,175

LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/23²		1,530,000		1,587,375

Linn Energy LLC/Linn Energy Finance Corp., 7.75% Sr. Unsec. Nts., 2/1/21		3,370,000		2,637,025

MarkWest Energy Partners LP/MarkWest Energy Finance Corp.:
4.50% Sr. Unsec. Nts., 7/15/23		2,190,000		2,157,150
4.875% Sr. Unsec. Nts., 6/1/25		647,000		634,060

MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/21¹		3,750,000		3,651,562


	Principal Amount		Value

Oil, Gas & Consumable Fuels (Continued)

Memorial Production Partners LP/Memorial Production Finance Corp., 7.625% Sr. Unsec. Nts., 5/1/21	$	880,000	$	842,600

Murray Energy Corp., 11.25% Sec. Nts., 4/15/21¹		4,660,000		3,926,050

Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc., 8.125% Sr. Sec. Nts., 11/15/21¹		1,245,000		1,230,994

Newfield Exploration Co., 5.625% Sr. Unsec. Nts., 7/1/24		2,025,000		2,055,375

Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44		171,000		163,878

Novatek OAO via Novatek Finance Ltd., 4.422% Sr. Unsec. Nts., 12/13/22¹		915,000		797,331

Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23		2,010,000		2,010,000

Oil India Ltd., 5.375% Sr. Unsec. Nts., 4/17/24		1,680,000		1,795,115

ONEOK Partners LP, 4.90% Sr. Unsec. Nts., 3/15/25		328,000		324,606

Origin Energy Finance Ltd.:
3.50% Sr. Unsec. Nts., 10/9/18¹		2,144,000		2,199,813
5.45% Sr. Unsec. Nts., 10/14/21¹		2,180,000		2,354,378

Pacific Rubiales Energy Corp., 5.625% Sr. Unsec. Nts., 1/19/25¹		1,445,000		1,049,431

Peabody Energy Corp., 6% Sr. Unsec. Nts., 11/15/18		2,410,000		1,168,850

Penn Virginia Corp., 8.50% Sr. Unsec. Nts., 5/1/20		1,220,000		1,101,050

Petrobras Global Finance BV:
4.375% Sr. Unsec. Nts., 5/20/23		425,000		371,535
5.375% Sr. Unsec. Nts., 1/27/21		420,000		405,216

Petroleos de Venezuela SA, 6% Sr. Unsec. Nts., 11/15/26¹		2,190,000		782,925

Petroleos Mexicanos:
3.50% Sr. Unsec. Nts., 7/23/20¹		3,365,000		3,410,360
4.50% Sr. Unsec. Nts., 1/23/26¹		3,375,000		3,307,163
5.50% Sr. Unsec. Nts., 6/27/44¹		515,000		476,375
5.625% Sr. Unsec. Nts., 1/23/46¹		2,945,000		2,760,790

Phillips 66 Partners LP, 3.605% Sr. Unsec. Nts., 2/15/25		128,000		120,521

Pioneer Natural Resources Co., 6.65% Sr. Unsec. Nts., 3/15/17		237,000		256,369

Plains All American Pipeline LP/PAA Finance Corp., 3.60% Sr. Unsec. Nts., 11/1/24		477,000		460,622

Range Resources Corp.:
5.00% Sr. Sub. Nts., 8/15/22		1,160,000		1,142,600
5.00% Sr. Sub. Nts., 3/15/23		325,000		320,125

Reliance Holding USA, Inc., 5.40% Sr. Unsec. Nts., 2/14/22¹		420,000		453,052

Reliance Industries Ltd., 4.125% Sr. Unsec. Nts., 1/28/25¹		1,795,000		1,751,925

Reliance Industries Ltd., 5.875% Sr. Unsec. Perpetual Bonds^1,10		85,000		85,531

Rice Energy, Inc., 6.25% Sr. Unsec. Nts., 5/1/22		1,565,000		1,561,088

Rosetta Resources, Inc., 5.625% Sr. Unsec. Nts., 5/1/21		1,525,000		1,627,938

Sabine Pass Liquefaction LLC:
5.625% Sr. Sec. Nts., 4/15/23		1,250,000		1,251,950
5.75% Sr. Sec. Nts., 5/15/24		575,000		575,719

Sanchez Energy Corp.:
6.125% Sr. Unsec. Nts., 1/15/23		825,000		742,500
7.75% Sr. Unsec. Nts., 6/15/21		1,695,000		1,695,000

16 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Oil, Gas & Consumable Fuels (Continued)

SandRidge Energy, Inc., 7.51% Sr. Unsec. Nts., 3/15/21	$	1,497,000	$	666,165

SM Energy Co., 6.50% Sr. Unsec. Nts., 1/1/23		1,990,000		2,049,700

Southwestern Energy Co., 4.95% Sr. Unsec. Nts., 1/23/25		353,000		356,800

Spectra Energy Partners LP:
4.50% Sr. Unsec. Nts., 3/15/45		128,000		113,422
4.75% Sr. Unsec. Nts., 3/15/24		486,000		515,991

Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.50% Sr. Unsec. Nts., 8/15/22		1,420,000		1,363,200

Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
4.125% Sr. Unsec. Nts., 11/15/19¹		2,215,000		2,203,925
5.00% Sr. Unsec. Nts., 1/15/18¹		1,655,000		1,700,513

Tesoro Logistics LP/Tesoro Logistics Finance Corp.:
5.875% Sr. Unsec. Nts., 10/1/20		1,154,000		1,191,505
6.25% Sr. Unsec. Nts., 10/15/22¹		935,000		972,400

Thai Oil PCL, 4.875% Sr. Unsec. Nts., 1/23/43¹		195,000		181,543

Tullow Oil plc, 6% Sr. Unsec. Nts., 11/1/20¹		1,681,000		1,531,811

Western Gas Partners LP, 4% Sr. Unsec. Nts., 7/1/22		408,000		409,560

Whiting Petroleum Corp., 5.75% Sr. Unsec. Nts., 3/15/21		2,195,000		2,170,855

Williams Partners LP, 4.50% Sr. Unsec. Nts., 11/15/23		293,000		295,468

Williams Partners LP/ACMP:
4.875% Sr. Unsec. Nts., 3/15/24		680,000		669,270
6.125% Sr. Unsec. Nts., 7/15/22		1,390,000		1,470,459

Woodside Finance Ltd., 4.60% Sr. Unsec. Unsub. Nts., 5/10/21¹		474,000		507,905

WPX Energy, Inc.:
5.25% Sr. Unsec. Nts., 9/15/24		945,000		875,306
6.00% Sr. Unsec. Nts., 1/15/22		1,375,000		1,364,688

YPF SA, 8.50% Sr. Unsec. Nts., 7/28/25¹		740,000		734,450

				126,494,527


Financials—12.4%

Capital Markets—1.4%

American Capital Ltd., 6.50% Sr. Unsec. Nts., 9/15/18²		875,000		911,094

Apollo Management Holdings LP, 4% Sr. Unsec. Nts., 5/30/24¹		494,000		494,521

Blackstone Holdings Finance Co. LLC, 4.45% Sr. Unsec. Nts., 7/15/45¹		632,000		578,861

Cantor Commercial Real Estate Co. LP/CCRE Finance Corp., 7.75% Sr. Unsec. Nts., 2/15/18¹		1,880,000		1,974,000

Credit Suisse Group AG:
7.50% Jr. Sub. Perpetual Bonds^1,3,10		1,775,000		1,853,555
7.50% Jr. Sub. Perpetual Bonds^3,10		2,455,000		2,566,712

Credit Suisse, New York, 3.625% Sr. Unsec. Nts., 9/9/24		800,000		795,930

Deutsche Bank AG, 4.50% Sub. Nts., 4/1/25		655,000		624,828

Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Corp., 5% Sr. Unsec. Nts., 8/1/21²		3,145,000		3,152,863

Goldman Sachs Group, Inc. (The):
5.15% Sub. Nts., 5/22/45		452,000		436,158
5.70% Jr. Sub. Perpetual Bonds, Series L^3,10		612,000		614,968

KCG Holdings, Inc., 6.875% Sr. Sec. Nts., 3/15/20¹		3,970,000		3,840,975


	Principal Amount		Value

Capital Markets (Continued)

KKR Group Finance Co. III LLC, 5.125% Sr. Unsec. Nts., 6/1/44¹		$ 530,000	$	507,508

Lazard Group LLC, 3.75% Sr. Unsec. Nts., 2/13/25		470,000		447,489

Morgan Stanley:
4.30% Sr. Unsec. Nts., 1/27/45		375,000		349,920
5.00% Sub. Nts., 11/24/25		578,000		605,383
5.45% Jr. Sub. Perpetual Bonds, Series H^3,10		628,000		624,075

Nomura Holdings, Inc., 2% Sr. Unsec. Nts., 9/13/16		626,000		630,688

Prospect Medical Holdings, Inc., 8.375% Sr. Sec. Nts., 5/1/19¹		2,160,000		2,302,128

Schaeffler Finance BV:
3.25% Sr. Sec. Nts., 5/15/25¹	EUR	670,000		707,692
4.75% Sr. Sec. Nts., 5/15/23¹		135,000		132,300

Springleaf Finance Corp., 5.25% Sr. Unsec. Nts., 12/15/19		1,090,000		1,079,100

UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Bonds, Series 1^3,10		824,000		844,682

Walter Investment Management Corp., 7.875% Sr. Unsec. Nts., 12/15/21		2,030,000		1,890,438

				27,965,868


Commercial Banks—5.5%

Akbank TAS, 4% Sr. Unsec. Nts., 1/24/20¹		925,000		903,299

Altice SA, 6.25% Sr. Unsec. Nts., 2/15/25¹	EUR	1,270,000		1,353,165

Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/12		315,159		—

Banco ABC Brasil SA, 7.875% Sub. Nts., 4/8/20¹		230,000		239,487

Banco Bilbao Vizcaya Argentaria Colombia SA, 4.875% Sub. Nts., 4/21/25¹		725,000		710,862

Banco Bilbao Vizcaya Argentaria SA, 7% Jr. Sub. Perpetual Bonds^3,10	EUR	4,295,000		4,808,631

Banco Continental SA via Continental Senior Trustees Cayman Ltd., 5.50% Sr. Unsec. Nts., 11/18/20¹		1,010,000		1,095,093

Banco de Credito del Peru/Panama, 5.375% Sr. Unsec. Nts., 9/16/20¹		420,000		456,750

Banco del Estado de Chile, 4.125% Sr. Unsec. Nts., 10/7/20¹		2,060,000		2,185,541

Bank of America Corp., 7.75% Jr. Sub. Nts., 5/14/38		455,000		605,941

Bank of Baroda (London), 4.875% Sr. Unsec. Nts., 7/23/19¹		420,000		448,042

Barclays plc:
3.65% Sr. Unsec. Nts., 3/16/25		530,000		502,412
7.00% Jr. Sub. Perpetual Bonds^3,10	GBP	4,636,000		7,125,495

BNP Paribas SA, 5.945% Jr. Sub. Perpetual Bonds^3,10	GBP	4,275,000		6,769,151

Brazil Loan Trust 1, 5.477% Sec. Nts., 7/24/23²		1,416,276		1,402,113

CIT Group, Inc.:
3.875% Sr. Unsec. Nts., 2/19/19		647,000		643,765
4.25% Sr. Unsec. Nts., 8/15/17		575,000		585,062
5.00% Sr. Unsec. Nts., 8/15/22		3,205,000		3,180,962

Citigroup, Inc.:
6.675% Sub. Nts., 9/13/43		296,000		358,575
5.95% Jr. Sub. Perpetual Bonds, Series D^3,10		636,000		627,255

Citizens Financial Group, Inc., 5.50% Jr. Sub. Perpetual Bonds^1,3,10		640,000		623,600

17 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Commercial Banks (Continued)

Commerzbank AG, 8.125% Sub. Nts., 9/19/23¹		$ 2,885,000	$	3,375,710

Constellis Holdings LLC/Constellis Finance Corp., 9.75% Sr. Sec. Nts., 5/15/20¹		2,095,000		2,026,912

Corp. Financiera de Desarrollo SA, 4.75% Sr. Unsec. Nts., 2/8/22¹		1,330,000		1,373,890

Corpbanca SA, 3.875% Sr. Unsec. Nts., 9/22/19¹		1,645,000		1,672,562

CorpGroup Banking SA, 6.75% Sr. Unsec. Nts., 3/15/23¹		950,000		957,715

Credit Agricole SA:
6.637% Jr. Sub. Perpetual Bonds^2,3,10		1,065,000		1,112,925
8.375% Jr. Sub. Perpetual Bonds^2,3,10		2,835,000		3,302,775
8.375% Jr. Sub. Perpetual Bonds^3,10		2,730,000		3,180,450

Danske Bank, 5.684% Jr. Sub. Perpetual Bonds^3,10	GBP	2,965,000		4,777,671

Export-Import Bank of India:
9.50% Sr. Unsec. Nts., 10/9/18	INR	42,000,000		684,545
9.70% Sr. Unsec. Nts., 11/21/18	INR	50,000,000		820,218

Export-Import Bank of Korea, 2.875% Sr. Unsec. Nts., 1/21/25		1,685,000		1,627,395

Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/22¹		2,190,000		2,116,088

HBOS Capital Funding LP, 6.461% Jr. Sub. Perpetual Bonds^3,10	GBP	1,410,000		2,365,731

HSBC Holdings plc, 6.375% Jr. Sub. Perpetual Bonds^3,10		3,380,000		3,392,675

ICICI Bank Ltd., 6.375% Jr. Sub. Nts., 4/30/22^1,3		925,000		955,442

ICICI Bank Ltd. (Dubai), 4.75% Sr. Unsec. Nts., 11/25/16¹		1,350,000		1,403,933

Intesa Sanpaolo SpA, 5.017% Sub. Nts., 6/26/24¹		3,345,000		3,251,223

JPMorgan Chase & Co., 6.75% Jr. Sub. Perpetual Bonds, Series S^3,10		520,000		556,234

Krung Thai Bank PCL (Cayman Islands), 5.20% Sub. Nts., 12/26/24³		420,000		433,584

Lloyds Banking Group plc, 6.413% Jr. Sub. Perpetual Bonds^1,3,10		566,000		631,090

NABARD, 8.19% Sr. Unsec. Nts., 6/8/18	INR	20,000,000		312,828

NN Group NV, 4.625% Sub. Nts., 4/8/44³	EUR	2,835,000		3,267,355

Rabobank Capital Funding Trust IV, 5.556% Jr. Sub. Perpetual Bonds^1,3,10	GBP	150,000		251,201

Royal Bank of Scotland Group plc, 7.64% Jr. Sub. Perpetual Bonds, Series U^3,10		3,805,000		4,084,668

Scottish Widows plc, 5.125% Jr. Sub. Perpetual Bonds^3,10	GBP	565,000		889,976

Skandinaviska Enskilda Banken AB, 5.75% Jr. Sub. Perpetual Bonds^3,10		3,390,000		3,340,425

Societe Generale SA:
5.922% Jr. Sub. Perpetual Bonds^1,3,10		4,650,000		4,783,687
5.922% Jr. Sub. Perpetual Bonds^3,10		905,000		931,019

SPCM SA, 2.875% Sr. Unsec. Nts., 6/15/23¹	EUR	1,645,000		1,728,477

Standard Chartered plc, 6.50% Jr. Sub. Perpetual Bonds^1,3,10		2,310,000		2,332,238

SunTrust Banks, Inc., 5.625% Jr. Sub. Perpetual Bonds^3,10		601,000		606,259

TC Ziraat Bankasi AS, 4.25% Sr. Unsec. Nts., 7/3/19¹		2,175,000		2,182,613

Turkiye Garanti Bankasi AS, 5.25% Sr. Unsec. Nts., 9/13/22¹		840,000		853,608

Turkiye Halk Bankasi AS:
3.875% Sr. Unsec. Nts., 2/5/20¹		845,000		816,329


	Principal Amount		Value

Commercial Banks (Continued)

Turkiye Halk Bankasi AS: (Continued)
4.75% Sr. Unsec. Nts., 6/4/19¹		$ 860,000	$	868,376

Turkiye Sise ve Cam Fabrikalari AS, 4.25% Sr. Unsec. Nts., 5/9/20¹		705,000		693,339

Turkiye Vakiflar Bankasi TAO:
5.00% Sr. Unsec. Nts., 10/31/18¹		845,000		868,322
6.875% Sub. Nts., 2/3/25^1,3		1,265,000		1,249,137

Wells Fargo & Co.:
5.875% Jr. Sub. Perpetual Bonds^3,10		225,000		230,636
5.90% Jr. Sub. Perpetual Bonds, Series S^3,10		485,000		487,425

Woori Bank:
4.75% Sub. Nts., 4/30/24¹		1,862,000		1,928,321
5.00% Jr. Sub. Nts., 6/10/45^1,3		635,000		628,074

Yapi ve Kredi Bankasi AS, 5.125% Sr. Unsec. Nts., 10/22/19¹		840,000		856,824

				108,835,106


Consumer Finance—1.0%

Ahern Rentals, Inc., 7.375% Sec. Nts., 5/15/23¹		2,090,000		2,074,325

Ally Financial, Inc.:
4.625% Sr. Unsec. Nts., 5/19/22		2,195,000		2,170,306
5.125% Sr. Unsec. Nts., 9/30/24		2,135,000		2,148,344
8.00% Sr. Unsec. Nts., 11/1/31		497,000		597,021

Capital One Financial Corp.:
3.20% Sr. Unsec. Nts., 2/5/25		514,000		485,637
5.55% Jr. Sub. Perpetual Bonds^3,10		632,000		628,050

Cash America International, Inc., 5.75% Sr. Unsec. Nts., 5/15/18		1,045,000		1,063,287

Discover Financial Services, 3.75% Sr. Unsec. Nts., 3/4/25		980,000		936,187

Navient Corp.:
5.875% Sr. Unsec. Nts., 10/25/24		735,000		692,738
6.125% Sr. Unsec. Nts., 3/25/24		2,640,000		2,534,400
7.25% Sr. Unsec. Nts., 1/25/22		2,230,000		2,358,225

Speedy Cash Intermediate Holdings Corp., 10.75% Sec. Nts., 5/15/18¹		1,735,000		1,648,250

Synchrony Financial, 2.70% Sr. Unsec. Nts., 2/3/20		499,000		493,033

TMX Finance LLC/TitleMax Finance Corp., 8.50% Sr. Sec. Nts., 9/15/18¹		2,285,000		1,885,125

				19,714,928


Diversified Financial Services—1.5%

ABN AMRO Bank NV, 4.31% Jr. Sub. Perpetual Bonds^3,10	EUR	6,285,000		7,090,213

Baggot Securities Ltd., 10.24% Jr. Sub. Perpetual Bonds^1,10	EUR	3,020,000		3,481,256

Banco BTG Pactual SA (Cayman Islands):
4.00% Sr. Unsec. Nts., 1/16/20¹		2,085,000		1,965,112
5.75% Sub. Nts., 9/28/22¹		380,000		351,500

Capsugel SA, 7% Sr. Unsec. Nts.,
5/15/19^1,11		1,500,000		1,529,235

Corp. Financiera de Desarrollo SA,
5.25% Sub. Nts., 7/15/29^1,3		415,000		419,150

Export Credit Bank of Turkey, 5.875%
Sr. Unsec. Nts., 4/24/19¹		3,270,000		3,462,675

FTE Verwaltungs GmbH, 9% Sr. Sec.
Nts., 7/15/20¹	EUR	1,545,000		1,845,167

Global Bank Corp., 5.125% Sr. Unsec. Nts., 10/30/19¹		1,405,000		1,430,290

InRetail Consumer, 5.25% Sr. Unsec. Nts., 10/10/21¹		310,000		320,463

Intercorp Peru Ltd., 5.875% Sr. Unsec. Nts., 2/12/25¹		390,000		392,301

Jefferies Finance LLC/JFIN Co.-Issuer Corp., 7.375% Sr. Unsec. Nts., 4/1/20¹		1,015,000		1,002,313

18 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Diversified Financial Services (Continued)

Jefferies LoanCore LLC/JLC Finance Corp., 6.875% Sr. Unsec. Nts., 6/1/20¹		$ 1,470,000	$	1,433,250

JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35^2,15	MXN	5,808,600		37,587

National Savings Bank, 8.875% Sr. Unsec. Nts., 9/18/18¹		1,335,000		1,450,211

Odebrecht Finance Ltd., 5.25% Sr. Unsec. Nts., 6/27/29¹		725,000		547,520

Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/25¹		331,000		328,400

Power Finance Corp., 8.29% Sr. Unsec. Nts., 6/13/18	INR	40,000,000		628,438

Rural Electrification Corp. Ltd., 9.04% Sr. Unsec. Nts., 10/12/19	INR	60,000,000		958,907

Voya Financial, Inc., 5.65% Jr. Sub. Nts., 5/15/53³		595,000		609,875

				29,283,863


Insurance—1.3%

Assicurazioni Generali SpA, 7.75% Sr. Sub. Nts., 12/12/42³	EUR	1,650,000		2,196,145

Aviva plc:
5.902% Jr. Sub. Perpetual Bonds^3,10	GBP	750,000		1,233,235
6.125% Jr. Sub. Perpetual Bonds^3,10	GBP	2,760,000		4,575,686

AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45		480,000		487,172

CNO Financial Group, Inc., 4.50% Sr. Unsec. Nts., 5/30/20		2,195,000		2,233,412

Five Corners Funding Trust, 4.419% Unsec. Nts., 11/15/23¹		467,000		482,598

HUB International Ltd., 7.875% Sr. Unsec. Nts., 10/1/21¹		2,695,000		2,755,637

Liberty Mutual Group, Inc.:
4.25% Sr. Unsec. Nts., 6/15/23¹		550,000		565,854
4.85% Sr. Unsec. Nts., 8/1/44¹		359,000		346,945

Lincoln National Corp., 6.05% Jr. Unsec. Sub. Nts., 4/20/67³		601,000		545,407

MetLife, Inc., 5.25% Jr. Sub. Perpetual Bonds^3,10		446,000		443,213

National Financial Partners Corp., 9% Sr. Unsec. Nts., 7/15/21¹		2,510,000		2,488,038

Prudential Financial, Inc., 5.375% Jr. Sub. Nts., 5/15/45³		505,000		497,425

Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds^2,3,10		1,790,000		1,846,385

Swiss Reinsurance Co. via ELM BV, 6.302% Sub. Nts.^3,10	GBP	2,745,000		4,652,736

TIAA Asset Management Finance Co. LLC, 4.125% Sr. Unsec. Nts., 11/1/24¹		573,000		577,373

XLIT Ltd., 6.50% Jr. Sub. Perpetual Bonds^3,10		360,000		308,927

ZFS Finance USA Trust V, 6.50% Jr. Sub. Nts., 5/9/37^2,3		600,000		625,500

				26,861,688


Real Estate Investment Trusts (REITs)—0.8%

American Tower Corp.:
2.80% Sr. Unsec. Nts., 6/1/20		275,000		271,245
5.90% Sr. Unsec. Nts., 11/1/21		279,000		314,370

Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/34^7,15	MXN	4,830,531		—

Communications Sales & Leasing, Inc., 8.25% Sr. Unsec. Nts., 10/15/23¹		2,320,000		2,288,100

Corrections Corp. of America, 4.625% Sr. Unsec. Nts., 5/1/23		635,000		625,475

CTR Partnership LP/CareTrust Capital Corp., 5.875% Sr. Unsec. Nts., 6/1/21		1,645,000		1,682,012


	Principal Amount		Value

Real Estate Investment Trusts (REITs) (Continued)

DuPont Fabros Technology LP, 5.875% Sr. Unsec. Nts., 9/15/21		$ 1,535,000	$	1,561,862

First Industrial LP, 7.50% Sr. Unsec. Nts., 12/1/17		540,000		601,271

HCP, Inc., 5.625% Sr. Unsec. Nts., 5/1/17		185,000		197,786

Health Care REIT, Inc., 2.25% Sr. Unsec. Nts., 3/15/18		130,000		130,983

Highwoods Realty LP, 7.50% Sr. Unsec. Nts., 4/15/18		542,000		619,056

Host Hotels & Resorts LP, 3.75% Sr. Unsec. Nts., 10/15/23		357,000		350,369

iStar Financial, Inc., 4.875% Sr. Unsec. Nts., 7/1/18		2,145,000		2,118,188

Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875% Sr. Unsec. Nts., 3/15/25		2,040,000		2,119,050

Prologis LP, 4% Sr. Unsec. Nts., 1/15/18		325,000		341,192

Regency Centers LP, 5.875% Sr. Unsec. Nts., 6/15/17		71,000		76,762

TRUST F/1401, 5.25% Sr. Unsec. Nts., 12/15/24¹		1,245,000		1,301,025

WEA Finance LLC/Westfield UK & Europe Finance plc, 1.75% Sr. Unsec. Nts., 9/15/17¹		434,000		435,370

				15,034,116


Real Estate Management & Development—0.5%

Brookfield Residential Properties, Inc., 6.50% Sr. Unsec. Nts., 12/15/20¹		2,025,000		2,025,851

EMG SUKUK Ltd., 4.564% Sr. Unsec. Nts., 6/18/24		1,415,000		1,461,641

Jafz Sukuk Ltd., 7% Sr. Unsec. Nts., 6/19/19		860,000		979,463

Realogy Group LLC:
7.625% Sr. Sec. Nts., 1/15/20¹		1,330,000		1,415,120
9.00% Sr. Sec. Nts., 1/15/20²		865,000		936,363

Realogy Group LLC/Realogy Co.-Issuer Corp., 5.25% Sr. Unsec. Nts., 12/1/21¹		1,605,000		1,631,081

Sukuk Funding No. 3 Ltd., 4.348% Sr. Unsec. Nts., 12/3/18		810,000		852,379

Techem GmbH, 6.125% Sr. Sec. Nts., 10/1/19¹	EUR	1,025,000		1,197,127

				10,499,025


Thrifts & Mortgage Finance—0.4%

Housing Development Finance Corp. Ltd.:
8.70% Sr. Sec. Nts., 4/26/18	INR	60,000,000		943,244
8.95% Sec. Nts., 10/19/20	INR	31,000,000		491,756

Jefferies Finance LLC/JFIN Co.-Issuer Corp., 6.875% Sr. Unsec. Nts., 4/15/22¹		500,000		490,000

Quicken Loans, Inc., 5.75% Sr. Unsec. Nts., 5/1/25¹		2,135,000		2,049,600

Radian Group, Inc., 5.25% Sr. Unsec. Nts., 6/15/20		4,115,000		4,104,712

				8,079,312


Health Care—4.0%

Biotechnology—0.0%

Baxalta, Inc., 5.25% Sr. Unsec. Nts., 6/23/45¹		184,000		184,770

Universal Hospital Services, Inc., 7.625% Sec. Nts., 8/15/20		725,000		670,625

				855,395

19 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Health Care Equipment & Supplies—0.3%

Becton Dickinson & Co., 3.875% Sr. Unsec. Nts., 5/15/24	$	264,000	$	265,144

DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125% Sec. Nts., 6/15/21¹		1,400,000		1,445,500

Hologic, Inc., 5.25% Sr. Unsec. Nts., 7/15/22^1,6		2,405,000		2,462,119

Kinetic Concepts, Inc./KCI USA, Inc., 10.50% Sec. Nts., 11/1/18		1,840,000		1,968,837

Zimmer Biomet Holdings, Inc., 3.55% Sr. Unsec. Nts., 4/1/25		193,000		187,174

				6,328,774


Health Care Providers & Services—2.6%

Acadia Healthcare Co., Inc.:
5.625% Sr. Unsec. Nts., 2/15/23¹		930,000		946,275
6.125% Sr. Unsec. Nts., 3/15/21		440,000		455,400

Amsurg Corp.:
5.625% Sr. Unsec. Nts., 11/30/20		375,000		383,437
5.625% Sr. Unsec. Nts., 7/15/22		945,000		956,813

Cardinal Health, Inc., 3.50% Sr. Unsec. Nts., 11/15/24		297,000		292,204

Centene Corp., 4.75% Sr. Unsec. Nts., 5/15/22		2,790,000		2,887,650

CHS/Community Health Systems, Inc.:
5.125% Sr. Sec. Nts., 8/1/21		600,000		612,750
6.875% Sr. Unsec. Nts., 2/1/22		4,290,000		4,542,037
7.125% Sr. Unsec. Nts., 7/15/20		970,000		1,030,140

DaVita HealthCare Partners, Inc.:
5.00% Sr. Unsec. Nts., 5/1/25		1,160,000		1,119,400
5.125% Sr. Unsec. Nts., 7/15/24		3,455,000		3,403,175
5.75% Sr. Unsec. Nts., 8/15/22		895,000		952,056

Envision Healthcare Corp., 5.125% Sr. Unsec. Nts., 7/1/22¹		3,195,000		3,226,950

FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sec. Nts., 5/1/20		3,945,000		3,037,650

Fresenius Medical Care US Finance II, Inc.:
4.75% Sr. Unsec. Nts., 10/15/24¹		1,290,000		1,283,550
5.875% Sr. Unsec. Nts., 1/31/22¹		405,000		433,350

HCA, Inc.:
5.375% Sr. Unsec. Nts., 2/1/25		700,000		708,750
5.875% Sr. Unsec. Nts., 5/1/23		3,480,000		3,706,200
7.50% Sr. Unsec. Nts., 2/15/22		2,695,000		3,099,250

HealthSouth Corp., 5.75% Sr. Unsec. Nts., 11/1/24		1,970,000		2,024,175

Kindred Healthcare, Inc., 6.375% Sr. Unsec. Nts., 4/15/22		1,395,000		1,398,487

Laboratory Corp. of America Holdings, 3.60% Sr. Unsec. Nts., 2/1/25		907,000		866,157

LifePoint Health, Inc., 5.50% Sr. Unsec. Nts., 12/1/21		2,025,000		2,095,875

McKesson Corp., 4.883% Sr. Unsec. Nts., 3/15/44		259,000		258,036

Medco Health Solutions, Inc., 7.125% Sr. Unsec. Nts., 3/15/18		261,000		297,142

OCP SA, 4.50% Sr. Unsec. Nts., 10/22/25¹		905,000		863,144

Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22		1,765,000		1,879,725

Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/21		1,750,000		1,776,250

Tenet Healthcare Corp.:
6.75% Sr. Unsec. Nts., 6/15/23¹		4,825,000		4,930,547
8.125% Sr. Unsec. Nts., 4/1/22		1,445,000		1,585,888

Universal Health Services, Inc., 4.75% Sr. Sec. Nts., 8/1/22¹		1,000,000		1,031,875

				52,084,338


	Principal Amount		Value

Life Sciences Tools & Services—0.1%

Quintiles Transnational Corp., 4.875% Sr. Unsec. Nts., 5/15/23¹		$ 1,627,000	$	1,639,203


Pharmaceuticals—1.0%

AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25		313,000		309,523
4.70% Sr. Unsec. Nts., 5/14/45		125,000		123,768

Actavis Funding SCS:
1.85% Sr. Unsec. Nts., 3/1/17		645,000		648,329
3.80% Sr. Unsec. Nts., 3/15/25		547,000		537,593
4.75% Sr. Unsec. Nts., 3/15/45		271,000		257,869

Almirall SA, 4.625% Sr. Unsec. Nts., 4/1/21	EUR	1,445,000		1,677,603

Concordia Healthcare Corp., 7% Sr. Unsec. Nts., 4/15/23¹		1,625,000		1,629,062

Endo Finance LLC/Endo Finco, Inc., 5.375% Sr. Unsec. Nts., 1/15/23¹		2,500,000		2,475,000

Endo Finance LLC/Endo Ltd./Endo Finco, Inc.:
6.00% Sr. Unsec. Nts., 7/15/23^1,6		1,205,000		1,235,125
6.00% Sr. Unsec. Nts., 2/1/25¹		210,000		214,462

Hospira, Inc.:
5.20% Sr. Unsec. Nts., 8/12/20		99,000		110,690
6.05% Sr. Unsec. Nts., 3/30/17		259,000		278,752

Mallinckrodt International Finance SA/Mallinckrodt CB LLC:
4.875% Sr. Unsec. Nts., 4/15/20¹		1,160,000		1,184,708
5.50% Sr. Unsec. Nts., 4/15/25¹		1,160,000		1,129,550
5.75% Sr. Unsec. Nts., 8/1/22¹		1,660,000		1,699,425

Valeant Pharmaceuticals International, Inc.:
5.375% Sr. Unsec. Nts., 3/15/20¹		935,000		967,725
5.50% Sr. Unsec. Nts., 3/1/23¹		2,330,000		2,359,125
5.875% Sr. Unsec. Nts., 5/15/23¹		555,000		569,569
7.25% Sr. Unsec. Nts., 7/15/22¹		1,595,000		1,700,669

				19,108,547


Industrials—8.5%

Aerospace & Defense—1.5%

Aerojet Rocketdyne Holdings, Inc., 7.125% Sec. Nts., 3/15/21		3,980,000		4,258,600

BAE Systems Holdings, Inc., 3.80% Sr. Unsec. Nts., 10/7/24¹		368,000		369,687

BOC Aviation Pte Ltd., 3% Sr. Unsec. Nts., 3/30/20¹		1,280,000		1,259,881

CBC Ammo LLC/CBC FinCo, Inc., 7.25% Sr. Unsec. Nts., 11/15/21¹		4,450,000		4,194,125

Embraer Netherlands Finance BV, 5.05% Sr. Unsec. Nts., 6/15/25		1,025,000		1,027,562

Erickson, Inc., 8.25% Sec. Nts., 5/1/20		3,057,000		2,430,315

Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21		1,940,000		2,066,100

KLX, Inc., 5.875% Sr. Unsec. Nts., 12/1/22¹		3,070,000		3,115,712

Kratos Defense & Security Solutions, Inc., 7% Sr. Sec. Nts., 5/15/19		2,485,000		2,276,881

L-3 Communications Corp., 1.50% Sr. Unsec. Nts., 5/28/17		173,000		171,867

LMI Aerospace, Inc., 7.375% Sec. Nts., 7/15/19		2,170,000		2,164,575

Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		160,000		161,682

Sequa Corp., 7% Sr. Unsec. Nts., 12/15/17²		2,365,000		1,620,025

Spirit AeroSystems, Inc., 5.25% Sr. Unsec. Nts., 3/15/22		2,165,000		2,246,188

TransDigm, Inc., 6% Sr. Sub. Nts., 7/15/22		780,000		774,150

Triumph Group, Inc., 5.25% Sr. Unsec. Nts., 6/1/22		2,555,000		2,535,838

				30,673,188

20 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Air Freight & Couriers—0.7%

CEVA Group plc, 7% Sr. Sec. Nts., 3/1/21¹	$	7,950,000	$	7,711,500

Kazakhstan Temir Zholy Finance BV, 6.95% Sr. Unsec. Nts., 7/10/42¹		190,000		183,924

Pelabuhan Indonesia II PT, 4.25% Sr. Unsec. Nts., 5/5/25¹		910,000		857,584

SPL Logistics Escrow LLC/SPL Logistics Finance Corp., 8.875% Sr. Sec. Nts., 8/1/20¹		2,560,000		2,726,400

XPO Logistics, Inc., 7.875% Sr. Unsec. Nts., 9/1/19¹		1,870,000		2,007,912

				13,487,320

Airlines—0.4%

Air Canada, 6.75% Sr. Sec. Nts., 10/1/19¹		3,945,000		4,191,563

Air Medical Merger Sub Corp., 6.375% Sr. Unsec. Nts., 5/15/23¹		1,160,000		1,096,200

Emirates Airline, 4.50% Sr. Unsec. Nts., 2/6/25¹		1,157,142		1,170,449

US Airways 2011-1 Class A Pass Through Trust, 7.125% Pass-Through Certificates, 10/22/23		1,082,554		1,255,763

				7,713,975

Building Products—0.6%

Building Materials Corp. of America:
5.375% Sr. Unsec. Nts., 11/15/24¹		1,860,000		1,835,541
6.75% Sr. Unsec. Nts., 5/1/21¹		2,455,000		2,568,544

Nortek, Inc., 8.50% Sr. Unsec. Nts., 4/15/21		3,840,000		4,118,400

Owens Corning, 4.20% Sr. Unsec. Nts., 12/15/22		530,000		537,393

USG Corp., 5.50% Sr. Unsec. Nts., 3/1/25¹		2,000,000		2,000,000

				11,059,878

Commercial Services & Supplies—1.6%

ADT Corp. (The), 5.25% Sr. Unsec. Nts., 3/15/20		4,135,000		4,352,087

Affinion Group, Inc., 7.875% Sr. Unsec. Nts., 12/15/18		3,020,000		2,023,400

Cenveo Corp.:
6.00% Sr. Sec. Nts., 8/1/19¹		2,925,000		2,764,125
8.50% Sec. Nts., 9/15/22¹		2,550,000		2,142,000

First Data Corp., 6.75% Sr. Sec. Nts., 11/1/20¹		4,319,000		4,575,462

Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20		3,090,000		2,997,300

Pitney Bowes, Inc., 4.625% Sr. Unsec. Nts., 3/15/24		739,000		745,655

Quad/Graphics, Inc., 7% Sr. Unsec. Nts., 5/1/22		2,745,000		2,683,238

R.R. Donnelley & Sons Co.:
7.625% Sr. Unsec. Nts., 6/15/20		565,000		637,037
7.875% Sr. Unsec. Nts., 3/15/21		2,225,000		2,519,813

West Corp., 5.375% Sr. Unsec. Nts., 7/15/22¹		7,270,000		6,824,713

				32,264,830

Electrical Equipment—0.4%

EnerSys, 5% Sr. Unsec. Nts., 4/30/23¹		2,090,000		2,077,585

General Cable Corp., 5.75% Sr. Unsec. Nts., 10/1/22		2,615,000		2,464,638

Sensata Technologies BV:
4.875% Sr. Unsec. Nts., 10/15/23¹		329,000		326,121
5.625% Sr. Unsec. Nts., 11/1/24¹		2,775,000		2,868,656

				7,737,000


	Principal Amount		Value

Industrial Conglomerates—0.3%

Alfa SAB de CV, 5.25% Sr. Unsec. Nts., 3/25/24¹		$ 835,000	$	860,050

CITIC Ltd.:
6.625% Sr. Unsec. Nts., 4/15/21		420,000		480,690
6.80% Sr. Unsec. Nts., 1/17/23		420,000		486,612
7.875% Sub. Perpetual Bonds^3,10		420,000		437,850

General Electric Capital Corp., 6.25% Jr. Sub. Perpetual Bonds, Series B^3,10		1,316,000		1,441,020

KOC Holding AS, 3.50% Sr. Unsec. Nts., 4/24/20¹		1,880,000		1,847,251

Synchrony Financial, 4.25% Sr. Unsec. Nts., 8/15/24		155,000		155,735

				5,709,208

Machinery—1.1%

Actuant Corp., 5.625% Sr. Unsec. Nts., 6/15/22		1,645,000		1,682,012

Amsted Industries, Inc., 5% Sr. Unsec. Nts., 3/15/22²		3,010,000		3,021,287

Cleaver-Brooks, Inc., 8.75% Sr. Sec. Nts., 12/15/19¹		2,870,000		2,841,300

EnPro Industries, Inc., 5.875% Sr. Unsec. Nts., 9/15/22		1,890,000		1,932,525

Ingersoll-Rand Global Holding Co. Ltd., 4.25% Sr. Unsec. Nts., 6/15/23		495,000		513,391

Joy Global, Inc., 6% Sr. Unsec. Nts., 11/15/16		108,000		114,555

KION Finance SA, 6.75% Sr. Sec. Nts., 2/15/20¹	EUR	1,650,000		1,948,949

Meritor, Inc., 6.25% Sr. Unsec. Nts., 2/15/24		3,585,000		3,558,113

Navistar International Corp., 8.25% Sr. Unsec. Nts., 11/1/21		2,410,000		2,301,550

SKF AB, 2.375% Sr. Unsec. Nts., 10/29/20	EUR	270,000		319,546

Terex Corp., 6% Sr. Unsec. Nts., 5/15/21		2,640,000		2,666,400

Xerium Technologies, Inc., 8.875% Sr. Unsec. Nts., 6/15/18		1,580,000		1,638,263

				22,537,891

Marine—0.1%

Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., 7.375% Sr. Nts., 1/15/22¹		1,330,000		1,157,100

Professional Services—0.1%

FTI Consulting, Inc., 6% Sr. Unsec. Nts., 11/15/22		2,740,000		2,866,725

Road & Rail—0.5%

Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25% Sr. Unsec. Nts., 3/15/25¹		2,100,000		1,979,250

Burlington Northern Santa Fe LLC, 3% Sr. Unsec. Nts., 3/15/23		489,000		477,940

CAR, Inc., 6.125% Sr. Unsec. Nts., 2/4/20¹		1,265,000		1,296,625

ERAC USA Finance LLC, 4.50% Sr. Unsec. Nts., 2/15/45¹		187,000		171,899

Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/20¹		955,000		1,005,825

Kenan Advantage Group, Inc. (The), 8.375% Sr. Unsec. Nts., 12/15/18²		2,265,000		2,364,094

Penske Truck Leasing Co. LP/PTL Finance Corp., 2.50% Sr. Unsec. Nts., 3/15/16¹		624,000		628,436

21 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Road & Rail (Continued)

Transnet SOC Ltd., 4% Sr. Unsec. Nts., 7/26/22¹	$	2,110,000	$	2,036,994

				9,961,063

Trading Companies & Distributors—1.0%

Air Lease Corp., 3.875% Sr. Unsec. Nts., 4/1/21		615,000		622,687

American Builders & Contractors Supply Co., Inc., 5.625% Sr. Unsec. Nts., 4/15/21¹		2,000,000		2,045,000

Fly Leasing Ltd.:
6.375% Sr. Unsec. Nts., 10/15/21		1,845,000		1,872,675
6.75% Sr. Unsec. Nts., 12/15/20		3,035,000		3,133,637

HD Supply, Inc.:
5.25% Sr. Sec. Nts., 12/15/21¹		4,230,000		4,304,025
7.50% Sr. Unsec. Nts., 7/15/20		1,165,000		1,237,813

International Lease Finance Corp., 5.875% Sr. Unsec. Nts., 8/15/22		558,000		604,733

Jurassic Holdings III, Inc., 6.875% Sec. Nts., 2/15/21¹		3,780,000		2,953,125

United Rentals North America, Inc., 4.625% Sr. Sec. Nts., 7/15/23		2,100,000		2,067,135

				18,840,830

Transportation Infrastructure—0.2%

DP World Ltd.:
3.25% Sr. Unsec. Nts., 5/18/20¹		760,000		756,200
6.85% Sr. Unsec. Nts., 7/2/37¹		1,695,000		1,859,415

Empresa de Transporte de Pasajeros Metro SA, 4.75% Unsec. Nts., 2/4/24¹		720,000		765,834

Sydney Airport Finance Co. Pty Ltd., 3.375% Sr. Sec. Nts., 4/30/25¹		900,000		866,337

				4,247,786

Information Technology—4.0%

Communications Equipment—1.0%

Alcatel-Lucent USA, Inc., 6.75% Sr. Unsec. Nts., 11/15/20¹		4,460,000		4,733,175

Avaya, Inc., 7% Sr. Sec. Nts., 4/1/19¹		4,585,000		4,504,762

Blue Coat Holdings, Inc., 8.375% Sr. Unsec. Nts., 6/1/23¹		1,950,000		1,989,000

CommScope Technologies Finance LLC, 6% Sr. Unsec. Nts., 6/15/25¹		975,000		973,781

Infor US, Inc., 6.50% Sr. Unsec. Nts., 5/15/22¹		2,105,000		2,152,363

Motorola Solutions, Inc., 3.50% Sr. Unsec. Nts., 3/1/23		452,000		426,484

Plantronics, Inc., 5.50% Sr. Unsec. Nts., 5/31/23¹		730,000		740,950

Project Homestake Merger Corp., 8.875% Sr. Unsec. Nts., 3/1/23¹		1,630,000		1,585,175

QUALCOMM, Inc., 3.45% Sr. Unsec. Nts., 5/20/25		602,000		586,449

ViaSat, Inc., 6.875% Sr. Unsec. Nts., 6/15/20		1,511,000		1,601,660

				19,293,799

Electronic Equipment, Instruments, & Components—0.4%

Anixter, Inc., 5.625% Sr. Unsec. Nts., 5/1/19		2,135,000		2,276,444

Arrow Electronics, Inc., 3.50% Sr. Unsec. Nts., 4/1/22		650,000		640,191

Belden, Inc., 5.50% Sr. Sub. Nts., 9/1/22¹		2,090,000		2,084,775

CDW LLC/CDW Finance Corp., 5% Sr. Unsec. Nts., 9/1/23		700,000		689,500

Flextronics International Ltd., 4.75% Sr. Unsec. Nts., 6/15/25¹		495,000		491,684


	Principal Amount		Value

Electronic Equipment, Instruments, & Components (Continued)

Zebra Technologies Corp., 7.25% Sr. Unsec. Nts., 10/15/22¹		$ 1,955,000	$	2,121,175

				8,303,769

Internet Software & Services—0.8%

Alibaba Group Holding Ltd.:
2.50% Sr. Unsec. Nts., 11/28/19¹		1,390,000		1,375,133
3.125% Sr. Unsec. Nts., 11/28/21¹		2,650,000		2,619,623
4.50% Sr. Unsec. Nts., 11/28/34¹		590,000		567,002

Cerved Group SpA, 6.375% Sr. Sec. Nts., 1/15/20¹	EUR	2,290,000		2,674,662

EarthLink Holdings Corp., 7.375% Sr. Sec. Nts., 6/1/20		3,160,000		3,302,200

Equinix, Inc.:
4.875% Sr. Unsec. Nts., 4/1/20		1,220,000		1,238,300
5.375% Sr. Unsec. Nts., 1/1/22		2,200,000		2,216,500

IAC/InterActiveCorp, 4.75% Sr. Unsec. Nts., 12/15/22		1,255,000		1,234,606

VeriSign, Inc., 5.25% Sr. Unsec. Nts., 4/1/25¹		655,000		655,000

				15,883,026

IT Services—0.5%

Ceridian HCM Holding, Inc., 11% Sr. Unsec. Nts., 3/15/21¹		235,000		249,394

Fidelity National Information Services, Inc., 3.50% Sr. Unsec. Nts., 4/15/23		298,000		289,369

First Data Corp.:
8.25% Sec. Nts., 1/15/21¹		3,830,000		4,050,225
10.625% Sr. Unsec. Nts., 6/15/21		3,996,000		4,435,560

Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/20¹		1,940,000		1,872,100

Xerox Corp.:
2.95% Sr. Unsec. Nts., 3/15/17		222,000		227,447
6.75% Sr. Unsec. Nts., 2/1/17		111,000		119,599

				11,243,694

Semiconductors & Semiconductor Equipment—0.5%

Freescale Semiconductor, Inc., 6% Sr. Sec. Nts., 1/15/22¹		4,455,000		4,733,437

Micron Technology, Inc.:
5.25% Sr. Unsec. Nts., 8/1/23¹		2,635,000		2,532,894
5.50% Sr. Unsec. Nts., 2/1/25¹		1,330,000		1,249,535
5.875% Sr. Unsec. Nts., 2/15/22		1,385,000		1,409,238

				9,925,104

Software—0.6%

Activision Blizzard, Inc., 5.625% Sr. Unsec. Nts., 9/15/21¹		795,000		834,750

Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		185,000		185,578

Blackboard, Inc., 7.75% Sr. Unsec. Nts., 11/15/19²		1,725,000		1,630,125

BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/21¹		1,825,000		1,485,094

Interactive Data Corp., 5.875% Sr. Unsec. Nts., 4/15/19¹		3,975,000		4,009,781

Italics Merger Sub, Inc., 7.125% Sr. Unsec. Nts., 7/15/23¹		2,195,000		2,173,050

Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/23¹		592,000		587,560

Oracle Corp., 3.40% Sr. Unsec. Nts., 7/8/24		437,000		437,986

TIBCO Software, Inc., 11.375% Sr. Unsec. Nts., 12/1/21¹		780,000		778,050

				12,121,974

Technology Hardware, Storage & Peripherals—0.2%

Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		342,000		337,109

22 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Technology Hardware, Storage & Peripherals (Continued)

Denali Borrower LLC/Denali Finance Corp., 5.625% Sr. Sec. Nts., 10/15/20¹	$	3,030,000	$	3,192,862

				3,529,971

Materials—5.3%

Chemicals—1.5%

ADS Waste Holdings, Inc., 8.25% Sr. Unsec. Nts., 10/1/20		1,075,000		1,118,000

Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25		258,000		245,429
4.125% Sr. Unsec. Nts., 3/15/35		129,000		115,372

Braskem Finance Ltd.:
5.375% Sr. Unsec. Nts., 5/2/22¹		925,000		854,237
6.45% Sr. Unsec. Nts., 2/3/24		680,000		644,300

Chemours Co.:
6.625% Sr. Unsec. Nts., 5/15/23¹		1,160,000		1,126,650
7.00% Sr. Unsec. Nts., 5/15/25¹		2,790,000		2,713,275

Eastman Chemical Co., 3% Sr. Unsec. Nts., 12/15/15		265,000		267,403

Hexion, Inc., 6.625% Sr. Sec. Nts., 4/15/20		2,760,000		2,546,100

Huntsman International LLC, 5.125% Sr. Unsec. Nts., 11/15/22¹		2,245,000		2,216,937

INEOS Group Holdings SA:
5.875% Sec. Nts., 2/15/19¹		780,000		786,825
6.125% Sr. Unsec. Nts., 8/15/18¹		1,465,000		1,501,625

LYB International Finance BV, 5.25% Sr. Unsec. Nts., 7/15/43		175,000		178,314

Methanex Corp., 4.25% Sr. Unsec. Nts., 12/1/24		350,000		347,167

Mexichem SAB de CV:
4.875% Sr. Unsec. Nts., 9/19/22¹		1,635,000		1,696,312
5.875% Sr. Unsec. Nts., 9/17/44¹		1,040,000		967,200

Momentive Performance Materials, Inc., 3.88% Sr. Sec. Nts., 10/24/21		1,840,000		1,660,600

NOVA Chemicals Corp., 5% Sr. Unsec. Nts., 5/1/25¹		1,740,000		1,750,875

ONGC Videsh Ltd.:
2.75% Sr. Unsec. Nts., 7/15/21	EUR	1,000,000		1,124,605
4.625% Sr. Unsec. Nts., 7/15/24		955,000		972,649

Platform Specialty Products Corp., 6.50% Sr. Unsec. Nts., 2/1/22¹		1,955,000		2,028,313

Rockwood Specialties Group, Inc., 4.625% Sr. Unsec. Nts., 10/15/20		605,000		630,713

Techniplas LLC, 10% Sr. Sec. Nts., 5/1/20¹		2,325,000		2,354,063

Tronox Finance LLC, 6.375% Sr. Unsec. Nts., 8/15/20		2,015,000		1,878,988

				29,725,952

Construction Materials—0.4%

Cemex SAB de CV:
4.375% Sr. Sec. Nts., 3/5/23¹	EUR	455,000		489,820
4.75% Sr. Sec. Nts., 1/11/22¹	EUR	250,000		280,691
5.70% Sr. Sec. Nts., 1/11/25¹		545,000		521,129

CRH America, Inc., 5.125% Sr. Unsec. Nts., 5/18/45¹		175,000		173,092

Elementia SAB de CV, 5.50% Sr. Unsec. Nts., 1/15/25¹		430,000		437,525

HeidelbergCement Finance Luxembourg SA:
3.25% Sr. Unsec. Nts., 10/21/21	EUR	625,000		741,745
7.50% Sr. Unsec. Nts., 4/3/20	EUR	570,000		792,392
8.00% Sr. Unsec. Nts., 1/31/17	EUR	655,000		806,921

James Hardie International Finance Ltd., 5.875% Sr. Unsec. Nts., 2/15/23¹		582,000		602,370

Lafarge SA:
4.75% Sr. Unsec. Nts., 9/30/20	EUR	930,000		1,199,922
5.375% Sr. Unsec. Nts., 6/26/17	EUR	495,000		600,099

Pontis III Ltd. Sr. Sec. Nts., 6/8/25¹		850,000		850,000


	Principal Amount		Value

Construction Materials (Continued)

Union Andina de Cementos SAA, 5.875% Sr. Unsec. Nts., 10/30/21¹		$ 510,000	$	517,012

				8,012,718

Containers & Packaging—1.4%

Ardagh Packaging Finance plc/Ardagh MP Holdings USA, Inc., 7% Sr. Unsec. Nts., 11/15/20¹		541,765		555,309

Ball Corp.:
4.00% Sr. Unsec. Nts., 11/15/23		625,000		582,812
5.00% Sr. Unsec. Nts., 3/15/22		1,225,000		1,234,187

Berry Plastics Corp.:
5.125% Sec. Nts., 7/15/23		2,200,000		2,150,500
5.50% Sec. Nts., 5/15/22		3,285,000		3,305,531

Coveris Holdings SA, 7.875% Sr. Unsec. Nts., 11/1/19¹		2,380,000		2,380,000

Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/23		2,120,000		2,012,686

Klabin Finance SA, 5.25% Sr. Unsec. Nts., 7/16/24¹		1,310,000		1,279,870

Owens-Brockway Glass Container, Inc., 5% Sr. Unsec. Nts., 1/15/22¹		1,245,000		1,234,106

Packaging Corp. of America, 4.50% Sr. Unsec. Nts., 11/1/23		660,000		680,935

Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 5.75% Sr. Sec. Nts., 10/15/20		4,420,000		4,541,550

Rock-Tenn Co., 3.50% Sr. Unsec. Unsub. Nts., 3/1/20		120,000		123,606

Sealed Air Corp.:
4.875% Sr. Unsec. Nts., 12/1/22¹		1,150,000		1,137,063
5.125% Sr. Unsec. Nts., 12/1/24¹		1,150,000		1,138,500
6.50% Sr. Unsec. Nts., 12/1/20¹		2,260,000		2,502,950

Smurfit Kappa Acquisitions, 4.875% Sr. Sec. Nts., 9/15/18¹		2,095,000		2,204,988
				27,064,593

Metals & Mining—1.7%

ABJA Investment Co. Pte Ltd.:
4.95% Sr. Unsec. Nts., 5/3/23	SGD	250,000		179,980
5.95% Sr. Unsec. Nts., 7/31/24		380,000		381,604

Aleris International, Inc.:
7.625% Sr. Unsec. Nts., 2/15/18		2,765,000		2,847,950
7.875% Sr. Unsec. Nts., 11/1/20		2,870,000		2,991,975

ArcelorMittal:
2.875% Sr. Unsec. Nts., 7/6/20	EUR	2,000,000		2,192,359
5.25% Sr. Unsec. Nts., 2/25/17		2,120,000		2,207,450
6.125% Sr. Unsec. Nts., 6/1/25		730,000		729,544

Constellium NV, 5.75% Sr. Unsec. Nts., 5/15/24¹		2,420,000		2,165,900

First Quantum Minerals Ltd., 7.25% Sr. Unsec. Nts., 5/15/22¹		2,050,000		1,962,875

FMG Resources August 2006 Pty Ltd., 8.25% Sr. Unsec. Nts., 11/1/19¹		1,180,000		1,000,050

Freeport-McMoRan, Inc., 3.875% Sr. Unsec. Nts., 3/15/23		210,000		190,845

Gestamp Funding Luxembourg SA:
5.875% Sr. Sec. Nts., 5/31/20¹	EUR	1,835,000		2,143,295
5.875% Sr. Sec. Nts., 5/31/20	EUR	105,000		122,658

Glencore Finance Canada Ltd.:
3.60% Sr. Unsec. Nts., 1/15/17¹		509,000		522,583
4.95% Sr. Unsec. Nts., 11/15/21¹		1,615,000		1,696,490

Glencore Funding LLC:
4.125% Sr. Unsec. Nts., 5/30/23¹		2,805,000		2,714,696
4.625% Sr. Unsec. Nts., 4/29/24¹		238,000		236,454

Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		173,000		164,739

23 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value

Metals & Mining (Continued)

JMC Steel Group, Inc., 8.25% Sr. Nts., 3/15/18¹	$	1,575,000	$	1,447,031

Metalloinvest Finance Ltd., 5.625% Unsec. Nts., 4/17/20¹		330,000		303,560

Novelis, Inc., 8.75% Sr. Unsec. Nts., 12/15/20		1,285,000		1,362,100

Southern Copper Corp., 3.875% Sr. Unsec. Nts., 4/23/25		635,000		613,181

Thompson Creek Metals Co., Inc., 7.375% Sr. Unsec. Nts., 6/1/18		1,095,000		903,375

Vedanta Resources plc, 8.25% Sr. Unsec. Nts., 6/7/21¹		2,385,000		2,438,829

Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75% Sr. Sec. Nts., 12/15/18¹		1,585,000		1,682,081

Yamana Gold, Inc., 4.95% Sr. Unsec. Nts., 7/15/24		305,000		293,914

				33,495,518

Paper & Forest Products—0.3%

Fibria Overseas Finance Ltd., 5.25% Sr. Unsec. Nts., 5/12/24		1,095,000		1,100,475

International Paper Co., 4.80% Sr. Unsec. Nts., 6/15/44		253,000		234,663

Inversiones CMPC SA:
4.75% Sr. Unsec. Nts., 9/15/24¹		985,000		998,096
6.125% Sr. Unsec. Nts., 11/5/19¹		255,000		285,017

PaperWorks Industries, Inc., 9.50% Sr. Sec. Nts., 8/15/19¹		1,890,000		1,887,637

Sappi Papier Holding GmbH, 6.625% Sr. Sec. Nts., 4/15/21¹		1,730,000		1,803,525

Suzano Trading Ltd., 5.875% Sr. Unsec. Nts., 1/23/21¹		450,000		465,750

				6,775,163

Telecommunication Services—3.6%

Diversified Telecommunication Services—2.6%

AT&T, Inc., 4.35% Sr. Unsec. Nts., 6/15/45		925,000		792,334

British Telecommunications plc, 9.625% Sr. Unsec. Nts., 12/15/30		372,000		552,428

CenturyLink, Inc., 6.45% Sr. Unsec. Nts., 6/15/21		2,523,000		2,554,537

Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.375% Sr. Unsec. Nts., 9/15/20¹		6,865,000		6,844,405

Colombia Telecomunicaciones SA ESP:
5.375% Sr. Unsec. Nts., 9/27/22¹		605,000		601,219
8.50% Sub. Perpetual Bonds^1,3,10		365,000		379,308

Columbus International, Inc., 7.375% Sr. Unsec. Nts., 3/30/21¹		785,000		846,819

Deutsche Telekom International Finance BV, 5.75% Sr. Unsec. Nts., 3/23/16		599,000		619,727

Digicel Ltd., 6.75% Sr. Unsec. Nts., 3/1/23¹		2,885,000		2,835,378

FairPoint Communications, Inc., 8.75% Sr. Sec. Nts., 8/15/19¹		3,600,000		3,757,500

Frontier Communications Corp.:
7.125% Sr. Unsec. Nts., 1/15/23		2,190,000		1,954,575
7.625% Sr. Unsec. Nts., 4/15/24		585,000		519,187

Intelsat Luxembourg SA, 7.75% Sr. Unsec. Nts., 6/1/21		3,400,000		2,851,750

Koninklijke KPN NV, 8.375% Sr. Unsec. Nts., 10/1/30		2,870,000		3,910,699

Level 3 Financing, Inc.:
5.375% Sr. Unsec. Nts., 8/15/22		130,000		131,788
5.625% Sr. Unsec. Nts., 2/1/23¹		1,930,000		1,956,537


	Principal Amount		Value

Diversified Telecommunication Services (Continued)

Orange SA, 2.75% Sr. Unsec. Nts., 9/14/16		$ 165,000	$	168,020

Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		6,117,000		6,912,210

Telefonica Emisiones SAU, 7.045% Sr. Unsec. Unsub. Nts., 6/20/36		228,000		280,068

T-Mobile USA, Inc.:
6.25% Sr. Unsec. Nts., 4/1/21		2,670,000		2,743,425
6.625% Sr. Unsec. Nts., 11/15/20		2,020,000		2,105,850

Turk Telekomunikasyon AS, 3.75% Sr. Unsec. Nts., 6/19/19¹		1,010,000		1,010,460

Verizon Communications, Inc.:
3.50% Sr. Unsec. Nts., 11/1/24		250,000		243,281
4.50% Sr. Unsec. Nts., 9/15/20		1,268,000		1,368,177
4.522% Sr. Unsec. Nts., 9/15/48¹		350,000		309,540
5.012% Sr. Unsec. Nts., 8/21/54		146,000		134,001

Windstream Services LLC:
6.375% Sr. Unsec. Nts., 8/1/23		1,155,000		953,453
7.75% Sr. Unsec. Nts., 10/1/21		2,180,000		2,005,600

Zayo Group LLC/Zayo Capital, Inc., 6% Sr. Unsec. Nts., 4/1/23¹		2,095,000		2,074,469

				51,416,745

Wireless Telecommunication Services—1.0%

America Movil SAB de CV, 4.375% Sr. Unsec. Unsub. Nts., 7/16/42		227,000		211,373

Bharti Airtel Ltd., 4.375% Sr. Unsec. Nts., 6/10/25¹		1,700,000		1,678,240

Digicel Group Ltd., 7.125% Sr. Unsec. Nts., 4/1/22¹		915,000		862,387

Empresa Nacional de Telecomunicaciones SA, 4.75% Sr. Unsec. Nts., 8/1/26¹		890,000		875,982

Millicom International Cellular SA, 6% Sr. Unsec. Nts., 3/15/25¹		740,000		718,203

Mobile Telesystems OJSC via MTS International Funding Ltd., 5% Sr. Unsec. Nts., 5/30/23¹		950,000		851,675

Sprint Corp., 7.875% Sr. Unsec. Nts., 9/15/23		4,070,000		3,978,425

Telefonica Europe BV, 6.75% Jr. Sub. Perpetual Bonds^3,10	GBP	3,945,000		6,532,561

Telekom Austria AG, 5.625% Jr. Sub. Perpetual Bonds^3,10	EUR	2,100,000		2,488,275

Wind Acquisition Finance SA, 4% Sr. Sec. Nts., 7/15/20¹	EUR	2,225,000		2,482,325

				20,679,446

Utilities—4.2%

Electric Utilities—2.2%

American Transmission Systems, Inc., 5% Sr. Unsec. Nts., 9/1/44¹		157,000		159,592

E.CL SA, 4.50% Sr. Unsec. Nts., 1/29/25¹		705,000		708,115

EDP Finance BV:
5.25% Sr. Unsec. Nts., 1/14/21¹		4,766,000		5,003,204
6.00% Sr. Unsec. Nts., 2/2/18¹		545,000		585,254

Electricite de France SA:
5.25% Jr. Sub. Perpetual Bonds^1,3,10		2,197,000		2,207,985
5.625% Jr. Sub. Perpetual Bonds^1,3,10		1,075,000		1,097,306
6.00% Jr. Sub. Perpetual Bonds^3,10	GBP	955,000		1,526,002

Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/19¹		1,770,000		2,066,475

EnBW Energie Baden-Wuerttemberg AG, 3.625% Jr. Sub. Nts., 4/2/76³	EUR	3,145,000		3,469,637

Enel Finance International NV, 6.25% Sr. Unsec. Nts., 9/15/17¹		574,000		628,665

Enel SpA, 5% Sub. Nts., 1/15/75³	EUR	3,705,000		4,334,067

24 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


	Principal Amount		Value

Electric Utilities (Continued)

Eskom Holdings SOC Ltd.:
6.75% Sr. Unsec. Nts., 8/6/23¹		$ 1,345,000	$	1,370,192
7.125% Sr. Unsec. Nts., 2/11/25¹		845,000		856,644

Exelon Corp., 3.95% Sr. Unsec. Nts., 6/15/25		616,000		619,936

Iberdrola International BV, 5.75% Jr. Sub. Perpetual Bonds^3,10	EUR	3,560,000		4,274,389

Israel Electric Corp. Ltd.:
6.875% Sr. Sec. Nts., 6/21/23¹		1,060,000		1,212,110
7.25% Sr. Sec. Nts., 1/15/19¹		3,080,000		3,488,100

ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		348,000		371,943

MMC Energy. Inc., 8.875% Sr. Unsec. Nts., 10/15/20^7,12		1,315,000		1

National Power Corp., 5.875% Sr. Unsec. Nts., 12/19/16	PHP	109,600,000		2,521,845

NextEra Energy Capital Holdings, Inc., 1.586% Sr. Unsec. Nts., 6/1/17		629,000		630,037

Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 11/22/21¹		3,670,000		3,899,375

Power Grid Corp. of India Ltd., 8.70% Sec. Nts., 7/15/18	INR	30,000,000		473,567

PPL Capital Funding, Inc., 4.20% Sr. Sec. Nts., 6/15/22		1,076,000		1,132,620

Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		523,000		608,701

Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/25¹		389,000		386,602

				43,632,364

Gas Utilities—0.3%

Empresa de Energia de Bogota SA, 6.125% Sr. Unsec. Nts., 11/10/21¹		1,620,000		1,717,200

Ferrellgas LP/Ferrellgas Finance Corp., 6.50% Sr. Unsec. Nts., 5/1/21		1,285,000		1,288,212

Gas Natural de Lima y Callao SA, 4.375% Sr. Unsec. Nts., 4/1/23¹		840,000		827,400

Perusahaan Gas Negara Persero Tbk PT, 5.125% Sr. Unsec. Nts., 5/16/24¹		1,545,000		1,557,700

				5,390,512

Independent Power and Renewable Electricity Producers—1.2%

AES Corp., 7.375% Sr. Unsec. Nts., 7/1/21		1,045,000		1,152,112

Atlantic Power Corp., 9% Sr. Unsec. Nts., 11/15/18		1,390,000		1,457,832

Calpine Corp.:
5.375% Sr. Unsec. Nts., 1/15/23		2,365,000		2,335,437
7.875% Sr. Sec. Nts., 1/15/23¹		773,000		838,705

Colbun SA, 4.50% Sr. Unsec. Nts., 7/10/24¹		980,000		979,848

Comision Federal de Electricidad, 4.875% Sr. Unsec. Nts., 1/15/24¹		1,690,000		1,732,250

Dynegy, Inc.:
5.875% Sr. Unsec. Nts., 6/1/23		420,000		412,650
7.375% Sr. Unsec. Nts., 11/1/22¹		1,580,000		1,662,950

Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.75% Sec. Nts., 3/1/22^1,7		1,487,674		1,697,808

GenOn Energy, Inc., 9.50% Sr. Unsec. Nts., 10/15/18		3,230,000		3,311,073

Hero Asia Investment Ltd., 2.875% Sr. Unsec. Nts., 10/3/17		420,000		423,250

Infinis plc, 7% Sr. Sec. Nts., 2/15/19²	GBP	1,745,000		2,865,214

Miran Mid-Atlantic Trust, 10.06% Sec. Pass-Through Certificates, Series C, 12/30/28		1,573,485		1,728,855

NRG Energy, Inc.:
6.25% Sr. Unsec. Nts., 5/1/24		2,220,000		2,214,450
6.625% Sr. Unsec. Nts., 3/15/23		1,455,000		1,505,925


	Principal Amount		Value

Independent Power and Renewable Electricity Producers (Continued)

NRG Yield Operating LLC, 5.375% Sr.
Unsec. Nts., 8/15/24¹		$ 603,000	$	610,538

				24,928,897

Multi-Utilities—0.5%

Berkshire Hathaway Energy Co., 4.50% Sr. Unsec. Nts., 2/1/45		81,000		79,158

CMS Energy Corp., 3.875% Sr. Unsec. Nts., 3/1/24		740,000		752,737

Dominion Gas Holdings LLC, 4.60% Sr. Unsec. Nts., 12/15/44		248,000		233,448

Empresa Electrica Guacolda SA, 4.56% Sr. Unsec. Nts., 4/30/25¹		635,000		617,311

InterGen NV, 7% Sr. Sec. Nts., 6/30/23¹		3,185,000		2,850,575

NGG Finance plc, 4.25% Sub. Nts., 6/18/76³	EUR	3,830,000		4,511,508

NiSource Finance Corp., 4.80% Sr. Unsec. Nts., 2/15/44		81,000		82,611

Puget Energy, Inc., 3.65% Sr. Sec. Nts., 5/15/25¹		312,000		305,520

				9,432,868

Total Corporate Bonds and Notes (Cost $1,276,572,287)				1,244,161,178
	Shares

Common Stocks—0.2%

Arco Capital Corp. Ltd.^2,12,13		690,638		—

Entegra Etc., Series A¹³		5,233		1,478,323

JP Morgan International, GDR¹³		446,838		—

Kaiser Aluminum Corp.		205		17,031

Nortek, Inc.¹³		24,095		2,003,017

Premier Holdings Ltd.¹³		18,514		—

Revel Entertainment, Inc.¹³		16,153		—

Wallace Theater Holdings, Inc.^2,13		1,525		15

Total Common Stocks (Cost $4,777,077)				3,498,386
	Units

Rights, Warrants and Certificates—0.0%

MediaNews Group, Inc. Wts., Strike Price
$48.72, Exp. 3/19/17¹³ (Cost $6,331,150)		22,685		—
	Principal Amount

Structured Securities—0.7%

Credit Suisse First Boston
International, Moitk Total Return
Linked Nts., 21%, 3/30/11⁷	RUB	53,910,000		—

Credit Suisse First Boston, Inc.
(Nassau Branch), Russian Specialized
Construction & Installation
Administration Total Return Linked
Nts., 13%, 5/24/10⁷	RUB	97,250,000		—

Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.01% Sec. Nts., 4/30/25^1,14		1,356,539		828,922
3.138% Sr. Sec. Nts., 4/30/25^1,14		1,333,866		815,067
3.191% Sec. Nts., 4/30/25^1,14		1,660,771		1,014,825
3.242% Sr. Sec. Nts., 4/30/25^1,14		1,895,518		1,158,268
3.269% Sec. Nts., 4/30/25^1,14		1,514,297		925,321
3.346% Sr. Sec. Nts., 4/30/25^1,14		1,423,375		869,762
3.905% Sr. Sec. Nts., 4/30/25^1,14		1,728,439		1,056,174
4.005% Sec. Nts., 4/30/25^1,14		1,492,231		911,837
39.866% Sr. Sec. Nts., 12/31/17^2,15	BRL	7,710,000		5,262,172

Deutsche Bank AG, Opic Reforma I Credit Linked Nts.:
Cl. 2A, 6.697%, 10/22/15^2,3	MXN	108,415		6,276
Cl. 2B, 6.697%, 10/22/15^2,3	MXN	189,675		10,979
Cl. 2C, 6.697%, 10/22/15^2,3	MXN	2,859,845		165,541
Cl. 2D, 6.697%, 10/22/15^2,3	MXN	208,422		12,064
Cl. 2E, 6.697%, 10/22/15^2,3	MXN	151,422		8,765

25 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value

Structured Securities (Continued)

Deutsche Bank AG, Opic Reforma I Credit Linked Nts.: (Continued)
Cl. 2F, 6.697%, 10/22/15^2,3	MXN		96,706	$	5,598
Cl. 2G, 6.697%, 10/22/15^2,3	MXN		17,809		1,031

LB Peru Trust II Certificates, Series 1998-A, 3.796%, 2/28/16^7,14			2,994		—

Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34	RUB		38,321,264		306,399

Total Structured Securities (Cost $19,803,175)					13,359,001


	Shares		Value

Investment Companies—8.9%

Oppenheimer Master Event-Linked Bond Fund, LLC¹⁶		3,158,849	$	46,382,036

Oppenheimer Master Loan Fund, LLC¹⁶		7,455,394		109,917,667

Oppenheimer Ultra-Short Duration Fund, Cl. Y¹⁶		2,071,918		20,739,901

Total Investment Companies (Cost $181,616,763)				177,039,604

Counterparty

Exercise Price

Expiration Date

Contracts

Over-the-Counter Options Purchased—0.1%

EUR Currency Put^13,17

CITNA-B

USD

1.000

9/16/15

EUR

2,500,000

120,574

EUR Currency Put¹³

BAC

USD

1.084

9/10/15

EUR

25,000,000

321,700

INR Currency Call¹³

BOA

INR

62.500

8/27/15

INR

1,564,000,000

26,588

INR/BRL/PLN Basket Call¹³

GSG

USD

1.000

8/31/15

USD

37,568,808

564,622

MXN Currency Call¹³

CITNA-B

MXN

14.755

3/16/16

MXN

245,940,000

123,708

MXN Currency Call¹³

JPM

MXN

15.060

4/11/16

MXN

187,800,000

154,935

MXN Currency Call¹³

JPM

MXN

14.723

3/16/16

MXN

122,700,000

58,896

SX5E Index Call¹³

BOA

EUR

3,686.870

10/30/15

EUR

7,120

602,988

SX5E Index Call¹³

GSG

EUR

3,632.250

9/9/15

EUR

5,420

445,439

Total Over-the-Counter Options Purchased (Cost $3,546,982)

2,419,450

Counterparty

Buy /Sell
Protection

Reference Asset

Fixed Rate

Expiration

Date

Notional

Amount (000’s)

Over-the-Counter Credit Default Swaption Purchased—0.0%

Credit Default Swap maturing 6/20/20 Put¹³ (Cost $87,252)

JPM

Sell

iTraxx Europe

Crossover Series
23 Version 1

2.750%

8/19/15

EUR

13,200

52,857

Counterparty

Pay / Receive
Floating Rate

Floating Rate

Fixed Rate

Expiration

Date

Notional

Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.0%

Interest Rate Swap maturing 4/24/18 Call¹³

DEU

Receive

If the “FRO2” is less
than 0.40% at Fixing
Date then the
Floating Rate will be
calculated as
MAX[0;(FRO 1-Strike
Swap Rate)]

80.000%

4/24/18

EUR

52,600

164,032

Interest Rate Swap maturing 5/30/33 Call¹³

BAC

Receive

Six-Month GBP BBA
LIBOR

3.990

5/30/23

GBP

1,235

76,244

Interest Rate Swap maturing 7/21/25 Call¹³

GSG

Receive

Six-Month EUR
EURIBOR

2.750

7/17/15

EUR

43,410

—

Interest Rate Swap maturing 7/21/25 Call¹³

UBS

Receive

Six-Month EUR
EURIBOR

1.821

7/17/15

EUR

19,040

788

Interest Rate Swap maturing 9/8/35 Call¹³

GSG

Receive

Three-Month USD

BBA LIBOR

3.220

9/3/15

USD

23,468

342,214

Interest Rate Swap maturing 1/2/17 Call¹³

BOA

Pay

BZDI

12.545

1/4/16

BRL

31,000

9,734

Interest Rate Swap maturing 1/2/19 Call¹³

BOA

Pay

BZDI

11.420

1/4/16

BRL

31,000

25,380

Interest Rate Swap maturing 1/4/21 Call¹³

BOA

Pay

BZDI

11.380

1/4/16

BRL

28,160

55,242

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $1,481,806)

673,634

Total Investments, at Value (Cost $2,088,504,050)

102.4%

2,032,555,137

Net Other Assets (Liabilities)

(2.4)

(48,137,971)

Net Assets

100.0%

1,984,417,166

26 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Footnotes to Consolidated Statement of Investments

1. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $750,514,053 or 37.82% of the Fund’s net assets as of June 30, 2015.

2. Restricted security. The aggregate value of restricted securities as of June 30, 2015 was $39,519,509, which represents 1.99% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:


Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)

American Capital Ltd., 6.50% Sr. Unsec. Nts., 9/15/18		9/17/13	$	875,000	$	911,094	$	36,094
Amsted Industries, Inc., 5% Sr. Unsec. Nts., 3/15/22		3/3/14 - 12/30/14		3,007,877		3,021,287		13,410
Arco Capital Corp. Ltd.		6/28/13		—		—		—
ASG Consolidated LLC/ASG Finance, Inc., 15% Sr. Unsec. Nts., 5/15/17		8/19/10 - 5/15/15		3,376,061		2,222,005		(1,154,056)
Banc of America Funding Trust, Series 2014-R7, Cl. 3A1, 2.617%, 3/26/36		3/6/15		159,927		159,887		(40)
Blackboard, Inc., 7.75% Sr. Unsec. Nts., 11/15/19		12/2/13 - 10/16/14		1,757,130		1,630,125		(127,005)
Brazil Loan Trust 1, 5.477% Sec. Nts., 7/24/23		7/25/13 - 7/25/14		1,456,116		1,402,113		(54,003)
Citigroup Mortgage Loan Trust, Inc., Collateralized Mtg. Obligations, Series 2014-8, Cl. 1A2, 0.477%, 7/20/36		7/11/14		2,867,387		2,745,500		(121,887)
Credit Agricole SA, 6.637% Jr. Sub. Perpetual Bonds		12/18/13		1,068,892		1,112,925		44,033
Credit Agricole SA, 8.375% Jr. Sub. Perpetual Bonds		7/17/13 - 4/29/15		3,125,635		3,302,775		177,140
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 39.866% Sr. Sec. Nts., 12/31/17		9/19/07		3,749,995		5,262,172		1,512,177
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 6.697%, 10/22/15		5/21/08		10,445		6,276		(4,169)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 6.697%, 10/22/15		6/12/08		18,272		10,979		(7,293)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 6.697%, 10/22/15		6/18/08		277,234		165,541		(111,693)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 6.697%, 10/22/15		7/8/08		20,190		12,064		(8,126)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 6.697%, 10/22/15		7/15/08		14,693		8,765		(5,928)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 6.697%, 10/22/15		8/8/08		9,512		5,598		(3,914)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 6.697%, 10/22/15		8/22/08		1,755		1,031		(724)
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Corp., 5% Sr. Unsec. Nts., 8/1/21		7/11/14 - 10/28/14		3,111,199		3,152,863		41,664
Drive Auto Receivables Trust, Series 2015-AA, Cl. C, 3.06%, 5/17/21		3/12/15		429,941		432,830		2,889
Eletson Holdings, 9.625% Sr. Sec. Nts., 1/15/22		12/12/13 - 5/28/15		2,075,378		2,053,100		(22,278)
Infinis plc, 7% Sr. Sec. Nts., 2/15/19		10/2/13 - 4/28/15		2,936,909		2,865,214		(71,695)
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35		3/21/07		528,951		37,587		(491,364)
Kenan Advantage Group, Inc. (The), 8.375% Sr. Unsec. Nts., 12/15/18		12/7/12 - 12/12/13		2,296,557		2,364,094		67,537
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/23		5/8/13 - 4/17/14		1,582,120		1,587,375		5,255
NC Finance Trust, Series 1999-I, Cl. D, 8.75%, 1/25/29		8/10/10		66,025		18,021		(48,004)
Premier Cruises Ltd., 11% Sr. Unsec. Nts., 3/15/08		3/6/98		242,675		—		(242,675)
Realogy Group LLC, 9% Sr. Sec. Nts., 1/15/20		1/25/12 - 2/1/12		862,550		936,363		73,813
Sequa Corp., 7% Sr. Unsec. Nts., 12/15/17		1/8/15 - 1/30/15		2,144,392		1,620,025		(524,367)
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds		1/13/14 - 3/13/15		1,855,276		1,846,385		(8,891)
Wallace Theater Holdings, Inc.		3/28/13		15		15		—
ZFS Finance USA Trust V, 6.50% Jr. Sub. Nts., 5/9/37		3/11/15		632,517		625,500		(7,017)

			$	40,560,626	$	39,519,509	$	(1,041,117)

27 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments (Continued)

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

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 $4,661,870 or 0.23% of the Fund’s net assets as of June 30, 2015.

5. Interest rate is less than 0.0005%.

6. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after June 30, 2015. See Note 4 of the accompanying Consolidated Notes.

7. 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 4 of the accompanying Consolidated Notes.

8. 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 $7,902,539. See Note 5 of the accompanying Consolidated Notes.

9. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $2,015,312. See Note 5 of the accompanying Consolidated Notes.

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

12. Security received as the result of issuer reorganization.

13. Non-income producing security.

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

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

16. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the period ended June 30, 2015, 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, 2014		Gross Additions		Gross Reductions		Shares June 30, 2015

Oppenheimer Institutional Money Market Fund, Cl. E		55,210,591		303,878,906		359,089,497		—
Oppenheimer Master Event-Linked Bond Fund, LLC		3,158,849		—		—		3,158,849
Oppenheimer Master Loan Fund, LLC		8,486,824		—		1,031,430		7,455,394
Oppenheimer Ultra-Short Duration Fund, Cl. Y		4,508,180		8,196		2,444,458		2,071,918

			Value		Income		Realized Gain (Loss)

Oppenheimer Institutional Money Market Fund, Cl. E			$	—	$	29,032	$	—
Oppenheimer Master Event-Linked Bond Fund, LLC				46,382,036		1,323,728 ^a		650,969 ^a
Oppenheimer Master Loan Fund, LLC				109,917,667		2,889,150 ^b		(1,393,700) ^b
Oppenheimer Ultra-Short Duration Fund, Cl. Y				20,739,901		82,256		(12,556)

Total			$	177,039,604	$	4,324,166	$	(755,287)

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. Knock-in option expires worthless if at any time spot rates are equal to or less than 1 EUR per 1 USD.


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

United States	$	1,275,334,214		62.8%
Brazil		72,386,329		3.6
United Kingdom		67,140,344		3.3
Mexico		57,245,881		2.8
India		57,072,705		2.8
Indonesia		33,830,800		1.7
France		33,645,580		1.7
Netherlands		32,395,472		1.6
Canada		29,186,495		1.4
Germany		24,796,148		1.2
Italy		22,479,297		1.1
South Africa		20,685,401		1.0
Luxembourg		20,135,307		1.0
Colombia		20,003,772		1.0
Spain		19,839,205		1.0
Turkey		18,808,380		0.9
China		18,721,313		0.9
Peru		17,899,117		0.9
Supranational		16,869,016		0.8
Switzerland		16,659,233		0.8
Chile		13,249,320		0.7
Israel		11,914,047		0.6
Ireland		11,174,575		0.6
Hungary		9,053,028		0.5
Panama		8,692,895		0.4
Australia		7,966,223		0.4
Russia		7,705,937		0.4
United Arab Emirates		7,635,409		0.4

28 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA


Geographic Holdings (Continued)	Value		Percent

Dominican Republic	$	6,783,969		0.3%
Portugal		5,588,458		0.3
South Korea		4,787,300		0.2
Denmark		4,777,671		0.2
Ivory Coast		4,609,371		0.2
Sri Lanka		4,031,577		0.2
Croatia		3,738,144		0.2
Jamaica		3,697,765		0.2
Sweden		3,659,970		0.2
Morocco		3,398,293		0.2
Serbia		3,074,230		0.2
Philippines		2,521,845		0.1
Austria		2,488,275		0.1
Belgium		2,435,971		0.1
Kazakhstan		2,134,091		0.1
Greece		2,053,100		0.1
Egypt		2,032,405		0.1
Jersey, Channel Islands		2,016,000		0.1
Kenya		1,760,971		0.1
Eurozone		1,708,378		0.1
Argentina		1,538,050		0.1
Uruguay		1,365,650		0.1
Singapore		1,259,881		0.1
Venezuela		914,413		0.1
Cayman Islands		870,188		0.0
Barbados		846,819		0.0
Poland		841,577		0.0
Vietnam		804,000		0.0
Angola		731,457		0.0
Ecuador		720,363		0.0
Japan		630,687		0.0
Thailand		615,127		0.0
Bermuda		610,623		0.0
Norway		597,375		0.0
Paraguay		385,700		0.0

Total	$	2,032,555,137		100.0%



Forward Currency Exchange Contracts as of June 30, 2015
Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation

BAC		07/2015	INR	741,000	USD	11,558	$	64,464	$	—
BAC		07/2015	USD	201	RUB	14,200		—		55,650
BOA		08/2015	IDR	4,336,000	USD	319		1,861		—
BOA		07/2015 - 08/2015	INR	1,315,000	USD	20,242		272,247		—
BOA		07/2015	KRW	11,120,000	USD	9,992		—		27,099
BOA		11/2015	USD	384	GBP	250		—		8,209
BOA		08/2015	USD	8,283	IDR	112,462,000		—		48,270
BOA		07/2015 - 10/2015	USD	73,093	INR	4,775,000		—		1,163,489
BOA		07/2015	USD	10,047	KRW	11,120,000		82,168		—
BOA		09/2015 - 12/2015	USD	54,681	MXN	855,500		697,030		—
BOA		09/2015	USD	2,571	PHP	116,000		9,083		—
BOA		08/2015	USD	10,030	ZAR	121,500		141,135		—
CITNA-B		07/2015	CAD	13,590	USD	11,193		—		311,952
CITNA-B		07/2015 - 11/2015	EUR	1,415	USD	1,595		—		16,965
CITNA-B		11/2015	GBP	240	USD	377		—		392
CITNA-B		08/2015	TRY	10,290	USD	3,795		—		17,476
CITNA-B		10/2015	USD	22,456	BRL	71,500		216,549		—
CITNA-B		07/2015	USD	11,058	CAD	13,590		177,705		—
CITNA-B		11/2015	USD	515	GBP	325		5,329		—
CITNA-B		11/2015	USD	186	SGD	250		262		—
CITNA-B		07/2015	USD	5,751	TRY	14,180		503,679		—
CITNA-B		08/2015	USD	6,246	ZAR	78,890		—		174,208
DEU		07/2015	BRL	44,330	USD	14,113		144,806		—
DEU		07/2015 - 08/2015	USD	27,599	BRL	86,620		29,871		124,266
DEU		11/2015	USD	410	EUR	365		2,138		—
DEU		07/2015 - 08/2015	USD	22,526	ZAR	275,610		41,991		—
DEU		08/2015	ZAR	160,950	USD	13,009		112,519		21,899
GSCO-OT		07/2015	BRL	148,790	USD	47,653		256,819		53,125
GSCO-OT		07/2015 - 08/2015	USD	70,372	BRL	218,880		1,335,471		1,086,899
GSCO-OT		07/2015	USD	9,891	HUF	2,746,000		191,506		—
GSCO-OT		07/2015 - 08/2015	USD	25,892	INR	1,666,000		—		191,855
HSBC		11/2015	EUR	2,710	USD	3,042		—		13,544

29 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued



Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation

HSBC		07/2015	HUF	2,746,000	USD	9,828	$	—	$	128,942
HSBC		07/2015	INR	63,000	USD	977		10,801		—
HSBC		11/2015	USD	82,616	EUR	74,815		6,806		985,575
HSBC		11/2015	USD	1,659	GBP	1,080		1,908		38,469
HSBC		07/2015	USD	4,514	INR	291,000		—		49,889
JPM		07/2015	BRL	37,220	USD	11,996		—		25,080
JPM		01/2016	CNH	55,600	USD	9,041		—		200,625
JPM		08/2015	COP	9,473,000	USD	3,667		—		52,804
JPM		07/2015 - 11/2015	EUR	845	USD	955		—		11,986
JPM		09/2015	MXN	182,900	USD	11,703		—		123,842
JPM		07/2015 - 08/2015	TRY	11,870	USD	4,381		51,590		29,457
JPM		07/2015 - 08/2015	USD	13,685	BRL	42,700		11,171		38,410
JPM		01/2016	USD	8,825	CNH	55,600		—		15,363
JPM		08/2015	USD	14,659	COP	36,958,000		559,213		—
JPM		07/2015 - 11/2015	USD	14,699	EUR	13,095		86,355		1,696
JPM		08/2015	USD	3,159	IDR	42,851,000		—		15,372
JPM		08/2015	USD	207	THB	7,000		—		200
JPM		08/2015	USD	6,232	ZAR	77,580		—		82,250
JPM		08/2015	ZAR	78,880	USD	6,295		124,840		—
MSCO		07/2015 - 10/2015	BRL	55,240	USD	17,611		113,506		332,944
MSCO		11/2015	EUR	245	USD	276		—		2,261
MSCO		11/2015	GBP	430	USD	676		—		530
MSCO		07/2015 - 08/2015	USD	7,911	BRL	24,630		14,884		6,405
MSCO		08/2015	USD	301	COP	776,000		5,186		—
MSCO		11/2015	USD	746	EUR	680		—		13,518
MSCO		11/2015	USD	57,338	GBP	37,640		—		1,746,011
MSCO		07/2015	USD	2,974	TRY	8,130		—		55,463
NOM		08/2015	USD	7,146	HUF	2,034,000		—		35,525
TDB		07/2015	BRL	42,990	USD	13,639		188,091		—
TDB		08/2015	COP	12,568,000	USD	4,860		—		64,884
TDB		09/2015	MXN	153,700	USD	9,776		—		45,058
TDB		07/2015 - 01/2016	USD	35,272	BRL	113,300		28,968		494,032
TDB		11/2015	USD	124	EUR	110		1,524		—
TDB		08/2015	USD	2,296	HUF	648,000		8,385		—
TDB		08/2015	USD	6,234	ZAR	77,660		—		86,892
TDB		08/2015	ZAR	77,820	USD	6,208		125,194		—

Total Unrealized Appreciation and Depreciation							$	5,625,055	$	7,998,781

Futures Contracts as of June 30, 2015

Description

Exchange

Buy/Sell

Expiration Date

Number of Contracts

Value

Unrealized Appreciation
(Depreciation)

United States Treasury Long Bonds

CBT

Sell

9/21/15

9,352,312

(49,934)

United States Treasury Long Bonds

CBT

Buy

9/21/15

1,055,906

2,958

United States Treasury Nts., 2 yr.

CBT

Sell

9/30/15

139

30,432,313

(47,967)

United States Treasury Nts., 2 yr.

CBT

Buy

9/30/15

276

60,426,750

81,176

United States Treasury Nts., 10 yr.

CBT

Sell

9/21/15

267

33,687,891

(13,722)

United States Treasury Ultra Bonds

CBT

Buy

9/21/15

197

30,350,313

(803,875)

(831,364)



Over-the-Counter Options Written at June 30, 2015
Description	Counterparty		Exercise Price			Expiration Date		Number of Contracts			Premiums Received		Value

BRL Currency Call		BNP		BRL	3.080		7/21/15		BRL	(61,590,000)	$	252,800	$	(166,539)

BRL Currency Put¹		GSG		BRL	3.230		2/1/17		BRL	(30,140,000)		538,498		(1,387,887)

EUR Currency Call		BAC		USD	1.179		9/10/15		EUR	(25,000,000)		230,986		(98,225)

EUR Currency Call²		CITNA-B		BRL	3.949		6/2/16		EUR	(12,530,000)		694,412		(692,441)

EUR Currency Call		CITNA-B		INR	69.780		7/23/15		EUR	(9,360,000)		261,854		(272,979)

EUR Currency Call		CITNA-B		INR	73.460		4/25/16		EUR	(9,360,000)		527,753		(598,851)

INR Currency Put		BOA		INR	66.500		8/27/15		INR	(1,664,000,000)		254,980		(59,904)

INR Currency Call		BOA		INR	60.100		8/27/15		INR	(1,504,000,000)		96,871		—

MXN Currency Put		CITNA-B		MXN	17.690		3/16/16		MXN	(294,860,000)		406,287		(231,760)

MXN Currency Put³		CITNA-B		MXN	15.690		2/2/17		MXN	(97,620,000)		227,096		(422,402)

MXN Currency Put		JPM		MXN	17.657		3/16/16		MXN	(147,160,000)		196,029		(117,875)

SX5E Index Put		BOA		EUR	3335.750		10/30/15		EUR	(7,120)		950,986		(1,292,742)

SX5E Index Put		GSG		EUR	3216.440		9/9/15		EUR	(5,420)		432,711		(519,903)

TRY/ILS/MXN Basket Call		GSG		USD	1.000		8/31/15		USD	(37,568,808)		424,527		(366,146)

ZAR Currency Put		GSG		ZAR	14.900		4/19/16		ZAR	(186,250,000)		408,750		(250,134)

Total of Over-the-Counter Options Written											$	5,904,540	$	(6,477,788)

30 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Over-the-Counter Options Written (Continued)

1. Knock-out option expires worthless if at any time spot rates are less than or equal to 2.56 BRL per 1 USD.

2. Knock-out option expires worthless if at any time spot rates are equal to or less than 3.324 BRL per 1 EUR.

3. Knock-out option expires worthless if at any time spot rates are equal to or less than 14.4 MXN per 1 USD.

Centrally Cleared Credit Default Swaps at June 30, 2015


Reference Asset			Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/(Paid)		Value

CDX.EM.23				Buy		1.000%		6/20/20	USD	2,340	$	(221,390)	$	224,735

CDX.EM.23				Buy		1.000		6/20/20	USD	2,340		(215,982)		224,735

CDX.EM.23				Buy		1.000		6/20/20	USD	2,340		(222,092)		224,735

CDX.EM.23				Buy		1.000		6/20/20	USD	2,340		(224,770)		224,735

CDX.EM.23				Buy		1.000		6/20/20	USD	2,340		(227,110)		224,735

CDX.EM.23				Buy		1.000		6/20/20	USD	2,340		(222,560)		224,735

CDX.HY.24				Sell		5.000		6/20/20	USD	12,375		(726,688)		793,694

CDX.HY.24				Sell		5.000		6/20/20	USD	12,375		(862,483)		793,694

CDX.HY.24				Sell		5.000		6/20/20	USD	12,375		(813,587)		793,694

EUR.XOVER.23				Sell		5.000		6/20/20	EUR	8,600		(732,298)		738,023

EUR.XOVER.23				Sell		5.000		6/20/20	EUR	10,000		(862,105)		859,877

EUR.XOVER.23				Sell		5.000		6/20/20	EUR	18,750		(1,943,350)		1,603,560

Total Centrally Cleared Credit Default Swaps											$	(7,274,415)	$	6,930,952




Over-the-Counter Credit Default Swaps at June 30, 2015
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/(Paid)		Value

Alpha Bank AE		BAC		Buy		5.000%		3/20/17	EUR	1,165	$	(136,738)	$	298,201

Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000		12/20/17	EUR	125		(60)		7,308

Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000		12/20/17	EUR	125		(60)		7,308

Banco Santander SA		UBS		Sell		3.000		9/20/17	EUR	250		(997)		13,473

Federative Republic of Brazil		BOA		Buy		1.000		9/20/20	USD	2,124		(152,460)		173,829

Hellenic Republic		BAC		Sell		1.000		3/20/20	USD	475		180,526		(280,522)

Hellenic Republic		BAC		Sell		1.000		3/20/20	USD	475		168,651		(280,522)

Republic of Indonesia		BNP		Buy		1.000		6/20/20	USD	2,135		(79,074)		76,568

Republic of Turkey		GSG		Buy		1.000		3/20/20	USD	5,760		(277,046)		316,421

Republic of Turkey		HSBC		Buy		1.000		3/20/20	USD	2,550		(120,373)		140,082

State Bank of India		BNP		Sell		1.000		9/20/19	USD	1,740		71,791		(37,744)

Total Over-the-Counter Credit Default Swaps											$	(345,840)	$	434,402

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	$	1,740,000		$	—			BBB-
Non-Investment Grade Corporate Debt Indexes		37,350,000	EUR			EUR		B+
Non-Investment Grade Corporate Debt Indexes	$	37,125,000		$	—			B+
Investment Grade Single Name Corporate Debt		500,000	EUR		—	EUR		BBB- to BBB
Non-Investment Grade Sovereign Debt	$	950,000		$	—			CCC-

Total USD	$	39,815,000		$	—

Total EUR		37,850,000	EUR		—	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 Currency Swap at June 30, 2015

Counterparty

Pay/Receive

Floating Rate

Fixed Rate

Maturity Date

Notional Amount Currency

Received (000’s)

Notional Amount Currency

Delivered (000’s)

Value

BOA

Pay

Six-Month USD

BBA LIBOR

6.520%

4/28/18

INR

593,770

USD

9,358

$ (44,859)

Six-Month USD

BOA

Pay

BBA LIBOR

6.330

4/15/18

INR

288,369

USD

4,625

(117,163)

Six-Month USD

BOA

Pay

BBA LIBOR

6.670

5/27/18

INR

600,000

USD

9,434

(28,498)

Six-Month USD

BOA

Pay

BBA LIBOR

6.820

5/13/18

INR

295,306

USD

4,625

34,045

Six-Month USD

BOA

Pay

BBA LIBOR

6.300

4/13/18

INR

287,200

USD

4,614

(126,367)

Six-Month USD

BOA

Pay

BBA LIBOR

6.250

3/25/20

INR

145,508

USD

2,336

(73,952)

31 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Currency Swap (Continued)

Counterparty

Pay/Receive
Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount Currency
Received (000’s)

Notional Amount Currency
Delivered (000’s)

Value

BOA

Pay

Six-Month USD

BBA LIBOR

6.330%

3/31/20

INR

145,780

USD

2,329

(57,436)

GSG

Pay

Six-Month USD

BBA LIBOR

6.300

4/9/18

INR

582,000

USD

9,342

(180,944)

GSG

Pay

Six-Month USD

BBA LIBOR

6.450

3/27/18

INR

905,460

USD

14,529

(187,724)

Total Over-the-Counter Currency Swap

(782,898)

Centrally Cleared Interest Rate Swaps at June 30, 2015

Counterparty

Pay/Receive Floating
Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

BOA

Receive

Three-Month USD BBA LIBOR

1.256%

7/6/18

USD

15,825

(1,725)

BOA

Pay

Three-Month AUD BBR BBSW

2.315

6/30/18

AUD

20,975

2,576

GSG

Pay

Six-Month PLN WIBOR WIBO

2.145

6/29/18

PLN

61,525

(13,302)

GSG

Pay

Three-Month NZD BBR FRA

4.390

5/11/25

NZD

10,000

(18,369)

GSG

Receive

Six-Month HUF BUBOR

2.290

6/4/20

HUF

1,470,000

35,579

GSG

Pay

Six-Month PLN WIBOR WIBO

2.370

6/5/20

PLN

19,670

��

(33,599)

JPM

Pay

Six-Month PLN WIBOR WIBO

2.425

6/8/20

PLN

19,570

(20,624)

JPM

Receive

Six-Month HUF BUBOR

2.290

6/5/20

HUF

1,430,000

35,705

Total Centrally Cleared Interest Rate Swaps

(13,759)

Over-the-Counter Interest Rate Swaps at June 30, 2015

Counterparty

Pay/Receive Floating
Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

BAC

Pay

BZDI

13.960%

1/2/17

BRL

34,250

4,615

BAC

Receive

BZDI

12.320

1/4/21

BRL

13,780

46,081

BAC

Receive

BZDI

12.550

1/4/21

BRL

14,125

16,994

BAC

Pay

BZDI

13.440

1/2/17

BRL

32,570

(57,053)

BOA

Receive

Six-Month INR MIBOR OIS Compound

7.000

5/12/18

INR

300,000

36,146

CITNA-B

Pay

Six-Month CLP TNA

3.750

5/14/18

CLP

1,250,000

8,673

GSG

Receive

MXN TIIE BANXICO

5.440

6/18/20

MXN

212,500

(40,056)

GSG

Pay

MXN TIIE BANXICO

6.440

6/12/25

MXN

60,000

19,831

GSG

Pay

Six-Month CLP TNA

4.107

5/28/20

CLP

2,500,000

21,953

GSG

Pay

Six-Month THB THBFIX

1.975

6/15/18

THB

559,000

94,526

GSG

Receive

One-Time CLP TNA

3.170

5/30/16

CLP

11,890,000

(18,910)

GSG

Receive

One-Time CLP TNA

3.195

5/27/16

CLP

3,890,000

(7,545)

GSG

Pay

Six-Month CLP TNA

4.170

5/27/20

CLP

810,000

10,652

GSG

Pay

MXN TIIE BANXICO

4.720

6/22/17

MXN

500,000

22,171

GSG

Pay

BZDI

13.145

1/2/17

BRL

38,450

(110,464)

GSG

Receive

BZDI

12.340

1/4/21

BRL

13,100

43,310

GSG

Pay

Three-Month MYR KLIBOR BNM

4.440

3/16/25

MYR

30,000

(129,568)

GSG

Receive

One-Time CLP TNA

3.240

4/17/16

CLP

16,250,000

(45,234)

GSG

Pay

Three-Month MYR KLIBOR BNM

4.515

3/12/25

MYR

11,900

(42,417)

GSG

Pay

Three-Month COP IBR OIS

4.380

3/5/18

COP

22,230,000

(157,205)

GSG

Pay

BZDI

13.255

1/2/17

BRL

30,200

(72,281)

GSG

Pay

Six-Month CLP TNA

3.675

5/11/18

CLP

4,000,000

10,991

JPM

Receive

CFXS

2.630

6/26/20

CNY

40,605

70,850

JPM

Pay

Three-Month COP IBR OIS

4.380

2/26/18

COP

11,250,000

(80,250)

JPM

Pay

Three-Month ILS TELEBOR01

2.920

5/15/25

ILS

21,260

(182,664)

JPM

Pay

BZDI

12.575

1/2/19

BRL

21,615

(56,649)

JPM

Pay

BZDI

13.340

1/2/17

BRL

39,780

(86,067)

JPM

Receive

BZDI

12.840

1/2/18

BRL

54,285

134,419

Total Over-the-Counter Interest Rate Swaps

(545,151)

32 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

Over-the-Counter Credit Default Swaptions Written at June 30, 2015

Description

Counterparty

Buy/Sell
Protection

Reference Asset

Fixed Rate

Expiration
Date

Notional Amount
(000’s)

Premiums Received

Value

Credit Default Swap maturing

iTraxx Europe
Crossover Series 23

6/20/20

JPM

Sell

Version 1

3.500%

8/19/15

EUR 13,200

$ 127,869

$ (203,748)

Over-the-Counter Interest Rate Swaptions Written at June 30, 2015

Description

Counterparty

Pay/Receive
Floating Rate

Floating Rate

Fixed Rate

Expiration
Date

Notional

Amount

(000’s)

Premiums Received

Value

Interest Rate Swap maturing 9/8/35 Call

BAC

Pay

Six-Month
EUR EURIBOR

2.250%

9/4/15

EUR

11,746

$ 176,249

$ (112,929)

Interest Rate Swap maturing 1/4/21 Call

BOA

Pay

BZDI

12.580

1/4/16

BRL

28,160

54,034

(159,678)

Interest Rate Swap maturing 1/2/18 Call

BOA

Pay

BZDI

12.900

1/4/16

BRL

36,800

77,002

(76,935)

Interest Rate Swap maturing 1/2/17 Call

BOA

Receive

BZDI

13.020

7/1/15

BRL

62,000

92,380

—

Interest Rate Swap maturing 1/2/19 Call

BOA

Pay

BZDI

14.750

1/4/16

BRL

31,000

34,727

(27,595)

Interest Rate Swap maturing 1/2/17 Call

BOA

Pay

BZDI

14.320

1/4/16

BRL

31,000

21,449

(34,530)

Interest Rate Swap maturing 9/8/35 Call

GSG

Pay

Three-Month
USD BBA
LIBOR

3.620

9/3/15

USD

23,468

91,526

(72,976)

Interest Rate Swap maturing 11/19/20 Call

JPM

Pay

MXN TIIE
BANXICO

5.950

11/25/15

MXN

184,600

199,384

(73,695)

Interest Rate Swap maturing 1/2/18 Call

JPM

Pay

BZDI

12.900

1/4/16

BRL

36,800

77,003

(76,936)

Total Over-the-Counter Interest Rate Swaptions Written

$ 823,754

$ (635,274)

Glossary:

Counterparty Abbreviations


BAC		Barclays Bank plc
BNP		BNP Paribas
BOA		Bank of America NA
CITNA-B		Citibank NA
DEU		Deutsche Bank AG
GSCO-OT		Goldman Sachs Bank USA
GSG		Goldman Sachs Group, Inc. (The)
HSBC		HSBC Bank USA NA
JPM		JPMorgan Chase Bank NA
MSCO		Morgan Stanley Capital Services, Inc.
NOM		Nomura Global Financial Products, Inc.
TDB		Toronto Dominion Bank
UBS		UBS AG

Currency abbreviations indicate amounts reporting in currencies


AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CLP		Chilean Peso
CNH		Offshore Chinese Renminbi
CNY		Chinese Renminbi
COP		Colombian Peso
EUR		Euro
GBP		British Pound Sterling
HUF		Hungarian Forint
IDR		Indonesia Rupiah
ILS		Israeli Shekel
INR		Indian Rupee
KRW		South Korean Won
MXN		Mexican Nuevo Peso
MYR		Malaysian Ringgit
NZD		New Zealand Dollar
PHP		Philippines Peso
PLN		Polish Zloty
RUB		Russian Ruble
SGD		Singapore Dollar
THB		Thailand Baht
TRY		New Turkish Lira
ZAR		South African Rand

Definitions


BANXICO		Banco de Mexico
BBA LIBOR		British Bankers’ Association London - Interbank Offered Rate
BBR FRA		Bank Bill Forward Rate Agreement
BBR BBSW		Bank Bill Swap Reference Rate (Australian Financial Market)
BNM		Bank Negra Malaysia
BUBOR		Budapest Interbank Offered Rate

33 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


Definitions (Continued)
BZDI		Brazil Interbank Deposit Rate
CDX.EM.23		Merkit CDX High Yield Index
CDX.HY.24		Merkit CDX High Yield Index
CFXS		Repurchase Fixing Rates
EUR.XOVER.23		Credit Default Swap Trading Index for a Specific Basket of Securities
EURIBOR		Euro Interbank Offered Rate
FRO		Floating Rate Option
IBR		Indicador Bancario de Referencia
iTraxx Europe Crossover Series 23 Version 1		Credit Default Swap Trading Index for a Specific Basket of Securities
KLIBOR		Kuala Lumpur Interbank Offered Rate
MIBOR		Mumbai Interbank Offered Rate
OIS		Overnight Index Swap
SX5E		The EURO STOXX 50 Index
TELEBOR01		Tel Aviv Interbank Offered Rate 1 Month
THBFIX		Thai Baht Interest Rate Fixing
TIIE		Interbank Equilibrium Interest Rate
TNA		Non-Deliverable CLP Camara
WIBOR WIBO		Poland Warsaw Interbank Offer Bid Rate

Exchange Abbreviations
CBT		Chicago Board of Trade

See accompanying Notes to Consolidated Financial Statements.

34 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES June 30, 2015 Unaudited



Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $1,906,887,287)	$	1,855,515,533
Affiliated companies (cost $181,616,763)		177,039,604

		2,032,555,137

Cash—foreign currencies (cost $3,605,907)		3,619,657

Cash used for collateral on centrally cleared swaps		1,220,645

Unrealized appreciation on forward currency exchange contracts		5,625,055

Swaps, at value (premiums paid $766,808)		1,608,447

Centrally cleared swaps, at value (premiums paid $7,274,415)		7,004,812

Receivables and other assets:
Investments sold (including $44,502,985 sold on a when-issued or delayed delivery basis)		48,686,410
Interest, dividends and principal paydowns		25,717,086
Shares of beneficial interest sold		1,443,801
Variation margin receivable		91,092
Other		132,072

Total assets		2,127,704,214

Liabilities
Bank overdraft		8,158,934

Unrealized depreciation on forward currency exchange contracts		7,998,781

Options written, at value (premiums received $5,904,540)		6,477,788

Swaps, at value (premiums received $420,968)		2,502,094

Centrally cleared swaps, at value		87,619

Swaptions written, at value (premiums received $951,623)		839,022

Payables and other liabilities:
Investments purchased (including $104,603,877 purchased on a when-issued or delayed delivery basis)		115,371,594
Shares of beneficial interest redeemed		1,100,967
Distribution and service plan fees		312,095
Shareholder communications		136,070
Trustees’ compensation		98,213
Variation margin payable		19,136
Other		184,735

Total liabilities		143,287,048

Net Assets	$	1,984,417,166




Composition of Net Assets
Par value of shares of beneficial interest	$	384,503

Additional paid-in capital		2,086,731,379

Accumulated net investment income		40,064,358

Accumulated net realized loss on investments and foreign currency transactions		(81,517,640)

Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(61,245,434)

Net Assets	$	1,984,417,166



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 $477,446,207 and 94,349,713 shares of beneficial interest outstanding)		$5.06

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,506,970,959 and 290,153,355 shares of beneficial interest outstanding)		$5.19

See accompanying Notes to Consolidated Financial Statements.

35 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2015 Unaudited



Allocation of Income and Expenses from Master Funds¹
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	1,323,101
Dividends		627
Net expenses		(99,131)

Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		1,224,597

Net investment income allocated from Oppenheimer Master Loan Fund, LLC
Interest		2,857,496
Dividends		31,654
Net expenses		(183,437)

Net investment income allocated from Oppenheimer Master Loan Fund, LLC		2,705,713

Total allocation of net investment income from master funds		3,930,310

Investment Income
Interest - unaffiliated companies (net of foreign withholding taxes of $415,701)		50,696,724

Fee income on when-issued securities		822,678

Dividends:
Unaffiliated companies		141,631
Affiliated companies		111,288

Total investment income		51,772,321

Expenses
Management fees		6,165,408

Distribution and service plan fees - Service shares		1,917,874

Transfer and shareholder servicing agent fees:
Non-Service shares		282,222
Service shares		767,376

Shareholder communications:
Non-Service shares		16,532
Service shares		46,015

Custodian fees and expenses		152,969

Trustees’ compensation		32,703

Other		133,441

Total expenses		9,514,540
Less reduction to custodian expenses		(2,632)
Less waivers and reimbursements of expenses		(348,499)

Net expenses		9,163,409

Net Investment Income		46,539,222

36 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)	$	(20,759,171)
Affiliated companies		(12,556)
Closing and expiration of option contracts written		185,313
Closing and expiration of futures contracts		880,509
Foreign currency transactions		4,561,586
Swap contracts		(1,745,989)
Swaption contracts		416,993

Net realized gain (loss) allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		650,969
Oppenheimer Master Loan Fund, LLC		(1,393,700)

Net realized loss		(17,216,046)

Net change in unrealized appreciation/depreciation on:
Investments		9,080,473
Translation of assets and liabilities denominated in foreign currencies		(4,992,643)
Futures contracts		(1,680,984)
Option contracts written		(591,212)
Swap contracts		(2,255,009)
Swaption contracts		1,367,694

Net change in unrealized appreciation/depreciation allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(1,457,496)
Oppenheimer Master Loan Fund, LLC		1,016,673

Net change in unrealized appreciation/depreciation		487,496

Net Increase in Net Assets Resulting from Operations	$	29,810,672

1. The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes. See Note 4 of the accompanying Consolidated Notes.

See accompanying Notes to Consolidated Financial Statements.

37 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014

Operations
Net investment income	$	46,539,222	$	107,224,322

Net realized loss		(17,216,046)		(5,459,632)

Net change in unrealized appreciation/depreciation		487,496		(36,151,836)

Net increase in net assets resulting from operations		29,810,672		65,612,854

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(29,479,205)		(31,299,751)
Service shares		(81,704,570)		(63,703,194)

		(111,183,775)		(95,002,945)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(89,099,370)		(142,634,078)
Service shares		16,691,526		(144,544,896)

		(72,407,844)		(287,178,974)

Net Assets
Total decrease		(153,780,947)		(315,569,065)

Beginning of period		2,138,198,113		2,454,767,178

End of period (including accumulated net investment income of $40,064,358 and $104,708,911, respectively)	$	1,984,417,166	$	2,139,198,113

See accompanying Notes to Consolidated Financial Statements.

38 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	5.30	$	5.38	$	5.67	$	5.38	$	5.58	$	5.30

Income (loss) from investment operations:
Net investment income²		0.12		0.26		0.28		0.33		0.36		0.34
Net realized and unrealized gain (loss)		(0.05)		(0.11)		(0.29)		0.36		(0.31)		0.40

Total from investment operations		0.07		0.15		(0.01)		0.69		0.05		0.74

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.31)		(0.23)		(0.28)		(0.34)		(0.18)		(0.46)
Distributions from net realized gain		0.00		0.00		0.00		(0.06)		(0.07)		0.00

Total dividends and distributions to shareholders		(0.31)		(0.23)		(0.28)		(0.40)		(0.25)		(0.46)

Net asset value, end of period	$	5.06	$	5.30	$	5.38	$	5.67	$	5.38	$	5.58



Total Return, at Net Asset Value³		1.35%		2.84%		(0.13)%		13.53%		0.85%		14.97%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	477,446	$	586,951	$	738,741	$	741,996	$	648,084	$	771,755

Average net assets (in thousands)	$	568,950	$	707,673	$	734,707	$	690,351	$	694,868	$	737,071

Ratios to average net assets:^4,5
Net investment income		4.61%		4.73%		5.12%		6.01%		6.50%		6.47%
Total expenses⁶		0.75%		0.74%		0.74%		0.77%		0.77%		0.75%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.72%		0.71%		0.72%		0.71%		0.71%		0.71%

Portfolio turnover rate⁷		44%		93%		107%		78%		49%		99%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.

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



		Six Months Ended June 30, 2015			0.76%
		Year Ended December 31, 2014			0.75%
		Year Ended December 31, 2013			0.74%
		Year Ended December 31, 2012			0.77%
		Year Ended December 30, 2011			0.77%
		Year Ended December 31, 2010			0.75%

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



	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2015		$669,325,753		$714,911,810
Year Ended December 31, 2014		$1,348,552,640		$1,337,346,996
Year Ended December 31, 2013		$4,294,357,677		$4,679,296,373
Year Ended December 31, 2012		$3,862,820,437		$3,466,796,233
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

See accompanying Notes to Consolidated Financial Statements.

39 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	5.42	$	5.50	$	5.79	$	5.49	$	5.68	$	5.38

Income (loss) from investment operations:
Net investment income²		0.12		0.25		0.27		0.33		0.35		0.33
Net realized and unrealized gain (loss)		(0.05)		(0.11)		(0.29)		0.36		(0.31)		0.42

Total from investment operations		0.07		0.14		(0.02)		0.69		0.04		0.75

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.30)		(0.22)		(0.27)		(0.33)		(0.16)		(0.45)
Distributions from net realized gain		0.00		0.00		0.00		(0.06)		(0.07)		0.00

Total dividends and distributions to shareholders		(0.30)		(0.22)		(0.27)		(0.39)		(0.23)		(0.45)

Net asset value, end of period	$	5.19	$	5.42	$	5.50	$	5.79	$	5.49	$	5.68



Total Return, at Net Asset Value³		1.21%		2.49%		(0.37)%		13.15%		0.65%		14.77%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,506,971	$	1,551,247	$	1,716,026	$	1,840,721	$	1,604,906	$	1,670,340

Average net assets (in thousands)	$	1,546,971	$	1,646,615	$	1,794,640	$	1,715,995	$	1,673,715	$	2,485,427

Ratios to average net assets:^4,5
Net investment income		4.37%		4.48%		4.88%		5.76%		6.25%		6.15%
Total expenses⁶		1.00%		0.99%		0.99%		1.02%		1.02%		0.99%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.97%		0.96%		0.97%		0.96%		0.96%		0.95%

Portfolio turnover rate⁷		44%		93%		107%		78%		49%		99%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.

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



		Six Months Ended June 30, 2015			1.01%
		Year Ended December 31, 2014			1.00%
		Year Ended December 31, 2013			0.99%
		Year Ended December 31, 2012			1.02%
		Year Ended December 30, 2011			1.02%
		Year Ended December 31, 2010			0.99%

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



	Purchase Transactions		Sale Transactions

Six Months Ended June 30, 2015		$669,325,753		$714,911,810
Year Ended December 31, 2014		$1,348,552,640		$1,337,346,996
Year Ended December 31, 2013		$4,294,357,677		$4,679,296,373
Year Ended December 31, 2012		$3,862,820,437		$3,466,796,233
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

See accompanying Notes to Consolidated Financial Statements.

40 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2015 Unaudited

1. Organization

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 (“1940 Act”), 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.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer Global Strategic Income Fund (Cayman) Ltd., which is wholly-owned and controlled by the Fund (the “Subsidiary”). The Fund and Subsidiary are both managed by the Manager. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts) and exchange traded funds related to gold or other special minerals (“Gold ETFs”). The Subsidiary is subject to the same investment restrictions and guidelines, and follows the same compliance policies and procedures, as the Fund.

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 period end, the Fund owned 15,000 shares with net assets of $1,327,045.

Other financial information at period end:


Total market value of investments*	$	—
Net assets	$	1,327,045
Net income (loss)	$	(20,817)
Net realized gain (loss)	$	—
Net change in unrealized appreciation/depreciation	$	—

* At period end, the subsidiary only held cash.

41 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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.

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.

Subchapter M requires, among other things, that at least 90% of the Fund’s gross income be derived from securities or derived with respect to its business of investing in securities (typically referred to as “qualifying income”). Income from commodity-linked derivatives may not be treated as “qualifying income” for purposes of the 90% gross income requirement. The Internal Revenue Service (IRS) has previously issued a number of private letter rulings which conclude that income derived from commodity index-linked notes and investments in a wholly-owned subsidiary will be “qualifying income.” As a result, the Fund will gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

The IRS has suspended the granting of private letter rulings pending further review. As a result, there can be no assurance that the IRS will not change its position with respect to commodity-linked notes and wholly-owned subsidiaries. In addition, future legislation and guidance from Treasury and the IRS may adversely affect the fund’s ability to gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

The Fund is required to include in income for federal income tax purposes all of the subsidiary’s net income and gains whether or not such income is distributed by the subsidiary. Net income and gains from the subsidiary are generally treated as ordinary income by the Fund, regardless of the character of the subsidiary’s underlying income. Net losses from the subsidiary do not pass through to the Fund for federal income tax purposes.

During the fiscal year ended December 31, 2014, the Fund utilized $12,716,558 of capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had straddle losses of $254,126 which were deferred. Details of the fiscal year ended December 31, 2014 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		41,283,570

Total	$	50,374,428

Of these losses, $6,678,980 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 30, 2015, it is estimated that the capital loss carryforwards would be $9,090,858 expiring by 2018 and $58,753,742, 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 year. During the six months ended June 30, 2015, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

42 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

2. Significant Accounting Policies (Continued)


Federal tax cost of securities	$	2,091,781,601
Federal tax cost of other investments		23,561,816

Total federal tax cost	$	2,115,343,417

Gross unrealized appreciation	$	34,387,321
Gross unrealized depreciation		(96,488,755)

Net unrealized appreciation	$	(62,101,434)

Recent Accounting Pronouncement. In May 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2015-07. This is an update to Fair Value Measurement Topic 820. Under the amendments in this ASU, investments for which fair value is measured at net asset value per share (or its equivalent) using the practical expedient should not be categorized in the fair value hierarchy. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. As of June 30, 2015, the Manager does not believe the adoption of the ASU will have a material effect on the financial statements or disclosures.

3. 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.

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.

43 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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.

The table below categorizes amounts that are included in the Fund’s Consolidated Statement of Assets and Liabilities as of June 30, 2015 based on valuation input level:

44 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

3. 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:
Asset-Backed Securities	$	—	$	41,874,329	$	16,869,016	$	58,743,345
Mortgage-Backed Obligations		—		229,329,583		2,763,521		232,093,104
U.S. Government Obligations		—		33,806,480		—		33,806,480
Foreign Government Obligations		—		237,269,396		—		237,269,396
Corporate Loans		—		29,431,250		7,452		29,438,702
Corporate Bonds and Notes		—		1,241,601,745		2,559,433		1,244,161,178
Common Stocks		2,020,048		1,478,323		15		3,498,386
Rights, Warrants and Certificates		—		—		—		—
Structured Securities		—		7,580,176		5,778,825		13,359,001
Investment Companies		20,739,901		156,299,703		—		177,039,604
Over-the-Counter Options Purchased		—		2,419,450		—		2,419,450
Over-the-Counter Credit Default Swaption Purchased		—		52,857		—		52,857
Over-the-Counter Interest Rate Swaptions Purchased		—		673,634		—		673,634

Total Investments, at Value		22,759,949		1,981,816,926		27,978,262		2,032,555,137
Other Financial Instruments:
Swaps, at value		—		1,608,447		—		1,608,447
Centrally cleared swaps, at value		—		7,004,812		—		7,004,812
Futures contracts		84,134		—		—		84,134
Forward currency exchange contracts		—		5,625,055		—		5,625,055

Total Assets	$	22,844,083	$	1,996,055,240	$	27,978,262	$	2,046,877,585


Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	(2,502,094)	$	—	$	(2,502,094)
Centrally cleared swaps, at value		—		(87,619)		—		(87,619)
Options written, at value		—		(6,477,788)		—		(6,477,788)
Futures contracts		(915,498)		—		—		(915,498)
Forward currency exchange contracts		—		(7,998,781)		—		(7,998,781)
Swaptions written, at value		—		(839,022)		—		(839,022)

Total Liabilities	$	(915,498)	$	(17,905,304)	$	—	$	(18,820,802)

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


	Transfers out of Level 2*			Transfers into Level 3*

Assets Table
Investments, at Value:
Non-Convertible Corporate Bonds and Notes	$	(39,746	)	$	39,746

Total Assets	$	(39,746	)	$	39,746

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

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, 2014		Realized gain (loss)		Change in unrealized appreciation/ depreciation		Accretion/ (amortization) of premium/ discount^a

Assets Table
Investments, at Value:
Asset-Backed Securities	$	17,141,305	$	—	$	(338,917)	$	66,628
Mortgage-Backed Obligations		2,842,770		—		(99,688)		20,439
Corporate Loans		7,452		—		—		—
Corporate Bonds and Notes		2,992,241		(5,309,043)		6,727,446		—
Common Stocks		15		—		—		—
Structured Securities		8,042,066		(1,061,081)		(389,267)		49,895

Total Assets	$	31,025,849	$	(6,370,124)	$	5,899,574	$	136,962

a. Included in net investment income.

45 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)


	Sales		Transfers into Level 3		Value as of June 30, 2015

Assets Table (Continued)
Investments, at Value:
Asset-Backed Securities	$	—	$	—	$	16,869,016
Mortgage-Backed Obligations		—		—		2,763,521
Corporate Loans		—		—		7,452
Corporate Bonds and Notes		(1,890,957)		39,746		2,559,433
Common Stocks		—		—		15
Structured Securities		(862,788)		—		5,778,825

Total Assets	$	(2,753,745)	$	39,746	$	27,978,262

The total change in unrealized appreciation/depreciation included in the Consolidated Statement of Operations attributable to Level 3 investments still held at June 30, 2015:


	Change in unrealized appreciation/ depreciation

Asset-Backed Securities	$	(338,917)
Mortgage-Backed Obligations		(99,688)
Corporate Bonds and Notes		(58,554)
Structured Securities		(389,267)

Total Assets	$	(886,426)

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 30, 2015:

Value as of
June 30, 2015

Valuation Technique

Unobservable input

Range of
Unobservable Inputs

Unobservable
Input Used

Assets Table

Investments, at Value:

Asset-Backed Securities

16,869,016

Broker quotes

N/A

(a)

Mortgage-Backed Obligations

2,763,521

Broker quotes

N/A

(a)

Corporate Bonds and Notes

2,559,432

Broker quotes

N/A

(a)

Corporate Bonds and Notes

Estimated Recovery
proceeds

Nominal Value

N/A

1% of par

(b)

Corporate Loans

7,452

Pricing service

N/A

(a)

Common Stock

Estimated Recovery
proceeds

Nominal Value

N/A

$0.01/share

(c)

Structured Securities

5,778,825

Broker quotes

N/A

(a)

Total

27,978,262

(a) 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.

(b) The Fund fair values certain corporate bonds and notes received from a bond restructuring using a nominal value to reflect the low probability of future value. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

(c) The Fund fair values certain common stocks held at a nominal value to reflect the low probability of receipt of future payments to be received as a result of a merger. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. A significant increase (decrease) in the future distribution amount, or a significant increase (decrease) to the probability of payment rate, will result in a significant increase (decrease) to the fair value of the investment.

4. Investments and Risks

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 or for defensive purposes. IMMF is a registered open-end management investment company, regulated as a money market fund under the 1940 Act. 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 (“Master Loan”) and Oppenheimer Master Event-Linked Bond Fund, LLC (“Master Event-Linked Bond”) (the “Master Funds”). Each Master Fund has its own investment risks, and those risks can affect the value of the Fund’s

46 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

4. Investments and Risks (Continued)

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 Master Loan is to seek income. The investment objective of Master Event-Linked Bond is to seek total return. The Fund’s investments in the Master Funds are included in the Consolidated Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each Master Fund according to its allocated pro-rata share, based on its relative proportion of total outstanding Master Fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the Master Funds. As a shareholder, the Fund is subject to its proportional share of the Master Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Master Funds. The Fund owns 8.7% of Master Loan and 15.4% of Master Event-Linked Bond at June 30, 2015.

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.

Loans. The Fund invests in loans made to U.S. and foreign borrowers that are corporations, partnerships or other business entities. The Fund will do so directly as an original lender or by assignment or indirectly through participation agreements or certain derivative instruments. While many of these loans will be collateralized, the Fund can also invest in uncollateralized loans. Loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancing of borrowers. The loans often pay interest at rates that float above (or are adjusted periodically based on) a benchmark that reflects current interest rates although the Fund can also invest in loans with fixed interest rates.

As of June 30, 2015, 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		$104,603,877
Sold securities		44,502,985

Restricted Securities. As of June 30, 2015, 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.

47 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)


Cost			$16,752,298
Market Value			$5,735,467
Market value as % of Net Assets			0.29%

Sovereign Debt Risk. The Fund invests in sovereign debt securities, which are subject to certain special risks. These risks include, but are not limited to, the risk that a governmental entity may delay or refuse, or otherwise be unable, to pay interest or repay the principal on its sovereign debt. There may also be no legal process for collecting sovereign debt that a government does not pay or bankruptcy proceedings through which all or part of such sovereign debt may be collected. In addition, a restructuring or default of sovereign debt may also cause additional impacts to the financial markets, such as downgrades to credit ratings, reduced liquidity and increased volatility, among others.

5. Risk Exposures and the Use of Derivative Instruments

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

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

48 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

5. 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.

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 30, 2015, the Fund had daily average contract amounts on forward contracts to buy and sell of $289,236,870 and $444,566,078, 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.

During the six months ended June 30, 2015, the Fund had an ending monthly average market value of $141,376,951 and $108,825,987 on futures contracts purchased and sold, respectively.

Option Activity

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

49 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

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

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 individual equity securities and/or equity indexes to increase exposure to equity risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

During the six months ended June 30, 2015, the Fund had an ending monthly average market value of $1,723,829 and $1,366,864 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 put options on treasury and/or euro futures to increase exposure to interest rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

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

During the six months ended June 30, 2015, the Fund had an ending monthly average market value of $967,259 and $3,474,222 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 30, 2015 was as follows:


	Number of Contracts		Amount of Premiums

Options outstanding as of December 31, 2014		108,580,000	$	600,824
Options written		227,699,166,271		17,774,447
Options closed or expired		(77,580,000)		(185,313)
Options exercised		(223,650,714,923)		(12,285,418)

Options outstanding as of June 30, 2015		4,079,451,348	$	5,904,540

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 (“centrally cleared swaps”). Swap contracts may include interest rate, equity, debt, index, total return, credit default, currency, and volatility swaps.

Swap contracts are reported on a schedule following the Consolidated Statement of Investments. The values of centrally cleared swap and 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.

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.

50 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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

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 Consolidated Statement of Operations.

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 30, 2015, the Fund had ending monthly average notional amounts of $13,528,564 and $24,494,975 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.

Currency Swap Contracts. A currency swap contract is an agreement between counterparties to exchange different currencies at contract inception that are equivalent to a notional value. The exchange at contract inception is made at the current spot rate. The contract also includes an agreement to reverse the exchange of the same notional values of those currencies at contract termination. The re-exchange at contract termination may take place at the same exchange rate, a specified rate or the then current spot rate. Certain currency swap contracts provide for exchanging the currencies only at contract termination and can provide for only a net payment in the settlement currency, typically USD. A currency swap contract may also include the exchange of periodic payments, between the counterparties, that are based on interest rates available in the respective currencies at contract inception. Other currency swap contracts may not provide for exchanging the different currencies at all, and only for exchanging interest cash flows based on the notional value in the contract.

The Fund has entered into currency swap contracts with the obligation to pay an interest rate on the dollar notional amount and receive an interest rate on the various foreign currency notional amounts in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts increase exposure to foreign exchange rate risk.

For the six months ended June 30, 2015, the Fund had ending monthly average notional amounts of $53,965,280 on currency swaps which receive a fixed rate.

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 30, 2015, the Fund had ending monthly average notional amounts of $72,625,881 and $97,813,525 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.

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.

51 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

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

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 has 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.

The Fund has written swaptions which gives it the obligation, if exercised by the purchaser, to enter into an currency swap contracts with the obligation to receive an interest rate on the dollar notional amount and pay an interest rate on the various foreign currency notional amounts in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts increase exposure to foreign exchange rate risk.

During the six months ended June 30, 2015, the Fund had an ending monthly average market value of $2,613,317 and $3,469,226 on purchased and written swaptions, respectively.

Written swaption activity for the six months ended June 30, 2015 was as follows:


	Notional Amount		Amount of Premiums

Swaptions outstanding as of December 31, 2014		$65,040,000	$	710,481
Swaptions written		2,780,935,116		10,030,953
Swaptions closed or expired		(335,630,000)		(416,992)
Swaptions exercised		(1,867,571,000)		(9,372,819)

Swaptions outstanding as of June 30, 2015		642,774,116	$	951,623

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.

52 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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

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.

As of June 30, 2015, the Fund has required certain counterparties to post collateral of $473,665.

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

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities. 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.

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

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Consolidated Statement of Assets and Liabilities 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 pledged by the Fund at June 30, 2015:


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

Bank of America NA	$	2,167,476	$	(2,167,476)	$	—	$	—	$	—
Barclays Bank plc		828,299		(828,299)		—		—		—
BNP Paribas		76,568		(76,568)		—		—		—
Citibank NA		1,156,479		(1,156,479)		—		—		—
Deutsche Bank AG		495,357		(146,165)		—		(349,192)		—
Goldman Sachs Bank USA		1,783,796		(1,331,879)		—		—		451,917
Goldman Sachs Group, Inc. (The)		1,892,130		(1,892,130)		—		—		—
HSBC Bank USA NA		159,597		(159,597)		—		—		—
JPMorgan Chase Bank NA		1,305,126		(1,305,126)		—		—		—
Morgan Stanley Capital Services, Inc.		133,576		(133,576)		—		—		—
Toronto Dominion Bank		352,162		(352,162)		—		—		—
UBS AG		28,877		—		(28,877)		—		—

	$	10,379,443	$	(9,549,457)	$	(28,877)	$	(349,192)	$	451,917

53 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

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

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally 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 30, 2015:


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

Bank of America NA	$	(3,346,726)	$	2,167,476	$	489,496	$	—	$	(689,754)
Barclays Bank plc		(884,901)		828,299		56,602		—		—
BNP Paribas		(204,283)		76,568		—		—		(127,715)
Citibank NA		(2,739,426)		1,156,479		1,506,446		—		(76,501)
Deutsche Bank AG		(146,165)		146,165		—		—		—
Goldman Sachs Bank USA		(1,331,879)		1,331,879		—		—		—
Goldman Sachs Group, Inc. (The)		(3,589,394)		1,892,130		59,423		—		(1,637,841)
HSBC Bank USA NA		(1,216,419)		159,597		1,056,822		—		—
JPMorgan Chase Bank NA		(1,474,969)		1,305,126		169,843		—		—
Morgan Stanley Capital Services, Inc.		(2,157,132)		133,576		2,023,556		—		—
Nomura Global Financial Products, Inc.		(35,525)		—		35,525		—		—
Toronto Dominion Bank		(690,866)		352,162		244,627		—		(94,077)

	$	(17,817,685)	$	9,549,457	$	5,642,340	$	—	$	(2,625,888)

**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 Statements of Investments may exceed these amounts.

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 30, 2015:

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

1,033,190

Swaps, at value

598,788

Forward currency exchange contracts

Swaps, at value

34,045

Swaps, at value

816,943

Interest rate contracts

Swaps, at value

541,212

Swaps, at value

1,086,363

Credit contracts

Centrally cleared swaps, at value

6,930,952

Interest rate contracts

Centrally cleared swaps, at value

73,860

Centrally cleared swaps, at value

87,619

Interest rate contracts

Variation margin receivable

91,092 *

Variation margin payable

19,136 *

Forward currency exchange contracts

Unrealized appreciation on foreign currency exchange contracts

5,625,055

Unrealized depreciation on foreign currency exchange contracts

7,998,781

Equity contracts

Investments, at value

1,048,427 **

Options written, at value

1,812,645

Foreign exchange contracts

Investments, at value

1,371,023 **

Options written, at value

4,665,143

Credit contracts

Investments, at value

52,857 **

Swaptions written, at value

203,748

Interest rate contracts

Investments, at value

673,634 **

Swaptions written, at value

635,274

Total

17,475,347

17,924,440

*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 option contracts and purchased swaption contracts.

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	Investment 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	$	65,114	$	239,020	$	—	$	—	$	—	$	908,171	$	1,212,305
Equity contracts		1,327,165		—		—		—		—		—		1,327,165
Forward currency exchange contracts		7,440,644		59,473		185,313		—		34,677,318		(1,345,511)		41,017,237
Interest rate contracts		(1,787,464)		118,500		—		880,509		—		(1,308,649)		(2,097,104)

Total	$	7,045,459	$	416,993	$	185,313	$	880,509	$	34,677,318	$	(1,745,989)	$	41,459,603

*Includes purchased option contracts, purchased swaption contracts, written option contracts exercised and written swaption contracts exercised, if any.

54 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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


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	$	(34,395)	$	—	$	(75,879)	$	—	$	—	$	(1,692,109)	$	(1,802,383)
Equity contracts		(331,856)		(428,948)		—		—		—		—		(760,804)
Forward currency exchange contracts		(903,569)		(119,381)		—		—		(17,849,185)		(782,898)		(19,655,033)
Interest rate contracts		859,319		(42,883)		1,443,573		(1,680,984)		—		219,998		799,023

Total	$	(410,501)	$	(591,212)	$	1,367,694	$	(1,680,984)	$	(17,849,185)	$	(2,255,009)	$	(21,419,197)

*Includes purchased option contracts and purchased swaption contracts, if any.

6. Shares of Beneficial Interest

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


	Six Months Ended June 30, 2015				Year Ended December 31, 2014
	Shares		Amount		Shares		Amount

Non-Service Shares
Sold		2,136,760	$	11,454,890		9,006,106	$	48,748,110
Dividends and/or distributions reinvested		5,825,930		29,479,205		5,850,421		31,299,751
Redeemed		(24,456,276)		(130,033,465)		(41,379,216)		(222,681,939)

Net decrease		(16,493,586)	$	(89,099,370)		(26,522,689)	$	(142,634,078)



Service Shares
Sold		5,910,152	$	32,478,345		11,185,648	$	61,790,733
Dividends and/or distributions reinvested		15,712,417		81,704,570		11,624,671		63,703,194
Redeemed		(17,764,108)		(97,491,389)		(48,724,577)		(270,038,823)

Net increase (decrease)		3,858,461	$	16,691,526		(25,914,258)	$	(144,544,896)

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2015 were as follows:


	Purchases		Sales

Investment securities		$867,783,226		$877,650,198
U.S. government and government agency obligations		7,287,279		9,214,322
To Be Announced (TBA) mortgage-related securities		669,325,753		714,911,810

8. 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
Next $4 billion			0.50
Over $5 billion			0.48

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.

The Fund’s effective management fee for the six months ended June 30, 2015 was 0.59% of average annual net assets before any Subsidiary management fees or any applicable waivers.

55 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Consolidated Statement of Operations and Consolidated Financial Highlights, respectively.

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) 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.

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to waive fees and/or reimburse expenses to limit the Fund’s “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses” (excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, extraordinary expenses and certain other Fund expenses) so that, as percentages of average daily net assets, those expenses 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. During the six months ended June 30, 2015, the Manager waived $4,981.

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 underlying funds managed by the Manager or its affiliates. During the six months ended June 30, 2015, the Manager waived fees and/or reimbursed the Fund $343,518 for management fees.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

9. Pending Litigation

56 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

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

57 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

DISTRIBUTION SOURCES Unaudited

Fund Name

Pay Date

Net Income

Net Profit
from Sale

Other Capital
Sources

Oppenheimer Global Strategic Income Fund/VA

6/16/15

88.2%

0.0%

11.8%

58 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

59 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
		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
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Krishna Memani, Vice President
		Michael A. Mata, Vice President
		Hemant Baijal, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering 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		Ropes & Gray 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.

		© 2015 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO

PORTFOLIO MANAGER: Michael Levine, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/15


	Inception Date		6-Months			1-Year			5-Year			10-Year
Non-Service Shares		1/2/03		0.28	%		2.75	%		15.95	%		8.11	%
Service Shares		9/18/06		0.18			2.46			14.04			5.09	*
Russell 1000 Value Index				-0.61			4.13			16.50			7.05

*Shows performance since inception.

The Fund’s performance is compared to the performance of the Russell 1000 Value Index. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS


Citigroup, Inc.	5.1	%
JPMorgan Chase & Co.	4.8
MetLife, Inc.	2.6
Ford Motor Co.	2.4
General Motors Co.	2.4
Assured Guaranty Ltd.	2.3
Kinder Morgan, Inc.	2.2
Apple, Inc.	2.1
Pfizer, Inc.	2.1
Merck & Co., Inc.	2.0

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2015, 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 30, 2015, 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 0.28% during the reporting period, outperforming the Russell 1000 Value Index (the “Index”), which returned -0.61%. The Fund’s outperformance relative to the Index stemmed from stock selection in the consumer discretionary and consumer staples sectors, along with an underweight position in the utilities sector. The Fund underperformed in the health care sector due to less favorable stock selection and an underweight position. Weaker relative stock selection in the industrials and telecommunication services sectors also detracted from the Fund’s performance versus the Index.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

TOP INDIVIDUAL CONTRIBUTORS

Top contributors to the Fund’s performance this reporting period included Apple, Inc., JPMorgan Chase & Co. and Williams Cos, Inc. Apple continued to perform well with the continued success of the iPhone 6, excitement surrounding the introduction of the new iWatch, and an increased dividend and buyback program resulted in strong relative performance. While we continue to like the risk/reward profile of Apple, we did reduce our exposure to the stock during the reporting period. Nevertheless, Apple remains a top ten holding in the portfolio and we continue to like the stock as a result of its low earnings multiple, strong balance sheet, current attractive dividend yield, large share buyback and promising slate of new product opportunities. JPMorgan Chase performed well during the reporting period due primarily to rising interest rates. Higher rates should lead to expanding net interest margins for the company. Additionally, the Federal Reserve Board’s Comprehensive Capital Analysis and Review (CCAR) results were released late in the first quarter, which allowed the company to increase its dividends and continue to buy back stock. Williams is an energy infrastructure company that rallied after it launched a strategic review process to consider a restructuring that could eventually lead to a sale. Shares rallied on the news.

TOP INDIVIDUAL DETRACTORS

Top detractors from performance this reporting period included Micron Technology Inc., Navistar International Corp., and MBIA, Inc. Micron Technology is a leading manufacturer of memory (DRAM and NAND) for the technology industry. Historically, the memory business has been characterized by commodity pricing and boom/bust cycles. We believe that industry consolidation has fundamentally changed the dynamics of the memory market. In our opinion, the dominant three players should be able to limit capacity growth to better match demand and ultimately lead to better pricing. Rational capacity growth combined with steady increases in demand has resulted in better profitability in the memory market. Most of our position in Micron is in its 3% convertible bond, which we believe has an attractive risk/reward profile. Navistar is a heavy truck manufacturer that has been dealing with a relatively soft demand environment. Navistar’s new management has undertaken an extensive restructuring program that has resulted in a lower cost structure. In our opinion, the lower cost structure combined with competitive new products has the potential to ultimately lead to better results. MBIA, Inc. insures municipal bonds and other structured products. Concerns that Puerto Rico would need to restructure much of its debt caused MBIA to decline sharply towards the end of the period. While the Puerto Rico situation is complex and there are many alarming headlines, the reality is that MBIA has significant legal protections, its obligations are spread out over many

3 OPPENHEIMER EQUITY INCOME FUND/VA

years and Puerto Rico still has options to address its obligations which may result in minimal, if any, losses to MBIA. We continue to believe that MBIA will be a solid investment over time.

STRATEGY & OUTLOOK

While volatility has increased during the last few weeks of the period due to the saga surrounding Greece and a sharp downdraft in the local Chinese market, we continue to believe that the markets are positioned to appreciate during the remainder of 2015. The U.S. economy continues to gain momentum, and while interest rates have risen, they remain at historically low levels. Continued easy monetary policy across the globe, strong corporate balance sheets, an improving job market and a strengthening housing market should drive decent economic growth in the U.S. Furthermore, the decline in oil prices continues to be positive for the U.S. consumer. While the strong U.S. dollar will impact corporate earnings, outside of the commodity sectors, we continue to expect improving earnings and we believe dividends should continue to increase in-line with earnings. While interest rates have remained lower for longer than we expected, we continue to believe that interest rates will ultimately move higher, which are likely to result in flat to negative returns for most fixed income asset classes and make equities more appealing.

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 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 30, 2015.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During 6 Months Ended June 30, 2015
Non-Service shares	$	1,000.00	$	1,002.80	$	3.98
Service shares		1,000.00		1,001.80		5.23

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

5 OPPENHEIMER EQUITY INCOME FUND/VA



STATEMENT OF INVESTMENTS June 30, 2015 Unaudited


	Shares		Value
Common Stocks—81.6%
Consumer Discretionary—13.6%
Auto Components—1.7%
Lear Corp.		1,715	$	192,526


Automobiles—4.9%
Ford Motor Co.¹		18,275		274,308
General Motors Co.		8,125		270,806
				545,114


Hotels, Restaurants & Leisure—0.1%
Las Vegas Sands Corp.		275		14,457


Household Durables—2.2%
Beazer Homes USA, Inc.²		1,215		24,239
MDC Holdings, Inc.		4,655		139,510
PulteGroup, Inc.		325		6,549
Standard Pacific Corp.²		8,465		75,423
				245,721


Media—1.6%
DIRECTV²		1,410		130,834
Time Warner Cable, Inc.		225		40,088
Viacom, Inc., Cl. B		65		4,202
				175,124


Multiline Retail—0.9%
Kohl’s Corp.		1,635		102,367


Specialty Retail—2.2%
Best Buy Co., Inc.		6,500		211,965
Foot Locker, Inc.		250		16,753
Staples, Inc.		875		13,396
				242,114


Consumer Staples—2.5%
Beverages—0.6%
Molson Coors Brewing Co., Cl. B		770		53,753
PepsiCo, Inc.		170		15,868
				69,621


Food & Staples Retailing—0.6%
Wal-Mart Stores, Inc.		995		70,575


Food Products—0.4%
Kraft Foods Group, Inc.		110		9,366
Pinnacle Foods, Inc.		745		33,927
				43,293


Household Products—0.1%
Procter & Gamble Co. (The)		170		13,301


Tobacco—0.8%
Philip Morris International, Inc.		1,065		85,381


Energy—8.9%
Energy Equipment & Services—0.2%
Ensco plc, Cl. A		935		20,823


Oil, Gas & Consumable Fuels—8.7%
BP plc, Sponsored ADR		2,725		108,891
Chevron Corp.		1,275		122,999
Exxon Mobil Corp.		1,070		89,024
Kinder Morgan, Inc.		6,470		248,383
Marathon Oil Corp.		2,435		64,625
Royal Dutch Shell plc, Cl. A, Sponsored ADR		2,910		165,899
Williams Cos., Inc. (The)		3,035		174,179
				974,000


Financials—28.5%
Capital Markets—4.2%
Goldman Sachs Group, Inc. (The)		980		204,614
KKR & Co. LP³		5,265		120,306


	Shares		Value
Capital Markets (Continued)
Morgan Stanley		3,800	$	147,402
				472,322

Commercial Banks—12.2%
Bank of America Corp.		3,800		64,676
Citigroup, Inc.¹		10,300		568,972
JPMorgan Chase & Co.		7,875		533,610
Wells Fargo & Co.		3,525		198,246
				1,365,504

Insurance—7.1%
American International Group, Inc.		905		55,947
Assured Guaranty Ltd.		10,600		254,294
Genworth Financial, Inc., Cl. A²		5,075		38,418
MBIA, Inc.²		13,925		83,689
MetLife, Inc.		5,235		293,108
XL Group plc, Cl. A		1,825		67,890
				793,346

Real Estate Investment Trusts (REITs)—4.7%
Apollo Commercial Real Estate Finance, Inc.		4,025		66,131
Ashford Hospitality Trust, Inc.		2,790		23,603
Blackstone Mortgage Trust, Inc., Cl. A		1,765		49,102
Colony Capital, Inc., Cl. A		4,835		109,513
Communications Sales & Leasing, Inc.		2,535		62,665
iStar Financial, Inc.²		1,225		16,317
NorthStar Realty Finance Corp.		1,795		28,540
Starwood Property Trust, Inc.		5,450		117,557
Two Harbors Investment Corp.		5,650		55,031
				528,459

Thrifts & Mortgage Finance—0.3%
Radian Group, Inc.		1,486		27,877

Health Care—8.8%
Health Care Equipment & Supplies—1.1%
Medtronic plc		1,580		117,078

Pharmaceuticals—7.7%
AbbVie, Inc.		1,095		73,573
GlaxoSmithKline plc, Sponsored ADR		1,885		78,510
Johnson & Johnson		715		69,684
Merck & Co., Inc.		3,890		221,458
Mylan NV²		145		9,840
Pfizer, Inc.¹		6,950		233,033
Roche Holding AG, Sponsored ADR		2,150		75,401
Teva Pharmaceutical Industries Ltd., Sponsored ADR		1,780		105,198
				866,697

Industrials—4.8%
Aerospace & Defense—0.3%
Textron, Inc.		675		30,125

Airlines—1.3%
Delta Air Lines, Inc.		95		3,903
United Continental Holdings, Inc.²		2,705		143,392
				147,295

Commercial Services & Supplies—0.8%
R.R. Donnelley & Sons Co.		5,345		93,163

Electrical Equipment—0.4%
Eaton Corp. plc		340		22,947
General Cable Corp.		1,350		26,635
				49,582

Industrial Conglomerates—0.9%
General Electric Co.¹		3,850		102,295

Machinery—0.7%
Navistar International Corp.²		3,475		78,639

6 OPPENHEIMER EQUITY INCOME FUND/VA


	Shares		Value
Marine—0.2%
Costamare, Inc.		1,045	$	19,197


Road & Rail—0.2%
CSX Corp.		500		16,325


Information Technology—6.2%
Communications Equipment—1.3%
Cisco Systems, Inc.		3,000		82,380
QUALCOMM, Inc.		1,000		62,630
				145,010
Internet Software & Services—0.5%
Google, Inc., Cl. C²		105		54,653


Semiconductors & Semiconductor Equipment—0.4%
Intel Corp.		175		5,323
Micron Technology, Inc.²		1,765		33,252
				38,575
Software—1.2%
Microsoft Corp.¹		3,125		137,969


Technology Hardware, Storage & Peripherals—2.8%
Apple, Inc.		1,900		238,308
EMC Corp.		1,285		33,911
Hewlett-Packard Co.		625		18,756
Seagate Technology plc		540		25,650
				316,625
Materials—2.9%
Chemicals—0.5%
LyondellBasell Industries NV, Cl. A		545		56,418


Containers & Packaging—0.1%
Packaging Corp. of America		245		15,310


Metals & Mining—0.7%
Allegheny Technologies, Inc.		1,425		43,035
Freeport-McMoRan, Inc.		2,155		40,126
				83,161
Paper & Forest Products—1.6%
Domtar Corp.		2,605		107,847
International Paper Co.		1,195		56,870
Louisiana-Pacific Corp.²		625		10,644
				175,361
Telecommunication Services—2.9%
Diversified Telecommunication Services—2.9%
AT&T, Inc.		125		4,440
CenturyLink, Inc.		4,250		124,865
Frontier Communications Corp.		16,100		79,695
Verizon Communications, Inc.		2,215		103,241
Windstream Holdings, Inc.		2,035		12,984
				325,225
Utilities—2.5%
Electric Utilities—2.0%
American Electric Power Co., Inc.		1,325		70,185
Edison International		1,150		63,917
FirstEnergy Corp.		490		15,950
PPL Corp.		2,745		80,895
				230,947
Independent Power and Renewable Electricity Producers—0.5%
NRG Energy, Inc.		2,090		47,819
Talen Energy Corp.²		370		6,349
				54,168
Total Common Stocks (Cost $8,188,192)				9,135,743


	Shares		Value
Preferred Stocks—5.1%
Alcoa, Inc., 5.375% Cv., Non-Vtg.		435	$	17,196
American Homes 4 Rent, 5% Cum., Series A, Non-Vtg.		1,000		25,150
American Homes 4 Rent, 5% Cum., Series B, Non-Vtg.		1,300		32,760
Beazer Homes USA, Inc., 7.50% Cv.		2,240		63,459
Dominion Resources, Inc., 6.375% Cv.		400		18,680
Exelon Corp., 6.50% Cv.		950		43,092
Frontier Communications Corp., Series A, 11.125% Cv., Non-Vtg.²		570		56,943
iStar Financial, Inc., 4.50% Cv., Non-Vtg.		1,930		110,473
Post Holdings, Inc., 2.50% Cv.⁴		485		51,077
Post Holdings, Inc., 5.25% Cv.		1,015		106,575
Southwestern Energy Co., 6.25% Cv., Non-Vtg.		920		45,420
Total Preferred Stocks (Cost $564,185)				570,825

	Units
Rights, Warrants and Certificates—0.1%
Kinder Morgan, Inc. Wts., Strike Price $40, Exp. 5/25/17²(Cost $18,343)		4,925		13,297

	Principal Amount
Non-Convertible Corporate Bonds and Notes—0.6%
J.C. Penney Corp., Inc.:
5.65% Sr. Unsec. Nts., 6/1/20	$	39,000		35,393
5.75% Sr. Unsec. Nts., 2/15/18		3,000		2,951
MBIA Insurance Corp., 11.535% Sub. Nts., 1/15/33^4,5		65,000		31,850
Total Non-Convertible Corporate Bonds and Notes (Cost $82,515)				70,194

Convertible Corporate Bonds and Notes—8.8%
General Cable Corp., 4.50% Cv. Unsec. Sub. Nts., 11/15/296		146,000		121,727
iStar Financial, Inc., 3% Cv. Sr. Unsec. Nts., 11/15/16		60,100		72,571
MGIC Investment Corp.:
5.00% Cv. Sr. Unsec. Nts., 5/1/17		62,000		71,494
9.00% Cv. Jr. Sub. Nts., 4/1/63⁴		205,000		266,628
Micron Technology, Inc., 3% Cv. Sr. Unsec. Nts., 11/15/43		133,000		120,781
Navistar International Corp.:
4.50% Cv. Sr. Sub. Nts., 10/15/18		102,000		87,465
4.75% Cv. Sr. Sub. Nts., 4/15/19		119,000		102,414
Peabody Energy Corp., 4.75% Cv. Jr. Sub. Nts., 12/15/41		95,000		16,506
Radian Group, Inc., 2.25% Cv. Sr. Unsec. Nts., 3/1/19¹		67,500		120,108
Total Convertible Corporate Bonds and Notes (Cost $1,026,678)				979,694

	Shares
Structured Securities—3.1%
Bank of America Corp., Standard Pacific Corp. Equity Linked Nts., 10/28/15^2,4		2,476		21,525
Bank of America Merrill Lynch, American Axle & Manufacturing Holdings, Inc. Equity Linked Nts., 10/26/15⁴		818		17,477
Bank of America Merrill Lynch, Louisiana- Pacific Corp. Equity Linked Nts., 8/12/15⁴		1,465		25,206
Bank of America Merrill Lynch, Standard Pacific Corp. Equity Linked Nts., 8/31/15⁴		2,874		25,614
Barclays Bank plc, J.C. Penney Co., Inc. Yield Enhanced Equity Linked Debt Securities, 9/11/15		3,247		26,954
Citigroup, Inc., Apple, Inc. Equity Linked Nts., 8/31/15⁴		379		48,488

7 OPPENHEIMER EQUITY INCOME FUND/VA



STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value
Structured Securities—3.1%
Citigroup, Inc., J.C. Penney Co., Inc. Equity Linked Nts., 12/7/15⁴		2,910	$	24,766
Citigroup, Inc., J.C. Penney Co., Inc. Equity Linked Nts., 8/12/15⁴		1,270		10,896
Credit Suisse AG (New York Branch), MGIC Investment Corp. Equity Linked Nts., 9/4/15		2,688		28,401
Credit Suisse AG (New York Branch), Radian Group, Inc. Equity Linked Nts., 8/20/15		1,593		28,445
Deutsche Bank AG (London), Standard Pacific Corp. Equity Linked Nts., 12/18/15⁴		2,819		24,803
Goldman Sachs Group, Inc. (The), Louisiana-Pacific Corp. Equity Linked Nts., 8/20/15⁴		1,468		25,065
Morgan Stanley, Louisiana-Pacific Corp. Equity Linked Nts., 8/3/15⁴		620		10,668
Morgan Stanley, Standard Pacific Corp. Equity Linked Nts., 9/29/15⁴		2,921		25,833
Total Structured Securities (Cost $334,951)				344,141


			Shares			Value
Investment Company—1.1%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^7,8(Cost $122,706)				122,706		$	122,706

	Exercise Price	Expiration Date	Contracts
Exchange-Traded Options Purchased—0.0%
Medtronic plc Put²	USD 70.000	7/17/15	USD	8			192
Navistar International Corp. Call²	USD 35.000	7/17/15	USD	4			60
Navistar International Corp. Put²	USD 25.000	7/17/15	USD	10			2,575
Total Exchange-Traded Options Purchased (Cost $1,065)							2,827
Total Investments, at Value (Cost $10,338,635)				100.4	%		11,239,427
Net Other Assets (Liabilities)				(0.4	)		(41,506	)

Net Assets				100.0	%	$	11,197,921

Footnotes to Statement of Investments

1. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements with respect to outstanding written options. The aggregate market value of such securities is $216,050. See Note 5 of the accompanying Notes.

2. Non-income producing security.

3. Security is a Master Limited Partnership.

4. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $609,896 or 5.45% of the Fund’s net assets as of June 30, 2015.

5. 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 4 of the accompanying Notes.

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

7. Rate shown is the 7-day yield as of June 30, 2015.

8. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the period ended June 30, 2015, 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, 2014		Gross Additions		Gross Reductions		Shares June 30, 2015
Oppenheimer Institutional Money Market Fund, Cl. E		96,193		1,378,370		1,351,857		122,706

					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	122,706	$	41


Exchange-Traded Options Written at June 30, 2015
Description		Exercise Price		Expiration Date			Number of Contracts			Premiums Received		Value
American International Group, Inc. Call	USD		65.000		7/17/15	USD		(5	)	$	347	$	(80	)
Applied Materials, Inc. Put	USD		20.000		7/17/15	USD		(8	)		504		(752	)
Bank of America Corp. Call	USD		18.000		7/17/15	USD		(4	)		80		(28	)
Beazer Homes USA, Inc. Put	USD		18.000		7/17/15	USD		(4	)		156		(30	)
Best Buy Co., Inc. Put	USD		35.000		8/21/15	USD		(4	)		708		(1,060	)
CSX Corp. Call	USD		35.000		7/17/15	USD		(5	)		651		(100	)
Edison International Put	USD		60.000		7/17/15	USD		(4	)		788		(1,784	)
Frontier Communications Corp. Put	USD		5.000		7/17/15	USD		(10	)		200		(150	)
Frontier Communications Corp. Put	USD		5.000		8/21/15	USD		(15	)		324		(405	)
General Electric Co. Put	USD		27.000		7/17/15	USD		(4	)		156		(288	)
Genworth Financial, Inc. Put	USD		8.000		7/17/15	USD		(14	)		543		(700	)
J.C. Penney, Inc. Put	USD		9.000		7/17/15	USD		(4	)		289		(240	)
JPMorgan Chase & Co. Call	USD		70.000		7/17/15	USD		(4	)		171		(144	)
LyondellBasell Industries NV Call	USD		105.000		7/17/15	USD		(4	)		828		(620	)
Medtronic plc Put	USD		75.000		7/17/15	USD		(4	)		554		(632	)
Micron Technology, Inc. Put	USD		27.000		7/17/15	USD		(5	)		715		(4,065	)
Micron Technology, Inc. Put	USD		30.000		7/17/15	USD		(4	)		1,308		(4,456	)
Mylan NV Put	USD		72.500		7/17/15	USD		(4	)		1,148		(2,230	)
Navistar International Corp. Put	USD		29.000		7/17/15	USD		(10	)		1,682		(6,500	)
Staples, Inc. Put	USD		16.000		7/17/15	USD		(4	)		126		(320	)
Teva Pharmaceutical Industries Ltd. Put	USD		62.500		7/17/15	USD		(4	)		1,098		(1,480	)
United Continental Holdings, Inc. Put	USD		67.500		9/18/15	USD		(5	)		6,960		(7,188	)
United Continental Holdings, Inc. Put	USD		62.500		9/18/15	USD		(8	)		7,895		(8,040	)

Total Exchange-Traded Options Written										$	27,231	$	(41,292	)

See accompanying Notes to Financial Statements.

8 OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2015 Unaudited


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $10,215,929)	$	11,116,721
Affiliated companies (cost $122,706)		122,706

		11,239,427

Cash		2,655

Receivables and other assets:
Investments sold		33,862
Interest and dividends		32,065
Shares of beneficial interest sold		1,051
Other		12,889

Total assets		11,321,949


Liabilities
Options written, at value (premiums received $27,231)		41,292

Payables and other liabilities:
Investments purchased		38,278 ��
Legal, auditing and other professional fees		15,971
Trustees’ compensation		10,840
Shares of beneficial interest redeemed		8,297
Shareholder communications		6,568
Distribution and service plan fees		2,306
Other		476

Total liabilities		124,028


Net Assets	$	11,197,921



Composition of Net Assets
Par value of shares of beneficial interest	$	859

Additional paid-in capital		9,995,562

Accumulated net investment income		92,898

Accumulated net realized gain on investments		221,871

Net unrealized appreciation on investments		886,731

Net Assets	$	11,197,921



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 $320,492 and 29,743 shares of beneficial interest outstanding)		$10.78


Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $10,877,429 and 829,359 shares of beneficial interest outstanding)		$13.12

See accompanying Notes to Financial Statements.

9 OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2015 Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $ 948)	$	219,029
Affiliated companies		41

Interest		14,828

Total investment income		233,898


Expenses
Management fees		43,136

Distribution and service plan fees - Service shares		13,984

Transfer and shareholder servicing agent fees:
Non-Service shares		157
Service shares		5,594

Shareholder communications:
Non-Service shares		123
Service shares		4,426

Legal, auditing and other professional fees		18,159

Trustees’ compensation		4,749

Custodian fees and expenses		607

Other		2,664

Total expenses		93,599
Less reduction to custodian expenses		(1)
Less waivers and reimbursements of expenses		(33,528)

Net expenses		60,070


Net Investment Income		173,828


Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments from unaffiliated companies (including premiums on options exercised)		277,379
Closing and expiration of option contracts written		33,775

Net realized gain		311,154

Net change in unrealized appreciation/depreciation on:
Investments		(441,553)
Option contracts written		(15,933)

Net change in unrealized appreciation/depreciation		(457,486)


Net Increase in Net Assets Resulting from Operations	$	27,496

See accompanying Notes to Financial Statements.

10 OPPENHEIMER EQUITY INCOME FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Operations
Net investment income	$	173,828		$	206,461

Net realized gain		311,154			877,321

Net change in unrealized appreciation/depreciation		(457,486	)		78,166

Net increase in net assets resulting from operations		27,496			1,161,948

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(10,233	)		(4,861)
Service shares		(287,911	)		(162,231)

		(298,144	)		(167,092)

Distributions from net realized gain:
Non-Service shares		(25,987	)		(12,986)
Service shares		(746,892	)		(451,817)

		(772,879	)		(464,803)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		54,638			64,450
Service shares		679,215			(175,637)

		733,853			(111,187)

Net Assets
Total increase (decrease)		(309,674	)		418,866

Beginning of period		11,507,595			11,088,729


End of period (including accumulated net investment income of $92,898 and $217,214, respectively)	$	11,197,921		$	11,507,595

See accompanying Notes to Financial Statements.

11 OPPENHEIMER EQUITY INCOME FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 30, 2011¹			Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	12.09		$	11.64		$	9.15		$	8.00		$	8.49		$	7.22

Income (loss) from investment operations:
Net investment income²		0.20			0.25			0.21			0.16			0.15			0.11
Net realized and unrealized gain (loss)		(0.13	)		1.01			2.42			1.11			(0.56	)		1.24

Total from investment operations		0.07			1.26			2.63			1.27			(0.41	)		1.35

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.39	)		(0.22	)		(0.14	)		(0.12	)		(0.08	)		(0.08)
Distributions from net realized gain		(0.99	)		(0.59	)		0.00			0.00			0.00			0.00

Total dividends and/or distributions to shareholders		(1.38	)		(0.81	)		(0.14	)		(0.12	)		(0.08	)		(0.08)

Net asset value, end of period	$	10.78		$	12.09		$	11.64		$	9.15		$	8.00		$	8.49


Total Return, at Net Asset Value³		0.28%			11.08%			28.93%			16.08%			(4.93)%			18.85%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	321		$	302		$	227		$	154		$	104		$	92

Average net assets (in thousands)	$	317		$	266		$	195		$	132		$	101		$	57

Ratios to average net assets:⁴
Net investment income		3.24%			2.08%			2.00%			1.82%			1.78%			1.46%
Total expenses⁵		1.38%			1.42%			1.64%			1.75%			1.83%			2.05%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%			0.80%			0.80%			0.80%			0.80%			0.57%

Portfolio turnover rate		26%			40%			159%			87%			86%			109%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:


Six Months Ended June 30, 2015	1.38	%
Year Ended December 31, 2014	1.42	%
Year Ended December 31, 2013	1.64	%
Year Ended December 31, 2012	1.75	%
Year Ended December 30, 2011	1.83	%
Year Ended December 31, 2010	2.05	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER EQUITY INCOME FUND/VA


Service Shares	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 30, 2011¹			Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	14.43		$	13.78		$	10.83		$	9.69		$	10.23		$	8.99

Income (loss) from investment operations:
Net investment income²		0.22			0.26			0.22			0.13			0.11			0.08
Net realized and unrealized gain (loss)		(0.16	)		1.19			2.87			1.13			(0.56	)		1.24

Total from investment operations		0.06			1.45			3.09			1.26			(0.45	)		1.32

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.38	)		(0.21	)		(0.14	)		(0.12	)		(0.09	)		(0.08)
Distributions from net realized gain		(0.99	)		(0.59	)		0.00			0.00			0.00			0.00

Total dividends and/or distributions to shareholders		(1.37	)		(0.80	)		(0.14	)		(0.12	)		(0.09	)		(0.08)

Net asset value, end of period	$	13.12		$	14.43		$	13.78		$	10.83		$	9.69		$	10.23


Total Return, at Net Asset Value³		0.18%			10.73%			28.70%			13.09%			(4.48)%			14.81%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	10,877		$	11,206		$	10,862		$	6,897		$	6,885		$	7,311

Average net assets (in thousands)	$	11,278		$	11,020		$	8,549		$	7,095		$	7,449		$	7,008

Ratios to average net assets:⁴
Net investment income		3.02%			1.82%			1.78%			1.26%			1.08%			0.85%
Total expenses⁵		1.63%			1.67%			1.89%			1.93%			1.90%			2.08%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%			1.05%			1.05%			1.04%			1.05%			0.93%

Portfolio turnover rate		26%			40%			159%			87%			86%			109%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:


Six Months Ended June 30, 2015	1.63	%
Year Ended December 31, 2014	1.67	%
Year Ended December 31, 2013	1.89	%
Year Ended December 31, 2012	1.93	%
Year Ended December 30, 2011	1.90	%
Year Ended December 31, 2010	2.08	%

See accompanying Notes to Financial Statements.

13 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2015 Unaudited

1. Organization

Oppenheimer Equity 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 (“1940 Act”), 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.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

14 OPPENHEIMER EQUITY INCOME FUND/VA

2. Significant Accounting Policies (Continued)

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.


Federal tax cost of securities	$	10,388,447
Federal tax cost of other investments		(27,230	)

Total federal tax cost	$	10,361,217

Gross unrealized appreciation	$	1,417,899
Gross unrealized depreciation		(580,981	)

Net unrealized appreciation	$	836,918

3. 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:

15 OPPENHEIMER EQUITY INCOME FUND/VA


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share. Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices. Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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

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.

16 OPPENHEIMER EQUITY INCOME FUND/VA

3. Securities Valuation (Continued)

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2015 based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	1,517,423	$	—		$	—	$	1,517,423
Consumer Staples		282,171		—			—		282,171
Energy		994,823		—			—		994,823
Financials		3,187,508		—			—		3,187,508
Health Care		983,775		—			—		983,775
Industrials		536,621		—			—		536,621
Information Technology		692,832		—			—		692,832
Materials		330,250		—			—		330,250
Telecommunication Services		325,225		—			—		325,225
Utilities		285,115		—			—		285,115
Preferred Stocks		409,275		161,550			—		570,825
Rights, Warrants and Certificates		13,297		—			—		13,297
Non-Convertible Corporate Bonds and Notes		—		70,194			—		70,194
Convertible Corporate Bonds and Notes		—		979,694			—		979,694
Structured Securities		—		344,141			—		344,141
Exchange-Traded Options Purchased		2,827		—			—		2,827
Investment Company		122,706		—			—		122,706

Total Assets	$	9,683,848	$	1,555,579		$	—	$	11,239,427


Liabilities Table
Other Financial Instruments:
Options written, at value	$	—	$	(41,292	)	$	—	$	(41,292	)

Total Liabilities	$	—	$	(41,292	)	$	—	$	(41,292	)

4. Investments and Risks

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

17 OPPENHEIMER EQUITY INCOME FUND/VA


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

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. There were no securities not accruing interest as of June 30, 2015. Information concerning securities not accruing interest as of June 30, 2015 is as follows:

5. Risk Exposures and the Use of Derivative Instruments

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

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

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

18 OPPENHEIMER EQUITY INCOME FUND/VA

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

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.

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

During the six months ended June 30, 2015, the Fund had an ending monthly average market value of $16 and $819 on purchased call options and purchased put options, respectively.

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

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 30, 2015, the Fund had an ending monthly average market value of $3,272 and $12,914 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 30, 2015 was as follows:


	Number of Contracts			Amount of Premiums

Options outstanding as of December 31, 2014		60			$ 7,445
Options written		610			81,851
Options closed or expired		(339	)		(33,775	)
Options exercised		(194	)		(28,290	)

Options outstanding as of June 30, 2015		137			$ 27,231

19 OPPENHEIMER EQUITY INCOME FUND/VA


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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

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.

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 30, 2015:

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

Equity contracts

Investments, at value

2,827

Options written, at value

41,292

*Amounts relate to purchased options.

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

Amount of Realized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted for as Hedging
Instruments

Investment from unaffiliated
companies*

Closing and expiration of option
contracts written

Total

Equity contracts

$ (4,705)

$ 33,775

29,070

*Includes purchased option contracts and purchased swaption contracts and written option contracts exercised, if any.

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

Derivatives Not Accounted for as Hedging
Instruments

Investments*

Option contracts written

Total

Equity contracts

$ 1,799

$ (15,933)

(14,134)

*Includes purchased option contracts and purchased swaption contracts, if any.

6. Shares of Beneficial Interest

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


	Six Months Ended June 30, 2015						Year Ended December 31, 2014
	Shares			Amount			Shares			Amount

Non-Service Shares
Sold		2,521		$	30,570			6,123		$	72,670
Dividends and/or distributions reinvested		3,275			36,220			1,525			17,847
Redeemed		(992	)		(12,152	)		(2,228	)		(26,067	)

Net increase		4,804		$	54,638			5,420		$	64,450



Service Shares
Sold		55,458		$	801,504			91,016		$	1,284,880
Dividends and/or distributions reinvested		76,880			1,034,803			43,892			614,048
Redeemed		(79,544	)		(1,157,092	)		(146,710	)		(2,074,565	)

Net increase (decrease)		52,794		$	679,215			(11,802	)	$	(175,637	)

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2015 were as follows:


	Purchases		Sales

Investment securities	$	2,991,268	$	3,177,108

8. 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:

20 OPPENHEIMER EQUITY INCOME FUND/VA

8. Fees and Other Transactions with Affiliates (Continued)


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

The Fund’s effective management fee for the six months ended June 30, 2015 was 0.75% of average annual net assets before any applicable waivers.

Waivers and Reimbursements of Expenses. The Manager has contractually 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 30, 2015, the Manager waived fees and/or reimbursed the Fund $919 and $32,574 for Non-Service and Service shares, respectively.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

9. Pending Litigation

21 OPPENHEIMER EQUITY INCOME FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

9. Pending Litigation (Continued)

representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In July 2015, the district court held an evidentiary hearing on plaintiffs’ motion for class certification. OFI and OFDI believe the California Fund Suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the California Fund Suit; and that no estimate can yet be made as to the amount or range of any potential loss.

22 OPPENHEIMER EQUITY INCOME FUND/VA

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

23 OPPENHEIMER EQUITY INCOME FUND/VA

DISTRIBUTION SOURCES Unaudited

Fund Name

Pay Date

Net Income

Net Profit
from Sale

Other Capital
Sources

Oppenheimer Equity Income Fund/VA

6/16/15

20.2%

79.8%

0.0%

24 OPPENHEIMER EQUITY INCOME FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

25 OPPENHEIMER EQUITY INCOME FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

26 OPPENHEIMER EQUITY INCOME FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

27 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
		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
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Michael S. Levine, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering 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		Ropes & Gray 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.

		^© 2015 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO

PORTFOLIO MANAGERS: Mark Hamilton; David Wharmby, CFA; Brian Watson, CFA; Benjamin Rockmuller, CFA; and Dokyoung Lee

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 6/30/15


	Inception Date		6-Months		1-Year		Since Inception
Non-Service Shares		11/14/13		-0.10%		-2.64%		3.15%
Service Shares		11/14/13		-0.20		-2.84		2.99
Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index				0.01		0.02		0.04

The Fund’s performance is compared to the performance of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index. The Bank of America (BofA) Merrill Lynch 3-month U.S. Treasury Bill Index is an index of short-term U.S. Government securities with a remaining term to final maturity of less than three months. The Index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS


TOP TEN COMMON STOCK HOLDINGS
Honeywell International, Inc.	0.6	%
Macy’s, Inc.	0.5
Starwood Property Trust, Inc.	0.5
BCE, Inc.	0.5
Brinker International, Inc.	0.5
UnitedHealth Group, Inc.	0.5
Allergan plc	0.4
Google, Inc., Cl. A	0.4
Cinemark Holdings, Inc.	0.4
Energy Transfer Equity LP	0.4

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2015, 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 30, 2015, and are based on the total market value of common stocks.

2 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares returned -0.10% during the reporting period. On a relative basis, the Fund underperformed the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index, which produced a return of 0.01%.

MARKET OVERVIEW

Over the second half of the reporting period, market volatility returned despite a continuation of slow and stable growth in the U.S. Deflationary pressures also appeared to have subsided during the period. U.S. Treasury rates rose, although they still reside at historically low levels. Oil prices rebounded from around $48 dollars per barrel to nearly $60 dollars per barrel. It is important to note that while these levels still represent a significant discount to previous years, we believe the lower prices should continue to have a stimulative effect on developed and emerging world oil importers. Meanwhile, emerging issues in Greece highlighted downside risks to the global economy and capital markets. Greece’s ongoing negotiations with creditors and ultimate default on a $1.7 billion International Monetary Fund (“IMF”) payment on June 30, 2015, led to a more challenging environment for the Eurozone. Shortly after the period ended, Eurozone leaders agreed to offer Greece a third bailout, averting a Greek exit for the time being.

FUND REVIEW

During the reporting period, top performers for the Fund included its fundamental alpha-oriented alternative strategy and its exposure to senior loans. The fundamental alpha-oriented alternative strategy offers the flexibility often associated with hedge fund-like strategies, while providing daily liquidity and transparency. The strategy seeks to provide investors with strong risk-adjusted returns that have low sensitivity to traditional market factors over the long-term. The investment process has an underlying value philosophy that combines bottom-up and top-down fundamental analysis for security selection and portfolio construction. The strategy is able to invest both long and short across three distinct alternative investment strategies including Long/Short Equity, Long/Short Credit, and Long/Short other assets (which can include currencies, rates, sovereigns, and commodities). The Long/Short Equity and Long/Short Credit strategies were the strongest performers this reporting period. In terms of senior loans, the Fund invests primarily in below-investment-grade loans issued by companies that have senior or secured claims on assets. The interest rates on the loans are floating so they provide a source of income with lower sensitivity to interest rate movements. The team employs a bottom-up fundamental approach to finding senior loans issued by companies with leading market share, innovative products, valuable assets and well regarded management. The senior loan market had a positive period mostly supported by strong technical factors. These included strong demand and an improved asset class flow environment. This income alternative proved to be a good diversifier by producing a positive return in a rising interest rate environment.

Top detractors from performance this reporting period included the Fund’s exposure to energy infrastructure master limited partnerships (“MLPs”) and its quantitative-driven alternative investment strategies. Our MLP strategy seeks to invest in U.S. midstream MLPs that the investment team believes have attractive risk and reward characteristics. MLPs had a difficult period as continued weakness in energy related commodities drove prices lower. MLPs also typically utilize fixed rate debt for a majority of their borrowing, which are typically more sensitive to shifts in interest rates. This led MLPs to suffer with the back-up in interest rates this reporting period. More importantly, we believe investment returns available to most midstream participants are robust enough that a reasonable increase in borrowing costs will not overly impact the profitability of midstream investment opportunities. Given the relatively low yield environment we are facing, over the long-term we believe investor interest in income generating asset classes will remain strong, and that MLPs are positioned to benefit. The Fund’s quantitative-driven alternative investment strategies leverages four key strategies that seek to generate attractive risk-adjusted returns that exhibit low correlation to traditional stocks and bonds. The largest detractor was the Global Macro strategy, which involves tactical positioning in broad asset and/or sector

3 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

classes. The strategy was hurt from mistimed tilts on interest rates and equities. The underperformance was partially offset by the Equity Market Neutral strategy, which had positive performance for the period.

STRATEGY & OUTLOOK

The Fund is comprised of a flexible blend of alternative strategies and assets and is designed to be a turnkey alternative solution that improves the risk/reward tradeoff of a traditional balanced portfolio. The alternative strategies (e.g. quantitative-driven alternative investment strategies, fundamental alpha-oriented alternative strategy, and currency alpha strategy), which are more alpha-oriented, rely less on the direction of major markets and economic factors to generate returns. Income alternatives (e.g. MLPs, senior loans, and event-linked bonds) generally provide exposure to relatively stable income producing assets with potentially less interest rate sensitivity than traditional fixed income allocations. Real asset alternatives (commodities and global real estate), have the potential to help guard against inflation over the long term. We combine these strategies and assets to provide a core, alternative exposure that can potentially offset some of the risk from equity drawdowns, rising interest rates, and inflationary shocks.

Over the second half of the reporting period, diverging central bank polices caused global equities to outperform their domestic counterparts as volatility increased and returns tapered off in U.S. equities. Going forward, we expect more measured returns to both stocks and bonds. Given we are in a world where QE is the norm internationally but not in the U.S., we expect to see greater dispersion across financial assets. In such an environment further diversifying in alternatives can improve the risk/reward profile for investors.

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 MULTI-ALTERNATIVES FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2015.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During 6 Months Ended June 30, 2015
Non-Service shares	$	1,000.00	$	999.00	$	6.86
Service shares		1,000.00		998.00		8.06

Hypothetical
(5% return before expenses)
Non-Service shares		1,000.00		1,017.95		6.93
Service shares		1,000.00		1,016.76		8.13

5 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA



CONSOLIDATED STATEMENT OF INVESTMENTS June 30, 2015 Unaudited


	Shares		Value
Common Stocks—26.2%
Consumer Discretionary—2.1%
Hotels, Restaurants & Leisure—0.5%
Brinker International, Inc.^1,3		35,245	$	2,031,874
Fujita Kanko, Inc.		43,000		138,721

				2,170,595

Internet & Catalog Retail—0.0%
Orbitz Worldwide, Inc.²		13,965		159,480

Media—0.7%
Cinemark Holdings, Inc.^1,3		41,660		1,673,482
DISH Network Corp., Cl. A²		13,163		891,267
SFX Entertainment, Inc.²		62,444		280,373

				2,845,122

Multiline Retail—0.9%
Macy’s, Inc.^1,3		33,365		2,251,137
Target Corp.^1,3		15,905		1,298,325

				3,549,462

Consumer Staples—0.7%
Beverages—0.2%
Coca-Cola Co. (The)^1,3		19,460		763,416

Tobacco—0.5%
Altria Group, Inc.^1,3		26,642		1,303,060
Philip Morris International, Inc.¹		11,110		890,689

				2,193,749

Energy—6.0%
Energy Equipment & Services—0.3%
Schlumberger Ltd.		7,335		632,203
Seadrill Partners LLC⁴		32,241		397,854

				1,030,057

Oil, Gas & Consumable Fuels—5.7%
Buckeye Partners LP^1,4		13,575		1,003,600
Canadian Natural Resources Ltd.		11,272		305,941
Chevron Corp.		6,065		585,091
ConocoPhillips³		12,060		740,605
DCP Midstream Partners LP^3,4		9,390		288,179
Energy Transfer Equity LP^3,4		25,805		1,655,907
Energy Transfer Partners LP^1,3,4		31,502		1,644,404
Enterprise Products Partners LP^1,3,4		55,050		1,645,444
EOG Resources, Inc.		7,195		629,922
EQT Midstream Partners LP^1,4		9,220		751,799
Genesis Energy LP^1,4		14,755		647,597
Magellan Midstream Partners LP^3,4		21,585		1,583,907
MarkWest Energy Partners LP⁴		13,545		763,667
NGL Energy Partners LP^1,3,4		20,355		617,367
Niska Gas Storage Partners LLC, Cl. U⁴		82,643		304,126
Noble Energy, Inc.¹		9,900		422,532
NuStar Energy LP^1,4		1,060		62,911
NuStar GP Holdings LLC⁴		10,960		417,138
ONEOK, Inc.		10,585		417,896
Plains All American Pipeline LP^1,4		27,735		1,208,414
Plains GP Holdings LP, Cl. A		3,300		85,272
Spectra Energy Partners LP^1,4		8,305		382,860
Sunoco Logistics Partners LP^3,4		38,795		1,475,374
Tallgrass Energy GP LP, Cl. A²		18,078		581,208
Tallgrass Energy Partners LP⁴		12,200		586,576
Targa Resources Corp.		2,300		205,206
Targa Resources Partners LP^1,4		12,119		467,793
TC PipeLines LP⁴		18,920		1,078,440
Tesoro Logistics LP⁴		11,505		657,166
TransMontaigne Partners LP⁴		6,005		228,190
Valero Energy Corp.³		7,620		477,012
Western Gas Partners LP⁴		4,875		308,929
Williams Cos., Inc. (The)¹		4,440		254,812


	Shares		Value
Oil, Gas & Consumable Fuels (Continued)
Williams Partners LP⁴		30,407	$	1,472,611

				23,957,896

Financials—7.3%
Capital Markets—0.0%
Goldman Sachs Group, Inc. (The)		668		139,472

Commercial Banks—0.7%
Citigroup, Inc.^1,3		15,280		844,067
JPMorgan Chase & Co.³		14,815		1,003,865
M&T Bank Corp.		6,325		790,182
Wells Fargo & Co.		5,880		330,691

				2,968,805

Insurance—0.8%
ACE Ltd.¹		15,625		1,588,750
Allstate Corp. (The)		9,260		600,696
HCC Insurance Holdings, Inc.		4,438		341,016
Meadowbrook Insurance Group, Inc.		18,552		159,547
Unum Group		16,500		589,875

				3,279,884

Real Estate Investment Trusts (REITs)—4.8%
Acadia Realty Trust		11,210		326,323
Alexandria Real Estate Equities, Inc.		1,520		132,939
American Assets Trust, Inc.		9,815		384,846
Associated Estates Realty Corp.		7,531		215,612
AvalonBay Communities, Inc.		3,987		637,402
Blackstone Mortgage Trust, Inc., Cl. A		40,485		1,126,293
Boston Properties, Inc.		3,960		479,318
Canadian Real Estate Investment Trust		4,680		159,060
Champion REIT		183,000		100,191
Chatham Lodging Trust		5,260		139,232
Chesapeake Lodging Trust		11,210		341,681
CubeSmart		21,400		495,624
Derwent London plc		5,650		301,693
Dexus Property Group		33,300		186,312
Equity Residential		12,540		879,932
Essex Property Trust, Inc.		3,810		809,625
Eurocommercial Properties NV		3,219		134,579
Excel Trust, Inc.		12,475		196,731
Extra Space Storage, Inc.		7,190		468,932
FelCor Lodging Trust, Inc.		29,770		294,128
Fortune Real Estate Investment Trust		132,000		133,336
Frasers Centrepoint Trust		89,000		136,050
Goodman Group		46,800		225,827
Great Portland Estates plc		24,740		302,025
Hammerson plc		25,050		242,574
Health Care REIT, Inc.		8,480		556,542
Highwoods Properties, Inc.		8,310		331,984
Home Properties, Inc.		4,730		345,526
Host Hotels & Resorts, Inc.		7,262		144,005
Invincible Investment Corp.		170		90,658
Japan Retail Fund Investment Corp.		82		163,991
Kilroy Realty Corp.		5,460		366,639
Kimco Realty Corp.		9,020		203,311
Klepierre		5,910		259,741
Land Securities Group plc		19,860		375,450
LaSalle Hotel Properties		6,210		220,207
Link REIT (The)		23,500		137,618
Macerich Co. (The)		9,065		676,249
Paramount Group, Inc.		8,760		150,322
Physicians Realty Trust		9,650		148,224
Regency Centers Corp.		6,580		388,088
Simon Property Group, Inc.		7,230		1,250,935
Sovran Self Storage, Inc.		3,290		285,934
Starwood Property Trust, Inc.		102,240		2,205,317
Tanger Factory Outlet Centers, Inc.		7,230		229,191
Taubman Centers, Inc.		2,830		196,685

6 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


		Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
UDR, Inc.			14,430	$	462,193
Unibail-Rodamco SE			2,240		568,396
Vastned Retail NV			2,188		96,310
Ventas, Inc.			6,190		384,337
Vornado Realty Trust			3,840		364,531
Westfield Corp.			101,007		705,181

					20,157,830

Real Estate Management & Development—1.0%
CapitaLand Ltd.			86,000		223,228
Daiwa House Industry Co. Ltd.			12,000		279,555
Deutsche Annington Immobilien SE			6,653		187,547
Global Logistic Properties Ltd.	��		143,000		268,128
Hang Lung Properties Ltd.			71,000		210,579
Helical Bar plc			25,650		162,694
Hufvudstaden AB, Cl. A			9,527		115,831
Mitsubishi Estate Co. Ltd.			19,100		410,330
Mitsui Fudosan Co. Ltd.			29,000		809,661
St. Modwen Properties plc			24,720		176,151
Sumitomo Realty & Development Co. Ltd.			11,400		399,586
Sun Hung Kai Properties Ltd.			31,000		503,195
Swire Properties Ltd.			66,200		210,084
Unite Group plc (The)			21,820		195,814
Wharf Holdings Ltd. (The)			12,000		79,813

					4,232,196

Health Care—2.8%
Biotechnology—0.0%
Chelsea Therapeutics, Inc.^2,5			10,531		—

Health Care Equipment & Supplies—0.4%
Baxter International, Inc.^1,3			17,835		1,247,202
Medtronic plc			5,932		439,561

					1,686,763

Health Care Providers & Services—0.9%
Catamaran Corp.²			3,034		185,317
Express Scripts Holding Co.²			3,870		344,198
HCA Holdings, Inc.²			3,185		288,943
Omnicare, Inc.			3,319		312,816
UnitedHealth Group, Inc.^1,3			16,295		1,987,990
Universal Health Services, Inc., Cl. B³			5,055		718,315

					3,837,579

Pharmaceuticals—1.5%
Allergan plc^2,3			5,740		1,741,860
Ambit Biosciences Corp.^2,5			10,347		6,208
Durata Therapeutics^2,5			6,530		—
Furiex Pharmaceuticals, Inc.^2,5			636		3,107
Hospira, Inc.²			1,858		164,823
Merck & Co., Inc.^1,3			22,865		1,301,705
Novartis AG, ADR³			14,950		1,470,183
Roche Holding AG			5,148		1,445,319
Teva Pharmaceutical Industries Ltd.²			10		—

					6,133,205

Industrials—2.7%
Aerospace & Defense—1.2%
Honeywell International, Inc.^1,3			24,010		2,448,300
Lockheed Martin Corp.			6,715		1,248,318
Northrop Grumman Corp.¹			8,800		1,395,944

					5,092,562

Airlines—0.1%
United Continental Holdings, Inc.²			6,530		346,155

Commercial Services & Supplies—0.5%
Metalico, Inc.²			598,625		305,299
Republic Services, Inc., Cl. A			31,310		1,226,412


	Shares		Value
Commercial Services & Supplies (Continued)
Tyco International plc³		16,985	$	653,583

				2,185,294

Construction & Engineering—0.2%
Quanta Services, Inc.^1,2		34,090		982,474

Electrical Equipment—0.1%
Polypore International, Inc.²		2,788		166,945

Machinery—0.2%
Flowserve Corp.¹		12,990		684,054
Pall Corp.		2,549		317,223

				1,001,277

Road & Rail—0.1%
Quality Distribution, Inc.²		20,323		314,193
Union Pacific Corp.		2,180		207,907

				522,100

Trading Companies & Distributors—0.3%
AerCap Holdings NV^2,3		22,720		1,040,349

Information Technology—2.4%
Communications Equipment—0.9%
Juniper Networks, Inc.^1,3		55,690		1,446,269
QUALCOMM, Inc.³		22,890		1,433,601
Telefonaktiebolaget LM Ericsson, Cl. B		81,454		843,174

				3,723,044

Internet Software & Services—0.5%
Dealertrack Technologies, Inc.²		5,499		345,282
Google, Inc., Cl. A1,²		3,206		1,731,369

				2,076,651

IT Services—0.1%
IGATE Corp.²		4,547		216,846

Semiconductors & Semiconductor Equipment—0.4%
Altera Corp.		6,037		309,095
Integrated Silicon Solution, Inc.		8,768		194,124
OmniVision Technologies, Inc.²		7,320		191,747
Xilinx, Inc.³		24,395		1,077,283

				1,772,249

Software—0.2%
Advent Software, Inc.¹		3,768		166,583
ClickSoftware Technologies Ltd.²		17,231		216,594
Informatica Corp.²		4,153		201,296
Rally Software Development Corp.²		16,792		326,604

				911,077

Technology Hardware, Storage & Peripherals—0.3%
Apple, Inc.^1,3		11,210		1,406,014

Materials—1.1%
Chemicals—0.9%
Celanese Corp., Series A, Cl. A¹		12,990		933,721
LyondellBasell Industries NV, Cl. A		14,536		1,504,767
Methanex Corp.		19,485		1,084,535
OM Group, Inc.		9,626		323,434

				3,846,457

Containers & Packaging—0.2%
Sonoco Products Co.¹		14,690		629,613

Telecommunication Services—0.5%
Diversified Telecommunication Services—0.5%
BCE, Inc.^1,3		48,615		2,066,137

Wireless Telecommunication Services—0.0%
NII Holdings, Inc.²		605		9,886

7 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA



CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value
Utilities—0.6%
Electric Utilities—0.5%
Edison International^1,3		19,595	$	1,089,090
PPL Corp.¹		31,635		932,283

				2,021,373

Independent Power and Renewable Electricity Producers—0.0%
EME Reorganization Trust		52,072		651
NRG Energy, Inc.		171		3,918
Talen Energy Corp.^1,2		3,856		66,169

				70,738

Multi-Utilities—0.1%
CMS Energy Corp.¹		9,270		295,157

Total Common Stocks (Cost $110,688,878)				109,487,909


Preferred Stocks—0.5%
M&T Bank Corp., 6.375% Cum., Series A, Non- Vtg.		340		345,100
M&T Bank Corp., 6.375% Cum., Series C, Non- Vtg.		475		489,250
U.S. Bancorp, 6% Non-Cum., Series G, Non-Vtg.⁶		43,700		1,163,731

Total Preferred Stocks (Cost $2,039,508)				1,998,081

	Principal Amount
Asset-Backed Securities—3.8%
Aircraft Lease Securitisation Ltd., Series 2007-1A, Cl. G3, 0.445%, 5/10/32^6,7	$	1,020,793		1,009,360
Airspeed Ltd., Series 2007-1A, Cl. G1, 0.456%, 6/15/32^6,7		4,630,102		3,859,626
Bear Stearns Structured Products Trust, Series 2007-EMX1, Cl. A2, 1.487%, 3/25/37^6,8		1,600,000		1,478,145
Blade Engine Securitization Ltd., Series 2006-1AW, Cl. A1, 0.486%, 9/15/41^6,7		2,009,956		1,477,715
JP Morgan Mortgage Acquisition Corp., Series 2005-OPT2, Cl. M2, 0.637%, 12/25/35⁶		1,836,000		1,645,221
Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-NC1, Cl. M1, 0.567%, 12/25/35⁶		1,780,000		1,518,342
New Century Home Equity Loan Trust, Series 2005-1, Cl. M2, 0.907%, 3/25/35⁶		1,349,704		1,192,501
SG Mortgage Securities Trust, Series 2005-OPT1, Cl. M2, 0.637%, 10/25/35		4,250,000		3,480,678

Total Asset-Backed Securities (Cost $15,851,825)				15,661,588


Mortgage-Backed Obligation—0.5%
RAMP Series 2005-RS6 Trust, Series 2005- RS6, Cl. M4, 0.837%, 6/25/35⁶ (Cost $2,029,529)		2,300,000		1,998,937


Foreign Government Obligations—7.0%
Brazil—2.8%
Federative Republic of Brazil Unsec. Bonds:
10.794%, 7/1/15	BRL	16,000,000		5,144,846
12.355%, 1/1/16	BRL	8,000,000		2,403,852
13.012%, 1/7/16	BRL	13,900,000		4,042,145

				11,590,843

Japan—2.8%
Japan Sr. Unsec. Bonds: 0.10% Sr. Unsec. Nts., 9/15/15	JPY	330,000,000		2,696,970
0.10% Sr. Unsec. Nts., 1/15/16	JPY	1,109,000,000		9,066,561

				11,763,531


	Principal Amount		Value
Malaysia—1.4%
Federation of Malaysia Sr. Unsec. Bonds: 3.197% Sr. Unsec. Nts., 10/15/15	MYR	9,300,000	$	2,467,714
4.72% Sr. Unsec. Nts., 9/30/15	MYR	13,600,000		3,618,087

				6,085,801

Total Foreign Government Obligations (Cost $33,169,626)				29,440,175


Non-Convertible Corporate Bonds and Notes—6.9%
Activision Blizzard, Inc., 5.625% Sr. Unsec. Nts., 9/15/21⁸		250,000		262,500
Alcatel-Lucent USA, Inc., 6.45% Sr. Unsec. Nts., 3/15/29		250,000		259,063
Alcoa, Inc., 5.40% Sr. Unsec. Nts., 4/15/21		250,000		262,967
Algeco Scotsman Global Finance plc, 8.50% Sr. Sec. Nts., 10/15/18⁸		200,000		194,000
Alliance Oil Co. Ltd., 10% Sr. Unsec. Nts., 3/11/19^6,8		200,000		144,000
Ally Financial, Inc., 8% Sr. Unsec. Nts., 11/1/31		250,000		300,313
ALROSA Finance SA, 7.75% Sr. Unsec. Nts., 11/3/20⁸		200,000		211,000
AngloGold Ashanti Holdings plc, 8.50% Sr. Unsec. Nts., 7/30/20		200,000		220,750
Appvion, Inc., 9% Sec. Nts., 6/1/20⁸		40,000		25,400
ArcelorMittal, 6.25% Sr. Unsec. Nts., 3/1/21		250,000		262,812
Arch Coal, Inc., 7.25% Sr. Unsec. Nts., 6/15/21		300,000		43,500
Audatex North America, Inc., 6% Sr. Unsec. Nts., 6/15/21⁸		250,000		257,812
Avaya, Inc., 10.50% Sec. Nts., 3/1/21⁸		200,000		166,000
Banco BMG SA, 8.875% Sub. Nts., 8/5/20⁸		200,000		199,500
Banco do Brasil SA (Cayman), 9.25% Jr. Sub. Perpetual Bonds^6,8,9		200,000		191,000
Banco Pan SA, 8.50% Sub. Nts., 4/23/20⁸		100,000		101,125
Bancolombia SA, 5.125% Unsec. Sub. Nts., 9/11/22		300,000		300,900
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/21⁸		250,000		203,437
Bombardier, Inc., 6.125% Sr. Unsec. Nts., 1/15/23⁸		250,000		223,125
Caesars Entertainment Operating Co., Inc., 10% Sec. Nts., 12/15/18¹⁰		50,000		13,750
Case New Holland Industrial, Inc., 7.875% Sr. Unsec. Nts., 12/1/17		200,000		220,000
CCO Holdings LLC/CCO Holdings Capital Corp.: 5.125% Sr. Unsec. Nts., 5/1/23⁸		200,000		195,250
6.50% Sr. Unsec. Nts., 4/30/21		250,000		262,187
Cemex Finance LLC, 6% Sr. Sec. Nts., 4/1/24⁸		350,000		347,270
CenturyLink, Inc., 5.80% Sr. Unsec. Nts., 3/15/22		350,000		335,562
Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.375% Sr. Unsec. Nts., 9/15/20⁸		250,000		249,250
CHC Helicopter SA, 9.25% Sr. Sec. Nts., 10/15/20		90,000		65,925
CHS/Community Health Systems, Inc., 8% Sr. Unsec. Nts., 11/15/19		250,000		264,062
CIT Group, Inc., 4.25% Sr. Unsec. Nts., 8/15/17		250,000		254,375
Claire’s Stores, Inc., 9% Sr. Sec. Nts., 3/15/19⁸		200,000		170,000
Clear Channel Worldwide Holdings, Inc., 6.50% Sr. Unsec. Nts., 11/15/22		250,000		261,250
Columbus International, Inc., 7.375% Sr. Unsec. Nts., 3/30/21⁸		400,000		431,500

8 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


	Principal Amount		Value
Non-Convertible Corporate Bonds and Notes (Continued)
Concho Resources, Inc., 5.50% Sr. Unsec. Unsub. Nts., 4/1/23	$	300,000	$	301,500
CONSOL Energy, Inc., 5.875% Sr. Unsec. Nts., 4/15/22		250,000		213,530
Country Garden Holdings Co. Ltd., 7.875% Sr. Unsec. Nts., 5/27/19⁸		200,000		212,896
Crimson Merger Sub, Inc., 6.625% Sr. Unsec. Nts., 5/15/22⁸		300,000		265,500
Crown Castle International Corp., 5.25% Sr. Unsec. Nts., 1/15/23		200,000		202,200
CSN Resources SA, 6.50% Sr. Unsec. Nts., 7/21/20⁸		300,000		256,410
DaVita HealthCare Partners, Inc.:
5.125% Sr. Unsec. Nts., 7/15/24		400,000		394,000
5.75% Sr. Unsec. Nts., 8/15/22		50,000		53,187
Denali Borrower LLC/Denali Finance Corp., 5.625% Sr. Sec. Nts., 10/15/20⁸		200,000		210,750
Denbury Resources, Inc.:
4.625% Sr. Sub. Nts., 7/15/23		100,000		84,250
5.50% Sr. Sub. Nts., 5/1/22		100,000		89,750
Digicel Group Ltd., 8.25% Sr. Unsec. Nts., 9/30/20⁸		200,000		201,000
DISH DBS Corp., 5.875% Sr. Unsec. Nts., 7/15/22		350,000		343,875
Dynegy, Inc., 6.75% Sr. Unsec. Nts., 11/1/19⁸		250,000		261,375
Energy Transfer Equity LP, 7.50% Sr. Sec. Nts., 10/15/20		200,000		226,500
EP Energy LLC/Everest Acquisition Finance, Inc., 9.375% Sr. Unsec. Nts., 5/1/20		200,000		215,250
Evergrande Real Estate Group Ltd., 8.75% Sr. Unsec. Nts., 10/30/18⁸		200,000		188,500
FCA US LLC/CG Co.-Issuer, Inc., 8.25% Sec. Nts., 6/15/21		200,000		218,500
Ferrexpo Finance plc, 10.375% Sr. Unsec. Nts., 4/7/19⁸		150,000		130,500
First Data Corp., 12.625% Sr. Unsec. Nts., 1/15/21		250,000		289,375
First Quantum Minerals Ltd.:
6.75% Sr. Unsec. Nts., 2/15/20⁸		28,000		27,230
7.00% Sr. Unsec. Nts., 2/15/21⁸		128,000		123,040
FirstEnergy Corp., 7.375% Sr. Unsec. Nts., 11/15/31		200,000		243,719
FMG Resources August 2006 Pty Ltd., 8.25% Sr. Unsec. Nts., 11/1/19⁸		250,000		211,875
Frontier Communications Corp., 8.50% Sr. Unsec. Nts., 4/15/20		250,000		262,000
Goldman Sachs Capital II, 4% Jr. Sub. Perpetual Bonds^6,9		166,000		126,783
Halcon Resources Corp., 8.875% Sr. Unsec. Nts., 5/15/21		250,000		165,625
HD Supply, Inc., 7.50% Sr. Unsec. Nts., 7/15/20		200,000		212,500
Hexion, Inc., 8.875% Sr. Sec. Nts., 2/1/18		250,000		226,875
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625% Sr. Unsec. Nts., 10/15/21		250,000		260,925
HUB International Ltd., 7.875% Sr. Unsec. Nts., 10/1/21⁸		250,000		255,625
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22		200,000		204,250
ICICI Bank Ltd., 6.375% Jr. Sub. Nts., 4/30/22^6,8		200,000		206,582
iHeartCommunications, Inc., 9% Sr. Sec. Nts., 3/1/21		200,000		183,000


		Principal Amount		Value
Non-Convertible Corporate Bonds and Notes (Continued)
Intelsat Jackson Holdings SA, 7.25% Sr. Unsec. Nts., 10/15/20		$	200,000	$	198,500
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/22⁸			300,000		288,000
International Lease Finance Corp., 8.75% Sr. Unsec. Nts., 3/15/17			250,000		274,153
Intesa Sanpaolo SpA, 5.017% Sub. Nts., 6/26/24⁸			300,000		291,590
Kaisa Group Holdings Ltd., 8.875% Sr. Unsec. Nts., 3/19/18^8,10			200,000		107,000
Kinetic Concepts, Inc./KCI USA, Inc., 10.50% Sec. Nts., 11/1/18			300,000		321,006
Laureate Education, Inc., 10% Sr. Unsec. Nts., 9/1/19⁸			300,000		280,875
Linn Energy LLC/Linn Energy Finance Corp., 8.625% Sr. Unsec. Nts., 4/15/20	��		250,000		206,303
Lukoil International Finance BV, 6.125% Sr. Unsec. Nts., 11/9/20⁸			904,000		924,476
Marfrig Holding Europe BV, 6.875% Sr. Unsec. Nts., 6/24/19⁸			200,000		191,000
MGM Resorts International, 7.75% Sr. Unsec. Nts., 3/15/22			250,000		276,250
MHP SA, 8.25% Sr. Unsec. Nts., 4/2/20⁸			200,000		163,000
MMC Energy. Inc., 8.875% Sr. Unsec. Nts., 10/15/20^5,10			100,000		0
Mobile Telesystems OJSC via MTS International Funding Ltd., 5% Sr. Unsec. Nts., 5/30/23⁸			200,000		179,300
Momentive Performance Materials, Inc., 3.88% Sr. Sec. Nts., 10/24/21			200,000		180,500
Navient Corp., 8.45% Sr. Unsec. Nts., 6/15/18			200,000		222,760
Navistar International Corp., 8.25% Sr. Unsec. Nts., 11/1/21			250,000		238,750
NGPL PipeCo LLC, 7.119% Sr. Sec. Nts., 12/15/17⁸			250,000		257,500
Nielsen Finance LLC/Nielsen Finance Co., 5% Sr. Unsec. Nts., 4/15/22⁸			350,000		345,188
Novelis, Inc., 8.75% Sr. Unsec. Nts., 12/15/20			250,000		265,000
Numericable SFR SAS, 6% Sr. Sec. Nts., 5/15/22⁸			200,000		197,625
OAS Financial Ltd., 8% Sr. Unsec. Nts., 7/2/21^8,10			200,000		41,800
Offshore Group Investment Ltd., 7.50% Sr. Sec. Nts., 11/1/19			250,000		155,000
Pacific Rubiales Energy Corp., 5.375% Sr. Unsec. Nts., 1/26/19⁸			300,000		247,200
Petroleos de Venezuela SA, 12.75% Sr. Unsec. Nts., 2/17/22⁸			200,000		99,700
Post Holdings, Inc., 7.375% Sr. Unsec. Nts., 2/15/22			250,000		255,313
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 5.75% Sr. Sec. Nts., 10/15/20			250,000		256,875
Rolta Americas LLC, 8.875% Sr. Unsec. Nts., 7/24/19⁸			200,000		168,000
Royal Bank of Scotland Group plc, 6.125% Sub. Nts., 12/15/22			200,000		215,435
Sabine Pass Liquefaction LLC, 5.625% Sr. Sec. Nts., 2/1/21			300,000		307,500
Samson Investment Co., 9.75% Sr. Unsec. Nts., 2/15/20			300,000		18,750
SandRidge Energy, Inc., 7.51% Sr. Unsec. Nts., 3/15/21			500,000		222,500

9 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA



CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal Amount		Value
Non-Convertible Corporate Bonds and Notes (Continued)
Scientific Games International, Inc., 10% Sr. Unsec. Nts., 12/1/22	$	250,000	$	242,031
Sears Holdings Corp., 6.625% Sec. Nts., 10/15/18		250,000		240,000
Sirius XM Radio, Inc., 6% Sr. Unsec. Nts., 7/15/24⁸		350,000		354,375
Sistema JSFC via Sistema International Funding SA, 6.95% Sr. Unsec. Nts., 5/17/19⁸		200,000		192,200
SoftBank Corp., 4.50% Sr. Unsec. Nts., 4/15/20⁸		200,000		201,250
Springleaf Finance Corp., 6.90% Sr. Unsec. Nts., 12/15/17		300,000		318,750
Sprint Corp., 7.875% Sr. Unsec. Nts., 9/15/23		250,000		244,375
Talen Energy Supply LLC, 5.125% Sr. Unsec. Nts., 7/15/19⁸		250,000		246,250
Tenet Healthcare Corp., 8.125% Sr. Unsec. Nts., 4/1/22		300,000		329,250
T-Mobile USA, Inc., 6.625% Sr. Unsec. Nts., 4/1/23		350,000		364,438
TransDigm, Inc., 6.50% Sr. Sub. Nts., 7/15/24		250,000		248,125
Turk Telekomunikasyon AS, 4.875% Sr. Unsec. Nts., 6/19/24⁸		200,000		199,946
Turkiye Sise ve Cam Fabrikalari AS, 4.25% Sr. Unsec. Nts., 5/9/20⁸		200,000		196,692
United Rentals North America, Inc., 7.625% Sr. Unsec. Nts., 4/15/22		300,000		326,250
Valeant Pharmaceuticals International, Inc., 6.375% Sr. Unsec. Nts., 10/15/20⁸		300,000		316,688
Vedanta Resources plc, 6% Sr. Unsec. Nts., 1/31/19⁸		200,000		194,500
VimpelCom Holdings BV, 7.504% Sr. Unsec. Nts., 3/1/22⁸		350,000		343,875
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/24⁸		200,000		204,870
Wachovia Capital Trust III, 5.57% Jr. Sub. Perpetual Bonds^6,9		1,667,000		1,650,330
Williams Cos., Inc. (The), 4.55% Sr. Unsec. Nts., 6/24/24		250,000		242,378
Williams Partners LP/ACMP Finance Corp., 4.875% Sr. Unsec. Nts., 5/15/23		250,000		247,000
Wind Acquisition Finance SA, 7.375% Sec. Nts., 4/23/21⁸		200,000		202,750
Wynn Macau Ltd., 5.25% Sr. Unsec. Nts., 10/15/21⁸		200,000		190,000
Yapi ve Kredi Bankasi AS, 6.75% Sr. Unsec. Nts., 2/8/17⁸		200,000		211,266

Total Non-Convertible Corporate Bonds and Notes (Cost $30,421,401)				28,872,900
Convertible Corporate Bond and Note—0.1%
SEACOR Holdings, Inc., 2.50% Cv. Sr. Unsec. Nts., 12/15/27 (Cost $462,760)		434,000		446,478
Corporate Loans—4.5%
AZ Chem US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 6/10/21^6,11		3,572,742		3,578,326
Celanese US Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 2.431%, 10/31/18⁶		1,215,813		1,222,760
Dynegy, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%, 4/23/20^6,11		3,566,621		3,577,396


		Principal Amount		Value
Corporate Loans (Continued)
Energy Future Intermediate Holding Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, 4.25%, 6/20/16⁶		$	3,200,000	$	3,208,000
Intelsat Jackson Holdings SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.75%, 6/30/19⁶			3,500,000		3,479,584
International Lease Finance Corp., Sr. Sec. Credit Facilities Term Loan, 3.50%, 2/26/21^6,11			3,730,000		3,732,663

Total Corporate Loans (Cost $18,836,503)					18,798,729
Event-Linked Bonds—11.6%
Earthquake—2.8%
Azzurro RE I Ltd. Catastrophe Linked Nts., 2.15%, 1/16/19^6,8	EUR		800,000		891,434
Bosphorus Re Ltd. Catastrophe Linked Nts., 2.50%, 5/3/16^6,8			650,000		650,861
Embarcadero Reinsurance Ltd. Catastrophe Linked Nts., 5%, 8/7/15^6,8			250,000		250,600
Golden State RE II Ltd. Catastrophe Linked Nts., 2.20%, 1/8/19^6,8			1,000,000		995,950
Kilimanjaro Re Ltd. Catastrophe Linked Nts., 3.75%, 11/25/19^6,7			250,000		247,662
Kizuna Re II Ltd. Catastrophe Linked Nts.:
2.00%, 4/5/19⁸	JPY		60,000,000		491,286
2.25%, 4/6/18^6,8			950,000		954,322
2.50%, 4/6/18^6,7			750,000		752,887
Lakeside Re III Ltd. Catastrophe Linked Nts., 8%, 1/8/16^6,8			750,000		765,919
Merna Re V Ltd. Catastrophe Linked Nts., 2%, 4/7/17^6,8			750,000		749,287
Merna Reinsurance IV Ltd. Catastrophe Linked Nts., 2.50%, 4/8/16^6,7			750,000		753,469
Merna Reinsurance Ltd. Catastrophe Linked Nts., 2%, 4/9/18^6,7			500,000		500,175
MultiCat Mexico Ltd. 2012-I Catastrophe Linked Nts., 8%, 12/4/15^6,8			750,000		762,769
Nakama Re Ltd. Catastrophe Linked Nts.:
2.125%, 1/16/19^6,7			250,000		250,763
2.50%, 4/13/18^6,8			750,000		755,963
2.75%, 9/29/16^6,8			500,000		504,612
2.875%, 1/16/20^6,7			250,000		252,788
Tramline Re II Ltd. Catastrophe Linked Nts., 3.25%, 7/7/17^6,8			250,000		248,038
Ursa Re Ltd. Catastrophe Linked Nts.:
3.50%, 12/7/17^6,8			500,000		497,375
5.00%, 12/7/17^6,7			500,000		501,625

					11,777,785
Longevity—0.1%
Vita Capital V Ltd. Catastrophe Linked Nts., 3.458%, 1/15/17^6,8			500,000		508,225

Multiple Event—4.4%
Atlas IX Capital Ltd. Catastrophe Linked Nts., 7.119%, 1/7/19^6,8			500,000		496,975
Atlas Reinsurance VII Ltd. Catastrophe Linked Nts., 8.154%, 1/7/16^6,8			250,000		250,856
Blue Danube II Ltd. Catastrophe Linked Nts., 4.368%, 5/23/16^6,8			650,000		648,326
Caelus Re 2013 Ltd. Catastrophe Linked Nts.:
5.25%, 3/7/16^6,8			500,000		491,962
6.85%, 4/7/17^6,8			750,000		755,062
Citrus Re Ltd. Catastrophe Linked Nts.:
3.75%, 4/24/17^6,8			750,000		732,937
4.25%, 4/18/17^6,8			750,000		731,437

10 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


	Principal Amount		Value
Multiple Event (Continued)
Cranberry Re Ltd. Catastrophe Linked Nts.,
3.80%, 7/6/18^6,8	$	500,000	$	501,975
East Lane Re VI Ltd. Catastrophe Linked Nts.:
2.75%, 3/14/18^6,8		500,000		488,875
3.75%, 3/13/20^6,8		250,000		246,487
Galileo Re Ltd. Catastrophe Linked Nts.:
7.40%, 1/9/17^6,8		250,000		252,587
13.50%, 1/8/18^6,8		250,000		251,812
Kilimanjaro Re Ltd. Catastrophe Linked Nts.:
4.50%, 4/30/18^6,8		500,000		481,075
4.75%, 4/30/18^6,8		500,000		483,275
Loma Reinsurance Ltd. Catastrophe Linked Nts.:
10.56%, 1/8/18^6,8		200,000		206,690
16.49%, 1/8/18^6,8		500,000		520,975
Longpoint Re Ltd. III Catastrophe Linked Nts.,
3.75%, 5/23/18^6,8		250,000		248,887
Mythen Re Ltd. Catastrophe Linked Nts.,
8.646%, 1/5/17^6,8		250,000		252,037
Queen Street VII Re Ltd. Catastrophe Linked Nts.,
8.60%, 4/8/16^6,8		250,000		252,281
Residential Reinsurance 2012 Ltd. Catastrophe Linked Nts.:
4.50%, 12/6/16^6,8		1,499,000		1,519,311
5.75%, 12/6/16^6,8		250,000		255,138
12.75%, 12/6/16^6,8		250,000		261,063
19.00%, 12/6/16^6,8		250,000		265,963
22.00%, 6/6/16^6,8		250,000		277,006
Residential Reinsurance 2013 Ltd. Catastrophe Linked Nts.:
5.25%, 12/6/17^6,8		500,000		484,325
8.00%, 6/6/17^6,8		250,000		259,638
20.00%, 12/6/17^6,8		250,000		255,438
Residential Reinsurance 2014 Ltd. Catastrophe Linked Nts.:
4.80%, 12/6/18^6,8		500,000		477,075
15.00%, 6/6/18^6,8		500,000		509,775
Residential Reinsurance 2015 Ltd. Catastrophe Linked Nts., 11%, 6/6/19^6,8		250,000		250,613
Riverfront Re Ltd. Catastrophe Linked Nts., 4%, 1/6/17^6,8		500,000		489,825
Sanders Re Ltd. Catastrophe Linked Nts.:
3.00%, 5/25/18^6,8		250,000		241,863
3.24%, 5/25/18^6,8		500,000		483,325
3.86%, 5/28/19^6,8		500,000		480,475
3.90%, 6/7/17^6,8		500,000		496,375
4.00%, 5/5/17^6,8		500,000		490,225
Tradewynd Re Ltd. Catastrophe Linked Nts.:
5.00%, 1/8/18^6,8		250,000		244,738
5.98%, 1/9/17^6,8		500,000		501,025
6.54%, 1/9/17^6,8		250,000		250,988
7.00%, 1/8/18^6,8		250,000		248,663
8.70%, 7/9/18^6,8		250,000		271,188
Tramline Re II Ltd. Catastrophe Linked Nts.,
9.75%, 1/4/19^6,8		400,000		404,420
VenTerra Re Ltd. Catastrophe Linked Nts.,
3.75%, 1/9/17^6,8		750,000		751,613

				18,464,579
Other—0.3%
Benu Capital Ltd. Catastrophe Linked Nts.,
3.35%, 1/8/20⁸	EUR	500,000		558,986
Vitality Re V Ltd. Catastrophe Linked Nts.,
2.50%, 1/7/19^6,8		250,000		253,787
Vitality Re VI Ltd. Catastrophe Linked Nts.,
2.10%, 1/8/18^6,7		250,000		250,625

				1,063,398
Windstorm—4.0%
Akibare II Ltd. Catastrophe Linked Nts., 3.75%, 4/13/16^6,8		250,000		251,381


		Principal Amount		Value
Windstorm (Continued)
Alamo Re Ltd. Catastrophe Linked Nts.:
4.60%, 6/7/19^6,8	$	250,000	$	250,712
5.24%, 6/7/17^6,8		500,000		499,925
5.90%, 6/7/18^6,8		250,000		249,387
Aozora Re Ltd. Catastrophe Linked Nts.,
2%, 4/7/17^6,8	JPY	51,000,000		413,717
Armor Re Ltd. Catastrophe Linked Nts.,
4.08%, 12/15/16^6,8		750,000		743,344
Atlas Reinsurance VII Ltd. Catastrophe Linked Nts., 3.65%, 1/7/16^6,8	EUR	250,000		279,827
Calypso Capital II Ltd. Catastrophe Linked
Nts., 2.60%, 1/9/17^6,8	EUR	500,000		562,609
Citrus Re Ltd. Catastrophe Linked Nts.:
4.75%, 4/9/18^6,8		250,000		243,725
9.00%, 4/9/18^6,8		250,000		246,562
East Lane Re V Ltd. Catastrophe Linked
Nts., 10.75%, 3/16/16^6,8		250,000		254,706
Eurus Ltd. Catastrophe Linked Nts., 3.75%, 4/7/16^6,8	EUR	250,000		280,218
Everglades Re II Ltd. Catastrophe Linked
Nts., 5.15%, 5/3/18^6,8		750,000		747,037
Everglades Re Ltd. Catastrophe Linked Nts.,
7.45%, 4/28/17^6,8		750,000		755,362
Gator Re Ltd. Catastrophe Linked Nts.,
6.68%, 1/9/17^6,8		750,000		679,612
Green Fields II Capital Ltd. Catastrophe
Linked Nts., 2.75%, 1/9/17^6,8	EUR	750,000		845,335
Ibis Re II Ltd. Catastrophe Linked Nts., 4%, 6/28/16^6,8		270,000		269,764
Lion I Re Ltd. Catastrophe Linked Nts.,
2.36%, 4/28/17^6,8	EUR	750,000		839,900
Manatee Re Ltd. Catastrophe Linked Nts.,
5%, 12/22/17^6,8		750,000		740,100
MetroCat Re Ltd. Catastrophe Linked Nts.,
4.50%, 8/5/16^6,8		250,000		251,606
MultiCat Mexico Ltd. 2012-I Catastrophe Linked Nts.:
7.50%, 12/4/15^6,8		750,000		743,644
7.75%, 12/4/15^6,8		500,000		501,463
Mythen Re Ltd. Catastrophe Linked Nts.,
11.876%, 11/10/16^6,8		250,000		249,006
Pelican III Re Ltd. Catastrophe Linked Nts.,
6%, 4/16/18^6,8		750,000		738,525
Pelican Re Ltd. Catastrophe Linked Nts.,
6%, 5/15/17^6,8		750,000		756,638
Pylon II Capital Ltd. Catastrophe Linked Nts.:
5.50%, 5/5/16⁶	EUR	500,000		569,521
9.00%, 5/5/16^6,8	EUR	500,000		581,325
Queen City Re Catastrophe Linked Nts.,
3.50%, 1/6/17^6,8		750,000		731,138
Queen Street IX Re Ltd. Catastrophe Linked
Nts., 5.50%, 6/8/17^6,8		250,000		244,888
Queen Street VIII Re Ltd. Catastrophe
Linked Nts., 6.50%, 6/8/16^6,8		500,000		498,063
Queen Street X RE Ltd. Catastrophe Linked
Nts., 5.75%, 6/8/18^6,8		250,000		245,263
Successor X Ltd. Catastrophe Linked Nts.:
11.25%, 11/10/15^6,8		250,000		248,575
16.25%, 11/10/15^6,8		500,000		478,850
Tar Heel Re Ltd. Catastrophe Linked Nts.,
8.50%, 5/9/16^6,8		750,000		765,788

				16,757,516

Total Event-Linked Bonds (Cost $49,622,380)				48,571,503

Short-Term Notes—22.0%
Mexico—2.8%
United Mexican States Treasury Bills:
3.248%, 11/12/15	MXN	93,000,000		5,846,855

11 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Mexico (Continued)
United Mexican States Treasury Bills: (Continued)
3.31%, 1/7/16	MXN		90,300,000	$	5,648,210

					11,495,065
Sweden—2.1%
Kingdom of Sweden Treasury Bills, (0.437)%, 12/16/15¹⁵	SEK		74,000,000		8,943,923
United States—17.1%
United States Treasury Bills, 0.04%, 9/17/15^12,13,14,15	USD		67,950,000		71,491,144

Total Short-Term Notes (Cost $92,692,337)					91,930,132

		Shares
Investment Companies—12.3%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^13,16,17			48,203,654		48,203,654
SPDR Gold Trust Exchange Traded Fund^2,13			27,881		3,132,988

Total Investment Companies (Cost $51,469,085)					51,336,642

Exercise Price

Expiration

Date

Contracts

Value

Exchange-Traded Option Purchased—0.0%

S&P 500 Index Call² (Cost $26,598)

USD

2,160.000

7/17/15

USD

605

Counterparty

Exercise Price

Expiration Date

Contracts

Over-the-Counter Options Purchased—0.2%

CAD Currency Call^2,18

CITNA-B

MXN

12.550

7/9/15

CAD

17,600,000

40,874

EUR Currency Put²

RSBC

USD

1.070

11/30/15

EUR

14,100,000

246,256

EUR Currency Put^2,19

GSG

USD

1.130

7/16/15

EUR

8,825,000

73,521

EUR Currency Put²

BOA

PLN

4.030

11/16/15

EUR

8,825,000

39,177

EUR Currency Put^2,20

BAC

PLN

4.000

8/3/15

EUR

12,500,000

2,746

EUR Currency Put^2,21

BAC

PLN

4.000

8/3/15

EUR

8,650,000

1,901

GBP Currency Call²

GSG

AUD

2.110

12/18/15

GBP

17,800,000

471,303

SGD Currency Put^2,22

DEU

SGD

1.350

7/15/15

SGD

24,000,000

74,520

Total Over-the-Counter Options Purchased (Cost $1,372,162)

950,298

Counterparty

Pay / Receive

Floating Rate

Fixed Rate

Expiration

Date

Notional Amount (000’s)

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

Interest Rate Swap maturing 11/2/27 Call²

GSG

Receive

Six-Month JPY BBA
LIBOR

1.070

11/20/17

JPY

560,000

112,748

Interest Rate Swap maturing 11/22/27 Call²

GSG

Receive

Six-Month JPY BBA
LIBOR

1.070

11/20/17

JPY

424,000

85,474

Interest Rate Swap maturing 3/21/28 Call²

GSG

Receive

Three-Month USD
BBA LIBOR

2.580

3/19/18

USD

1,100

75,360

Interest Rate Swap maturing 4/18/28 Call²

GSG

Receive

Three-Month USD
BBA LIBOR

2.505

4/16/18

USD

2,200

161,004

Interest Rate Swap maturing 4/18/28 Call²

GSG

Receive

Three-Month USD
BBA LIBOR

2.505

4/16/18

USD

3,750

274,438

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $603,292)

709,024

Total Investments, at Value (Cost $409,285,884)

95.8

400,203,001

Net Other Assets (Liabilities)

4.2

17,581,153

Net Assets

100.0

417,784,154

Footnotes to Consolidated Statement of Investments

1. All or portion of the security position is held in segregated accounts and pledged to cover margin requirements with respect to securities sold short. The aggregate market value of such securities is $7,794,238. See Note 9 of accompanying Consolidated Notes.

2. Non-income producing security.

3. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements with respect to outstanding written options. The aggregate market value of such securities is $11,181,341. See Note 5 of the accompanying Consolidated Notes.

4. Security is a Master Limited Partnership.

5. Security received as the result of issuer reorganization.

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

12 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Footnotes to Consolidated Statement of Investments (Continued)

7. Restricted security. The aggregate value of restricted securities as of June 30, 2015 was $9,856,695, which represents 2.36% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:


Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)
Aircraft Lease Securitisation Ltd., Series 2007-1A, Cl. G3, 0.445%, 5/10/32		1/9/15	$	1,010,585	$	1,009,360	$	(1,225	)
Airspeed Ltd., Series 2007-1A, Cl. G1, 0.456%, 6/15/32		7/24/14-4/15/15		3,941,559		3,859,626		(81,933	)
Blade Engine Securitization Ltd., Series 2006-1AW, Cl. A1, 0.486%, 9/15/41		7/25/14-8/28/14		1,627,316		1,477,715		(149,601	)
Kilimanjaro Re Ltd. Catastrophe Linked Nts., 3.75%, 11/25/19		4/7/15		249,000		247,662		(1,338	)
Kizuna Re II Ltd. Catastrophe Linked Nts., 2.50%, 4/6/18		5/2/14-5/5/15		754,187		752,887		(1,300	)
Merna Reinsurance IV Ltd. Catastrophe Linked Nts., 2.50%, 4/8/16		10/7/14-6/5/15		753,059		753,469		410
Merna Reinsurance Ltd. Catastrophe Linked Nts., 2%, 4/9/18		3/16/15-6/24/15		499,313		500,175		862
Nakama Re Ltd. Catastrophe Linked Nts., 2.125%, 1/16/19		12/12/14		250,000		250,763		763
Nakama Re Ltd. Catastrophe Linked Nts., 2.875%, 1/16/20		12/12/14		250,000		252,788		2,788
Ursa Re Ltd. Catastrophe Linked Nts., 5%, 12/7/17		11/14/14-4/22/15		500,819		501,625		806
Vitality Re VI Ltd. Catastrophe Linked Nts., 2.10%, 1/8/18		1/21/15		250,000		250,625		625

			$	10,085,838	$	9,856,695	$	(229,143	)

8. 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 $58,930,501 or 14.11% of the Fund’s net assets as of June 30, 2015.

10. 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 4 of the accompanying Consolidated Notes.

11. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after June 30, 2015. See Note 4 of the accompanying Consolidated Notes.

12. 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 $3,600,058. See Note 5 of the accompanying Consolidated Notes.

13. All or a portion of this security is owned by the subsidiary. See Note 2 of the accompanying Consolidated Notes.

14. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $369,006. See Note 5 of the accompanying Consolidated Notes.

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

16. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the period ended June 30, 2015, 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, 2014		Gross Additions		Gross Reductions		Shares June 30, 2015
Oppenheimer Institutional Money Market Fund, Cl. E		40,325,799		255,308,770		247,430,915		48,203,654

					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	48,203,654	$	31,281

17.	Rate shown is the 7-day yield as of June 30, 2015.

18.	Knock-out option expires worthless if at any time spot rates are equal to or less than to 11.792 MXN per 1 CAD.

19.	Knock-out option expires worthless if at any time spot rates are less than or equal to 1.079 USD per 1 EUR.

20.	Knock-out option expires worthless if at any time spot rates are less than or equal to 3.8245 PLN per 1 EUR.

21.	Knock-out option expires worthless if at any time spot rates are less than or equal to 3.8245 PLN per 1 EUR.

22.	Knock-out option expires worthless if at any time spot rates are greater than or equal to 1.415 SGD per 1 USD.

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


Geographic Holdings	Value		Percent
United States	$	286,910,009		71.7	%
Japan		18,327,260		4.6
Mexico		13,850,210		3.5
Brazil		12,571,678		3.1
Sweden		9,902,928		2.5
Supranational		6,570,376		1.6
Bermuda		6,355,261		1.6
Malaysia		6,085,801		1.5
Switzerland		4,504,252		1.1
Cayman Islands		4,230,203		1.1
Canada		4,029,943		1.0
Luxembourg		3,808,322		1.0

13 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


Geographic Holdings (Continued)	Value		Percent
France	$	3,011,408		0.8	%
Eurozone		3,507,283		0.9
Netherlands		2,776,005		0.7
United Kingdom		3,034,993		0.8
Russia		1,994,851		0.5
Hong Kong		1,374,816		0.3
Singapore		701,925		0.2
Turkey		607,904		0.2
Italy		494,339		0.1
Colombia		548,100		0.1
India		834,082		0.2
China		508,396		0.1
Barbados		431,500		0.1
Ukraine		293,500		0.1
Jersey, Channel Islands		288,000		0.1
South Africa		220,750		0.1
Israel		216,594		0.1
Germany		187,547		0.0
Chile		204,870		0.0
Jamaica		201,000		0.0
Macau		190,000		0.0
Australia		1,329,195		0.3
Venezuela		99,700		0.0

Total	$	400,203,001		100.0	%


	Shares Sold Short			Value
Securities Sold Short—(6.9)%
Common Stock Securities Sold Short—(6.9)%
Aflac, Inc.		(22,955	)		(1,427,801	)
Air Lease Corp., Cl. A		(29,055	)		(984,965	)
Aircastle Ltd.		(15,595	)		(353,539	)
Aker Solutions ASA		(56,859	)		(318,715	)
Assurant, Inc.		(10,480	)		(702,160	)
BHP Billiton Ltd., Sponsored ADR		(20,510	)		(834,962	)
Boeing Co. (The)		(12,320	)		(1,709,030	)
Camden Property Trust		(9,920	)		(736,858	)
Caterpillar, Inc.		(14,584	)		(1,237,015	)
CBL & Associates Properties, Inc.		(59,590	)		(965,358	)
Cheniere Energy, Inc.		(7,800	)		(540,228	)
Chesapeake Energy Corp.		(14,665	)		(163,808	)
Cie Financiere Richemont SA		(13,725	)		(1,118,781	)
ClubCorp Holdings, Inc.		(57,710	)		(1,378,115	)
Comcast Corp., Cl. A		(4,890	)		(294,085	)
Comerica, Inc.		(12,822	)		(658,025	)
Commerce Bancshares, Inc.		(12,038	)		(563,017	)
Ensco plc, Cl. A		(54,370	)		(1,210,820	)
Finish Line, Inc. (The), Cl. A		(22,560	)		(627,619	)
First Niagara Financial Group, Inc.		(66,045	)		(623,465	)
First Quantum Minerals Ltd.		(51,239	)		(669,922	)
FirstMerit Corp.		(25,610	)		(533,456	)
Gulfmark Offshore, Inc., Cl. A		(36,140	)		(419,224	)
KCG Holdings, Inc., Cl. A		(31,868	)		(392,932	)
NASDAQ OMX Group, Inc. (The)		(6,625	)		(323,366	)
Nationstar Mortgage Holdings, Inc.		(16,520	)		(277,536	)
Oracle Corp.		(18,655	)		(751,796	)
Pennsylvania Real Estate Investment Trust		(71,010	)		(1,515,353	)
Rio Tinto plc, Sponsored ADR		(11,760	)		(484,630	)
Rouse Properties, Inc.		(33,580	)		(549,033	)
SanDisk Corp.		(20,890	)		(1,216,216	)
Southern Copper Corp.		(32,690	)		(961,413	)
Subsea 7 SA		(30,818	)		(301,363	)
Tidewater, Inc.		(39,030	)		(887,152	)
Tiffany & Co.		(6,260	)		(574,668	)
Time Warner, Inc.		(10,430	)		(911,686	)
Transocean Ltd.		(7,928	)		(127,799	)
Weingarten Realty Investors		(32,530	)		(1,063,406	)
Zions Bancorporation		(12,540	)		(397,957	)

Total Securities Sold Short (Proceeds $30,971,521)				$	(28,807,274	)

14 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Forward Currency Exchange Contracts as of June 30, 2015

Counterparty

Settlement Month(s)

Currency Purchased (000’s)

Currency Sold (000’s)

Unrealized
Appreciation

Unrealized
Depreciation

BAC

07/2015

CAD

420

USD

346

–

10,009

BNP

07/2015

MXN

67,400

USD

4,464

–

177,669

BNP

07/2015

NOK

13,770

USD

1,814

–

58,484

BNP

07/2015

USD

2,971

MXN

46,100

39,340

–

BNP

07/2015

USD

519

SEK

4,410

–

13,467

BNP

07/2015

USD

1,358

TRY

3,750

–

38,488

BNP

07/2015

ZAR

25,320

USD

2,093

–

13,825

BOA

07/2015 - 08/2015

BRL

35,725

USD

11,463

38,679

18,169

BOA

12/2015

INR

1,350,000

USD

20,681

54,525

98,159

BOA

07/2015

KRW

3,213,000

USD

2,933

–

53,071

BOA

09/2015

NOK

2,080

USD

267

–

2,765

BOA

07/2015

NZD

745

USD

571

–

66,425

BOA

07/2015 - 09/2015

USD

2,141

AUD

2,800

–

10,753

BOA

07/2015

USD

13,665

BRL

33,925

2,753,300

–

BOA

07/2015 - 11/2015

USD

2,314

CAD

2,885

6,852

–

BOA

09/2015

USD

2,070

EUR

1,832

25,437

–

BOA

07/2015

USD

548

GBP

365

–

25,167

BOA

07/2015

USD

1,060

HUF

300,000

–

396

BOA

07/2015 - 12/2015

USD

17,411

INR

1,125,000

42,623

40,747

BOA

07/2015 - 09/2015

USD

1,934

JPY

237,900

11,322

23,300

BOA

07/2015

USD

2,194

KRW

2,437,000

11,619

2,269

BOA

09/2015 - 10/2015

USD

6,145

MYR

20,155

823,070

–

BOA

07/2015

USD

1,033

NZD

1,355

115,145

–

BOA

12/2015

USD

9,059

SEK

74,000

97,808

–

BOA

07/2015

USD

1,127

ZAR

13,900

–

13,701

BOA

07/2015

ZAR

15,980

USD

1,340

537

28,518

CITNA-B

07/2015

AUD

1,825

USD

1,420

–

12,561

CITNA-B

07/2015

BRL

11,170

USD

3,689

–

96,468

CITNA-B

07/2015

EUR

1,610

USD

1,799

–

��

3,793

CITNA-B

07/2015

HUF

1,420,000

USD

5,223

–

204,770

CITNA-B

07/2015 - 12/2015

INR

673,000

USD

10,526

–

26,777

CITNA-B

07/2015

KRW

559,000

USD

502

–

1,256

CITNA-B

07/2015

MXN

31,700

USD

2,119

–

102,789

CITNA-B

12/2015

PLN

9,640

USD

2,615

–

62,226

CITNA-B

07/2015

TRY

5,910

USD

2,348

737

148,196

CITNA-B

09/2015

USD

107

AUD

140

–

363

CITNA-B

07/2015 - 01/2016

USD

6,310

BRL

19,170

306,590

–

CITNA-B

07/2015 - 11/2015

USD

1,959

CAD

2,435

25,490

15,251

CITNA-B

07/2015 - 09/2015

USD

1,274

EUR

1,145

2,722

CITNA-B

07/2015

USD

2,393

HUF

665,000

45,157

1,919

CITNA-B

07/2015 - 01/2016

USD

6,196

MXN

93,800

290,195

–

CITNA-B

07/2015

USD

433

NOK

3,310

11,245

–

CITNA-B

07/2015

USD

1,646

TRY

4,010

152,598

–

CITNA-B

07/2015

USD

853

ZAR

10,370

1,727

–

CITNA-B

07/2015

ZAR

13,730

USD

1,116

10,823

–

DEU

07/2015

AUD

1,350

USD

1,029

12,284

–

DEU

07/2015

CHF

990

USD

1,146

–

87,100

DEU

07/2015

HUF

19,000

USD

–

375

DEU

09/2015

NOK

140

USD

–

DEU

07/2015

NZD

675

USD

509

–

51,555

DEU

07/2015

SEK

15,140

USD

1,816

10,940

–

DEU

07/2015

USD

AUD

–

1,049

DEU

12/2015

USD

8,025

CAD

9,946

76,541

–

DEU

07/2015

USD

1,604

CHF

1,610

–

118,577

DEU

07/2015

USD

1,334

EUR

1,210

2,956

18,463

DEU

07/2015

USD

544

GBP

355

–

13,729

DEU

07/2015

USD

1,111

HUF

313,000

4,492

–

DEU

07/2015 - 09/2015

USD

5,125

JPY

586,000

345,816

12,029

DEU

07/2015

USD

366

MXN

5,700

3,146

–

DEU

07/2015

USD

305

NOK

2,440

–

6,317

DEU

09/2015

USD

1,020

SEK

8,430

1,344

–

DEU

07/2015

USD

470

TRY

1,260

1,090

–

DEU

07/2015

USD

1,393

ZAR

17,060

–

7,500

GSCO-OT

07/2015 - 01/2016

BRL

19,640

USD

6,204

45,639

95,074

GSCO-OT

07/2015 - 04/2016

USD

8,556

BRL

26,840

365,302

71,006

GSCO-OT

07/2015

USD

1,100

CAD

1,355

14,910

–

GSCO-OT

07/2015

USD

1,071

TRY

2,950

–

27,939

HSBC

07/2015

MXN

1,000

USD

–

1,589

HSBC

07/2015

TRY

5,590

USD

2,137

–

56,001

15 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Forward Currency Exchange Contracts (Continued)

Counterparty

Settlement Month(s)

Currency Purchased (000’s)

Currency Sold (000’s)

Unrealized

Appreciation

Unrealized
Depreciation

HSBC

07/2015

USD

840

EUR

750

4,964

1,045

HSBC

12/2015

USD

5,220

INR

345,000

–

54,420

HSBC

07/2015

USD

1,128

MXN

17,300

28,202

–

HSBC

07/2015

USD

2,080

NZD

2,820

170,636

–

HSBC

09/2015

USD

SEK

550

200

–

HSBC

��

07/2015

USD

379

TRY

1,050

–

11,486

JPM

07/2015

CAD

3,090

USD

2,487

14,002

27,286

JPM

07/2015

CHF

1,680

USD

1,806

–

8,640

JPM

07/2015

JPY

289,000

USD

2,436

–

74,114

JPM

07/2015 - 12/2015

KRW

416,000

USD

384

–

11,187

JPM

07/2015

NZD

1,930

USD

1,423

–

116,051

JPM

07/2015

TRY

3,120

USD

1,156

6,212

–

JPM

07/2015 - 09/2015

USD

2,025

CHF

1,890

7,257

9,244

JPM

07/2015

USD

2,303

EUR

2,015

56,008

–

JPM

07/2015

USD

119

GBP

–

6,882

JPM

12/2015

USD

6,211

INR

410,000

–

57,062

JPM

07/2015

USD

1,141

JPY

135,000

37,563

–

JPM

07/2015

USD

2,067

KRW

2,290,000

14,023

–

JPM

09/2015

USD

8,501

MYR

27,700

1,178,419

–

JPM

07/2015

USD

1,617

NOK

12,730

3,650

9,901

JPM

07/2015

USD

759

SEK

6,250

16,492

11,665

JPM

07/2015

USD

507

ZAR

6,040

11,447

–

JPM

07/2015

ZAR

12,560

USD

1,059

–

27,404

MSCO

07/2015

BRL

6,230

USD

2,058

–

54,348

MSCO

07/2015

CAD

USD

–

MSCO

07/2015

EUR

250

USD

265

13,471

–

MSCO

07/2015

GBP

1,865

USD

2,837

93,537

–

MSCO

12/2015

INR

249,000

USD

3,788

20,531

1,797

MSCO

07/2015 - 01/2016

JPY

1,381,000

USD

11,660

–

341,984

MSCO

11/2015 - 01/2016

MXN

128,000

USD

8,194

–

136,770

MSCO

09/2015 - 10/2015

MYR

24,405

USD

6,765

–

316,441

MSCO

07/2015

NZD

USD

–

6,567

MSCO

07/2015

USD

2,781

AUD

3,615

17,564

24,617

MSCO

07/2015

USD

1,985

BRL

6,230

–

19,087

MSCO

07/2015

��

USD

CHF

–

682

MSCO

07/2015

USD

2,490

EUR

2,215

40,570

20,385

MSCO

07/2015

USD

1,087

GBP

720

–

44,412

MSCO

12/2015

USD

5,904

INR

392,000

–

88,543

MSCO

07/2015 - 01/2016

USD

22,218

JPY

2,616,000

788,003

14,508

MSCO

11/2015 - 01/2016

USD

16,092

MXN

241,300

900,443

–

NOM

07/2015

AUD

455

USD

355

–

4,502

NOM

07/2015

JPY

64,000

USD

517

5,915

–

TDB

07/2015

JPY

43,000

USD

358

–

6,746

TDB

04/2016

USD

1,882

BRL

6,700

–

78,778

TDB

07/2015

USD

1,143

CHF

1,065

3,399

–

TDB

12/2015

USD

KRW

57,000

–

111

TDB

07/2015

USD

1,047

MXN

15,800

42,613

–

TDB

07/2015

USD

1,045

ZAR

12,890

–

12,898

Total Unrealized Appreciation and Depreciation

9,224,418

3,542,475


Futures Contracts as of June 30, 2015
Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts		Value		Unrealized Appreciation (Depreciation)
Aluminum*		LME		Buy		9/15/15		3	$	126,356	$	(4,656	)
Brent Crude Oil*		ICE		Buy		11/13/15		9		591,750		(17,222	)
CAC40 10 Index		PAR		Sell		7/17/15		255		13,607,385		56,511
CBOE Volatility Index		CBE		Buy		8/19/15		93		1,615,875		9,877
Cocoa*		NYB		Sell		9/15/15		1		32,690		(1,443	)
Coffee “C”*		NYB		Sell		9/18/15		11		546,150		2,330
Coffee “C”*		NYB		Buy		7/21/15		1		48,994		1,216
Coffee “C”*		NYB		Sell		7/21/15		1		48,994		1,872
Copper*		CMX		Buy		9/28/15		8		523,000		(25,319	)
Copper*		LME		Sell		8/17/15		1		144,025		16,704
Corn*		CBT		Buy		9/14/15		30		633,000		100,577

16 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


Futures Contracts (Continued)

Description	Exchange	Buy/Sell	Expiration Date		Number of Contracts		Value		Unrealized Appreciation (Depreciation)
Corn*	CBT	Buy		12/14/15		5	$	107,875	$	12,610
Euro-BTP	EUX	Sell		9/08/15		7		1,016,152		18,117
FTSE 100 Index	LIF	Sell		9/18/15		134		13,672,954		375,629
Gas Oil*	NYM	Sell		7/31/15		7		602,524		(8,958	)
Gas Oil*	NYM	Sell		11/30/15		4		291,564		(1,299	)
Gold (100 oz.) *	CMX	Buy		8/27/15		5		585,900		(8,072	)
Gold (100 oz.) *	CMX	Sell		8/27/15		7		820,260		7,614
Lead*	LME	Sell		8/17/15		1		43,844		6,373
Lean Hogs*	CME	Sell		10/14/15		1		26,400		2,327
Lean Hogs*	CME	Sell		7/15/15		18		548,640		50,557
Live Cattle*	CME	Buy		10/30/15		3		180,840		(129	)
Live Cattle*	CME	Sell		8/31/15		4		236,920		3,228
Natural Gas*	NYM	Sell		7/29/15		20		566,400		(34,777	)
New York Harbor ULSD*	NYM	Buy		7/31/15		7		555,631		(18,664	)
Nickel*	LME	Buy		9/14/15		5		359,145		(33,871	)
Platinum*	NYM	Buy		10/28/15		8		431,800		1,861
S&P 500 E-Mini Index	CME	Buy		9/18/15		22		2,259,840		4,245
S&P/TSX 60 Index	MON	Sell		9/17/15		25		3,378,303		44,589
Silver*	CMX	Buy		9/28/15		7		545,335		(48,231	)
Soybean*	CBT	Sell		8/14/15		2		104,950		(7,406	)
SPI 200 Index	SFE	Sell		9/17/15		35		3,643,548		56,645
United States Treasury Nts., 10 yr.	CBT	Buy		9/21/15		48		6,056,250		(41,376	)
United States Treasury Nts., 5 yr.	CBT	Buy		9/30/15		170		20,273,828		(5,522	)
Wheat*	CBT	Sell		12/14/15		5		155,500		(21,639	)
WTI Crude Oil*	NYM	Sell		7/21/15		47		2,795,090		8,934
WTI Crude Oil*	NYM	Sell		9/22/15		4		240,400		(1,929	)
WTI Crude Oil*	ICE	Sell		7/20/15		11		654,170		5,481
WTI Crude Oil*	NYM	Buy		11/20/15		5		303,900		22,616
WTI Crude Oil*	NYM	Sell		8/20/15		6		358,980		7,106
WTI Crude Oil*	NYM	Buy		11/21/16		12		751,920		(8,318	)

									$	528,188

*All or a portion of this security is owned by the subsidiary. See Note 2 of the accompanying Consolidated Notes.


Over-the-Counter Options Written at June 30, 2015
Description	Counterparty			Exercise Price		Expiration Date			Number of Contracts		Premiums Received		Value
EUR Currency Put		BOA	USD		1.124		7/6/15	EUR		(1,800,000)	$	18,498	$	(26,840)
EUR Currency Call		BOA	USD		1.124		7/6/15	EUR		(1,800,000)		18,341		(10,564)
EUR Currency Call		JPM	USD		1.120		7/3/15	EUR		(1,790,000)		15,516		(8,774)
EUR Currency Put		JPM	USD		1.120		7/3/15	EUR		(1,790,000)		15,415		(18,748)
EUR Currency Put		RBSC	USD		1.000		11/30/15	EUR		(14,100,000)		117,312		(86,941)
EUR Currency Call		TDB	USD		1.119		7/7/15	EUR		(1,780,000)		20,175		(14,776)
EUR Currency Put		TDB	USD		1.119		7/7/15	EUR		(1,780,000)		20,004		(23,160)
GBP Currency Call		GSG	AUD		2.250		12/18/15	GBP		(35,700,000)		289,370		(274,018)
INR Currency Put		BOA	INR		64.200		8/20/15	INR		(128,400,000)		32,852		(19,132)
INR Currency Call		BOA	INR		64.200		8/20/15	INR		(128,400,000)		45,180		(17,976)
INR Currency Put		BOA	INR		64.200		8/20/15	INR		(514,000,000)		195,591		(76,586)
INR Currency Call		BOA	INR		64.200		8/20/15	INR		(514,000,000)		195,591		(71,960)
INR Currency Call		RBSC	INR		64.200		8/20/15	INR		(433,000,000)		82,270		(60,620)
INR Currency Put		RBSC	INR		64.200		8/20/15	INR		(433,000,000)		147,220		(64,517)

Total of Over-the-Counter Options Written											$	1,213,335	$	(774,612)


Centrally Cleared Credit Default Swaps at June 30, 2015
Reference Asset	Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value
CDX.HY.23		Buy		5.000	%		12/20/19	USD		5,044	$	285,608		$	(347,156	)
CDX.HY.24		Buy		5.000			6/20/20	USD		183		11,763			(11,747	)
CDX.HY.24		Buy		5.000			6/20/20	USD		2,376		176,999			(152,389	)
CDX.HY.24		Buy		5.000			6/20/20	USD		896		64,036			55,224
CDX.HY.24		Buy		5.000			6/20/20	USD		1,881		145,487			(120,642	)
CDX.IG.24		Sell		1.000			6/20/20	USD		2,400		(47,417	)		36,725
CDX.IG.24		Sell		1.000			6/20/20	USD		239		(3,921	)		3,657
CDX.IG.24		Sell		1.000			6/20/20	USD		1,214		(20,583	)		18,577
iTraxx.Main.23		Buy		1.000			6/20/20	EUR		2,300		57,707			(31,780	)

17 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


Centrally Cleared Credit Default Swaps (Continued)
Reference Asset			Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value
iTraxx.Main.23				Buy		1.000	%		6/20/20	EUR		942	$	19,902		$	(13,016	)
iTraxx.Main.23				Buy		1.000			6/20/20	EUR		153		2,801			(2,114	)

Total of Centrally Cleared Credit Default Swaps													$	692,382		$	(564,661	)

Over-the-Counter Credit Default Swaps at June 30, 2015
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value
Aetna, Inc.		GSG		Sell		1.000	%		6/20/20	USD		1,640	$	(68,081	)	$	40,144
Assured Guaranty Corp.		GSG		Sell		5.000			9/20/20	USD		2,650		(256,302	)		34,335
Conagra Foods, Inc.		JPM		Sell		1.000			9/20/20	USD		2,650		(33,843	)		2,677
Deere & Co.		BAC		Sell		1.000			9/20/20	USD		2,650		(86,843	)		76,872
E.I. Du Pont de Nemours & Co.		JPM		Buy		1.000			9/20/20	USD		2,650		75,169			(61,905	)
Expedia, Inc.		CITNA-B		Sell		1.000			9/20/20	USD		2,650		(11,482	)		(6,016	)
Federative Republic of Brazil		BAC		Buy		1.000			6/20/20	USD		962		(61,114	)		73,665
Federative Republic of Brazil		CITNA-B		Buy		1.000			6/20/20	USD		1,930		(122,249	)		147,789
Federative Republic of Brazil		GSG		Buy		1.000			9/20/20	USD		190		(13,911	)		15,071
Freeport-McMoran, Inc.		BAC		Sell		1.000			6/20/20	USD		2,640		149,851			(219,443	)
Gap, Inc. (The)		CITNA-B		Buy		1.000			6/20/20	USD		2,640		26,576			(214	)
General Electric Capital Corp.		CITNA-B		Sell		1.000			6/20/20	USD		2,640		(81,754	)		41,164
Kingdom of Spain		BAC		Buy		1.000			6/20/20	USD		1,189		5,605			10,278
Kingdom of Spain		BOA		Buy		1.000			6/20/20	USD		2,250		15,265			19,449
Kingdom of Spain		BOA		Buy		1.000			6/20/20	USD		175		762			1,513
Kingdom of Spain		GSG		Buy		1.000			9/20/20	USD		239		796			1,808
Motorola Solutions, Inc.		BOA		Buy		1.000			6/20/20	USD		2,640		(17,820	)		42,359
Newmont Mining Corp.		CITNA-B		Sell		1.000			6/20/20	USD		2,640		15,688			(56,305	)
Nordstrom, Inc.		JPM		Buy		1.000			6/20/20	USD		2,640		71,094			(51,741	)
Norfolk Southern Corp.		JPM		Buy		1.000			9/20/20	USD		2,650		100,826			(88,534	)
Portuguese Republic		BAC		Buy		1.000			6/20/20	USD		719		(18,979	)		34,104
Portuguese Republic		GSG		Buy		1.000			6/20/20	USD		1,350		(27,368	)		64,034
Portuguese Republic		GSG		Buy		1.000			9/20/20	USD		143		(5,105	)		6,927
Portuguese Republic		GSG		Buy		1.000			6/20/20	USD		100		(2,019	)		4,743
Prudential Financial, Inc.		BAC		Sell		1.000			9/20/20	USD		2,650		(43,603	)		19,225
Republic of Austria		BAC		Buy		1.000			6/20/20	USD		414		15,034			(13,631	)
Republic of Austria		GSG		Buy		1.000			6/20/20	USD		50		1,795			(1,646	)
Republic of Austria		GSG		Buy		1.000			9/20/20	USD		81		2,896			(2,932	)
Republic of Austria		GSG		Buy		1.000			6/20/20	USD		765		27,529			(25,187	)
Republic of Italy		BAC		Buy		1.000			6/20/20	USD		1,437		(15,210	)		30,671
Republic of Italy		GSG		Buy		1.000			9/20/20	USD		286		(2,259	)		(6,174	)
Republic of Italy		GSG		Buy		1.000			6/20/20	USD		2,700		(12,012	)		57,627
Republic of Italy		GSG		Buy		1.000			6/20/20	USD		200		(1,273	)		4,269
Southwest Airlines Co.		CITNA-B		Buy		1.000			6/20/20	USD		2,640		47,368			(10,205	)
Time Warner Cable, Inc.		BAC		Sell		1.000			9/20/20	USD		2,650		57,828			(81,173	)
Union Pacific Corp.		FIB		Buy		1.000			6/20/20	USD		2,640		105,459			(96,080	)
Wal-Mart Stores, Inc.		BAC		Buy		1.000			9/20/20	USD		2,650		105,560			(102,089	)
Whirlpool Corp.		BNP		Buy		1.000			6/20/20	USD		2,640		27,222			(15,110	)
Xerox Corp.		BOA		Buy		1.000			6/20/20	USD		2,640		(17,820	)		29,391

Total of Over-the-Counter Credit Default Swaps													$	(46,724	)	$	(80,270	)

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 Corporate Debt Indexes	$	3,853,000	$	-		BBB+
Investment Grade Single Name Corporate Debt		25,460,000		-		BBB- to AA

Total	$	29,313,000	$	-

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

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

Centrally Cleared Interest Rate Swaps at June 30, 2015

Counterparty

Pay/Receive Floating
Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

BAC

Receive

Three-Month SEK
STIBOR SIDE

1.235%

6/3/25

SEK

2,380

(9,287

)

BAC

Receive

Three-Month SEK
STIBOR SIDE

0.946

4/7/25

SEK

42,270

(284,773

)

18 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA


Centrally Cleared Interest Rate Swaps (Continued)
Counterparty	Pay/Receive Floating Rate		Floating Rate	Fixed Rate		Maturity Date		Notional Amount (000’s)			Value
BAC		Pay	Three-Month SEK STIBOR SIDE		1.600%		6/15/25		SEK	1,855	$	251
BAC		Receive	Six-Month JPY BBA LIBOR		0.610		6/3/25		JPY	38,000		625
BAC		Pay	Three-Month SEK STIBOR SIDE		1.357		5/8/25		SEK	18,780		(43,055	)
BAC		Receive	Three-Month SEK STIBOR SIDE		1.626		6/29/25		SEK	4,380		1,296
BAC		Pay	Three-Month USD BBA LIBOR		1.823		2/4/25		USD	50		(2,262	)
BAC		Pay	Three-Month USD BBA LIBOR		2.219		3/5/25		USD	50		(570	)
BAC		Receive	Three-Month SEK STIBOR SIDE		0.861		4/16/25		SEK	4,740		(36,843	)
BOA		Pay	Three-Month USD BBA LIBOR		2.305		5/8/25		USD	2,610		(24,264	)
BOA		Receive	Three-Month NZD BBR FRA		3.990		5/8/25		NZD	3,300		16,721
BOA		Receive	Three-Month NZD BBR FRA		4.165		6/15/25		NZD	580		(8,835	)
BOA		Receive	Three-Month NZD BBR FRA		3.960		6/29/25		NZD	1,405		(4,570	)
BOA		Pay	Three-Month USD BBA LIBOR		1.971		4/7/25		USD	800		(29,701	)
BOA		Receive	Three-Month NZD BBR FRA		3.675		4/16/25		NZD	555		6,527
BOA		Pay	Three-Month USD BBA LIBOR		1.949		4/16/25		USD	405		(15,909	)
GSG		Pay	Three-Month USD BBA LIBOR		2.489		6/15/25		USD	530		1,914
JPM		Pay	Three-Month USD BBA LIBOR		2.500		6/29/25		USD	595		2,526
JPM		Receive	Six-Month JPY BBA LIBOR		0.723		6/15/25		JPY	50,000		(3,510	)
JPM		Receive	Three-Month NZD BBR FRA		3.900		6/4/25		NZD	725		(99	)
JPM		Pay	Three-Month NZD BBR FRA		3.708		4/8/25		NZD	1,135		11,096
JPM		Pay	Six-Month JPY BBA LIBOR		0.541		4/8/25		JPY	97,000		5,629
JPM		Pay	Three-Month NZD BBR FRA		3.555		2/9/25		NZD	5,460		63,581
JPM		Pay	Six-Month JPY BBA LIBOR		0.550		3/5/25		JPY	492,000		20,497
JPM		Receive	Six-Month JPY BBA LIBOR		0.613		5/13/25		JPY	310,000		2,714
JPM		Pay	Six-Month EUR EURIBOR		0.888		5/29/25		EUR	8,400		(206,286	)
JPM		Pay	Six-Month JPY BBA LIBOR		0.516		4/16/25		JPY	51,000		4,063
JPM		Receive	Three-Month USD BBA LIBOR		2.387		12/8/24		USD	4,010		(1,945	)
JPY		Pay	Six-Month JPY BBA LIBOR		0.665		6/29/25		JPY	83,000		(1,686	)

Total of Centrally Cleared Interest Rate Swaps											$	(536,155	)

Over-the-Counter Total Return Swaps at June 30, 2015

Reference Asset

Counterparty

Pay/Receive Total

Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

Blackstone Group LP

GSG

Receive

Twelve-Month USD BBA LIBOR plus 74 basis points

7/22/16

USD

1,025

(32,715

)

CGAUOPA2 Custom Basket

CITNA-B

Receive

One-Month AUD BBR BBSW plus 50 basis points

3/10/16

AUD

6,886

(82,675

)

CGCNCAD4 Custom Basket

CITNA-B

Receive

One-Month CAD BA CDOR plus 50 basis points

4/7/16

CAD

6,898

(120,243

)

CIBZC8DE Index**

CIBC

Receive

Official settlement price of CIBZC8DE Index

7/20/15

USD

(4,500

)

96,823

CIBZOPQR Index**

CIBC

Receive

Official settlement price of CIBZOPQR Index

7/20/15

USD

(3,700

)

80,220

DBOPVALG Custom Basket

DEU

Receive

One-Month USD BBA LIBOR plus 40 basis points

2/5/16

USD

8,454

(37,754

)

DBOPVAST Custom Basket

DEU

Pay

One-Month USD BBA LIBOR minus 55 basis points

2/5/16

USD

8,450

140,700

19 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Total Return Swaps (Continued)

Reference Asset

Counterparty

Pay/Receive Total

Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

GSEHOPHK Custom Basket

GSG

Receive

One-Month HKD HIBOR HKAB plus 40 basis points

6/21/16

HKD

44,541

(164,150

)

GSOPSPS3 Custom Basket

GSG

Receive

One-Month USD BBA LIBOR plus 35 basis points

6/16/16

USD

19,594

(378,316

)

HIN5 Index

GSG

Pay

No Floating Rate

8/10/15

HKD

31,203

137,867

IBOXX USD Liquid Leveraged Loans Index Series 1 Version 1

JPM

Receive

USD BBA LIBOR

9/25/15

USD

54,811

(38,255

)

IBOXX USD Liquid Leveraged Loans Index Series 1 Version 1

JPM

Receive

USD BBA LIBOR

9/25/15

USD

3,897

(5,224

)

MLTROPFR Custom Basket

BOA

Receive

One-Month EUR EURIBOR plus 29 basis points

5/9/16

EUR

11,708

(532,612

)

MLTROPFR Custom Basket

BOA

Receive

One-Month EUR EURIBOR plus 29 basis points

6/15/16

EUR

894

(34,083

)

MLTROPUK Custom Basket

BOA

Receive

One-Month GBP BBA LIBOR plus 34 basis points

6/15/16

GBP

330

(23,269

)

MLTROPUK Custom Basket

BOA

Receive

One-Month GBP BBA LIBOR plus 34 basis points

5/9/16

GBP

8,787

(666,372

)

MQCP169E Index**

MAC

Receive

Official settlement price of MQCP169E Index

7/20/15

USD

(3,400

)

73,333

MQCP169E Index**

MAC

Receive

Official settlement price of MQCP169E Index

7/20/15

USD

(800

)

15,636

OEX Index

GSG

Pay

One-Month USD BBA LIBOR minus 35 basis points

4/15/16

USD

788

15,008

OEX Index

GSG

Pay

One-Month USD BBA LIBOR minus 35 basis points

4/7/16

USD

11,794

235,706

OEX Index

GSG

Pay

One-Month USD BBA LIBOR minus 35 basis points

6/16/16

USD

1,022

19,272

OEX Index

GSG

Pay

One-Month USD BBA LIBOR minus 35 basis points

5/6/16

USD

6,216

124,224

Total of Over-the-Counter Total Return Swaps

(1,176,879

)

* Fund will pay or receive the total return of the reference asset depending on whether the return is positive or negative. For contracts where the Fund has elected to receive the total return of the reference asset if positive, it will be responsible for paying the floating rate and the total return of the reference asset if negative. If the Fund has elected to pay the total return of the reference asset if positive, it will receive the floating rate and the total return of the reference asset if negative.

** All or a portion of this security is owned by the subsidiary. See Note 2 of the accompanying Consolidated Notes.

Over-the-Counter Volatility Swaps at June 30, 2015

Reference Asset

Counterparty

Pay/Receive

Volatility*

Strike Price

Maturity Date

Notional Amount

Value

AUD/CHF spot exchange rate

DEU

Receive

11.300

7/31/15

AUD

5,800

7,965

AUD/NZD spot exchange rate

JPM

Receive

8.150

7/22/15

AUD

5,400

8,083

AUD/NZD spot exchange rate

BOA

Receive

7.850

7/20/15

AUD

5,500

13,028

AUD/NZD spot exchange rate

GSG

Receive

7.725

7/20/15

AUD

5,500

14,555

AUD/NZD spot exchange rate

BOA

Receive

8.350

7/17/15

AUD

5,500

10,142

AUD/NZD spot exchange rate

HSBC

Receive

8.500

7/23/15

AUD

5,500

7,553

AUD/NZD spot exchange rate

BOA

Receive

8.350

7/15/15

AUD

5,500

8,614

AUD/NZD spot exchange rate

BOA

Receive

8.300

7/16/15

AUD

5,500

9,633

CAD/CHF spot exchange rate

BOA

Pay

10.500

7/8/15

CAD

5,200

(5,745

)

EUR/CHF spot exchange rate

BOA

Pay

8.300

7/3/15

EUR

3,700

3,135

EUR/CHF spot exchange rate

DEU

Pay

8.500

7/29/15

EUR

4,000

(6,734

)

EUR/CHF spot exchange rate

DEU

Pay

9.400

8/3/15

EUR

4,000

(3,122

)

EUR/CHF spot exchange rate

BOA

Pay

7.900

7/27/15

EUR

4,000

(8,696

)

EUR/JPY spot exchange rate

JPM

Pay

13.500

8/3/15

EUR

4,000

(5,797

)

EUR/USD spot exchange rate

JPM

Receive

11.880

7/27/15

USD

4,300

4,343

iShares MSCI Emerging Markets

GSG

Receive

461.820

7/6/15

USD

348

(77,117

)

iShares MSCI Emerging Markets

GSG

Pay

384.160

7/9/15

USD

250

26,975

iShares MSCI Emerging Markets

GSG

Receive

464.403

10/2/15

USD

954

—

iShares MSCI Emerging Markets

GSG

Pay

447.323

10/2/15

USD

972

—

iShares MSCI Emerging Markets

GSG

Pay

443.103

7/9/15

USD

326

62,005

iShares MSCI Emerging Markets

GSG

Receive

460.103

7/9/15

USD

320

(67,904

)

iShares MSCI Emerging Markets

GSG

Pay

443.103

7/9/15

USD

326

82,413

iShares MSCI Emerging Markets

GSG

Pay

396.010

7/6/15

USD

251

43,473

iShares MSCI Emerging Markets

GSG

Receive

412.090

7/6/15

USD

246

(44,059

)

iShares MSCI Emerging Markets

GSG

Receive

460.103

7/9/15

USD

320

(67,904

)

iShares MSCI Emerging Markets

GSG

Receive

469.156

7/7/15

USD

349

(79,851

)

iShares MSCI Emerging Markets

GSG

Receive

444.788

7/6/15

USD

355

58,362

iShares MSCI Emerging Markets

GSG

Pay

451.988

7/7/15

USD

357

87,858

iShares MSCI Emerging Markets

GSG

Pay

446.477

7/8/15

USD

355

96,383

iShares MSCI Emerging Markets

GSG

Receive

463.541

7/8/15

USD

348

(78,578

)

iShares MSCI Emerging Markets

GSG

Receive

400.000

7/9/15

USD

247

(34,308

)

iShares MSCI Emerging Markets

GSG

Receive

438.903

7/9/15

USD

239

(42,662

)

20 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

Over-the-Counter Volatility Swaps (Continued)

Reference Asset

Counterparty

Pay/Receive
Volatility*

Strike Price

Maturity Date

Notional Amount

Value

iShares MSCI Emerging Markets

GSG

Pay

422.303

7/9/15

USD

243

54,213

iShares MSCI Emerging Markets

GSG

Pay

434.723

7/8/15

USD

240

70,584

iShares MSCI Emerging Markets

GSG

Pay

416.160

7/7/15

USD

245

66,248

iShares MSCI Emerging Markets

GSG

Receive

451.563

7/8/15

USD

235

(48,998

)

iShares MSCI Emerging Markets

GSG

Receive

432.640

7/7/15

USD

240

(47,904

)

NZD/JPY spot exchange rate

MOS

Pay

11.250

7/13/15

NZD

5,800

(7,114

)

NZD/JPY spot exchange rate

BOA

Pay

12.000

7/13/15

NZD

5,900

(5,278

)

USD/NOK spot exchange rate

JPM

Receive

16.110

7/9/15

USD

4,200

(4,200

)

USD/NOK spot exchange rate

JPM

Receive

16.310

7/10/15

USD

4,200

(7,896

)

Total of Over-the-Counter Volatility Swaps

91,698

* Fund will pay or receive the volatility of the reference asset depending on whether the realized volatility of the reference asset exceeds or is less than the strike price. For contracts where the Fund has elected to receive the volatility of the reference asset, it will receive a net payment of the difference between the realized volatility and the strike price multiplied by the notional amount if the realized volatility exceeds the strike price; the Fund will make a net payment of the absolute value of the difference of the realized volatility and the strike price multiplied by the notional amount if the realized volatility is less than the strike price. For contracts where the Fund has elected to pay the volatility of the reference asset, it will make a net payment of the difference between the realized volatility and the strike price multiplied by the notional amount if the realized volatility exceeds the strike price; the Fund will receive a net payment of the absolute value of the difference of the realized and the strike price multiplied by the notional amount if the realized volatility is less than the strike price.


Glossary:
Counterparty Abbreviations
BAC		Barclays Bank plc
BNP		BNP Paribas
BOA		Bank of America NA
CIBC		Canadian Imperial Bank of Commerce
CITNA-B		Citibank NA
DEU		Deutsche Bank AG
FIB		Credit Suisse International
GSCO-OT		Goldman Sachs Bank USA
GSG		Goldman Sachs Group, Inc. (The)
HSBC		HSBC Bank USA NA
JPM		JPMorgan Chase Bank NA
MAC		Macquarie Bank Ltd.
MOS		Morgan Stanley & Co., Inc.
MSCO		Morgan Stanley Capital Services, Inc.
NOM		Nomura Global Financial Products, Inc.
RBCS		Royal Bank of Canada
TDB		Toronto Dominion Bank

Currency abbreviations indicate amounts reporting in currencies
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
EUR		Euro
GBP		British Pound Sterling
HKD		Hong Kong Dollar
HUF		Hungarian Forint
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Nuevo Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
NZD		New Zealand Dollar
PLN		Polish Zloty
SEK		Swedish Krona
SGD		Singapore Dollar
TRY		New Turkish Lira
ZAR		South African Rand

Definitions
BA CDOR		Canada Bankers Acceptances Deposit Offering Rate
BBA LIBOR		British Bankers’ Association London - Interbank Offered Rate
BBR BBSW		Bank Bill Swap Reference Rate (Australian Financial Market)
BBR FRA		Bank Bill Forward Rate Agreement (Australian Financial Market)
CDX.HY.23		Markit CDX High Yield Index
CDX.HY.24		Markit CDX High Yield Index
CDX.IG.24		Markit CDX Investment Grade Index
CGAUOPA2		Custom Basket of Securities
CGCNCAD4		Custom Basket of Securities
CIBZC8DE		CIBC Custom 8 Enhanced Roll Commodity Index

21 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued


Definitions (Continued)
CIBZOPQR		CIBC Oppenheimer Quarterly Roll Index
DBOPVAST		Custom Basket of Securities
DBOPALG		Custom Basket of Securities
EURIBOR		Euro Interbank Offered Rate
GSEHOPHK		Custom Basket of Securities
GSOPSPS3		Custom Basket of Securities
H1N5		The Hang Seng Index Futures
HIBOR		Hong Kong Interbank Offered Rate
HKAB		Hong Kong Association of Banks
iTraxx.Main 23		Credit Default Swap Trading Index for a Specific Basket of Securities
MLTROPFR		Custom Basket of Securities
MLTROPUK		Custom Basket of Securities
MQCP169E		Macquarie Commodity Investor Product 169 ER
MSCI		Morgan Stanley Capital International
OEX		S&P 100 Index
STIBOR-SIDE		Stockholm Interbank Offered Rate

Exchange Abbreviations
CBE		Chicago Board Options Exchange
CBT		Chicago Board of Trade
CME		Chicago Mercantile Exchanges
CMX		Commodity Exchange, Inc.
EUX		European Stock Exchange
ICE		Intercontinental Exchange
LIF		London International Financial Futures and Options Exchange
MON		Montreal Exchange
NAS		NASDAQ Stock Market
NYB		New York Board of Trade
NYM		New York Mercantile Echange
PAR		Paris Stock Exchange
SFE		Sydney Futures Exchange

See accompanying Notes to Consolidated Financial Statements.

22 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES June 30, 2015 Unaudited


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $361,082,230)	$	351,999,347
Affiliated companies (cost $48,203,654)		48,203,654

		400,203,001
Cash		774,603
Cash—foreign currencies (cost $2,487,823)		2,477,678
Cash used for collateral on futures		995,000
Cash used for collateral on centrally cleared swaps		2,919,708
Deposits with broker for securities sold short		29,343,353
Unrealized appreciation on forward currency exchange contracts		9,224,418
Swaps, at value (net premiums paid $862,878)		2,432,469
Centrally cleared swaps, at value (net premiums paid $7,885)		251,623
Receivables and other assets:
Shares of beneficial interest sold		18,337,025
Interest and dividends		1,224,250
Investments sold (including $432,763 sold on a when-issued or delayed delivery basis)		977,021
Variation margin receivable		579,025
Other		38,039

Total assets		469,777,213

Liabilities
Securities sold short, at value (proceeds $30,971,521) - see accompanying statement of investments		28,807,274
Unrealized depreciation on forward currency exchange contracts		3,542,475
Options written, at value (premiums received $1,213,335)		774,612
Swaps, at value (net premiums received $816,154)		3,597,920
Centrally cleared swaps, at value (premiums received $700,267)		1,352,439
Payables and other liabilities:
Investments purchased (including $4,158,930 purchased on a when-issued or delayed delivery basis)		13,574,113
Variation margin payable		204,329
Dividends		29,849
Shareholder communications		5,596
Trustees’ compensation		2,115
Distribution and service plan fees		362
Shares of beneficial interest redeemed		44
Other		101,931

Total liabilities		51,993,059

Net Assets	$	417,784,154


Composition of Net Assets
Par value of shares of beneficial interest	$	41,649
Additional paid-in capital		427,903,515
Accumulated net investment loss		(3,845,054	)
Accumulated net realized loss on investments and foreign currency transactions		(4,354,785	)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(1,961,171	)

Net Assets	$	417,784,154


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 $416,015,147 and 41,472,682 shares of beneficial interest outstanding)		$10.03

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,769,007 and 176,782 shares of beneficial interest outstanding)		$10.01

See accompanying Notes to Consolidated Financial Statements.

23 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2015 Unaudited


Investment Income
Interest (net of foreign withholding taxes of $8,917)	$	2,848,113
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $21,435)		686,214
Affiliated companies		31,281

Total investment income		3,565,608
Expenses
Management fees		1,636,597
Distribution and service plan fees Service shares		2,033
Transfer and shareholder servicing agent fees:
Non-Service shares		156,313
Service shares		812
Shareholder communications:
Non-Service shares		6,681
Service shares		35
Dividends on short sales		235,616
Financing expense from short sales		66,718
Custodian fees and expenses		60,613
Trustees’ compensation		13,576
Other		86,917

Total expenses		2,265,911
Less reduction to custodian expenses		(277	)
Less waivers and reimbursements of expenses		(94,834	)

Net expenses		2,170,800
Net Investment Income		1,394,808
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies (including premiums on options exercised)		(56,025	)
Closing and expiration of option contracts written		3,030,114
Closing and expiration of futures contracts		(2,219,091	)
Foreign currency transactions		14,767,151
Short Positions		302,476
Swap contracts		(16,683,305	)

Net realized loss		(858,680	)
Net change in unrealized appreciation/depreciation on:
Investments		(3,109,410	)
Translation of assets and liabilities denominated in foreign currencies		(289,267	)
Futures contracts		1,148,759
Option contracts written		308,167
Short positions		1,236,773
Swap contracts		(1,751,639	)

Net change in unrealized appreciation/depreciation		(2,456,617	)

Net Decrease in Net Assets Resulting from Operations	$	(1,920,489	)

See accompanying Notes to Consolidated Financial Statements.

24 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Operations
Net investment income	$	1,394,808		$	1,249,537
Net realized gain (loss)		(858,680	)		1,924,432
Net change in unrealized appreciation/depreciation		(2,456,617	)		505,516

Net increase (decrease) in net assets resulting from operations		(1,920,489	)		3,679,485
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		—			(6,230,727	)
Service shares		—			(30,926	)

		—			(6,261,653	)
Distributions from net realized gain:
Non-Service shares		—			(5,294,823	)
Service shares		—			(26,494	)

		—			(5,321,317	)
Tax return of capital:
Non-Service shares		—			(430,129	)
Service shares		—			(2,135	)

		—			(432,264	)
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Non-Service shares		155,353,669			260,906,037
Service shares		446,412			1,391,583

		155,800,081			262,297,620
Net Assets
Total increase		153,879,592			253,961,871
Beginning of period		263,904,562			9,942,691

End of period (including accumulated net investment loss of $3,845,054 and $5,239,862, respectively)	$	417,784,154		$	263,904,562

See accompanying Notes to Consolidated Financial Statements.

25 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Period Ended December 31, 2013¹
Per Share Operating Data
Net asset value, beginning of period	$	10.04		$	9.92		$	10.00
Income (loss) from investment operations:
Net investment income (loss)²		0.04			0.08			(0.02	)
Net realized and unrealized gain (loss)		(0.05	)		0.52			(0.05	)

Total from investment operations		(0.01	)		0.60			(0.07	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00			(0.25	)		(0.01	)
Distributions from net realized gain		0.00			(0.21	)		0.00
Tax return of capital		0.00			(0.02	)		0.00

Total dividends and/or distributions to shareholders		0.00			(0.48	)		(0.01	)


Net asset value, end of period	$	10.03		$	10.04		$	9.92

Total Return, at Net Asset Value³		(0.10)%			6.02%			(0.69)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	416,015		$	262,573		$	9,917
Average net assets (in thousands)	$	316,057		$	161,988		$	9,827
Ratios to average net assets:⁴
Net investment income (loss)		0.89%			0.77%⁵			(1.85)%⁵
Total expenses⁶		1.44%			1.43%⁵			7.16%⁵
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.38%			1.31%⁵			3.33%⁵
Portfolio turnover rate		39%			147%			11%

1. For the period from November 14, 2013 (commencement of operations) to December 31, 2013.

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

4. Annualized for periods less than one full year.

5. Includes the Fund’s shares of the allocated expenses and/or net investment income from the master funds.

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


Six Months Ended June 30, 2015	1.46	%
Year Ended December 31, 2014	1.45	%
Period Ended December 31, 2013	7.18	%

See accompanying Notes to Consolidated Financial Statements.

26 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued


Service Shares	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Period Ended December 31, 2013¹
Per Share Operating Data
Net asset value, beginning of period	$	10.03		$	9.92		$	10.00
Income (loss) from investment operations:
Net investment income (loss)²		0.03			0.08			(0.03	)
Net realized and unrealized gain (loss)		(0.05	)		0.50			(0.04	)

Total from investment operations		(0.02	)		0.58			(0.07	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00			(0.25	)		(0.01	)
Distributions from net realized gain		0.00			(0.21	)		0.00
Tax return of capital		0.00			(0.01	)		0.00

Total dividends and/or distributions to shareholders		0.00			(0.47	)		(0.01	)


Net asset value, end of period	$	10.01		$	10.03		$	9.92

Total Return, at Net Asset Value³		(0.20)%			5.90%			(0.72)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,769		$	1,332		$	10
Average net assets (in thousands)	$	1,643		$	335		$	10
Ratios to average net assets:⁴
Net investment income (loss)		0.63%			0.77%⁵			(2.12)%⁵
Total expenses⁶		1.68%			1.78%⁵			7.43%⁵
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.62%			1.67%⁵			3.50%⁵
Portfolio turnover rate		39%			147%			11%

1. For the period from November 14, 2013 (commencement of operations) to December 31, 2013.

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

4. Annualized for periods less than one full year.

5. Includes the Fund’s shares of the allocated expenses and/or net investment income from the master funds.

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


Six Months Ended June 30, 2015	1.70	%
Year Ended December 31, 2014	1.80	%
Period Ended December 31, 2013	7.45	%

See accompanying Notes to Consolidated Financial Statements.

27 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2015 Unaudited

1. Organization

Oppenheimer Global Multi-Alternatives Fund/VA (the “Fund”), formerly known as Oppenheimer Diversified Alternatives 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 (“1940 Act”), 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 Sub-Adviser has entered into a sub-sub-advisory agreement with Cornerstone Real Estate Advisers LLC and OFI SteelPath, Inc. (collectively, the “Sub-Sub-Advisers”). Shares of the Fund are sold only to separate accounts of life insurance companies.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer Global Multi-Alternatives Fund/VA (Cayman) Ltd., formerly known as Oppenheimer Diversified Alternatives Fund/VA (Cayman) Ltd., which is wholly-owned and controlled by the Fund (the “Subsidiary”). The Fund and Subsidiary are both managed by the Manager. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts) and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. Investments in the Subsidiary are expected to provide the Fund with exposure to commodities markets within the limitations of the federal tax requirements that apply to the Fund. The Subsidiary is subject to the same investment restrictions and guidelines, and follows the same compliance policies and procedures, as the Fund. The 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 period end, the Fund owned 33,159 shares with net assets of $18,274,328.

Other financial information at period end:


Total market value of investments	$	17,042,733	*
Net assets	$	18,274,328
Net income (loss)	$	(77,691	)
Net realized gain (loss)	$	(786,152	)
Net change in unrealized appreciation/depreciation	$	583,942

* At period end, all investments held in the subsidiary are derivatives, which are valued at net unrealized appreciation/depreciation.

28 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

2. Significant Accounting Policies (Continued)

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.

During the fiscal year ended December 31, 2014, the Fund utilized $4,521 of capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had $122,271 of post-October passive foreign investments company losses which were deferred.

As of June 30, 2015, it is estimated that the capital loss carryforwards would be $980,951, which will not expire. During the six months ended June 30, 2015, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

29 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.


Federal tax cost of securities	$	410,270,685
Federal tax cost of other investments		(38,455,485	)

Total federal tax cost	$	371,815,200

Gross unrealized appreciation	$	10,352,452
Gross unrealized depreciation		(18,919,729	)

Net unrealized depreciation	$	(8,567,277	)

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.

3. 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.

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

30 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

3. Securities Valuation (Continued)

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.

The table below categorizes amounts that are included in the Fund’s Consolidated Statement of Assets and Liabilities as of June 30, 2015 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	$	8,585,938	$	138,721	$	—	$	8,724,659
Consumer Staples		2,957,165		—		—		2,957,165
Energy		24,987,953		—		—		24,987,953
Financials		22,386,059		8,392,128		—		30,778,187
Health Care		10,202,913		1,445,319		9,315		11,657,547
Industrials		11,337,156		—		—		11,337,156
Information Technology		9,262,707		843,174		—		10,105,881

31 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued


3. Securities Valuation (Continued)

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

Common Stocks (Continued)
Materials	$	4,476,070		$	—		$	—	$	4,476,070
Telecommunication Services		2,076,023			—			—		2,076,023
Utilities		2,387,268			—			—		2,387,268
Preferred Stocks		1,163,731			834,350			—		1,998,081
Asset-Backed Securities		—			14,183,873			1,477,715		15,661,588
Mortgage-Backed Obligation		—			1,998,937			—		1,998,937
Foreign Government Obligations		—			29,440,175			—		29,440,175
Non-Convertible Corporate Bonds and Notes		—			28,872,900			—		28,872,900
Convertible Corporate Bond and Note		—			446,478			—		446,478
Corporate Loans		—			18,798,729			—		18,798,729
Event-Linked Bonds		—			48,571,503			—		48,571,503
Exchange-Traded Option Purchased		605			—			—		605
Over-the-Counter Options Purchased		—			950,298			—		950,298
Over-the-Counter Interest Rate Swaptions Purchased		—			709,024			—		709,024
Investment Companies		51,336,642			—			—		51,336,642
Short-Term Notes		—			91,930,132			—		91,930,132

Total Investments, at Value		151,160,230			247,555,741			1,487,030		400,203,001
Other Financial Instruments:
Swaps, at value		—			2,432,469			—		2,432,469
Centrally cleared swaps, at value		—			251,623			—		251,623
Futures contracts		817,019			—			—		817,019
Forward currency exchange contracts		—			9,224,418			—		9,224,418

Total Assets	$	151,977,249		$	259,464,251		$	1,487,030	$	412,928,530


Liabilities Table
Other Financial Instruments:
Common Stock Securities Sold Short	$	(27,068,415)		$	(1,738,859	)	$	—	$	(28,807,274	)
Swaps, at value		—			(3,597,920	)		—		(3,597,920	)
Centrally cleared swaps, at value		—			(1,352,439	)		—		(1,352,439	)
Options written, at value		—			(774,612	)		—		(774,612	)
Futures contracts		(288,831	)		—			—		(288,831	)
Forward currency exchange contracts		—			(3,542,475	)		—		(3,542,475	)

Total Liabilities	$	(27,357,246	)	$	(11,006,305	)	$	—	$	(38,363,551	)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/
depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

4. Investments and Risks

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 or for defensive purposes. IMMF is a registered open-end management investment company, regulated as a money market fund under the 1940 Act. 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.

Event-Linked Bonds. The Fund may invest in “event-linked” bonds. Event-linked bonds, which are sometimes referred to as “catastrophe” bonds, are fixed income securities for which the return of principal and payment of interest is contingent on the non-occurrence of a specific trigger event, such as a hurricane, earthquake, or other occurrence that leads to physical or economic loss. If the trigger event occurs prior to maturity, the Fund may lose all or a portion of its principal in addition to interest otherwise due from the security. Event-linked bonds may expose the Fund to certain other risks, including

32 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

4. Investments and Risks (Continued)

issuer default, adverse regulatory or jurisdictional interpretations, liquidity risk and adverse tax consequences. The Fund records the net change in market value of event-linked bonds on the Consolidated Statement of Operations as a change in unrealized appreciation or depreciation on investments. The Fund records a realized gain or loss on the Consolidated Statement of Operations upon the sale or maturity of such securities.

As of June 30, 2015, 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	$	4,158,930
Sold securities		432,763

Restricted Securities. As of June 30, 2015, 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.

Information concerning securities not accruing interest as of June 30, 2015 is as follows:


Cost			$436,352
Market Value			$162,550
Market Value as % of Net Assets			0.04%

5. Risk Exposures and the Use of Derivative Instruments

33 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

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

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:

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.

Forward Currency Exchange Contracts

During the six months ended June 30, 2015, the Fund had daily average contract amounts on forward contracts to buy and sell of $140,904,125 and $159,487,802, respectively.

34 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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

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, which have values that are linked to the price movement of the related volatility indexes, in order to increase exposure to volatility 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.

The Fund has purchased futures contracts, which have values that are linked to the price movement of the related commodities, in order to increase exposure to commodity risk.

The Fund has sold futures contracts, which have values that are linked to the price movement of the related commodities, in order to decrease exposure to commodity risk.

During the six months ended June 30, 2015, the Fund had an ending monthly average market value of $24,039,096 and $34,462,194 on futures contracts purchased and sold, respectively.

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 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 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.

During the six months ended June 30, 2015, the Fund had an ending monthly average market value of $600,243 and $1,071,763 on purchased call options and purchased put options, respectively.

35 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

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

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.

During the six months ended June 30, 2015, the Fund had an ending monthly average market value of $586,276 and $929,503 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 30, 2015 was as follows:


	Number of Contracts		Amount of Premiums
Options outstanding as of December 31, 2014		420,522,917		$ 1,274,794
Options written		24,614,784,353		10,251,876
Options closed or expired		(5,460,733,426)		(3,030,114)
Options exercised		(17,363,233,844)		(7,283,221)

Options outstanding as of June 30, 2015		2,211,340,000		$ 1,213,335

Swap Contracts

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.

36 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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

For the six months ended June 30, 2015, the Fund had ending monthly average notional amounts of $37,092,457 and $19,503,857 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.

For the six months ended June 30, 2015, the Fund had ending monthly average notional amounts of $10,880,538 and $13,582,679 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.

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.

The Fund has entered into total return swaps to increase exposure to the credit risk of various indexes or basket of securities. These credit risk related total return swaps require the Fund to pay to, or receive payments from, the counterparty based on the movement of credit spreads of the related indexes or securities.

The Fund has entered into total return swaps to decrease exposure to the credit risk of various indexes or basket of securities. These credit risk related total return swaps require the fund to pay to, or receive payments from, the counterparty based on the movement of credit spreads of the related indexes or securities.

The Fund has entered into total return swaps on various commodity indexes to increase exposure to commodity risk. These commodity risk related total return swaps require the Fund to pay a fixed or a floating reference interest rate, and an amount equal to the negative price movement of 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 index (expressed as a percentage) multiplied by the notional amount of the contract.

For the six months ended June 30, 2015, the Fund had ending monthly average notional amounts of $96,022,912 and $17,026,242 on total return swaps which are long the reference asset and total return swaps which are short the reference asset, respectively.

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

Volatility Swap Contracts. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the 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

37 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

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

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.

The Fund has entered into variance swaps to increase exposure to the volatility risk of various reference investments. These types of volatility swaps require the Fund to make a payment if the measured price variance of the reference investment exceeds the specified fixed rate. If the measured variance of the related reference investment increases over the period, the swaps will depreciate in value. Conversely, if the measured variance of the related reference investment decreases over the period, the swaps will appreciate in value.

The Fund has entered into variance swaps to decrease exposure to the volatility risk of various reference investments. These types of volatility swaps require the Fund to make a payment if the measured price variance of the reference asset is less than the specified fixed rate. If the measured variance of the related reference investment increases over the period, the swaps will appreciate in value. Conversely, if the measured variance of the related reference investment decreases over the period, the swaps will depreciate in value.

For the six months ended June 30, 2015, the Fund had ending monthly average notional amounts of $25,109 and $19,268 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.

Swaption Transactions

During the six months ended June 30, 2015, the Fund had an ending monthly average market value of $314,114 on purchased swaptions.

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.

38 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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

As of June 30, 2015, the Fund has required certain counterparties to post collateral of $1,118,018.

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at June 30, 2015:


			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**			Cash Collateral Received**			Net Amount
Bank of America NA	$	4,157,358	$	(1,882,553	)	$	(2,274,805	)	$	—		$	—
Barclays Bank plc		249,462		(249,462	)		—			—			—
BNP Paribas		39,340		(39,340	)		—			—			—
Canadian Imperial Bank of Commerce		177,043		—			—			—			177,043
Citibank NA		1,074,407		(954,749	)		(119,658	)		—			—
Deutsche Bank Securities, Inc.		681,794		(364,395	)		—			(317,399	)		—
Goldman Sachs Bank USA		425,851		(194,019	)		(231,832	)		—			—
Goldman Sachs Group, Inc. (The)		2,677,952		(1,474,423	)		(1,203,529	)		—			—
HSBC Bank USA NA		211,555		(124,541	)		—			—			87,014
JPMorgan Chase Bank NA		1,360,176		(650,510	)		(569,488	)		—			140,178
Macquarie Bank Ltc.		88,969		—			—			—			88,969
Morgan Stanley Capital Services, Inc.		1,874,119		(1,070,186	)		—			(803,933	)		—
Nomura Global Financial Products, Inc.		5,915		(4,502	)		—			—			1,413
Toronto Dominion Bank		46,012		(46,012	)		—			—			—

	$	13,069,953	$	(7,054,692	)	$	(4,399,312	)	$	(1,121,332	)	$	494,617

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

39 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

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

The following table presents by counterparty the Fund’s OTC derivative liabilities net of the related collateral pledged by the Fund at June 30, 2015:


			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(1,882,553)	$	1,882,553	$	—	$	—	$	—
Barclays Bank plc		(426,345)		249,462		—		—		(176,883)
BNP Paribas		(317,043)		39,340		277,703		—		—
Citibank NA		(954,749)		954,749		—		—		—
Credit Suisse international		(96,080)		—		—		—		(96,080)
Deutsche Bank Securities, Inc.		(364,395)		364,395		—		—		—
Goldman Sachs Bank USA		(194,019)		194,019		—		—		—
Goldman Sachs Group, Inc. (The)		(1,474,423)		1,474,423		—		—		—
HSBC Bank USA NA		(124,541)		124,541		—		—		—
JPMorgan Chase Bank NA		(650,510)		650,510		—		—		—
Morgan Stanley Capital Services, Inc.		(1,070,186)		1,070,186		—		—		—
Nomura Global Financial Products, Inc.		(4,502)		4,502		—		—		—
Toronto Dominion Bank		(136,469)		46,012		—		—		(90,457)

	$	(7,695,815)	$	7,054,692	$	277,703	$	—	$	(363,420)

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 30, 2015:

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

Commodity contracts

Swaps, at value

266,012

Swaps, at value

—

Credit contracts

Swaps, at value

758,115

Swaps, at value

881,864

Equity contracts

Swaps, at value

672,777

Swaps, at value

2,072,189

Volatility contracts

Swaps, at value

735,565

Swaps, at value

643,867

Credit contracts

Centrally cleared swaps, at value

114,183

Centrally cleared swaps, at value

678,844

Interest rate contracts

Centrally cleared swaps, at value

137,440

Centrally cleared swaps, at value

673,595

Commodity contracts

Variation margin receivable

133,666

Variation margin payable

155,749

Equity contracts

Variation margin receivable

417,634

Variation margin payable

—

Interest rate contracts

Variation margin receivable

3,320

Variation margin payable

14,454

Volatility contracts

Variation margin receivable

24,405

Variation margin payable

34,126

Foreign exchange contracts

Unrealized appreciation on foreign currency exchange contracts

9,224,418

Unrealized depreciation on foreign currency exchange contracts

3,542,475

Foreign exchange contracts

Options written, at value

774,612

Equity contracts

Investments, at value

605

Foreign exchange contracts

Investments, at value

950,298

Interest rate contracts

Investments, at value

709,024

Total

$ 14,147,462

9,471,775

*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 option contracts and purchased swaption contracts.

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	Investment from unaffiliated companies (including premiums on options exercised)*			Closing and expiration of option contracts written		Closing and expiration of futures contracts			Foreign currency transactions		Swap contracts			Total
Commodity contracts	$	—		$	—	$	(235,766	)	$	—	$	(550,386	)	$	(786,152	)
Credit contracts		—			—		—			—		9,000			9,000
Equity contracts		780,946			—		(1,960,153	)		—		1,646,047			466,840
Foreign exchange contracts		(363,959	)		3,030,114		—			1,869,335		—			4,535,490
Interest rate contracts		(177,453	)		—		(23,386	)		—		(146,719	)		(347,558	)
Volatility contracts		—			—		214			—		(17,641,247	)		(17,641,033	)

Total	$	239,534		$	3,030,114	$	(2,219,091	)	$	1,869,335	$	(16,683,305	)	$	(13,763,413	)

* Includes purchased option contracts, purchased swaption contracts, written option contracts exercised and written swaption contracts exercised, if any.

40 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investments*			Option contracts written			Futures contracts		Translation of assets and liabilities denominated in foreign currencies		Swap contracts		Total
Commodity contracts	$	—		$	—		$	83,267	$	—	$	546,064	$	629,331
Credit contracts		—			—			—		—		(197,633)		(197,633)
Equity contracts		(14,462	)		(112,941	)		1,036,259		—		(1,661,935)		(753,079)
Foreign exchange contracts		1,217,254			421,108			—		(952,516)		—		685,846
Interest rate contracts		249,713			—			(47,489)		—		(556,179)		(353,955)
Volatility contracts		—			—			76,722		—		118,044		194,766

Total	$	1,452,505		$	308,167		$	1,148,759	$	(952,516)	$	(1,751,639)	$	205,276

*Includes purchased option contracts and purchased swaption contracts, if any.

6. Shares of Beneficial Interest

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


	Six Months Ended June 30, 2015						Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Non-Service Shares
Sold		15,324,569		$	155,353,669			24,008,256		$	249,427,902
Dividends and/or distributions reinvested		—			—			1,139,749			11,478,135
Redeemed		—			—			—			—

Net increase		15,324,569		$	155,353,669			25,148,005		$	260,906,037


Service Shares
Sold		95,975		$	974,560			143,042		$	1,512,896
Dividends and/or distributions reinvested		—			—			5,873			59,078
Redeemed		(51,925	)		(528,148	)		(17,184	)		(180,391)

Net increase		44,050		$	446,412			131,731		$	1,391,583

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2015 were as follows:


	Purchases		Sales
Investment securities	$	151,121,013	$	56,416,352

8. 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:

The Fund’s effective management fee for the six months ended June 30, 2015 was 1.04% of average annual net assets before any applicable waivers.

Sub-Sub-Adviser Fees. The Sub-Adviser retains the Sub-Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Sub-Advisory Agreement, the Sub-Adviser pays the Sub-Sub-Adviser an annual fee in monthly installments, based on the average daily net assets of the Fund. The fee paid to the Sub-Sub-Adviser under the Sub-Sub-Advisory agreement is paid by the Sub-Adviser, not by the Fund.

41 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Consolidated Statement of Operations and Consolidated Financial Highlights, respectively.

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) 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.

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive fees and/or reimburse expenses to limit the Fund’s “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses” (excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, extraordinary expenses and certain other Fund expenses) so that, as percentages of average daily net assets, those expenses will not exceed the annual rate of 1.20% for Non-Service shares and 1.45% for Service shares. During the six months ended June 30, 2015, the Manager waived fees and/or reimbursed the Fund $3,504 and $25 for Non-Service and Service shares , respectively.

The Manager has contractually agreed to waive the Fund’s management fee in an amount equal to the management fee of the Subsidiary. During the six months ended June 30, 2015, this waiver reduced the Fund’s management fee by $65,039.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

9. Borrowings and Other Financing

Securities Sold Short. The Fund sells securities that it does not own, and it will therefore be obligated to purchase such securities at a future date. Upon entering into a short position, the Fund is required to segregate cash or securities at its custodian which are pledged for the benefit of the lending broker and/or to deposit and pledge cash directly at the lending broker, with a value equal to a certain percentage, exceeding 100%, of the value of the securities that it sold short. Cash that has been segregated and pledged for this purpose will be disclosed on the Consolidated Statement of Assets and Liabilities; securities that have been segregated and pledged for this purpose are disclosed as such in the Consolidated Statement of Investments. The aggregate market value of such cash and securities at period end is $37,137,591. The value of the open short position is recorded as a liability, and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the change in value of the open short position. The Fund records a realized gain or loss when the short position is closed out. By entering into short sales, the Fund bears the market risk of increases in value of the security sold short in excess of the proceeds received. Until the security is replaced, the Fund is required to pay the lender any dividend or interest earned. Dividend expense on short sales is treated as an expense in the Consolidated Statement of Operations.

10. Pending Litigation

42 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

10. Pending Litigation (Continued)

the California Fund Suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In July 2015, the district court held an evidentiary hearing on plaintiffs’ motion for class certification. OFI and OFDI believe the California Fund Suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the California Fund Suit; and that no estimate can yet be made as to the amount or range of any potential loss.

43 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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

44 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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45 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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46 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

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47 OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

OPPENHEIMER GLOBAL MULTI-ALTERNATIVES FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and 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
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Mark Hamilton, Vice President
		Benjamin Rockmuller, Vice President
		Dokyoung Lee, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering 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 Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent		KPMG LLP
Registered Public
Accounting Firm

Legal Counsel		Ropes & Gray 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.

		© 2015 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

LOGO


		June 30, 2015
		Oppenheimer		Semiannual Report
		International Growth Fund/VA
		A Series of Oppenheimer Variable Account Funds
		SEMIANNUAL REPORT
		Listing of Top Holdings
		Fund Performance Discussion
		Financial Statements

PORTFOLIO MANAGERS: George R. Evans, CFA, and Robert B. Dunphy, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 6/30/15


	Inception Date		6-Months		1-Year		5-Year		10-Year
Non-Service Shares		5/13/92		6.72%		-3.32 %		12.01 %		8.34 %

Service Shares		3/19/01		6.71		-3.36		11.73		8.04

MSCI AC World ex-U.S. Index				4.03		-5.26		7.76		5.54

The Fund’s performance is compared to the performance of the MSCI AC World ex-U.S. Index. The MSCI AC World ex-U.S. Index is designed to measure the equity market performance of developed and emerging markets and excludes the U.S. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS



Dollarama, Inc.			1.8%

Continental AG			1.7

Valeo SA			1.6

Novo Nordisk AS, Cl. B			1.6

Infineon Technologies AG			1.6

Nippon Telegraph & Telephone Corp.			1.5

Essentra plc			1.5

Vodafone Group plc			1.5

ICAP plc			1.5

Carnival Corp.			1.5

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2015, 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 30, 2015, and are based on the total market value of investments.

2 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

Fund Performance Discussion

The Fund’s Non-Service shares produced a return of 6.72% for the period, outperforming the MSCI AC World ex-U.S. Index (the “Index”), which returned 4.03%. The Fund outperformed the Index in eight of the ten sectors of the Index led, by materials, consumer discretionary and telecommunication services sectors, due primarily to stronger relative stock selection. The Fund underperformed the Index in the consumer staples and industrials sectors due to weaker relative stock selection.

GLOBAL MARKET AND ECONOMIC ENVIRONMENT

TOP INDIVIDUAL CONTRIBUTORS

Top contributors to the Fund’s performance this period included Nippon Telegraph & Telephone Corporation, Essentra plc and Syngenta AG. Nippon Telegraph & Telephone’s stock price benefited as the company continued to improve its operational performance and return more capital to shareholders. Essentra is a leading global distributor of specialty plastic, fiber and foam products, including specialty tapes, plugs, and packaging, that are used across a host of industries. They have an extensive catalog of parts that are small but critical to their clients. The industry is fragmented and Essentra has been a leading consolidator. The company reported better than expected results in part due to synergies from recent acquisitions. In our opinion, the shares continue to look attractive on the back of sustainable mid-single digit organic growth combined with opportunistic acquisitions and improving margins and returns. Syngenta is a Swiss producer of crop protection chemicals and seeds, with an attractive and defendable economic profile. During the reporting period it received a buyout offer from Monsanto, a U.S. based competitor, which it rebuffed. If no deal is made, we believe it remains a business with considerable ability to create economic value for its shareholders.

TOP INDIVIDUAL DETRACTORS

Detractors from performance this reporting period included Aryzta AG, Saputo Inc., and Boskalis Westminster NV. Aryzta is a Swiss baked goods company. At the close of the first quarter, the company announced a 49% acquisition of Picard, a French frozen food company. This was a surprise, as the company had not signaled the possibility of a large scale investment, or the possibility that they would diversify outside of baked goods. Investors reacted negatively to this news. The other near term challenge for the company has been sluggish trends in the fast food industry, where it is a supplier to some of the biggest players. We believe the Picard investment, though not an obvious fit, holds some promise. Saputo is a Canada-based dairy processor and cheese producer. The company reported weaker than expected earnings, and cautioned that cheese and milk prices could remain low throughout 2015. Boskalis Westminster, based in the Netherlands, is a dredging and marine company. The company’s offshore energy business, which includes transportation and subsea services, faces a challenging outlook given the significant fall in oil prices. However, Boskalis has a healthy order book in its dredging business and sees a good tender pipeline for capital dredging projects, expansion of ports, and land reclamation.

STRATEGY & OUTLOOK

Blaise Pascal once noted that all of humanity’s problems stem from man’s inability to sit quietly in a room alone. Nowhere perhaps is this more true than in the investment management arena. There is always an impetus to act, and to act in a fashion which responds to the controversy or perceived opportunity of the moment. However, we find no advantage in thinking or behaving this way. Our experience suggests this is a fruitless undertaking.

We produced positive results the first half of 2015. 2014 however, was a year of comparably weak performance. Yet, there were no sweeping changes made to the composition of the portfolio. With a few exceptions, the central ideas in the portfolio remain as they were in 2014, when investors didn’t seem to like them

3 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

very much. Now it appears they do. In reality, little is different about the long-run positioning of any of our key holdings from six or nine months ago. As with Pascal’s observation above, sometimes the best thing, and perhaps hardest thing to do, is to do nothing.

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 INTERNATIONAL GROWTH FUND/VA

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2015.

Hypothetical Example for Comparison Purposes.


Actual	Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During 6 Months Ended June 30, 2015
Non-Service shares	$	1,000.00	$	1,067.20	$	5.14
Service shares		1,000.00		1,067.10		6.43

Hypothetical (5% return before expenses)
Non-Service shares		1,000.00		1,019.84		5.02
Service shares		1,000.00		1,018.60		6.28


Class	Expense Ratios
Non-Service shares		1.00%
Service shares		1.25

5 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF INVESTMENTS June 30, 2015 Unaudited



	Shares	Value

Common Stocks—98.5%

Consumer Discretionary—24.7%

Auto Components—3.3%

Continental AG	37,209	$	8,801,596

Valeo SA	52,291		8,266,258

			17,067,854


Automobiles—1.6%

Bayerische Motoren Werke AG	41,209		4,508,591

Hero MotoCorp Ltd.	98,320		3,882,992

			8,391,583


Diversified Consumer Services—0.8%

Dignity plc	120,427		4,049,262


Hotels, Restaurants & Leisure—3.8%

Carnival Corp.	150,830		7,449,493

Domino’s Pizza Group plc	416,088		5,075,250

William Hill plc	1,121,554		7,112,959

			19,637,702


Household Durables—1.1%

SEB SA	57,840		5,389,452


Internet & Catalog Retail—0.3%

Yoox SpA¹	46,599		1,506,965


Media—4.3%

Grupo Televisa SAB, Sponsored ADR	147,110		5,710,810

ProSiebenSat.1 Media AG	121,788		6,012,815

SES SA	143,140		4,802,950

Sky plc	343,773		5,607,462

			22,134,037


Multiline Retail—2.9%

Dollarama, Inc.	149,858		9,082,666

Hudson’s Bay Co.	265,825		5,906,040

			14,988,706


Specialty Retail—1.1%

Inditex SA	164,867		5,376,452


Textiles, Apparel & Luxury Goods—5.5%

Burberry Group plc	271,258		6,705,144

Cie Financiere Richemont SA	60,723		4,949,781

Hermes International	11,176		4,166,810

Kering	11,690		2,085,233

LVMH Moet Hennessy Louis Vuitton SE	26,660		4,666,995

Prada SpA	361,200		1,735,865

Swatch Group AG (The)	9,973		3,889,466

			28,199,294


Consumer Staples—10.5%

Beverages—2.6%

Diageo plc	101,976		2,955,916

Heineken NV	86,258		6,567,011

Pernod Ricard SA	33,320		3,854,866

			13,377,793


Food & Staples Retailing—1.8%

CP ALL PCL	4,364,500		5,962,774

Spar Group Ltd. (The)	217,097		3,381,361

			9,344,135


Food Products—4.4%

Aryzta AG¹	112,420		5,545,926

Barry Callebaut AG¹	3,793		4,313,566

Danone SA	56,506		3,650,528

Saputo, Inc.	171,276		4,142,713

Unilever plc	117,861		5,066,319

			22,719,052



	Shares	Value

Household Products—1.2%

Reckitt Benckiser Group plc	67,321	$	5,813,010


Tobacco—0.5%

Swedish Match AB	95,412		2,710,411


Energy—1.5%

Energy Equipment & Services—0.5%

Technip SA	39,240		2,430,520


Oil, Gas & Consumable Fuels—1.0%

Koninklijke Vopak NV	106,000		5,358,908


Financials—4.7%

Capital Markets—2.8%

ICAP plc	902,737		7,504,178

Tullett Prebon plc	313,374		1,809,256

UBS Group AG¹	235,187		4,986,707

			14,300,141


Commercial Banks—0.8%

ICICI Bank Ltd., Sponsored ADR	398,805		4,155,548


Insurance—1.1%

Prudential plc	224,073		5,407,016


Health Care—9.1%

Biotechnology—1.9%

CSL Ltd.	83,900		5,569,149

Grifols SA	111,398		4,499,506

			10,068,655


Health Care Equipment & Supplies—2.8%

DiaSorin SpA	44,316		2,023,254

Essilor International SA	34,370		4,095,759

Sonova Holding AG	36,992		5,007,402

William Demant Holding AS¹	41,017		3,125,266

			14,251,681


Health Care Providers & Services—0.5%

Sonic Healthcare Ltd.	146,958		2,421,707


Pharmaceuticals—3.9%

Galenica AG	4,172		4,356,240

Novo Nordisk AS, Cl. B	150,350		8,245,889

Roche Holding AG	26,482		7,434,914

			20,037,043


Industrials—21.4%

Aerospace & Defense—3.2%

Airbus Group SE	111,280		7,209,636

Embraer SA	369,226		2,809,780

Rolls-Royce Holdings plc¹	474,537		6,495,262

			16,514,678


Air Freight & Couriers—1.1%

Royal Mail plc	701,321		5,666,417


Commercial Services & Supplies—2.6%

Aggreko plc	190,094		4,294,589

Edenred	170,254		4,206,292

Prosegur Cia de Seguridad SA	889,138		4,886,297

			13,387,178


Construction & Engineering—1.5%

Boskalis Westminster NV	85,857		4,214,784

CIMIC Group Ltd.	157,780		2,631,660

Trevi Finanziaria Industriale SpA	338,098		738,790

			7,585,234


Electrical Equipment—3.7%

ABB Ltd.¹	116,382		2,438,698

Legrand SA	88,540		4,967,153

Nidec Corp.	93,500		7,013,110

6 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA



	Shares	Value

Electrical Equipment (Continued)

Schneider Electric SE	66,340	$	4,575,518

			18,994,479


Machinery—2.9%

Aalberts Industries NV	220,083		6,558,294

Atlas Copco AB, Cl. A	214,069		5,982,213

Weir Group plc (The)	95,143		2,534,420

			15,074,927


Professional Services—2.8%

Experian plc	293,647		5,343,409

Intertek Group plc	143,900		5,534,812

SGS SA	1,809		3,304,464

			14,182,685


Trading Companies & Distributors—3.6%

Brenntag AG	87,078		4,990,961

Bunzl plc	252,215		6,895,297

Wolseley plc	100,275		6,394,515

			18,280,773


Information Technology—16.0%

Communications Equipment—1.8%

Nokia OYJ	642,681		4,354,475

Telefonaktiebolaget LM Ericsson, Cl. B	490,867		5,081,225

			9,435,700


Electronic Equipment, Instruments, & Components—3.0%

Hoya Corp.	149,493		5,986,343

Keyence Corp.	10,406		5,610,543

Spectris plc	107,978		3,577,036

			15,173,922


Internet Software & Services—2.2%

Telecity Group plc	151,810		2,451,393

United Internet AG	91,035		4,046,390

Yahoo Japan Corp.	1,163,400		4,690,437

			11,188,220



IT Services—1.3%

Amadeus IT Holding SA, Cl. A	161,604		6,434,299


Semiconductors & Semiconductor Equipment—2.3%

ARM Holdings plc	194,580		3,184,400

ASML Holding NV	4,849		503,448

Infineon Technologies AG	642,898		7,977,697

			11,665,545



	Shares	Value

Software—4.3%

AVEVA Group plc	77,764	$	2,206,919

Dassault Systemes	75,146		5,462,713

Gemalto NV	61,298		5,471,543

SAP SE	72,977		5,085,045

Temenos Group AG¹	123,511		4,079,902

			22,306,122


Technology Hardware, Storage & Peripherals—1.1%

Lenovo Group Ltd.	4,148,000		5,701,607


Materials—4.8%

Chemicals—3.8%

Essentra plc	489,795		7,630,875

Sika AG	1,313		4,627,254

Syngenta AG	18,154		7,439,127

			19,697,256


Construction Materials—1.0%

James Hardie Industries plc	365,500		4,878,459


Telecommunication Services—5.8%

Diversified Telecommunication Services—4.3%

BT Group plc, Cl. A	976,876		6,918,369

Iliad SA	16,150		3,572,720

Inmarsat plc	276,200		3,968,292

Nippon Telegraph & Telephone Corp.	217,200		7,860,857

			22,320,238


Wireless Telecommunication Services—1.5%

Vodafone Group plc	2,080,170		7,585,422

Total Common Stocks (Cost $344,143,621)			505,210,088


Preferred Stock—0.0%

Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv. (Cost $12,272)	5,995,416		80,027

	Units

Rights, Warrants and Certificates—0.0%

MEI Pharma, Inc. Wts., Strike Price $1.19, Exp. 5/10/17¹(Cost $35,548)	151,358		6,508


Total Investments, at Value (Cost $344,191,441)	98.5%		505,296,623


Net Other Assets (Liabilities)	1.5		7,949,478

Net Assets	100.0%	$	513,246,101

Footnotes to Statement of Investments

1. Non-income producing security.

The following issuer is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the period ended June 30, 2015, 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. There were no affiliate securities held by the Fund as of June 30, 2015. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares December 31, 2014		Gross Additions		Gross Reductions	Shares June 30, 2015

Oppenheimer Institutional Money Market Fund, Cl. E		13,876,000		70,295,403	84,171,403		—

						Income

Oppenheimer Institutional Money Market Fund, Cl. E						$	6,954

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


Geographic Holdings	Value		Percent

United Kingdom	$	137,787,201		27.3%
France		66,193,766		13.1
Switzerland		62,373,447		12.3
Germany		41,423,095		8.2
Netherlands		35,883,623		7.1
Japan		31,161,290		6.1
Spain		21,196,554		4.2
Canada		19,131,419		3.8

7 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF INVESTMENTS Unaudited / Continued


Geographic Holdings (Continued)	Value		Percent

Sweden	$	13,773,849		2.7%
Denmark		11,371,155		2.3
Australia		10,622,515		2.1
India		8,118,567		1.6
Italy		6,004,874		1.2
United States		7,456,002		1.5
Thailand		5,962,774		1.1
Mexico		5,710,810		1.1
China		5,701,607		1.1
Ireland		4,878,459		1.0
Finland		4,354,475		0.9
South Africa		3,381,361		0.7
Brazil		2,809,780		0.6

Total	$	505,296,623		100.0%

See accompanying Notes to Financial Statements.

8 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF ASSETS AND LIABILITIES June 30, 2015 Unaudited



Assets
Investments, at value (cost $344,191,441)—see accompanying statement of investments	$	505,296,623

Cash—foreign currencies (cost $1,271,717)		1,271,424

Receivables and other assets:
Investments sold		7,734,038
Dividends		1,689,590
Shares of beneficial interest sold		315,601
Other		31,483

Total assets		516,338,759

Liabilities
Bank overdraft		1,487,025

Payables and other liabilities:
Shares of beneficial interest redeemed		714,166
Investments purchased		627,861
Foreign capital gains tax		153,364
Distribution and service plan fees		35,574
Trustees’ compensation		21,069
Shareholder communications		8,367
Other		45,232

Total liabilities		3,092,658

Net Assets	$	513,246,101




Composition of Net Assets
Par value of shares of beneficial interest	$	222,839

Additional paid-in capital		348,830,587

Accumulated net investment income		4,089,827

Accumulated net realized loss on investments and foreign currency transactions		(818,966)

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		160,921,814

Net Assets	$	513,246,101



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 $342,500,429 and 150,703,596 shares of beneficial interest outstanding)		$2.27

Service Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $170,745,672 and 72,135,317 shares of beneficial interest outstanding)		$2.37

See accompanying Notes to Financial Statements.

9 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2015 Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $685,041)	$	7,231,286
Affiliated companies		6,954

Portfolio lending fees		808

Total investment income		7,239,048

Expenses
Management fees		2,442,188

Distribution and service plan fees—Service shares		199,711

Transfer and shareholder servicing agent fees:
Non-Service shares		178,329
Service shares		79,890

Shareholder communications:
Non-Service shares		6,252
Service shares		2,768

Custodian fees and expenses		32,748

Trustees’ compensation		9,724

Other		29,492

Total expenses		2,981,102
Less reduction to custodian expenses		(103)
Less waivers and reimbursements of expenses		(198,474)

Net expenses		2,782,525


Net Investment Income		4,456,523


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies (net of foreign capital gains tax of $4,573)		6,010,793
Foreign currency transactions		(76,496)

Net realized gain		5,934,297

Net change in unrealized appreciation/depreciation on:
Investments (net of foreign capital gains tax of $68,920)		23,984,027
Translation of assets and liabilities denominated in foreign currencies		(2,167,859)

Net change in unrealized appreciation/depreciation		21,816,168


Net Increase in Net Assets Resulting from Operations	$	32,206,988

See accompanying Notes to Financial Statements.

10 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014

Operations
Net investment income	$	4,456,523	$	5,611,200

Net realized gain		5,934,297		40,631,908

Net change in unrealized appreciation/depreciation		21,816,168		(85,421,482)

Net increase (decrease) in net assets resulting from operations		32,206,988		(39,178,374)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Non-Service shares		(4,005,137)		(4,718,842)
Service shares		(1,505,303)		(1,168,525)

		(5,510,440)		(5,887,367)

Distributions from net realized gain:
Non-Service shares		(24,445,588)		(8,305,904)
Service shares		(11,368,323)		(2,491,854)

		(35,813,911)		(10,797,758)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Non-Service shares		(10,431,676)		(57,258,810)
Service shares		28,523,918		41,295,796

		18,092,242		(15,963,014)

Net Assets
Total increase (decrease)		8,974,879		(71,826,513)

Beginning of period		504,271,222		576,097,735

End of period (including accumulated net investment income of $4,089,827 and $5,143,744, respectively)	$	513,246,101	$	504,271,222

See accompanying Notes to Financial Statements.

11 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

FINANCIAL HIGHLIGHTS


Non-Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	2.31	$	2.57	$	2.07	$	1.72	$	1.87	$	1.65

Income (loss) from investment operations:
Net investment income²		0.02		0.03		0.03		0.03		0.02		0.02
Net realized and unrealized gain (loss)		0.14		(0.21)		0.50		0.35		(0.15)		0.22

Total from investment operations		0.16		(0.18)		0.53		0.38		(0.13)		0.24

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.03)		(0.03)		(0.03)		(0.02)		(0.02)
Distributions from net realized gain		(0.17)		(0.05)		0.00		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(0.20)		(0.08)		(0.03)		(0.03)		(0.02)		(0.02)

Net asset value, end of period	$	2.27	$	2.31	$	2.57	$	2.07	$	1.72	$	1.87



Total Return, at Net Asset Value³		6.72%		(7.22)%		25.87%		22.22%		(7.16)%		14.76%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	342,500	$	358,756	$	458,038	$	348,449	$	364,221	$	417,141

Average net assets (in thousands)	$	359,490	$	400,556	$	404,859	$	332,018	$	406,974	$	376,612

Ratios to average net assets:⁴
Net investment income		1.80%		1.13%		1.24%		1.68%		1.21%		1.04%
Total expenses⁵		1.08%		1.07%		1.09%		1.13%		1.09%		1.10%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00%		1.00%		1.00%		1.00%		1.00%		1.00%

Portfolio turnover rate		13 %		41 %		32 %		22 %		25 %		19 %

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:



Six Months Ended June 30, 2015	1.08	%
Year Ended December 31, 2014	1.07	%
Year Ended December 31, 2013	1.09	%
Year Ended December 31, 2012	1.13	%
Year Ended December 30, 2011	1.09	%
Year Ended December 31, 2010	1.10	%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA


Service Shares	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012		Year Ended December 30, 2011¹		Year Ended December 31, 2010

Per Share Operating Data
Net asset value, beginning of period	$	2.40	$	2.66	$	2.14	$	1.78	$	1.94	$	1.71

Income (loss) from investment operations:
Net investment income²		0.02		0.02		0.02		0.03		0.02		0.01
Net realized and unrealized gain (loss)		0.14		(0.21)		0.53		0.35		(0.17)		0.24

Total from investment operations		0.16		(0.19)		0.55		0.38		(0.15)		0.25

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.02)		(0.03)		(0.02)		(0.01)		(0.02)
Distributions from net realized gain		(0.17)		(0.05)		0.00		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(0.19)		(0.07)		(0.03)		(0.02)		(0.01)		(0.02)

Net asset value, end of period	$	2.37	$	2.40	$	2.66	$	2.14	$	1.78	$	1.94



Total Return, at Net Asset Value³		6.71%		(7.15)%		25.71%		21.68%		(7.61)%		14.62%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	170,746	$	145,515	$	118,060	$	68,997	$	57,276	$	61,630

Average net assets (in thousands)	$	161,047	$	128,694	$	88,647	$	63,118	$	62,359	$	50,420

Ratios to average net assets:⁴
Net investment income		1.57%		0.85%		0.89%		1.43%		0.96%		0.78%
Total expenses⁵		1.33%		1.32%		1.34%		1.38%		1.34%		1.35%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.25%		1.25%		1.25%		1.25%		1.25%		1.25%

Portfolio turnover rate		13 %		41 %		32 %		22 %		25 %		19 %

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:



		Six Months Ended June 30, 2015			1.33%
		Year Ended December 31, 2014			1.32%
		Year Ended December 31, 2013			1.34%
		Year Ended December 31, 2012			1.38%
		Year Ended December 30, 2011			1.34%
		Year Ended December 31, 2010			1.35%

See accompanying Notes to Financial Statements.

13 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS June 30, 2015 Unaudited

1. Organization

Oppenheimer International Growth Fund/VA (the “Fund”) is a separate series of Oppenheimer Variable Account Funds, which is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified open-end management investment company. 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.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

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 INTERNATIONAL GROWTH FUND/VA

2. Significant Accounting Policies (Continued)


Federal tax cost of securities	$	350,698,163

Gross unrealized appreciation	$	187,362,161
Gross unrealized depreciation		(32,763,701)

Net unrealized appreciation	$	154,598,460

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.

3. 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:

15 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. 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 30, 2015 based on valuation input level:

16 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

3. 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	$	28,149,009	$	98,592,298	$	—	$	126,741,307
Consumer Staples		4,142,713		49,821,688		—		53,964,401
Energy		—		7,789,428		—		7,789,428
Financials		4,155,548		19,707,157		—		23,862,705
Health Care		—		46,779,086		—		46,779,086
Industrials		—		109,686,371		—		109,686,371
Information Technology		—		81,905,415		—		81,905,415
Materials		—		24,575,715		—		24,575,715
Telecommunication Services		—		29,905,660		—		29,905,660
Preferred Stock		80,027		—		—		80,027
Rights, Warrants and Certificates		—		6,508		—		6,508

Total Assets	$	36,527,297	$	468,769,326	$	—	$	505,296,623

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
Financials	$	(4,280,253)	$	4,280,253

Total Assets	$	(4,280,253)	$	4,280,253

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

4. Investments and Risks

5. 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:

17 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Shares of Beneficial Interest (Continued)


	Six Months Ended June 30, 2015					Year Ended December 31, 2014
	Shares			Amount		Shares			Amount

Non-Service Shares
Sold		16,820,512		$	41,007,467		25,443,453		$	62,992,150
Dividends and/or distributions reinvested		12,263,243			28,450,725		5,127,853			13,024,746
Redeemed		(33,476,973	)		(79,889,868)		(53,834,052	)		(133,275,706)

Net decrease		(4,393,218	)	$	(10,431,676)		(23,262,746	)	$	(57,258,810)



Service Shares
Sold		9,859,421		$	24,961,213		19,806,037		$	50,102,878
Dividends and/or distributions reinvested		5,341,754			12,873,626		1,386,507			3,660,379
Redeemed		(3,706,243	)		(9,310,921)		(4,889,729	)		(12,467,461)

Net increase		11,494,932		$	28,523,918		16,302,815		$	41,295,796

6. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2015 were as follows:


	Purchases	Sales

Investment securities	$64,556,013	$74,058,008

7. 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 $250 million			1.00%
Next $250 million			0.90
Over $500 million			0.85

The Fund’s effective management fee for the six months ended June 30, 2015 was 0.95% of average annual net assets before any applicable waivers.

18 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

7. Fees and Other Transactions with Affiliates (Continued)

Waivers and Reimbursements of Expenses. The Manager has contractually 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 shares and 1.25% for Service shares. During the six months ended June 30, 2015, the Manager waived fees and/or reimbursed the Fund $132,251 and $60,764 for Non-Service and Service shares, respectively.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

8. Borrowings and Other Financing

Securities Lending. The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees, or interest on cash or securities received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) in an amount of at least 102% of the market value of the loaned U.S. securities, and at least 105% of the market value of loaned foreign securities during the period of the loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the change in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of June 30, 2015, the Fund had no securities on loan.

9. Pending Litigation

19 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

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

20 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

DISTRIBUTION SOURCES Unaudited

Fund Name

Pay Date

Net Income

Net Profit
from Sale

Other Capital

Sources

Oppenheimer International Growth Fund/VA

6/16/15

13.6%

86.4%

0.0%

21 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

22 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

THIS PAGE INTENTIONALLY LEFT BLANK.

23 OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

OPPENHEIMER INTERNATIONAL GROWTH FUND/VA

A Series of Oppenheimer Variable Account Funds


Trustees and Officers		Sam Freedman, Chairman of the Board of Trustees and 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
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		George R. Evans, Vice President
		Robert B. Dunphy, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering 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

Counsel		Ropes & Gray 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. © 2015 OppenheimerFunds, Inc. All rights reserved. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

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 6/30/2015, 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/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer

Date:		8/10/2015

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/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer

Date:		8/10/2015

By:		/s/ Brian W. Wixted
		Brian W. Wixted
		Principal Financial Officer

Date:		8/10/2015

Purchases

Investment securities

$325,472,996